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ΑΕ GEAN AIRLINES S.A.
GENERAL COMMERCIAL
REGISTRTY 1797901000
ANNUAL FINANCIAL
REPORT
FOR THE FISCAL YEAR 2025
In accordance with art. 4 of Law 3556/2007 and the Board of
Directors’ Resolutions of the Hellenic Capital Market Commission
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Contents
1.Statements of the Board of Directors' Members.........................................................................................................4
2 Annual Report of the Board of Directors of AEGEAN AIRLINES S.A. on the Consolidated and Company Financial
Statements for Fiscal Year from 1 st January to 31 st December 2025.....................................................................................6
2.1 Report of the Board of Directors........................................................................................................................6
2.2 Key Risks and Risk Management.....................................................................................................................26
2.3 Sustainability Statement...................................................................................................................................29
ESRS 2 General Disclosures.....................................................................................................................................30
E1 Climate Change..................................................................................................................................................75
ESRS S1 Own workforce........................................................................................................................................102
ESRS S4 Consumers and end users.......................................................................................................................124
ESRS G1 Business Conduct....................................................................................................................................137
Independent Auditor’s Limited Assurance Report................................................................................................145
2.4 Statement of Corporate Governance..............................................................................................................149
2.5 Report of the Audit Committee......................................................................................................................183
2.6 Explanatory Statement.................................................................................................................................188
3.Independent Auditors Report..................................................................................................................................192
4.Consolidated Financial Statements in accordance with IFRS for the period 1 January 2025 - 31 December 2025.207
4.1 Statement of Financial Position of the Company 31.12.2025.......................................................................207
4.2 Statement of Financial Position of the Group 31.12.2025............................................................................208
4.3 Statement of Comprehensive Income of the Company 31.12.2025.............................................................209
4.4 Statement of Comprehensive Income of the Group 31.12.2025..................................................................210
4.5 Statement of changes in the Equity of the Company 31.12.2025.................................................................211
4.6 Statement of changes in the Equity of the Group 31.12.2025......................................................................212
4.7 Cash Flow Statement of the Company 31.12.2025.......................................................................................213
4.8 Cash Flow Statement of the Group 31.12.2025............................................................................................215
4.9 Notes to the Financial Statements.................................................................................................................216
5.Use of Proceeds........................................................................................................................................................300
6.Company announcements as per Art.10 Law 3401/2005 published during the fiscal year 2025............................305
7.Website of the Annual Financial Report...................................................................................................................310
1.Statements of the Board of Directors' Members 2.
1.Statements of the Board of Directors' Members
(in accordance with art. 4 paragraph 2 of Law 3556/2007)
It is hereby stated that, to the best of our knowledge, the Annual Consolidated and Company Financial Statements, which were prepared in accordance with the applicable International Financial Reporting Standards (IFRS), fairly represent the assets and liabilities, the equity and results of “Aegean Airlines S.A..” for the fiscal year 2025, as well as of the companies that are included in the consolidation taken as a whole.
It is also declared that, to the best of our knowledge, the Annual Report of the Board of Directors fairly represents the evolution, performance and financial position of “Aegean Airlines S.A.”, as well as of the companies included in the consolidation taken as a whole, including the description of the main risks and uncertainties they face and was prepared in accordance with the sustainability reports’ standards stated in article 154A of Law 4548/2018 and with the standards approved by virtue of par. 4 of article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088.

| Spata, 11 March 2026 |
| The undersigned |

Eftichios Vassilakis | Dimitrios Gerogiannis | Nikolaos Sofianos
Chairman of the BoD | Chief Executive Officer | Member of the BoD

2.Annual Report of the Board of Directors of AEGEAN AIRLINES S.A. on the Consolidated and Company Financial Statement for Fiscal Year from 1st January to 31st December 2025
6
2 Annual Report of the Board of Directors of AEGEAN AIRLINES S.A. on the Consolidated and Company Financial Statements for Fiscal Year from 1 st January to 31 st December 2025
2.1 Report of the Board of Directors
Introduction
The Board of Directors’ report of the company “AEGEAN AIRLINES S.A.” (hereinafter called the “Company” or “AEGEAN”) covers the twelve-month period ending 31.12.2025 and has been published on the Company’s website under the European Single Electronic Format – «ESEF», in accordance with the provisions of Law 3556/2007. The content of this report has been prepared in accordance with the provisions of articles 150-154 of L. 4548/2018, article 4 of L.3556/2007 and decision 8/754/14.4.2016 of the Hellenic Capital Markets Commission.
The Consolidated and Parent Company Financial Statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as endorsed by the European Union.
This report contains financial and non-financial information of AEGEAN and its fully owned subsidiaries Olympic Air S.A. (100% ownership), Aegean Cyprus Limited (100% ownership), Hellenic Aviation Maintenance Center S.A. (100% ownership), Aegean Executive S.A. (100% ownership), ICT Investments SA" (100% ownership), Aegean Services Single Member S.A. (100% ownership) and ATCOM Single member S.A. (100% ownership), (hereinafter the subsidiaries jointly with the Company, called the “Group”), description of significant events that took place during the current financial year, description of anticipated significant risks and uncertainties for the following financial year, disclosure of material transactions that took place between the Company and the Group and their related parties, presentation of qualitative information and estimates relating to the development of operations of the Company and the Group for the following financial year, as well as presentation of the most significant non-financial information that has an impact on the Company and the Group.
In accordance with the provisions of Law 5164/2024 (Government Gazette A 202/12.12.2024), which transposed Directive (EU) 2022/2464 of the European Parliament and of the Council concerning corporate sustainability reporting, also known as the Corporate Sustainability Reporting Directive (CSRD), into Greek Law, the Management Report encompasses, among other elements, the Company’s business model, its resilience to climate-related risks, the value chain, and an analysis of significant impacts thereon. Furthermore, it includes the Sustainability Policy adopted by the Company and the Group, as well as pertinent information necessary to comprehend how sustainability issues influence the strategy, performance and financial position of the Company and the Group.
The Company and the Group
The Company and the Group operate in the aviation sector, providing services of air transportation for passengers and cargo with domestic and international, scheduled and non-scheduled flights, in short and medium haul destinations. Moreover, they offer aviation related services, aircraft technical support and ground handling services.
The parent company Aegean Airlines S.A. is listed on the Athens Stock Exchange. AEGEAN’s bond loan is also listed on the Athens Stock Exchange.
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The Company’s Head office is in the Municipality of Spata. The Company has branches and offices in Greece and abroad.
The Company’s business activities include, among others, the following:
services related to the transportation of passengers and cargo, with domestic and international, scheduled and non-scheduled flights;
airline services of all kinds;
aircraft technical support and ground handling services;
participation in domestic or foreign companies with similar activities (related in the tourism sector);
establishment of subsidiaries and agencies;
import, trade and leasing of aircraft and spare parts.
Mission
The Group’s mission is to provide high quality services across all travel stages, via an extensive network of domestic and international destinations. Key pillars in the Groups’ mission implementation include the investment in training and continuous development of its human resources and the customer- centric approach.
Vision
The Group’s vision is to operate responsibly, contributing to the sector and the economy, thus creating value to all stakeholders.
Corporate Values
The Group’s operation is governed by ethical and professional standards and the values that stem from its mission and vision. They constitute the foundations of the Group’s growth and are focused on the “continuous development, quality service & reliability” approach.
Continuous Development
- Investment in innovation, aiming at the continuous improvement of its services and enhancing passenger travel experience;
- Investment in employees training and development;
- Sustainable growth contributing to the tourism sector, the economy and creating value for all stakeholders.
Quality Services
- Customer-centric approach and authentic high-quality passenger service culture;
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- Support and development of Greek tourism product;
- Partnership with key sector stakeholders for the promotion of Greek tourism.
Reliability
- Conduct business in a responsible and respectful way towards the environment, its employees, passengers and local communities;
- Best representation of Greece abroad;
- Support of local communities.
Strategic Priorities
In an industry characterized by intense seasonality, cyclicality and increasing competition the strategic priorities are the following:
- Efficient commercial policy, focusing on network planning and revenue management, efficiently adapting in the volatile market conditions;
- Maintaining competitive unit costs, focusing on the fixed and variable costs related to the aircraft fleet, following the recent investment in Airbus A320neo family fleet;
- Investing in further development and exploitation of the loyalty program;
- Putting technology into use for finding efficient solutions for the passengers, improving the travel experience and catering for the Group’s business needs;
- Utilizing opportunities offered from new fleet investment, targeting the improvement of the passengers services, the reduction of CO2 emissions and enhancement of the Group’s competitiveness overall;
- Investing in training, aiming at further developing skills and talents;
- The gradual maturation and productive utilization of the Maintenance, Repair and Overhaul Facility and in Simulator and Training Center for pilots and cabin crew members;
- Strategic partnerships with key sector stakeholders, promoting the Greek tourism product and its quality characteristics.
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2025 Financial Review and Business Development
Macroeconomic Conditions Overview
-Global and European economy in 2025: resilience amid uncertainty.
2025 was marked by heightened uncertainty in international trade and the global economy, driven by increased tariffs and protectionist policies that affected cross-border flows, investment activity and business and household confidence. Although global economic activity strengthened in the first half of the year, primarily due to the front-loading of trade in anticipation of forthcoming tariffs and improved financial conditions, this momentum proved partly temporary, with signs of moderation emerging thereafter. Global growth is estimated at 3,3%, while inflation continued to ease internationally, albeit with significant regional divergences.
In Europe, economic growth exceeded initial forecasts during the first nine months of the year, largely supported by stronger exports and increased investment activity, particularly in capital goods and intangible assets. Growth in the Eurozone is estimated at 1,3%, driven mainly by private consumption and investment, while inflation stabilized close to the European Central Bank’s target. Despite a challenging international environment, the European economy demonstrated resilience, supported by robust labor market conditions, easing inflationary pressures, and the continued deployment of European funding instruments.
With regard to monetary policy, central banks in the United States and Europe adopted a cautious stance, balancing the decline in inflationary pressures against signs of slowing economic activity. In September, the Federal Reserve reduced its benchmark interest rate by 25 basis points to a range of 4,00%–4,25%, while the European Central Bank maintained its key policy rate at 2%, adopting a neutral stance. Overall, the outlook for the EU and the Eurozone remains stable for the coming years, with growth expected in the range of 1,3%–1,5% and inflation projected to remain close to target.
-Steady growth of the Greek economy, outperforming the rest of Europe despite ongoing challenges.
In 2025, the Greek economy remained on a steady growth trajectory, delivering positive performance in employment. GDP growth is estimated at 2,8%, remaining above the Eurozone average and confirming the relative resilience of the domestic economy in the face of external challenges.
GDP expansion was primarily driven by private consumption, robust tourism activity, and investment, with a decisive contribution from resources under the Recovery and Resilience Facility. The strong performance of tourism and services significantly supported overall economic activity, while improved financing conditions and the gradual easing of interest rates reinforced domestic demand. At the same time, the unemployment rate continued its downward trend, reflecting sustained job creation, particularly in the services, tourism, and construction sectors.
Inflation in Greece followed a declining path in 2025, easing to 2,8% from 3,0%, in line with the broader moderation of international energy and food prices. The decline in inflation strengthened households’ real disposable income and supported consumption, contributing positively to overall economic growth.
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Medium-term prospects remain largely dependent on international developments, the preservation of fiscal discipline, and the continuation of structural reforms.

Real GDP % | 2024 | 2025 (estimate) | 2026 (projection)
Global | 3,3% | 3,3% | 3,3%
Eurozone | 0,9% | 1,3% | 1,2%
Europe | 1,1% | 1,4% | 1,4%
Greece | 2,1% | 2,1% | 2,2%

Inflation | 2024 | 2025 (estimate) | 2026 (projection)
Global | 5,8% | 4,1% | 3,8%
Eurozone | 2,4% | 2,1% | 1,9%
Europe | 2,6% | 2,5% | 2,1%
Greece | 3,0% | 2,8% | 2,3%

Source: European Commission Autumn 2025 Economic Forecasts, IMF World Economic Outlook (January 2026).
- Η igh volatility in the oil market.
During 2025, the global oil market operated in an environment of heightened uncertainty and pronounced volatility, as rising demand coincided with supply constraints and increased geopolitical risks. Despite occasional upward pressures, international prices generally remained at lower levels, due to higher production from key producers and the resilience of global demand.
The price of Brent experienced a temporary increase early in the year, approaching 82 $/barrel, driven by rising tariffs and protectionist policies, while another upward move occurred at the end of June, with the price reaching 77 $/barrel due to escalating tensions between Israel and Iran.
Regarding supply conditions, constraints arising from U.S. sanctions on Russia and attacks on energy infrastructure were largely offset by increased production from OPEC+ countries, which sought to regain market share. At the same time, trade tensions between the U.S. and China weighed on expectations for global demand.
In this context, the international crude oil price settled at 60,85 $/barrel on 31.12.2025, down from 74,64 $/barrel on 31.12.2024, while the annual average price stood at 68,19 $/barrel, compared with 79,86 $/barrel in 2024.
The average price of jet fuel (JET FOB MED) in 2025 fell by 9% compared with 2024. This development is primarily linked to the relative easing of international crude oil prices, adequate supply in the Mediterranean, and the stabilization of supply flows.
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In contrast, crack spreads—the refining margin between crude oil and jet fuel—rose by 11 % compared with 2024. This increase is attributed to stronger demand for aviation fuels, particularly during periods of high airline activity, as well as supply constraints for specific fuel types.
-Euro–Dollar exchange rate 2025: monetary divergences and high volatility
During 2025, the euro–dollar exchange rate was influenced by divergent monetary policy directions in the euro area and the United States, as well as by the broader international economic environment. The euro experienced periods of strengthening against the dollar, reflecting the stabilization of inflationary pressures in the euro area and the stance of the European Central Bank. At the same time, the slowdown in U.S. economic activity and expectations of a more accommodative monetary policy limited the usd currency momentum.
Despite periods of euro appreciation, the exchange rate was characterized by heightened fluctuations throughout the year, driven by ongoing geopolitical tensions and uncertainties in international trade.
In 2025, the euro–dollar rate stood at 1,1745 on 31.12.2025, up from 1,0353 on 31.12.2024. The average annual exchange rate reached 1,1303, compared with 1,0818 in 2024.
Airline Sector Overview
-2025: Strong demand, high passenger traffic and ongoing challenges.
2025 proved to be particularly positive for the airline sector, with international demand remaining robust and passenger traffic increasing in both leisure and business segments. Consumers continued to prioritize travel experiences, showing a clear shift toward higher-quality and premium options. According to the International Air Transport Association (IATA), global revenue passenger kilometers (RPKs) increased by 5,2% in 2025, while the corresponding growth in Europe reached 5,0%, confirming the market’s strong momentum.
Capacity also increased, albeit at a more moderate pace compared to demand, helping to maintain high load factors. Globally, available seat kilometers (ASKs) grew by 4,9%, while in Europe, the increase was 5,1% year-on-year. Despite the positive outlook, the sector continued to face challenges such as supply chain constraints with delays in aircraft and engine deliveries, geopolitical uncertainties and rising environmental requirements to reduce emissions.
European airlines demonstrated disciplined capacity growth, achieving an average load factor of approximately 84,7%, slightly below 2019 levels. At the same time, new sustainability regulations, such as ReFuelEU, and operational difficulties (strikes, delays, and airspace congestion) affected the sector by increasing operating costs and limiting operational flexibility, while adding further challenges.
According to IATA, total industry revenues are expected to reach $1,008 bil. in 2025, 4,1% higher than in 2024. Passenger yield declined by 0,9% compared with 2024. The industry is expected to report a net profit of $39,5 bil., up from $28,3 bil. in 2024, with the operating profit margin (EBIT margin) remaining stable at 6,6%. Europe continues its positive trajectory, with net profits of $13,2 bil., up from $8,9 bil. in 2024, and an operating margin of 6,8%.
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For 2026, IATA forecasts a positive outlook for the sector, with revenues expected to increase by 4,5% to $1,053 billion, RPKs rising by 4,9%, and ASKs to grow by 4,7%. Industry net profits are anticipated to reach $41,0 billion, with an EBIT margin of 6.9%.
In Europe, net profit is expected to rise to $14,0 bil. in 2026, with a profit margin of 6,9%, while RPKs continue their upward trend, increasing by 3,8%, and ASKs to grow by 3,8%.
The above forecasts were published on December 2025 and do not include any impact from the recent crisis in the Middle East.
-Steady upward trend reflecting the resilience of air travel and continued strong demand for Greece
Air transport in the country maintained its positive momentum in 2025, confirming its pivotal role as a key driver of the country’s tourism activity. Greece continued to record strong performance in passender traffic benefiting from the overall growth in global demand for air travel as well as
Greece's appeal as a travel destination continued to attract strong interest from airlines, with available capacity rising by 5,7% yoy in 2024.
The expansion of international connectivity and more frequencies contributed to further growth in passenger traffic, with the highest growth rates observed primarily in the first and fourth quarters of the year.
Passenger traffic remained strong, showing variations across different markets and quarters, with extension of the tourist season and improved traffic flows during the off-peak months.
Overall, passenger traffic at Greek airports grew by 4,9% in 2025, while the total number of flights increased by 4,1%, confirming the sector’s steady development trajectory.
Athens International Airport recorded even higher growth rates, with passenger traffic increasing by 6,7% yoy. International traffic was particularly strong, rising by 8,6%, while domestic traffic grew by 2,2% compared with 2024.
According to data from the Hellenic Civil Aviation Authority, Athens International Airport and Fraport, flight activity and passenger traffic varied across quarters, reflecting the gradual strengthening of demand throughout the year.
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2025 % change vs 2024 | Total Traffic
Total Greek Airports 1 | Athens International Airport | Airports under Fraport management 2
Flights | Passengers | Flights | Passengers | Flights | Passengers
1 st Quarter | 5% | 7% | 9% | 11% | 0% | 3%
2 nd Quarter | 3% | 5% | 5% | 5% | 2% | 2%
3 rd Quarter | 4% | 4% | 4% | 5% | 2% | 3%
4 th Quarter | 6% | 7% | 6% | 7% | 6% | 5%
Full Year 2025 | 4% | 5% | 6% | 7% | 3% | 3%

1 Source: Hellenic Civil Aviation Authority
2 Fraport includes the airports of Aktion, Chania, Corfu, Kavala, Kefalonia, Kos, Mitilini, Mykonos, Rhodes, Samos, Santorini, Skiathos, Thessaloniki, Zakynthos.
Athens International Airport welcomed 33,9 mil. passengers in 2025, 7% increase from the previous year, with both domestic and international passenger traffic exceeding last year's levels by 2% and 9%, respectively.
Source: Athens International Airport
During the period January–November 2025, international air arrivals in Greece increased, primarily in Athens and Thessaloniki. Positive growth was also observed in Crete, Rhodes, and Corfu, while Santorini and Mykonos experienced a decline. Crete recorded the highest number of passengers (5,6 million, +5,3% yoy), followed by the Dodecanese (4,5 mil., +2,4%) and the Ionian Islands (4,0 mil., +4,9%). In contrast, the Cyclades recorded a decrease (-7,2%) with 1,2 mil. passengers.
In 2025, travel receipts rose by 9,4% compared with 2024, reaching €23.626,0 mil. Receipts from EU-27 countries amounted to €12.695,9 mil. (+6,1%), while receipts from other countries totaled €9.890,9 million (+14,7%). Receipts from Germany, France and Italy grew by 2,2%, 5,9%, and 5,1%, respectively, whereas receipts from the United Kingdom and the United States rose by 18,5% and 8,5%, respectively.
In the period under review, the number of travellers from EU-27 countries reached 22,4 mil. travelers (+2,8%), while arrivals from non-EU countries totaled 15,57 million (+10,0%). Travel from eurozone countries increased by 7.1%,

Athens International Airport | 1 st quarter 2025 | 2 nd quarter 2025 | 3 rd quarter 2025 | 4 th quarter 2025 | Full Year 2025
% change vs 2024 |  |  |  |  |
Domestic Traffic | 3% | 2% | 2% | 2% | 2%
International Traffic | 15% | 7% | 7% | 9% | 9%
Total | 11% | 5% | 5% | 7% | 7%

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whereas travel from the rest of the EU decreased by 5.7%. Germany recorded a rise of 10,2%, Italy 8,6%, and France a slight decline of 0,5%. Travel from the United Kingdom and the United States increased by 7,6% and 0,2%, respectively.
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The Group in 2025
Business Developments
In 2025, AEGEAN welcomed 17,3 mil. passengers 6% more than 2024, while offered 22,2 bil. ASKs, 5% more than last year. The load factor for the period stood at 82,3% in 2025, at the same levels as in 2024.
Passenger traffic increased by 6% in both the domestic and international network compared with 2024, following capacity growth, additional frequencies in existing markets, network expansion and the systematic effort to reduce seasonality through the extension of the flight schedule during the winter months.
The Company’s 2025 capacity growth strategy focused primarily on the Middle East, Turkey, and the Iberian Peninsula.
Similarly, within the domestic network, new routes and additional frequencies were introduced, aiming to enhance direct connectivity between more destinations and to optimize capacity utilization.
Selected Operating Figu res

| 2025 |  |  | % change 2024 |  |
| 1 st quarter | 2 nd quarter | 3 rd quarter | 4 th quarter | Full Year |  | 1 st quarter | 2 nd quarter | 3 rd quarter | 4 th quarter | Full Year |
Passengers ('000) | 3.093 | 4.479 | 5.642 | 4.071 | 17.284 |  | 8% | 2% | 6% | 9% | 6%
Domestic Passengers ('000) | 1.180 | 1.912 | 2.428 | 1.585 | 7.105 |  | 3% | 5% | 7% | 6% | 6%
International Passengers ('000) | 1.913 | 2.567 | 3.214 | 2.486 | 10.180 |  | 12% | -1% | 5% | 11% | 6%
Available Seats ('000) | 3.859 | 5.516 | 6.655 | 4.973 | 21.002 |  | 9% | 2% | 5% | 10% | 6%
ASKs (in mil.) | 4.160 | 5.723 | 6.855 | 5.441 | 22.179 |  | 11% | -1% | 2% | 11% | 5%
Flights | 24.434 | 35.659 | 43.187 | 31.091 | 134.371 |  | 8% | 2% | 3% | 9% | 5%
Load Factor (RPK/ASK) | 80,6% | 81,4% | 84,3% | 82,0% | 82,3% |  | -1,1pp | 0,3pp | 0,4pp | -1,1pp | -0,3pp

Capacity growth varied across quarters, with the highest growth recorded in the first and second quarters of the year. Supply chain constraints and non-scheduled mandatory engines inspections and repairs, as well as the suspension of flights to the Middle East during the summer, affected the capacity growth in the third quarter of the year.
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- Expansion of the investment plan, further strengthening competitiveness
In 2025, the Group took delivery of 5 new Airbus A320 neo aircraft, bringing the total number of aircraft delivered to 38 since the end of 2019 (21 A320 neo aircraft and 17 A321 neo aircraft) .
AEGEAN’s flight operation was impacted by non-scheduled mandatory engines inspections on the GTF engines which are powering the A320neo family aircraft, therefore an average of around 10 aircraft were not available for service in 2025. The Group has secured a compensation agreement with the engine manufacturer that covers a substantial portion of the related financial impact.
The Company, in order to minimize the capacity impact caused by the GTF engines unscheduled inspections, has extended lease agreements of older generation A320 ceo aircraft since last year. Additionally, the Group has adjusted its flight operations by reallocating capacity to its main bases in Athens and Thessaloniki.
In February 2025, AEGEAN finalized an agreement with Airbus for the addition of eight new Airbus A321neo aircraft, raising the total order to 58 aircraft. Notably, 37 will be A321neo, including four Airbus A321 LR (Long Range) aircraft, offering significantly extended range and a newly configured passenger cabin. These aircraft will enable AEGEAN to serve new destinations with flight durations of up to 7.5 hours.
In total, as of 31.12.2025 the Group’s fleet consists of 88 aircraft.
AEGEAN continued in 2025 to invest in enhancing the travel experience and the services it offers to its passengers, contributing to greater flexibility and a wider range of options.
AEGEAN continues to support young people and the strengthening of the aviation industry in Greece, so it has launched a new cycle of a Pilot and Aircraft Maintenance Engineers Scholarship Programs in 2025, ensuring their immediate professional career and development within the Group. Specifically, more than 1,000 candidates expressed interest in the Pilot Scholarship program, with 39 of them receiving scholarships and starting their training in March 2026. Since the program’s launch in 2018, a total of 130 pilots have already joined the Group’s workforce. In addition, 1,441 candidates applied for a position in the Aircraft Engineer Scholarship Program, 50 of whom began their studies in March and October of the same year, bringing the total number of individuals who have benefited from the program to 126.
- Progress for the Training Center and the Maintenance, Repair and Overhaul Facility
In 2025, the Flight Crew Training Center equipped with 4 full flight simulators, has provided training services to fully cover the needs of AEGEAN and third parties as well. In addition, with regards to the MRO facility, the Group has already started providing maintenance services to third parties.
17
Ordinary Shareholders General Meeting
On Tuesday, April 29, 2025, AEGEAN held its Annual General Meeting of Shareholders. Shareholders, either in person or by proxy, represented 65.003.489 shares and an equal number of votes out of a total of 89.347.600 shares and votes, corresponding to 72,75% of the total paid-up share capital and voting rights.
Thus, the legally and statutorily required quorum was met, enabling the discussion and decision-making on all items of the agenda, as posted on the Company’s website:
(https://en.about.aegeanair.com/ependytes/anakoinoseis/announcements/).
- Dividend Payment for Fiscal Year 2024
The Annual Ordinary General meeting of Company shareholders dated April 29, 2025 approved the distribution of an aggregate dividend amount of €0,80 per share for fiscal year 2024. The abovementioned amount was increased by the dividend corresponding to the Company’s 455.730 own shares, which were not entitled to dividend as per applicable law, resulting in a gross amount of €0,8040639665 per share.
The dividend amount was subject to a 5% withholding tax, pursuant to articles 40 and 64 of the Law 4172/2013 as amended with article 24 of the Law 4646/2019, therefore the net payable amount was set at €0,7638607682per share, where applicable.
The ex-dividend date was set for Tuesday, May 20, 2025. Shareholders entitled to receive the dividend were those registered in the Dematerialized Securities System on Wednesday, May 21, 2025 (Record Date). The dividend payment to eligible shareholders commenced on Monday, May 26, 2025.
Issuance of a €250 million Common Bond Loan
On 2 July 2025, the public offering was completed, and a total of 250,000 dematerialized, common, registered bonds of the Company with a nominal value of €1,000 each (the “Bonds”) were issued, raising €250 million in capital. The subscription price of the Bonds was set at par, i.e., €1,000 per Bond. The final yield of the Bonds was set at 3.70%, with an annual interest rate of 3.70%.
The certification of the funds raised through the issuance was confirmed by the Company’s Board of Directors on 4 July 2025, based on the relevant certification by a certified auditor-accountant.
The start date for trading of the Bonds in the fixed-income securities category on the regulated market of the Athens Stock Exchange was set for 7 July 2025.
Implementation of a Share Buy-back Program - Granting of Own Shares
As of 31 December 2024, the Company held 686.300 treasury shares, representing 0,761% of its share capital.
Pursuant to the resolution of its Annual General Meeting of the Shareholders dated 26.07.2023 and in accordance with article 49 of L.4548/2018, the Company has proceeded to the following share buyback as per below:
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During the period from 2 January 2025 to 29 April 2025, in execution of the approved program, the Company purchased 133.200 treasury shares with a nominal value of €0,50 each, for a total acquisition cost of €1.443.833,20, representing 0,148% of the Company’s share capital.
The acquisitions were made through successive transactions, in accordance with the terms set by Law 4548/2018, Regulation (EU) 596/2014 and the Commission’s Delegated Regulation (EU) 2016/1052 of 8 March 2016 and in general the applicable provisions of the stock exchange legislation, regarding the price and the daily volume of the purchased shares and in any case with a purchase price within the defined limits of the above decision of the 26.07.2023 General Meeting.
It is noted that according to the resolution of the Ordinary General Meeting of Shareholders on 29 April 2025, a new share buyback program was approved. The maximum number of shares to be repurchased will not exceed 10% of the Company’s paid-up share capital, within a period of twenty-four (24) months from the date of the General Meeting’s decision, with a purchase price range from one euro (€1) per share (minimum) up to twenty euros (€20) per share (maximum). It is also noted that, upon approval of this new share buyback program, the share buyback program previously approved by the Ordinary General Meeting of the Company’s shareholders on 26.07.2023 ceases to apply.
The own shares that the Company holds at any given time are intended for any purpose and use permitted by and in compliance with the law (including, indicatively but without limitation, reduction of share capital and cancellation, or/and distribution to personnel or/and members of the management of the Company or/and of any affiliated company).
As of the date of publication of this report, the Company holds a total of 430.730 treasury shares, representing 0,48% of its total share capital.
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Selected Consolidated Financial Information
The following tables present the financial results of the Group, the Alternative Performance Indicators and the Operating Performance Indicators, which were calculated based on the consolidated financial statements for the years 2025 and 2024.
The Group analyzes the main financial data using Alternative Performance Measures (based on the ESMA Guidelines) used. In addition, the Group evaluates the efficiency of its activity by measuring among others, the Operating Performance Indicators which are used globally in the aviation industry.
Performance metrics should not be construed as substituting for other figures calculated under IFRS, as well as other historical financial ratios.

Selected Indicators | Definition
EBITDA | Earnings before net interest and financial expenses, income taxes, depreciation and amortization.
ΕΒΙΤDA Margin | It is calculated as the ratio of Earnings before net interest and financial expenses, income taxes, depreciation and amortization to total revenue.
RASK (Revenue per Available Seat Kilometer) | It is calculated as the ratio of the revenue from contracts with customers to the total available seats multiplied by the total kilometers covered.
CASK (Cost per Available Seat Kilometer) | It is calculated as the ratio of the total expenses to the total available seats multiplied by the total kilometers covered.
CASK (Cost per Available Seat Kilometer) excluding fuel cost | It is calculated as the ratio of the total expenses minus the fuel cost to the total available seats multiplied by the total kilometers covered.
Passenger Yield | It is calculated as the ratio revenue from contracts with customers to total passengers multiplied by the total kilometers covered.
Load Factor | It is calculated as the passenger kilometers (RPK) to the available seat kilometers (ASK) for scheduled flights. RPK’s is the number of revenues passengers carried multiplied by the distance flown in kilometers.

20
Selected Financial ratios and operational performance indicators for fiscal years 2025 and 2024, from the Consolidated Statement of Comprehensive Income.

(amounts in € thousands) | 31.12.2025 | 31.12.2024
Profit before taxes (a) | 192.076,51 | 163.954,51
Depreciation (b) | 203.338,48 | 178.184,51
Financial income (c) | 67.372,30 | 44.006,99
Financial expenses (d) | 93.496,10 | 106.732,62
Loss on disposal of subsidiary (e) | 0 | 450,27
Earnings before taxes, interest and depreciation (EBITDA) (f) = (a) + (b) - (c) + (d)+ (e) | 421.538,79 | 405.314,92
Revenue from contracts with customers (A) | 1.859.685,16 | 1.777.314,05
EBITDA margin = (f)/(Α) | 23% | 23%

(amounts in € thousands, unless noted otherwise) | 31.12.2025 | 31.12.2024
Revenue from contracts with customers (a) | 1.859.685,16 | 1.777.314,05
Other operating income (b) | 40.476,50 | 28.126,26
Total income (a+b) | 1.900.161,66 | 1.805.440,31
ASK (Total Available Seat Kilometers in millions) (c) | 22.179,26 | 21.126,09
RPK (Total Revenue Passenger Kilometers in millions) (d) | 18.230,78 | 17.413,16
RASK (in € cents) (a)/(c) | 8,38 | 8,41
Passenger Yield (in € cents) (a)/(d) | 10,20 | 10,21
Personnel expenses (e) | 219.515,23 | 193.283,31
Depreciation (f) | 203.338,48 | 178.184,51
Consumption of goods and services (g) | 1.259.107,64 | 1.206.842,08
Financial income (h) | 67.372,30 | 44.006,99
Financial expenses (i) | 93.496,10 | 106.732,62
Loss on disposal of subsidiary (j) |  |
Total expenses (e)+(f)+(g)-(h)+(i)+(j) | 1.708.085,15 | 1.641.035,53
CASK (in € cents) ((e)+(f)+(g)-(h)+(i)+(j))/c | 7,66 | 7,77
Aircraft fuel (k) | 369.023,96 | 372.068,68
CASK excluding the fuel cost (in € cents) ((e)+(f)+(g)-(h)+(i)+(j)-(k))/(c) | 5,99 | 6,01

21

Load factor - Scheduled services (RPK/ASK) | 82,3% | 82,5%

Note: The CASK (Cost per Available Seat Kilometer) and CASK (Cost per Available Seat Kilometer) excluding fuel costs have been calculated excluding ATCOM.
Continuing the strong trends of the previous year, the Group recorded its highest-ever performance in terms of passenger traffic, available capacity, revenue and EBITDA profitability, as well as its second-highest historical performance in operating and net profitability, despite the significant challenges encountered.
Consolidated revenue increased by 4,6%, compared with 2024, to €1.859.685,2 thous., due to flight activity expansion, the strong synergy of the expanded network which lead to an increase in passenger traffic by 5,88%, and contributed to RASK to remain flattish to € 8,38 cents.
The continuous investment in upgrading the quality of its product and enhancing the passenger experience, as well as the enhancement of the Lounges at the airports of Athens, Thessaloniki and Larnaca, provided competitive advantages and contributed to the steady increase in demand for Business Class seats, which has nearly doubled compared to pre-pandemic levels.
Revenue from charter flights amounted to €61.460,04 thous., from €57.056,75 thous.
The Group recorded an improvement in other Operating Income (including income from ancillary flight-related services, cargo revenue, executive aviation and maintenance services), which rose by 6,7%, compared with 2024.
The Group's cost structure in 2025 was impacted by non-scheduled mandatory engines inspections on the GTF engines on the A320 neo family, as this condition prevented the full utilization of the new fleet.
Operating expenses for 2025 amounted to €1.259.107,64 thous., increased by 4,3% compared with 2024, driven by higher flight activity and passenger traffic. The results for the financial year 2025 include, for the first time, the full consolidation of the wholly owned subsidiary ICT, which holds 100% of the share capital of Atcom.
Personnel expenses stood at €219.515,23 thous., 13,6% higher, driven by the increased number of employees and higher flight activity and ATCOM consolidation.
Fuel costs decreased by 0,8%, amounting to €369.023,96 thous. from € 372.068,68 thous., due to lower average fuel prices, including hedging through derivative products. It should be noted that 2025 was the first year in which the mandatory use of Sustainable Aviation Fuel (SAF) was introduced, with the required ratio set at 2%, the cost of which amounted to €22,7 mil.
Maintenance costs recorded a 8,9% increase as a result of fleet expansion and increased flight activity compared to 2024, the requirement of additional maintenance provisioning due to lease extensions of A320ceo aircraft.
The rise in costs related to overflight expenses, ground handling and airport charges was driven by the increase in the Group's operational activity as well as price adjustments due to inflation. It is noted that the Group does not incur any research and development expenses.
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The result of the Group was additionally burdened by increased CO2 emission costs, which amounted to €78.356,96 thous. from €57.746,85 thous. in 2024 as a result of increased needs due to higher activity, along with the reduction of free CO2 emission allowances and the increase in the price of the emission allowances.
EBITDA amounted to €421.538,79 thous., recording a 4,0% increase compared to 2024.
Depreciation amounted to € 203.338,48 thous., 14,1% higher compared to 2024, due to new aircraft deliveries and higher number of aircraft operated during 2024.
US dollar exchange rate movement since the beginning of the year affected the valuation of asset and liabilities denominated in USD and contributed to the results € 27.353,63 thous. compared to losses of € 17.777,84 thous. in 2024. Overall, Financial results amounted to losses of € 26.123,80 thous. in total, from losses of €62.725,63 thous. in 2024.
CASK excluding fuel costs in 2025 remained flattish 0,3% and amounted to €5,99 cents, from €6,01cents in 2024, while including fuel costs, CASK decreased by 1,4% and stood at €7,66cents from €7,77cents in 2024.
Profit before taxes amounted to €192.076,51 thous. from €163.954,51 thous., while net profit reached €147.842,68 from 129.941,36 in 2024.
Total Assets on 31.12.2024 amounted to €3,21 bil., from €2,87 bil. on 31.12.2024, while Tangible Assets amounted to €642.085,33 thous., from €550.191,17 thous. on 31.12.2024.
Equity amounted to €568.757,37 thous. on 31.12.2025 from € 499.355,42 thous. on 31.12.2024.
On 30.12.2025 Net debt (including IFRS 16 liabilities) amounted to €680.160,38 thous., from €662.158,38 thous. on 31.12.2024. Excluding IFRS 16 liabilities, the Group recorded a net cash of €290.947,94 thous. on 30.12.2025 from €385.478,57 thous. on 31.12.2024.
Cash flow from operating activities amounted to €305.952,52 thous. on 30.12.2025. The capex for assets purchases amounted to €186.338,96 thous. while the collections of aircraft pre-delivery payments amounted to €28.828,46 thous.
Cash and cash equivalents amounted to €955.133,96 thous. on 31.12.2025, from €769.102,03thous. on 31.12.2024.
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- Prospects, Key Risks and Uncertainties.
- Prospects and Strategy of the Group for 2026
AEGEAN recorded a positive performance during the first two months of the year (January–February), achieving a 7% increase in total passenger traffic. Specifically, AEGEAN welcomed 2 mil. passengers and offered 2.6 mil. seats, representing a 6% increase compared to 2024. AEGEAN recorded a 6% increase in international traffic and a 8% increase in domestic traffic. Load factor remained at last year's already high levels, 80%.

| 1st Two Months 2026 | 1st Two Months 2025 | 2026 vs 2025 % change
Total Available Seats (‘000) | 2.575 | 2.438 | 6%
ASKs (in million) | 2.804 | 2.607 | 8%
Passenger Traffic (‘000) |  |  |
Total Passenger Traffic | 2.072 | 1.936 | 7%
Total Domestic Passenger Traffic | 805 | 742 | 8%
Total International Passenger Traffic | 1.267 | 1.194 | 6%
Load Factor (RPK/ASK) | 80% | 80% | 0,0pp

For 2026, with the addition of five (5) new Airbus A321neo aircraft, AEGEAN plans to further strengthen its operational capacity, increasing total offered capacity by approximately 6% compared with the previous year. This development confirms Group’s strategy of gradual and targeted expansion of its activities, with emphasis on enhancing competitiveness and further improving connectivity in both the domestic and international markets.
Recent geopolitical developments in the Middle East constitute a significant source of uncertainty for the aviation sector. AEGEAN as of 28/02/2026 proceeded with flight cancellations to and from airports in Israel, Lebanon and Iraq, as well as adjustments to its network to destinations in the United Arab Emirates and Saudi Arabia, due to the ongoing developments in the region and in accordance with the guidance issued by international and national aviation authorities (EASA, HCAA). Air traffic to and from these markets is estimated to account approximately 4% to 5% of the Group’s total activity.
Given the crisis, the Company is evaluating the data and considering possible modifications to its network planning, aiming to optimize the use of its aircraft fleet and to adapt to conditions as they develop in a highly dynamic environment.
In any case, the potential impact of these developments on the overall demand for air travel will largely depend on the duration and the extent of the crisis. To date, no material change has been observed in booking trends across the rest of the Company’s domestic and international network, with any impact currently limited to the affected markets and, to a lesser extent, to their contribution to the broader network through connecting traffic. At the same time, a key source of uncertainty remains the evolution of oil and jet fuel prices. While the Company has hedged approximately 58% of its estimated jet fuel requirements for 2026, the significant increase in jet fuel prices (+100%) immediately following the onset of the crisis, if sustained, would affect the remaining portion of the Company’s fuel costs that has not been hedged.
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The Group’s operational performance in 2026 will also continue to be affected by additional unscheduled mandatory engines inspections on the GTF engines which are powering the A320neo family aircraft, therefore an average of around 10 aircraft is estimated not to be available for service in 2026, while a compensation package has been agreed upon with the manufacturer, covering part of the related financial impact.
Unit costs in 2026 are anticipated to rise due to new regulatory environmental requirements, including the phase-out of free CO₂ emission allowances.
Under these circumstances, maintaining strong liquidity, disciplined cost management and flexibility in capacity planning remain key strategic priorities for AEGEAN, aiming to safeguard the Group’s resilience and competitiveness in a highly volatile international environment.
Risk factors that may affect the business and financial situation of the Group
1.Geopolitical instability, civil unrest and armed conflicts may affect demand for air transportation, as well as the operational ability of airlines to operate in certain regions due to conflicts or airspace closures. In addition, the oil and aviation fuel markets may be affected due to potential disruptions in the supply chain, potentially creating adverse impacts on the aviation industry.
2.A prolonged and deep recession in Greece and in the countries that the Group operates, could have a negative impact on the demand for leisure travel.
3.Rising living and energy costs may adversely impact consumer purchasing power and demand for air travel, given that a substantial share of air travel comprises leisure trips, which could be curtailed in a challenging economic environment.
4.Operational challenges in aviation industry chain, particularly in Europe, could lead to flight cancellations and delays, adversely affecting service quality.
5.Fuel cost contributes a significant part in the Group’s operating costs. A significant increase in jet fuel price, could have a major impact on the Group’s operating costs.
6.A great portion of Group’s operating expenses is in USD. Appreciation of the USD against the euro could have a major impact on the Group’s operating costs.
7.Delays in new aircraft and engine deliveries, or further supply chain issues arising due to supply chain problems may adversely affect the Group’s business operations.
8.Increase in environmental compliance costs due to stricter regulatory requirements.
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Subsequent Events After the Financial Year 2025
- In January 2026, the subsidiary Olympic Air acquired a 45% equity stake in APELLA SINGLE MEMBER S.A. The investment was implemented through the acquisition of existing shares as well as through a capital contribution in the context of a share capital increase of APELLA.
- Recent geopolitical developments in the Middle East constitute a significant source of uncertainty for the aviation sector. AEGEAN as of 28/02/2026 proceeded with flight cancellations to and from airports in Israel, Lebanon and Iraq, as well as adjustments to its network to destinations in the United Arab Emirates and Saudi Arabia, due to the ongoing developments in the region and in accordance with the guidance issued by international and national aviation authorities (EASA, HCAA). Air traffic to and from these markets is estimated to account for approximately 4% to 5% of the Group’s total activity.
Given the crisis, the Company is evaluating the data and considering possible modifications to its network planning, aiming to optimize the use of its aircraft fleet and to adapt to conditions as they develop in a highly dynamic environment.
In any case, the potential impact of these developments on overall air travel demand will depend on the duration and extent of the crisis. So far, no significant change has been observed in booking trends across the Company’s remaining domestic and international network, with any impact being limited to the affected markets and, to a lesser extent, on the contribution of these markets to the rest of the network (connecting traffic). At the same time, a key factor of uncertainty remains the evolution of oil and aviation fuel prices. Although the Company is hedged for 58% of its planned estimated aviation fuel needs for 2026, a significant increase in aviation fuel prices (+100%) immediately following the onset of the crisis, if sustained, would affect the remaining fuel costs for which no hedging arrangements have been made.
26
2.2 Key Risks and Risk Management
Foreign Exchange Risk
The Company incurs a substantial portion of its expenses, such as aviation fuel, aircraft lease expenses, distribution costs, spare parts, maintenance expenses and aviation insurance premiums in U.S. dollars, whereas it generates most of its revenue in euro. Appreciation of the Euro versus the U.S. dollar positively impacts Group operating profit as the euro equivalent of the U.S. dollar operating expenses decreases, while depreciation of the Euro versus the U.S. dollar negatively impacts the Group operating profit. Despite the foreign exchange risk hedging policies, substantially adverse movements of the U.S. dollar could potentially have a material negative impact on the business activity, the financial position and the operating results of the Group.
As at 31.12.2025, the Group had entered into forward contracts to hedge 55%, 48%, 23% and 4% of its estimated needs in US dollar for 2026, 2026, 2028 and 2029, respectively. As at 31.12.2024, the Group had entered into forward contracts to hedge 50%, 20% and 3% of its estimated needs in US dollar for 2025, 2026 and 2027, respectively. Note 3.23.
Interest Rate Risk
The Group is exposed to interest rate fluctuations risk through its bank deposits as well as through the aircraft leases agreed on a floating interest rate. The Group policy is to continuously monitor its exposure to cash flow risk from interest rate fluctuations relating to its aircraft leases. Note 3.23.
Jet Fuel Risk
The Group is exposed to the fluctuations of oil price which has a direct impact on the jet fuel price. To manage this risk, the Group enters into derivative agreements on oil products to hedge part of its projected jet fuel needs.
At 31 December 2025, the Group maintained derivative contracts for the purchase of aircraft fuel covering 58% and 6% of the projected fuel needs for 2026 and 2027, respectively. At 31 December 2024, the Group maintained derivative contracts for the purchase of aircraft fuel covering 48% and 6% of the projected fuel needs for 2025and 2026, respectively. Note 3.23.
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Credit Risk
The Group monitors its trading receivables on a regular basis, to be protected against credit risk, and whenever needed, it assesses their timely collection. This risk in the current circumstances has not increased in relation to the past.
Liquidity Risk
The prudent management of liquidity risk supposes sufficient cash balances. The Group manages the risk by maintaining adequate cash and cash equivalents, securities of immediate liquidation and sufficient credit lines from the suppliers, always align to its operational, investment and financial needs.
Related Parties’ Transactions
Company’s commercial transactions with related parties during the year 2025, occurred under the normal market conditions, without any significant difference compared to the prior year. Note 3.31
The Company’s transactions with related parties, according to IAS 24, are presented in the below table:

