Aegean Airlines (A3, Athens) is set to increase its stake in Volotea (V7, Barcelona El Prat) from the current 13% to 21%, in line with its 2024 investment plans. The Greek flag carrier remains satisfied with its involvement in the Spanish low-cost airline and expects to finalize discussions for additional shares within the next three to four months, according to President Eftichios Vassilakis.

“We expect to determine the extent of our additional investment by June or July,” Vassilakis stated during the airline’s financial results presentation on March 18. “This is a discussion we need to have with the other shareholders, and we are optimistic about the outcome.”

Aegean Airlines initially invested EUR 25 million (USD 27 million) in Volotea in early 2024. It later injected additional funds, raising its total investment to EUR 31 million (USD 33.5 million). The airline indicated in its investor presentation that it may contribute another EUR 25 million (USD 27 million) in the second quarter of 2025 as part of previously announced joint venture plans.

Pratt & Whitney Engine Issues to Persist Until 2027

Aegean Airlines continues to grapple with ongoing Pratt & Whitney GTF engine problems, which are expected to impact operations until the end of 2027. In 2025, the airline anticipates grounding nine to ten aircraft, with that number rising to 13 or 14 in 2026.

To mitigate these challenges, the airline will receive an average of five new A320neo Family aircraft annually. Although Aegean is receiving compensation from the engine manufacturer, Vassilakis acknowledged that the payments are insufficient to cover all costs related to aircraft groundings. In 2024, the airline lost EUR 20 million (USD 21.6 million) due to extended aircraft leases and increased maintenance expenses.

Despite these setbacks, Aegean Airlines does not plan to wet-lease aircraft in 2025 due to the high costs associated with such arrangements.

Strong Passenger Growth and Fleet Expansion

Aegean Airlines carried 16.3 million passengers in 2024, marking a 6% increase from the previous year, and reported a net profit of EUR 129.9 million (USD 140.7 million).

According to the ch-aviation fleets module, Aegean Airlines currently operates 82 aircraft, including regional aircraft placed with its subsidiary, Olympic Air. The fleet consists of:

• Aegean Airlines:
  • 28 A320-200s
  • 20 A320-200Ns
  • 4 A321-200s
  • 14 A321-200NXs
• Olympic Air:
  • 3 ATR42-600s
  • 12 ATR72-600s
  • 1 DHC-8-100

Aegean recently adjusted its aircraft order for the third time, adding eight more A321-200NX jets. This brings its total A320/A321neo order to 58 aircraft, of which 34 have already been delivered. The revised order now includes:

• 21 A320-200Ns
• 33 A321-200NXs
• 4 A321-200NX(LR)s

With 24 more aircraft scheduled for delivery, Aegean Airlines continues to strengthen its fleet as it navigates operational challenges and expands its strategic investments.

Source: ch-aviation.com