- Positive EBITDA across all companies.
- Passenger transport in the SATA Group increases by 3%, with a total of 1.2 million passengers transported in the first half of the year.
- Increase in flights recorded in the first half of the year reaffirms commitment to the Azores Archipelago.
- 376 more flights than in the same period in 2024.
The SATA Group recorded a significant improvement in its main operating and financial indicators in the first half of 2025, reflecting the effects of the measures implemented under the Financial Sustainability Plan.
Increased demand and improved operational efficiency enabled all Group companies to achieve positive EBITDA, confirming the recovery trend.
Compared to 2024, 376 more flights were operated, reaffirming the group's commitment to improving air connectivity in the Autonomous Region of the Azores.
"The first half of 2025 reflects a continuous collective effort and proves that it is possible to counteract the deterioration of results by defining concrete sustainability measures. However, given the group's need for recovery, the complexity of the business, the increase in operating costs globally, and strong competition, SATA will continue to focus on completing its financial sustainability plan and controlling contracts and associated costs," says SATA Group CEO Rui Coutinho.
Operational and financial performance at Azores Airlines
Azores Airlines recorded positive EBIT in the second quarter of 2025, reflecting the impact of the sustainability measures adopted.
The airline is on a path of sustained financial recovery, with effects already evident in the first months of 2025, particularly in its second-quarter performance.
EBITDA for the second quarter amounted to €11.2 million, representing three times the growth compared to the same period last year. This result was achieved in a particularly challenging context for the aviation sector and reflects rigorous resource management, reinforced operational discipline, and the implementation of strategic measures aimed at stabilizing key economic and financial indicators.
During the second quarter of 2025, 3,223 flights were operated, 73 more than in the same period last year, carrying around 458,000 passengers — a slight reduction of 4,000 compared to the same period last year. The load factor stood at 82%, reflecting an adjusted operation using aircraft with lower capacity compared to 2024.
Despite the reduction in the number of passengers carried, revenues for the second quarter of 2025 totaled €89.5 million, an increase of 1.3% compared to the same period in 2024. In contrast, operating expenses followed a downward trend, reaching €78.3 million, 7.7% less than in the same period last year. This reduction was driven by measures implemented in the first months of the year, in particular:
- cancellation of routes operated exclusively with ACMI (Porto and Funchal–North America);
- elimination of the on-board catering service;
- readjustment of supply in line with actual demand.
EBITDA for the second quarter was €11.2 million, exceeding the figure recorded in the same period of 2024 by €7.7 million, with an EBITDA margin of 12.6% (+8.6 p.p. compared to the same period last year). EBIT was also positive, standing at around €500,000, compared to -€6.7 million in the second quarter of 2024.
Net income for the quarter was negative at €10.1 million, an improvement of €2.1 million compared to the same period last year. This result includes a negative impact of €3.8 million related to exchange rate differences caused by the depreciation of the dollar against the euro.
Aggregate performance for the first half of 2025
In the first half of 2025, 5,480 flights were operated, 235 more than in the same period of 2024, carrying 759,000 passengers (+12,000 compared to the same period last year). Operating revenues amounted to €135.8 million, an increase of 0.2% compared to the first half of 2024. Operating expenses totaled €135.4 million, a reduction of around €5 million, highlighting the resilience of the operation and the effectiveness of the management measures implemented, with a particular impact in the second quarter.
EBITDA for the half-year was positive at €300,000, contrasting with the negative EBITDA of €4.9 million recorded in the same period last year. The accumulated net result was negative at €41.1 million, compared to -€37.8 million in the first half of 2024. This countercyclical variation compared to the other indicators is largely explained by negative exchange rate impacts (€7.9 million), resulting from the updating of balances whose settlement or recovery, with real effective impacts, is mainly expected in the medium/long term.
Financial and operational performance of SATA Air Açores
SATA Air Açores recorded an improvement in its financial indicators in the first half of 2025, in line with the increase in demand.
SATA Air Açores remains focused on consolidating its activity, reinforcing its role as a provider of essential public services for regional connectivity. In the first half of 2025, the company recorded positive growth in its main financial indicators, in line with increased demand and the management measures implemented to promote greater efficiency and sustainability in its operations.
In the second quarter of 2025, 5,364 flights were operated, 154 (+3%) more than in the same period last year, carrying around 286,000 passengers, an increase of 21,000 (+8%) compared to the same period in 2024. The increase in demand compared to supply led to an improvement in the load factor, which reached 82% (vs. 74% in Q2 2024), resulting in operating revenues of €34.8 million — an increase of €5.1 million (+17.2%) compared to the second quarter of the previous year.
Operating expenses amounted to €33.6 million, an increase of €3.5 million (+11.7%) compared to the same period last year. Noteworthy in this regard is the impact of salary increases resulting from new company agreements signed in 2024, the effect of which was only felt from the second half of that year onwards.
The positive change in operating revenues, which exceeded the growth in costs, resulted in EBITDA of €1.2 million, compared to a negative figure of €400,000 in the second quarter of 2024. The net result for the quarter remained negative at €1.1 million but represents an improvement of €3.2 million compared to the same period last year. It should also be noted that, despite the negative quarterly net result, positive net results were recorded in two of the three months that comprise the quarter.
Aggregate performance for the first half of 2025
In the first half of 2025, 8,561 flights were operated, 141 more than in the same period of 2024, carrying a total of 449,000 passengers (+21,000 compared to the same period last year).
Operating revenues amounted to €61.3 million, an increase of 19.2% compared to the first half of 2024. Operating expenses totaled €60 million, an increase of 14% compared to the same period last year, but still lower than revenue growth, confirming the robustness of the operation and the effectiveness of the management measures implemented.
EBITDA for the half-year was positive at €1.3 million, contrasting with the negative figure of €1.2 million recorded in the same period last year. Accumulated net income improved by €5.6 million, standing at -€3.4 million, compared to -€9 million recorded in the first half of 2024.
Financial performance of sata gestão de aeródromos
SATA Aerodrome Management increases revenue by 4%.
SATA Aerodrome Management recorded an increase in revenue (excluding the financial rebalancing component recorded as operating subsidies) from airport operations in line with the increase in traffic at airports in the Autonomous Region of the Azores, largely based on the increase in production at SATA Air Açores.
Sales and services provided reached a total of €2.1 million in the first half of 2025, compared to €2.0 million in the same period last year, representing a positive change of 4.1%.
It should be noted that, in addition to sales and services provided, an estimated financial rebalancing of €1.2 million was recorded for the fifth year of the concession contract.
Operating expenses, in turn, totaled €3.0 million, up €275 thousand compared to the same period last year, +10%. This variation is mainly due to the impact of salary increases resulting from new company agreements signed in 2024, the impact of which was only felt in the second half of 2024.
EBITDA for the first half of 2025 was positive at €350,000, €406,000 higher than EBITDA for the same period in 2024. Net income for the period was also positive at €646,000, €417,000 higher than in the first half of 2024.