2025 | Revenue | Expenses | Purchases | Receivables | Payables
Olympic Air | 0 | 111.687,59 | 1.130,60 | 3.522,74 | 17.126,41
Aegean Cyprus | 0 | 17.804,35 | 0 | 0 | 4.380,85
Anima Wings | 0 | 0 | 0 | 0 | 0
Hellenic Aviation Maintenance Center | 7,35 | 3,63 | 0 | 0 | 0,52
Aegean Executive S.A. | 1.901,74 | 1.526,79 | 0 | 1.601,38 | 160,52
ICT Investments Single member P.C. | 3,00 | 0 | 0 | 0,40 | 0
Aegean Services Single member S.A. | 0 | 0 | 0 | 0 | 0
ATCOM S.A | 4,56 | 4.589,95 | 0 | 0 | 2.149,37
Group Autohellas Hertz | 1.393,86 | 2.143,76 | 19,23 | 214,39 | 58,32
Other related patries | 611,18 | 7.383,28 | 0 | 13,61 | 1.266,54

2024 | Revenue | Expenses | Receivables | Payables
Olympic Air | 10.121,57 | 70.391,56 | 12.548,48 | 14.708,63
Aegean Cyprus | 0 | 5.365,21 | 97,61 | 2.144,52
Anima Wings | 34,59 | 0 | 0 | 0
Hellenic Aviation Maintenance Center | 7,03 | 0 | 0 | 0
Aegean Executive S.A. | 1.917,46 | 844,83 | 1.258,03 | 0
ICT Investments Single member P.C. | 1,77 | 0 | 0,20 | 0
Aegean Services Single member S.A. | 0 | 0 | 0 | 0
Group Autohellas Hertz | 1.550,92 | 2.044,88 | 251,58 | 121,69
Other related patries | 409,96 | 6.867,00 | 42,62 | 1.236,51

28
The Company Directors and Board of Directors’ members remuneration for the period 1.1-31.12.2025 was €10.037,14, while the amount for the Group was €10.693,38. As of 31.12.2025, the outstanding obligations for the Company and the Group amounted to €5.610,02. Part of the obligations towards Company Directors and Board members relates to shares that will be granted free of charge in 2026 due to targets achievement. There were no outstanding receivable balances from the Directors or the Board of Directors members neither for the Company nor for the Group.
The Company Directors and Board of Directors’ members remuneration for the period 1.1-31.12.2024 was €10.583,75, while the amount for the Group was 10.879,16. As of 31.12.2024, the outstanding obligations amounted to €3.526,02 for the Company and €3.526,02 for the Group, respectively. Part of the obligations towards Company Directors and Board members relates to shares that granted free of charge in 2025 due to targets achievement.There were no outstanding receivable balances from the Directors or the Board of Directors members neither for the Company nor for the Group.
29
2.3 Sustainability Statement
30
ESRS 2 General Disclosures
Basis for preparation
[BP-1] General basis for preparation of sustainability statements
The information presented in this consolidated Sustainability Statement of the Group relates to the reporting period from 1 January 2025 to 31 December 2025, and its scope is aligned with that of the Group’s Financial Statements.
The Sustainability Statement has been prepared in accordance with the European Sustainability Reporting Standards (ESRS), as adopted by the European Union, considering the general principles of presentation, data quality assurance and comparability with previous reporting periods.
In this Statement, the term “Group” refers to Aegean Airlines S.A. and includes its subsidiaries: Olympic Air Single Member S.A., Aegean Cyprus LTD, Aegean Executive Single Member S.A., ICT Investments Single Member P.C., Hellenic Aviation Maintenance Center Single Member S.A., Aegean Services Single Member S.A., and ATCOM Single Member S.A. The Statement also includes information about Aegean CAE Flight Training S.A. (ACFT), which is a joint venture between Olympic Air Single Member S.A. and CAE Aviation Training B.V.
All subsidiaries included in the consolidation are exempt from the obligation to prepare an individual Sustainability Statement, in accordance with Article 29b of Directive 2013/34/EU, as amended.
Furthermore, the Sustainability Statement consolidates information regarding the upstream (supply chain) and downstream (key business partners and major customers) value chain of the Group, as identified during the Double Materiality Assessment and the evaluation of impacts, risks, and opportunities related to the Group’s activities.
In addition, the Group has not made use of the option provided by the Member State to omit disclosures regarding impending developments or matters under negotiation, in accordance with the provisions of ESRS 1, section 7.8.
[BP-2] Disclosures in relation to specific circumstances
Time Horizon
Aligning with the time horizons defined by ESRS—short-term, medium-term, and long-term—the Group presents the timeframes that underpin its activities in the following table:

Time Horizons of the Group's Activities
Short-term | 1 year
Medium-term | 2-5 years
Long-term | >5 years

31
Value Chain Assessment
Due to the limited availability of primary data from the value chain, the determination of indirect greenhouse gas emissions (GHG Scope 3) related to the use of products and services was carried out based on estimations. For the calculation, the Group’s actual expenditure data were used as primary activity data, while secondary emission factors (sector emission factors) from recognised databases were applied to determine the corresponding emissions. The calculations were based on the available financial and, where feasible, quantitative data related to the relevant activities.
Sources of estimation and outcome uncertainty
The quantitative indicators and monetary amounts disclosed in this Statement are not subject to a high degree of measurement uncertainty. Sources of uncertainty that may arise are mainly related to potential changes in emission factors or other external parameters.
Changes in the preparation or presentation of sustainability information
Where the adjustment of information from the previous report was deemed necessary, a corresponding disclosure is provided.
Reporting errors in prior periods
In the comparative data for 2024, additional waste quantities were included under the following categories: “Clothing/Textiles,” “Edible Oils,” “Plant Residues,” and “Construction Waste,” as the relevant data for these categories were not available at the time of preparation of the previous report.
Disclosures derived from other legislation or generally accepted Sustainability Reporting Standards
The parent company Aegean Airlines S.A is listed on the Athens Stock Exchange, with its issued bonds also traded on the Athens Stock Exchange. In addition, the Company participates in the ATHEX ESG Index. Accordingly, for the 2025 Sustainability Statement, specific indicators from the Athens Stock Exchange ESG Disclosure Guide (2024) were also taken into consideration.
Incorporation by reference
Where applicable, the Statement incorporates information by reference, either directly within the relevant chapters or in the corresponding appendices.
Use of phase-in provisions under ESRS 1 Appendix C
In applying the European Sustainability Reporting Standards (ESRS) for the 2025 reporting year, the Group made use of the phase-in provisions set out in Appendix C of ESRS 1, as well as the relevant amendments introduced through the delegated act (“quick-fix”) issued by the European Commission on 11 July 2025. Specifically:
1.Anticipated financial effects
32
The Group made use of the transitional exemption that permits the omission of disclosures on anticipated financial effects. Such disclosures will be incorporated in future reporting periods, following the development of applicable methodologies and valuation systems.
2.Own workforce
The Group made use of transitional exemptions allowing the omission of specific disclosures relating to:
•The characteristics of non-employees / workers without an employment contract with the company who are employed by third parties engaged in the Group’s operations, and
•Health and safety issues concerning non-employees.
The Group intends to fully incorporate these disclosures within the applicable transitional timeframe.
33
Governance
Disclosure Requirement GOV-1 – The role of the administrative, management and supervisory bodies
Board of Directors
The Board of Directors, acting collectively, is responsible for the administration and management of the Company’s affairs. It decides on all matters concerning the Group and performs any act, except for those matters which, by law or by the Company’s Articles of Association, fall within the competence of the General Meeting of shareholders.
The members of the Board of Directors, either collectively or individually, when exercising the specific management and representation powers delegated to them by the Board, are required to act with the objective of continuously enhancing the Company’s long-term economic value and promoting the overall corporate interest. Furthermore, members of the Board of Directors must refrain from pursuing personal interests that conflict with the interests of the Company.
The Company applies a Sustainability policy, approved by the Board of Directors and published on the Company’s website. The purpose of this policy is to outline the factors and criteria for environmental protection, positive social impact, and sound governance, providing a framework of principles and responsible practices for managing these matters.
Composition of the Board of Directors
With regard to the composition of the Board of Directors, diversity is promoted, including diversity in gender, age, educational and professional background of its members. Members of the Board of Directors possess adequate qualifications in terms of their knowledge -including their academic and professional skills - as well as the experience and background necessary to fulfil the responsibilities assigned to them and to meet the requirements of their roles. In addition, they devote sufficient time to performing their responsibilities.
Data of the Members of the Board of Directors of the Group

BoD members data | 2025 | 2024
Total number of BoD members | 12 | 12
Number of executive Board members | 3 | 3
Number of non-executive Board members | 9 | 9
Percentage of female Board members | 25% | 25%
Percentage of independent non-executive Board members | 25% | 33%
Percentage of non-executive Board members | 75% | 75%
Average tenure of Board members (years) | 12 | 11
Average age of Board members (years) | 62 | 61
Board members aged 30-50 | 1 | 1
Board members aged >50 | 11 | 11

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The Board of Directors states that, with the support of the Remuneration and Nominations Committee, it will take the necessary actions to ensure compliance with the provisions of Law 4706/2020.
The academic, practical and professional background of the members is considered to be of a high standard, as the majority hold academic qualifications from recognized and prestigious universities, extensive experience on the Boards of other listed companies and significant leadership roles and in some cases successful entrepreneurial careers spanning many years.
Collectively, the members provide adequate experience to manage and define strategy including in the following areas:
•strategic planning and development of activities and services
•financial management
•environmental protection
•social responsibility and Governance
•digital technology and information systems
•development and management of human resources,
•risk identification and management
•accounting and audit oversight
•marketing and communication
Through their participation in entities focused on Sustainability, as well as through their roles as members of the Boards of Directors of other large Groups with significant involvement in sustainability matters, the members collectively possess the experience and capabilities required to effectively oversee and manage the respective issues concerning the Group. More information is provided in the Statement of Corporate Governance section 2.4, while the CVs of the members of Senior Management are presented in section 2.5.
Board of Directors Committees
In the context of continuously improving the Group’s organisational structure, specialised responsibilities have been assigned to the following Board Committees:
•Audit Committee
•Remuneration and Nomination Committee
•Sustainability Committee
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The Audit Committee’s primary role is to support the Board of Directors in the performance of its duties by overseeing the financial reporting processes, the Group’s policies, the internal control system, and the risk management system. In compliance with Law 4706/2020 on corporate governance, the Committee also monitors the implementation of the Group’s commitments with regard to sustainability and corporate responsibility.
The Remuneration and Nomination Committee transparently supports the Board of Directors in the discharge of its responsibilities regarding Board composition, in accordance with the Board Members’ Suitability Policy and applicable legislation. It also oversees matters relating to the remuneration of Board members, in line with the Remuneration Policy and the relevant legal framework.
The primary role of the Sustainability Committee is to monitor and evaluate the Company’s performance and to provide recommendations on matters relating to sustainability, the Company’s contribution to society and collective initiatives. In particular, the Committee focuses on the management of environmental, social and governance (ESG) topics in order to support the creation of long-term value for the Group while considering the needs and expectations of stakeholders, including shareholders, investors and capital providers, the Group’s employees and passengers. The responsibilities of the Sustainability Committee also include monitoring the integration of non-financial factors into the business strategy and decision-making processes, with the aim of ensuring that the Group remains resilient and prepared to manage changes in the environment in which it operates.
The rules of procedure of the above Committees have been approved by the Board of Directors and are available on the Group’s website.
Detailed information regarding the Board Committees is provided in the Corporate Governance Statement (section 2.4).
Sustainability Policy
The Group has established a Sustainability Policy, which defines the framework for managing sustainability-related matters.
The Group aims to fully align its operations and contribute to the “Destination 2050-A Route to Net Zero European Aviation” initiative, which is based on the outcomes of the Paris Agreement on climate change and the European Green Deal, thereby supporting the sustainable transition of the economy. A key strategic objective of the Group is to adapt its operations and activities in a way that addresses the challenges of climate change and those associated with the sector in which it operates, while safeguarding sound governance practices for both the Group and its counterparties and addressing social needs, in accordance with supervisory guidance, international standards and recognized best practices.
Within the framework of its responsible business operations, the Group consistently adheres to its commitments to:
•Comply with all applicable legislative and regulatory requirements, while setting and adhering to its own strict standards, by implementing environmentally friendly policies and procedures across all its activities.
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•Provide appropriate environmental information, guidance, and training to raise awareness among its employees, ensuring they act in an environmentally conscious and responsible way.
•Minimize the quantity and toxicity of generated waste and ensure its proper and safe management.
•Conserve natural resources and seek sustainable solutions by reusing and recycling materials, purchasing recycled materials and using recyclable packaging and materials.
•Ensure the responsible use of natural resources in all its activities.
•Conduct rigorous audits and self-assessments to ensure compliance and monitor progress in environmental performance.
•Take environmental factors and the full life-cycle cost of acquisition, use and disposal into account in design, procurement and operational decision-making.
•Minimize environmental impacts and risks while protecting its employees and the communities in which it operates, by using safe technologies and operational procedures under both normal and emergency conditions.
•Communicate and reinforce its commitment to environmental protection to all Group employees (including contractors), customers, shareholders, suppliers, local communities, the general public, and other stakeholders.
•Improve processes supporting the protection of biodiversity.
•Reduce CO₂ emissions.
•Continuously enhance the Environmental Management System and the Group’s environmental performance and periodically publish progress reports for the public.
The Policy is applied across all Group activities and applies to all employees, management, members of the Board of Directors, and all third parties collaborating with the Group. The Board of Directors is responsible for monitoring the implementation of the Sustainability Policy. In this context, the Internal Audit Unit supports this process by conducting scheduled audits throughout the year. Reports summarizing the results of these audits are submitted to the Board of Directors. The Board and/or Internal Audit Unit may recommend revisions to the Policy, which are carried out whenever necessary.
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[GOV-2] Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies
The Group recognizes the importance of transparency and accountability in decision-making process, particularly regarding its strategic direction and risk management.
The company’s administrative, management, and supervisory bodies have developed a comprehensive framework that ensures impacts, risks, and opportunities are considered in the oversight of the strategy.
The Board of Directors holds overall responsibility for the Group and is accountable for approving and overseeing the implementation of strategic objectives, the Sustainability Strategy, as well as the risk management and internal governance strategy. During 2025, the Board was informed by the Sustainability Committee and approved the material topics identified through the Double Materiality Assessment, which shaped the content of the Sustainability Statement and the Group’s Sustainability Targets. Through its Executive Members of BoD, the Chief Financial Officer and Deputy Chief Executive Officer, who is a member of the Sustainability Committee, as well as the relevant executives per business unit, the development and monitoring of progress against the approved Sustainability Targets are actively promoted.
[GOV-3] Integration of sustainability-related performance into incentive systems
The Remuneration Policy enhances transparency, the Group’s values, and a culture of continuous improvement and development, while contributing to the enhancement of the Group’s value for its customers, shareholders, and employees, taking into account the long-term interests of all stakeholders with a legitimate interest in value creation. The Remuneration Policy of the members of the Board of Directors, is based on the principle of providing fair and reasonable compensation to secure the best and most suitable person for each role, aligning the remuneration offered to covered individuals with the business strategy, long-term interests, sustainability, the Group’s size and internal organization, as well as the nature, scale, and complexity of its activities.
Variable pay serves as an incentive for optimal performance, encouraging the responsible assumption of business risks and linking remuneration to progress, the achievement of corporate goals, long-term outlook, and the profitability of the Group. Key performance criteria, based on the Remuneration Policy, include both financial and non-financial factors, such as the personal performance of the members of the BoD, compliance with corporate social responsibility, and the achievement of goals related to sustainability, environmental and social responsibility, as well as regulatory compliance.
The Remuneration Policy covers the total remuneration and any kind of benefit and compensation that can be paid to the above people by the Company such as:
•money
•shares
•stock options
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•granting discretionary benefits, such as a company car, optional pension benefits, insurance policies
Remuneration can include both fixed and variable compensation, to be aligned with the business development and efficiency of the Group.
The Board of Directors submits the Remuneration Report to the General Shareholders Meeting for approval, which provides a comprehensive overview of the total Remuneration received by the Members of the Board of Directors during each financial year, in accordance with the provisions of Article 112 of Law 4548/2018 and the Group's Remuneration Policy.
In 2025, the Group’s management had not set specific measurable sustainability-related targets or defined specific sustainability-related performance criteria for the variable remuneration of the Board of Directors' members. However, as the Group remains committed to promoting sustainable practices and integrating them into its business processes, it continues to monitor sustainability developments and will consider the possibility of incorporating relevant incentives in the future to further strengthen its commitment to sustainability and responsibility.
[GOV-4] Statement on due diligence
The Group acknowledges the critical role of due diligence in this Sustainability Statement, particularly in identifying, assessing, and managing environmental and social risks as well as governance-related risks.

Due Diligence Element (ESRS GOV-4) | Description | Responsible Department | Potential Risks | Mitigation & Monitoring Actions
Due Diligence Policy | Implementation of policies on flight safety, human rights, Group code of ethics, and prevention of corruption and bribery | Flight Safety, Internal audit, HR department | Health and safety incidents, supply chain non-alignment with Group code of ethics, corruption and bribery incidents | Policy updates, monitoring of health and safety incidents, e-training on corruption and bribery topics, consistent communication of code of ethics to supply chain
Risk Identification & Mapping | Analysis of risks related to health and safety, CO₂ emissions, corporate governance, system security, and fuel procurement | Compliance, Health and Safety, Procurement, IT, Internal Audit | Risks concerning health and safety, procurement of conventional fuels and SAF, alignment with corporate governance legislation | External assurance of internal controls and enhanced fatigue management, fuel supplier assessments, ESG KPI monitoring

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Prioritization of Material Topics (Materiality) | Conducting Double Materiality Assessment | ESG reporting, Finance Reporting, Sustainability Department | Incorrect assessment that undervalues significant issues or elevates less important ones | Provision of advisory services, use of ENCORE tool, leveraging Double Materiality Assessments from other companies in the sector
Data Collection Processes | Gathering data on fuel consumption, energy consumption, personnel details, emissions, training records, workplace accidents, etc. | Health and Safety, HR/Payroll, Accounting, Sustainability | Inaccuracies in operational sustainability KPIs due to non-automated collection | External assurance of the sustainability statement
Incident & Complaint Management | Whistleblowing incidents, complaints, corruption/bribery issues, complaint handling | Communication center, DPO, HR, Compliance | Delays in investigating incidents that risk fines or reputational harm | Enhanced reporting tools, updated procedures
Employee Training & Awareness | Mandatory training on environment, health and safety, anti-bribery, anti-corruption, and cyber security topics | Health and Safety, Environmental, IT, Internal Audit | Improper handling of environmental, health and safety, bribery, corruption, or cyber security incidents | Strengthened targeted training modules and learning platforms
Monitoring & Continuous Improvement | Monitoring ESG KPIs: fuel consumption, CO₂ emissions, energy consumption, etc. | ESG reporting, Sustainability Committee, Finance, HR, Facilities manager | Deviations from Group targets | Frequent tracking of KPI progress to identify potential management adjustments

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Transparency & Disclosure | Publishing reports based on ESRS standards and CSRD Directive, along with sustainability frameworks | ESG reporting | Incomplete coverage of ESRS requirements | Collaboration with consulting firm for annual reporting preparation and external assurance of sustainability statement by certified auditor

[GOV-5] Risk management and internal controls over sustainability reporting
The Group has established and implemented an Internal Control System, which defines internal control mechanisms and procedures, including risk management, internal control and regulatory compliance, providing ongoing coverage for all company activities and contributing to its safe and effective operation. The results of audits and risk assessments are periodically reported to the Board of Directors and the Audit Committee, ensuring continuous oversight and prompt implementation of corrective actions where required.
In the Enterprise Risk Management (ERM) developed by the Internal Audit, sustainability-related risks have been incorporated to evaluate internal processes and safeguards, as well as to formulate potential improvement actions. In the assessment and prioritization of risks, the impact of each risk was considered at the financial, operational, regulatory, and strategic levels, as well as the likelihood of its occurrence and the potential effect it could have on the Group's reputation.
These periodic reports constitute an integral part of the monitoring process ensuring the reliability and completeness of sustainability disclosures.
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Strategy
[SBM-1] Strategy, business model and value chain
Sustainability Strategy
The key directions of the Group's general strategy related to or affecting sustainability topics are outlined below:
•Investment in more environmentally sustainable transportation, through the reduction of CO₂ emissions per available seat, driven by the renewal of the fleet with new-generation Airbus A320neo aircraft.
•Expansion of the use of Sustainable Aviation Fuels (SAF) in Greece and abroad.
•Creation of a safe working environment, with emphasis on employee training and skills development.
•Enhancing constructive communication among the Group’s partners to develop a sustainable value chain.
•Maintaining and improving passenger feedback processes to design and deliver services that enhance the travel experience and simplify service procedures.
The Group acknowledges the importance of environmental, social, and corporate governance topics and has established a comprehensive and transparent framework for their oversight, management, measurement, and reporting.
While significant progress has been achieved to date, the Group remains fully committed to the ongoing enhancement of its sustainability framework, continuously integrating best practices from both within and beyond the industry.
Business Model
The Group operates in the aviation sector, providing air transport services for passengers and cargo within the public air transport industry, both within and outside the Greek territory, through scheduled, non-scheduled and charter flights to several destinations. It also provides aircraft technical support, leasing and ground handling services. The Group’s total revenue for 2025 was as follows:
Amounts are presented in thousands euros.

Group | 2025
| Domestic | International | Total
Revenue from scheduled flights | 339.074,14 | 1.271.465,35 | 1.610.539,49
Revenue from chartered flights | 919,47 | 60.540,58 | 61.460,04
Other operating income related to flights | 48.885,63 | 138.799,99 | 187.685,62
Total | 388.879,24 | 1.470.805,92 | 1.859.685,16

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Group | 2024
| Domestic | International | Total
Revenue from scheduled flights | 325.029,91 | 1.219.329,72 | 1.544.359,63
Revenue from chartered flights | 1.093,84 | 55.962,91 | 57.056,75
Other operating income related to flights | 43.247,84 | 132.649,82 | 175.897,67
Total | 369.371,59 | 1.407.942,46 | 1.777.314,05

The number of employees by geographic region is detailed in the table "Presentation of information on employees by contract type, broken down by gender.

Country | Headcount Weighted Average
2025 | 2024
Greece | 3.719 | 3.432
Other countries | 86 | 63
Total number of employees | 3.805 | 3.495

The following table outlines the Group's business model, highlighting its business mission, vision, and corporate values.
Value Chain
The Group’s value chain is structured into three main categories: Upstream Activities – Own Operations – Downstream Activities.
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The Group’s upstream activities include, among others, aircraft and engine manufacturers, fuel suppliers, aircraft lessors, aircraft maintenance service providers, and all cooperating airports.
The downstream activities of the Group comprise, in addition to passengers, other airlines collaborating with the Group as well as travel agencies.
[SBM-2] Interests and views of stakeholders
The Group identifies as key stakeholders those groups that directly or indirectly influence, or are influenced by, its activities. These include passengers, employees, suppliers and business partners, shareholders and investors, the state and regulatory authorities, financial institutions, local communities, and society.
The Group recognizes that ongoing engagement with diverse stakeholder groups constitutes a fundamental pillar of both sustainable development and operational resilience, in line with the principles of double materiality. The primary objective is to understand their needs and expectations, thereby enabling timely feedback that informs the Group’s strategy and supports the continuous adaptation of its business model.
At the same time, the Group ensures that the views and interests of affected stakeholders regarding sustainability-related impacts are communicated, where deemed appropriate, to the Sustainability Committee through its periodic meetings.
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Stakeholder Engagement
Passengers
Passengers represent the central pillar of the Group's strategy. Primary communication channels for passengers include official customer service channels, call centers, digital booking and request submission platforms, as well as social media. Through these channels, feedback and evaluations are collected regarding service quality, flight experience, the booking process, and support services. The information gathered is utilized to enhance the passenger experience and to adjust processes and services so that they better respond to passenger needs and expectations.
Employees
Employees communicate with upper management through internal channels such as feedback platforms, email, internal newsletters, and periodic meetings. The insights gathered through these mechanisms, lead to strategic
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improvements, including the adjustment of training programmes, the strengthening of health and safety measures, and the enhancement of working conditions.
Suppliers and Partners
Communication with suppliers and partners takes place through contractual meetings, digital contract monitoring and management systems, as well as quality assessments. Feedback and observations from partners are used to review procurement processes, ensure the reliability of services, and enhance the effectiveness of collaborations. Suppliers are also informed of changes in the Group’s sustainability strategy and new compliance requirements through the Supplier Code of Ethics and Conduct, establishing common guidelines that support responsible business practices overall.
State and Regulatory Authorities
Engagement with public authorities and regulatory bodies takes place through formal reporting and ongoing dialogue on compliance and regulatory matters. The insights derived from this interaction inform the Group’s internal processes to ensure regulatory compliance, while also enabling the Group, where appropriate, to contribute to discussions on the development of regulatory frameworks within the aviation sector.
Shareholders and Investors
Shareholders and investors are informed through annual reports, presentations and dedicated meetings. The sustainability strategy and performance indicators are communicated in detail, ensuring that management decisions are aligned with the expectations of shareholders and investors.
Financial Institutions
Engagement with banks and other financial institutions is carried out through regular meetings, financial reports and presentations, as well as through ongoing digital communication regarding liquidity monitoring and investment planning. Discussions focus on financing channels, expanding the Group’s available tools for advancing its business strategy.
Local Communities and Broader Society
Local communities and society are informed and engaged through public announcements, events, partnerships with local stakeholders and corporate social responsibility initiatives. Feedback and suggestions from community stakeholders are taken into account in the design of programs that enhance the Group’s social and environmental impact.
Overall, the Group’s approach to stakeholder engagement is continuously evolving. In 2025, the double materiality assessment was reviewed, incorporating both the participation of internal stakeholders and the outcomes of the ongoing dialogue with external stakeholders. Communication channels are subject to continuous monitoring, while the departments responsible adjust their engagement approach based on stakeholder feedback and industry’s best practices. At the same time, management monitors international trends in the aviation sector, ensuring that the Group remains responsive to the evolving expectations of its stakeholder groups.
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[SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model
The table below summarizes the results of the Group’s Double Materiality Assessment, highlighting the key thematic areas and their associated sub-topics identified as critical for the Group’s Sustainability strategy. The impacts, risks, and opportunities related to these material topics, along with their positioning within the value chain and the relevant time horizon, are presented in detail in the respective thematic sections of this Sustainability Statement.
Material topic mapping

ESG pillar | Topic | Sub-topic
Environment | Climate change | Climate change adaptation
Climate change mitigation
Energy
Pollution | Pollution of air
Society | Own workforce | Working conditions
Equal treatment and opportunities for all
Consumers and end-users | Personal safety of consumers and/or end-users
Social inclusion of consumers and/or end-users
Governance | Business conduct | Corporate culture

Changes compared to 2024
During the reporting period, the Group updated its Double Materiality Assessment, resulting in the identification of additional material topics that had not been assessed as material in the previous period.
Specifically, new material topics emerged related to:
•ESRS G1, notably topics concerning corporate culture.
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This change is attributed to:
•The revision of the assessment of risks, opportunities, and impacts.
•The improvement of internal processes for identifying and evaluating sustainability-related topics.
As a result, additional indicators and disclosures have been introduced, providing a more comprehensive and reliable representation of the impacts, risks, and opportunities associated with Group’s activities.
Connection to the Business Model
The connection between the Group’s material topics and its business model is based on the Double Materiality Assessment and supported by tools such as ENCORE, which enable a detailed mapping of the activities through which the Group is linked to environmental, social, and financial impacts. This process facilitates an understanding of how material topics arise from, or are connected to, the Group’s strategy and business model, as well as the types of activities and business relationships through which these impacts occur.
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Impact, risk and opportunity management
[IRO-1] Description of the process to identify and assess material impacts, risks and opportunities
The Group reassessed its 2024 Double Materiality Assessment with the aim of validating previously identified sustainability topics, while also identifying any emerging topics during 2025 and considering relevant industry best practices. The following outlines the double materiality process applied to identify material topics.
The methodology applied combined an evaluation of the Group’s impacts on the environment, society and governance (impact materiality). At the same time, it included an assessment of external risks and opportunities (financial materiality) that affect or could potentially affect the Group’s financial position, financial performance, cash flows, access to financing, and cost of capital over the short-, medium-, and long-term horizons.
It should be noted that double materiality extends beyond regulatory compliance and is linked to the creation of long-term value for both the organization and its stakeholders. Rather than focusing solely on the description of social and environmental impacts, the approach emphasises their connection with the Group’s financial performance, ensuring that the outcomes of the assessment are effectively integrated into the Group’s strategic planning. Topics such as climate change, regulatory developments, and societal expectations are treated as key factors influencing the Group’s long-term strategic direction.
Step 1: Identification of key sustainability topics
The process started with an analysis of the industry sector and the identification of trends affecting the air transport sector. The Group examined its business model, reviewing its core activities, geographic presence, and principal business relationships across the value chain, both upstream and downstream. Within this context, sectoral trends such as the transition to a low-carbon economy, the digitalization of services, evolving safety standards, and growing customer demand for environmental considerations were assessed. At the same time, regulatory developments, including EU directives on sustainable finance and greenhouse gas emissions, as well as emerging technological solutions and risk management standards that could directly or indirectly affect the business strategy, were examined. This analysis enabled the Group to gain a clear understanding of the operating environment and the factors shaping the materiality of each impact, risk, and opportunity, ensuring that the Sustainability strategy is closely aligned with real operational needs.
Step 1.1: Integration of ENCORE Framework
In addition, to map its value chain for 2025, the Group enhanced its existing methodology, by applying the ENCORE methodology (Exploring Natural Capital Opportunities, Risks and Exposure). This internationally recognized framework connects business activities with their impact on nature. In addition, this methodology helped the Group understand how environmental factors and natural resources are connected not only to its impacts but also to operational risks and opportunities. With the use of ENCORE, relevant impacts and risks were identified and systematically incorporated into the materiality assessment, providing a clear and scientifically grounded basis for the identification of sustainability-related topics.
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ENCORE is a tool designed to help organizations identify how their activities depend on and affect natural capital. It was developed in collaboration with organizations such as the UNEP Finance Initiative and UNEP-WCMC, as a practical starting point for integrating nature-related considerations into risk management and sustainability processes.
Step 2: Identification of Impacts, Risks, and Opportunities
The next stage involved the identification and filtering of relevant impacts, risks, and opportunities. A comprehensive IRO (Impacts, Risks, and Opportunities) repository was created, covering environmental topics such as emissions and energy management, social matters including employee health and safety, training, and skills development, as well as governance topics related to regulatory compliance and risk management. Both direct and indirect impacts were considered, including those across the lifecycle of services, the effects within the supply chain, and collaborations with third parties.
Step 3: Scoring
For a more accurate assessment of each impact, risk, or opportunity, both qualitative and quantitative data from the Group’s relevant departments were taken into account. In line with ESRS Standards, the assessment of impacts was based on criteria considering their scale, scope, irreversibility (for negative impacts), and likelihood (for potential impacts). The assessment of risks and opportunities was conducted based on two key dimensions: the magnitude of the potential effect and the likelihood of its occurrence.
The complete set of identified impacts, risks, and opportunities, along with the corresponding material topics, was submitted to the Chief Financial Officer and Deputy CEO (CFO and Deputy CEO), as well as to the Deputy Chief Financial Officer (Deputy CFO), both members of the Sustainability Committee, for review and approval.
Integration of Double Materiality into Risk Management
The Group has incorporated the Double Materiality Assessment into its overall risk management framework covering business activities.
Further identification of impacts, risks, and opportunities
The Group considers that the scope of GHG emissions impacts is global, while irreversibility refers to the inability of natural systems to return the climate to its previous state. This has been defined as exceeding 30 years, reflecting the extended timeframe required for significant environmental recovery.
The process followed is described in IRO-1.
The identification and assessment of impacts, risks, and opportunities related to climate change and pollution, biodiversity, water, and circular economy have been conducted across the Group’s entire value chain, taking into account all Group facilities and business activities. The assessment is based on the magnitude of financial impacts for the current year, as well as a combination of expected financial impact and likelihood for potential future time horizons. The Group faces a range of impacts tied to climate transition. Carbonization risk brings substantial transition costs, demanding investments in a more sustainable aircraft fleet and Sustainable Aviation Fuel (SAF)
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uptake. Air pollution is linked to operational and procurement decisions concerning the fleet, as compliance with environmental regulations may lead to additional costs. Overall, these impacts highlight the need for a strategic approach to managing climate-related risks, ensuring the Group’s long-term sustainability. Through the Double Materiality Assessment, the Group identifies climate related risks and opportunities that may affect its activities over medium- and long-term horizons. Accordingly, it plans to develop a climate scenario analysis within 2026, based on Task Force on Climate-related Financial Disclosures (TCFD) principles, to further understand and evaluate risks and opportunities associated with climate change.
Sustainability is a cornerstone of the Group’s business strategy and is embedded across all operations, strategic and financial planning, as well as investment decisions. Meanwhile, a Climate Transition Plan is under development to support a gradual shift towards a lower-emission operating model. The Group is already implementing targeted actions that reduce its environmental footprint, enhance operational resilience, and prepare the groundwork for future climate neutrality.
With a clear focus on climate change mitigation, related considerations are integrated into business and investment decisions, strengthening sustainability, resilience, and the creation of long-term value.
[IRO – 2] Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
Disclosure Requirements under ESRS addressed in the Sustainability Statement
The Group provides a comprehensive list of all Disclosure Requirements applied in preparing the Sustainability Statement, indicating their location within the Statement.
Data points from the Disclosure Requirements list
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List of indicators subject to other EU Legislation
The table below presents data derived from EU legislation and incorporated into ESRS 2, as detailed in Annex B. It reflects the source of the data, the relevant regulatory references, and items identified as “Not Applicable.” The table includes disclosure requirements, related data points, sustainability statements, SFDR regulatory references, Pillar 3 references, reporting indicators, as well as references to EU climate legislation and their corresponding placement within the Sustainability Statement.
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Environmental disclosures
EU Taxonomy
Ι ntroduction to the Regulation (EU) 2020/852
In alignment with the European Union’s strategic commitment to fostering resilient and sustainable economies – and in support of the 2030 climate and energy targets as well as the European Green Deal – the European Commission introduced the Taxonomy Regulation. Effective from July 2021, this Regulation established a classification framework for sustainable activities, providing a structured approach to determine whether an economic activity can be considered environmentally sustainable. By introducing a common framework, the EU created a shared language for investors, businesses, and policymakers, thereby enhancing transparency and improving communication on environmental sustainability in economic activities.
The EU Taxonomy identifies six environmental objectives:
•Climate change mitigation
•Climate change adaptation
•Sustainable use and protection of water and marine resources
•Pollution prevention and control
•Transition to a circular economy
•Protection and restoration of biodiversity and ecosystems.
The Climate Delegated Act introduced the first two objectives – climate change mitigation and climate change adaptation – which came into force in July 2021 and applied from 1 January 2022. The Environmental Delegated Act established the criteria for the remaining four objectives and has applied since 1 January 2024.
For each environmental objective, the Delegated Acts define the activities that qualify as eligible and/or aligned. An economic activity is considered eligible if it is included in the relevant Delegated Act for the objective to which it makes a substantial contribution. To be classified as aligned, the activity must additionally meet the following:
Meet the substantial contribution criteria (SCC) defined for per activity.
Do no significant harm (DNSH) to any of the remaining objectives.
Comply with the minimum safeguards (MS)’ requirements.
Under the Disclosure Delegated Act, companies subject to the Taxonomy Regulation must disclose the share of their economic activities that are taxonomy-eligible and taxonomy-aligned. These disclosures are expressed through the key performance indicators (KPIs) defined in the Regulation—turnover, CapEx, and OpEx—which
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illustrate the extent of alignment with the environmental objectives set out in the Climate and Environmental Delegated Acts.
On 26 February 2025, the European Commission introduced the Omnibus legislative package, a set of proposals designed to simplify existing EU regulations and enhance the competitiveness of the European economy. The package seeks to reduce administrative burdens, streamline processes, and facilitate compliance with complex regulatory frameworks, including sustainability reporting under the EU Taxonomy.
Subsequently, on 4 July 2025, the Commission adopted a new Delegated Act amending the Taxonomy Disclosures, Climate Delegated Act, and Environmental Delegated Act. Following the expiration of the scrutiny period by the European Parliament and the Council without any objections, the act was adopted and published earlier this January in the Official Journal of the European Union as Commission Delegated Regulation (EU) 2026/73.
The Group has elected to apply the EU Taxonomy disclosure requirements in accordance with Commission Delegated Regulation (EU) 2026/73, as published in the Official Journal of the European Union, for the financial year covering the period from 1 January to 31 December 2025. In line with the Regulation, the Group applies the 10% materiality threshold, under which the assessment of taxonomy eligibility and alignment for specific economic activities may be excluded where the related cumulative turnover / CapEx / OpEx accounts for less than 10% of the denominator of the relevant KPI.
Application of the Taxonomy Regulation to Aegean Airlines S.A.
In line with the requirements of the Taxonomy Regulation, the Group performed a detailed assessment of its economic activities to determine both eligibility and alignment with the six environmental objectives set out in the Climate and Environmental Delegated Acts. Through this process, the Group quantified the share of turnover, CapEx, and OpEx linked to each eligible and aligned activity.
The analysis covers all consolidated subsidiaries, as reflected in the financial statements, and has been conducted in accordance with Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020.
This year's EU Taxonomy disclosures include data collected from the following entities:
•Aegean Airlines S.A. (Parent Company)
•Olympic Air Single member S.A.
•Aegean Cyprus LTD
•Aegean Executive Single member S.A.
•Aegean Services Single member S.A.
•Hellenic Aviation Maintenance Center Single member S.A.
•ICT Investments Single member P.C.
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•ATCOM Single member S.A.
This report presents both eligible and non-eligible activities for the reporting period ending on December 31, 2025. The Group’s identified EU Taxonomy activities substantially contribute to climate change mitigation (CCM) objective.
Eligibility assessment
The Group’s business activities were assessed for eligibility under the Taxonomy Regulation, taking into account Delegated Regulation (EU) 2021/2139 (the 'Climate Delegated Act,' as amended), Delegated Regulation (EU) 2022/1214 (the 'Complementary Climate Delegated Act'), and Delegated Regulation (EU) 2023/2486 (the 'Environmental Delegated Act'). In order to identify eligible activities across all six environmental objectives, the assessment classified the Group’s operations according to their nature and the corresponding NACE codes.
Based on this process, the Group’s identified the following Taxonomy-eligible activities:

Objective | Activity | E/T
CCM | 6.19 Passenger and freight air transport | -
CCM | 6.20 Air transport ground handling operations | -

