The Greek Laskaridis group’s aviation business has entered a phase of severe operational and financial instability. Aegean Airlines, Greece’s flag carrier, in which the Laskaridis family is one of the main reference shareholders with a 12.02% stake held through Panagiotis Laskaridis, confirmed on Tuesday that it ended the first half of 2026 in the red, posting a net loss of €3.3 million. The deterioration, which contrasts with the €48 million profit recorded in the same period of the previous year, directly affects Spanish airline Volotea, where the Greek company operates as a strategic partner and key investor in its European expansion.
Fuel
Aegean Airlines’ reversal in earnings reflects the sharp pressure that operating costs have placed on its business margins. Despite increasing revenue by 4% year on year to €816.6 million and carrying 7.8 million passengers, the rise in jet fuel prices has offset sales growth. The fuel bill, which reached levels double those recorded at the beginning of the year, combined with currency depreciation, led to a 7% contraction in EBITDA, which fell to €145.3 million in the first half of the year.
Middle East
Rising geopolitical volatility in the eastern Mediterranean has worsened the airline’s cost situation. The wave of forced cancellations of international routes between March and June, caused by the escalation of the conflict in the Middle East, dealt a direct blow to the profitability of medium-haul connections. Operational disruption in the eastern Mediterranean basin forced aircraft to remain grounded and reduced the load factor to 80.3%, eroding profitability during a semester marked by rigidity in the energy market.
Contagion
The losses reported by its key partner in Athens have set off alarms at Volotea’s top management. Aegean Airlines is not merely a financial shareholder in the Spanish airline; it also acts as an industrial partner helping accelerate its presence in southern European markets. The deterioration in the Greek partner’s cash flow threatens to freeze capital commitments and limit the commercial synergies agreed to strengthen the regional fleet, at a time when low-cost aviation is facing a broad-based squeeze on margins.
Adjustment
The Greek airline’s management has responded by announcing a tough spending-containment plan to protect cash reserves. Aegean CEO Dimitris Gerogiannis confirmed that the company would implement an extremely restrictive capacity-management policy over the next eight months. The airline will rely on its €956.1 million liquidity position and the delivery of new aircraft from the Airbus neo family to reduce unit consumption, while the Laskaridis family sees financial tensions in its aviation business add to regulatory scrutiny of its port and industrial assets in the Atlantic.
The article Laskaridis’ Greek aviation business falls into the red, putting Volotea at risk was first published on canarymaritime.com.
