- Positive EBITDA of €21.5 million at Azores Airlines;
- SATA Air Açores doubles positive EBITDA, increasing from €4.6 million to €10.6 million;
- SATA Gestão de Aeródromos moves from losses to net profit for the year;
In 2025, the SATA Group demonstrated a significant improvement in its operational performance, reflected in the positive evolution of the results of its operating companies. This progress stems from the gradual implementation of the measures set out in the Restructuring Plan and Financial Sustainability Plan, strengthening initiatives aimed at operational and financial efficiency, with an impact on operational optimization, cost control, and greater discipline in revenue management.
The results achieved thus represent concrete progress in the Group’s recovery process, making it possible to reduce operational imbalances and strengthen its capacity to generate results, while maintaining its commitment to providing an essential service for mobility and territorial cohesion in the Autonomous Region of the Azores.
This progress is particularly evident in operational indicators, notably EBITDA, which became positive across all operating companies of the SATA Group. Azores Airlines recorded an EBITDA increase of approximately €22.2 million compared to 2024, while SATA Air Açores more than doubled its EBITDA over the same period.
At Azores Airlines, EBITDA reached €21.5 million (negative €0.7 million in 2024), while at SATA Air Açores, EBITDA remained positive, rising from €4.6 million in 2024 to €10.6 million in 2025. SATA Gestão de Aeródromos also reported positive EBITDA of €1.6 million in 2025, following a negative €244 thousand in 2024.
As a result, both airlines also reduced their losses, by €17.3 million at Azores Airlines and approximately €5.2 million at SATA Air Açores.
Tiago Santos, Chairman of the Board of Directors of the SATA Group, considered that the 2025 figures reflect “the commitment of all group teams in consolidating the measures set out in the Sustainability Plan presented in 2024, which is having a positive impact on the Group’s accounts. Despite the challenges posed by the international context, we are on a path of strengthening operational stability and improving efficiency, with the Board of Directors and employees fully focused on ensuring a sustainable group.”
Azores Airlines: Stability and Structural Cost Reduction
Throughout 2025, Azores Airlines operated 11,488 flights compared to 11,705 in 2024 (-1.9%) and carried 1.6 million passengers, compared with 1.7 million the previous year (-4.6%), achieving an average annual load factor of 82%. This performance reflects a more focused and appropriately adjusted network strategy, aligned with demand levels and geared toward greater profitability and operational resilience.
Operating revenues reached €307.7 million in 2025 compared to €336.0 million in 2024 (-8.4%), reflecting operational adjustments and lower demand in certain markets. On the cost side, operating costs totaled €286.2 million (-15%), supported by structural cost reductions foreseen in the Sustainability Plan. Notably, there was a €14.5 million reduction in ACMI costs, a €5.2 million reduction in onboard catering costs, and €1.5 million less in passenger compensation expenses.
These effects offset unavoidable increases, namely €1.4 million in personnel expenses resulting from agreements signed in 2024 and €9.3 million in maintenance costs, the latter driven by persistent shortages in the aircraft components market.
This development led to a very significant improvement in EBITDA, which increased from negative €690 thousand in 2024 to €21.5 million in 2025, corresponding to an increase of approximately €22.2 million year-on-year. Net results remained negative but showed a strong improvement, moving from negative €71.2 million in 2024 to negative €53.9 million in 2025, reflecting a reduction in losses of approximately €17.3 million. It should also be noted the negative and one-off impact of exchange rate and tax effects totaling around €7.4 million.
It is important to highlight that the 2025 results do not include any financial compensation related to Public Service Obligation (PSO) routes between the Autonomous Region of the Azores, mainland Portugal, and Madeira. The associated operational deficit amounted to approximately €13.8 million in 2025. An improvement in this framework is expected from 2026 onwards, following the recent award of the new PSO contract (in consortium with TAP), which is due to enter into force in the first semester of 2026.
Overall, the 2025 results demonstrate the company’s ability to stabilize operations, improve cost efficiency, and generate a substantial recovery in EBITDA, despite external pressures and extraordinary effects.
This performance reinforces the importance of maintaining the measures established in the Sustainability Plan and supports the company’s trajectory toward gradual financial normalization, in line with defined strategic objectives and expectations associated with the ongoing privatization process.
SATA Air Açores: More Flights and Higher Load Factor
Throughout 2025, SATA Air Açores strengthened its operational performance, operating 19,135 flights compared to 19,094 in 2024 (+0.2%) and carrying 1.05 million passengers, compared with 1.00 million the previous year (+4.5%). The average annual load factor reached 80.4%, up from 77.3% in 2024 (+3.1 p.p.), reflecting growing demand and improved efficiency in capacity management.
Operating revenues reached €139.6 million in 2025, compared to €120.1 million in 2024 (+16.2%), benefiting from increased demand and a higher volume of compensation related to public service obligations.
Operating costs amounted to €129.0 million, compared to €115.5 million in 2024 (+11.7%), mainly reflecting higher maintenance costs, increased personnel expenses resulting from agreements signed in 2024, and costs associated with ACMI operations due to operational irregularities. Nevertheless, cost growth remained below revenue growth, demonstrating improved operational efficiency.
This led to a very significant increase in EBITDA, which more than doubled from €4.6 million in 2024 to €10.6 million in 2025, representing a growth of approximately €6.0 million year-on-year.
Net results remained negative but showed a notable improvement, rising from -€11.6 million in 2024 to -€6.4 million in 2025, corresponding to a €5.2 million reduction in losses.
Overall, the 2025 results highlight the strengthening of SATA Air Açores’ operational robustness, supported by growing demand, improved load factors, and greater discipline in operational management, contributing consistently to the recovery of the Group’s overall performance.
SATA Gestão de Aeródromos:
In 2025, SATA Gestão de Aeródromos maintained a stable operation aligned with budget forecasts.
Operating revenues reached €7.8 million in 2025, compared to €5.5 million in 2024, representing a growth of approximately 40.9%, supported by increased activity and the framework of compensation associated with airport public service.
Operating costs amounted to €6.1 million, compared to €5.8 million in 2024 (+6.5%).
The combined evolution of revenues and costs enabled a significant turnaround in operational performance, with EBITDA improving from negative €244 thousand in 2024 to positive €1.6 million in 2025, corresponding to an improvement of approximately €1.9 million.
Net results followed the same trend, moving from €244 thousand in 2024 to €1.9 million in 2025, reflecting strengthened economic sustainability.