Passenger and freight air transport (CCM 6.19)
Passenger and freight air transport contribute to climate change mitigation under the EU Taxonomy. For the Group, this is a core revenue-generating activity, encompassing the financing, purchase, and operation of aircraft for passenger transport. In 2025, the Group reported 1.859.685.161,81€ turnover, 258.550.215,32€ CapEx, and 316.087.078,72€ OpEx attributable to this activity.
Air transport ground handling operations (CCM 6.20)
Air transport ground handling operations contribute to climate change mitigation and refer to the provision and operation of ground services incidental to air transportation. In 2025, the Group reported 122.908.413,70€ OpEx attributable to this activity.
In the financial year 2025, 97,87% of the Group's turnover, 74,55% of its CapEx, and 97,36% of its OpEx were classified as Taxonomy-eligible.
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Alignment assessment
Substantial Contribution Criteria (SCC)
Each eligible activity from the Group’s operations was evaluated against the substantial contribution criteria under the EU Taxonomy for Climate Change Mitigation as specified in the Climate Delegated Act, the Environmental Delegated Act, and their amendments.
The review confirmed that none of the eligible activities currently meet all the substantial contribution criteria required to qualify as Taxonomy-aligned. The outcome highlights areas where additional data, process enhancements, or technical improvements will be required in future reporting cycles.
Do No Significant Harm (DNSH)
For the reporting year, the Group applied the DNSH principle in accordance with Article 17 of the EU Taxonomy Regulation. The assessment concluded that no activities could be classified as aligned, as DNSH compliance is conditional upon first meeting the relevant substantial contribution criteria.
Minimum Safeguards (MS)
The Group complies with the minimum safeguards as outlined in Article 18 of the EU Taxonomy Regulation. These safeguards cover human rights, labor rights, anti-corruption, taxation, and fair competition, and are embedded in the Group’s governance framework. Alignment with international standards – including the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, the ILO conventions on fundamental labor rights, and the International Bill of Human Rights – is maintained across operations.
Human Rights – including labor rights
The Group safeguards human rights and labor standards through its approved Human Rights Policy. The policy establishes a framework for human rights due diligence, including regular review of processes to identify and minimize potential risks and continuous improvement through collaboration with relevant external bodies. Implementation is supported by organizational procedures, including whistleblowing arrangements, which reinforce responsible practices and accountability. Human rights principles are also upheld through the Group’s
Code of Professional Conduct
and
Procurement Code of Ethics & Conduct
.
Accessible reporting channels enable employees and partners to raise concerns confidentially, supported by investigation and follow-up processes. The framework also provides for engagement and response in relation to potential external allegations, ensuring transparency and corrective action where needed. Lastly, it is confirmed that no breaches of applicable human rights or labor legislation were recorded during the reporting period.
Fair Competition
The Group promotes compliance with applicable competition laws and regulatory requirements through its Internal Regulation of Operations,
Code of Professional Conduct
, and
Procurement Code of Ethics & Conduct
which
establish expectations for lawful and ethical business practices across the organization. These frameworks reinforce
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adherence to competition principles and broader regulatory obligations, supported by governance structures. While competition matters are addressed within wider risk management and regulatory compliance training, they contribute to strengthening awareness and accountability in areas recognized as material compliance risks.
Oversight mechanisms include procedures for regulatory monitoring, investigation, and corrective action where required, ensuring cooperation with competent authorities and appropriate response to compliance matters. The Group has not been finally convicted of breaches of competition laws during the reporting period.
Corruption & Bribery
The Group maintains an
Anti-Bribery and Anti-Corruption Policy
that establishes principles, roles, and internal
controls to prevent bribery and corrupt practices across its operations and business relationships. The framework is complemented by a formal
Whistleblowing Policy
that provides confidential reporting channels and structured
investigation procedures for concerns related to unethical conduct
Taxation
The Group adheres to all applicable accounting and tax laws governing its operations and subsidiaries, with annual tax certificates serving as an additional mechanism to support transparency and accountability.
Although no activities are yet Taxonomy-aligned, the Group ensures that all operations are carried out in line with the aforementioned safeguards.
Additional Commitments and Reporting Scope
The Group continues to strengthen the robustness of its EU Taxonomy reporting by identifying eligible activities and enhancing its internal processes for data collection and assessment. As noted above, despite no activities are Taxonomy-aligned in the reporting year due to the specific industry in which the Group oparates, the Group remains committed to progressively addressing technical and compliance gaps.
Looking forward, the Group aims to explore pathways for alignment tot he extent this is feasible in the aviation industry, ensuring consistency with the evolving requirements of the Taxonomy Regulation and broader EU sustainability objectives.
Accounting policy
In line with International Financial Reporting Standards (IFRS), the following sections outline turnover, CapEx, and OpEx for the Group’s relevant subsidiaries. Through expressing the Group’s environmentally sustainable initiatives and results in financial terms – turnover, CapEx, and OpEx – investors and financial institutions are provided with greater transparency to support informed and strategic decision-making. The approach used to calculate eligibility and alignment KPIs is summarized below:
•Turnover represents the proportion of net revenue derived from products or services that qualify as taxonomy-eligible and/or aligned. This indicator offers a snapshot of the Group’s contribution to environmental objectives at a given point in time.
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•CapEx reflects the share of capital expenditure invested in activities that are either taxonomy-eligible and/or aligned, or that form part of a credible plan to reach alignment. This metric provides a forward-looking perspective on the Group’s transition strategy.
•OpEx indicates the portion of operational expenditure associated with taxonomy-eligible and/or aligned activities or that form part of a credible plan to reach alignment. It covers direct non-capitalized costs such as short-term leases and maintenance cost along with other expenses necessary for the ongoing servicing of property, plant, and equipment to ensure their effective use.
Avoiding double counting
The Group ensures the elimination of double counting and intragroup effects in its EU Taxonomy assessment through the structured presentation of its financial statements and the precise tagging of CapEx and OpEx accounts. This rigorous methodology enhances transparency, guarantees the accurate classification of financial data, and ensures consistency throughout the reporting period. The Group’s accounting policy remained unchanged during the reporting year.
To maintain regulatory compliance and align with best practices, the Group is committed to continuously monitoring updates to the EU Taxonomy. Methodologies for capturing and reporting relevant information are regularly refined, with any required adjustments integrated into the financial framework.
In addition, the Group conducts internal reviews and audits to validate the accuracy of its financial and sustainability disclosures. Cross-departmental collaboration secures the correct allocation of taxonomy-related financial data and alignment with regulatory requirements. This robust internal oversight reinforces the integrity of the Group’s reporting process and underpins its broader commitment to responsible and transparent corporate governance.
EU Taxonomy KPIs
Summary
Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025:
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Turnover
Proportion of Turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (activity breakdown):
CapEx
Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (activity breakdown):
OpEx
Proportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (activity breakdown):
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EU Taxonomy Appendix
KPIs analytical calculation approach
The key performance indicators (KPIs) for eligible (aligned and non-aligned) and non-eligible economic activities of the Group have been calculated in accordance with the Accounting Policy outlined in the Disclosure Delegated Act 2021/2178. The following sections describe the methodology applied to determine the KPIs for Turnover, Capital Expenditure (CapEx), and Operational expenditure (OpEx).
Turnover KPI
The Turnover KPI represents the proportion of net turnover derived from products or services, including intangibles, that are associated with Taxonomy-aligned economic activities. It is calculated as the ratio of the net turnover related to these activities (numerator) to the total net turnover (denominator), as defined in Article 2, point (5) of Directive 2013/34/EU. Turnover is recognized in line with International Accounting Standard (IAS) 1, paragraph 82(a), as adopted by Commission Regulation (EC) No 1126/2008.
The KPI excludes turnover from activities adapted to climate change under Article 11(1), point (a) of Regulation (EU) 2020/852 and Annex II of Delegated Regulation (EU) 2021/2139, unless they qualify as enabling activities under Article 11(1), point (b) of the Regulation or are themselves Taxonomy-eligible and aligned. For activities contributing to climate change adaptation, the numerator includes turnover generated by enabling activities.
CapEx KPI
The CapEx KPI reflects the proportion of capital expenditure associated with Taxonomy-aligned activities, in accordance with Article 8(2), point (b) of Regulation (EU) 2020/852. It is determined by dividing the numerator by the denominator, as defined in Annex I, sections 1.1.2.1 and 1.1.2.2 of Delegated Regulation (EU) 2021/2178, as amended.
Denominator
The denominator covers all capital investments made during the financial year, reflecting the Group’s expenditures on tangible intangible and ROU assets that contribute to long-term value creation. These are considered before applying depreciation, amortization, or re-measurements from revaluations or impairments. The denominator also includes capital expenditures from business combinations, ensuring a comprehensive representation of the Group’s investment activities.
Numerator
The numerator comprises the portion of capital expenditure included in the denominator that meets one of the following conditions:
•Directly associated with Taxonomy-aligned economic activities.
•Part of a CapEx plan aimed at expanding Taxonomy-aligned economic activities or transitioning Taxonomy-eligible activities towards alignment, in line with the Regulation’s conditions.
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•Linked to the purchase of output from Taxonomy-aligned economic activities.
CapEx allocations are specified per environmental objective. Where CapEx contributes to both climate change mitigation and adaptation, but cannot be distinctly separated, it is reported under the mitigation objective.
OpEx KPI
The OpEx KPI measures the proportion of operational expenditures associated with Taxonomy-aligned activities, as defined in Article 8(2), point (b) of Regulation (EU) 2020/852. The KPI is calculated as the ratio of the numerator to the denominator, following Annex I, sections 1.1.3.1 and 1.1.3.2 of Delegated Regulation (EU) 2021/2178, as amended.
Denominator
The denominator includes direct non-capitalized costs necessary for maintaining and improving the operational efficiency and sustainability of the Group’s assets. These costs are part of regular operations and are not capitalized under accounting rules. Key categories are:
•Research and development (R&D): Non-capitalized R&D expenses are included as eligible OpEx. Capitalized R&D costs are instead captured under eligible CapEx.
•Repair and maintenance: Costs to ensure the continued and effective functioning of assets.
•Short-term leases: Expenses related to leases under 12 months for equipment, machinery, and infrastructure.
•Building renovation measures: Non-capitalized costs related to building renovations to maintain effective functioning.
•Day-to-day servicing of PPE: Ongoing expenditures for the upkeep and safe, efficient use of physical assets.
Numerator
The numerator consists of the portion of OpEx included in the denominator that meets one of the following conditions:
•Associated with Taxonomy-aligned assets or processes, including research and development for sustainable aviation solutions, workforce training on sustainability practices, and human resource adaptation.
•Linked to the purchase of output or services from Taxonomy-aligned economic activities or enabling measures to reduce greenhouse gas emissions and support low-carbon operations.
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If OpEx is not material to the Group’s business model, the following disclosures are made in accordance with Annex I, section 1.1.3.2 of Delegated Regulation (EU) 2021/2178:
•The numerator of the OpEx KPI is set to zero.
•The total OpEx denominator value is disclosed.
•A qualitative explanation is provided to justify the non-materiality of operational expenditures in the business model
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E1 Climate Change
Strategy
[E1-1] Transition plan for climate change mitigation
The Group has integrated sustainability into its business strategy, ensuring that sustainability objectives are embedded in its strategic and financial planning, investment decisions and day-to-day operations. While the formal Climate Transition Plan for climate change mitigation is already under development, following a comprehensive assessment and preparation process, the Group is implementing a set of targeted initiatives and actions that strengthen operational resilience, reduce its environmental footprint and lay the foundations for a smooth transition towards climate neutrality.
Having adopted a clear orientation towards climate change mitigation, the Group incorporates relevant considerations into its overall business planning and uses them as guiding principles for its investment decisions. At the same time, through the systematic assessment of costs and risks associated with sustainability matters, the Group enhances its operational resilience and prepares for a smooth transition to climate neutrality. In this context, the following actions are being implemented, actively supporting the transition process and the achievement of the Group’s strategic climate objectives:
•Adaptation to regulatory compliance requirements,
•Fleet renewal with new-technology aircraft,
•Use of Sustainable Aviation Fuels (SAF) or other alternative fuels,
•Participation in emissions trading and offsetting schemes,
•Optimisation of operational processes.
The Group has already started establishing specific milestones for its transition to a more sustainable operating model and is implementing actions aimed at supporting emissions reduction:
•Gradual increase in the use of Sustainable Aviation Fuels (SAF) in line with the ReFuelEU Aviation Regulation, which, according to international practices and studies, can contribute to an average lifecycle CO₂ emissions reduction of approximately 80% compared to conventional aviation fuels.
•Investment in the continuous improvement of flight energy efficiency, through the adoption of fuel-saving technologies and the progressive renewal of the fleet with new-generation aircraft, which offer up to 19%–23% lower CO₂ emissions per passenger seat compared to previous-generation aircraft.
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•Close monitoring of technological developments in the field of alternative fuel production technologies (new production pathways) and participation in relevant development initiatives. The Group also monitors advancements in propulsion technologies, including hydrogen-powered and hybrid-electric aircraft, and contributes to the development of related specifications by providing technical and operational input in collaboration with manufacturers and competent bodies. Developments in this area are progressing rapidly, making the timely identification of the most appropriate pathway critical for achieving carbon-neutral aviation operations in the future.
•Implementation of energy-efficiency practices across operational activities, alongside the development of initiatives aimed at the continuous reduction of the Group’s environmental footprint.
These actions form part of the Group’s broader strategic planning aimed at full alignment with international climate objectives, as reflected in the Paris Agreement to limit global temperature increase to 1,5°C, as well as with the commitment to achieve climate neutrality by 2050.
Within this context, the Group aligns with international commitments and sectoral targets for the aviation industry by adopting specific intermediate milestones, including a 20% reduction in carbon dioxide (CO₂) emissions per available seat by 2030, compared with the 2019 baseline year. The Group also aims to contribute to the achievement of the Destination 2050 – A Route to Net Zero European Aviation initiative. This initiative builds on the outcomes of the Paris climate conference and the European Green Deal, supporting the sustainable transition of the economy.
The actions implemented are based on internationally recognised assumptions and best practices, strengthening the Group’s transparency and credibility regarding its preparedness for the transition.
The Group’s strategy focuses on fleet renewal, combined with the gradual integration of Sustainable Aviation Fuels (SAF) and the continuous improvement of operational efficiency. These actions constitute key pillars for mitigating transition risks, reducing locked-in emissions, and ensuring compliance with environmental requirements and regulatory frameworks.
[SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model
Leveraging the findings of the Double Materiality Assessment and using the ENCORE and TNFD frameworks as reference points for environmental impacts, the Group is progressing with the implementation of a Climate Resilience Analysis. The ongoing process applies to a scenario analysis methodology to assess the resilience of the Group’s business model under different climate pathways (e.g. 1,5°C transition scenarios and >3°C physical risk scenarios). Specifically, the analysis focuses on the quantitative assessment of impacts arising from acute and chronic physical risks, as well as transition risks, across the short-, medium- and long-term horizons. The objective is to move beyond risk mapping towards the integration of evidence-based financial materiality insights into the Group’s strategic planning and risk management processes.
Further information regarding the identified climate-related transition risks is presented in section E1-IRO-1.
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Impact, risk and opportunity management
[Ε1.IRO-1] Description of the processes to identify and assess material climate-related impacts, risks and opportunities

Impacts
Sub-topic | Description | Type | Value chain | Time horizon
Climate change mitigation | Direct GHG emissions released through Group's business activities - air transportation, ground handling services, aircraft maintenance & technical support. | Negative Actual | Own operations | Current year
Climate change mitigation | Indirect emissions through aviation manufacturing, distribution of raw materials, fuels, consumables and aircraft maintenance activities. | Negative Actual | Upstream
Energy | Energy consumption from fossil fuels is used for the Group’s daily operations. | Negative Actual | Own operations
Climate change mitigation | The Group invests in fleet renewal with new engine technology aircraft and implements route optimization processes as well as fuel saving practices. | Positive Actual | Own operations
Climate change mitigation | The Group implements a Sustainable Aviation Fuels (SAF) program, by uplifting SAF on flights departing from certain airports. | Positive Actual | Own operations, Upstream

Transition risks
Sub-topic | Description | Value chain | Time horizon
Climate change mitigation | Carbon taxes and stricter mitigation regulations may raise operating costs, negatively impacting financial performance and cash flows through higher ticket prices and reduced profitability. | Own operations, Upstream | Mid-term

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Climate change adaptation | Increased prices of sustainable aviation fuels (SAF) and potential supply constraints may impact the Group’s financial performance and cash flows, as they tend to increase operating costs and limit the benefits from fleet modernization. | Own operations, Upstream | Long-term
Climate change mitigation | Participation in Emissions Trading Systems may affect cash flows and financial performance, primarily due to increased compliance payments (from 2026) and the obligations imposed on fuel suppliers. | Own operations, Upstream | Long-term

[E1-2] Policies related to climate change mitigation and adaptation
The Group has established an Environmental Policy, under which it has adopted the ISO 14001:2015 as the framework guiding its efforts to improve environmental performance. The Policy focuses, among other areas, on compliance with applicable regulations and standards, the responsible use of natural resources, the reduction of environmental impacts and CO₂ emissions, and the continuous monitoring, evaluation and improvement of the Group’s environmental practices. At the same time, it promotes environmental awareness and collaboration with stakeholders. The Policy is available through the Group’s corporate intranet and applies to all employees, senior management, executives, shareholders, customers, suppliers, local communities and other stakeholders. It is approved by the Chief Executive Officer, while responsibility for its implementation lies with the Sustainability Committee. The Policy is reviewed and updated whenever deemed necessary.
In implementing the commitments arising from the Environmental Policy and in the context of its responsible business conduct, the Group – as noted above – implements specific actions such as the renewal and upgrading of aircraft and engines and the gradual increase in the use of Sustainable Aviation Fuels (SAF). Although these actions have not yet been explicitly incorporated into the Environmental Policy, they contribute to the reduction of greenhouse gas emissions and the mitigation of climate change.
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In parallel, as part of its commitment to sustainability principles and the responsible management of its environmental impacts, the Group has established a Sustainability Policy, with a focus on both climate change mitigation and adaptation. Through this Policy, the continuous improvement of the Environmental Management System is promoted, while documenting Management’s commitment to environmental protection. Furthermore, the Sustainability Policy sets out the responsible approach adopted by the Group regarding full transparency in monitoring and reporting greenhouse gas emissions to the Ministry of Environment and Energy, the EU Emissions Trading System and other relevant authorities. Further information regarding the governance framework, commitments and implementation of the Policy is provided in the ESRS 2 section.
[E1-3] Actions and resources in relation to climate change policies
Consistently oriented towards environmental protection, the Group operates and develops its activities responsibly, aiming to reduce its environmental footprint. It actively safeguards the environment and, in line with the nature of its operations, promotes energy efficiency, emissions reduction and the minimization of natural resource use, aiming to reduce its environmental footprint.
The actions implemented by the Group derive from its Environmental Policy, Sustainability Policy, and the Environmental Management System based on the ISO 14001:2015. These actions are also aligned with the Group’s compliance with the EU climate policy framework Fit for 55 , the emissions trading schemes EU Emissions Trading System, UK Emissions Trading Scheme and Swiss Emissions Trading System, the ReFuelEU Aviation Regulation, as well as the international carbon offsetting mechanism CORSIA. In addition, starting from 2025, the Group will, for the first time, monitor non-CO₂ emissions.
As part of the collective efforts of the aviation sector to reduce atmospheric emissions, the Group has established specific priorities for emissions reduction, based on the following pillars:
•Fleet renewal with new-technology aircraft
•Use of Sustainable Aviation Fuels (SAF), low-emission aviation fuels and/or other alternative fuels
•Participation in emissions trading and offsetting schemes
•Optimisation of operational processes
Cross-cutting actions
All employees receive training on environmental matters, complemented by regular updates on global trends and the Group’s environmental performance. In 2025, a total of 1.688 hours of environmental training were delivered, enhancing employees’ understanding of environmental practices and raising awareness of their application across the Group’s operations.
Operational emissions reduction measures
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Actions to reduce emissions from air transport (in line with the Fit for 55 package)
The Group closely monitors developments and upcoming regulatory changes arising from the implementation of the Fit for 55 policy framework. The Fit for 55 legislative package revises EU climate, energy and transport legislation and aligns existing laws with the European Union’s objective of reducing net greenhouse gas emissions by at least 55% by 2030.
The main measures include:
•Alignment with the ReFuelEU Aviation Regulation regulation, aimed at increasing the use of Sustainable Aviation Fuels (SAF) within the European Union (from 2% in 2025 up to 70% by 2050).
•Alignment with regulatory requirements and implementation of practices related to aircraft tankering (refuelling aircraft with excess fuel), aimed at further reducing environmental impacts.
•Revision of the EU Emissions Trading System (EU ETS), with the objective of:
a) the gradual reduction and full phase-out of free allowances for the aviation sector by 2026, and
b) maintaining the application of the ETS only to flights within the European Economic Area (EEA).
The Group considers that these measures may have a significant impact on the cost of air travel, and consequently on demand, as well as on the competitiveness of destinations such as Greece, which are geographically close to countries not bound by EU legislation.
To date, these measures do not proportionally and sufficiently take into account their overall negative impact on the competitiveness of economies that are highly dependent on tourism and seasonality.
Optimisation of operational processes
The Group continues to implement flight planning optimisation procedures (Route Optimization), as well as fuel-saving practices, particularly during the take-off and landing phases, which are associated with significant fuel consumption.
In its efforts to reduce fuel consumption, a key factor is the systematic monitoring of aircraft weight, as well as the introduction of enhanced aircraft maintenance practices. To further optimise these processes, the Group relies on the extensive use of digital tools that support more efficient operational management and aircraft utilisation.
Significant benefits are also expected from air traffic management optimisation programmes led by Eurocontrol that are currently under development, such as the Single European Sky ATM Research Programme initiative.
Energy efficiency actions in facilities
Following the completion of an energy audit of its building facilities, the Group completed in September 2024 the installation of photovoltaic panels (covering approximately 35.000 m²) with a total capacity of 3 MW on the roof of
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the building housing the Aircraft Maintenance Services Center, as well as the Flight Simulator and Crew Training Center.
The objective of this investment was to contribute to climate change mitigation through the generation of renewable energy and its injection into the national electricity grid.
At the Aircraft Maintenance Services Center, the Group also implemented a series of environmental improvement actions, including the replacement of lighting with LED fixtures, the installation of new high-efficiency air-conditioning units and water circulation pumps, and the installation of motion sensors to reduce energy consumption. In addition, the installation of heat pumps for heating and cooling purposes is currently under consideration, which would significantly reduce the use of natural gas for heating.
The energy upgrade of these facilities, resulting in the creation of one of the first “green” aircraft maintenance hangars in Europe with respect to energy efficiency, is expected to have a significant impact on reducing the Group’s environmental footprint. From the date of installation of the photovoltaic panels until the end of the year, 4,460 MWh of electricity were generated and injected into the national grid, contributing to the broader production of electricity from renewable energy sources.
Technological and investment actions
Fleet renewal with new technology aircraft
The Group continues to take delivery of new-technology aircraft from the Airbus A320neo family equipped with GTF engines manufactured by Pratt & Whitney. In 2025, the Group received five new aircraft, bringing the total number of aircraft delivered from the Airbus A320neo family to 38 since the end of 2019.
The renewal of the fleet with new-generation engine technology is expected to be completed by 2028. Compared with previous-generation Airbus aircraft, the Pratt & Whitney GTF engines contribute to the following performance improvements:
•16% reduction in fuel consumption per flight
•Up to 50% reduction in noise footprint
•19%–23% lower CO₂ emissions per passenger seat
Despite the implementation of an extensive fleet renewal programme, including the integration of new-generation aircraft that offer significant energy efficiency improvements, certain older aircraft may continue to contribute to greenhouse gas emissions throughout their remaining economic lifetime.
Sustainable Aviation Fuels and Alternative Fuels (e.g. synthetic fuels)
The Group continues to explore, in cooperation with suppliers across its value chain, opportunities to promote the expanded use of Sustainable Aviation Fuels (SAF) in Greece and internationally in the coming years.
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HEFA-type SAF (Hydroprocessed Esters and Fatty Acids) are produced from 100% renewable waste and residue feedstocks, such as used cooking oils and animal fats, and can achieve average lifecycle CO₂ emissions reductions of approximately 80% compared with conventional aviation fuels.
It should be noted that since 2021, the parent company has undertaken voluntary initiatives aimed at preparing in advance for the requirements of the ReFuelEU Aviation Regulation. In particular, it became the first airline in Greece, and among the few in Europe, to operate a flight using HEFA-type SAF in Thessaloniki. During the summer of 2022, the Group collaborated with Athens International Airport Eleftherios Venizelos to conduct the first SAF refuelling operations at the airport’s facilities. In 2024, the Group doubled the total volume of SAF supplied at Thessaloniki Airport. All SAF refuelling operations were carried out in cooperation with different suppliers and using different supply models.
From 2025, the supply of SAF by fuel providers becomes mandatory, starting at 2% of total aviation fuel consumption, with a target of 6% by 2030 and an ultimate objective of 70% by 2050 under the ReFuelEU framework.
However, several challenges remain regarding the full integration and scaling-up of SAF within the aviation fuel supply chain. These include issues related to cost predictability, the sustainability and traceability of feedstock sources, and the awareness and education of passengers regarding SAF.
The Group also monitors developments in Power-to-Liquid (PtL) fuel technologies, which produce synthetic fuels, including Renewable Fuels of Non-Biological Origin. These fuels are produced from renewable energy sources other than biomass. At present, the limited availability and relatively high cost of these fuels do not allow for their widespread use. The development of production technologies for such alternative fuels (production pathways) is critical for the aviation sector, as second-generation (2G) sustainable aviation fuels are expected to be integrated into the fuel supply chain and contribute significantly to further emissions reductions.
A key challenge for the Group remains access to sufficient volumes of SAF under economically viable conditions. The proposed SAF Allowance Mechanism could help mitigate the initial increase in fuel costs, although it is not sufficient on its own. It is also important to establish additional innovative transition tools, such as the Book & Claim system, which could provide greater flexibility by simplifying the link between the environmental benefits generated by SAF use and the physical SAF supply chain.
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Key actions (Actual and potential) related to climate change mitigation policies

Action | Current Reporting Period | Future Periods (Implementation Year) | Expected Outcome | Alignment with Policy Objectives
Fleet renewal with next-generation aircraft | Addition of 6 new Airbus A320neo aircraft in 2025 | Addition of 12 further Airbus A320neo aircraft during 2025–2028 | 20% reduction in CO₂ emissions per seat; noise footprint reduction up to 50% | Environmental Policy
Use of Sustainable Aviation Fuels (SAF) | Continued SAF use in 2025, meeting the mandatory 2% target of total fuel | 2030: 6% SAF and 1.2% synthetic fuel; 2035: 20% SAF and 5% synthetic fuel | Average 80% reduction in CO₂ emissions compared with conventional jet fuel (HEFA-type SAF) | Environmental Policy
Anti-tankering (avoiding aircraft refueling with surplus fuel) | Implementation started in 2025 | From 2025 onwards, full compliance with EU regulations – refueling at EU airports for at least 90% of annual required fuel | Contributes to CO₂ emissions reduction | Environmental Policy
Flight planning optimization | Eurocontrol – SESAR program; monitoring aircraft weight; network planning to improve on-time performance and reduce emissions |  | Reduced fuel consumption | Environmental Policy
* EU Airport: European airports subject to EU Regulation 2023/2405 (ReFuel Aviation), which establishes all relevant rules.

Compliance with regulatory schemes and markets
The Group participates in the EU Emissions Trading System, the Swiss Emissions Trading System and the UK Emissions Trading Scheme. Since 2019, and as required, carbon dioxide (CO₂) emissions related to the Group’s fleet operations have also been reported to the competent authorities (Civil Aviation Authority) under the CORSIA programme (Carbon Offsetting and Reduction Scheme for International Aviation).
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Forward-looking actions
Participating in sustainable fuel research programs
In 2025, the parent company participates in a research and development programme under Horizon Europe related to the development of SAF production technologies from biomass, as well as in an approved development programme concerning technologies for CO₂ storage and conversion into advanced liquid biofuels. The role of the parent company focuses primarily on assessing the feasibility and operational application of these fuels within the airline and airport operating environment.
Technological developments and future challenges
The Group monitors medium- to long-term technological developments and regularly evaluates potential methods for integrating these developments into its operational processes. Such developments relate to next-generation aircraft technologies that are expected to utilize more environmentally friendly energy sources, including hydrogen, electric propulsion, and, in the longer term, advanced sustainable aviation fuels, such as synthetic fuels (also referred to as “e-fuels”). Ι n particular, from 2030, regulatory requirements are expected to include the use of synthetic aviation fuels (e-fuels / e-SAF) at a minimum share of 1,2% of total aviation fuel consumption, in line with the ReFuelEU Aviation Regulation.
At present, however, no aircraft using these technologies have yet been certified for commercial aviation operations.
Developments that may affect transition costs
Revision of the Energy Taxation Directive
In the context of implementing the measures of the Fit for 55 package, a proposal has been put forward to revise the current tax exemption applicable to aviation fuel and to introduce a gradual taxation of aviation fuel use by 2033, under the revision of the Energy Taxation Directive.
The Group considers that such measures may have a significant impact on the cost of air travel, and consequently on demand, as well as on the competitiveness of destinations such as Greece, which are geographically close to countries not bound by EU legislation.
Planned actions and investments for 2025
The Group plans and implements actions aimed at sustainable development and the reduction of its environmental footprint. These actions entail significant capital expenditures (CapEx) and/or operational expenditures (OpEx).
The Group recognises the importance of the availability and allocation of resources for the implementation of its strategic actions. In this context, it ensures the reallocation of resources when necessary, so that emerging priorities can be addressed promptly. This proactive approach ensures that resource availability does not hinder the execution of its plans and strategic initiatives.
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The current material amounts for 2025 are presented in the table below.
Mitigation actions by decarbonisation mechanism (actions, GHG reductions, CapEx & OpEx)

E1-3_01 according to E1-3 29a E1-3_03 & 04 according to E1-3 29b | Decarbonization lever | GHG Emission Reductions | Current Significant Monetary Amounts | Note | Time Horizon for Completing the action
|  | Achieved (2024) (tCO₂e) | Expected (2030) (tCO₂e) | CapEx (mil.€) | OpEx (mil.€) |  | Year
Fleet Renewal with new-technology aircraft | Technology upgrade | 10% reduced CO2 per ASK compared to 2019 | 20% reduced CO2 per ASK compared to 2019 | 126 |  | 3.3 | 2032
Use of Sustainable Aviation Fuels (SAF) | Usage of alternative fuels | ~29.000 tCO2 | ~100.000 tCO2* |  | 23 | 3.26 | 2030
*Based on the current provisions of the ReFuelEU Aviation Regulation |  |  |  |  |  |  |

These actions are primarily financed through the Group’s own funds, ensuring autonomy and flexibility in the execution of its action plans. At the same time, the Group recognises the importance of sustainable finance and, in this context, intends to explore “green” financing options for potential future funding that could support its environmental and social initiatives.
The Group’s Management retains the discretion to determine the most appropriate financing structure, where deemed necessary by the financial management function. This approach aims to optimise the Group’s capital structure and ensure access to capital at competitive cost.
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Metrics and Targets
[E1-4] Targets related to climate change mitigation and adaptation
The aviation sector has made a long-term commitment to achieve net zero carbon emissions by 2050 through the Net Zero 2050 aviation commitment initiative. This commitment aligns the efforts of the air transport industry with the objective of the Paris Agreement to limit global temperature increase. However, within the aviation sector, specific short-term targets (e.g. for 2030) and detailed technological roadmaps have not yet been fully established.
The Group, like most airlines, seeks to reduce emissions through fleet renewal, improvements in operational processes, and the use of Sustainable Aviation Fuels (SAF).
For the 2025 reporting year, the Group has set a target to reduce carbon dioxide emissions from passenger flights by 20% per Available Seat Kilometre (gCO₂/ASK) by 2032, compared with the 2019 baseline period. To assess progress towards this objective, quantitative indicators are used and monitored on an annual basis, enabling the review and adjustment of strategies and policies as necessary. The table below presents the evolution of gCO₂/ASK emissions from the Group’s passenger flights compared with the baseline year (2019).

| Unit | Base year (2019) | 2025 | 2024 | % Change vs. Previous Year
CO₂ emissions from passenger flights per Available Seat Kilometres (ASK) | gCO2/ASK | 73,50 | 65,40 | 65,80 | (0,61)%

However, many factors that are critical to achieving these targets remain beyond the direct control of an airline. These include, among others, the timely delivery of new fuel-efficient aircraft equipped with emerging technologies (such as electric, hydrogen, hybrid or other advanced propulsion systems), as well as the availability and cost of Sustainable Aviation Fuels (SAF).
[E1-5] Energy consumption and mix
Fuel consumption related to aviation operations, which represents almost the entirety of the Group’s energy consumption, is recorded through flight operational procedures.
Consumption of natural gas and electricity at the Group’s building facilities, as well as vehicle fuel consumption (gasoline and diesel), is derived from the invoices issued by the respective energy providers and fuel suppliers.
For the reporting years 2023, 2024 and 2025, the Group has obtained an Annual Carbon Footprint Report covering its total direct and indirect greenhouse gas emissions, which has been verified in accordance with the ISO 14064-1:2018 by an independent external verifier. Consequently, the underlying energy consumption data used to calculate these emissions have also been subject to verification, including electricity consumption, natural gas consumption and vehicle fuel use. In addition, CO₂ emissions from the Group’s flight operations are verified annually by independent verification bodies. The verification process for 2025 is currently underway, with the final
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verified data expected to be submitted to the competent authorities by the reporting deadline of 31 March 2026. As a result, all relevant energy data, including fuel consumption, are subject to external verification.
Energy Consumption and Mix

Energy consumption and mix | Unit | 2025 | 2024
A. Energy consumption from fossil sources |  |  |
A1. Fuel consumption from coal and coal products | MWh | 0 | 0
A2. Fuel consumption from crude oil and petroleum products | MWh | 5.620.391,01 | 5.415.735,65
A2.1. Fuel consumption from vehicle fleet (Diesel and Petrol) | MWh | 2.496,25 | 3.350,68
A2.2. Fuel consumption from aircraft fleet– all flights | MWh | 5.617.894,76 | 5.412.384,97
A2.2.1. Fuel consumption from aircraft fleet– passenger flights | MWh | 5.587.686,82 | 5.374.242,16
Fuel Efficiency - Revenue Passenger Kilometers (RPK) | kg/100 RPK | 2,52 | 2,54
A3. Fuel consumption from natural gas - facilities | MWh | 3.785,63 | 2.691,77
A4. Fuel consumption from other fossil sources | MWh | 0 | 0
A5. Consumption of purchased or acquired electricity from fossil sources | MWh | 4.943,49 | 9.158,64
Share of electricity consumption in total energy consumption | MWh | 0,09% | 0,17%
Total fossil energy consumption | MWh | 5.629.120,12 | 5.427.586,06
Share of fossil sources in total energy consumption | % | 100% | 100%
B. Energy conumption from nuclear sources |  |  |
Share of energy consumption from nuclear sources in total energy consumption | % | Non applicable | Non applicable
C. Energy consumption from renewable sources |  |  |
Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin), biofuels biogas, renewable hydrogen, etc. | MWh | 0 | 0
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | MWh | 0 | 0
Consumption of self-generated non-fuel renewable energy | MWh | 0 | 0
Total renewable energy consumption | MWh | 0 | 0
Share of renewable sources in total energy consumption | % | 0% | 0%
Total energy consumption | MWh | 5.629.120,12 | 5.427.586
Energy intensity | MWh/ €mil. | 3.026,92 | 3.053,81

Energy Production

Energy Production | Unit | 2025 | 2024
Energy production from non - renewable sources | MWh | 0 | 0
Energy production from renewable sources | MWh | 4.460 | 809
Share of energy produced from renewable sources | % | 100% | 100%

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[E1-6] Gross Scopes 1, 2, 3 and Total GHG emissions
Gross Scope 1, 2, 3 and Total Greenhouse Gas Emissions

Gross Greenhouse Gas (GHG) emissions | Unit | 2025 | 2024 | % Change vs. Previous Year
Direct Emissions-Scope 1 |  |  |  |
Carbon Dioxide Emissions (CO₂) | tCO₂ | 1.433.398,66 | 1.402.732,33 | 2,19%
Methane Emissions (CH₄) |  | Not available | Not available |
Nitrous Oxide Emissions (N2O) | tCO2e | 10.466,50 | 10.066,68 | 3,97%
HFCs |  | Not available | Not available |
PFCs |  | Not available | Not available |
SF₆ |  | Not available | Μη διαθέσιμο |
Total GHG emissions - Scope 1 | tCO2e | 1.443.865,16 | 1.412.799,01 | 2,20%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (AEGEAN & Olympic Air S.A) | % | 85% | 86% |
Βiogenic CO2 emissions from the combustion or biodegradation of biomass, include emissions of other GHG types (in particular CH4 and N2O) |  | 0 | 0 |
Energy Intensity - Scope 1 | t CO2e/€ mil. | 776,40 | 794,91 | (2,33)%
Indirect emissions - Scope 2 |  |  |  |
Indirect emissions - Scope 2 (location based) | tCO2e | 1.845,77 | 4.567,41 | (59,59)%
Indirect emissions - Scope 2 (market based) | tCO2e | 1.390,13 | 3.345,47 | (58,45)%
Intensity of Scope 2 emissions (location based) | t CO2e/€ mil. | 0,9925 | 2,57 | (61,38)%
Intensity of Scope 2 emissions (market based) | t CO2e/€ mil. | 0,7475 | 1,88 | (60,29)%
Other Indirect emissions - Scope 3 |  |  |  |
Total indirect Greenhouse Gas Emissions - Scope 3 | tCO2e | 500.340,67 | 467.584,33 | 7,01%
Intensity of Scope 3 emissions | t CO2e/€ mil. | 269,05 | 263,08 | 2,27%
Upstream Emissions – Scope 3 |  |  |  |

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Purchased Goods and Services (Category 1) | tCO2e | 167.372,87 | 148.140,72 | 12,98%
Capital Goods (Category 2) | tCO2e | 13.798,18 | 11.121,99 | 24,06%
Fuel- and Energy-Related Activities (Category 3) (not included in Scope 1 or Scope 2) | tCO2e | 306.378,74 | 294.858,46 | 3,91%
Upstream Transportation and Distribution (Category 4) | tCO2e | 4.670,39 | 4.623,66 | 1,01%
Waste Generated in Operations (Category 5) | tCO2e | 677,48 | 574,63 | 17,90%
Business Travel (Category 6) | tCO2e | 3.035,98 | 3.829,56 | (20,72)%
Employee Commuting (Category 7) | tCO2e | 4.163,71 | 4.038,76 | 3,09%
Downstream Emissions – Scope 3 |  |  |  |
Investments (Category 15) | tCO2e | 243,32 | 396,56 | (38,64)%
Percentage of the emissions calculated by using primary data obtained from suppliers or other value chain partners | % | 0% | 0% |
Total Greenhouse Gas (GHG) emissions |  |  |  |
Total GHG emissions - Scope 1, Scope 2 (location based) & Scope 3 | tCO2e | 1.946.051,60 | 1.884.950,75 | 3,24%
Total GHG emissions - Scope 1, Scope 2 (market based) & Scope 3 | tCO2e | 1.945.595,96 | 1.883.728,81 | 3,28%
Total GHG emissions intensity |  |  |  |
Total GHG emissions intensity - Scope 1 & Scope 2 & Scope 3 (location-based) | tCO2e/€ mil. | 1.046,44 | 1.060,56 | (1,33)%
Total GHG emissions intensity - Scope 1 & Scope 2 & Scope 3 (market-based) | tCO2e/€ mil. | 1.046,20 | 1.059,87 | (1,29)%

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Net Revenue Amounts for GHG intensity | 2025
Net revenues used for calculating greenhouse gas intensity - in thousands of Euros | 1.859.685,16
Net revenues (other) - in thousands of Euros | 40.476,50
Total net revenues (in the financial statements) - in thousands of Euros | 1.900.161,66

In 2025, the Group prepared an Annual Carbon Footprint Report covering all direct and indirect greenhouse gas emissions (Scope 1, Scope 2 and Scope 3) for the years 2023–2025, which was verified in accordance with the ISO 14064-1:2018 by an independent external verifier. At the same time, the Group calculated its greenhouse gas (GHG) emissions in compliance with the internationally recognised GHG Protocol.
Furthermore, the parent company submits and verifies, in cooperation with an independent external verifier, annual reports on its direct greenhouse gas emissions (Scope 1) and indirect emissions from purchased energy (Scope 2), in accordance with the requirements of the Greek National Climate Law 4936/2022 on the transition to climate neutrality and adaptation to climate change. In this context, in October 2025, for the 2024 reporting year, the Company submitted a Carbon Footprint Report covering Scope 1 and Scope 2 emissions, prepared in accordance with ISO 14064-1:2018, in order to meet the requirements of the Climate Law. The corresponding verification procedures for the 2025 reporting year have not yet been completed.
The approach adopted for defining the organisational boundaries follows the operational control approach, and therefore the Company assessed greenhouse gas emissions arising from its operational activities.
The Group records direct emissions from fuel consumption (Scope 1) and indirect emissions from electricity consumption (Scope 2) without deducting purchased emission allowances or carbon credits. Accordingly, the emissions reported represent gross emissions, without taking into account offsets or the purchase of emission allowances.
It should also be noted that the precautionary inspection and repair programme for the GTF engines of the A320/A321neo fleet, which began in October 2023 and continued during 2025, affected the Group’s ability to achieve further CO₂ emissions reductions during the period.
Direct emissions – Scope 1
Direct emissions (Scope 1) include emissions arising from fuel consumption of the aircraft fleet, the vehicle fleet, as well as from the consumption of natural gas in building facilities. It should be noted that these emissions relate to the twelve-month period of 2025, which coincides with the reporting period of the EU Emissions Trading System. The baseline year for the Group’s direct emissions (Scope 1) has been defined as 2019, as this was a year not affected by the COVID-19 pandemic.
The calculation of aviation CO₂ emissions resulting from the use of aviation fuel (JET A-1 kerosene) in aircraft is mandatory for aircraft operators and is determined in accordance with the requirements of the EU ETS framework. The Group fully complies with the EU ETS, the Swiss Emissions Trading System and the UK Emissions Trading Scheme. The relevant procedures and calculation methodologies are defined in the Emissions Monitoring Plan, which has been approved by the Hellenic Civil Aviation Authority (HCAA). CO₂ emissions from the Group’s flight operations are verified annually by independent verification bodies. The verification procedures for 2025 will be
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completed within the required timeframe, so that the final verified data are submitted to the competent authorities by the statutory deadline of 31 March 2026.
According to the methodology and guidance documents of the Intergovernmental Panel on Climate Change (Revised 1996 IPCC Guidelines for National Greenhouse Gas Inventories and Aircraft Emissions – Good Practice Guidance and Uncertainty Management in National Greenhouse Gas Inventories), emission calculations related to nitrous oxide (N₂O) and methane (CH₄) are associated with high uncertainty and do not contribute significantly to the overall national emissions totals.
Based on the IPCC Guidelines for National Greenhouse Gas Inventories, the emission factor for the combustion of biogenic fuels is considered to be zero. This principle applies to most regulatory and voluntary greenhouse gas emission schemes, including the EU ETS, the Kyoto Protocol Clean Development Mechanism (CDM) and the Western Climate Initiative (WCI).
Indirect emissions – Scope 2
For the calculation of Scope 2 electricity consumption (location-based method), the Group calculated the total electricity consumption used to support its business activities and multiplied it by the national grid emission factor, based on data provided by DAPEEP.
For the calculation of Scope 2 electricity consumption (market-based method), given that the Group does not have a single exclusive electricity supplier, it calculated the total electricity consumption and multiplied it by the emission factor of its main electricity provider, which covers the energy needs of the majority of its building facilities.
It should be noted that no biogenic CO₂ emissions arise from the combustion or decomposition of biomass in relation to indirect greenhouse gas emissions (Scope 2).
Other indirect emissions – Scope 3
In the current reporting year (2025), detailed calculations were performed for the Group’s value chain indirect emissions (Scope 3) for the years 2023, 2024 and 2025, in accordance with both the ISO 14064-1:2018 and the widely recognised GHG Protocol. The table above presents the Group’s Scope 3 indirect emissions in accordance with the Corporate Value Chain (Scope 3) Standard of the GHG Protocol.
For certain Scope 3 emission categories for the years 2023, 2024 and 2025, emissions were not calculated using primary data; instead, a spend-based methodology was applied for specific categories.
The baseline year for Scope 3 emissions—that is, the year used as the reference point for comparison with emissions in subsequent years—has been defined as 2023, as this was the first year in which the Group recorded these emissions in detail.
The Group does not have information on whether biogenic CO₂ emissions from the combustion or biodegradation of biomass occur within its upstream or downstream value chain. Similarly, it is not known whether CO₂ emissions
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occur during the lifecycle of biomass other than from combustion or decomposition, such as greenhouse gas emissions from biomass processing or transportation.
The table below presents the calculation methodology applied to each category of the Group’s Scope 3 greenhouse gas emissions, based on the GHG Protocol Corporate Value Chain (Scope 3) Standard.

Greenhouse Gas Emissions Category (Scope 3) | Description
Upstream emissions – Scope 3 |
Purchased goods and services (Category 1) | This category covers emissions from purchased goods and services, focusing on airport services, ground handling, and maintenance, excluding upstream transportation. Emissions were calculated using the spend-based method.
Capital goods (Category 2) | This category covers emissions from purchased capital goods, including aircraft and equipment. The Group applied the spend-based method to calculate these emissions. Additionally, the Group grouped and allocated capital goods to specific material descriptions to match them with available emission factors.
Fuel- and energy-related activities (Category 3) (not included in Scope 1 or Scope 2) | This category covers fuel-related emissions from extraction, production, and transportation, the Group's largest Scope 3 source. Calculations was based on actual Group fuel consumption from ground vehicles, facilities, and aircraft fleet.
Upstream transportation and distribution (Category 4) | Emissions in this category arise from transporting and distributing raw materials, supplies, consumables, and capital goods from the Group's final suppliers to its facilities using third-party vehicles. These shipments support operations across all facilities and offices. The Group calculated these emissions based on the transportation costs of goods delivered to the Group by third-party carriers.
Waste generated in operations (Category 5) | Airport managers and their partners measure and collect waste quantities, as they bear responsibility for waste management. Athens International Airport monitors the volume and types of waste generated by the Group and issues corresponding invoices and reports, which the Environment Department then receives. Fraport calculates and allocates waste costs based on the Group's occupied space percentage. Additionally, for hazardous waste at certain domestic stations, the Group maintains direct contracts with certified contractors, and waste quantities are documented through relevant invoices.
Business travel (Category 6) | This category encompasses emissions from employee business travel using vehicles outside the Group's control, such as trains and passenger cars (whether rented for business purposes or privately owned by employees). The category also includes emissions from hotel stays and meals associated with business travel. The Group calculated these emissions based on transportation and accommodation costs for the respective years and applied specific emission factors by transport mode.
Employee commuting (Category 7) | This category covers emissions from employees traveling between their residences and Group facilities or offices. The Group based calculations on employee survey questionnaire results, specific emission factors by transport mode, and distances traveled. Employees may commute using private or company vehicles, public transport, or company buses. Company-leased vehicles provided to employees fall under Category 1 (Purchased goods and services), not this category.
Downstream emissions – Scope 3 |

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Investments (Category 15) | This category includes emissions from investments held by the Group. In 2023, the Group acquired the joint venture company ACFT through the consortium of Olympic Air and CAE Aviation Training BV, in which it maintains operational joint control. Accordingly, this category includes Scope 2 emissions from purchased electricity of the aforementioned joint venture, proportional to the Group's participation in the consortium (51%).

Emission intensity

Emission intensity | Unit | 2025 | 2024
Emission intensity from the aircraft fleet - Passenger kilometers |  |  |
Carbon dioxide emission intensity - Revenue Passenger kilometers | kg CO2e/100RPK | 7,96 | 7,99
Other Emission from the aircraft fleet - Revenue Passenger kilometers |  |  |
Nitrogen oxide (NOx) emission intensity - Revenue Passenger kilometers | g NOx/100 RPK | 27,23 | 27,42
Carbon monoxide (CO) emission intensity - Revenue Passenger kilometers | g CO/100 RPK | 15,98 | 16,08
Sulfur dioxide (SO₂) emission intensity - Revenue Passenger kilometers | g SO2/100 RPK | 2,52 | 2,54
Nitrous oxide (N₂O) emission intensity - Revenue Passenger kilometers | g N2O/100 RPK | 0,22 | 0,22

The Group recognises the importance of identifying high climate impact sectors in order to assess the emissions intensity associated with its activities. In this context, the transport of passengers and cargo, which constitutes the Group’s core activity, has been identified as a high climate impact sector (Note 3.24). However, the Group does not allocate net revenue by sector, and therefore the calculation of emissions intensity is based on the Group’s total net revenue, as disclosed in the table “Gross Scope 1, 2, 3 and Total Greenhouse Gas Emissions” of this Sustainability Statement, as well as in the corresponding section Note 3.24 of the financial statements. As there is no specific categorisation of net revenue from high climate impact sectors within the financial statements, a detailed reconciliation with the relevant line items or notes for the reporting year is not available.

Energy consumption | Unit | 2025 | 2024
Fuel consumption - all flights | t | 461.741,08 | 444.850,00

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Fuel consumption - passenger flights | t | 459.258,26 | 441.715,00
Energy from aircraft fleet fuel | TJ | 20.224,26 | 19.484,43
Building's energy consumption- natural gas | TJ | 13,63 | 9,69
Energy consumption by the vehicle fleet | TJ | 8,99 | 12,06
Building's energy consumption- electricity | TJ | 17,80 | 32,97
Total energy consumption | TJ | 20.264,67 | 19.539,15
Energy intensity (Scope 1) | tCO2e/TJ | 71,25 | 72,31

Values relating to the Global Warming Potential (GWP) of greenhouse gases for direct emissions from mobile and stationary sources are derived from the National Inventory Report (NIR) for greenhouse gas emissions and from the Ministry of Energy.
Emission factors for indirect emissions from purchased energy are derived from the National Inventory Report (NIR) and from the Residual Energy Mix published by DAPEEP.
E1-7 – Greenhouse gas removals and mitigation projects financed through carbon credits
ATHEX ESG_A-E7 (Not applicable)
For the current reporting year, the Group has not implemented any greenhouse gas removals or storage activities through projects developed within its own operations or through projects in which it has contributed within its upstream or downstream value chain.
E1-8 – Internal carbon pricing
For the 2025 reporting year, the Group has not implemented an internal carbon pricing mechanism to support decision-making processes or to enhance the implementation of climate-related policies and targets.
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ESRS E2 Pollution
Material impacts, risks and opportunities and their interaction with the strategy and business model
The Group monitors environmental aspects related to air quality, with particular focus on impacts arising from non-CO₂ emissions (non-CO₂ effects). It should be noted that significant non-CO₂ emissions from the aircraft fleet include substances such as NOx, CO, CH₄, HFCs, PFCs, SF₆, SO₂ and N₂O.
In this context, and in accordance with the requirements of the EU Emissions Trading System, mechanisms for the collection and monitoring of data have been incorporated into existing processes for nitrogen oxides (NOx) emissions and aircraft contrail emissions, utilising operational flight data.
Based on the Double Materiality Assessment conducted in 2025, the impacts associated with air pollutant emissions beyond CO₂ were assessed as material. Although the atmospheric persistence of these effects is relatively limited, they are considered significant due to their contribution to climate change and the greenhouse effect.
Further information regarding the Double Materiality Assessment and the identification of impacts, risks and opportunities is presented in ESRS 2 IRO-1 of this Statement, where the methodology and assessment criteria applied are described in detail.

