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Aegean Swings To First-Half Loss As Fuel And War Hit Results

by THEFUTURE.TEAM

September 15, 2026

Aegean Airlines swung to a €3.3 million net loss in the first half of 2026 as higher fuel and emissions costs and Middle East disruptions weighed on earnings. Passenger demand remained relatively resilient. Domestic traffic rose 6% to 3.28 million, while international traffic was broadly flat at 4.49 million.

Higher Costs Pressure Earnings

EBITDA fell 7% to €145.3 million, and EBIT dropped 35% to €38.5 million. Aegean moved from a €47.9 million net profit in the first half of 2025 to a €3.3 million loss.

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Fuel costs increased 11% to €184.3 million, while emissions costs doubled to €43.8 million. Maintenance expenses rose 15% to €112.1 million, and employee costs increased 7% to €105.1 million.

Aegean said higher fuel and emissions costs had a €40 million net impact after hedging. Foreign exchange movements added €14.1 million in valuation losses, compared with a €30.6 million gain a year earlier.

Second Quarter Returns To Profit

The second quarter provided some relief, with net profit reaching €18.5 million, although that was 66% below the €54.5 million recorded a year earlier.

Revenue rose 3% to €495.8 million, and passenger traffic increased 1% to 4.54 million. EBITDA fell 12% to €98.8 million, while EBIT declined 29% to €43.6 million.

Middle East Disruption Hits International Network

Flights across parts of the Middle East were suspended for four months from March to June, affecting direct and connecting traffic through Athens.

Chief Executive Dimitris Gerogiannis said the first half was “shaped by the initial impact of the war in the Middle East.” Total available seats still increased 3% to 9.69 million, while the load factor eased to 80.3% from 81.1%.

“Yields remained stable but also did not increase to offset the rise in fuel costs,” Gerogiannis said.

Aegean Keeps Investing

Passenger traffic rose 4.8% across the domestic and international networks in July and August, according to Gerogiannis. With jet fuel prices still roughly twice as high as at the start of the year, the airline plans to maintain disciplined capacity growth over the next six to eight months.

Five Airbus A321neo aircraft were delivered in the first half, bringing the Airbus neo fleet to 43 aircraft. Two more A321neos are expected by the end of September.

Aegean ended June with €956.1 million in cash and other financial investments, up €114 million year over year. Net debt stood at €676.4 million, while operating cash flow increased to €299.4 million from €228.9 million.

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EU Agrees On Major Overhaul Of Financial Market Supervision

by THEFUTURE.TEAM

October 9, 2026

European Union finance ministers have reached agreement on a sweeping package designed to strengthen oversight of the bloc’s financial markets, in a move aimed at reducing fragmentation and improving the flow of capital across borders.

A Push To Deepen Capital Markets

The Market Integration and Supervision Package, or MISP, would grant the European Securities and Markets Authority direct supervision over major market operators that are currently regulated by national authorities. The reforms are intended to make Europe’s capital markets more integrated, more efficient and better able to channel savings into productive investment.

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According to the Irish presidency, the package is meant to help savings and investments move more freely across the European Union, improving access to finance for companies while giving households broader opportunities to earn returns on their savings.

What The Reform Would Change

Under the new framework, ESMA would take direct oversight of key trading venues, clearing houses, securities settlement bodies and crypto-asset service providers. The package would also establish a permanent, independent executive board within the regulator, strengthening its institutional capacity.

Market operators would be able to opt into a new EU-wide operating framework. In parallel, the reforms would seek to make national supervision more consistent and update rules governing trading, transaction completion, investment management and the use of blockchain technology.

Why The Agreement Matters

Supporters of deeper capital markets argue that Europe has long paid a price for regulatory inconsistency. While many rules are harmonised across the bloc, differences in enforcement and supervision have contributed to a patchwork system that can make cross-border investment slower and more costly.

A more integrated framework, proponents say, could lower costs for companies seeking funding and broaden the menu of investment options available to savers and institutional investors alike.

Outstanding Questions Remain

Despite the broad agreement, some important details remain unresolved. Trading venues operated by Deutsche Börse, the company behind the Frankfurt stock exchange, may remain outside ESMA’s direct supervision.

Euronews previously reported that Germany had secured an exemption for Deutsche Börse’s domestically focused trading venues, leaving part of the system under regional supervision. The latest announcement did not clarify whether that arrangement will stand.

A Step Forward For The Savings And Investments Union

Dutch Finance Minister Eelco Heinen welcomed the deal, calling it a major advance for the Capital Markets Union and saying Europe had made more progress in 10 months than in the previous 10 years.

The agreement is an important milestone in the Savings and Investments Union, the EU’s broader effort to channel more of Europeans’ savings into investments that can support growth, innovation and competitiveness across the bloc.