Greek carriers Aegean and SKY Express both announce strong Q1 results

The two largest airlines in Greece have both posted strong results for the start of 2025. Additionally, both carriers are looking forward to a strong summer season ahead, with higher numbers of visitors expected to travel to Greece for their vacations and with both airlines continuing to expand operations.

According to Tornos News, Athens-based Aegean Airlines, which has become the country’s de facto national carrier, carried 3.1 million passengers in the first quarter of the year (January to March 2025), a figure that represents an impressive 8.4% increase over the same period in 2024. In the first quarter (1Q25), the carrier increased total capacity by 8.8%, reaching 3.86 million seats in total across its network. The airline’s load factor remained high, at 80.2%, and while slightly down on the same period in 2024 (by 0.3%), it still managed to keep above 80% for what is essentially the off-peak season for Aegean.

As a key indicator of how the airline is doing on its international route network, the carrier saw an 11.7% increase in international passenger traffic in 1Q25, reaching 1.9 million passengers, up from 1.7 million in the corresponding period of 2024.

Markus Mainka / ShutterstockDivided between the airline’s two main bases, routes to Athens saw the majority of the passengers, with 1.65 million international passengers using them – an increase of 12.1%. Meanwhile, the airline’s second main base at Thessaloniki recorded a 6.4% increase in its international travelers carried on Aegean flights. Traffic on the carrier’s domestic Greek network also increased by 3.3%, reaching 1.180 million passengers.

According to ch-aviation, Aegean operates an all-Airbus fleet of 66 aircraft comprising A320-200s, A320neos, A321-200s, and A321neos. The company has a further 82 new aircraft on order from the European planemaker. The company currently operates 166 routes to 114 destinations across 46 countries.    

Looking ahead to the rest of 2025, Aegean will offer a total of 21.5 million seats until the end of the year, which will be an increase of 1.8 million compared to 2024. Across its international network, it will offer approximately 13 million seats, an increase of 1.4 million seats offered in 2024.

Markus Mainka / ShutterstockOn its domestic network, the carrier will offer 8.5 million seats, up by 6% over the previous year​. With further international expansion in the pipeline, the company is expanding its operations in 2025 with new direct flights to Istanbul in Turkey from Heraklion, Mykonos, Rhodes, and Santorini, Erbil in Iraq, Baku in Azerbaijan, and to Rome from Larnaca Airport (LCA) in Cyprus. It will also focus on expansion in other key markets, including the Iberian Peninsula, the Balkans, Egypt, Italy, and Switzerland. On the domestic side, Aegean will be adding seven new routes, mainly strengthening connections from the major Greek islands of Heraklion and Rhodes.

SKY Express sees impressive growth

Greece’s other primary carrier, SKY Express, saw an equally impressive start to 2025, with the airline recording a 10% increase in total passenger traffic and 8.5% in revenues in the first quarter of the year. The company saw a 9.5% increase in total capacity across its route network, along with operating a 5.5% increase in the total number of flights. SKY Express saw an unprecedented 27% increase in international passenger traffic over the same period in 2024, driven largely by multiple new route startups since last year.

The airline currently operates a fleet of 12 jet aircraft and 143 turboprops. The fleet is made up of a single A320, ten A320neos, and two A321neos. For lighter routes on domestic sectors, the carrier uses four ATR42-500s plus ten ATR72-600s. SKY Express currently serves 156 routes and 84 destinations across 24 countries. Its turboprop fleet makes up the largest domestic network in the country, with 33 separate destinations.

Dirk Daniel Mann / ShutterstockAdditionally, the SKY Express fleet is one of the youngest and most modern in Europe. The average age of the Airbus fleet is just 3.5 years for Airbus and 2.5 years for ATR 72-600. In the past year, two new Airbus A320neos were added to the fleet, with a further two expected to join in 2025.

With further international expansion at the heart of its strategy for 2025 and beyond, SKY Express is planning to open new routes throughout the rest of the year. In 2024 alone, its international network expanded from 15 to 22 destinations, with new connections to Amsterdam, Istanbul, Vienna, Prague, Yerevan, Tbilisi, and Tirana. In the first quarter of 2025, the number of seats offered on its international services increased by 33.5% compared to the same period of 2024.

The increase in passenger traffic to and from SKY’s key hubs at Athens (+10%), Thessaloniki, and Heraklion increased by 10%, 5.5%, and 8.8%, respectively. In 2024, the airline carried a total of five million passengers on its flights.

Kevin Hackert / Shutterstock2025 to set new records

With both airlines undergoing periods of growth, with new route startups and multiple new aircraft joining the fleets of both carriers, the rest of 2025 looks promising for the Greek airline industry. With travel to the Greek mainland and islands set to reach record levels in summer 2025, both carriers appear set for further success.  

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