• Azores Airlines improves EBITDA by €2.3 million and reduces net loss by €8.6 million;
• SATA Air Açores strengthens positive EBITDA, increasing operating performance more than eightfold compared with the same period last year;
• Results confirm the continued operational and financial recovery trajectory of SATA Group.
In the first quarter of 2026, SATA Group continued to show progress across its main operational and financial indicators, reflecting the impact of the efficiency and cost-control measures implemented over recent years. Although the period remained marked by significant challenges for the aviation sector, namely higher fuel costs (the impact of which was already felt in March) and maintenance costs, the Group’s main operating companies recorded improvements in operating profitability indicators and, in the case of Azores Airlines, a very significant reduction in losses.
Tiago Santos, Chairman of the Board of Directors of SATA Group, stated: “The results for the first quarter of 2026 demonstrate that the measures set out in the Financial Sustainability Plan continue to have a positive impact on the activity and results of the Group’s companies. The progress achieved in 2025 has carried through into 2026, as reflected in the improvement of the main operating and financial indicators. Despite certain external factors that continue to affect the aviation sector, particularly fuel price developments, whose impact is expected to become more significant during the second quarter, the results now presented demonstrate the growing effectiveness of the measures implemented and reinforce confidence in SATA Group’s sustainability and recovery trajectory.”
Azores Airlines: operational improvement and significant reduction in losses
During the first quarter of 2026, Azores Airlines operated 2,088 flights, compared with 2,257 flights in the same period of the previous year, representing a decrease of 7.5%. The airline carried approximately 272 thousand passengers, compared with 302 thousand passengers in the first quarter of 2025, a decrease of 9.9%. Available capacity also decreased by around 7.2%, reflecting the strategy to adjust operations and optimise the offer. In this context, the average load factor stood at 74.4%, compared with 76.6% in the same period last year, reflecting a more selective approach focused on network profitability.
Operating revenue amounted to €47.0 million, representing growth of 1.7% compared with the same period last year, when operating revenue stood at €46.2 million. Operating costs decreased by approximately €1.5 million, or 2.6%, totalling €55.7 million, compared with €57.2 million in the first quarter of 2025. This reduction benefited from the lower level of activity and from the efficiency measures implemented.
This evolution was, however, partially offset by the increase in fuel costs, which began to have an impact in March, and by the persistence of high maintenance costs, reflecting the challenges that continue to affect the aviation sector, including the availability of components and engines. This performance led to an improvement in EBITDA, which increased from negative €10.9 million in the first quarter of 2025 to negative €8.6 million in 2026, corresponding to an improvement of approximately €2.3 million.
Net result remained negative but showed a significant positive evolution, improving from a net loss of €31.0 million to a net loss of €22.4 million, representing a recovery of around €8.6 million. This evolution also benefited from the favourable impact of foreign exchange differences, which made a positive contribution to the results for the period.
SATA Air Açores: positive EBITDA and improved profitability
In the first quarter of 2026, SATA Air Açores operated 3,136 flights and carried approximately 161 thousand passengers, compared with 3,197 flights and 163 thousand passengers in the same period last year. The average load factor increased slightly, from 74.6% to 74.8%, reflecting a more efficient use of the available fleet.
Operating revenue reached €27.7 million, 4.3% higher than in the first quarter of 2025, when it amounted to €26.5 million. Despite the increase in operating-related costs, the airline was able to maintain a favourable trend in operating profitability. EBITDA increased from €98 thousand to €821 thousand, evidencing a considerable improvement in operating performance.
Below EBITDA, results continued to be affected by the increase in depreciation and amortisation, reflecting investments and repairs carried out in previous periods, as well as by higher finance costs resulting from the long-term financing contracted in 2025. These impacts were, however, partially offset by foreign exchange gains recorded during the period.
Net result remained negative, at approximately €2.0 million, but improved by around €332 thousand compared with the same period last year. This performance confirms SATA Air Açores’ ability to continue improving its economic indicators, supported by revenue growth and greater efficiency in operational management.
SATA Gestão de Aeródromos: stable operation and positive results
SATA Gestão de Aeródromos maintained a positive operating performance in the first quarter of 2026. Operating revenue amounted to €1.7 million, representing growth of around 3.6% compared with the same period last year. EBITDA reached €203 thousand, compared with €300 thousand in the same period last year, remaining positive, while net result stood at €231 thousand, compared with €488 thousand in the first quarter of 2025.
Although these indicators were below those recorded in 2025, they reflect the stability of the activity and the maintenance of positive levels of operating profitability. The results for the first quarter of 2026 show a favourable evolution in the operating indicators of SATA Group’s main companies.
The improvement in EBITDA at Azores Airlines and SATA Air Açores, as well as the significant reduction in losses at Azores Airlines, demonstrate the positive impact of the efficiency and operational discipline measures implemented over recent years.
Notwithstanding the progress achieved, the Group remains exposed to pressure factors characteristic of the aviation sector, namely the increase in fuel costs, whose impact on costs is expected to be considerable, as well as maintenance costs, depreciation and amortisation, and finance costs.
Even so, the evolution observed in the first quarter reinforces confidence in the continued operational and financial improvement trajectory of SATA Group companies, with a sustained focus on long-term sustainability and on the provision of an essential service for mobility in the Azores.