European Aviation Daily: Icarus – 27 May 2026

Research evidence excerpt

European Aviation Daily: Icarus – 27 May 2026

Barclays | European Aviation Daily

the face of airport charges increases, as it seeks to increase local tourist industry pressure on

what are foreign-owned airports.

Fuel and hedging important factors: Like all airlines, the pathway of geopolitics will be

important for Aegean. It is 60% hedged for kerosene through to the end of the year but only has

7% coverage for the following year. Aegean is relatively confident about access to fuel supplies

in Greece, which is well served by local refineries. Fuel availability outside of Greece is subject to

the same uncertainties felt by other airlines. Aegean faces both upside and downside risks from

elevated fuel prices. We do not know the fuel hedging status of Aegean's most direct rival, Sky

Express. This could be a key factor shaping its ability to compete against Aegean this year and

could offer Aegean potential strategic advantages if high fuel levels persist. The strategic

situation plays out the other way around with its ca20% holding in Volotea. We do not know

whether Aegean's associate airline Volotea has fuel hedging. Yet Volotea's unique policy, being

challenged by regulators, of seeking to apply fuel surcharges to existing bookings does suggest

significant economic pressure from elevated fuel prices. Aegean has invested some €37m in

Volotea. It is considering its options on providing further investments.

Maintain OW, PT €16.50 from €14.00: We maintain our OW rating on Aegean. We raise our FY26

EBIT estimate by 9% after 1Q exceeded our estimates and commentary was favourable on

demand trends. We increase our estimates by ca 30% for FY27 and FY28 on better unit revenues

and ex fuel costs. We see Aegean subject to the same geopolitical influence as the balance of the