Volotea estimates that in 2026 it will register losses of 33 million euros, affected by the military conflict in the Middle East. This figure would imply cutting in half the red numbers of 62.3 million euros from the previous year, linked to extraordinary impacts due to the review of certain tax assets and adjustments in currency conversion reserves.
In this scenario, the airline has agreed with its creditors to defer payments totaling 49.3 million euros and has opened negotiations to obtain 25 million euros in additional financing, as part of a plan aimed at strengthening liquidity and meeting its most immediate payment commitments.
The succession of large losses in recent years has resulted in a negative net worth of 77.5 million euros, which, for commercial purposes, places it in a cause for dissolution, according to the auditor's report from EY. This is reflected in the annual accounts that the company has filed with the Mercantile Registry and which Europa Press has accessed through Informa.
However, the board of directors of Volotea emphasizes the extension of the corporate moratorium until the end of 2025, approved as part of the response plan to the conflict in the Middle East, which allows it to currently avoid the legal consequences associated with the situation of cause for dissolution.
Regarding the impact of the conflict, the company has chosen to resize its fleet for the high summer season, reducing it by three aircraft, to a total of 41 aircraft. In addition, it reviews the performance of its routes weekly and has proceeded to cancel those flights that "do not achieve a minimum profitability."
Regarding the increase in aviation fuel costs, the airline admits a "direct impact" on its expenses, given that this concept accounted for around 20% of its expense structure before the crisis.
To mitigate this effect, the company has "jet fuel" hedges already contracted, which cover approximately 66% and 78%, respectively, of its fuel needs during the second and third quarters of 2026.
New measures to strengthen its liquidity
As part of the liquidity reinforcement plan, the board highlights the payment obligations related to the 156.2 million euros in non-cancelable leasing contracts for aircraft and engines.
Regarding the postponement of the debt of 49.3 million euros, of which 34.7 million correspond to amortizations and 14.6 million to interest, the maturity is now moved to the period between April and July 2028, compared to the original schedule, which set its repayment throughout 2026.
On the other hand, the company indicates that the raising of an additional 25 million euros, through loans, lines of credit, or other financing formulas, is still in the "initial phase".
To these actions is added a capital increase of 15 million euros already disbursed by the partners, among which is Aegean Airlines, which has contributed 9.5 million euros.
As part of its roadmap, Volotea also intends to optimize the management of working capital to increase its working capital, which includes opening new discussions with suppliers and creditors of the group regarding the payment schedule.
Record revenue figure in 2025
In 2025, the airline reached a historic high in revenue, with 818 million euros, 0.8% more than the previous year, and an operating profit 41% higher, up to 47.4 million euros, although below the initial forecasts of 840 million euros in sales and between 70 and 80 million Ebit.
Throughout the year, it transported 11.3 million passengers (-0.8%) and improved its punctuality rate by four points, up to 79%. In addition, the "completion factor," which measures the percentage of scheduled flights that are ultimately operated and not canceled, stood at 99.7%, according to Cirium data.
In a previous communication, the company highlighted that it has recorded three consecutive years of growth in both sales and profitability: between 2023 and 2025, revenues have increased by nearly 18%, from 694 million euros, while the EBITDA margin has risen from 14% to 20% on sales.
In the words of the founder and CEO, Carlos Muñoz, "the revenues achieved and the improvement in operating profit reflect the progress of the business during 2025, supported by more efficient management, solid operations, and the effort of the entire company."