- Aegean moves to take majority control of Volotea
- €56m debt converted to equity
- €15m capital increase with Aegean contributing €9.5m
- Aegean previously held over 20pc stake
- Volotea posted €64m net loss for 2025
Aegean Airlines is preparing to take majority control of Spanish low-cost carrier Volotea through a major financial restructuring programme. The takeover is structured through a combination of debt restructuring and fresh funding. Some €56m of Volotea’s existing debt will be converted directly into equity shares. A €15m capital increase is being executed to inject fresh liquidity into the airline.
Out of the new capital increase Aegean will directly contribute €9.5m in cash. This represents a highly efficient use of capital for the Greek carrier as it secures control while risking minimal immediate cash out of its €950m liquidity reserve. Aegean initially acquired a 13pc stake in Volotea in 2024 expanding its position to over 20pc in early 2026.
Taking full control offers highly complementary geographic advantages. Volotea operates a pure point-to-point model connecting small-to-midsize European cities with over half of its 430 planned routes operated exclusively. Despite booking a strong operating profit of €47.4m on €818m in revenue for 2025 Volotea ultimately posted a €64m net loss due to exceptional tax adjustments and currency reserve issues.