Impacts
Sub-topic | Description | Type | Value chain | Time-horizon
Pollution of air | Aviation activities contribute to nitrogen oxide (NOₓ) emissions and the formation of contrails, which can negatively impact ambient air quality. | Negative, Actual | Own operations | Current year

Management of impacts, risks and opportunities
[E2-1] Policies related to pollution
The Group’s Management has established an Environmental Policy, which forms part of its Environmental Management System. This Policy takes into account the nature, scale and potential environmental impacts of the Group’s activities and services, particularly in relation to pollution and air quality.
Further information regarding the Group’s Environmental Policy is provided in section E1-2 “Policies related to climate change mitigation and adaptation.”
[E2-2] Actions and Resources Related to Pollution
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Recognising the importance of sustainability, the Group implements the principles of its Environmental Policy and seeks to utilise all available resources in order to contribute to the reduction of its carbon footprint.
In this context, the actions implemented by the Group to reduce CO₂ emissions—such as fleet renewal with new-technology aircraft, the use of Sustainable Aviation Fuels (SAF) or other low-emission aviation fuels (due to improved combustion characteristics), as well as the optimisation of operational processes—also contribute directly and indirectly to the reduction of non-CO₂ emissions.
Further information regarding these initiatives is presented in section ESRS E1-3 of this Statement.
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Metrics and targets
[E2-3] Targets Related to Pollution
The Group has not established specific measurable targets for 2025 regarding non-CO₂ emissions, as at this stage of implementation of EU Monitoring and Reporting Regulation within the EU Emissions Trading System framework, priority is given to the collection and processing of relevant operational data (e.g. fuel consumption, flight trajectory, timing of flights, meteorological conditions, etc.) aimed at improving the understanding of the mechanisms generating such emissions.
The ultimate objective is for these data to be evaluated by the European Union and the competent bodies, such as Eurocontrol, in order to support the development of relevant policies and, subsequently, the establishment of specific targets and mitigation actions.
Nevertheless, the Group has consistently recorded and maintained performance indicators covering nearly the entirety of its services, while systematically monitoring the effectiveness of its policies, focusing on material impacts, risks and opportunities related to sustainability.
[E2-4] Air Pollution
Pollutant Gas Emissions

Air Pollutants Emissions | Unit | 2025 | 2024
Nitrogen oxide (NOx) | t | 4.964,58 | 4.774,94
kg | 4.964.581,75 | 4.774.936,10
Carbon monoxide emissions (CO) | t | 2.914,00 | 2.800,00
Sulfur oxide emissions (SΟx) |  | Not available | Not available
Sulfur dioxide emissions (SO2) | t | 459,26 | 441,71
Nitrogen Oxide Emissions (N₂O) | t | 39,50 | 37,99
Persistent organic pollutants (POP) |  | Not available | Not available
Volatile organic compounds emissions (VOC) |  | Not available | Not available
Hazardous Air Pollutants (HAP) |  | Not available | Not available
Particulate matter emissions (PM) |  | Not available | Not available
Produced microplastics |  | Not available | Not available
Microplastics used by the Group |  | Not available | Not available

The above table includes only those air pollutants considered relevant to the Group’s activities, which are not verified by an independent third party.
Other air pollutants referenced in the ESRS E2 standard (such as particulate matter PM2.5, PM10 or other substances) are not included in this disclosure, as, based on the Materiality Assessment conducted, they are not considered applicable to the Group’s operations.
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It should also be noted that until recently there was no established standard or mandatory methodology for calculating non-CO₂ emissions. The Group applies the methodology and guidance documents issued by the Intergovernmental Panel on Climate Change (Revised 1996 IPCC Guidelines for National Greenhouse Gas Inventories – Tier 1 methodology), based on aviation fuel consumption data for the entirety of its passenger flight operations.
While aircraft emissions can be measured directly at the source and ambient pollutant concentrations can be measured at specific locations, modelling is required to determine the contribution of aircraft emissions to ambient air pollutant concentrations (reference: International Civil Aviation Organization). Commercial aircraft are not equipped with sensors to measure such emissions, as the development and installation of such measurement equipment would be costly and technically complex. For this reason, airlines typically rely on calculation-based methodologies.
From 1 January 2025, the European Commission introduced the Non-CO2 Aviation Effects Tracking System platform for the aviation sector, aimed at the collection, monitoring and verification of non-CO₂ aviation emissions. This platform forms part of the EU’s broader strategy to enhance transparency and support the achievement of climate targets through improved understanding and management of aviation’s non-CO₂ impacts. The Group intends to utilise this platform to report and verify non-CO₂ emissions using data from the 2025 reporting year.
In order to address more effectively the impacts arising from air pollutants beyond CO₂, a comprehensive assessment of the impacts and policies of the key participants across the value chain (including airlines, aircraft manufacturers and fuel suppliers) will be required.
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Responsible Waste Management
The Group recognises the circular economy as the emerging European and global economic model, essential for enhancing resource productivity, reducing dependence on non-renewable and critical raw materials, and achieving cost efficiencies.
Beyond full compliance with applicable legislation, the Group aligns with the regulations and guidelines of all airports in which it operates. For its main operational base in Athens, it fully complies with the waste management system of Athens International Airport Eleftherios Venizelos. This system includes waste separation by stream and ensures that waste is directed towards recycling, reuse or other recovery methods, managed by the airport operator.
The categories of waste generated include municipal-type solid waste from administrative services, as well as non-hazardous and hazardous industrial waste originating from aircraft maintenance technical bases. It should also be noted that the Group does not generate radioactive waste. A significant proportion of the total waste generated arises from in-flight services.
To further enhance recycling practices, recycling stations have been installed in office areas and catering spaces, enabling the separation of recyclable materials (e.g. paper, glass, aluminium, plastic and organic waste).
In parallel, the Technical Bases are equipped with industrial-type containers for the collection of hazardous and non-hazardous waste, such as aerosols, contaminated absorbent materials (e.g. gloves and cloths), metals, adhesives and other materials. Appropriate infrastructure has also been installed for their temporary storage, in accordance with applicable specifications (e.g. presses, skip containers, open-top containers and drums).
Proper hazardous waste management
During aircraft maintenance operations at the Group’s technical bases, materials are used (e.g. petroleum-based mixtures, waste lubricating oils, paints and other substances) that meet the specific technical specifications defined by the respective aircraft manufacturer. As a result, limited quantities of hazardous waste are generated. These wastes are collected in appropriately designed storage tanks for waste lubricating oils and petroleum residues. They are then temporarily stored in designated areas and subsequently delivered to licensed waste management operators, who ensure their responsible and legally compliant treatment and disposal.
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Quantities of generated waste

Waste produced | Unit | 2025 | 2024
Hazardous waste |  |  |
Total | t | 32,12 | 34,40
Non-Hazardous waste |  |  |
Paper | t | 63,06 | 65,00
Plastic | t | 19,91 | 19,66
Organic | t | 6,15 | 14,21
Wood | t | 29,87 | 34,25
Metal | t | 24,61 | 14,43
Glass | t | 2,36 | 5,08
TetraPak | t | 0,73 | 0,66
Aluminum | t | 4,62 | 11,43
Urban waste | t | 1,94 | 0
Edible oils | t | 0,13 | 0
Construction waste | t | 4,47 | 17,40
Plant residues | t | 0,26 | 0
Municipal-type waste | t | 973,01 | 987,30
Total | t | 1.131,12 | 1.169,42
Total hazardous and non-hazardous waste | t | 1.163,24 | 1.203,82

Waste to be recovered

| 2025 | 2024
Onsite | Offsite | Total | % | Onsite | Offsite | Total | %
Hazardous waste (t) |  |  |  |  |  |  |  |
Preparation for reuse | 0 | 0,45 | 0,45 | 1,59% | 0 | 3,17 | 3,17 | 10%
Recycling | 0 | 27,80 | 27,80 | 98,41% | 0 | 29,81 | 29,81 | 90%
Composting | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Storage waste for recovery | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Total | 0 | 28,25 | 28,25 | 100% | 0 | 32,98 | 32,98 | 100%
Non - hazardous waste (t) |  |  |  |  |  |  |  |
Preparation for reuse | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Recycling | 0 | 966,62 | 966,62 | 96,54% | 0 | 974,77 | 974,77 | 99%
Composting | 0 | 6,41 | 6,41 | 0,64% | 0 | 14,21 | 14,21 | 1%
Storage waste for recovery | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Total | 0 | 973,03 | 973,03 | 100% | 0 | 988,98 | 988,98 | 100%
Total hazardous and non-hazardous waste | 0 | 1.001,28 | 1.001,28 |  | 0 | 1021,96 | 1021,96 |

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Waste not to be recovered

| 2025 | 2024
Onsite | Offsite | Total | % | Onsite | Offsite | Total | %
Hazardous waste (t) |  |  |  |  |  |  |  |
Landfilling | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Incineration (with energy recovery) | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Incineration (without energy recovery) | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Storage (pending disposal) | 0 | 0 | 0 | 0% | 0 | 0,05 | 0,05 | 100%
Total | 0 | 0 | 0 | 0% | 0 | 0,05 | 0,05 | 100%
Non - hazardous waste (t) |  |  |  |  |  |  |  |
Landfilling | 0 | 156,90 | 156,90 | 100% | 0 | 163,05 | 163,05 | 100%
Incineration (with energy recovery) | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Incineration (without energy recovery) | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Repackaging before submission to any disposal operations | 0 | 0 | 0 | 0% | 0 | 0 | 0 | 0%
Total | 0 | 156,90 | 156,90 | 100% | 0 | 163,05 | 163,05 | 100%
Total hazardous and non-hazardous waste | 0 | 156,90 | 156,90 |  | 0 | 163,10 | 163,10 |

Waste recovery

Waste recovery | 2025 | % | 2024 | %
Waste to be recovered | 1.001,27 |  | 1021,96 |
Hazardous waste (t) | 28,25 | 2,82% | 32,98 | 3,23%
Non - hazardous waste (t) | 973,02 | 97,18% | 988,98 | 96,77%
Waste not to be recovered | 156,90 |  | 163,09 |
Hazardous waste (t) | 0 | 0% | 0,05 | 0,03%
Non - hazardous waste (t) | 156,90 | 100% | 163,05 | 99,98%

Waste by type of treatment

Waste by type of treatment | Unit | 2025 | 2024
Recycling | % | 85,90% | 84,77%
Composting | % | 0,60% | 1,20%
Incineration | % | 0% | 0%
Landfilling | % | 13,50% | 13,76%
Preparation for reuse | % | 0,00% | 0%
Storage waste for recovery | % | 0% | 0%
Total hazardous and non-hazardous waste | % | 100% | 100%

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ESRS S1 Own workforce
Strategy
[SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model
Types of own workforce
The Group’s workforce consists of different categories of employment, reflecting the scope and nature of its activities. The majority of the Group’s employees are engaged under permanent employment contracts, while a number of employees are employed under fixed-term contracts. In addition, the workforce includes both full-time and part-time employees. Certain categories of services, such as security, cleaning, catering are provided through outsourcing arrangements with third-party companies.
The way in which the interests, views and rights of employees, including respect for their human rights, influence the Group’s strategy and business model is described in ESRS 2 SBM-2 “Interests and views of stakeholders.”
Impacts, risks and opportunities for the workforce
Existing and potential impacts on the Group’s workforce are closely linked to its strategy and business model. The strategy, which emphasizes the provision of high-quality services, a customer-centric philosophy and sustainable development, creates significant positive impacts for the workforce.
At the same time, based on the existing procedures and mechanisms of the operational model, no incidents have been identified involving the transfer of significant adverse social or labour-related impacts to the workforce of the Group’s suppliers and partners. The framework governing cooperation with partners, based on the Group’s Code of Professional Conduct and the Code of Ethics and Procurement Conduct, ensures fair and equitable treatment, promoting responsible business practices. At the same time, the strategy pursued aims to maintain relationships of trust and mutual benefit between the Group and its partners.
In addition to the above, within the framework of the Double Materiality Assessment conducted for 2025, the Group identified the following existing positive and negative impacts on the workforce, as well as potential opportunities and a potential risk arising from them.

Impacts
Sub-topic | Description | Type | Value chain | Time horizon
Working conditions | The Group’s remuneration policy and related practices aim to attract and retain qualified personnel and support the organisation’s long-term performance and sustainability. At the same time, the Group promotes a positive working environment through benefits packages, career development opportunities and training programmes. | Positive, Actual | Own operations | Current reporting year
Working conditions | The Group has invested in creating a working environment characterised by trust, meritocracy and job security, as reflected in its consistently low rate of involuntary employee turnover. | Positive, Actual | Own operations
Working conditions | The Group implements an integrated Occupational Health and Safety Management System to identify risks, ensure prevention and monitoring, and continuously strengthen related processes, aiming to reduce the frequency and severity of workplace accidents and promote a safe working environment. Nevertheless, the Group records accidents related to the workplace. | Negative, Actual | Own operations
Equal treatment and equal opportunities for all | The Group invests in the development of employees’ skills and professional advancement through specialised training programmes and scholarships, enabling them to respond effectively to the continuously evolving requirements and needs of the sector. | Positive, Actual | Own operations

Opportunities
Sub-topic | Description | Value chain | Time horizon
Equal treatment and equal opportunities for all | The Group actively invests in scholarship programmes for pilots and engineers, ensuring long-term staffing adequacy while strengthening employees’ skills and their ability to respond to the evolving demands of the aviation sector. At the same time, these programmes contribute to ensuring safe and efficient operational continuity, thereby supporting the stable and sustainable financial position of the organisation. | Own operations | Medium term
Equal treatment and equal opportunities for all | The systematic training of personnel in safety and performance-related matters enhances productivity, reduces employee turnover and improves overall operational efficiency, thereby directly strengthening the Group’s financial performance and strategic position. | Own operations | Short term

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Through this Policy, the Group commits to:
•Preventing injuries, illnesses and incidents in the workplace arising from its operational activities
•Complying with all applicable legislative and regulatory requirements
•Providing guidance and training to employees so that they are aware of their obligations regarding occupational health and safety
•Implementing procedures for risk identification and risk management
•Ensuring that all employees, contractors and their employees are informed of and understand their individual rights and obligations regarding occupational health and safety
In addition, particular emphasis is placed on employee participation in activities related to health and safety, as well as on encouraging a culture in which every employee has the right to report any concern related to workplace health and safety (e.g. near-miss incidents).
The Group adopts the Prevention Principle across all its activities, with the primary objective of creating a safe working environment. A comprehensive Occupational Health and Safety Management System, certified according to the international standard ISO 45001:2018, is implemented across all activities.
Furthermore, a systematic approach is followed in matters of health and safety, with zero accidents and the elimination of factors that may lead to occupational illnesses constituting fundamental objectives.
Moreover, the Occupational Health and Safety Management System provides a holistic approach to managing health and safety issues concerning both employees and partners (including external partners who work at or visit the Group’s facilities), through specific procedures and actions such as:
•Continuous improvement
•Risk identification procedures and implementation of mitigation measures
•Thorough investigation of incidents and systematic monitoring of indicators
•Implementation of appropriate protective equipment, particularly in aircraft maintenance areas
•Periodic inspections and systematic review of processes and procedures
•Establishment and training of Emergency Response Teams
•Specialized training and awareness programs on health and safety matters
Within this framework, the Group has developed a dedicated Occupational Health and Safety Management System Manual, aiming to prevent work-related injuries and health problems and ensure the continuous improvement of health and safety performance in the workplace.The Manual also defines the structures, processes and methods applied in the management of occupational health and safety, with the objective of complying with ISO 45001:2018. Furthermore, the Manual aims to provide employees with adequate information and training so that they can avoid risks and contribute positively to their own health and safety, as well as that of others.
The Manual applies to all employees, upper management and other stakeholders. It is noted that although external partners maintain their own health and safety management systems, they are required to comply with the Group’s requirements when working at its facilities. The Occupational Health and Safety Department is responsible for the distribution and availability of the electronic version of the Manual.
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At the core of promoting a safety culture and continuous improvement, the Group also implements a Safety & Quality Policy, which focuses on ensuring that every employee performs their duties safely and with clearly defined responsibilities.
The Policy provides for:
•Risk and incident reporting systems without fear of retaliation (Just Culture)
•Continuous staff training
•Integration of safety performance objectives into performance evaluation
•Management commitment to providing resources and strengthening safety and quality
Within the framework of the responsible and secure management of personal data, the Group has established relevant policies to ensure their protection. The development and implementation of these policies are overseen by the Group’s Data Protection Officer (DPO). The relevant policies include the Data Breach Policy, the Data Retention Policy, and the Clean Desk Policy. These policies are published on the corporate website under the section “Corporate Governance – Personal Data Protection” and are presented in detail in the section “ESRS S4 – Consumers and End-users” of this Sustainability Statement.
As part of its commitment to respecting fundamental values and human rights, the Group has also established a Human Rights Policy, which ensures adherence to human rights as defined by the Universal Declaration of Human Rights and the relevant United Nations standards. This policy applies to all employees, partners, suppliers and any party participating, directly or indirectly, in the Group’s value chain. Through this policy, the Group expresses zero tolerance for violations of human rights in the conduct of the Group companies’ activities, as well as in any transaction or interaction with stakeholders related to them. At the same time, the policy ensures that the Group’s employees benefit from a supportive and fair working environment.
The Group encourages employees and partners to report concerns regarding potential human rights violations through the following channels: hrcomplainthar@aegeanair.com and whistleblowing@aegeanair.com.
Responsibility for the development, revision and implementation of the Human Rights Policy lies with the Group’s Human Resources Department. The policy and any updates thereto are communicated to the Group’s personnel through the corporate intranet, as well as to partners and suppliers at the beginning and throughout the duration of the cooperation.
Furthermore, the Group has adopted a Code of Professional Conduct, which sets out the principles and rules governing Management’s commitment towards employees (current and prospective) and other stakeholders. The Code includes information on the commitments arising from the Group’s Human Rights Policy, with particular emphasis on labour rights and respect for human rights. The Code defines the conduct of employees and establishes the rules of acceptable behaviour between them and other stakeholders (e.g. customers, suppliers, shareholders, investors, governmental authorities and society). The Code is published on the corporate website under the section “Corporate Governance – Codes and Policies.”
By supporting the Universal Declaration of Human Rights, the Code promotes a unified corporate culture of diversity, inclusion, equality and respect. Decisions and processes relating to recruitment, remuneration, benefits,
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employee development and training, as well as contract termination, constitute core principles of Human Resources management and are characterized by meritocracy, transparency and non-discrimination.
The management of violations of the Code of Professional Conduct is assigned to the competent committee, which consists of the Chief Executive Officer, the Director of Human Resources & Corporate Affairs, and the relevant Department Director. The Code of Professional Conduct is approved by the Company’s Board of Directors. Responsibility for ensuring compliance with the Code, as well as for its review and update when deemed necessary, lies with the Human Resources Department.
In order to ensure the protection of anonymity and human rights, the Group has also established a Whistleblowing Policy, which defines the process through which anonymous or named reports regarding serious violations are received, assessed and investigated. The whistleblowing procedure is addressed to all employees, customers, suppliers and members of the Board of Directors. A detailed description is provided in subsection ESRS S4-1 Policies related to consumers and end-users of the section ESRS S4 Consumers and End-users.
To ensure zero tolerance for any form of violence by any person, the Group implements a Workplace Violence and Harassment Policy, which is communicated to employees through the corporate intranet. This policy describes all available channels through which employees may submit any complaint or report and establishes the framework for handling internal complaints related to incidents of violence and harassment. Any relevant report/complaint may be submitted by an employee either anonymously or directly to the Group’s Human Resources Directorate at hrcomplainthar@aegeanair.com with optional notification to whistleblowing@aegeanair.com
The Policy applies to:
a) all employees and workers of the Group, regardless of their contractual status;
b) all facilities and operational offices of the Group;
c) events, activities, training sessions, both on-site and off-site, as well as business travel and work-related meals;
d) any work-related interaction outside working hours, including the exchange of messages and interactions through the Group’s social media channels.
In addition, in cooperation with the Occupational Physician, the occupational risk assessment provided for under Article 43 of Law 3850/2010 also includes potential risks and measures for preventing and addressing violence and harassment in the workplace, including sexual harassment, taking into account:
•working conditions and arrangements;
•the organization of work and human resources management.
Beyond the principles of the United Nations Global Compact and related international standards, including the Universal Declaration of Human Rights, the Group also takes into account the United Nations Guiding Principles on Business and Human Rights, as well as children’s rights. In addition, the Group follows the core conventions of the International Labour Organization (ILO) and the OECD Guidelines for Multinational Enterprises.
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[S1-2] Processes for engaging with the own workforce and workers’ representatives regarding impacts
The Group has not entered into agreements with employee representatives, as such representatives do not exist within the organization. However, the Group maintains communication channels with its personnel that support the exchange of information and views regarding operational and development matters.
In this context, during annual departmental meetings, such as the Commercial Division “Townhall Meeting” and the Ground Operations “Station Managers Meeting”, presentations are delivered on the objectives of the year, innovative ideas are presented, and time is provided for discussion and exchange of views.
[S1-3] Processes to remediate negative impacts and channels for employees to raise concerns
A) Health and Safety
The Group implements procedures relating to employee Health and Safety, aiming to protect its workforce and ensure the prompt remediation and prevention of any hazardous situation or injury in the workplace.
The process includes analysis of the root causes of the issue, implementation of appropriate corrective measures, and evaluation of their effectiveness. In addition, available resources are reviewed and actions are implemented to support the continuous improvement of the Occupational Health and Safety Management System Manual.
Incident monitoring
The Group operates an Incident Reporting System, through which any information communicated by employees is recorded, including incidents, hazardous conditions, or suggestions for improvement. Communication can take place either anonymously or by name, through an electronic form or directly via communication with the Health and Safety Department.
The investigation of workplace accidents, incident reports and near-miss incidents, as well as the systematic monitoring of workplace environmental factors such as dust exposure and water quality, contribute to the effective management of occupational risks.
The Employee Health and Safety Department is responsible for actively promoting a reporting culture. All company personnel are required to report incidents, safety concerns, near-miss accidents and health risks. The company facilitates the submission of reports by enabling anonymous reporting through a dedicated platform. Communication with the reporting individual for clarifications or additional information forms part of the process, while informing them about corrective or planned actions constitutes an obligation of the department.
The information provided by employees, combined with the results of internal and external audits, contributes to the development of Health and Safety indicators. These indicators are monitored on a daily basis using Business Intelligence (BI) tools, enabling the early identification of trends and the planning of necessary actions where required. At the same time, this process allows the monitoring of the effectiveness of measures already in place. Health and Safety matters are discussed during regular meetings at the Group’s management level. Specifically, an annual management review of the Health and Safety System is conducted, while relevant matters are also presented during operational safety meetings held quarterly, semi-annually and annually.
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At the same time, both the Group and its partners maintain a written occupational risk assessment study, identifying workplace risks and the required protective measures in accordance with applicable legal requirements and corporate obligations regarding workplace Health and Safety.
Health and Safety indicators
Within the framework of the Health and Safety Management System, the Group has developed indicators to monitor performance in matters related to employee health and safety. Through these indicators, areas requiring improvement and immediate intervention are identified, while the effectiveness of existing practices and measures already implemented is evaluated.
Risks related to injuries and harm in the workplace are identified and assessed in the occupational risk assessment study for each job position. This process is reviewed regularly in accordance with the applied risk management procedures. In addition, all work-related accidents are fully investigated, including analysis of their causes and the implementation of recommended measures to prevent future incidents.
B) Whistleblowing management
The Group provides a dedicated link and communication form under the “Whistleblowing” section of its corporate website, serving as separate communication channels to ensure the anonymity of the reporting individual. The Group has appointed a responsible executive (Risk and Compliance Officer) and a Whistleblowing Committee to monitor and effectively manage these matters. Further information regarding the complaint management process is presented in detail in the section ESRS S4 “Consumers and End-users” of this Sustainability Statement.
Violence and harassment
Any individual who believes that they have been subjected to violence and/or harassment, as well as any individual who becomes aware of incidents of violence and/or harassment, may immediately and without delay report or file a complaint regarding the incident to their supervisor, provided that the supervisor is not involved, in any way, in the reported incident. Supervisors who receive reports or complaints concerning incidents of violence and harassment are required to take immediate and appropriate measures to protect the affected individual and simultaneously report the matter in writing to the Human Resources Directorate. In cooperation with the Human Resources Department, supervisors may implement temporary measures until the investigation is completed, such as changing staff shifts, transferring the complainant to another department, enabling remote working arrangements, or granting paid leave.
Through the Human Resources Department, the Group promptly investigates complaints in an impartial manner, ensuring confidentiality and the protection of personal data, while maintaining anonymity where possible, unless disclosure is required for the purposes of the investigation or following intervention by a public authority. In all cases, the legal requirements regarding personal data protection, confidentiality and discretion are observed by all individuals involved in the process.
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The Group examines the individual alleged to have committed harassment, as well as any relevant documents or electronic communications. Upon completion of the investigation, the involved parties are informed of the results. If the complaints are substantiated, appropriate measures are taken against the accused, such as a compliance recommendation, change of position or working schedule, or even termination of the employment contract.
According to the Group’s policy, retaliation against individuals who submit complaints or reports regarding incidents of violence or harassment is not permitted. This policy is particularly important for strengthening trust in the reporting mechanisms and encouraging the active participation of the workforce in the process.
For 2025, no complaints related to incidents of violence or harassment were recorded within the Group, demonstrating the continued effectiveness of the protection policy and the culture of a safe and supportive working environment.
Compliance with legislation
The Group complies with the applicable legislative requirements and ensures that complaint procedures are transparent and reliable. Cooperation with public, administrative and judicial authorities in the investigation of complaints is fully ensured through the provision of the necessary data and information in accordance with personal data protection legislation (Law 4624/2019). The data collected during the investigation process comply with personal data protection and confidentiality requirements, ensuring the security of all parties involved.
[S1-4] Actions taken regarding material impacts on the own workforce and approaches to mitigate material risks and leverage opportunities related to the own workforce and the effectiveness of these actions
The Group is committed to effectively managing its financial and human resources, ensuring the maximum efficiency of its actions.
Α) Secure employment (ESRS S1-11)
The Group ensures safe and healthy working conditions, combined with competitive remuneration packages and voluntary benefits, while maintaining a low rate of involuntary turnover. This approach safeguards the stability and security of its workforce.
Employee Benefits
For example, benefits include:
•Private group health and life insurance
•Airline tickets for employees and their family members
•Preferential rates and discounts through an extended network of partners
•Performance-based bonuses
•Tablet, laptop, and mobile phone
•Meal vouchers
•Interest-free loans
•Annual comprehensive health check-up
•Pension plan
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•Company car
•Transportation for employees working at the Group’s headquarters
•Subsidized meals at on-site company restaurants
The above benefits are provided to permanent and fixed-term employees, both full-time and part-time, based on a range of criteria such as the employment area, the nature of the work, and the hierarchical level of the employee’s position. At the same time, the Group has established a variable remuneration system, which is determined according to employee performance criteria and the Group’s financial performance.
B) Health and Safety
Training Programs
Through the implementation of an ISO 45001:2018-certified occupational health and safety management system, the execution of training initiatives, and the systematic management and monitoring of incidents, the Group ensures the well-being and protection of its personnel.
The objective of these training programs is to cultivate a safety culture that engages all employees in creating and maintaining a safe working environment. This is achieved through continuous vigilance and active participation in identifying unsafe behaviors and working conditions, as well as communicating related risks.
The training program begins with an introductory briefing for new hires covering fundamental Health and Safety topics. This is followed by mandatory e-learning modules via a modern digital platform, providing detailed information about the Group’s Health and Safety system. Additionally, each employee participates in targeted and specialized training tailored to the responsibilities and risk level of their specific role.
As part of continuous development in Health and Safety training, two new mandatory Computer-Based Training (CBT) programs were introduced on First Aid and Fire Safety. These programs aim to strengthen employees’ knowledge, preparedness, and response capabilities in emergency situations.
Furthermore, a specialized training program was implemented for team leaders of aircraft maintenance engineers, in collaboration with specialized international partners. The program focused on reinforcing safety culture, proper use of personal protective equipment, risk assessment, and materials management.
In addition to Health and Safety training, the Group’s First Aid Team participates in training on First Aid and Cardiopulmonary Resuscitation (CPR) through the Red Cross program, including the use of automated external defibrillators.
The total hours of Health and Safety training in 2025 amounted to 4.011 hours (2024: 2.084 hours).
Health Support and Prevention
In 2025, an on-site Health Visitor/Nurse service was launched at the company premises within Athens International Airport. The daily presence of health personnel enhances employee support in first aid, medical advice, and incident management during working hours, contributing to the effective maintenance of health and safety for all
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employees. As part of corporate responsibility and preventive initiatives, AEGEAN actively participated in Breast Cancer Awareness Month (“Pink October”) by organizing an informational seminar in collaboration with the non-profit Scientific Mastology Society – Healing – Support (E.M.E.I.S.), raising employee awareness on prevention and early detection.
Employee Communication
Regular newsletters are published on the company portal to inform and raise awareness among employees on health matters (e.g., heatwave measures, seasonal flu, etc.).
Informative bulletins on Workplace Health and Safety were also issued, including details on first aid facilities and available health services. Emergency evacuation plans were updated across all company premises to ensure timely and safe evacuation in case of emergencies.
Safety Inspections and Infrastructure
Throughout 2025, systematic internal inspections were conducted across all company facilities to identify and correct potential deviations promptly, reinforcing a preventive safety culture.
Additionally, fully equipped safety stands were installed in aircraft maintenance areas, providing immediate access to first aid kits, safety instructions, and essential emergency information. These points serve as central safety hubs, consolidating critical guidelines and contact information for rapid incident response.
Blood Donation Initiatives
The Human Resources Department regularly organizes voluntary blood donation drives in collaboration with Agia Sofia Children’s Hospital, supporting the Group’s Blood Bank. In 2025, record participation was achieved, collecting 97 blood units in a single event and 177 in total. During 2025, 16 units were provided to employees or their relatives in need.
C) Employee Training
2025: €5.659 thousand total employee training expenditure
Onboarding New Employees
The Human Resources Department implements an induction program to facilitate the smooth integration of new hires and familiarize them with the Group’s main activities. The two-day program includes visits to the Technical Base and the Airport, along with introductions to colleagues across various departments. In 2025, the program was conducted six times, with over 62 employees participating.
Trainings Programs
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In 2025, cross-departmental workshops and training activities were conducted, including a voluntary storytelling skills workshop. Using modern digital tools, employees engaged in experiential learning with corporate values, creating podcasts and reels inspired by personal work experiences.
To support the expansion of AEGEAN Technics and the provision of aircraft maintenance services to third-party companies, a two-day training program on effective communication and cross-departmental collaboration was designed and delivered for 30 managers overseeing engineering teams and employees responsible for efficient human and material resource management. Participants were trained in collaboration tools, conflict resolution, and understanding diverse employee profiles.
In addition to live training, the Group enhanced technology use to deliver flexible, customized learning solutions. Training methods are selected collaboratively with supervisors, considering the specific requirements of each role, enabling employees to enhance existing skills or acquire new ones. Training programs are categorized by objectives: Technical Skills, People Skills, Microsoft 365, Leadership, Data Analytics & AI, Project Management.
Operational Division Training
Structured programs provide both theoretical and practical training, ensuring participants acquire the knowledge and skills necessary for their roles.
Cabin crew members undergo training before assuming their duties through a seven-week training program aimed at developing the knowledge and skills required to deliver innovative, high-quality service and hospitality. The training program covers a broad range of topics, including safety and emergency procedures, first aid and passenger service. Following the completion of the initial training, refresher and supplementary seminars and training sessions are conducted in order to strengthen technical skills and further develop competencies that contribute to ensuring an excellent passenger experience.
In addition, the Group collaborates with CAE, the world’s leading company in aviation training for pilots and cabin crew, for the operation and management of the first modern Flight Simulation and Crew Training Centre in Greece. The Centre provides training infrastructure for the Group’s employees as well as for third-party companies, contributing to the outward-looking development and progress of the country.
The Centre has infrastructure capable of supporting a total of seven flight simulators, as well as specialized equipment for cabin crew training. As of 2025, four simulators were already in operation, covering the training needs of both the Group and third-party airlines.
At the same time, the Call Center teams participate in a 32-day training program delivered through both in-person and remote learning. The program aims to train employees on the Group’s systems and policies through 216 hours of training, while ensuring the prompt and high-quality service of passengers through 60 hours of practical training on real calls. During the training program, employees are supported by trainers and experienced subject-matter experts, with the aim of ensuring an effective and constructive learning experience.
Airline Alliance Training
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Star Alliance provides key training on the airline alliance, inter-company collaboration, and offered services (e.g., lounge access, baggage priority, special fares).
Pilot Scholarship Pragram
The Group offers young people the opportunity to obtain a professional civil aviation pilot licence, enabling them to start their careers as future aircraft captains in the fleets of AEGEAN and Olympic Air.
The training program lasts 17 to 19 months, and the Group covers approximately 50% of the training cost, in order to provide young people who are passionate about aviation with the opportunity to pursue their career aspirations. The program includes both theoretical and flight training, conducted on aircraft and flight simulators at selected training schools. In addition, the Group has offered its employees the opportunity to participate in the Pilot Scholarship Program, covering the full cost of tuition.
The program was launched in 2018 with 117 scholarship recipients. The second cycle of the three-year program, covering 120 scholarship recipients (40 per year), started in 2022. In 2025, the third cycle was announced, providing an additional 120 scholarships over a three-year period. To date, 126 pilots have gradually joined the Group’s workforce.
Aircraft Engineer Scholarship Program
The Group designed a scholarship program for prospective aircraft engineers in order to provide young people with the opportunity to obtain a Category B1.1 professional licence (Part-66 Aircraft Maintenance License). The program has a duration of 24 months and is implemented in cooperation with the internationally recognised and certified Olympic Air Maintenance Training Organization, the engineering training school of Olympic Air. At the same time, it contributes to creating the necessary conditions for the development of the aviation sector in Greece by investing in human capital and technical expertise. The Group covers a significant portion of the training costs and additionally ensures the start of the scholars’ professional careers, as they begin their professional activities at the Group’s Technical Base as members of its workforce. Over the past three years, since October 2022, four aircraft engineer scholarship programmes have been announced, benefiting a total of 106 scholarship recipients.
Cross-Department Leadership Development Program
Within the framework of the long-term leadership skills development programme launched in 2023, which aims to strengthen the capabilities of managers leading teams and to establish a common leadership model, a two-day refresher training programme titled “YouLead Refresh” was designed and implemented in 2025.
This initiative provided 239 managers with the opportunity to receive training in key tools and methodologies for effective leadership.
The experiential and collaborative nature of the programme was reinforced through simulation and role-playing exercises, aligned with the Company’s corporate culture, promoting active participation and the development of skills in conditions that reflect real working environments. In addition, within the framework of the programme, the new leadership principles were presented for the first time. These principles were developed as a result of the
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workshops conducted during the first cycle of the “YouLead” programme and combine the training tools with the Company’s corporate values, strengthening coherence and strategic alignment of leadership behaviours across the organisation.
D) Employability Enhancement
University Partnerships
The Group supports the development of undergraduate and postgraduate students through initiatives that foster innovative and forward-thinking approaches, preparing them for the evolving world of work. In 2025, collaboration continued with the Athens University of Economics and Business and its Master’s program in Management Science and Technology. Students worked with real data from the Group’s operations as part of their coursework, conducting research and developing projects. At the conclusion of the collaboration, students visited the Group’s facilities to learn about its activities and present their work to university professors and company staff from the Digital Marketing and Revenue Management departments. During the presentations, students received feedback on their ideas, methodology, and approach.
The Group’s collaboration with the Athens University of Economics and Business was further strengthened through the signing of a Memorandum of Understanding (MoU) aimed at designing initiatives and projects that promote shared goals and mutual benefit. As part of this effort, the Group inaugurated the partnership with a visit to the University’s facilities to meet students and faculty members, reinforcing connections with the academic community and supporting the promotion of learning and development opportunities.
Partnerships with Non-Profit Organizations
The Group continues its collaboration with ReGeneration, a paid employment and youth development program. The program aims to address youth unemployment and brain drain, targeting graduates up to 29 years old with limited professional experience. In 2025, Group executives participated as evaluators for the fifth consecutive year, supporting the integration of young people into the labor market.
Additionally, the Group took part in various events organized by universities and institutions aimed at supporting young people in their professional development and enhancing youth employability. Representatives from the Human Resources Department met with students and recent graduates to discuss their career expectations and how these could be realized within the Group. They also provided essential guidance on the early stages of their professional journey.
The most significant participations in such events included:
1)University and Organizational Career Days
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These events, organized annually by University Career Services, serve as a bridge between students/graduates and the business world, allowing participants from various disciplines to connect with employers. For this purpose, the Group collaborated with the following universities:
•Athens University of Economics and Business
•University of Patras
•American College of Greece
•National Technical University of Athens (NTUA)
•University of Piraeus
•National and Kapodistrian University of Athens
•University of Ioannina
•University of Crete
•Aristotle University of Thessaloniki
2)15th Entrepreneurship & Career Panorama
The Entrepreneurship Panorama represents one of the most important opportunities for connecting young professionals, graduates, and students with the business world. The Group participated again in 2025, welcoming young attendees and discussing available career opportunities, goals, and professional aspirations. Additionally, practical guidance was provided on creating a complete and professional CV, managing one’s digital presence on social media responsibly and strategically, and understanding the requirements of the modern work environment. Group representatives also presented the company’s activities and career development prospects and participated in a themed panel titled “Gen Z vs. HR: Opponents or Allies in the Workplace?”, contributing to the public discussion on emerging trends and challenges in the labor market. DYPA Career Day – Stuttgart ,The Group supported the fourth international “Career Day,” organized by the Public Employment Service (DYPA) in collaboration with the Ministry of Labour and Social Affairs and the Ministry of Foreign Affairs. The event took place in Stuttgart, Germany, and was highly successful. Representatives from the Human Resources Department had the opportunity to engage with skilled professionals residing in Germany who were interested in returning to Greece. Through targeted discussions, available job openings and career development opportunities within the Group were presented, strengthening the connection with Greek professional talent abroad.
3)Rebrain Greece -New York
The Group participated in the Rebrain Greece program organized by the Ministry of Labour, which took place in New York. Company representatives had the opportunity to meet with Greeks working in the United States who were considering returning to Greece. During these meetings, available job positions, key areas of activity within AEGEAN, and career development prospects within the company were presented.
4)Internship Programs
The Group maintains consistent collaboration with educational institutions, offering students and young professionals the opportunity to enter the labor market through internship programs across various departments of the organization. During their internships, participants gain meaningful work experience, enhance their skills, and contribute new ideas to the Group’s development. Upon completion of the internship, opportunities are also
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offered for permanent positions, supporting the development of a sustainable and dynamic talent pipeline for the organization. In 2025, 20 students began their internships with the Group.
5)AEGEAN: Ranked Fifth Most Attractive Employer in Greece – Randstad Employer Brand 2025
In 2025, AEGEAN was recognized as the fifth most attractive company to work for in Greece, according to the independent Randstad Employer Brand Research 2025. This distinction, based on the evaluations and votes of 3.500 participants, confirms the company’s ongoing commitment to creating a modern, safe, and supportive work environment.
The survey reflects the real priorities of employees and highlights the Group’s continuous efforts to foster a workplace that promotes resilience, strengthens corporate culture, and cultivates a shared vision for the future. This recognition serves as validation of the Group’s strategy for attracting, developing, and retaining talent, while contributing to its sustainable growth.
E) Career Development
Internal Staffing Process
The Group announces job openings through its internal online platform, weinaegean, providing employees with the opportunity to advance their careers through internal mobility. Employees who wish to acquire new skills or progress professionally can apply for the internally available positions. If selected, they have the opportunity to take on a new role within the company. Through this process, the Group strengthens employee skill development while ensuring the retention of capable personnel. In 2025, 45 new internal positions were announced.
F) Skills Development
The Group consistently invests in upskilling its employees and developing new skills (reskilling) through educational programs, systematic performance evaluation, and the creation of individualized development and improvement plans.
Development & Assessment Centers
The use of specialized development and assessment centers contributes to identifying the potential of the workforce and supports their professional growth. This process allows for the evaluation of candidates’ readiness for positions of increased responsibility or leadership roles. In 2025, nine assessment centers were conducted, with a total of 50 employees participating. These employees had the opportunity to compete for new roles, assess the skills that provide them with a competitive advantage, and identify areas for further development.
Performance Management
The performance management system aims to support the continuous development of employees, helping them understand the company’s strategic plans, receive constructive feedback, and develop skills and knowledge. Corporate strategy is translated into specific, measurable objectives (Business Objectives) according to the
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responsibilities of each employee’s role. These objectives, together with competencies, are evaluated annually as well as mid-year.
The annual evaluation is conducted using merit-based and objective criteria, recognizing strengths and areas for further development through individualized development plans. Unit leaders receive training on the employee performance management process to ensure fair evaluation for all employees. In 2025, 27 managers assuming team leadership responsibilities for the first time completed the relevant training.
Performance management results are reviewed annually with senior management to align the human resources culture and strategy with the Group’s strategic objectives.
Key Performance Indicators and Targets
[S1-5] Targets Related to the Management of Significant Adverse Impacts, Promotion of Positive Impacts, and Management of Material Risks and Opportunities
For the reporting year 2025, the Group has set the following targets, reflecting its commitment to the continuous improvement of employee health and safety, as well as the maintenance of structured processes for evaluating and monitoring the performance of its personnel.
Sustainability Targets:
•Achieve zero work-related fatalities annually
•Achieve zero serious work-related injuries annually
•Maintain an annual evaluation rate of administrative employees above 90%
•Annual distribution of training material on anti-corruption and anti-bribery topics to all employees.
The number of work-related fatalities refers to fatal work-related injuries. The number of serious work-related injuries refers to severe work-related injuries, i.e., work-related incidents with significant consequences such as permanent disability, amputation, or long-term incapacity. This classification reflects an internal severity assessment of work-related injuries based on risk assessment.
It should also be noted that all employees with more than six (6) months of continuous employment with the Company are considered eligible to participate in the annual performance evaluation process. Cabin and cockpit crew are excluded from this process, as they are subject to a separate evaluation and feedback system combined with ongoing training, which is required to meet the necessary conditions for performing their duties consistently and at a high level of competence, taking into account the specific nature of their work environment.
[S1-6] Employee Characteristics of the Company
Number of employees by gender

Gender | Headcount Weighted Average
2025 | 2024
Male | 1.738 | 1.542

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Female | 2.067 | 1.953
Total number of employees | 3.805 | 3.495

Number of Employees by geographic region

Country | Headcount Weighted Average
2025 | 2024
Greece | 3.719 | 3.432
Other countries | 86 | 63
Total number of employees | 3.805 | 3.495

Number of Employees by geographic region, by type of contract and by gender

| 2025 | 2024
| Male | Female | Total | Male | Female | Total
Greece |  |  |  |  |  |
Total number of employees | 1.694 | 2.025 | 3.719 | 1.518 | 1.914 | 3.432
Employees under a permanent contract | 1.462 | 1.195 | 2.657 | 1.308 | 1.087 | 2.395
Employees under a fixed-term contract (total employees) | 232 | 830 | 1.062 | 210 | 827 | 1.037
Non-guaranteed hours employees (total employees) | 0 | 0 | 0 | 0 | 0 | 0
Full-time employees (total employees) | 1.690 | 1.994 | 3.684 | 1.505 | 1.867 | 3.372
Part-time employees (total employees) | 0 | 35 | 35 | 13 | 47 | 60
Other Countries |  |  |  |  |  |
Total number of employees | 44 | 42 | 86 | 24 | 39 | 63
Employees under a permanent contract | 35 | 30 | 65 | 24 | 39 | 63
Employees under a fixed-term contract (total employees) | 8 | 13 | 21 | 0 | 0 | 0
Non-guaranteed hours employees (total employees) | 0 | 0 | 0 | 0 | 0 | 0
Full-time employees (total employees) | 44 | 42 | 86 | 24 | 39 | 63
Part-time employees (total employees) | 0 | 0 | 0 | 0 | 0 | 0

| 2025 | 2024
Percentage (%) of female employees | 54,32% | 55,88%

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| 2025 | 2024
Percentage of female employees in managerial positions | 36,04% | 34,41%

The percentage of female employees in managerial positions for the previous year has been restated due to a change in the calculation methodology. Specifically, in 2024 the relevant indicator was calculated based on the top 10% of the highest-paid employees, whereas for 2025 the indicator is calculated based on the total number of employees in managerial positions.
Number of employees who left the Group and employee turnover rate

| 2025 | 2024
Total number of employees who left the Group | 1.343 | 1.125
Employee turnover rate (%) | 35,94% | 32,73%
Voluntary employee turnover rate | 10,97% | 7,65%
Non - voluntary employee turnover rate | 0,72% | 0,32%
Employee turnover rate due to fixed term contract termination (%) | 24,24% | 24,53%

The “Number of employees who left” was calculated taking into account the following:
•The total number of employees who voluntarily resigned from the organization
•The total number of employees whose employment ended due to contract termination
•The total number of employees who left the organization due to retirement
•The total number of employees whose fixed-term contracts expired
Employee turnover rates were calculated by dividing the “Number of employees who left” by the average number of employees for the corresponding year.
The numerical data were derived from calculations performed by the Group’s Human Resources Department, which follows the relevant national legislation, and are not externally verified. The number of employees and related data were calculated based on the weighted average throughout the reporting period, using the headcount methodology.
[S1-8] Collective labor agreements

| 2025 | 2024
Total number of employees covered by the National General Collective Agreement | 3.585 | 3.432
Percentage of employees covered by the National General Collective Agreement | 100% | 100%

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[S1-13] Training and Skills Development Indicators

| 2025 | 2024
| Male | Female | Male | Female
Number of regular assessments per employee | 1 | 1 | 1 | 1
Percentage of regular assessments across all employees | 97% | 98% | 97% | 96%

| 2025 | 2024
| Male | Female | Male | Female
Average training hours per employee | 72 | 84 | 47 | 49
Average training hours per employee – Top Management | 27 | 18 | 29 | 29
Average training hours per employee – Middle Management | 38 | 25 | 35 | 32
Average training hours per employee – Other Employees | 75 | 86 | 48 | 49

[S1-14] Health and Safety Performance Indicators
The following health and safety performance indicators of the Group are certified by TÜV Austria, an independent and accredited certification body, during external audits conducted according to the ISO 45001 methodology for occupational health and safety management systems.
These indicators are used to monitor the effectiveness of the Group’s health and safety management, ensure compliance with applicable regulations, and support continuous improvement in workplace safety and employee well-being.

| 2025 | 2024
Number of Group employees covered by a health and safety system | 3.671 | 3.495
Percentage of Group employees covered by a health and safety system | 100% | 100%
Number of employee fatalities within the Group as a result of work - related injuries and health issues | 0 | 0
Number of recordable work-related accidents -own workforce | 39 | 39
Recordable work-related accidents (rate) – own workforce | 5% | 5%
Number of cases of recordable work-related ill health with regard to employees | Information not available | Information not available

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Note: The Recorded Work-Related Injury Rate for employees is calculated per 1,000,000 working hours ([Total number of recorded work-related injuries or total number of workdays lost due to work-related injuries/ Total number of hours worked by all employees per year] *1.000.000).
This includes the number of days lost due to work-related injuries, health issues, or fatalities resulting from work-related accidents.

| 2025 | 2024
Number of lost workdays as a result of work - related injuries and work-related ill health | 573 | 265
Number of lost workdays due to fatalities as a result of work-related accidents | 0 | 0
Number of lost workdays due to fatalities from health-related issues. | 0 | 0

[S1-16] Gender Pay Gap

| 2025 | 2024
Gender pay gap in the organization (%) | 38,5% | 48,7%

To calculate the gender pay gap within the organization, the Group computed the difference between the average gross hourly wage of men and the average gross hourly wage of women, divided by the average gross hourly wage of men.
The observed pay difference between genders is largely influenced by the composition of the flight personnel, which predominantly consists of male pilots, while cabin crew positions are primarily occupied by female flight attendants. This represents a recognized challenge that characterizes the global aviation sector.
Women’s Participation in Technical Roles

| 2025 | 2024
Female engineers (headcount 31.12) | 19 | 16
Female pilots (headcount 31.12) | 27 | 21

[S1-17] Incidents, Complaints, and Severe Impacts in the Field of Human Rights

| 2025 | 2024
Total number of reported discrimination incidents, including harassment | 0 | 0

[S1-17] Number of Complaints Submitted Through Employee Channels (Including Grievance Mechanisms) and number of Complaints Submitted to the OECD National Contact Points for Multinational Enterprises
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| 2025 | 2024
Number of complaints submitted through communication channels | 0 | 2
Number of complaints submitted to the National Contact Points for OECD Multinational Enterprises | 0 | 0

[S1-17] Total Amount of Fines, Penalties, and Compensation Arising from Reported Incidents and Complaints

| 2025 | 2024
Total amount of fines, penalties, and compensations | 0 | 0

For 2025, no incidents have been recorded within the Group’s workforce related to human rights. The above measurement indicators are based on accurate internal data recorded by the Group’s Human Resources department and have not been externally assured.
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ESRS S4 Consumers and end users
The Group continuously invests in developing its network to strengthen the country's connectivity, serving domestic and international destinations. Through an extensive range of partnerships with other airlines and alliances, the Group consistently expands travel options for passengers.
Strategy
[SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model
At ESRS 2 SBM-2 "Interests and views of stakeholders", there is a description of how consumers' and end-users' interests, views and rights, as well as respect for their human rights, affect the Group's strategy and business model.
Types of consumers and end-users
The Group's activities affect directly or indirectly consumers and end-users through the existing services and partnerships. The Group's downstream value chain includes the overall passenger base.
Key passenger groups include:
•Short- or medium-haul passengers
•Business or economy class passengers
•Passengers traveling for business or leisure purposes
•Students
•Families
The Double Materiality Assessment identified the following material actual positive impacts the Group creates for its passengers.

