- Operational efficiency and optimization measures continued to deliver results despite the significant impact of higher fuel prices, estimated at approximately €13 million across the Group’s two airlines;
- Azores Airlines maintained revenue levels despite a 7.2% reduction in capacity, supported by an improvement in unit revenues, and improved its net result by approximately €3.9 million;
- SATA Air Açores increased EBITDA to €2.7 million (€1.3 million in the first half of 2025) and improved its net result by approximately €1.3 million;
- SATA Gestão de Aeródromos (airport management) increased revenue while maintaining positive EBITDA and net profit;
- Excluding the impact of higher fuel prices, EBITDA would have remained positive at approximately €4.0 million for Azores Airlines and €4.4 million for SATA Air Açores.
During the first half of 2026, SATA Group companies continued to benefit from the operational optimization and financial sustainability measures implemented across the Group, against the backdrop of a particularly challenging environment for the aviation industry. The period was marked by a significant increase in fuel prices and operational disruptions arising from adverse weather conditions, both of which affected the performance of the Group’s airlines.
Across the two airlines, the estimated economic impact of rising fuel prices amounted to approximately €13 million. In the context of continued volatility in energy markets, fuel costs increased by around 29% compared with the first half of 2025, with the increase reaching approximately 53% in the second quarter alone. Nevertheless, Azores Airlines maintained revenue levels broadly in line with those achieved in the same period of the previous year, despite lower activity resulting from the optimization of its operating program. Supported by stronger unit revenues, the airline improved its net result by approximately €3.9 million.
SATA Air Açores recorded a significant improvement in both EBITDA and net result. SATA Gestão de Aeródromos maintained positive operating and net results, while SATA Handling reported its initial results following the separation of the ground handling business.
Tiago Santos, Chairman of the Board of SATA Group, stated:
“The results achieved in the first half of 2026 demonstrate the ability of SATA Group companies and their teams to respond effectively to a particularly challenging external environment while maintaining a strong focus on operational efficiency and financial discipline. The increase in fuel prices had a significant impact on the Group’s airlines, estimated at approximately €13 million, affecting performance during the period.
Despite these pressures, Azores Airlines demonstrated improved commercial efficiency by adjusting its operations and maintaining revenue performance despite lower activity levels, while SATA Air Açores strengthened its positive EBITDA and reduced its net loss. These indicators reinforce the importance of continuing to implement the measures underpinning the Group’s financial sustainability strategy.”
Azores Airlines: Operational Adjustment Preserves Revenue Despite Lower Activity
During the first half of 2026, Azores Airlines operated 5,037 flights, compared with 5,480 in the same period of 2025 (-8.1%), and carried approximately 701,000 passengers, compared with 759,000 in the first half of 2025 (-7.7%). Available capacity decreased by 7.2%, reflecting adjustments to the airline’s operating program and continued capacity optimization.
Operating revenue amounted to €134.4 million, compared with €135.8 million in the corresponding period of 2025 (-1.0%), despite lower operational activity. This performance reflects enhanced capacity management and stronger revenue optimization. Passenger revenue increased by 4.4% to €81.2 million, demonstrating a favorable evolution in average yield. These figures do not yet reflect the full positive impact of the Public Service Obligation (PSO) Contract, implementation of which commenced at the end of May 2026.
Operating expenses totaled €142.0 million, an increase of 4.8% compared with the first half of 2025, entirely attributable to fuel costs. If it were not for this factor, operating expenses would have decreased. Fuel costs increased by approximately €9.0 million (+29%) to €40.6 million, despite lower operational activity. Based on the level of activity during the period, the estimated economic impact of higher fuel prices amounted to approximately €11.5 million.
Azores Airlines implemented measures to mitigate this impact, including adjustments to its fuel surcharge. As fuel costs escalated significantly from May 2026 onwards, when a substantial proportion of tickets for June and July had already been sold, the full positive effect of these measures will only be reflected during the second half of 2026.
