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

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.

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.

Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

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