Impacts
Sub-topic | Description | Type | Value chain | Time-horizon
Social inclusion of consumers and/or end-users | Non-discrimination in service delivery ensures inclusivity, removing barriers that could limit access for specific passenger groups. | Positive, Actual | Own operations, Downstream |
Personal safety of consumers and/or end-users | Passenger health, safety, and security are prioritized through continuous Safety Management System improvements. The Group operates in full compliance to international regulatory requirements set by ICAO (International Civil Aviation Organization) to ensure minimal accident risk. | Positive, Actual | Own operations, Downstream | Current year
Social inclusion of consumers and/or end-users | The Group generates an ongoing positive impact through continuous service improvement, as reflected in customer satisfaction surveys. | Positive, Actual | Own operations, Downstream |

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Impacts
Sub-topic | Description | Type | Value chain | Time-horizon
Social inclusion of consumers and/or end-users | Non-discrimination in service delivery ensures inclusivity, removing barriers that could limit access for specific passenger groups. | Positive, Actual | Own operations, Downstream |
Personal safety of consumers and/or end-users | Passenger health, safety, and security are prioritized through continuous Safety Management System improvements. The Group operates in full compliance to international regulatory requirements set by ICAO (International Civil Aviation Organization) to ensure minimal accident risk. | Positive, Actual | Own operations, Downstream | Current year
Social inclusion of consumers and/or end-users | The Group generates an ongoing positive impact through continuous service improvement, as reflected in customer satisfaction surveys. | Positive, Actual | Own operations, Downstream |

These actual positive impacts on passengers are directly connected to the Group's strategy and business model, as reflected in the overall value creation framework. Specifically, the core components of the business model such as risk management, regular audits, and ongoing personnel training, contribute to reduced accident risks and ensure high safety standards for passengers.
The Group is committed to providing equal and unobstructed access to its services for all, without any discrimination, as a result of its corporate values and social responsibility strategy. Moreover, increased service quality through investments in technology and innovation is a key lever of the business model that fosters passenger trust and upgrades overall travel experience.
[S4-1] Policies related to consumers and end-users
The Group conducts market research and supports various communication channels with its passengers in order to receive feedback and better understand their needs and priorities, therefore adapting its policies accordingly.
Health and Safety
Flight safety and operational continuity are core priorities for the Group, shaping and guiding all aspects of its operations.
This approach is reflected in the Safety and Quality Policy, which reflects Management’s commitment to ensure high standards of safety, quality, and regulatory compliance across all organizational functions. The Policy establishes a structured framework for systematically identifying risks related to flight and ground operations, technical activities, aircraft maintenance, and training. It also defines the risk management framework, ensuring a clear allocation of roles and responsibilities among personnel and supporting the consistent and safe execution of all operations. The Policy is approved by the Accountable Manager and communicated throughout the Group via the relevant manuals and the internal intranet.
Within the framework of applicable legislative and regulatory requirements, as established through the European Aviation Safety Agency (EASA), guidelines issued by the Hellenic Civil Aviation Authority (HCAA), standards and recommended practices issued by IOSA (IATA Operational Safety Audit), and any additional requirements, the Group has established and implements a Quality Management System (QMS). All relevant requirements are documented in the Company’s manuals and procedures, which form an integral part of its Management System. The Quality Unit ensures compliance with all the above through inspections conducted by appropriately trained internal and external auditors specializing in their respective areas of responsibility. Through this process, areas requiring improvement are identified, and potential risks within the Group’s operational departments are detected and addressed in a timely manner.
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The timely anticipation, identification, and assessment of potential safety occurrences is achieved through procedures involving the systematic analysis of the Group’s operational activities. The methodology is based on regular meetings of the responsible departments, analysis of data derived from the occurrence reporting system, monitoring of flight data (Flight Data Monitoring – FDM), and the continuous evaluation of trends identified through the collected data.
To ensure high safety levels in the Group's operational functions, the Group has established a set of principles, frameworks, procedures, and measures based on a clear organizational structure and defined responsibilities, among other elements. The Accountable Manager is responsible for establishing, supporting, and maintaining the effective operation of the Safety Management System. Department Directors ensure they implement, maintain, and comply with Safety Management System procedures. Each employee also bears responsibility to contribute to safety performance by taking compliance with safety rules and the organization's flight safety seriously. Safety training ensures personnel are capable of performing safety management duties according to applicable regulations. Training adapts according to each group's responsibility and participation in the Safety Management System.
Within the Safety Management System framework, the Group also implements an Occurrence Reporting System. Reporting can be done electronically or physically (standardized forms available to flight operations employees in crew rooms and technical department employees). The safety management team collects, analyzes, and evaluates safety occurrence information.
All employees in the Group's operational areas- specifically Flight Operations, Ground Operations, and Technical Division-can submit reports, and the Group informs them about management methods through relevant training. Simultaneously, the Group's encourages its employees to report operational risks without assigning blame.
Food Safety and Hygiene Standards
As part of the strategy to enhance service quality and safety, the Group implements a Food Safety Management System compliant with ISO 22000:2018 at the Extra Schengen CIP Lounge (Business Class Passenger Lounge in the Extra Schengen area) at Athens International Airport. The Lounge is certified to ISO 22000:2018, confirming compliance with the strictest international food safety and hygiene standards. This system ensures proper implementation of control procedures at all food management stages, from sourcing and preparation to serving passengers, thus aiming to maximize health protection and provide uninterrupted high-quality services.
Additionally, modern equipment and digital monitoring tools support operations, contributing to precise recording and evaluation of critical safety parameters while enhancing process reliability and effectiveness. Throughout 2025, the Group continued actively monitoring, evaluating, and continuously improving processes governing the system through regular inspections, staff training, and implementing corrective actions where required. These actions enhance operational effectiveness and confirm the commitment to continuous compliance with standard requirements. The Food Safety Management System serves as a fundamental pillar of Lounge operations and contributes decisively to ensuring quality, reliability, and consistency of provided services, strengthening passenger trust.
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Protection and respect for human rights
The respect and protection of Human Rights constitute fundamental values of the Group and are reflected in every aspect of its operation. The Group complies to the Greek and European legislation, as well as to international human rights conventions for employees, passengers and associates, promoting transparency, equality and fair treatment. In this context, the Group complies with and operates under Regulation 1107/2006 of the European Parliament and Council of July 5th, 2006, regarding the rights of persons with disabilities and persons with reduced mobility when traveling by air. The Group, in order to meet the transportation needs of passengers with disabilities and/or reduced mobility, designed its services with a great sense of responsibility and care, aiming to provide fairness and convenience in their travel. The terms of the World Content Accessibility Guidelines (WCAG) 2.0 level AA apply to the corporate website, enabling people with reduced mobility and vision to have easy access to it. This is a series of recommendations for more easy access to web content, mainly to people with disabilities and concerns specific criteria that help people with different types of disabilities, such as, reduced hearing/deafness, reduced vision/blindness, learning difficulties, speech difficulties, limited mobility and photosensitivity, to navigate more easily through the content of the website they are interested in. The Group focuses on mobility and visual impairments, ensuring that all sections of the corporate website to be easily accessible through keyboard and screen readers.
Complaint and whistleblowing management
The Group has developed and established a Complaints Management Policy aiming to improve the service offering and manage in the most effective way the complaints of its customers. The Policy purpose is to provide clear and specific guidelines for complaint handling and refers to the use of expected standards and employee behavior while providing the relevant service. Policy implementation ensures that the Group complies with Regulation 679/2016 on Personal Data Protection and all the incoming complaints through the official channels of communication with the Group, are handled through a fair, confidential and efficient procedure. The Group manages all complaints equally, regardless of gender, orientation, race, physical condition, religion, or age.
The Policy applies to all Group passengers and is published on the corporate website under
Corporate Governance
– Codes and Policies
. Any employee participating in managing a complaint does not participate in the investigation process when there is conflict of interest. The Board of Directors, the Management and the employees acknowledge the right of passengers to file a complaint and are committed to the efficient and fair resolution of complaints or problems that may arise from the services provided by the Group.
The Group records and analyzes complaints regularly to identify erroneous procedures, prevent recurring omissions, and generally improve processes.
The Group has also established a Whistleblowing Policy, which defines the framework, principles, and procedures governing whistleblowing management. The policy aims to describe how the Group receives, evaluates, and investigates reports-anonymous or signed -concerning serious violations, irregularities, or offenses brought to the attention of employees, customers, suppliers, and Board members. Within the whistleblowing policy framework, the Group ensures the anonymity of any report for reporting incidents that endanger or violate fundamental Human Rights principles.
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The Whistleblowing Committee is immediately informed about all submitted disclosures/reports by the Risk Management and Regulatory Compliance Officer. The Committee conducts an initial assessment of disclosures/reports and subsequently assigns further investigation to the Internal Audit Unit, while in every case the Audit Committee is informed on a quarterly basis and subsequently informs the Board of Directors. The Chief Executive Officer is responsible for ensuring that all disclosures are treated fairly, thoroughly, and in accordance with the policy. According to Law 4990/2022, regardless of the report's content, there is an obligation to inform the whistleblower about receipt of the report within seven (7) days.
The Policy is posted on the corporate website under
Corporate Governance – Codes and Policies
and falls under the provisions of European Directive 2019/1937.
Personal Data Protection
Within the framework of secure and responsible communication with passengers, the Group ensures the protection of personal data by implementing comprehensive safeguards and structured procedures which include, among others, the effective management of data breach incidents, data retention and secure disposal of records, as well as controls that ensure the secure day-to-day handling of information within the workplace. These practices are supported by relevant guidance policies, such as the Data Breach Policy and the Data Retention Policy, which are published on the corporate website under "Corporate Governance – Personal Data Protection." Regarding data breach incidents, the Group implements defined procedures for properly using information systems and critical technologies by all employees, third parties, and contractors. It should also be noted that the Group examines each incident on a case-by-case basis. If suspicion of a data breach exists, any employee who becomes aware of it informs the Data Protection Officer (DPO). After examining whether a personal data breach has occurred, the DPO assigns a responsible officer to manage the breach. The DPO provides periodic updates to the Chief Executive Officer which were deemed appropriate. The relevant procedures comply with European Regulation 679/2016.
Further to that, the Group applies practices ensuring that the Group's files and data are adequately protected and retained, and that files no longer needed by the Group or lacking value are discarded at the appropriate time. This policy applies to all physical files created by the Group's operations, including both original documents and reproductions. It also applies to electronic documents. It does not apply to third parties, as they are responsible for their own retention policies. The data retention policy aligns with the EU General Data Protection Regulation ("GDPR"), Greek legislation on personal data protection, as well as any derivative law/opinions/decisions issued by the Hellenic Data Protection Authority ("HDPA").
[S4-2] Processes for engaging with consumers and end-users about impacts
The Group receives passenger feedback by using various communication channels such as:
•The Contact Center
•Mobile apps
•Market research
•Social media
•The Corporate Website
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Market research
The Group conducts qualitative and quantitative market research in collaboration with independent research companies, to design and offer products and services that effectively and consistently serve passengers’ needs.
Quantitative research highlights market trends, while qualitative surveys help the Group understand how to adapt and evolve its services to respond to passengers’ needs. Through specific research tools, the Group records the views and expectations of passengers and identifies the characteristics of the services that best meet their needs across all travel stages, starting from travel planning and ticket reservation/issuing, to ground on board and post flight services. Both types of research contribute to identifying the evolving needs of different passenger groups (e.g., families, business travelers, students, frequent flyers, etc.). and design short-term and long-term actions to improve the services the Group offers. Indicatively, both "AEGEAN Pass" and "genAIRation AEGEAN" products/services were based on passenger research.
More information about how passengers engage with the Group is provided in subsection SBM-2 Interests and views of stakeholders in the ESRS 2 section.
[S4-3] Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
The Group operates responsibly when interacting with its customers and has developed a comprehensive framework to prevent and remediate any potential negative impact that may arise during this interaction.
Channels for raising concerns and complaints
Complaint Submission Channels
According to the Complaints Policy, the Group, through the passenger complaints management continuously improves the services it provides.
•Corporate website
The corporate website is a communication channel for external parties through which users can complete an electronic contact form, submit questions, send greeting messages, or express complaints regarding their ticket booking, flight, baggage handling, connecting flights, airport services, etc. Additionally, through the website, users can contact the Call Center and express their comments/complaints.
•Social media
External stakeholders can submit on the Group's social media platforms inquiries and complaints, and in general any question of their concern. There is a dedicated department to handle the reports received from the social media channel.
•Baggage Tracing and Management Department
External stakeholders can submit questions or any request regarding baggage policy, transportation of special baggage, damaged baggage repair or compensation, and in general any matter concerning baggage management. The department for baggage handling is exclusively dedicated to managing baggage reports.
Additionally, the "Central baggage tracing" service of the specific department resumes the search for lost baggage, when the baggage cannot be traced through the initial airport procedures.
•In-flight
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Cabin crew is equipped with tablets to record any issues, complaints and suggestions from passengers, that may arise on board. The reports are forwarded simultaneously through a “smart” electronic application to the relevant Company departments, so as to provide immediate notification and efficient response to passengers’ needs. Upon landing, the Customer Relations Department contacts passengers to provide updates and useful instructions (i.e., delays in baggage delivery). Alternatively, passengers can submit complaints and suggestions by filling in a printed form during the flight.
Whistleblowing channel
The Group has established whistleblowing communication channels according to European Directive 2019/1937 on protecting people who report breaches of Union law and fully comply with Laws 4706/2020 & 4990/2022 regarding anonymity and independence of the whistleblowing manager. Within this framework, the Group provides a relevant link and contact form in the "Whistleblowing Management" section within the corporate website as distinct communication channels to ensure the anonymity of the reporter/whistleblower (from any internal or external stakeholder), while it has appointed a responsible officer (Risk and Compliance Officer) and a whistleblowing committee to monitor and effectively manage these matters.
Processes for continuously improving passenger experience
Managing passenger feedback
The Group addresses matters concerning passengers in a timely and effective manner, continuously adapting its processes and practices to enhance the overall travel experience. Through analyzing complaints, delays, service problems, and other emerging issues, the Group adapts its operations, implements new technologies, and strengthens personnel training, thereby ensuring high satisfaction levels for passengers.
The Group invests in digital solutions, automated service systems, and more flexible policies to manage crises, respond to passenger needs, and strengthen its relationship of trust with them. In this way, the Group not only addresses the challenges of daily operations but also builds a dynamic and customer-centric culture that differentiates it in the competitive air transport sector.
More specifically, the Contact Center, through an internal information management system, aggregates all incoming communications and reports (comments, inquiries, complaints, information) from the corporate website's electronic communication form, from social media, and on board forms. Subsequently, the Contact Center creates a unified report on the number and categories of communication, as well as the course of action for their resolution. Through this report the Chief Executive Officer and senior executives of the departments responsible are informed on a weekly basis. For any issues categorized as significant, the Contact Center informs Senior Management whenever necessary about developments and how the Group is managing them.
By adopting and implementing the above procedures to protect people who use the available communication channels, the Group ensures that those who express complaints, concerns, or reports through these structures are fully protected from any form of retaliation or negative treatment. Simultaneously, the Group commits to handling all reports with absolute transparency, integrity, and confidentiality, strengthening passenger and external parties' trust in it.
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Compliance and personal data management
Personal data protection is a legal obligation for the Group, as well as a cornerstone of the relation with its customers in terms of trust. The Group collects and processes personal data lawfully, respecting the rules of privacy of confidentiality and therefore maintains:
A platform for the management and monitoring of IT systems and databases related to the protection of personal data. Established communication channels regarding personal data protection issues. The Audit Committee is informed always and respectively will inform the Board of Directors.
Employees have been informed about the Company's personal data protection practices through relevant training and daily tasks, ensuring that personal data is processed with particular care and confidentiality. In 2025, the Data Protection Department completed:
•An update of the data processing record in accordance with Article 30 of the European Regulation.
•Additional training cycles for employees on personal data protection matters.
•Monitoring of the effectiveness of the relevant technical measures and security safeguards through audit for more than thirty (30) providers and partners.
As a large percentage of direct sales originate from the internet, the Group has invested in mechanisms and systems that enhance personal data confidentiality and protect transactions. The Fraud Prevention Department has been operating since 2008, aiming to detect and investigate suspicious transactions as well as prevent fraud. Under the Fraud Prevention Department operates the Loyalty Fraud Prevention, aiming to protect Miles+Bonus, Company’s reward program, from any unlawful action. The Group fully complies with the PCI-DSS (Payment Card Industry Data Security Standard) for secure payment processing.
[S4-4] Taking action on material impacts, and approaches to mitigating material risks and pursuing material opportunities related to consumers and end-users and effectiveness of those actions and approaches
The Group, through its development and increased operation, carries a greater number of passengers every year. As a result, the number of incoming calls and communications for passenger issues increases proportionally. The Group invests in employee training and use of new technologies and innovative tools which can support a greater volume of information, leading to more efficient operation of the relevant departments.
Significant actions to ensure a more efficient operation of passenger service departments included the following:
•The integration of the Call Center with the Customer Service, Social Media Support, and Baggage Claim and Tracing functions resulted in the establishment of the Contact Center, with the shared objective of enhancing passenger service and improving access to information. As part of this transition, all teams operate within a common software environment supported by improved digital applications, enabling timely and efficient customer support and facilitating the faster handling of requests.
•Creation of a new team, the Support Specialist Live, which aims to provide support and resolve technical issues for all the above teams, ensuring smooth operation and better passenger service.
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•The development of a specially designed application through which the Customer Care Center allows passengers to submit their personal and flight-related information in a simple and efficient manner, facilitating the immediate forwarding of requests to the Customer Relations Department and ensuring the prompt handling and swift resolution of passenger inquiries and claims. Through the application, the Customer Care Center proactively informs passengers of any flight changes (such as delays, cancellations, or schedule modifications) via push notifications or email alerts. In addition, passengers will receive clear guidance regarding their rights to compensation in accordance with Regulation (EC) No 261.
•Development of an innovative application, accessible to employees and external partners, regarding baggage loss and/or damage. The application contributes significantly to improved internal communication and accelerates the process of managing related cases, offering passengers improved customer experience. The specific application is constantly updated aiming for better management results by all parties involved such as airports and ground handling companies.
•Furthermore, the Group has developed another specialized application which is activated in cases of delayed baggage delivery. When baggage is lost and the search continues after the 6th day, the Group sends the passenger a relevant link through which they can check photographs of baggage that has been located without identification tags and is in the baggage management department. Passengers can confirm whether any of these bags are similar to the characteristics of their own baggage. Subsequently, the Group verifies the declared information and, if a match is found, enables immediate location and fast delivery of the baggage to its owner.
Product and service design
The Commercial Department is responsible for designing, implementing, and communicating the Group’s products and services to passengers, for all stages of their travel experience. The Group supports continuous investment in innovative services and products that contribute to improved travel experience and respond to passengers’ needs and expectations.
During 2025, the Group’s new services included the following:
•Connecting passengers through Athens International Airport
The Group upgraded the experience for passengers with connecting flights at Athens International Airport through services that facilitate their connections. This includes, among other things, a renewed website with all necessary information for connections, easy access to updated flight information through the Inflight Entertainment system, and a digital airport map in the AEGEAN app to facilitate passenger navigation.
•AEGEAN Gift Card
A gift card service for flights on the AEGEAN and Olympic Air network, with a simple redemption process, personalization options, and easy use for future travel.
Since 2023, the Customer Experience department has evaluated results from targeted research concerning connecting passengers, families, and passengers with pets to better understand their needs. The process includes, among other things, experiential simulation techniques where Group executives experience the passenger journey.
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The Group also applies techniques such as customer journey mapping to analyze each service and product. Through these methodologies, the Group identifies weaknesses in service offering and areas for improvement.
Throughout 2025, the Customer Experience department implemented actions to upgrade and redesign services related to the above experiences, to further enhance the quality of the overall travel experience.
Additionally, during the year the Group successfully completed the "Voice of Customer Programme," which began in 2023. The Group designed this program to collect and conduct a homogeneous analysis of all passenger comments, regardless of the communication channel (market research, email submissions, social media, etc.).
Human rights training
The Group conducts targeted training programs for its employees and for the personnel of partner ground handling companies. These training sessions cover topics related to safeguarding human rights, protecting dignity, and treating all passengers equally, regardless of gender, age, nationality, or mobility.
In 2025, training continued with emphasis on passenger rights and lost or damaged baggage. The Group focused on training ground service personnel to further enhance passenger experience. Additionally, the Group initiated multiple and innovative learning methods outside the traditional physical classrooms, such as gamification and digital microlearning, to strengthen participation and training effectiveness.Regarding the topic of unruly passengers, the Group redesigned the training content and integrated it into the annual training program to share knowledge and best practices to all Flight Operations personnel.
Furthermore, during 2025 the Group delivered specialized asynchronous training to operational personnel (flight, technical and ground) on psychoactive substances, aiming to strengthen safety culture and ensure full compliance with international regulatory frameworks. The training focused on understanding how psychoactive substances affect behavior and performance, as well as recognizing indications of use that could impact flight safety. The content was created through specific scenarios, which allowed personnel to develop a better and realistic comprehension of potential situations, improve their judgement and readiness and assess the most appropriate reaction when an incident is escalated. This initiative has contributed to improved proactive risk management and better understanding of flight safety risks.
For 2026, a key strategic priority is the further enhancement and adaptation of the training programme to also include Contact Center personnel. The objective is to foster a more personalized and human-centered service approach, whereby employees actively listen to each customer’s needs and tailor their communication approach to the specific profile of each passenger. At the same time, this process aims to ensure that corporate values are conveyed in a natural and authentic manner, highlighting a genuine service culture and a strong customer-centric philosophy.
Furthermore, a key aspect of safeguarding human rights relates to the prevention of the unlawful movement of vulnerable groups. An important component of the Group’s training programme involves the verification of travel documents to prevent the transport of unauthorized passengers, with particular focus on protecting children and individuals, from being moved against their will under conditions of coercion or trafficking. In this area, the Group maintains effective cooperation with airport and security authorities.
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Metrics and targets
[S4-5] Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
Although the Group has not set specific measurable targets for 2025, it is in the process of setting targets that will enhance its performance and contribute to the continuous improvement of the services it provides. At the same time, the Group consistently records a detailed file with performance indicators for almost all of its services.
As per the service the Group offers to its customers, it provides a series of services and evaluates their performance through research tools (e.g. passenger satisfaction survey, call center satisfaction survey) and relevant KPIs.
The Group collects data about passenger experience from all service channels, including digital services and in-flight services. The indicators the Group records cover various aspects of passenger service, such as response time, problem resolution, staff courtesy and professionalism. Additionally, the Group examines data related to waiting time, the accuracy of information provided, and overall customer satisfaction. The Group leverages this information to improve services while integrating it into decision-making processes, ensuring that passengers remain at the center of the Group's strategy.
The Group monitors the effectiveness of actions through surveys and indicators, whose progress evaluates over time, without however having set defined targets.
Metrics
Below, the Group presents the measurement indicators for the subsections described in this section:
Health and Safety
•In 2025, no accidents occurred.
•In 2025, zero incidents of non-compliance with regulations and voluntary codes concerning Health and Safety occurred regarding the services the Group offered to passengers.
Protection of human rights
•In 2025, no recorded incidents of discrimination or other human rights issues connected to the Group's passengers occurred.
•The Group discloses that during the current period, no cases of non-compliance concerning consumers and/or end-users in the downstream value chain have been reported. Specifically, the Group has not identified violations related to human rights, fundamental principles and rights at work, or the OECD Guidelines for Multinational Enterprises.
•The Group conducts risk assessments for all destinations where it operates, considering local and international conditions, assessments from competent authorities, and the security department. Where
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deemed necessary, the Group conducts additional checks, increasing security measures. In Athens and at selected airports, the Group uses additional third-party security services to ensure a high degree of control.
•Additionally, the Group prevented 13,821 cases of passenger travel with travel documents of questionable authenticity to their travel destination.
Passenger satisfaction results

Number of passenger communication messages and complaints to the Customer Relations Department | 2025 | 2024
Incoming Communications (via contact form) | 210.725 | 200.966
Incoming Communications (via social networks) | 139.919 | 171.761
General complaints (Number of complaints / 1,000 passengers) | 3,05 | 3,99
Baggage complaints (number of complaints / 1,000 baggage items) | 1,40 | 1,41

Response rates (%) | 2025 | 2024
within 3 calendar days | 84% | 87%
within 7 calendar days | 91% | 94%
within 10 calendar days | 94% | 96%

The Group conducts regular passenger surveys, the key results of which are presented on the table below.

Passenger satisfaction survey results | 2025 | 2024
Overall passenger satisfaction | 4.0 | 4.03
In-flight service | 4.26 | 4.27

It should be noted that the calculation methodology for the indicators "Overall passenger satisfaction" and "Satisfaction with in-flight service" as presented in the above table has not changed compared to last year. However, the Group has modified how it displays the indicators regarding the scale. More specifically, last year the Group displayed the indicators on a percentage scale, while this year the indicators derive from the average passenger rating on a 1-5 scale. It should be noted that to ensure comparability of indicators between the two years (2024 and 2025), the Group conducted a calibration exercise on 2024 data.
Call center satisfaction survey
The Group systematically conducts an evaluation survey of the services provided by the call center, which operates 24/7 to serve passengers with matters such as:
•Ticket booking and issuance
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•Ticket reissue
•Flight information
•Miles+Bonus rewards program matters
•Refunds
The call center customer satisfaction survey results are presented on the table below:

| 2025 | 2024
Overall satisfaction | 85% | 87%
Waiting Time | 87% | 89%
Politeness | 93% | 94%
Language proficiency | 93% | 94%
Service level | 89% | 84%
Intention to use again in the future | 88% | 90%

Personal data protection
In 2025, the Personal Data Protection Department processed approximately nine hundred (900) data subject requests, beyond automated handling mechanisms (e.g., data copies, data deletion).
During 2025, no incidents or complaints of personal data disclosure occurred due to system breaches or theft, nor the Group was held accountable for personal data breaches; consequently, no related financial losses occurred.
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ESRS G1 Business Conduct
Business conduct constitutes a central pillar of the Group’s corporate governance framework, defining the manner in which the Group operates, makes decisions and interacts with its stakeholders.
Strategy
Material impacts, risks and opportunities and their interaction with strategy and the business model
Based on the Double Materiality Assessment conducted for 2025, neither material positive or negative impacts of the Group’s business conduct on people or the environment were identified, nor any significant risks. However, a potential opportunity was highlighted, as presented in the table below.

Opportunities
Sub-section | Description | Value chain | Time horizon
Corporate culture | Transparency and compliance according to ESG criteria constitute a financial opportunity, since they enhance access to financing and may lead to a reduction in the cost of capital, thereby increasing the Group’s attractiveness to investors and business partners with a strong focus on sustainability. | Own activities | Mid term

For a detailed presentation of the Double Materiality Assessment methodology and the identification of the above opportunity, please refer to section ESRS 2 IRO-1.
Management of impacts, risks and opportunities
[G1-1] Business conduct policies and corporate culture
This section presents the policies and mechanisms established by the Group to foster, develop, promote and assess a culture of integrity, transparency and accountability across all levels of its organisational structure.
Anti-Bribery and Anti-Corruption Policy
Zero tolerance toward any form of bribery or corruption constitutes a fundamental principle for the Group. The relevant Policy, which applies to all subsidiaries and is available on the corporate website, strictly prohibits facilitation payments to political figures, the acceptance of gifts either in cash or in kind, as well as the hiring of government officials or members of their families in order to obtain improper advantages.
To ensure compliance with the procedures established by the Policy, a reporting system is in place via email (whistleblowing@aegeanair.com) and through a Whistleblowing Channel. In addition, the framework of the ISO
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37001 standard requires periodic internal audits to ensure the effectiveness of governance and compliance controls.
The Group is also certified under ISO 37001 for Anti-Bribery Management Systems, confirming its commitment and systematic approach to preventing and combating corruption. Beyond regulatory requirements, training videos focusing on ethics, prevention and awareness of bribery and corruption are distributed quarterly to all members of the Board of Directors and all employees.
It is noted that upper management bears the ultimate responsibility for the fair and impartial investigation of all reports, while management encourages employees to report any potential violations, thereby reinforcing a broader culture of integrity, transparency and accountability.
Code of Professional Conduct
The Code applies to all employees and members of the Board of Directors and establishes clear principles against discrimination, harassment and bullying, ensuring a workplace environment based on respect and dignity. It also defines obligations related to business ethics, confidentiality and the avoidance of conflicts of interest, under the supervision of the Human Resources & Corporate Affairs Directorate.
For a detailed description of the above, please refer to section S1.
Complaints Management Policy
The Group has established a Complaints Management Policy aimed at ensuring the fair, prompt and effective handling of passenger complaints, while also ensuring compliance with Regulation (EU) 679/2016. The Policy defines standards and procedures for receiving, reviewing and confidentially managing complaints, including provisions to prevent conflicts of interest during the investigation process. For a detailed description of the Complaints Management Policy, please refer to section ESRS S4 of this report.
Whistleblowing Policy
The Whistleblowing Policy, which falls under the provisions of European Directive 2019/1937, was approved on 12/12/2025 and establishes the framework for the submission, evaluation and investigation of anonymous reports concerning serious violations and/or offences.
The Policy ensures full anonymity and protection for whistleblowers, while reports are investigated by the Whistleblowing Committee under the supervision of the Chief Executive Officer and the Board Audit Committee.
For a more detailed description of the mechanisms, communication channels and investigation procedures of this Policy, please refer to section S4.
Supplier Code of Ethics and Procurement Conduct
The Group’s Supplier Code of Ethics and Procurement Conduct has been developed in accordance with the principles of the UN Global Compact, the Universal Declaration of Human Rights, the OECD Guidelines for Multinational Enterprises and the conventions of the International Labour Organization (ILO).
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The Code consists of two distinct and complementary parts that define compliance requirements both for suppliers and partners within the supply chain and for the procedures of the internal procurement function.
Suppliers are required, through written commitment, to comply with specific minimum social and labour standards, including, among others, the prohibition of forced and child labour, discrimination, abuse and harassment, as well as compliance with applicable laws and regulatory requirements regarding wages, working hours and occupational health and safety systems.
At the level of environmental management within the supply chain, the Code requires the adoption and maintenance of certified environmental management systems, such as ISO 14001 or equivalent standards, with the aim of identifying, preventing and mitigating environmental impacts.
In parallel, requirements are established for the prevention of conflicts of interest and for safeguarding the confidentiality of corporate information, which remain in force for a minimum period of two (2) years following the termination of the contractual relationship.
Compliance with the Code is reviewed annually within the framework of the Group’s supply chain due diligence procedures. The Group also reserves the right to conduct audits and verifications either through authorised internal personnel or through independent third-party auditors, including access to relevant facilities, records and documentation of suppliers, to the extent permitted by applicable legislation and contractual obligations.
Corporate Governance Code
The Group has adopted the Hellenic Corporate Governance Code issued by the Hellenic Corporate Governance Council.
Its implementation follows the “comply or explain” principle, whereby any deviations are disclosed and justified in section 2.4 “Corporate Governance Statement” of the Annual Financial Report.
The framework covers the composition of the Board of Directors, risk management, internal control and relations with shareholders and stakeholders, while maintaining the ability to be revised in order to adapt to evolving regulatory requirements.
During 2025, no cases or ongoing investigations have been reported for the Group concerning unfair competition or violations of anti-trust/monopoly legislation.
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APPENDIX

ESG Category | ID | Metric | Reference within the Sustainability Statement
Basic Metrics
Environment | C-E1-1 | Scope 1 emissions - Total amount of direct emissions (Scope 1) | [E1-6] Gross Scopes 1, 2, 3 and Total GHG emissions
C-E1-2 | Scope 1 emissions - GHG intensity of Scope 1 emissions
C-E2-1 | Scope 2 emissions - Total amount of indirect emissions (Scope 2) - Location based approach
C-E2-2 | Scope 2 emissions - GHG intensity of Scope 2 emissions - Location based approach
C-E2-3 | Scope 2 emissions - Total amount of indirect emissions (Scope 2) - Market based approach
C-E2-4 | Scope 2 emissions - GHG intensity of Scope 2 emissions - Market based approach
C-E3-1 | Energy consumption and production - Total amount of energy consumed within the organisation | [E1-5] Energy consumption and mix
C-E3-2 | Energy consumption and production - Percentage of electricity consumed
C-E3-3 | Energy consumption and production - Percentage of renewable energy consumed
C-E3-4 | Energy consumption and production - Total amount of energy produced
C-E3-5 | Energy consumption and production - Percentage of renewable energy produced
Society | C-S1-1 | Stakeholder engagement - Discussion of organisation's main stakeholders and analysis of key stakeholder engagement practices | [SBM-2] Interests and views of stakeholders
C-S2-1 | Percentage of female employees | [S1-6] Characteristics of the undertaking’s employees
C-S3-1 | Percentage of women at top management level
C-S4-1 | Employee turnover - Percentage of full-time employee voluntary turnover
C-S4-2 | Employee turnover - Percentage of full-time employee involuntary turnover
C-S4-3 | Employee turnover - Total employee turnover
C-S5-1 | Employee training - Average training hours of employees at top management level | [S1-13] Training and skills development metrics
C-S5-2 | Employee training - Average training hours of the rest employee categories
C-S5-3 | Employee training - Average training hours - Women
C-S5-4 | Employee training - Average training hours - Men

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C-S6-1 | Human rights policy - Description of human rights policy and fundamental principles | [S1-1] Policies related to own workforce
C-S7-1 | Percentage of employees covered by collective bargaining agreements | [S1-8] Collective bargaining coverage and social dialogue
Corporate Governance | C-G1-1 | Board composition - ESG related qualifications of the board members | [GOV-1] The role of the administrative, management and supervisory bodies
C-G1-2 | Board composition - Classification of the Chairman of the Board
C-G1-3 | Board composition - Percentage of female board members
C-G1-4 | Board composition - Percentage of non-executive board members
C-G1-5 | Board composition - Percentage of independent non-executive board members
C-G1-6 | Board composition - Number of board members
C-G1-7 | Board composition - Average age of board members
C-G1-8 | Board composition - Average tenure of board members
C-G2-1 | Sustainability oversight - Description of approach to sustainability oversight
C-G3-1 | Materiality - Description of the materiality assessment process and material topics | [IRO-1] Description of the processes to identify and assess material impacts, risks and opportunities
C-G3-2 | Materiality - Approach
C-G4-1 | Sustainability policy - Description of sustainability policy and fundamental principles | [E1-2] Policies related to climate change mitigation and adaptation
C-G5-1 | Business ethics policy - Description of business ethics policy and fundamental principles | [S1-1] Policies related to own workforce
C-G6-1 | Data security policy - Description of data security policy and fundamental principles | [S4-1] Policies related to consumers and end-users
C-G7-1 | Sustainability reporting - Basis for preparation of sustainability reporting | [BP-1] General basis for preparation of the sustainability statement
C-G7-2 | Sustainability reporting - List all its entities included in the sustainability reporting
C-G8-1 | Annual financial statements - Date of publication |
Advanced Metrics
Environment | A-E1-1 | Scope 3 emissions - Total amount of other indirect emissions (Scope 3) | [E1-6] Gross Scopes 1, 2, 3 and Total GHG emissions
A-E1-2 | Scope 3 emissions - GHG intensity of Scope 3 emissions

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A-E2-1 | Climate change risks and opportunities - Discussion of climate change-related risks and opportunities that can affect business operations | [Ε1.IRO-1] Description of the processes to identify and assess material climate-related impacts, risks and opportunities
A-E3-1 | Waste management - Total amount of hazardous waste | Responsible Waste Management
A-E3-2 | Waste management - Total amount of non-hazardous waste
A-E3-3 | Waste management - Percentage of waste by type of treatment - Recycled
A-E3-4 | Waste management - Percentage of waste by type of treatment - Composted
A-E3-5 | Waste management - Percentage of waste by type of treatment - Incinerated
A-E3-6 | Waste management - Percentage of waste by type of treatment - Landfilled
A-E3-7 | Waste management - Total amount of radioactive waste
A-E7-1 | Removals and carbon credits - GHG removals and storage | [E1-7] Greenhouse gas removals and mitigation projects financed through carbon credits
A-E7-2 | Removals and carbon credits - Carbon credits
A-E8-1 | Total GHG emissions - Total GHG emissions location based | [E1-6] Gross Scopes 1, 2, 3 and Total GHG emissions
A-E8-2 | Total GHG emissions - Total GHG emissions market based
Society | A-S1-1 | Sustainable economic activity - Percentage of sustainable turnover - Alignment | Taxonomy report
A-S1-2 | Sustainable economic activity - Percentage of sustainable CapEx - Alignment
A-S1-3 | Sustainable economic activity - Percentage of sustainable OpEx - Alignment
A-S1-4 | Sustainable economic activity - Percentage of sustainable turnover - Eligibility
A-S1-5 | Sustainable economic activity - Percentage of sustainable CapEx - Eligibility
A-S1-6 | Sustainable economic activity - Percentage of sustainable OpEx - Eligibility
A-S2-1 | Total amount of monetary expenditure on employee training
A-S3-1 | Percentage of difference between male and female earnings | [S1-16] Compensation metrics (pay gap and total compensation)

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Corporate Governance | A-G1-1 | Strategy, business model and value chain - Discussion of strategy, business model and value chain | [SBM-1] Strategy, business model and value chain
A-G2-2 | Business ethics violations - Total number of business ethics violations | [G1-1] Corporate culture and Business conduct policies and corporate culture
A-G3-1 | ESG targets - Short-term targets associated with strategic ESG objectives | [S1-5] Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
A-G3-3 | ESG targets - Long-term targets associated with strategic ESG objectives | [E1-4] Targets related to climate change mitigation and adaptation
A-G5-1 | External assurance - Discussion of external assurance on reported ESG information - Level of assurance | External Assurance Report
A-G5-2 | Integration of sustainability-related performance in incentive schemes - Incentive schemes and remuneration policies linked to sustainability matters | [GOV-3] Integration of sustainability-related performance in incentive schemes
A-G7-1 | Integration of sustainability-related performance in incentive schemes - Incentive schemes and remuneration policies linked to sustainability matters | [GOV-3] Integration of sustainability-related performance in incentive schemes
Sector Specific Metrics
Environment | SS-E1-1 | Transition plan - Disclosure of transition plan for climate change mitigation | [E1-1] Transition plan for climate change mitigation
SS-E2-1 | Air pollutant emissions - Total amount of NOx (excluding N2O) | [E2-4] Pollution of air
SS-E2-2 | Air pollutant emissions - Total amount of SOx
SS-E2-3 | Air pollutant emissions - Total amount of Volatile organic compounds (VOCs)
SS-E2-4 | Air pollutant emissions - Total amount of Particulate matter (PM)
Society | SS-S4-1 | Total amount of monetary losses as a result of labour law violations | [S1-17] Incidents, complaints and severe human rights impacts
Corporate Governance | SS-G1-1 | Whistleblower policy - Description of whistleblower policies and procedures | [S4-1] Policies related to consumers and end-users
SS-G2-1 | Critical risk management - Description of systems, processes and mechanisms to identify and mitigate critical risks | [G1-1] Corporate culture and Business conduct policies and corporate culture
| SR-1 | Sustainability Statement/Report – Publication | [BP-1] General basis for preparation of the sustainability statement

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| SR-2 | Sustainability Statement/Report – Date of the Publication | [BP-1] General basis for preparation of the sustainability statement

Independent Auditor’s Limited Assurance Report (Translated from the original in Greek)
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2.4 Statement of Corporate Governance
The Board of Directors of the Company declares that the Company has adopted and complies with the existing corporate governance legislative framework in force in Greece and, in particular, according to the Articles 1-24 of L.4706/2020, the L. 4548/2018, the provisions of article 44 of L. 4449/2017 (Audit Committee) as it was amended by the article 74 of L.4706/2020 and the decisions, circulars and the guidelines of the Capital Market Commission, as currently in force, and according to what is stated in the Board of Directors section (Information on the composition and functioning of the Board of Directors).
In this context, the Company by the decision of the Board of Directors dated 11 December 2025, has amended and updated its internal regulation as it was initially approved by the Board of Directors’ Decision dated 31.03.2007. In the company’s internal regulation are included above else, the organizational structure, its committees and its units, the characteristics of the System of Internal Controls as well as the procedures and policies the company has implemented. The Company's Rules of Operation is consistent with the principles set out in the article 14 of Law 4706/2020, as it applies today and is in line with the Company's Corporate Governance statement and the Corporate Governance Code approved and applied by the Company. The summary of the company’s internal regulation is made public in the company’s website, according to article 14 paragraph 2. section b’ of the L.4706/2020.
https://el.about.aegeanair.com/diakybernisi/
In addition, with the Board of Directors’ decision dated 14 July 202114.07.2021, the company has adopted and implements the new Corporate Governance Code, dated June 2021, that has been prepared by the Hellenic Corporate Governance Council which is a respected authority according to the article 17 L.4706/2020 and the decision 916/7.6.2021 of the Board of Directors of the Capital Market Commission (hereinafter referred to as the “Code”).
This Code can be found at the website of the Hellenic Exchanges S.A. Group at the following address:
https://www.esed.org.gr/en/code-listed
.
Evaluation of the Effectiveness of the Company's Corporate Governance System with reference period January
1st 2023 - December 31st 2025.
The Board of Directors, in the context of its obligations arising from par. 1 of article 4 of Law 4706/2020, evaluated the implementation and effectiveness of the Company's Corporate Governance System with a reference date January 1st, 2023 - December 31st, 2025 and from this evaluation, no material weaknesses were identified.
In the context above, the Board of Directors of the Company, appointed Ernst & Young (Greece) Certified Chartered Accountants S.A. for the fiscal year 2023, as well as KPMG Certified Auditors S.A. for the fiscal years 2024 and 2025, to evaluate the adequacy and effectiveness of the Company's Corporate Governance System. The evaluation was carried out based on the assurance procedures program included in decision No. Ι΄73/08B/14.02.2024 of HAASOB (National Oversight Authority of the Accounting and Auditing Profession), in accordance with the International
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Standard on Assurance Engagements 3000 (Revised), "Assurance engagements other than audits or reviews of historical financial information. From the above work performed by the Certified Chartered Accountants. From the evaluation of the Chartered Accountants, no material weaknesses were identified on the Company's Corporate Governance System.
Evaluation of the Internal Control System with reference period January 1st, 2023 - December 31st, 2025.
Based on the work carried out by the evaluator regarding the evaluation of the adequacy and effectiveness of the Internal Control System of the Company and its significant subsidiary, no material weaknesses were identified.
The deviations in relation to the special practices as they are provided by the Code, are mentioned in the following table.
The Company, by the decision of its Board of Directors, appointed KPMG Certified Auditors Accountants S.A. for the evaluation of the adequacy and effectiveness of the Internal Control System of the company AEGEAN AIRLINES S.A. and its significant subsidiary, Olympic Air S.A., with reporting period January 1st, 2023 – December 31st, 2025, in accordance with the provisions of paragraph 3 and paragraph 4 of article 14 of Law 4706/2020 and decision 1/891/30.09.2020 of the Board of Directors of the Capital Market Commission as in force (the “Legislative Framework”).
The assurance engagement was carried out in accordance with the audit program included in the decision of the Accounting Standardization and Auditing Committee (ELTE) with number 040/2022 and the International Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements other than Audits or Review of Historical Financial Information”.

