Cyprus Labor Costs Rise 3.8% As Wage Growth Accelerates

by THEFUTURE.TEAM

September 15, 2026

Labor costs in Cyprus rose 3.8% year on year in the second quarter of 2026, according to provisional figures from the Statistical Service, or Cystat.

The increase accelerated slightly from 3.4% in the first quarter and exceeded the 3.7% rise recorded a year earlier, pointing to continued pressure on employers’ staffing costs.

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Wages And Non-Wage Costs Both Rise

Wages and salaries per hour worked increased 3.9% from a year earlier, while non-wage costs rose 3.6%. Both rates were higher than in the first quarter, when wage costs increased 3.4% and non-wage costs 3%.

On an unadjusted basis, the total labor cost index rose to 121.87 in the second quarter, from 119.43 in the previous quarter and 117.38 a year earlier, using 2020 as the base year.

The wages and salaries index reached 122.20, compared with 119.79 in the first quarter and 117.64 a year earlier. The non-wage cost index rose to 120.48 from 117.92 and 116.33, respectively.

Quarterly Growth Also Picks Up

After seasonal adjustment, total hourly labor costs increased 1% from the previous quarter. Wages and salaries also rose 1%, while non-wage costs increased 0.9%.

That was faster than the quarterly growth recorded a year earlier, when seasonally adjusted total labor costs and wages each rose 0.6% and non-wage costs increased 0.5%.

The latest figures show that labor costs continue to rise in Cyprus, with both wages and additional employment expenses contributing to the increase.

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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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