Offsetting these pressures were reductions of approximately €1.8 million in ACMI-related expenses, €1.8 million in catering expenses, and around €1.0 million achieved through improved human resources management, in line with ongoing optimization initiatives. Conversely, results were affected by higher expenses associated with operational disruptions, largely driven by particularly adverse weather conditions during the second quarter. Flight cancellations increased from 122 to 249 (+104%), generating an estimated impact of approximately €4.0 million. Additional maintenance expenses of approximately €750,000 were incurred to support fleet operational reliability.
EBITDA stood at negative €7.6 million, compared with positive €0.3 million in the first half of 2025. Excluding the exceptional impact of the sharp increase in fuel prices, EBITDA would have been positive at approximately €4.0 million, representing a year-on-year improvement of €3.7 million.
Net loss amounted to €37.1 million, an improvement of approximately €3.9 million compared with the net loss of €41.1 million recorded in the first half of 2025, benefiting from favorable foreign exchange movements.
SATA Air Açores: Stronger Positive EBITDA and Reduced Net Loss
During the first half of 2026, SATA Air Açores operated 8,185 flights (8,561 in the same period of 2025, -4.4%) and carried approximately 435,000 passengers (449,000 in the first half of 2025, -3.1%). Load factor increased slightly, reflecting more efficient fleet utilization.
Operating revenue amounted to €54.9 million, while operating expenses totaled €52.1 million (-10% and -13%, respectively), with expenses declining more significantly than revenue. Year-on-year comparison is affected by the separation of the ground handling business, which from 2026 onwards is reported independently within SATA Group.
The increase in fuel prices (+36%) had an estimated negative impact of approximately €1.5 million. Nevertheless, EBITDA increased from €1.3 million in the first half of 2025 to €2.7 million in the same period of 2026. Excluding the extraordinary impact of rising fuel prices, EBITDA would have reached approximately €4.4 million.
Results were also impacted by higher expenses associated with operational disruptions, mainly due to particularly adverse weather conditions during the second quarter. Flight cancellations increased from 555 to 1,044 (+88%), generating an estimated impact of approximately €2.1 million.
Net loss amounted to approximately €2.1 million, representing an improvement of around €1.3 million compared with the net loss of €3.4 million recorded in the same period of 2025. Below EBITDA level, results continued to be affected by higher depreciation and amortization charges and finance costs, partially offset by favorable foreign exchange movements.
SATA Gestão de Aeródromos: Positive Results Maintained
SATA Gestão de Aeródromos maintained a positive trajectory during the first half of 2026. Operating revenue increased to €3.5 million, compared with €3.3 million in the corresponding period of 2025.
EBITDA amounted to approximately €266,000 (€350,000 in the first half of 2025), while net profit amounted to approximately €348,000 (€646,000 in the corresponding period), with both indicators remaining positive.
SATA Handling: First Results Following Its Establishment as an Independent Company
During the first half of 2026, SATA Handling reported its initial results following the separation of the Group’s ground handling activities. Revenue from sales and services provided amounted to €15.3 million.
EBITDA was negative €1.8 million, while net loss amounted to €2.2 million.
The period reflects the initial phase of the company’s operation as an autonomous entity, in a context marked by the implementation of new operational, financial, and organizational processes. SATA Group will continue to closely monitor the development of the business, focusing on operational consolidation and the gradual improvement of results.
Outlook
During the second half of 2026, SATA Group companies will continue to implement operational optimization and financial sustainability measures. In an environment that remains characterized by fuel price volatility and the inherent challenges of the aviation industry, the Group will maintain its focus on cost discipline, revenue management, the continued optimization of its operating program, operational stability, and service quality for passengers.
The measures already implemented to mitigate the impact of fuel prices, particularly at Azores Airlines, are expected to deliver their full effect during the second half of 2026.
At the same time, efforts will continue to consolidate SATA Handling as an autonomous business unit, while further initiatives aimed at strengthening the efficiency and economic sustainability of the Group’s companies will be implemented, ensuring the necessary conditions to address future challenges while continuing to fulfill the Group’s public service mission and ensuring the connectivity of the Azores.