Hellenic Corporate Governance Code | Explanation / Justification of the deviations from the specific practices of the Greek Corporate Governance Code
Diversity Criteria Special Practice 2.2.15 | Other than the members of the Board of Directors for the selections of which the company applies the foreseen in the Suitability Policy of the members of the Board of Directors diversity criteria, there are no explicit diversity criteria concerning senior management with specific gender representation objectives as well as timetables for achieving them. The company considers a timetable for the adoption of suitable diversity criteria for senior and senior management, while accessing that extra time is going to be needed so that their entactment and implementation can be made feasible, taking into consideration the nature of the Company’s activities. It is estimated that there is no risk from the above deviation, for as long as it is in force.
Composition of Board of Directors Special Practice 2.2.21 Special Practice 2.2.22 | The Board of Directors does not appoint as an independent non-executive Vice-Chairman or a senior independent member one of its independent non-executive members, as this practice has the prerequisite of the Chairman of Board being a non-executive member. In accordance with the provisions of the article 8 paragraph 2 of L.4706/2020, the Board of Directors has appointed as Chairman of the Board one of its executive members and also one of its non-executive members as the Vice-President. In this context, the Board of Directors has appointed two (2) Vice-Presidents non-executive as members of the Board of Directors. The Vice Chairman Α΄ may substitute the competences of the Chairman of the Board, as stated on the statutes of the Company, when he is unable to attend or impediment. In case of absence or impediment from the Vice Chairman A’, he is substituted by Vice Chairman B’. The said composition ensures the Board’s efficient and productive operation. After the expiration of the Boards mandate, the company will review where it is deliberate and feasible to fully comply with the above Special Practice.

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executive members as the Vice-President. In this context, the Board of Directors has appointed two (2) Vice-Presidents non-executive as members of the Board of Directors.
The Vice Chairman Α΄ may substitute the competences of the Chairman of the Board, as stated on the statutes of the Company, when he is unable to attend or impediment. In case of absence or impediment from the Vice Chairman A’, he is substituted by Vice Chairman B’.

Composition of Board of Directors Special Practice 2.2.21 Special Practice 2.2.22 | The Board of Directors does not appoint as an independent non-executive Vice-Chairman or a senior independent member one of its independent non-executive members, as this practice has the prerequisite of the Chairman of Board being a non-executive member. In accordance with the provisions of the article 8 paragraph 2 of L.4706/2020, the Board of Directors has appointed as Chairman of the Board one of its executive members and also one of its non-executive members as the Vice-President. In this context, the Board of Directors has appointed two (2) Vice-Presidents non-executive as members of the Board of Directors. The Vice Chairman Α΄ may substitute the competences of the Chairman of the Board, as stated on the statutes of the Company, when he is unable to attend or impediment. In case of absence or impediment from the Vice Chairman A’, he is substituted by Vice Chairman B’. The said composition ensures the Board’s efficient and productive operation. After the expiration of the Boards mandate, the company will review where it is deliberate and feasible to fully comply with the above Special Practice.

Hellenic Corporate Governance Code | Explanation / Justification of the deviations from the specific practices of the Greek Corporate Governance Code
Remuneration of members of the Board of Directors Special Practice 2.4.14 | There is no specific provision in the contractual terms for all executive members of the Board of Directors in which is envisaged, that the Board of Directors may require the refund of all, or part of the bonus awarded, due to breach of contractual terms or incorrect financial statements of previous years or generally based on incorrect financial data, used for the calculation of this bonus. In order to fully comply with this Special Practice, the Company examines the amendment of the contracts with the addition of explicit terms for the above and accesses that extra time will be needed. It is estimated that there is no risk from the above deviation, for as long as it is in force. Besides that, according to the remuneration policy for the Members of the Board of Directors, the payment for variable remuneration can be postponed with the decision of the BoD, especially if there are special circumstances that justify this postponement (i.e. the profitability of the company has been affected from an unpredictable event), while the payment of the bonus can be recalled with a decision from the Board of Directors, if the member has been sentenced or the elements of the company’s profitability based on the published financial statements are proved to be inaccurate.

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Internal Control System
The Internal Control System is defined as the set of internal control mechanisms and procedures, including risk management, internal control and regulatory compliance, which covers on a continuous basis every activity of the Company and contributes to its safe and efficient operation.
Aims:
The Internal Control System aims at the following objectives:
a)consistent implementation of the business strategy, with the efficient use of available resources;
b)identification and management of business and operational risks;
c)efficient operation of the internal audit unit;
d)ensuring the completeness and reliability of the data and information required for the accurate and timely determination of the financial situation and the preparation of reliable financial statements, as well as the non-financial situation, in accordance with article 151 of law 4548/2018,
e)compliance with the regulatory and legislative framework, as well as company regulations;
f)supervision of the activity of the Company's Executives,
g)control of the transactions carried out by executives and associates of the Company on the Company’s shares;
h)control of the circulation of the Company's information,
i)ensuring the perfect and effective organization and operation of the Company, in accordance with these Internal Rules of Operation and the decisions of the Management.
Internal Control Instruments:
The following instruments are provided for the performance of effective internal control:
-Audit Committee, which consists of at least three (3) members and is either an independent Committee or a Committee of the Board of Directors of the Company. It consists of non-executive members of the Board of Directors and members that from the General Assembly of the Company’s Shareholders.
- Internal Audit unit, composing of members who exclusively performing Internal Audits.
- Risk Management and Regulatory Compliance unit.
Internal Audit
The Company has updated Internal Rules of Operation, which was approved and entered into force with the decision of the Board of Directors of 11.12.2025, in order to adapt to amendments to the current legislation on corporate governance, including the provisions of L.4548/2018 and article 44 of L.4449/2017 (regarding the responsibilities of the Audit Committee). The Internal Rules of Operation of the Company is consistent with the principles set out in the article 14 of L.4706/2020, as in force today and are in accordance with the corporate governance statement of the Company and the Corporate Governance Code adopted and implemented by the Company.
The Company has an Internal Audit unit, which is an independent, objective and consulting activity, designed to add value and improve the operations of the organization. It supports the Company in achieving its goals, by offering a systematic approach to assessing and improving the effectiveness of risk management, internal control systems and corporate governance.
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The Internal Audit unit monitors the accurate implementation of the legislation, the monitoring of the Company's Articles of Association and all its policies and procedures. The Director of the Internal Audit unit develops and maintains a relevant manual of procedures, which covers all aspects of the activities of the Internal Audit and constantly monitors its effectiveness.
The internal auditors are independent in the execution of their work, are not hierarchically subordinated to any other service unit of the Company and are supervised by the Audit Committee. The Internal Audit unit of the Company is an independent organizational unit, which reports to the Board of Directors and the Audit Committee, in accordance with the Articles of Association of the Internal Audit unit and the Internal Rules of Operation of the Company. Specifically, in accordance with the relevant provisions of these texts, the Board of Directors, through the Audit Committee of the Company, is informed at least on a quarterly basis about the internal audit performed, by submitting reports which refer to the individual internal audit procedures and actions, as well as its findings.
The internal auditor of the Company has been appointed by the Board of Directors and is employed full-time. A member of the Board of Directors, or executives or relatives of the above, up to the second degree by blood or by marriage, cannot be appointed as an internal auditor. The Company is obliged to inform the Hellenic Capital Market Commission of any change in the persons or the organization of the internal audit within ten (10) working days from this change.
In the performance of their duties, the internal auditors are entitled to be aware of any documents that are absolutely necessary for the performance of the audit. The members of the Board of Directors must cooperate and provide information to the Internal Audit unit and the Audit Committee and generally facilitate their work in any way. The management of the Company, as it should, provides them with all the necessary means to facilitate their work. It is noted that the provisions of the "Articles of Association of the Internal Audit" do not
conflict with the provisions of the Rules of Procedure of the Audit Committee, which were approved by the decision of the Board of Directors of 11.12.2025.
Responsibilities
The Company's Internal Audit unit has, indicatively, the following responsibilities:
•Monitors the implementation and continuous observance of the Internal Rules of Procedure and the Articles of Association of the Company, as well as the general legislation concerning the Company and in particular the legal framework of public limited companies and the stock exchange legislation,
•Monitors the commitments contained in the reports and the business plans of the Company regarding the use of the funds raised from the Stock Exchange,
•Controls the legality of the remuneration and all kinds of benefits to the members of the management regarding the decisions of the competent bodies of the Company,
•Reports to the Board of Directors cases of conflict of private interests of the members of the Board of Directors or the executives with the interests of the Company, which it ascertains during the exercise of its duties,
•Informs in writing, as required by law, at least once (1) once a quarter, the Audit Committee and the Board of Directors for the audits performed,
•Attends the general meetings of shareholders and if needed, provides information to the shareholders of the Company during these meetings,
•Provides, after the approval of the Board of Directors of the Company, any information requested in writing by the Supervisory Authorities, cooperates with them and facilitates in every possible way, the
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monitoring, control and supervision work they perform,
•Takes care of informing the staff about the current legislation concerning their activity.
Furthermore, the Internal Audit unit is responsible for the following:
•Ensuring the compliant representation of the Company's transactions,
•Confirming the reliability and accuracy and ensuring the completeness of the financial and operational information produced and the means used,
•The preparation of a flexible annual audit plan which includes any risk and control point identified by management,
•Assessing adequacy and effectiveness, as well as promoting quality and continuous improvement, control processes and risk management.
With the decision of the 18 February 2014 of the Board of Directors of the Company, the position of Internal Auditor has been taken over by Mr. Menexiadis Marios of Eugenios as a full-time and exclusive employee, who meets the criteria of independence of par. 3 of article 7 of L.3016/2002. Also, he meets the conditions regarding the responsibilities and especially the qualities of the Internal Auditor as they are mentioned in detail in the provisions of articles 7 and 8 of L.3016/2002, as well as in the decision 5/204/14.11.2000 of the Board of Directors of the Hellenic Capital Market Committee, regarding the companies that have listed their shares on the ATHEX, as amended and in force. The curriculum vitae of Mr. Marios Menexiadis has been uploaded on the corporate website.
Mr. Menexiadis Marios is also responsible for the communication of the Company with the Personal Data Protection Authority for the respective issues
General Assembly
Operation of the General Assembly
The Board of Directors ensures that the preparation and conduct of the General Assembly of Shareholders facilitate the effective exercise of the shareholders' rights, who can be fully informed on all matters related to their participation in the Assembly, including the issues on the agenda and their rights at the General Assembly. The Board of Directors makes use of the General Assembly of shareholders to facilitate their substantive and open discussion with the Company.
In compliance with the provisions of L. 4548/2018, the Company posts on its website at least twenty (20) days before the General Assembly, in both Greek and English, information on:
•the date, time and location of the General Assembly of shareholders,
•the basic rules and practices of participation, including the right to include items in the agenda and submit questions, as well as the time limits within which such rights may be exercised,
•voting procedures, terms of proxy representation and the forms used for proxy voting,
•the proposed agenda for the assembly, including draft decisions for discussion and voting, as well as any accompanying documents,
•the proposed list of candidate members of the Board of Directors and their resumes (in case of election of new members), and
•the total number of shares and voting rights as of the date of the General Meeting.
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At minimum, the Chairman of the Company's Board of Directors and/or Vice Chairman and Chief Executive Officer must be present in the General Assembly of shareholders, in order to provide information and updates on matters of their duties put forward for discussion and on questions or clarifications requested by the shareholders. The Chairman of the General Meeting must allow sufficient time to take questions from shareholders.
Main powers of the General Assembly
The General Assembly of shareholders is the supreme body of the Company and is entitled to decide in general on every corporate affair. Its lawful decisions oblige both absent and disagreeing shareholders.
The General Assembly is the only competent body to decide on:
•Any matter submitted to it by the Board of Directors or by the persons entitled, under the provisions of the Law or the Statute, to cause it to be convened.
•Amendments to the Statute. Such amendments relate to the increase or decrease of the share capital, the dissolution of the Company, the extension of its duration and its merger with another company.
•The election of the members of the Board of Directors and the auditors.
•The approval of the Company’s Remuneration Policy, according to L. 4548/2018.
•The election of the Company’s Audit Committee, as specified in L. 4449/2017 and in the Company’s Audit Committee Operating Regulation.
•The adoption or reform of the annual financial statements prepared by the Board of Directors and the allocation of the net profits.
•The approval, by special open vote, of the total management conducted by the Board of Directors and the discharge of the auditors from any responsibility after the approval of the annual financial statements and after hearing the report on the Board of Directors' actions and the general status of the Company’s corporate affairs. Only Members of the Board of Directors and employees who own shares may participate in the above voting.
•The hearing of chartered auditors about the auditing of the Company's books and accounts they have conducted.
•The issuance of bond loans with a right to profits, according to Article 72 of L. 4548/2018, and convertible bond loans.
•The appointment of liquidators in case of dissolution of the Company.
•The bringing of actions against members of the Board of Directors or auditors, for breach of their duties under the Law and the Statute.
Rights of shareholders and ways of exercising them
Every shareholder appearing in the records of the entity where the Company’s securities are held may participate and vote in the General Assembly of the Company. The exercise of these rights does not entail blocking of the shares of the beneficiary or any similar procedure. Shareholders having the right to participate in the General Assembly may be represented by a person legally authorized by them.
The rights of the Company's shareholders deriving from its shares are proportional to the percentage of the
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capital that corresponds to the paid-up value of the share. Each share provides all rights specified in L. 4548/2018, as amended and in force, as well as the Company's Statute.
The Chairman of the Board of Directors, the Vice Chairman and the Chief Executive Officer are available for meetings with the shareholders of the Company that have significant holdings and discuss with them any issues related to the governance of the Company. Moreover, the Chairman makes sure that the views of the shareholders are communicated to the Board of Directors.
Board of Directors
Information on the composition and operation of the
Board of Directors
Pursuant to Article 6 of the Company's current Statute, the Company is governed by the Board of Directors, which consists of seven (7) to fifteen (15) members. A member of the Board of Directors may also be a legal entity. In this case, the legal entity is required to designate a natural person for the exercise of the legal person's powers as a member of the Board of Directors. Failure by the legal person to designate a natural person for the exercise of the respective powers within 15 days of the appointment of the legal person as a member of the Board of Directors shall be considered a resignation of the legal person from the position of a member.
The Board of Directors is elected by the General Assembly for a three-year term, which shall be extended until the expiry of the period within which the next Regular General Assembly must be convened after the expiry of its term of office and until the relevant decision is taken. In any case, the term may not exceed a period of four years. The members of the Board of Directors can be shareholders or not and they are always re-eligible and revocable.
The Board of Directors consists of executive and non-executive members, and independent non- executive members.
The role of the members of the Board of Directors as executive or non-executive is defined by the Board of Directors. The independent non-executive members are elected by the General Meeting of the Shareholders or appointed by the Board of Directors in accordance with par. 4 of article 9 of L.4706/2020 and meet the criteria of independence in accordance with applicable law and Suitability Policy Adopted by the Company.
The number of independent non-executive members of the Board of Directors must not be less than 1/3 of the total number of members and at least two (2) non-executive members of the Board of Directors are non-independent. In case of a fraction, it is rounded to the next integer number.
The independent non-executive members currently represent less than one third (1/3) of the total number of members of the Board of Directors.
The Company’s Board of Directors was initially elected at the Annual Ordinary General Assembly of shareholders held on 30.04.2024 and consisted of 12 members of which four (4) independent non- executive, in accordance with provisions of article 3 of L. 3016/2002 and article 5 of L. 4706/2020.
On 12 December 2025, Mr. Nikolaos Georgios Nanopoulos, son of Konstantinos, submitted his resignation from his position as a non-executive member of the Board of Directors.
Following the above resignation and upon recommendation of the Remuneration and Nomination
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Committee, the Board of Directors resolved, in accordance with article 82 of Law 4548/2018 and article 7 of the Company’s Articles of Association, to elect Mr. Georgios Christopoulos, son of Panagiotis, as a new member of the Board of Directors, in replacement of the resigning member.
Following the election of the above new member, the Board of Directors of the Company, at its meeting held on 12 December 2025, was constituted as follows:
1.Eftichios Vassilakis, Chairman - executive member
2.Α nastasios David, A’ Vice Chairman - non- executive member
3.Panagiotis Laskaridis, Β’ Vice Chairman - non- executive member
4.Dimitrios Gerogiannis, CEO - executive member
5.George Vassilakis, non-executive member
6.Stella Dimaraki, executive member
7. Konstantinos Kalamatas, non-executive member
7.Achilleas Constantakopoulos, non-executive member
9.Natalia Nikolaidis, independent, non-executive member
10.Alexandra Papalexopoulou, independent, non-executive member
11.Nikolaos Sofianos, independent, non-executive member
12. Georgios Christopoulos, Non-Executive Member
The above election shall be announced to the next General Meeting of the Shareholders, in accordance with the procedures prescribed by law and the Company’s Articles of Association.
The new member shall serve for the remaining term of office of the current Board of Directors.
The term of office of the Board of Directors is three years, commencing on the date of its election by the Annual Ordinary General Meeting of the shareholders held on 30 April 2024, extended until the expiry of the deadline within which the next Annual Ordinary General Meeting following the end of its term must be convened and until the relevant resolution is adopted, and in any case not exceeding four years.
Operation and Responsibilities of the Board of
Directors
According to Article 11 of the Statute, the Board of Directors, acting collectively, is responsible for the management and administration of corporate affairs. It generally decides on any matter concerning the Company other than those which, either by Law or by the Statute, are decided by the General Assembly of shareholders. The responsibilities of the Board of Directors also include the issue of a bond loan, with the exception of convertible bond loans, for which the provisions of Article 3 of the Statute apply, and bond loans with a right to profits, for which the General Assembly is solely responsible. Indicatively and not restrictively, the Board of Directors:
(a) Represents the Company in and out of court.
(b)Initiates and conducts trials, proceeds to confiscations, pre-notations and mortgages, consents to their removal, waives privileges, lawsuits and legal remedies, proceeds to settlements in and out of court and stipulates arbitration.
(c) Acquires, creates or delegates rights in rem and in personam to property and real property, without prejudice to Article 19 of L. 4548/2018, and accepts obligations, enters into any type of contracts, without prejudice to articles 99 ff. of L. 4548/2018, participates in public or other tenders, as well as in public or private calls for tenders and calls for bids.
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(d) Appoints, places and terminates employees and representatives of the Company, regulates their remuneration and salaries, provides and revokes any general and special proxies for the Company.
(e) Issues, accepts and signs or warrants or endorses bills in order, bills of exchange, checks, as well as each title in order.
(f) Determines the Company's expenses in general.
(g) Inspects the Company’s books, prepares the annual financial statements, recommends depreciations in the facilities and bad debts, and proposes the dividends and profits to be distributed.
(h) Regulates the internal operation of the Company and issues the relevant regulations and, in general, proceeds to every act of management of the Company and its property and has every power and right to manage the corporate interests and the action of each act for the materialization of the goals pursued by the Company.
(i) Receives any type of loan or credit with or without a specific guarantee and provides loans to companies with which the Company has business relations for the purposes of the Company.
(j) Provides all kinds of guarantees for credit documents or obligations undertaken by companies in which the Company may have interests or participation, as well as for credit documents or obligations undertaken by companies or persons with whom the Company may have business relationships.
(k) Issues and prepares all types of credit documents, accepts and endorses them, including liabilities with or without security in rem.
(l) Carries out and generally executes any act, contract, and relevant transaction, incidental or complementary, which is necessary or advisable for the achievement of the Company's purposes.
The Company is represented before third parties, as well as before any Public, Judicial or other Authority, by its Board of Directors. The Board of Directors has the right, by special decision, to delegate the representation of the Company to one or more persons, whether or not they are members of the Board of Directors.
Also, according to Article 9 of the Company's Statute, the Board of Directors meets at the registered office of the Company whenever the Law, the Statute or the Company's needs so require, at a date and time specified by the Chairman or the Vice-Chairman replacing him, or whenever at least two (2) of the members request so in writing. The Board of Directors may meet by teleconferencing in accordance with Article 90, par. 4 of Law 4548/2018. In this case, the invitation to the members of the Board of Directors includes the necessary information and technical instructions for their participation in the meeting. Also, any member of the Board of Directors may request that the meeting be teleconferenced, if he resides in a country other than that in which the meeting is held or if there is another important reason, particularly illness or disability.
Moreover, the Board of Directors is responsible for approving the Rules of Procedures of the Audit Committee and the Remuneration and Nominations Committee. It is also responsible for electing the members of the Company’s Remuneration and Nominations Committee.
The Board of Directors examines the main risks that the company faces at times, assisted, among others, by the Audit Committee and the Internal Audit Office. The Board of Directors also regularly reviews the Company’s corporate strategy, main business risks and internal audit systems.
Evaluation of the Board of Directors
The Board of Directors carries out a self-evaluation regarding its effectiveness, as well as that of its Committees (at a collective and individual level), based on the Regulations of the Board of Directors, as well as
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special practices 3.3.3 - 3.3.5 of the Greek Corporate Governance Code. The process is carried out with the assistance of the Remuneration and Nominations Committee, the sending of questionnaires and the discussion between the members of the Board of Directors.
The evaluation of the period 1/1/2025 – 31/12/2025 did not highlight any material issues that require corrective actions as the members agreed on the effective functioning of the Board of Directors and its Committees as well as on the effective fulfillment of the duties of the President and the CEO.
Chairman’s and Chief Executive Officer’s responsibilities
The Chairman’s and Chief Executive Officer’s responsibilities are outlined below:
Chairman of the Board of Directors
Sets the daily agenda, ensures the prompt operation of the Board of Directors, facilitates the effective contribution by non-executive Board members to the work of the Board, ensures constructive relations between executive and non-executive members, is available for meetings with the shareholders of the Company, makes sure that the views of the shareholders are communicated to the Board of Directors, calls the members of the Board of Directors in meetings which he leads himself.
Himself in his own capacity or, after authorization by the Board of Directors, any member by the Board of Directors, any Company employee in whichever relation with the Company, or any lawyer of the Company, may:
•Represent the Company in court or out of court.
•Represent the Company before any authority.
•In case of obvious risk due to postponement and without a decision by the Board of Directors, raise or defend against legal claims and proceedings, assign plenipotentiaries and proceed to any court or out-of-court actions to defend the interests of the Company. These actions are immediately submitted to the Board of Directors for approval.
•Assume all responsibilities assigned by the Board of Directors and sign contracts on behalf of the Company according to the relevant authorizations given by the Board of Directors.
Chief Executive Officer
The Chief Executive Officer is responsible for the implementation of the Company’s strategic targets and its day-to-day management. He is responsible for the smooth, proper and effective operation of the Company according to its strategic targets, business plans and action guidelines as those are determined by the decisions of the Board of Directors and the General Assembly of Shareholders.
The Chief Executive Officer reports to the Company’s Board of Directors, provides guidance on strategic actions and validates the important decisions of the Company. He is the Head of all Company divisions and, inter alia, is responsible for:
a) Strategic direction:
•Strategic decision making with respect to business strategy development, as well as proposing significant investments.
•Defining the Company’s organizational plans.
•Ensuring the implementation of the Company’s decisions and informing the Board of Directors regarding Company matters.
b) Executive Guidance:
•Coordination and supervision of senior management, ensuring their effectiveness and efficiency for the Company’s smooth operation.
•Decision making or participation in the process of significant business decisions of the Company.
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•Defining the risk management policies. Risk assessment and application of actions and procedures for their effective management.
c) Performance Management:
•Defining budgetary targets as well as proposing annual performance targets. Implementing the annual budget targets.
•Supervising the Company’s financial management.
•Ensuring the procedure designed to meet targets and reach results.
d) Human Resources Development:
•Recruiting and providing guidance to the senior executives of the Company.
•Defining guidelines related to the performance evaluation, as well as the promotion, development and remuneration policy of executives.
The Chief Executive Officer is responsible for the coordination of the Company’s individual business units and for making proposals to the Board of Directors regarding matters within its power.
Board of Directors CVs
The biographies of the Board of Directors of the Company have been posted on the Company's website at
https://en.about.aegeanair.com/corporate-
governance/business-structure/
Determination of Independence of Board Members
The Board of Directors, following the relevant recommendation of the Remuneration and Nominations Committee, as well as:
a) Examination of Statements of the independent members of the Board of Directors,
b) Control of the Company's Shareholder structure,
c) Control of the Company's contracts and accounting records,
Concluded on 20/02/2025, according to par.3 of article 9 of Law 4706/2020, that the conditions of article 9 of Law 4706/2020 for the qualification of three (3) out of the initially four (4) members of the Board of Directors, namely Ms. Natalia Nikolaidi, Mr. Nikolaos Sofianos and Ms. Alexandra Papalexopoulou, as independent members, continue to be met and fulfilled.
It is noted that the independence criteria ceased to be fulfilled in respect of Mr. Konstantinos Kalamatas at the end of the 2025 financial year.
The Board of Directors further announces that, with the assistance of the Remuneration and Nomination Committee, it will proceed with all necessary actions to ensure compliance with the requirements of Law 4706/2020.
Board of Directors Suitability Policy
The Suitability Policy was approved by the decision of the General Meeting of Shareholders on 15/07/2021, which has been formulated based on article 3 of Law 4706/2020 and No 60/18.09.2020 circular of the Hellenic Capital Commission, approved by the decision of the Board of Directors dated 24.06.2021, according to article 3 par.1 of Law 4706/2020 and is available on corporate website:
https://en.about.aegeanair.com/corporate-
governance/codes-and-policies/
Each of the members of the Board of Directors meets the eligibility criteria provided in the Eligibility Policy of the Company's Board of Directors. Specifically, members:
a)have the moral references, reputation, knowledge, experience, judgment independence and skills required to perform the tasks assigned to them. In addition, it is noted that there is an adequate representation by
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gender of at least twenty-five percent (25%) of all members of the Board of Directors,
b)there are no obstacles or incompatibilities in the person of the members of the Board of Directors, based on the provisions of Law 4706/2020, the applicable Corporate Governance Code and the Company's Rules of Operation, and
c)each of the independent members of the Board of Directors meets the conditions of independence of article 4 of law 3016/2002 and article 9 of law 4706/2020.
Diversity criteria
The Company recognizes the benefits of diversifying the members of the Board of Directors and considers it a means of achieving maximum team efficiency and performance. Diversity is a means of expressing different opinions which reflect the social and business environment in which the Company operates and inspires confidence in all stakeholders.
The Board of Directors must take advantage of the parameters of skills, opinions, abilities, qualifications, educational backgrounds, professional training, experience, gender, sex, age and other attributes of its members and appropriately balance them where possible.
The nomination and election of the members of the Board of Directors is carried out based on the value, qualifications, abilities and professional experience of each member individually and of the Board of Directors as a whole.
In relation to the search for suitable candidates, the latter are evaluated on merit, based on objective criteria, as defined by the law and in the corporate culture, taking into account the advantages ensured by diversity in the composition of the Board of Directors.
The Company opposes any case of exclusion of a candidate member due to criteria related to, but not limited to:
- gender,
- the race,
- the color,
- the national, ethnic or social origin,
- religious or political beliefs,
- disability,
- the property,
- the age,
- the birth and/or
-sexual orientation.
Percentage of women BoD members: 25%
Percentage of non-executive BoD members: 75%
Percentage of independent, non-executive BoD members: 25%
The Board of Directors further announces that, with the assistance of the Remuneration and Nomination Committee, it will proceed with all necessary actions to ensure compliance with the requirements of Law 4706/2020.
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Members of the Board of Directors
The table below includes the members of the Board of Directors:

Board of Directors members | Capacity | Date of appointment | End of Term
1. Eftichios Vassilakis | Chairman, Executive Member | 30/04/2024 | 30/04/2027
2. Αnastasios David | A’ Vice Chairman - non- executive member | 30/04/2024 | 30/04/2027
3. Panagiotis Laskaridis | Β’ Vice Chairman - non- executive member | 30/04/2024 | 30/04/2027
4. Dimitrios Gerogiannis | CEO - executive member | 30/04/2024 | 30/04/2027
5. Georgios Vassilakis | non-executive member | 30/04/2024 | 30/04/2027
6. Stella Dimaraki | executive member | 30/04/2024 | 30/04/2027
7. Konstantinos Kalamatas | non-executive member | 30/04/2024 | 30/04/2027
8. Achilleas Constantakopoulos | non-executive member | 30/04/2024 | 30/04/2027
9. Natalia Nikolaidis | independent, non-executive member | 30/04/2024 | 30/04/2027
10. Alexandra Papalexopoulou | independent, non-executive member | 30/04/2024 | 30/04/2027
11. Nikolaos Sofianos | independent, non-executive member | 30/04/2024 | 30/04/2027
12. Georgios Christopoulos | non-executive member | 12/12/2025 | 30/04/2027

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Members attendance of the meetings of the Board of Directors, Audit Committee and Remuneration Committee

Member | Board of Directors Meetings | Audit Committee Meetings | Remuneration Committee Meetings
Eftichios Vassilakis | 16/16 |  |
Αnastasios David | 16/16 |  |
Panagiotis Laskaridis | 15/16 |  |
Dimitrios Gerogiannis | 16/16 |  |
Georgios Vassilakis | 16/16 |  |
Stella Dimaraki | 16/16 |  |
Konstantinos Kalamatas | 16/16 | 12/12 |
Achilleas Constantakopoulos (new member of the Remuneration and Nomination Committee as of 12 December 2025 for the remainder of the Committee’s term of office, in replacement of the resigning member) | 16/16 |  | 1/5
Natalia Nikolaidi (new member of the Company’s Audit Committee as of 12 December 2025 for the remainder of its term of office, in replacement of the resigning member) | 16/16 | 1/12 | 5/5
Alexandra Papalexopoulou | 16/16 |  | 5/5
Nikolaos Sofianos | 16/16 | 12/12 |
Nikolaos Georgios Nanopoulos (non-executive member of the Board of Directors, member of the Audit Committee and member of the Remuneration and Nomination Committee, who resigned on 12 December 2025.) | 15/16 | 11/12 | 4/5
Georgios Christopoulos (New member of the Board of Directors as of 12 December 2025, in replacement of the resigning member) | - | - | -

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Other Professional Commitments
Eftichios Vassilakis, Chairman - executive member
Anastasios David, A’ Vice Chairman - non- executive member
In addition to being a member of the Board of Directors of the Company, the other professional commitments undertaken and maintained by the members of the Board of Directors are listed below. (including significant non-executive commitments to companies and non-profit institutions):

Company |
AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME | CEO, Executive member of the BoD
SPORTSLAND SPORT FACILITIES-TOURISM AND HOTELS S.A. | Chairman of the BoD & CEO
CRETE GOLF S.A. | Chairman of the BoD
ΤΕΜΕS S.A. | Non-Executive member of the BoD
PHAEA XENODOCHEIAKON & TOURISTIKON EPICHEIRISEON | Non-Executive member of the BoD
GRΟUΝD DΥΝΑΜΙC HOLDING S.A. | Chairman of the BoD, Executive member
TRADE ESTATES REIC | Senior Advisor, Non-Executive member of the BoD
Greek Tourism Confederation (SETE) | Vice Chairman of the BoD
HELLENIC FEDERATION OF ENTERPRISES (SEV) | Vice Chairman of the BoD
ENDEAVOR Greece ΑΜΚΕ | Member of the BoD
LAMDA DEVELOPMENT S.A. | Non-Executive member of the BoD
HERAKLION ARCHAEOLOGICAL MUSEUM PUBLIC ENTITY | Member of the BoD

Company |
Coca-Cola HBC A.G. | Chairman of the BoD
Sea Trade Holdings Inc. | Chairman of the BoD
Kar-Tess Holding | Member of the BoD
Adcom Advisory Ltd | Member of the BoD
Cyprus Union of Shipowners | Vice Chairman
The George and Kaity David Foundation | Member of the BoD

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Panagiotis Laskaridis, Β’ Vice Chairman - non- executive member
Dimitrios Gerogiannis, CEO - executive member
No other professional commitments undertaken.
Georgios Vassilakis – non executive member

The George and Kaity David Foundation | Member of the Committees’ Board

Company |
Laskaridis Shipping Co Ltd. | CEO
Lavinia Corporation | CEO
Aikaterini Laskaridi Foundation | Chairman of the BoD
The Hellenic War Risks Maritime Association (The Hellenic Club) | Member of the BoD
Hellenic Maritime Museum | Vice Chairman of the BoD

Company |
AUTOHELLAS ATEE | Executive Member of the BoD
Hyundai Hellas | Vice Chairman of the BoD & CEO
KIA Hellas | Vice Chairman of the BoD & CEO
Technocar | Chairman of the BoD & CEO
AUTOTECHNICA HELLAS | Chairman of the BoD & CEO
SPORTSLAND SPORT FACILITIES-TOURISM AND HOTELS S.A. | Non-executive Member of the BoD
GOLF RESIDENCES SA HOTEL & TOURIST ENTERPRISES | Non-executive Member of the BoD
Hellenic Association of Motor Vehicle Importers Representatives | Chairman of the BoD
SARONIC BAY SINGLE-MEMBER LLC | Manager

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Styliani Dimaraki, executive member

Company |
AEGEAN AIRLINES EXECUTIVE S.A. | Member of the BoD
AEGEAN AIRLINES SERVICES S.A. | Vice Chairman of the BoD & Executive member

Konstantinos Kalamatas, non-executive member
No other professional commitments undertaken.
Achilleas Constantakopoulos, non-executive member

Company |
TEMES S.A. | Chairman of the BoD
Yaco Maritime Investments S.A. | Chairman/ Sole Member of the BoD
ARKAL HOLDINGS PCC | Administrator
“Captain Vassilis & Carmen Konstantakopoulos” Foundation | Chairman of the BoD
The Hellenic Initiative | Member of the BoD
The Greek Tourism Confederation (SETE) | Member of the BoD

SARONIC VISTA SINGLE-MEMBER LLC | Manager
SARONIC GARDENS SINGLE-MEMBER LLC | Manager
BOATSILVER LIMITED | Legal Representative of the foreign branch
DREPANI VILLAS SINGLE-MEMBER S.A | Chairman of the BoD & CEO
WHISPER HOLDINGS SINGLE-MEMBER S.A | Chairman of the BoD & CEO

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Natalia Nikolaidi, independent, non-executive member

Company |
Dynamic Counsel Ltd | CEO
Cyprus Seeds | Board Member (NGO)
SMCP S.A. | Independent Member of the BoD
Climate Governance Initiative Greece (NGO) | Member of the BoD
Bain & Company | Senior Advisor

Alexandra Papalexopoulou, independent, non-executive member
Nikolaos Sofianos, independent, non-executive member

Company |
TITAN CEMENT INTERNATIONAL S.A. | Executive Member of the BoD
Paul and Alexandra Canellopoulos Foundation | Member of the Board and Treasurer
INSEAD BUSINESS SCHOOL | Member of the BoD

Company |
Dovalue Greece SA | Independent non-executive member of the BoD
Arcela Investments LTD | Member of the BoD & CEO

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Georgios Christopoulos, non-executive member

Company |
Learning Path S.A. | Member of the BoD
HES STRYMONA S.A. | Member of the BoD
ENERGY INVESTMENTS S.A. | Member of the BoD
5K ENTERPRISES S.A. | Member of the BoD

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Number of Shares that BoD members hold as of 31.12.2025 (including indirect holdings)

BoD Member | Number of shares
Eftichios Vassilakis, Chairman - executive member | 34.300.338 (885.255 directly, 22.495.083 indirectly through the chain of controlled companies FELIX HOLDINGS S.àr.l. and Evertrans S.A. and 10.920.000 shares indirectly through the chain of controlled companies FELIX HOLDINGS S.àr.l., Evertrans S.A., Main Stream S.A. and Autohellas)
Αnastasios David, A’ Vice Chairman - non- executive member | 851.059
Panagiotis Laskaridis, Β’ Vice Chairman - non- executive member | 10.840.696 shares indirectly through the controlled company Alnesco Enterprises Limited
Dimitrios Gerogiannis, CEO - executive member | 94.738
Stella Dimaraki | 38.770
Achilleas Constantakopoulos, non-executive member | 5.000.605 (3.727.794 directly and 1.272.811 shares indirectly through the controlled company Ateria Ventures Ltd)

