Aegean Airlines to Boost Volotea Stake to 21% by Mid-2025
Aegean Airlines is on track to increase its stake in Spanish low-cost carrier Volotea from 13% to 21% by mid-2025. The Greek flag carrier first invested in Volotea in 2024 and is pleased with the performance of its investment so far. Aegean’s president, Eftichios Vassilakis, said final discussions are expected to conclude by June or July 2025.
Aegean initially invested EUR25 million (USD27 million) in Volotea and later injected additional funds, raising the total to EUR31 million (USD33.5 million). The airline has indicated a potential second-quarter investment of another EUR25 million (USD27 million) as part of its joint venture strategy.
However, Aegean continues to face operational challenges due to ongoing issues with Pratt & Whitney GTF engines. These are expected to persist through 2027, grounding up to 14 aircraft by 2026. In 2024 alone, Aegean reported a EUR20 million (USD21.6 million) loss from extended leases and maintenance costs. Although the airline is receiving compensation from the engine manufacturer, it is insufficient to cover all losses. Aegean confirmed it will not wet-lease aircraft in 2025 due to high costs.
Despite these setbacks, Aegean carried 16.3 million passengers in 2024, a 6% increase year-over-year, and reported a net profit of EUR129.9 million (USD140.7 million). The airline currently operates a fleet of 82 aircraft, including 58 Airbus A320neo Family jets ordered, with 24 deliveries remaining. Olympic Air continues to operate turboprops on Aegean’s regional network. Aegean recently added eight more A321-200NX to its order book.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com