- Positive EBITDA growth in the group's three operating companies in the first nine months of the year;
- Azores Airlines with significant cost reduction in the third quarter;
- Personnel costs rise due to agreements signed in 2024;
The SATA Group companies showed positive EBITDA (earnings before interest, taxes, depreciation, and amortization) growth in the first nine months of the year. The third-quarter results consolidate a trend observed since the beginning of 2025. These results show the positive effects of the Financial Sustainability Plan that has been in place since mid-2024.
At Azores Airlines, EBITDA for the quarter rose from €20.5 million to almost €25 million, up 21% year over year. At SATA Air Açores, the same financial indicator rose from €3.8 million to €4.7 million, positively evolving by 23%.
These figures reinforce the trend observed since the beginning of 2025 in both companies. In the first nine months, Azores Airlines' EBITDA, when compared to the same period in 2024, rose from €15.6 million to €25.2 million. At SATA Air Açores, in the same period, it rose from €2.6 million to €6 million. At SATA Gestão Aeródromos, when compared to the same periods, EBITDA went from negative to positive, both in the third quarter of this year and in the accumulated results for 2025.
Rui Coutinho, CEO of the SATA group, states that "the results for the third quarter, as well as the accumulated results, show that we are on the right track to financially balance the company, with a clear focus on cost control, reversing the trend of cost increases exceeding revenue. This has been one of the main objectives of the Financial Sustainability Plan."
Azores Airlines – significant cost reductions
The year 2025 continues to be marked by high competitiveness in the airline sector, with the North American market more subdued recently, influenced by geopolitical factors. In the third quarter, there was a significant change in the mix of routes operated, with a focus on domestic operations using smaller, company-owned aircraft. This change resulted in an 11% drop in the number of passengers carried and impacted revenue by around 19%.
On the other hand, costs fell significantly, at a higher rate than revenue. Direct costs fell by 37%, mainly due to lower fuel expenses resulting from a combination of plunging prices and changes in equipment type and routes. In addition, ACMI costs fell by 65% compared to the previous year, with the most significant impact in September, reflecting the reduced dependence on leased aircraft.
Even with a reduction in direct operating expenses, personnel costs (which represent around 20% of the total cost structure) increased by 4% from agreements signed in 2024 with prospective impacts.
In addition to the positive evolution in EBITDA, net results for the year also show significant improvements. Net income for the third quarter amounted to €7.8 million, compared to €2.8 million in the same period last year, while the accumulated result up to September is negative at €33.3 million, an improvement of 5% compared to the previous year.
Key indicators for the quarter:
- 27% reduction in operating expenses (from €122.6 million to €89.4 million);
- EBITDA of €24.9 million (+21% compared to the same period in 2024);
- EBITDA margin of 22% (vs. 14% in the third quarter of 2024);
- Positive net income of €7.8 million in the quarter;
- Load factor of 85.3% (+0.4 p.p.) and 3.2 percentage point improvement in punctuality.
SATA Air Açores – positive operational performance
SATA Air Açores displayed positive operational performance, carrying 5% more passengers, resulting in a 14% increase in ticket revenue. Handling revenue followed this trend, growing by 12%.
Overall, costs also increased, but proportionally to revenue. Noteworthy are the variations in ACMI costs (+€1.4 million), contracted to make up for the lack of fleet due to the delay in the return of an aircraft following structural maintenance. Also in personnel costs (+€1.2 million), resulting from agreements signed in 2024 with prospective effects.
Despite the increase in costs, this was less significant than the growth in revenues, resulting in EBITDA 23% higher than in the previous year.
SATA Air Açores also saw a positive evolution in net results, in line with the EBITDA. Net income for the quarter was positive at €396 thousand, slightly lower than the €756 thousand recorded in the third quarter of 2024. In turn, the accumulated figure is negative at €3 million, compared to -€8.2 million in the same period last year.
Key indicators for the quarter:
- A quarterly net profit of almost €400 thousand;
- 4.6% increase in passengers carried (404,804);
- Load factor of 83.6% (+2.5 p.p.);
- Revenues grew 8.3% to €42.3 million;
- EBITDA rose 23% to €4.7 million.
SATA Gestão de Aeródromos (Aerodrome Management) – return to profit
SATA Aerodrome Management recorded an increase in revenues, sustained by the operational increase at the aerodromes under its management and financial rebalancing estimate update resulting from compliance with the public service obligations contract. Costs remained stable, contributing to positive EBITDA in the third quarter of 2025.
Key indicators for the quarter:
- Net profit of €240,000 (loss of €239,000 in the same period last year);
- Positive EBITDA of €145,000 (vs. -€129,000);
- Revenues grew 23% to €1.66 million.
As with the other operating companies, SATA Gestão Aeródromos also saw its net profit follow the trend in operating results, moving into positive territory with €240,000 in the third quarter and €885,000 in the year to September.