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Audit Committee
The Company has updated Rules of Procedures of the Audit Committee, which was approved with the decision of the Board of Directors of 11.12.2025.
The current Rules of Procedures of the Audit Committee have been uploaded on the Company's website.
The Rules of Procedures of the Audit Committee have been updated based on the article 44 of L. 4449/2017, as amended by the article 74 of L.4706/2020, and covers, among others, the composition, the role, the responsibilities and the operation and evaluation of the Audit Committee as defined by article 44 of L. 4449/2017 and by the epistles no. 1302 / 28.04.2017 and 1508 / 17.07.2020 of the Hellenic Capital Market Commission.
Audit Committee composition
Based on the rules of procedures of the Audit Committee, the Committee is composed from three (3) members and is:
a) Committee of the company’s Board of Directors, which consists of non-executive members, or
b) independent committee, which consists of non-executive members of the Board of Directors and third members, or
c) independent committee, which consists of only third-party members.
The type of the Audit Committee, the term of office, the number and the capacity of its members are decided by the General Meeting of the Company's shareholders.
Its composition is formed at the discretion of the General Assembly within the respective legislative framework.
The members of the Audit Committee are by an independent majority, within the meaning of article 4 of L.3016/2002 as in force, article 9 of L. 4706/2020. The participation in the Audit Committee of persons who simultaneously hold positions or capacities or who carry out transactions incompatible with the purpose of the Commission is prohibited. Subject to the above, the participation of a person in the Audit Committee does not exclude his participation in another Committee of the Board of Directors, as long as this does not affect the proper performance of the person's duties as a member of the Audit Committee.
The members of the Audit Committee as a whole have sufficient knowledge and experience in the field of activity of the Company. At least one member of the Audit Committee, who is independent from the Company, has sufficient knowledge and experience in auditing or accounting.
The members of the Audit Committee are appointed by the General Meeting of Shareholders of the Company, when it is an independent committee, or by the Board of Directors, when the Audit Committee is a committee of the Board of Directors, in accordance with the law, with a decision that sufficiently justifies the qualifications of the proposed members of the Committee as well as the independence of the nominated independent members. In case of resignation or death or in any other way of losing the membership of the Audit Committee, then the Board of Directors appoints from the existing members a new member to replace the one who leaves, for the period until the end of his term, if there is a case of paragraphs 1 and 2 of article 82 of L.4548/2018, which is applied accordingly. When the member of the previous paragraph is a third person and not a member of the Board of Directors, the Board of Directors appoints a third person, a non-member of the Board of Directors, as a temporary replacement, and the next General Meeting of the Shareholders appoints either the same member or elects another, for the period until the end of his term of office in the Audit Committee.
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The Chairman of the Audit Committee is appointed by its members and is obligatorily independent of the Company within the meaning of the provisions of L.3016/2002, as in force, and article 9 of L.4706/2020. The Chairman of the Board of Directors cannot be the same person with the Chairman of the Audit Committee. By the same decision, one of the elected independent members of the Committee is appointed as Deputy Chairman, while it is also possible for the Committee to appoint members to replace the regular members of the Audit Committee in case of disability.
The members of the Audit Committee of the Company were initially appointed by the decision of the Board of Directors dated on the 30.04.2024, with a three-year term.
Following the resignation of Mr. Nikolaos Georgios Nanopoulos, son of Konstantinos, non-executive member of the Board of Directors, member of the Audit Committee and member of the Remuneration and Nomination Committee, the Board of Directors of the Company, at its meeting held on 12 December 2025, appointed Ms. Natalia Nikolaidi, independent non-executive member of the Board, as a new member of the Company’s Audit Committee for the remainder of the Committee’s term of office. The appointment of the new member was made after confirming that the requirements of article 44 of Law 4449/2017 were met.
The new three-member Audit Committee of the Company was constituted at its meeting on 12 December 2025 as follows:
1.Nikolaos Sofianos – Chairman of the Audit Committee, Independent Non-Executive Member of the Board of Directors
2.Konstantinos Kalamatas – Member of the Audit Committee, Non-Executive Member of the Board of Directors
3.Natalia Nikolaidi – Member of the Audit Committee, Independent Non-Executive Member of the Board of Directors
Meetings and decision making
The Audit Committee is convened exclusively by its Chairman or, in case of his absence or incapacity, by his deputy.
The Audit Committee meets regularly at least four (4) times a year. It meets extraordinarily, when at the discretion of the Chairman of the Board or the Chairman of the Audit Committee is deemed necessary. The Audit Committee may also meet, without the presence of the Management, with the regular auditor of the Company. The meeting may take place live or through audiovisual media, at the Company's registered office or at any place suitable for the purpose of the meeting. The duties of secretary are performed by the Director of Internal Audit, who keeps the minutes of the meetings. The meetings of the Audit Committee are sought to involve as much as possible all its members (live or through audiovisual media). If at least two members (regular or alternate) are not present at the meeting, the meeting is canceled and repeated without new invitation no later than seven (7) days after its cancellation (where again at least two members will be required to be present). Decisions are taken by the majority of its members, and in the event of a tie, the vote of the Chairman shall prevail. The member of the Audit Committee who has sufficient knowledge and experience in auditing or accounting is obliged to attend the meetings of the Audit Committee concerning the approval of the financial statements. In addition, the Audit Committee invites, whenever it deems appropriate, key executives involved in the Company's governance, including the Chief Executive Officer, the Chief Financial Officer and the Internal Audit Director, to attend specific meetings or specific issues on the agenda and to pose their view on them.
The Audit Committee, in addition to the scheduled meetings, holds mandatory meetings with the management and the relevant executives during the preparation of the financial reports as well as with the chartered accountant during the planning stage of the
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audit, during its execution and during the stage of preparation of audit reports.
The Audit Committee meets at least once a quarter, with the Internal Audit Director to discuss issues within its competence, as well as problems that may arise from the internal audits.
Audit Committee duties
The Audit Committee operates as an independent and objective body, which is responsible for reviewing and evaluating audit practices and the performance of internal and external auditors. The main mission of the Audit Committee is to assist the Board of Directors in the execution of its duties, overseeing the financial and non-financial information procedures, policies and internal control system of the Company.
In accordance with L.4449/2017 and L.5161/2024, in accordance with its Rules of Operation, the Audit Committee, inter alia:
-monitors the financial reporting process and where applicable, the sustainability reporting process, including the electronic submission reporting process as referred to in the article 154B of Law 4548/2018, and the process carried out by the company to determine that the information submitted, is in accordance to the sustainability reporting standards approved under the article 154A of Law 4548/2018 and submits recommendations or proposals to ensure its integrity,
-informs the company's Board of Directors of the outcome of the statutory audit and where applicable, of the assurance outcome of the sustainability report and explains how the statutory audit and the assurance of the sustainability report contributed to the integrity of the financial information and the sustainability report respectively, as well as what was the role of the audit committee in this process,
-monitors the effectiveness of the company's internal control, quality assurance and risk management systems and where applicable, its internal audit unit, with regards to the company's financial and non financial reporting and where applicable the submission of sustainability reports, including the electronic reporting process referred to in article 154B of Law 4548/2018, without violating its independence,
-monitors the statutory audit of the annual and consolidated financial statements and where applicable, ensures the submission of the annual and consolidated sustainability report and in particular, its performance in accordance to the paragraph 6 of Article 26 of Regulation (EU) No. 537/2014,
-reviews and monitors the independence of statutory auditors or audit firms in accordance with Articles 21, 22, 23, 26 and 27 and Article 6 of Regulation (EU) No. 537/2014 and particularly, the appropriateness of providing non-audit services to the audited entity in accordance with Article 5 of Regulation (EU) 537/2014,
-is responsible for organizing the auditors or audit firms’ selection process and proposes the appointment of statutory auditors or audit firms in accordance with Article 16 of Regulation (EU) No. 537/2014, unless paragraph 8 of Article 16 of Regulation (EU) No. 537/2014,
-advises for the approval and revision of the Company's operating regulations, the Corporate Governance Code, and submit, at its discretion, a proposal for the revision of this Regulation.
For the results of all the above actions, the Audit Committee informs the Board of Directors by submitting semi-annual reports of its findings and with proposals for the implementation of corrective actions, if deemed appropriate.
The Audit Committee presents and submits to the Board of Directors the reports submitted to it every three (3) months by the Internal Audit Department, according to article 16 of L.4706/2020, together with its observations or earlier if deemed necessary.
The Audit Committee has full access to every element of the Company that is needed to carry out its duties and the Company makes available to the Audit Committee any person that the Committee deems necessary.
The Rules of Procedure of the Audit Committee are published on the Company's website, at the following link:
https://en.about.aegeanair.com/corporate-
governance/committees-and-external-
auditors/rules-of-procedures-of-aegean-airlines-
audit-committee/
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During 2025, the Audit Committee, exercising its responsibilities, held twelve (12) meetings in which all its members participated, the topics of which are briefly mentioned below:
Proceedings of the Audit Committee and Meetings
•Internal Control System Assessment.
• Audit Committee Activity Report for the A’ and B’ semesters 2025.
• Annual Audit Committee Activity Report to the General Meeting of Shareholders for 2024.
• Corporate governance system evaluation based on Law 4706/2020.
• Cyber Security issues.
• Risk register update.
• Internal Audit work progress, based on the annual approved plan.
• Evaluation of Internal Audit Unit members and self-assessment.
• Declaration of Internal Audit Unit independence.
• GDPR work update and compliance with European Legislation on artificial intelligence.
• Audit Committee Self-Assessment.
• Establishment of the Audit Committee.
• Update of the Audit Committee’s Operating Regulations and approval of updates to the company’s Internal Operating Regulations and related corporate policies.
• Planning of statutory audit of financial statements 1/12025 – 31/12/2025.
• Approval of financial statements 1/1/2024 – 31/12/2024.
• Pre-approval of service fees by KPMG Certified Public Accountants.
• Approval of permitted non-audit services by KPMG Certified Public Accountants.
• Approval of interim financial statements 1/1/2025 – 30/6/2025.
• Assessment of the adequacy and effectiveness of the Internal Audit System.
• Annual work plan of the Risk Management and Regulatory Compliance Unit. (RMRCU).
• Progress of the work of the RMCMU based on the annual approved plan.
• Management of complaints / Whistleblowing.
• Declaration of independence of the RMCMU and its self-assessment.
• Update of the compliance risk register.
• Update of “Partner Screening” issues.
• ISO certifications.
• Conflict of interest of the members of the Board of Directors.
• Training of members of the Board of Directors.
• Update on actions to reduce gas emissions by 2030 as well as related compliance issues in cooperation with the Sustainable Development Committee.
• Issues of independence and risk management with the independent non-executive members of the Board of Directors.
Remuneration and Nominations Committee
Composition of the Remuneration and Nomination Committee
According to the Rules of Procedure of the Remuneration and Nominations Committee, the Committee consists of three (3) members with a three-year term, who are all non-executive members of the Board of Directors and by a majority independently, within the meaning of the law, as applicable. The Remuneration and Nominations Committee is chaired by an independent non-executive member of the Board. The Chairman of the Remuneration and Nominations Committee is responsible for the planning and conduct of the meetings. The term of office of the members is automatically extended until the first Ordinary General Meeting after the end of their term of office, which may not exceed four (4) years. In case of vacancy of a member of the Remuneration and Nominations Committee (indicatively due to resignation), the Board of Directors appoints its replacement without delay.
The participation in the Committee of Remuneration and Nominations of persons who simultaneously hold positions or qualities or who conduct transactions incompatible with the purpose of the Commission is prohibited. The Executive Chairman, the Chief
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Executive Officer and the Chief Financial Officer of the Company (possibly other members of the Board of Directors if deemed necessary by the Committee) may be invited by the Committee to attend the meetings).
The members of the Remuneration and Nominations Committee as a whole have sufficient knowledge and experience in matters of remuneration formation.
The members of the Remuneration and Nominations Committee are appointed by the Board of Directors with a decision which sufficiently justifies the qualifications of the members of the Committee. By the same decision, one of the elected independent members of the Committee is also appointed as Deputy Chairman, while it is also possible to appoint alternate members who replace the regular members of the Remuneration and Nominations Committee in case of their incapacity.
The participation of a person in the Remuneration and Nominations Committee does not exclude his participation in another Committee of the Board of Directors, as long as this does not affect the proper performance of the person's duties as a member of the Remuneration and Nominations Committee.
The members of the Remuneration and Nomination Committee were initially appointed by the Board of Directors’ resolution dated 30 April 2024, for a three-year term of office.
Following the resignation of Mr. Nikolaos Georgios Nanopoulos, son of Konstantinos, non-executive member of the Board of Directors, member of the Audit Committee, and member of the Remuneration and Nomination Committee, Mr. Achilleas Konstantakopoulos, non-executive member of the Board, was appointed as a new member of the Remuneration and Nomination Committee for the remainder of the Committee’s term.
The new three-member Remuneration and Nomination Committee of the Company was constituted at its meeting held on 12 December 2025 as follows:
1.Natalia Nikolaidi – Chairwoman of the Remuneration and Nomination Committee, Independent Non-Executive Member of the Board of Directors
2.Alexandra Papalexopoulou – Member of the Remuneration and Nomination Committee, Independent Non-Executive Member of the Board of Directors
3.Achilleas Konstantakopoulos – Member of the Remuneration and Nomination Committee, Non-Executive Member of the Board of Directors
Meetings and Decision making
The Remuneration and Nominations Committee is convened exclusively by its Chairman or, in case of her absence or incapacity, by his / her deputy.
The Remuneration and Nomination Committee meets regularly at least two (2) times per year and definitely before the preparation of the Remuneration Policy and the preparation of the Remuneration Report, or any revision thereof. It meets extraordinarily, when at the discretion of the Chairman of the Board or the Chairman of the Committee deemed necessary. The meeting may take place live or through audiovisual media, at the Company's registered office or at any place suitable for the purpose of the meeting. By decision of the Board of Directors, the secretary of the Remuneration Committee is appointed who keeps the minutes of the meetings. The representation of a member of the Remuneration and Nominations Committee by another member is prohibited, unless it is the case of the replacement of a regular member by an alternate, due to obstruction of the former. The replacement of the regular members may in no case lead to the composition of the Remuneration and Nominations Committee other than that which is obligatorily defined in the Rules of Procedure of the Remuneration and Nominations Committee.
The convening of the Remuneration and Nominations Committee is done by invitation which is notified to them two (2) working days at least before the meeting, or five (5) days if the place of the meeting is not the registered office of the Company. The invitation mentions the items on the agenda, the date, time and place of the meeting of the Remuneration and Nominations Committee. An invitation is not required if
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all members are present on the day of the meeting and no one objects.
All members of the Remuneration and Nominations Committee will be invited to participate in the meetings as much as possible (live or through audiovisual media). If at least two members (regular or alternate) are not present at the meeting, the meeting is canceled and repeated without new invitation no later than seven (7) days after its cancellation (where again at least two members will be required to be present). Decisions are taken by a majority of its members, and in the event of a tie, the vote of the Chairman shall prevail.
Unless specifically defined in the Rules of Procedure of the Remuneration and Nominations Committee, articles 89-93 of Law 4548/2018 apply to the meetings and decision making of the Remuneration and Nominations Committee.
Responsibilities of the Remuneration and Nominations Committee
The Remuneration and Nominations Committee operates as an independent and objective body, which transparently assists the Board of Directors in the performance of its duties regarding the issues related to the remuneration of the Board of Directors, the executives and the employees of the Company and undertaking the procedures for drafting and controlling the Remuneration Policy and the Remuneration Report of articles 110-113 Law 4548/2018. Specifically, the Remuneration and Nominations Committee:
a) Prepares the Remuneration Policy for the members of the Board of Directors of the Company with the possibility to include in it, other executives and employees of the Company. The Remuneration Policy is consistent with the principles set out in the Corporate Governance Code applied by the Company, with all the appropriate variations depending on the role and duties of each of these persons.
b)Suggests a temporary derogation from the Company's Remuneration Policy, provided that (a) the Remuneration Policy sets out the procedural conditions under which a derogation from its content may apply, (b) the Remuneration Policy sets out the details to
which the derogation can be applied and (c) this derogation is necessary to serve the long-term interests of the company as a whole or to ensure its viability.
c) Reviews the remuneration and working conditions of the company's employees and takes into account the relevant findings when determining the Remuneration Policy.
d) Submits proposals to the Board of Directors on any matter concerning the remuneration of the Board of Directors, the executives and the employees of the Company, complying, in terms of the formation of such remuneration, with the principles of law and the Company Corporate Governance Code and taking into account international best practices and the European Commission Recommendations.
e) Regularly reviews the terms of the current contracts of the members of the Board of Directors and the executives with the Company, including the compensations, in case of departure, and the pension arrangements.
f)In case of revision of the Remuneration Policy, submits a report to the Board of Directors describing and explaining all the changes in the Remuneration Policy, as well as the way in which the votes and views of the shareholders on the Remuneration Policy and Report have been taken into account, since the last vote on these issues.
g)Defines the measures for the avoidance or management of conflicts of interest regarding remuneration issues that are incorporated in the Remuneration Policy.
h)Defines the performance targets regarding any variable remuneration of the executive members of the Board of Directors and the senior executives, and the targets related to the programs of granting rights or shares.
i)Examines and submits proposals to the Board of Directors (and through it to the General Meeting of Shareholders, when required) regarding any programs for the granting of stock options or the granting of shares.
k)Submits proposals for the revision and improvement of any process related to the drafting of the
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Remuneration Policy, the Remuneration Report and the definition of the elements contained in them.
l)Prepares the Remuneration Report of article 112 L.4548/2018. The Remuneration and Nomination Committee determines and includes in the Remuneration Report all the elements required by L.4548/2018 and the Corporate Governance Code of the Company. The Remuneration and Nomination Committee submits a report to the Board of Directors describing the manner in which the Remuneration Report takes into account the result of the General Meeting of the Shareholders vote on the previous Remuneration Report.
m) It is generally responsible to suggest, make decisions and express an opinion on any issue that falls under articles 109-114 of L.4548/2018, voluntarily or upon request by the Board of Directors or the General Meeting of the Shareholders.
n) Prepares and proposes to the Board of Directors for approval the Suitability Policy of the members of the Board of Directors which includes the selection criteria and the placement procedures of the members of the Board of Directors.
o)Regularly reviews the Suitability Policy of the members of the Board of Directors.
p)Plans and coordinates the process of selecting candidates suitable for the vacant positions of the Board of Directors, describes the responsibilities and required skills as well as their expected time commitment.
q)Ensures the promotion of differentiation and diversity as well as ensuring the concentration of a wide range of qualifications, knowledge and skills of the members of the Board of Directors, in accordance with the Suitability Policy.
r)Periodically evaluates the size and composition of the Board of Directors and submits to it proposals regarding its desired overall profile.
s)Formulates and submits to the Board of Directors for approval, a succession plan of the members of the Board of Directors and the Senior Managers.
t)Monitors and evaluates that the members of the Board of Directors meet the criteria of individual suitability in particular in relation to the adequacy of
knowledge and skills, the guarantees of morality and reputation and the allocation of sufficient time.
u)Monitors and evaluates possible situations of conflict of interest to the extent that the ability of the members of the Board of Directors to exercise their duties independently and objectively is submitted by submitting relevant reports to the Board of Directors.
v)Ensures that the members of the Board of Directors meet the criteria of independence based on the requirements of law.
w)Recommends to the Board of Directors the Training Policy of the members of the Board of Directors, the Executives, as well as the other executives of the Company.
x)Recommends to the Board of Directors the process of hiring Senior Managers and evaluating their performance.
y)Supervises the planning and implementation of the program for the integration of new members of the Board of Directors, as well as the continuous development of knowledge and skills of all members, supporting the effective exercise of their duties.
The Rules of Procedure of the Remuneration and Nominations Committee are published on the Company's website at the following link:
https://en.about.aegeanair.com/diakybernisi/committ
ees-and-externa l-auditors/operating-regulations-of-
the-companys-remuneration-committee/
The Remuneration Report for fiscal year 2024 is the following link:
https://el.about.aegeanair.com/ependytes/genikes-
syneleyseis/
The Remuneration Report for fiscal year 2025 will be published together with Invitation of the Annual General Shareholders Meeting.
During 2025, the Remuneration and Nominations Committee, held five (5) meetings in which all its members participated, the topics of which are briefly mentioned below:
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Proceedings of the Remuneration and Nominations Committee and Meetings
• Formation of the Remuneration and Nominations Committee in the Body.
• Recommendation to the Board of Directors for the election and approval of the allocation of free shares in accordance with the existing program, to executive members of the Board of Directors of the Company.
• Board of Directors’ remuneration report for the fiscal year 1/1/2024 – 31/12/2024.
• Annual report of activities for the fiscal year 1/1/2024 – 31/12/2024.
• Special annual report on gender balance on the Board of Directors.
• Independence criteria for independent non-executive members of the Board of Directors.
• Evaluation of a candidate Member of the Board of Directors.
Sustainability Development Committee
The Company has a Sustainability Development Committee, following the decision of 16.09.2021 of the Board of Directors of the Company.
The Rules of Procedures of the Sustainable Development Committee have been posted on the Company's website.
Composition
According to the Rules of Procedures of the Sustainability Development Committee, the Committee consists of three (3) members of which one independent non-executive member of the Board of Directors, one executive member of the Board of Directors and the Chief Financial Officer.
The term of the Sustainability Development Committee is three years and coincides with the term of the Board
of Directors, extended until the expiration of the deadline within which the next Ordinary General Meeting must convene after the end of the term of the Board of Directors and until the relevant decision is taken. and not exceeding four years.
In the event of resignation, death or any other loss of membership of the Committee, the Board of Directors shall immediately appoint a new member to replace the one missing, for the period until the end of the term of office, if applicable, of par. 1 and 2 of article 82 of Law 4548/2018, which is applied accordingly.
The Chairman of the Sustainability Development Committee is appointed by its members and is independent of the Company within the meaning of the provisions of Law 3016/2002, as in force, and article 9 of Law 4706/2020.
The members of the Sustainability Development Committee of the Company were initially appointed by the decision of the Board of Directors dated 30.04.2024. With the meeting of the Committee for Sustainable Development from 30.04.2024 and its formation in a body, its chairman was appointed. In particular, the Commission consists of the following persons:
1.Natalia Nikolaidi, independent non-executive member of the BoD, Chairwoman
2.Stiliani Dimaraki, executive member of the BoD, Member
3.Michalis Kouveliotis, Deputy CEO and Chief Financial Officer, Member
Meetings and Decision Making
The Sustainability Development Committee meets whenever necessary, keeps minutes of its meetings and submits reports to the Board of Directors, if necessary.
The Committee shall meet at the invitation of its Chairwoman, who shall determine the agenda, place, time and manner of the meeting. Any member of the Committee may request in writing that it be convened to discuss specific matters.
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Duties and Responsibilities
The tasks and responsibilities of the Sustainability Development Committee include:
(a)Monitoring and evaluating the Company's compliance with the regulatory and legislative framework and with the practices, due diligence policies, procedures, reporting mechanisms, commitments and objectives it has adopted regarding sustainable development and sustainable business practice and ESG issues, including indicative:
-the UN "Agenda 2030" with the 17 Global Sustainable Development Goals,
-the 10 Principles of the UN Universal Pact,
-the other environmental criteria applied by the Company, ie. the way in which the Company ensures the safest possible operation for the environment,
- the social criteria applied by the Company in relation to its relations with employees, suppliers, passengers, shareholders / investors, and the communities in which it operates,
-the organization and operation of the corporate governance system, including issues related to the leadership of the Company, the supervision of sustainable development by the Board of Directors, business ethics, labor relations, transparency and prevention of corruption, shareholders' rights, etc.
(b)The monitoring of international and domestic trends and best practices in matters of sustainable development and ESG and the submission of proposals, reports and any kind of suggestions to the Board of Directors of the Company regarding:
-the improvement of the environmental performance and the strengthening of the environmental actions and initiatives of the Company, including the actions for the climate change and the reduction of carbon dioxide emissions, the waste management and the protection of the biodiversity,
- the support of actions of social offer and corporate social responsibility in the context of the strategy and the business model of the Company,
- issues of social nature, such as the health and safety of employees and customers, labor and human rights, animal rights, the development of local communities and the promotion of sustainable urban development through the provision of safe and affordable transport systems for more and more people,
- corporate governance and business ethics,
- the indicators for publishing ESG information.
(c)The cooperation with the respective units, departments and committees of the Company in order to promote the goals of sustainable development of the Company.
(d)To provide assistance to the Board of Directors regarding the monitoring of the implementation of the Sustainable Development Policy of the Company and the provision of any other assistance that may be required, in particular as to the existence of mechanisms of knowledge and understanding of the interests of stakeholders, that the company has an impact.
(e) Determining the impact of the Company's activities on the environment and the wider community based on non-financial factors related to the environment, social responsibility and governance (ESG) that are economically significant for the Company and the collective interests of key stakeholders, such as employees, customers, suppliers, local communities and others, as well as the monitoring and evaluation of the Company's response to non-financial actors and their integration into the business strategy and decision-making.
(f)Submitting recommendations to the Board of Directors for the establishment of working groups to promote sustainable development and ESG issues, including indicative issues of environment, social
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responsibility, protection of human rights, ethics, actions against corruption and bribery, labor, etc.
(g)Monitoring and evaluating the compliance of third parties providing services to the Company (supply chain) or in its name and on its behalf (including partners and suppliers, intermediaries, and any other persons with whom the Company cooperates under contracts, outsourcing or other agreements) or third parties acting on behalf of or in cooperation with the Company (value chain) with the standards, criteria and principles set and applied by the Company in terms of sustainable development, environmental protection , the positive impact on society and good governance.
(h)Promoting to the shareholders and stakeholders the Company's action in matters of sustainable development and ESG and ensuring that all publications related to the management and performance of the Company in these matters are available to the above persons.
The Regulation of the Sustainability Development Committee is posted on the Company’s website at the following link:
https://en.about.aegeanair.com/corporate-governance/committees-and-external-auditors/esg-committee/
During 2025, the Sustainability Committee, in the exercise of its responsibilities, held two (2) meetings, out of which one (1) joint meeting with the Audit Committee, with all members in attendance. The main topics addressed are summarized below:
Proceedings of the Sustainability Development Committee and Meetings
•Key matters related to the 2025 Sustainability Report.
•Compliance issues in accordance with European legislation.
•Targets for 2025.
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Senior Management |
Siskos Panagiotis | Accountable Manager He graduated from the Pilot Department of the Hellenic Air Force Academy in 1981 and obtained a Master's degree in Public Management from Midwestern State University in Texas. He served a total of 22 years in the Hellenic Air Force, initially as a Flight Instructor T-38 at the EURO-NATO Joint Jet Pilot Training in the USA and as a Flight Instructor T-2 at the Advanced-Operational Jet Training of the Hellenic Air Force Academy, then as a F-5 Operational Pilot and Mirage 2000 Pilot / Instructor, Operations Officer, Squadron Commander as well as a Section Chief at the Hellenic Air Force General Staff. Since 1999, he has flown in Civil Aviation and is a Captain and Instructor on Airbus 320 aircraft, with over 13,500 flight hours in total. From 2005 to 2023, he was the Director of Crew Training at Aegean Airlines, with responsibilities including the evaluation of pilot candidates and the training of pilots and cabin crews.
Michail Kouveliotis | Deputy CEO & Chief Financial Officer He graduated from Athens University of Economics and Business in 1987. He works for 34 years in the Vassilakis Group, for 6 years he was the Financial Director of TECHNOCAR SA. He holds the position of Deputy CEO & Chief Financial Officer of the Company since 2003. He is Chairman of the Board of Directors and CEO of Olympic Air. He is also a member of the Board of Directors of Aegean Executive S.A. and a member of the Sustainability Development Committee of the Company.
Roland Jaggi | Chief Commercial Officer He started his airline career 1994 at Swissair. After 12 years in various roles at headquarters in Zurich, in Russia and in Portugal, he moved to Athens in 2006 to join Aegean Airlines to build the Revenue Management and Pricing capability. Over the years his responsibilities expanded, since 2018 he is leading the entire Commercial Organization of Aegean Airlines.

Senior Management CVs
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Panagiotis Nikolaidis | Chief Ground Operations Officer He has an overall airline experience of over 30 years and has been working for Aegean Airlines Ground Operations for the last 26 years, starting as Station Manager, Airport Services Manager, Ground Operations Director. His responsibilities cover all Airports (more than 150 stations domestic and international), Call Center, Customer Relations and Customer Care Center. He was a member of the Star Alliance Customer Experience Strategy Group until 2014–2025, a member of the IATA Aviation Ground Services Agreements Task Force until 2021, and a member of the IATA GOG (Ground Operations Group) until 2023..
Aristidis Kamvysis | Chief Information Officer Mr. Kamvysis studied in the UK, earning a B.Sc. in Computer Science from Leeds University (1992) and an M.Sc. in Virtual Reality, from Hull University (1993). During his studies, he worked for a year in Paris, with Air Inter. Prior joining Aegean, he worked in carious with Greek companies. From 1995 to 1997 he worked at Attica Bank, in the IT Department. From 1997 to 1999, he worked in the IT Department, at Athens International Airport. He joined the company in 1999.
Marios E. Menexiadis | Internal Audit Director He is an economist specializing in Internal Audit. He holds a Postdoc and PhD in Internal Auditing and Best Practices from the National and Kapodistrian University of Athens, an MSc in Internal Auditing from City University and a Macc in International Accounting and Financial Management from Glasgow University. In parallel, he is certified FCPA, CPIA, CRCO, COSO-ERM, certified in governance, risk management and compliance G.R.C. by the International Compliance Association. He is the Vice President of the Association of Certified Public Accountants International, while for a number of years he has been the Internal Audit Director of PLCs groups in the Athens Stock Exchange. Prior to joining the airline industry in 2009, he served as an Internal Audit Director in the chemical as well as the in the food and beverage industry. His professional career started at the “Big 5” (Andersen & PwC), while at the same time he has served as a Member of the Audit Committee of the Hellenic Institute of Internal Auditors.

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Number of Shares that Senior Management hold as of 31.12.2025 (including indirect holdings)

Senior Management | Shares
Michail Kouveliotis | 67.802
Panagiotis Nikolaidis | 50.569
Aristidis Kamvysis | 60.814
Roland Jaggi | 64.222
Marios E. Menexiadis | 4.475

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2.5 Report of the Audit Committee
1.Introduction
The Audit Committee operates as an independent and objective body, assisting the Board of Directors in its duties, overseeing Company's financial reporting procedures, policies and internal control system.
The Audit Committee maintained its composition from its establishment as a Body by the decision of its meeting on 30.04.2024, until 12.12.2025, where the resigned non-executive member of the Board of Directors and member of the Audit Committee, Mr. Nikolaos Nanopoulos, was replaced by Ms. Natalia Nikolaidi – independent non-executive member. During the meeting, it was decided to appoint the independent non-executive member of the Board of Directors, Mr. Nikolaos Sofianos as its Chairman and it was established as a body. The members of the Audit Committee have, as a whole, sufficient knowledge and experience in the Company's field of activity. At least one member of the Committee has sufficient knowledge in auditing and accounting, while the conditions of article 44 of law 4449/2017 are met, as well as the independence criteria of independent non-executive members based on article 4 of law 3016/2002 and article 9 of law 4706/2020.
2. Purpose of the annual activity report
The purpose of the report is to disclose the activities of the Audit Committee to the Annual General Meeting of Shareholders, in relation to issues:
•Sustainability Development policy.
•Compliance with articles 5, 6, 21, 22, 23, 26 and 27 of Regulation (EU) no. 537/2014 on the independence of statutory auditors and the appropriateness of the provision of non-audit services.
•Review of the financial reporting statements prior to their approval by the Board of Directors, regarding their completeness and consistency with applicable legislation, International Financial Reporting Standards (IFRS 10), and the accounting principles applied by the Company.
•Monitoring the work of the external auditors for the performance of the statutory audit and informing the Board of Directors on the outcome and its contribution to the integrity of the financial and non-financial, reporting.
•Examination and evaluation of the adequacy and effectiveness of the Company's policies, procedures and safeguards regarding, on the one hand, the internal control system and, on the other hand, risk assessment and management, in relation to financial and non-financial reporting.
•General obligations arising from the provisions of Law 4449/2017 and Law 4706/2020 on Corporate Governance.
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3. ESG Policy
The Audit Committee, in compliance with L.4706/2020 on corporate governance, monitors the implementation of the Group's commitments regarding sustainable development and corporate responsibility, thus promoting social welfare, environmental protection, as it constitute best practices. In particular, the committee monitors issues related to:
•Environmental protection, through an emission reduction program related to fuel consumption reduction, efficient aircraft utilization, material recycling, noise reduction and fleet replacement.
•Society, emphasizing in value creation by offering high quality services, flight safety, business continuity and readiness, technologically advanced options and quality management.
•Employment, building strong relationships with employees and ensuring a framework based on respect for human rights, protecting and ensuring their health and safety, as well as value creation for every employee as an active member in the formation and implementation of Company’s business strategy.
•Respect human rights, defend the diversity of employees and disapprove any form of child labor, forced or compulsory labor, ensuring excellent working conditions and providing fair wages under contracts that comply with the applicable law.
•Fight against corruption, bribery and fraud, respecting the principle of integrity, combined with zero tolerance in these matters.
•ESG performance indicators to which the company refers to.
4. Audit Committee Activity report for 2025
Meetings
In order to implement the above purposes, the Audit Committee convened twelve (12) times with:
a) the Internal Audit Unit on issues related to:
•Approval of minutes of meetings
•Evaluation of the internal control system.
•Audit Committee Activity Report for the Half A’ and B’, 2025.
•Annual Report of the Audit Committee's Activities to the General Meeting of Shareholders for 2024.
•Evaluation of the corporate governance system based on Law 4706/2020.
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•Cyber Security Issues.
•Update of the risk register.
•Progress of Internal Audit work, based on the approved annual plan.
•Evaluation of Internal Audit Unit and self-assessment.
•Declaration of independence of the Internal Audit Unit.
•Update on GDPR issues and compliance with the European AI Act.
•Audit Committee self-assessment.
•Formation of the Audit Committee into Body.
•Update of the Audit Committee's Operating Regulations and approval of updates to the company's Internal Operating Regulations and related corporate policies.
•Approval of the Audit Committee's annual activity report for 2024.
b) the Chartered Accountants for issues related to:
•Planning of the statutory audit of financial statements 1/1/2025 – 31/12/2025.
•Approval of financial statements 1/1/2024 – 31/12/2024.
•Pre-approval of service fees by KPMG Certified Public Accountants.
•Approval of permitted non-audit services by KPMG Certified Public Accountants.
•Approval of interim financial statements 1/1/2025 – 30/6/2025.
•Evaluation of effectiveness of the Internal Control System.
c) the Risk Management and Regulatory Compliance Unit for issues related to:
•Annual plan of the Risk Management and Regulatory Compliance Unit.
•Progress of work of the Risk Management and Regulatory Compliance Unit.
•Management of complaints / Whistleblowing.
•Statement of independence of the Risk Management and Regulatory Compliance Unit and its self-assessment.
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•Update on the compliance risk register.
•Update on “Partner Screening” issues.
•ISO certifications.
•Conflict of interest of members of the Board of Directors.
•Training of the Members of the Board of Directors.
•The members of the Audit Committee, as members of the Board of Directors, attend all meetings of the Board of Directors and the Chairman of the Committee informs the Board of Directors about the work of the Committee.
d) the ESG Committee on issues related to the necessary actions required to reduce gas emissions ("pollutants") by 2030 as well as related compliance issues.
e) Independence and risk management issues with the independent non-executive members of the Board of Directors.
Submission of half-yearly reports
The Audit Committee, in compliance with the provisions of L.4449/2017, as well as with paragraph 2.3 of its Rules of Operations, submitted two semi-annual activity reports to the Board of Directors analyzing:
•Risk management issues,
•Effectiveness of security controls,
•Effectiveness of control systems against observed risks,
•Deviations from the annual internal audit and compliance plan.
Audit Committee members’ independence
The members of the Audit Committee declare that they are independent by majority, within the meaning of article 4 of Law 3016/2002 and article 9 of Law 4706/2020, as in force. The Audit Committee does not include members who hold positions or perform activities or carry out transactions that at the same time, are incompatible with the purpose of the Committee.
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Audit Committee Minutes of Meetings
In order to document the above, the relevant minutes of the meetings of the Audit Committee and the Board of Directors have been prepared and approved.
5. Important events between 31.12.2025 to 24.2.2026
On February 24, 2026, the following were approved by the relevant minutes of the Audit Committee:
a) The annual activity report of the Audit Committee for 2025.
b) Approval of fees for non-audit services by KPMG Certified Public Accountants (special practice 3.3.4. evaluation of Board of Directors Members).
Athens, 11 March 2026
Chief Executive Officer
of the Company «AEGEAN AIRLINES S.A.»
Dimitrios Gerogiannis
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2.6 Explanatory Statement
(Article 4, paragraph. 7 & 8 of L.3556/2007)
1. Structure of the Company’s share capital
The Company’s share capital amounts to forty-five million eighty-three thousand and five hundred forty euros (€45.083.540), divided into ninety million one hundred sixtyseven thousand and one hundred common voting shares (90.167.100 shares) of a par value of fifty euro cents each (€0,50). All the shares are registered and listed for trading in the Securities Market of the Athens Stock Exchange under the “Large Cap” classification.
2. Limits on transfer of Company shares
There are no restrictions set by the Company’s Articles of Association regarding the transfer of shares.
3. Significant direct or indirect holdings in accordance with the provisions of articles 9 – 11 of Law 3556/2007
As of 31.12.2025 the following investors held more than 5% of the Company’s voting rights: Eftichios Vassilakis 38,04% (0,98% directly, 24,95% indirectly through the chain of controlled companies Felix Holdings S.ar.l and Evertrans S.A. and 12,11% indirectly through the chain of controlled companies Felix Holdings S.ar.l, Evertrans S.A., Main Stream S.A. and Autohellas S.A.), Panagiotis Laskaridis 12,02% indirectly through the controlled company Alnesco Enterprices Company Limited and Achilleas Constantakopoulos 5,54% (4,13% directly and 1,41% indirectly through the controlled company Ateria Ventures LTD).
4. Shares conferring special control rights
There are no Company shares that carry any special rights of control.
5. Limitations on voting rights
The Articles of Association make no provision for any limitations on voting rights.
6. Shareholder agreements which result to limitations in the transfer of shares or limitations to exercise voting rights
The Company is not aware of any Shareholder agreements which result to limitations in the transfer of shares or limitations to exercise voting rights.
7. Rules governing the appointment and replacement of members of the Board of Directors and the amendment of the Articles of Association
The members of the Board of Directors are elected from the General Shareholders’ Meeting, through a secret voting procedure, for a three-year term extended up to the Annual General Shareholders’ Meeting due in the term’s final year. The members may be shareholders or non-shareholders and can be re-elected.
Replacement of a member can be authorized by at least three (3) other members and is subject to the approval of the next General Shareholders’ Meeting.
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The Board may consist of seven (7) up to fifteen (15) members.
8. Authority delegated to the BoD or certain members of the Board for the issue of new shares or acquisition of own shares
(Α) According to the provisions of article 24 para. 1 case b and c of Law 4548/2018, by decision of the Shareholders General Assembly, the Board of Directors can be authorized for a period not exceeding five years, to decide on a partial or full share capital increase through the issuance of new shares, where the relevant decision will be taken with a majority of at least 2/3 of all its members. In this case, the share capital may be increased by an amount not exceeding three times the share capital existing at the date on which the Board of Directors was granted the respective authorization.
This authorization may be renewed by decision of the Shareholders General Assembly for a period not exceeding five years for each renewal granted. Each renewal shall take effect on expiry of the previous validity period. The decisions of the Shareholders General Assembly regarding the granting or renewal of the authorization of the Board of Directors to decide on a share capital increase are subject to publicity. These extraordinary share capital increases constitute an amendment of the Articles of Association of the Company but are not subject to management approval.
There is no decision of the Company’s Shareholders General Assembly currently in force regarding (A).
(Β) In accordance with article 49 of Law 4548/2018, the Company may, by itself or through a person acting in his/her name but on the Company's behalf, acquire its own shares but only after the approval of the Shareholders General Assembly defining the terms and conditions for such acquisitions and particularly the maximum number of shares that may be acquired, the duration for which such approval is granted, which cannot exceed twenty-four (24) months and, in case of acquisition in return of payment, the minimum and maximum amounts, under the specific terms and conditions set out in detail in article 49 of Law 4548/2018.
The Ordinary General Meeting dated 29/04/2025 approved a share buyback program to repurchase its own shares, pursuant to provisions of article 49 of L. 4548/2018, in accordance with the provisions of Regulation (EU) 596/2014 and delegated Regulation (EU) 2016/1052. The maximum number of Company shares to be repurchased will not exceed the 10% of the share capital of the Company, within a period of 24 months from the date of the relevant decision of the General Shareholders Meeting, with the price range set from €1 (minimum price) to €20 (maximum price) per share.
On 31.12.2025 the Company held 430.730 own shares, representing 0,478% of the total issued share capital.
(C) In accordance with the provisions of article 113 of Law 4548/2018, by decision of the Shareholders General Assembly adopted by an increased quorum and majority, pursuant to the provisions of paragraphs 3 and 4 of article 130 and 2 of article 132 of Law 4548/2018, a programme can be established regarding the distribution of shares to members of the Board of Directors and employees of the Company as well as of other affiliated Companies in the sense of Article 32 of Law 4308/2014 in the form of a stock option right, under the specific terms of this decision, a summary of which is subject to the publication formalities of article 12 of Law 4548/2018. Persons providing services to the Company on a regular basis may also be designated as beneficiaries. The total nominal value of the shares disposed hereby cannot exceed one tenth (1/10) of the share capital paid up at the date of the decision of the Shareholders General Assembly. This decision must define the maximum number of shares that may be
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acquired or issued if the beneficiaries exercise the right granted to them to purchase shares, the price at which the shares are disposed or the method of determining such price, the terms of distribution of shares to the beneficiaries, as well as the beneficiaries or their categories and the method for determining the acquisition price, without prejudice to paragraph 2 of Article 35 of L. 4548/2018, the programme duration, as well as any other relevant term.
By the same decision of the Shareholders General Assembly, the Board of Directors may be authorized to determine the beneficiaries or their categories, the way of exercising the right, as well as any other term of the share distribution plan. By its decision, the Board of Directors arranges any other relevant detail not otherwise arranged by the General Meeting, while, according to the terms of the programme, issues to those shareholders who exercised their right, certificates of the right to acquire shares and, every calendar quarter at most, delivers the shares already issued or issues and delivers the shares to the above beneficiaries, increasing the Company’s share capital and amending the Articles of Association accordingly. It also certifies the shares capital increase and complies with the publication formalities. The Board of Directors’ decision on share capital increase and the certification of its payment is adopted every calendar quarter, notwithstanding the provisions of article 20 of Law 4548/2018. The provisions of article 26 of Law 4548/2018 do not apply to such capital increase.
Finally, in accordance with para. 5 of Article 113 of L. 4548/2018, in the case of companies listed in a regulated market, if the share distribution plan is included in the approved remuneration policy, the adoption of such plan does not require a decision of the Shareholders General Assembly.
Moreover, the Shareholders General Assembly, by its decision that is adopted by an increased quorum and majority, pursuant to the provisions of paragraphs 3 and 4 of article 130 and 2 of article 132 of Law 4548/2018 and is subject to publication formalities, may authorise the Board of Directors to adopt a share distribution plan under the conditions of the preceding paragraphs, potentially increasing capital and taking all other relevant decisions. This authorisation is valid for five (5) years, unless the Shareholders General Assembly sets a shorter validity period.
According to Article 114 of Law 4548/2018, by decision of the Shareholders General Assembly adopted by an increased quorum and majority, pursuant to the provisions of paragraphs 3 and 4 of article 130 and 2 of article 132 of Law 4548/2018, a decision may be taken for the free distribution of shares to members of the Board of Directors and employees of the Company as well as of other Companies affiliated with it in the sense of Article 32 of Law 4308/2014. Persons providing services to the Company on a regular basis may also be designated as beneficiaries. A summary of the decision shall be made public.
Pursuant to the decision of the Annual General Meeting of the Company dated 30.04.2024, which was registered in the General Commercial Registry (G.E.MI.) on 09.05.2024, under registration code 3279536, following a relevant proposal of the Remuneration and Nominations Committee and the recommendations of the Board of Directors, the amendment of the Company's Remuneration Policy was approved, in accordance with articles 110-111 of Law 4548/2018.
By decision of the Annual General Meeting of the Company dated 29 April 2025, an amendment to the terms of the Performance Stock Awards program, originally established on 26 July 2023, was approved in accordance with Article 114 of Law 4548/2018, providing for the free allocation of shares to senior executives and other employees of the Company.
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9. Important agreements which are entered in force, amended or terminated in the event of change in the control of the Company following a public offer
There are no agreements which enter into force, are amended or terminated in the event of change in the control of the Company following a public offer.
10. Agreements that the Company has entered into with Board members or employees regarding compensation payments in the case of resignation, dismissal without valid reason and termination of their office period or employment because of a public offering.
The Company has no significant agreements with members of the Board of Directors or its employees providing for the payment of compensation, especially in the case of resignation or dismissal without valid reason or termination of their period of office or employment due to a public offer.
11. The Company has branches or offices in 50 locations in Greece and abroad.
Athens, March 11, 2026
Chief Executive Officer
Aegean Airlines S.A.
Dimitrios Gerogiannis
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3.Independent Auditors Report
Independent Auditors’ Report
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196
198
199
200
201
202
203
204
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4.Consolidated Financial Statements for the period 1 January 2025 - 31 December 2025
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The annual financial statements for the year ended 31.12.2025 have been approved by the Board of Directors of Aegean Airlines on March 11, 2026.
The financial statements constitute an integral part of the Annual Financial Report which can be found at
www.aegeanair.com
and which incorporates the Independent Auditor’s Report.

The undersigned
Chairman of the BoD | Chief Executive Officer | Chief Financial Officer | Chief Accountant
Eftichios Vassilakis I.D. no ΑΝ049866 | Dimitrios Gerogiannis I.D. no ΑΒ642495 | Michail Kouveliotis I.D. no ΑΟ148706 | Maria Zannaki I.D. no Α00578763

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4.Consolidated Financial Statements in accordance with IFRS for the period 1 January 2025 - 31 December 2025
4.1 Statement of Financial Position of the Company 31.12.2025

| Note | 31.12.2025 | 31.12.2024
ASSETS |  |  |
Non-current assets |  |  |
Intangible assets | 3.1 | 37.617,74 | 33.573,34
Tangible assets | 3.2 | 397.994,94 | 356.069,82
Right of use assets | 3.3 | 1.098.853,68 | 1.058.126,65
Investments in subsidiaries | 3.4 | 170.025,99 | 124.225,99
Other long term assets | 3.7 | 61.987,99 | 83.860,84
Deferred tax asset | 3.6 | 30.266,37 | 25.238,65
Derivatives | 3.23 | 2.380,22 | 11.536,19
Financial Assets | 3.8 | 71.437,38 | 62.972,86
Total non-current assets |  | 1.870.564,31 | 1.755.604,34
Current assets |  |  |
Inventories | 3.9 | 40.768,12 | 39.055,25
Trade and other receivables | 3.10 | 185.603,91 | 169.514,74
Current prepaid expenses | 3.11 | 69.767,22 | 49.266,49
Derivatives | 3.23 | 777,63 | 18.386,66
Advances for future aircraft leases | 3.5 | 0 | 0
Restricted Cash | 3.12 | 3.457,73 | 2.021,37
Financial Assets | 3.8 | 299.830,37 | 163.222,75
Cash and cash equivalents | 3.12 | 588.299,61 | 540.449,19
Total current assets |  | 1.188.504,61 | 981.916,45
Non-current assets held for sale |  | 0 | 0
TOTAL ASSETS |  | 3.059.068,92 | 2.737.520,79
EQUITY |  |  |
Share capital | 3.13 | 45.083,55 | 45.083,55
Share premium | 3.14 | 78.444,83 | 78.444,83
Treasury shares | 3.13 | (4.584,58) | (7.574,24)
Other reserves | 3.15 | 65.773,05 | 59.403,40
Retained earnings |  | 322.080,13 | 276.342,36
Total equity |  | 506.796,99 | 451.699,90
LIABILITIES |  |  |
Long term liabilities |  |  |
Borrowings | 3.17 | 244.802,91 | 198.646,27
Derivatives | 3.23 | 10.691,15 | 938,52
Provision for retirement benefits obligations | 3.16 | 6.294,04 | 5.379,28
Provision for aircraft maintenance | 3.19 | 167.964,54 | 121.491,64
Contract Liabilities | 3.21 | 48.608,55 | 45.284,37
Lease Liabilities | 3.3 | 963.126,04 | 1.012.232,92
Total long term liabilities |  | 1.441.487,24 | 1.383.973,00
Short term liabilities |  |  |
Trade and other payables | 3.18 | 118.470,43 | 112.861,99
Borrowings | 3.17 | 203.490,07 | 2.174,35
Other short term liabilities | 3.20 | 120.881,07 | 121.838,21
Contract Liabilities | 3.21 | 319.298,08 | 324.360,74
Accrued expenses | 3.22 | 102.424,05 | 91.360,96
Derivatives | 3.23 | 17.801,57 | 11.724,68
Income Tax | 3.29 | 13.467,83 | 41.404,48
Provisions | 3.19 | 2.974,01 | 2.724,43
Lease Liabilities | 3.3 | 129.966,31 | 127.840,79
Provision for aircraft maintenance | 3.19 | 82.011,26 | 65.557,26
Total short term liabilities |  | 1.110.784,68 | 901.847,89
Total liabilities |  | 2.552.271,93 | 2.285.820,89
TOTAL EQUITY AND LIABILITIES |  | 3.059.068,92 | 2.737.520,79

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4.2 Statement of Financial Position of the Group 31.12.2025

| Note | 31.12.2025 | 31.12.2024
ASSETS |  |  |
Non-current assets |  |  |
Intangible assets | 3.1 | 53.720,83 | 47.844,40
Goodwill | 3.1, 3.4 | 39.756,30 | 39.756,30
Tangible assets | 3.2 | 642.085,33 | 550.191,17
Right of use assets | 3.3 | 1.006.675,91 | 996.261,19
Investment in a joint venture (Note 3.4) |  | 3.125,55 | 3.468,83
Financial assets | 3.8 | 73.263,03 | 63.056,44
Deferred tax assets | 3.6 | 41.300,88 | 37.593,10
Other long term assets | 3.7 | 67.966,42 | 90.541,13
Derivatives | 3.23 | 2.380,22 | 11.536,19
Total non-current assets |  | 1.930.274,47 | 1.840.248,75
Current assets |  |  |
Inventories | 3.9 | 52.598,79 | 47.778,37
Trade and other receivables | 3.10 | 199.194,66 | 171.286,90
Current prepaid expenses | 3.11 | 75.474,96 | 55.847,06
Derivatives | 3.23 | 777,63 | 18.386,66
Restricted Cash | 3.12 | 3.457,73 | 2.021,37
Financial assets | 3.8 | 300.181,44 | 163.222,75
Cash and cash equivalents | 3.12 | 651.494,79 | 575.616,75
Total current assets |  | 1.283.180,00 | 1.034.159,86
TOTAL ASSETS |  | 3.213.454,47 | 2.874.408,61
EQUITY |  |  |
Share capital | 3.13 | 45.083,54 | 45.083,54
Share premium | 3.14 | 78.444,83 | 78.444,83
Treasury shares | 3.13 | (4.584,58) | (7.574,24)
Foreign currency translation reserve | 3.15 | 11.091,78 | 2.652,42
Other reserves | 3.15 | 26.750,03 | 43.741,62
Statutory reserve | 3.15 | 16.973,96 | 16.973,96
Retained earnings |  | 394.997,81 | 320.033,29
Equity attributable to the equity holders of the parent |  | 568.757,37 | 499.355,42
Total equity |  | 568.757,37 | 499.355,42
LIABILITIES |  |  |
Long term liabilities |  |  |
Borrowings | 3.17 | 448.392,35 | 374.449,68
Grant |  | 1.851,22 | 2.384,23
Derivatives | 3.23 | 10.691,15 | 938,52
Provision for retirement benefits obligations | 3.16 | 6.897,52 | 5.849,81
Provision for aircraft maintenance | 3.19 | 159.627,38 | 121.980,85
Contract Liabilities | 3.21 | 48.863,87 | 45.544,26
Lease Liabilities | 3.3 | 840.539,16 | 923.818,59
Total long term liabilities |  | 1.516.862,65 | 1.474.965,94
Short term liabilities |  |  |
Trade and other payables | 3.18 | 123.638,97 | 118.328,48
Borrowings | 3.17 | 215.793,67 | 9.173,78
Other short term liabilities | 3.20 | 129.837,55 | 127.041,01
Contract Liabilities | 3.21 | 314.066,80 | 321.184,22
Accrued expenses | 3.22 | 93.993,89 | 72.311,20
Derivatives | 3.23 | 17.801,57 | 11.724,68
Income Tax | 3.29 | 15.362,17 | 41.636,81
Provisions | 3.19 | 3.315,02 | 2.978,88
Lease Liabilities | 3.3 | 130.569,16 | 123.818,36
Provision for aircraft maintenance | 3.19 | 83.455,65 | 71.889,83
Total short term liabilities |  | 1.127.834,45 | 900.087,25
Total liabilities |  | 2.644.697,10 | 2.375.053,19
TOTAL EQUITY AND LIABILITIES |  | 3.213.454,47 | 2.874.408,61

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4.3 Statement of Comprehensive Income of the Company 31.12.2025

Condensed Statement of Comprehensive Income | Note | 2025 | 2024
Revenue from contracts with customers | 3.24 | 1.792.410,30 | 1.718.779,29
Other operating income | 3.25 | 56.002,53 | 41.855,25
Personnel expenses | 3.27 | (191.831,63) | (173.112,51)
Depreciation | 3.1, 3.2, 3.3 | (186.610,73) | (163.786,43)
Consumption of goods and services | 3.26 | (1.278.087,90) | (1.203.937,09)
Finance income | 3.28 | 79.447,27 | 43.071,78
Finance expense | 3.28 | (87.679,06) | (104.065,61)
Profit before tax |  | 183.650,79 | 158.804,67
Income tax | 3.29 | (40.601,17) | (34.145,47)
Profit after tax |  | 143.049,61 | 124.659,21
Other comprehensive income |  |  |
(a) Other comprehensive income that may be reclassified to profit or loss in subsequent periods |  |  |
Cash flow hedging |  |  |
Reclassification of Profit / (Loss) | 3.23 | 12.500,16 | 172,57
Net change in fair value |  | (44.304,22) | 14.756,30
Income tax |  | 6.996,89 | (3.284,35)
Debt Instruments at FV through OCI |  |  |
Reclassification of Profit / (Loss) |  | 123,07 | (181,07)
Net change in fair value |  | (333,68) | 501,37
Income tax |  | 46,33 | (70,47)
Total (a) |  | (24.971,43) | 11.894,35
(b) Other comprehensive income that will not be reclassified to profit or loss in subsequent periods |  |  |
Net actuarial profit/ (loss) on defined benefit plans |  | (377,72) | (171,06)
Deferred tax |  | 83,10 | 37,63
Net change in fair value - equity instruments |  | 9.488,44 | 7.050,39
Deferred tax |  | (2.087,46) | (1.551,09)
Total (b) |  | 7.106,36 | 5.365,88
Other comprehensive income/ (losses) for the period net of tax |  | (17.865,07) | 17.260,23
Total comprehensive income/(losses) for the period net of tax |  | 125.184,54 | 141.919,43

