Aegean Airlines (A3, Athens) is positive it will up its stake in Volotea (V7, Barcelona El Prat) from its current 13% to 21%, in line with last year's plans. The Greek flag carrier is so far satisfied with its investment and expects to finalise discussions for additional shares in the next three to four months, president Eftichios Vassilakis said during a presentation of 2024 financial results on March 18.
"We expect by June or July to know the degree of our additional investment in the company," he noted. "This is a discussion to have with the other shareholders, which we hope we will have in a very positive light," he added.
Aegean Airlines already invested EUR25 million euros (USD27 million) in Volotea in 2024. According to Vassilakis, the company then injected additional funds into the Spanish low-cost carrier, increasing its investment to EUR31 million (USD33.5 million).
In its investor presentation, Aegean Airlines said it could contribute a further EUR25 million (USD27 million) in the second quarter of 2025, in line with previously announced joint venture plans.
Pratt & Whitney issues until 2027
The airline will continue to face challenges with Pratt & Whitney GTF engines in 2025, and Vassilakis anticipates these issues to persist until the end of 2027. This year, nine or ten aircraft are expected to be grounded, increasing to 13 or 14 in 2026.
Aegean Airlines will partly offset these issues with the deliveries of new jets. It is set to receive an average of five A320neo Family aircraft each year.
The airline is also getting compensation from the engine manufacturer, but Vassilakis said they are not enough to cover all costs related to groundings. Aegean Airlines lost EUR20 million (USD21.6 million) in 2024 due to prolonged aircraft leases and higher maintenance expenditure.
The Greek carrier does not plan to wet-lease aircraft in 2025 due to the high costs of such arrangements.
Aegean Airlines carried 16.3 million passengers in 2024, up 6% from the previous year, recording EUR129.9 million (USD140.7 million) net profit.
According to the ch-aviation fleets module, Aegean Airlines currently operates 82 aircraft and regional aircraft placed with Olympic Air. This includes twenty-eight A320-200s, twenty A320-200Ns, four A321-200s, and fourteen A321-200NX. Olympic Air operates three ATR42-600s, twelve ATR72-600s, and one DHC-8-100 for Aegean Airlines.
The airline recently announced it had added eight more A321-200NX to its order book, amending it for the third time and confirming that the total number in its A320/A321neo order will reach 58.
According to the Greek carrier, its order now consists of twenty-one A320-200Ns, thirty-three A321-200NX, and four A321-200NX(LR)s. Of the 58 aircraft committed in total, 34 have already been delivered, leaving another 24 scheduled for delivery.