210
4.4 Statement of Comprehensive Income of the Group 31.12.2025

Condensed Consolidated Statement | Note | 2025 | 2024
Revenue from contracts with customers | 3.24 | 1.859.685,16 | 1.777.314,05
Other operating income | 3.25 | 40.476,50 | 28.126,26
Personnel expenses | 3.27 | (219.515,23) | (193.283,31)
Depreciation | 3.1, 3.2, 3.3 | (203.338,48) | (178.184,51)
Consumption of goods and services | 3.26 | (1.259.107,64) | (1.206.842,08)
Finance income | 3.28 | 67.372,30 | 44.006,99
Finance expense | 3.28 | (93.496,10) | (106.732,62)
Loss on disposal of subsidiary | 3.4 | 0 | (450,27)
Profit before tax |  | 192.076,51 | 163.954,51
Income tax | 3.29 | (44.233,83) | (34.013,15)
Profit after tax |  | 147.842,68 | 129.941,36
Distributed in: |  |  |
Equity holders of the parent |  | 147.842,68 | 129.941,36
Total |  | 147.842,68 | 129.941,36
Other comprehensive income |  |  |
(a) Other comprehensive income that may be reclassified to profit or loss in subsequent periods |  |  |
Cash flow hedging |  |  |
Reclassification of Profit / (Loss) | 3.23 | 12.500,16 | 172,57
Net change in fair value of cash flow hedges |  | (44.304,22) | 14.756,30
Income tax |  | 6.996,89 | (3.284,35)
Debt Instruments at FV through OCI |  |  |
Reclassification of Profit / (Loss) |  | 123,07 | (338,71)
Net change in fair value of cash flow hedges |  | (329,19) | 731,09
Income tax |  | 50,65 | (96,13)
Foreign currency translation |  | 8.439,32 | 3.690,37
Total (a) |  | (16.523,32) | 15.631,14
(b) Other comprehensive income that will not be reclassified to profit or loss in subsequent periods |  |  |
Net actuarial profit/ (loss) on defined benefit plans |  | (420,20) | (138,96)
Income tax |  | 92,44 | 30,57
Net change in fair value - equity instruments |  | 9.391,68 | 6.872,29
Income tax |  | (2.087,46) | (1.551,09)
Total (b) |  | 6.976,46 | 5.212,81
Other comprehensive income/ (losses) for the period net of tax |  | (9.546,86) | 20.843,95
Total comprehensive income/(losses) for the period net of tax |  | 138.295,82 | 150.785,31
Distributed in: |  |  |
Equity holders of the parent |  | 138.295,82 | 150.785,31
Total |  | 138.295,82 | 150.785,31
Basic earnings per share in € |  | 1,649 | 1,4472
Diluted earnings per share in € |  | 1,649 | 1,4472
Weighted Average number of shares |  | 89.631.746,67 | 89.790.002,33

211
4.5 Statement of changes in the Equity of the Company 31.12.2025

Company | Issued capital | Share premium | Treasury shares | Cash flow hedge reserves | Reserves (other) | Debt Instruments at FV through OCI | Accumulated Profit / (Loss) | Total equity
Balance on 01.01.2024 | 45.083,54 | 78.444,83 | (94,99) | 17.993,57 | (41.420,03) | 5.348,57 | 277.358,39 | 382.713,88
Profit/(Loss) for the year | 0 | 0 | 0 | 0 | 0 | 0 | 124.659,21 | 124.659,21
Other comprehensive income/ (losses) | 0 | 0 | 0 | 11.644,52 | 5.499,30 | 249,83 | (133,43) | 17.260,23
Total comprehensive income/ (losses) | 0 | 0 | 0 | 11.644,52 | 5.499,30 | 249,83 | 124.525,78 | 141.919,43
Warrants payment approval | 0 | 0 | 0 | 0 | 57.916,63 | 0 | (57.916,63) | 0
Share-based payments reserve to personnel | 0 | 0 | 825,35 | 0 | 2.171,02 | 0 | 0 | 2.996,37
Treasury shares acquisition | 0 | 0 | (8.304,60) | 0 | 0 | 0 | 0 | (8.304,60)
Dividend payment | 0 | 0 | 0 | 0 | 0 | 0 | (67.625,19) | (67.625,19)
Balance on 31.12.2024 | 45.083,54 | 78.444,83 | (7.574,24) | 29.638,09 | 24.166,93 | 5.598,40 | 276.342,35 | 451.699,90
Balance on 01.01.2025 | 45.083,54 | 78.444,83 | (7.574,24) | 29.638,09 | 24.166,93 | 5.598,40 | 276.342,35 | 451.699,90
Profit/(Loss) for the year | 0 | 0 | 0 | 0 | 0 | 0 | 143.049,61 | 143.049,61
Other comprehensive income/ (losses) | 0 | 0 | 0 | (24.807,16) | 7.400,98 | (164,27) | (294,62) | (17.865,07)
Total comprehensive income/ (losses) | 0 | 0 | 0 | (24.807,16) | 7.400,98 | (164,27) | 142.754,99 | 125.184,54
Treasury shares acquisition | 0 | 0 | (1.443,83) | 0 | 0 | 0 | 0 | (1.443,83)
Share-based payments | 0 | 0 | 4.433,50 | 0 | (543,34) | 0 | (400,25) | 3.489,91
Dividend payment | 0 | 0 | 0 | 0 | 0 | 0 | (72.133,53) | (72.133,53)
Other Adjustments | 0 | 0 | 0 | 0 | 24.483,44 | 0 | (24.483,44) | 0
Balance on 31.12.2025 | 45.083,54 | 78.444,83 | (4.584,57) | 4.830,92 | 55.508,01 | 5.434,13 | 322.080,12 | 506.796,99

212
4.6 Statement of changes in the Equity of the Group 31.12.2025

| Attributable to the equity holders of the parent |
Group | Issued capital | Share premium | Treasury shares | Cash flow hedge reserves | Reserves (other) | Debt Instruments at FV through OCI | Accumulated Profit / (Loss) | Total | Non-controlling interests | Total equity
Balance at 01.01.2024 | 45.083,54 | 78.444,83 | (94,99) | 17.993,55 | (41.057,76) | 5.392,23 | 315.007,94 | 420.769,34 | (1.937,09) | 418.832,25
Profit/(Loss) for the year | 0 | 0 | 0 | 0 | 0 | 0 | 129.941,36 | 129.941,36 | 0 | 129.941,36
Other comprehensive income/ (losses) | 0 | 0 | 0 | 11.644,52 | 9.011,57 | 296,25 | (108,39) | 20.843,95 | 0 | 20.843,95
Total comprehensive income/ (losses) | 0 | 0 | 0 | 11.644,52 | 9.011,57 | 296,25 | 129.832,97 | 150.785,31 | 0 | 150.785,31
Share-based payments to personnel | 0 | 0 | 825,35 | 0 | 2.171,00 | 0 | 0 | 2.996,35 | 0 | 2.996,35
Treasury shares acquisition | 0 | 0 | (8.304,60) | 0 | 0 | 0 | 0 | (8.304,60) | 0 | (8.304,60)
Warrants payment approval | 0 | 0 | 0 | 0 | 57.916,63 | 0 | (57.916,63) | 0,00 | 0 | 0,00
Dividend payment | 0 | 0 | 0 | 0 | 0 | 0 | (67.625,19) | (67.625,19) | 0 | (67.625,19)
Subsidiary disposal | 0 | 0 | 0 | 0 | 0 | 0 | 140,34 | 140,34 | 1.937,09 | 2.077,43
Other Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 593,87 | 593,87 | 0 | 593,87
Balance on 31.12.2024 | 45.083,54 | 78.444,83 | (7.574,24) | 29.638,07 | 28.041,45 | 5.688,48 | 320.033,29 | 499.355,42 | 0 | 499.355,42
Balance on 01.01.2025 | 45.083,54 | 78.444,83 | (7.574,24) | 29.638,07 | 28.041,45 | 5.688,48 | 320.033,29 | 499.355,42 | 0 | 499.355,42
Profit/(Loss) for the year | 0 | 0 | 0 | 0 | 0 | 0 | 147.842,68 | 147.842,68 | 0 | 147.842,68
Other comprehensive income/ (losses) | 0 | 0 | 0 | (24.807,16) | 15.743,54 | (155,47) | (327,77) | (9.546,86) | 0 | (9.546,86)
Total comprehensive income/ (losses) | 0 | 0 | 0 | (24.807,16) | 15.743,54 | (155,47) | 147.514,91 | 138.295,82 | 0 | 138.295,82
Treasury shares acquisition | 0 | 0 | (1.443,84) | 0 | 0 | 0 | 0 | (1.443,84) | 0 | (1.443,84)
Share-based payments | 0 | 0 | 4.433,50 | 0 | 666,87 | 0 | (400,23) | 4.700,14 | 0 | 4.700,14
Dividend payment | 0 | 0 | 0 | 0 | 0 | 0 | (72.133,53) | (72.133,53) | 0 | (72.133,53)
Other Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | (16,63) | (16,63) | 0 | (16,63)
Balance on 31.12.2025 | 45.083,54 | 78.444,83 | (4.584,58) | 4.830,91 | 44.451,85 | 5.533,01 | 394.997,81 | 568.757,37 | 0 | 568.757,37

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4.7 Cash Flow Statement of the Company 31.12.2025

| 31.12.2025 | 31.12.2024
Cash flows from operating activities |  |
Profit/ (Loss) before tax | 183.650,79 | 158.804,67
Adjustments for: |  |
Depreciation (Notes 3.1, 3.2, 3.3) | 186.610,73 | 163.786,43
Provisions for aircraft maintenance , bad debts and other provision (Notes 3.8, 3.16, 3.19(2)) | 69.436,32 | 87.050,66
Losses/(gains) from foreign exchange differences (Note 3.28) | (59.481,68) | 37.565,76
(Revenue)/ expense, (Gain) / loss from investing activities | (18.703,11) | (51.879,80)
Finance Cost (Note 3.28) | 83.464,08 | 75.913,65
Cash flows from operating activities before changes in working capital | 444.977,13 | 471.241,38
Changes in working capital |  |
(Increase)/Decrease in inventories (Note 3.9) | (1.712,87) | (7.365,13)
(Increase)/ Decrease in receivables | (87.258,13) | (129.328,55)
Increase/ (Decrease) in liabilities | 74.876,73 | 173.591,88
Total changes in working capital | (14.094,27) | 36.898,19
Interest expenses paid | (76.671,77) | (73.739,31)
Income tax paid | (68.531,62) | (50.728,70)
Net cash flows from operating activities | 285.679,47 | 383.671,56
Cash flows from investing activities |  |
Purchases of tangible and intangible assets (Notes 3.1, 3.2, 3.3) | (84.289,42) | (43.437,94)
Sales of tangible assets | 101.031,01 | 44.245,91
Tangible assets prepayments | (10.083,85) | (6.651,02)
Prepayments for aircraft purchases | (119.993,45) | (50.314,61)
Investment in subsidiaries (Note 3.4) | (45.800,00) | (27.500,00)
Dividends received | 3.230,36 | 871,36
Purchases of financial assets (Note 3.8) | (326.339,91) | (297.858,99)
Settlement of financial assets (Note 3.8) | 195.017,19 | 252.066,95
Purchase of equity instruments | (1.010,17) | (34.318,21)
Sale of equity instruments | 3.783,21 | 0
Participation in convertible bond loan | (6.017,45) | (26.225,00)
Interest and other financial income received | 16.593,65 | 17.256,63
Net cash flows from investing activities | (273.878,83) | (171.578,83)
Cash flows from financing activities |  |
Bond issuance costs | (5.532,73) | 0
Borrowing received | 250.000,00 | 0
Aircraft leases paid | (126.339,72) | (108.526,06)
Purchase of treasury shares | (1.443,83) | (8.500,14)
Collections of aircraft pre-delivery payments | 28.828,46 | 47.871,25
Dividend payment | (72.133,24) | (67.643,12)
Bonds buyback | (2.556,00) | (625,00)
Warrants payment | 0 | (85.389,67)
Net cash flows from financing activities | 70.822,93 | (222.812,75)
Net increase/ (decrease) in cash and cash equivalents | 82.623,56 | (10.720,01)
Cash, cash equivalents at the beginning of the period (Note 3.12) | 540.449,19 | 533.954,07
Net foreign exchange differences | (34.773,15) | 17.215,14
Cash, cash equivalents at the end of the period | 588.299,61 | 540.449,19

214

215
4.8 Cash Flow Statement of the Group 31.12.2025

| 31.12.2025 | 31.12.2024
Cash flows from operating activities |  |
Profit before tax | 192.076,51 | 163.954,51
Adjustments for: |  |
Depreciation (Notes 3.1, 3.2, 3.3) | 203.338,48 | 178.184,51
Provisions for aircraft maintenance , bad debts and other provision (Notes 3.8, 3.16, 3.19(2)) | 65.249,03 | 81.138,67
Losses/(gains) from foreign exchange differences (Note 3.28) | (44.220,16) | 38.942,98
(Revenue)/ expense, (Gain) / loss from investing activities | (20.387,66) | (52.489,70)
Finance Cost (Note 3.28) | 88.479,33 | 79.429,86
Cash flows from operating activities before changes in working capital | 484.535,53 | 489.160,83
Changes in working capital |  |
(Increase)/Decrease in inventories (Note 3.9) | (6.743,57) | (7.501,61)
(Increase)/ Decrease in receivables | (74.889,70) | (131.564,18)
Increase/ (Decrease) in liabilities | 43.122,88 | 161.049,76
Total changes in working capital | (38.510,39) | 21.983,97
Interest expenses paid | (71.533,79) | (72.076,90)
Income tax paid | (68.538,83) | (50.728,70)
Net cash flows from operating activities | 305.952,52 | 388.339,20
Cash flows from investing activities |  |
Purchases of tangible and intangible assets (Notes 3.1, 3.2, 3.3) | (110.346,06) | (61.574,85)
Sales of tangible assets | 54.601,46 | 44.245,91
Tangible assets prepayments | (10.600,91) | (7.091,07)
Prepayments for aircraft purchases | (119.993,45) | (50.314,61)
Purchases of financial assets | (326.180,86) | (298.869,39)
Settlement of financial assets | 195.017,19 | 252.066,95
Sale of subsidiary (Note 3.4) | 0 | 752,47
Purchase of equity instruments | (2.928,43) | (34.318,21)
Sale of equity instruments | 4.202,70 | 0
Participation in convertible bond loan | (6.017,45) | (26.225,00)
Dividends received | 3.230,36 | 871,36
Interest and other financial income received | 17.514,80 | 18.397,20
Capital return from subsidiary’s share capital reduction | (301.500,66) | (162.059,24)
Cash flows from financing activities |  |
Bond issuance costs | (5.532,73) | 0
Borrowing paid | (15.259,07) | (3.184,87)
Borrowing received | 296.430,14 | 13.000,00
Aircraft leases paid | (118.825,38) | (125.692,90)
Purchase of treasury shares | (1.443,83) | (8.500,14)
Collections of aircraft pre-delivery payments | 28.828,46 | 47.871,25
Dividend payment | (72.133,24) | (67.643,12)
Warrants payment | 0 | (85.389,67)
Bonds buyback | (2.556,00) | (625,00)
Net cash flows from financing activities | 109.508,34 | (230.164,45)
Net increase/ (decrease) in cash and cash equivalents | 113.960,20 | (3.884,49)
Cash, cash equivalents at the beginning of the period (Note 3.12) | 575.616,75 | 575.719,81
Net foreign exchange differences | (38.082,16) | 3.781,43
Cash, cash equivalents at the end of the period | 651.494,79 | 575.616,75

216
4.9 Notes to the Financial Statements
Contents
1 Information for the Group.............................................................................................................................................218
1.1 General Information...................................................................................................................................................218
1.2 Nature of Operations................................................................................................................................................218
2. Basis of Preparation of the Annual Financial Statements............................................................................................218
2.1 Standards, Interpretations and amendments to existing standards........................................................................220
2.2 Important judgments, accounting estimates and assumptions...............................................................................222
2.3 Foreign Currency Translation....................................................................................................................................228
2.4 Revenue and expenses recognition............................................................................................................................228
2.5 Foreign Currency Translation....................................................................................................................................230
2.6 Tangible Assets........................................................................................................................................................231
2.7 Pre-delivery payments..............................................................................................................................................232
2.8 Financial Assets..........................................................................................................................................................233
2.9 Inventories.................................................................................................................................................................236
2.10 Leases.......................................................................................................................................................................237
2.11 Cash and cash equivalents - Restricted Cash...........................................................................................................238
2.12 Share Capital............................................................................................................................................................239
2.13 Employee benefits due to retirement and other short-term benefits to employee................................................239
2.14 Financial Liabilities..................................................................................................................................................240
2.15 Income tax and deferred tax...................................................................................................................................241
2.16 Provisions, contingent liabilities and contingent assets..........................................................................................241
2.17 Government grants..................................................................................................................................................242
2.18 Emission Rights........................................................................................................................................................243
2.1 9 Operating Segments................................................................................................................................................243
2.20 Non-current assets held for sale..............................................................................................................................244
3. Notes to the Financial Statements..............................................................................................................................245
3.1 Intangible Assets........................................................................................................................................................245
3.2 Tangible Assets..........................................................................................................................................................246
3.3 Right of use assets/ Lease liabilities...........................................................................................................................251
3.4 Investment in subsidiaries /.......................................................................................................................................254
3.5 Advances for future aircraft leases...........................................................................................................................256
3.6 Deferred tax assets/ liabilities..................................................................................................................................257
3.7 Other long-term assetsts...........................................................................................................................................258
3.8 Financial assets..........................................................................................................................................................258
3.9 Inventories..................................................................................................................................................................259
217
3.10 Customers and other trade receivables..................................................................................................................260
3.11 Prepayments............................................................................................................................................................262
3.12 Cash and cash equivalents- Restricted Cash.............................................................................................................263
3.13 Share Capital.............................................................................................................................................................264
3.14 Share Premium........................................................................................................................................................264
3.15 Other reserves..........................................................................................................................................................264
3.16 Provision for employee retirement benefits...........................................................................................................265
3.17 Borrowings...............................................................................................................................................................267
3.18 Suppliers and other liabilities...................................................................................................................................272
3.19 Provision..................................................................................................................................................................272
3.20 Other Short-Term Liabilities....................................................................................................................................273
3.21 Contract Balances....................................................................................................................................................274
3.22 Accrued Expenses....................................................................................................................................................275
3.23 Derivatives...............................................................................................................................................................276
3.24 Revenue from contracts with customers.................................................................................................................280
3.25 Other Income...........................................................................................................................................................282
3.26 Consumptions of materials and services.................................................................................................................282
3.27 Employee Costs........................................................................................................................................................283
3.28 Financial Income/ Expense......................................................................................................................................284
3.29 Income Tax...............................................................................................................................................................285
3.30 Contingent Liabilities/ Contingent assets................................................................................................................286
3.31 Related parties’ transactions and balances.............................................................................................................287
3.32 Transactions with Directors and Board of Directors members...............................................................................288
3.34 Risk Management....................................................................................................................................................289
3.35 Commitments..........................................................................................................................................................296
3.36 Dividends.................................................................................................................................................................296
3.37 Subsequent Events..................................................................................................................................................296
3.38 Existing Encumbrances.............................................................................................................................................298
3.39 Auditor’s fees...........................................................................................................................................................298
218
Information for the Group
1.1 General Information
The Company AEGEAN AIRLINES S.A., a Societe Anonyme airline company (hereafter referred as “The Company”), is the parent company of AEGEAN Group (hereafter referred as “The Group”), which bears the title of AEGEAN AIRLINES in its international transactions.
The Company’s duration has been defined until 31.12.2044 and can be extended after that, following the decision of the General Shareholders Meeting. The Company’s registered address is Greece , in the Municipality of of Spata- Artemida, Attiki , Building 57 of Athens International Airport, PC 190 19.
The financial statements for the period that ended in the 31 st December 2025 have been prepared according to the International Financial Reporting Standards and have been approved by the Board of Directors of the Company on March 11, 2026 and are subject to approval of the General Shareholders.
1.2 Nature of Operations
The Company and the Group operate in the sector of public airline transportations, providing transport of passengers and goods inside and outside the Greek territory , conducting scheduled and unscheduled flights. At the same time, they render aviation services, technical support and ground handling aircraft services. Indicatively, the Company’s and the Group’s objectives include among others the following activities/operations:
• participation in any type of local or foreign company of similar nature of operations;
• establishment of subsidiaries and agencies;
• import, trade, leasing of aircraft and spare parts.
2. Basis of Preparation of the Annual Financial Statements
The Company’s financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”), as adopted by EU. The financial statements have been prepared under the historical cost principle except for certain categories of assets and liabilities measured at fair values. These categories are the ones stated below:
Financial derivatives;
Debt and equity instruments
Financial statements are presented in thousand euro (€ ‘000), except if stated otherwise. In case of small variances in decimals are mainly due to rounding.
It is noted that any reclassifications of line items made for the more appropriate presentation of the Group’s and the Company’s financial statements have also been applied to comparative information in order to ensure more meaningful information for the users of the financial statements. The relevant reclassifications are presented in the respective notes to the financial statements.
219
Going Concern
Management assessed the key financial information, the adherence to the medium-term budgets, and the Group’s existing borrowing terms. In the context of this assessment, Management considered, among other factors: (a) the macroeconomic environment and geopolitical developments, including the recent developments in the Middle East (Note 3.37), (b) the high level of cash and cash equivalents, (c) the progress of the fleet renewal investment plan, and (d) the evolution of demand for air transportation. The relevant assumptions are reviewed on a regular basis and are based on historical data as well as reasonable expectations regarding future conditions in the air transport market. Based on the available information and current forecasts, Management concluded that the going concern assumption is appropriate for the preparation of the annual financial statements of the Group and the Company.
Basis of Consolidation
The accompanied consolidated financial statements include parent’s financial statements, as well as the financial statements of any subsidiary in which the parent company has significant control. The subsidiaries (companies in which the Group directly or indirectly controls more than 50% of the votes or otherwise controls the administration) have been consolidated. Subsidiaries are consolidated from the date on which effective control is transferred to the Group and cease to be consolidated from the date on which control ceases to be in effect.
The financial statements of subsidiaries are prepared on the same date and with the same accounting principles as the financial statements of the parent. Intra-group transactions (including investments), balances and unrealized gains on transactions between Group companies are eliminated. Losses are allocated to non-controlling interests even if the balance is negative. Transactions that lead to change in ownership in subsidiaries are recognized in shareholders’ equity. The results of subsidiaries acquired or sold during the financial period are included in the consolidated statement of comprehensive income from or up to the date of acquisition or sale, respectively.
The Group assesses the contractual arrangements of the joint arrangements in which it participates in order to determine whether they are classified as joint ventures or joint operations. The joint arrangement in which the Group participates has been classified as a joint venture.
Joint ventures are accounted for using the equity method. Under the equity method, investments in joint ventures are initially recognised at cost and subsequently adjusted to recognise the Group’s share of the profit or loss of the joint venture and movements in other comprehensive income after the date of acquisition.
When the Group’s share of losses of a joint venture exceeds the carrying amount of its investment, the Group does not recognise further losses unless it has incurred legal or constructive obligations or has made payments on behalf of the joint venture.
Unrealised gains arising from transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred.
Business combinations and goodwill
A business combination is a transaction or other event in which an acquirer obtains control of one or more businesses. A business is defined as a set of activities and assets that can be managed for the purpose of creation of benefits to its owners.
If the acquired assets are not a business, the transaction is accounted for as an acquisition of an asset and the acquisition cost is allocated to assets and liabilities, based on their relative fair values at the acquisition date.
220
Business combinations are accounted with the acquisition method. The cost of an acquisition is the fair value of the assets acquired, equity issued and liabilities assumed at the date of exchange, plus the amount of non-controlling interest measured in, for each combination, either at fair value or at the proportion of non-controlling interest at fair value of the net identifiable assets acquired. Acquisition-related costs are expensed as incurred.
If the cost of acquisition is less than the fair value of the net identifiable assets acquired, the difference is recognized directly in the income statement.
Goodwill on acquisitions of subsidiaries is recorded as an intangible asset. Goodwill is not amortized but is subject to at least annual testing for impairment. Thus, after initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing purposes, goodwill is allocated, at the acquisition date, to each cash-generating unit that is expected to benefit from the combination.
The impairment test is performed by comparing the recoverable amount (value in use) of the unit with the carrying amount of each unit including the goodwill allocated to this unit. The recoverable amount is the higher of fair value less any costs to sell, and the unit value in use. More specifically the value in use is determined by using discounting future cash flows with an appropriate discount rate. An impairment loss recognized for goodwill is not reversed in subsequent periods. Impairment loss recognized for goodwill is not reversed in subsequent periods. Gains and losses on the disposal of subsidiaries are determined taking into account the goodwill relating to the entity sold.
Investment in subsidiaries
In the financial statements of the parent company, investments in subsidiaries are valued at cost of acquisition less any accumulated impairment losses. The impairment test is carried out whenever there is any indication of impairment based on the provisions of IAS 36 "Impairment of Assets" (Note 3.4)
2.1 Standards, Interpretations and amendments to existing standards
New and amended International financial reporting Standards (“IFRS”) and Interpretations
-New International financial reporting standards, interpretations, and amendments to Standards effective and endorsed by the EU
From 1st January 2025 the Company and the Group has adopted all amendments in IFRS as these were adopted by the European Union (“EU”) which relate to their operations. These Amendments and Interpretations did not have a significant impact on the financial statements of the Company and the Group:
•IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are effective for annual periods on or after 1 January 2025.
In August 2023, IASB published amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” which require companies to provide more useful information in their financial statements when a currency is not exchangeable into another currency. The amendments introduce a definition of the “exchangeability” of a currency and provide guidance on how an entity should estimate a spot exchange rate in cases where a currency is not exchangeable. Also, additional disclosures are required in cases where an entity has estimated a spot exchange rate due to a lack of exchangeability.
The Group/Company assessed its accounting policies disclosure and did not have a significant impact on the disclosures of the Group's financial statements.
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-New International financial reporting standards, amendments to Standards and interpretations not yet effective or not endorsed by the EU
The following New Standards, Amendments and Interpretations have been issued by the International Accounting Standards Board (IASB) but are not yet effective for annual periods starting 1st January 2025. Those relating to the Company’s and Group’s operations are presented below. The Company and the Group does not intend to early adopt the following New IFRS, Amendments and Interpretations before their effective date as mentioned below.
•IFRS 18 “Presentation and Disclosure in Financial Statements” (effective for annual periods starting on or after 1 January 2027)
In April 2024 the International Accounting Standards Board (IASB) issued a new standard, IFRS 18, which replaces IAS 1 ‘Presentation of Financial Statements’. The new accounting standard introduces the following key new requirements:
−Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change.
−Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.
−Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027. Early adoption is permitted. The amendments have not yet been endorsed by the EU.
•Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) The amendments are effective for annual periods on or after 01 January 2026.
The amendments clarify that a financial liability is derecognized on the “settlement date” and introduce an accounting policy choice to derecognise financial liabilities settled using an electronic payment system before the settlement date. Other clarifications include the classification of financial assets with ESG linked features via additional guidance on the assessment of contingent features. Moreover, clarifications have been made, with regards to the key characteristics of contractually linked instruments and how they differ from financial assets with non-recourse features, as well as to include factors that a company needs to consider when assessing the cash flows underlying a financial asset with non-recourse features (the “look-through” test). The amendments also require additional disclosures for investments in equity instruments that are measured at fair value with gains or losses presented in other comprehensive income (FVOCI).
•Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 effective from 01 January 2026)
In the annual improvements volume 11 issued on 18 July 2024 the International Accounting Standards Board (IASB) makes minor amendments that include clarifications, simplifications, corrections and changes in the following Accounting Standards:
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•IFRS 1 First-time Adoption of International Financial Reporting Standards - Hedge Accounting by a First-time Adopter
•IFRS 7 Financial Instruments: Disclosures:
-Gain or loss on derecognition
-Disclosure of differences between the fair value and the transaction price
-Disclosures on credit risk
•IFRS 9 Financial Instruments:
-Derecognition of lease liabilities
-Transaction price
•IFRS 10 Consolidated Financial Statements - Determination of a ‘de facto agent’
•IAS 7 Statement of Cash Flows - Cost Method.
The amendments to IFRS 9 address:
•a conflict between IFRS 9 and IFRS 15 Revenue from Contracts with Customers over the initial measurement of trade receivables; and
•how a lessee accounts for the derecognition of a lease liability under IFRS 9.The amendment on derecognition of lease liabilities applies only to lease liabilities extinguished on or after the beginning of the annual reporting period in which the amendment is first applied.
The amendments apply for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted. The amendments have not yet been endorsed by the EU.
2.2 Important judgments, accounting estimates and assumptions
The preparation of financial statements according to International Financial Reporting Standards (IFRS) requires the formulation of judgments, assumptions and estimates by the management that affect assets, liabilities and related disclosures at the reporting date of the financial statements. They also affect the disclosures of contingent assets and liabilities at the reporting date as well as the published revenues and expenses during the period. Actual results may differ from those estimated. Estimates and judgments are based on experience from the past as well as other factors including expectations for future events which are considered reasonable under specific circumstances while they are reassessed continuously with the use of all available information.
Judgments, estimates and assumptions
During the application of accounting policies, Company’s management applies its judgment based on market information in which it operates. Possible future changes in the current conditions are considered in order for the most proper accounting policy to be applied. Specific amounts which are included in or affect the financial statements and the relevant disclosures are assessed by the Group management in order to proceed in assumptions
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regarding values or conditions non certain at the preparation of the financial statements. An accounting estimate is considered important when it is significant for the financial position and the results of the Group and it requires difficult, subjective or complex judgments by the Group management and is often a result of uncertain assumptions. The Group evaluates such estimates continuously, based on historical experience, experts consultation, current trends, other methods which are deemed reasonable at the moment, as well as assumptions on how these could alter in the future.
Management’s judgment, estimates and assumptions regarding estimates used in accounting policies, are summarized in the following categories:
Accounting treatment of liabilities (provisions) regarding aircraft maintenance
The Group is committed to satisfy certain maintenance obligations, as prescribed by the contract terms, upon lease termination. During the lease period the Group is obliged to follow the maintenance program required by the airframe and engine constructors. The estimated maintenance cost is charged in group expenses within the lease period, based on the expected maintenance for the airframe, engines and limited life parts using the flight hours or flight cycles. This estimation is based on Group maintenance program and the relevant contracts agreed with maintenance providers (Note 3.19(2)).
Impairment
IFRS 9 introduces the expected credit loss (“ECL”) approach to be applied on all financial assets measured at amortized cost (“AC”) or at fair value with the corresponding changes allocated to other comprehensive income (“FVTOCI”).
Debt Instruments
With respect to debt instruments the Group applies the general impairment model, under which the Group assess at each reporting date, whether the credit risk associated to any particular debt instrument has been increased, since its initial recognition, applying in addition the low risk simplification for all investment grade debt securities. Upon a significant increase in credit risk the Group measures lifetime expected credit losses. Note 3.8
Customers and other trade Receivables
Τ he Group applies the IFRS 9 simplified approach to measure expected credit losses using a lifetime expected loss allowance for all trade and other receivables. Therefore, the Group measures at each reporting date the loss allowance for its trade and other receivables at an amount equal to their lifetime expected credit losses.
Financial assets with contractual payments over 90 days past due, constitute default events, but assess any given creditworthiness information with respect to certain cases, when a contractual claim collection problem is considered possible.
The expected credit losses on the trade and other receivables are estimated using a provision matrix based on the Group’s historical experience of credit losses and cash recoveries on defaulted exposures. Note 3.10
Impairment of intangible assets, owned aircrafts, right of use assets and investment in subsidiaries
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The management at each balance sheet date or earlier if there are indications, proceeds in impairment test for goodwill (in consolidated level) and intangible assets with indefinite useful life, i.e. slots (in consolidated and stand-alone level) and examines whether there are impairment indications for:
•Other intangible assets
•Owned aircrafts and Right of Use assets
•Investments in subsidiaries
Determining impairment indications requires management to make judgments regarding external and internal factors and the extent to which they affect the recoverability of these assets. If indications of impairment exist, the Company makes an estimate of the recoverable amount. The impairment loss is the amount by which the book value of the cash-generating unit exceeds its recoverable amount.
The calculation of the recoverable amount requires estimates regarding future cash flows associated with the investment, business plan, discount and growth rates.
At 31.12.2025 no indications of impairment noticed for other intangible assets, owned aircrafts, right of use assets and investments in subsidiaries, therefore, Group management performed impairment test on goodwill and intangible assets with indefinite useful life. More specifically, the impairment test used discounted cash flows, based on the 5-year Group business plan, which is considered as one cash generating unit (CGU). Group management based the business plan preparation to key assumptions, past experience and observable market data, which were those to which the CGU recoverable amount is most sensitive. More specifically, the below key assumptions were used for the cash flow projections:
•projected range of USD/EURO exchange rate for a 5-year period (1,19 – 1,23)
•projected range of fuel price for a 5-year period ($645 – $680)
•projected average fare price movement (0%)
•projected range of load factor for a 5-year period (84%)
In order to determine the future cash flows, the Group management took into account assumptions concerning climate related issues. Specifically, the business plan includes the expected gradual reduction and eventually full phase-out of carbon allowances (EU-ETS Allowances) from 2026. In addition, the cost of the estimated increase in use of sustainable aviation fuel (SAF) was incorporated.
Future cash flows beyond 5-year business plan were determined on the basis of an estimated long-term growth rate of 0,25%, which was considered reasonable by the Management. The discount rate used was 9,5%.
In the above assumptions, a sensitivity analysis was performed to determine the impact on the recoverable amount due to a possible unfavorable change in these assumptions.
No need for impairment occurred, since the CGU recoverable amount exceeded the carrying value at 31.12.2025 (Note 3.1, 3.2, 3.3, 3.4).
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Loyalty program revenue recognition
The Group estimates the fair value of unredeemed loyalty points (miles) of Miles and Bonus program, by utilizing historical and statistical data. This calculation uses estimates for the expected redemption rate as well as the fair value of the redeemable product. (Note 2.4d, 3.21)
Recognition of revenue from unused tickets
The Group considers that, for passengers who purchase tickets but do not exercise the rights arising from them, there is a possibility that such rights will remain unexercised (i.e., the contract will not be completed). Revenue related to these unused tickets is recognized based on historical data regarding the frequency with which passengers exercise their rights.
Accordingly, the Group estimates the expected breakage rate (i.e., the proportion of tickets for which the related performance obligation will not be satisfied) and recognizes the corresponding revenue on that basis.
The portion of revenue from unused tickets that has not been recognized based on historical data is recorded as a contract liability (deferred revenue) for prepaid tickets and is recognized as revenue when the likelihood of fulfilling the related performance obligation becomes remote.
Determining lease period with extension option
The Group determines as lease period, the contractual lease duration, including any period referring to (a) lease extension option, if it is highly probable that will be exercised or (b) lease termination option, if it is highly probable that will be exercised.
The Group, in certain lease agreements, retains the option to extend the lease period. The Group assesses if it is certain that this option will be exercised, considering all the factors that create financial incentive to exercise the renewal option. Subsequently the lease inception date, the Group reassesses the lease period, if a significant event occurs or there is a change in the conditions that could affect the exercise option (or not) of right renewal (such as a change in Group business strategy).
Income tax (current and deferred)
The measurement of income taxes provisions is heavily based on estimates. There are a lot of transactions for which the accurate calculation of the tax is not possible in the normal course of business. The Company recognizes liability provisions for anticipated tax matters, based on estimates for potential amounts due for additional taxes. When the expected final tax payable is different from the initial estimates in the financial statements when those are finalized, both income tax and provisions for deferred taxation are affected. Moreover, possible effects from the tax audit of previous periods are included in note 3.29 and are recorded in the account ‘Income Tax’ of the Income Statement.
Deferred tax assets are recognized to the extent that it is probable that future taxable profits will occur against which tax losses may be offset and tax credits may be used. The recognition of deferred tax assets requires significant estimates and judgment with respect to future activities and prospects of the Group and the amount and timing of taxable profits. Note 3.6
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Fair value of derivatives and other financial instruments / Hedge accounting
The Company uses derivatives to manage a series of risks including interest rates, foreign currency exchange rates (EUR/USD) and jet fuel price. Accounting for derivatives, in order to qualify for hedge accounting, requires that at the inception of the arrangement the details of the hedging relationship must be formally documented and the hedged value and the hedging instrument must meet certain requirements. From the beginning of a hedging and thereafter, every quarter the hedging effectiveness is evaluated both retrospectively and prospectively. In cases where the hedging becomes ineffective, it does no longer qualify as a hedge instrument in the future. The fair values of the derivative contracts are calculated using pricing models from an independent platform, making assumptions based on the market, which are confirmed by independent sources. Additional information regarding the use of derivatives is provided in note 3.23.
Fair value of financial instruments
All assets and liabilities for which the fair value is measured or disclosed in the financial statements, are categorized according to the hierarchy levels, described below:
The fair value of financial instruments traded in active markets is determined at each reporting date in relation to the stock market values or values determined by broker offers, without deduction for transaction costs (Hierarchy Level 1).
The fair value of financial instruments not traded in active markets is determined using: (i) appropriate valuation techniques for which the data, that have significant impact on the fair value accounted for, are directly or indirectly identifiable (Hierarchy Level 2), (ii) techniques for which the data, that have significant impact on the fair value accounted for, are not easily identified in the markets (Hierarchy Level 3) and may include recent transactions under normal conditions, the current fair value of another instrument similar to these instruments, discounted cash flow analysis or other valuation models.
For assets and liabilities recognized in the financial statements at fair value, the Group determines whether there are transfers made during the year between the hierarchy levels at the end of each year.
Contingencies
The Company is involved in litigation and claims in its normal course of operations. Management, based on experience and the fact that the trial procedures are still in process, estimates that any resulting settlements would not materially affect its financial position and operations. However, the determination of contingent liabilities relating to the litigation and claims is a complex process that involves judgments as to the possible outcomes and interpretation of laws and regulations. Future changes to the judgments or the interpretations may increase or decrease the Company’s contingent liabilities in the future. Contingent assets / liabilities balances are analyzed in note 3.30.
Useful life of depreciable assets
The Group management evaluates the useful life of depreciable assets in every period. On December 31st 2024 the management believes that the useful lives of the assets are in line with their expected usage. The depreciable amounts are analyzed in notes 3.1 and 3.2. Intangible assets useful life can be considered definite or indefinite.
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Post-retirement benefits to personnel
Post-retirement obligations are determined using actuarial valuations. An actuarial valuation requires the management to proceed in various assumptions, such as the future salary increases etc. At each reporting date, when this provision is revised, management tries to more precisely assess these assumptions. See note 3.16
Share-based payments
The Group has implemented share-based payment agreements for its senior executives. Specifically, under the existing agreements, senior executives of the Company are granted the right to receive equity instruments (shares) of the Parent Company, provided that certain vesting conditions are met. The current share-based payment plan is not settled in cash. The services received in exchange for share-based payments are measured at their fair value. The fair value of the executives’ services, at the date when the shares are granted, is recognized in accordance with IFRS 2 “Share-Based Payment” as an expense in the income statement, with a corresponding increase in equity, over the period during which the services are provided in exchange for the shares. The total expense over the vesting period is calculated based on the best possible estimate of the number of shares expected to vest. The fair value of the shares is determined based on the market price of the Company’s stock.
Discount rate
Future lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. Otherwise, the Company and the Group use the incremental borrowing rate.
A single discount rate is applied to a portfolio of leases with similar characteristics, such as the lease duration and the transaction currency, evaluating specific market financial ratios and other bond loan issued by companies of similar creditworthiness. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset.
Dividends
Dividends to shareholders are proposed by the Company’s Board of Directors and are subject to approval by the Annual General Meeting of shareholders, in accordance with the applicable provisions of corporate law and the Company’s Articles of Association.
Dividends are recognised as a liability in the financial statements in the period in which they are approved by the General Meeting of shareholders. Approved dividends are recorded as a reduction of equity in the period in which they are approved.
Related Party Transactions
Transactions between the Company and/or the Group and related parties are carried out in the ordinary course of business and are conducted on terms equivalent to those that prevail in arm’s length transactions between independent parties. Such transactions may include, among others, the provision of services, purchases or sales of goods, leases, financing arrangements and other commercial transactions.
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Outstanding balances arising from transactions with related parties are presented separately in the financial statements, where required, and disclosed in the notes to the financial statements in accordance with the requirements of IAS 24 Related Party Disclosures.
2.3 Foreign Currency Translation
The Group financial statements are presented in Euros (€) which is its operating currency.
Foreign currency transactions are converted into the operating currency using the exchange rates prevailing at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the conversion of remaining balances at year-end exchange rates, are recognized in the income statement in the accounts “financial income” and “financial expense”, respectively. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.
2.4 Revenue and expenses recognition
The Company and the Group recognize revenues in order to reflect the transfer of the promised goods or services to customers in an amount equal to the consideration they consider fair to collect for these goods or services.
Revenue from contracts with customers is recognized when all of the following criteria are met:
•The parties to the contract have approved the contract and are committed to perform their respective obligations
•The Company or the Group can identify each party’s rights regarding the goods or services to be transferred
•The Company or the Group can identify the payment terms for the goods or services to be transferred
•The contract has a commercial substance and
•It is possible that the Company or the Group will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.
Revenue is measured at the fair value of the benefit received, net of tax, credits, trade discounts and airport fees. All taxes and related charges collected by the Group from passengers on behalf of third parties (e.g. airport taxes) are recorded on a net basis, as the Group acts as an agent.
The amount of revenue is estimated that it can be measured reliably only when all contingent liabilities related to it have been resolved. The Company's respective trade receivables are mainly paid in advance or have a limited maturity (up to 3 months).
(a) Scheduled and charter flights
The Company and the Group operate in the sector of public airline transportations, providing transport of passengers and goods inside and outside the Greek territory, conducting scheduled and unscheduled flights. Therefore, it recognizes revenues when it satisfies the performance obligation of rendering the service to the
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customer at a given point in time. The performance obligation is satisfied when the flight is flown and the passenger is uplifted. With the adoption of IFRS 15 there has been no change in the revenue recognition from scheduled and charter flights.
The Group separates other obligations that may be included in the contract and constitute a separate performance obligation and determines the proportion of revenue attributable to them (i.e. customer loyalty miles, see (d))
(b) Ancillary Services
Specific categories of ancillary services, such as baggage fees, reissuing tickets fees, "fast track" and "chargeable seat" services, etc., are considered to be a modification of the contract and are directly related the flight performance. Therefore, they are recognized as revenue when the flight is flown.
(c) Unused tickets
Passengers pay for their ticket, but do not always exercise its right, i.e. the ticket remains unused. Recognition of unused tickets as revenue is based on the expected breakage amount of tickets remaining unused in proportion to the pattern of rights exercised by the passenger based on historical information. The portion of revenues that has not been recognized based on the said exercise is transferred to a contract liability account and recognized by the company when the likelihood of the passengers exercising their remining rights becomes remote. Prior to the adoption of IFRS 15, revenues from unused tickets were recognized only when the likelihood of the passengers exercising their remining rights becomes remote.
(d) Code-sharing policy
The Company provides passengers with the opportunity to be transported by another airline for one or more segments of their flight. The portion of the ticket related to the performance obligation fulfilled by another airline, reduced by the commission paid by it, is recognized as a deduction from the Company’s revenue, as the Company acts solely as an agent for these performance obligations.
If passengers holding tickets sold by other airlines are transported partially or entirely by the Company, then the Company recognizes revenue based on the proportional ticket amount received from the other airlines. The commission retained by the airline that sold the ticket is recognized as an operating expense.
(e) Customer loyalty program
The Company has a loyalty program for its customers, whose members can earn points (miles) through flights with the Group’s airline companies, Star Alliance companies or through transactions with other partners. Part of ticket revenue attributable to earned miles reduces revenue recognized when the flight is flown and is transferred to contract liability account. The Company determines the separate sale price of this deferred income using the expected cost-plus margin approach. The redemption rate is calculated based on an actuarial study, using historical data of passengers’ behavior in relation to mileage redemption. The obligation shall be reduced with the corresponding recognition of the revenue, when the actual miles are redeemed by passengers, which in substance is when the obligation performance is satisfied. In the event of non-redeeming miles through the Company’s channels, the related charges received from other partners are netting of the related revenue, since the Company acts as an agent.
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There has been no significant change in the recognition of this revenue since the adoption of IFRS 15, which is though coincided with the use of an actuarial study by the Company, in order to assess more accurately the future behavior of passengers in terms of mileage redemption.
(f) Financial Income
Interest income is calculated using the method of the effective interest rate, which is the rate discounting future flows for the expected duration of the financial instrument at the net book value of the asset or liability.
Foreign exchange differences arising on the settlement of revenue or on the translation of receivables denominated in foreign currency at the reporting date are recognised in profit or loss. The Company and the Group conduct a significant volume of transactions (receipts and payments) in foreign currencies. This balance is also affected by movements in the EUR/USD exchange rate. The Company applies a consistent policy to all foreign currency transactions to reflect the economic impact of foreign exchange differences on revenue and receivables.
Incremental costs of obtaining a contract with customers
The Company and the Group incur various costs in order to obtain a contract (sale of a ticket) with a customer, which they would not have incurred if the contract haven’t been obtained (sales commission etc). These direct sales costs are considered as incremental contract costs and are directly related to the contract. They increase the resources that will be used to fulfill the performance obligation in the future and are expected to be recovered.
These costs are initially recognized in Advances of current assets. Then, they are allocated to the corresponding flight performance obligation and are amortized when this flight is flown in the income statement. See note 3.11
With respect to baggage claims paid to passengers for damages occurred, these amounts are recognized against respective revenue.
Other Expenses
Expenses are recognized in the income statement on an accrual basis. Interest expense is recognized on a time-proportion basis using the effective interest rate. Foreign exchange differences arising on the settlement of expenses or on the translation of liabilities denominated in foreign currency at the reporting date are recognised in profit or loss. The Company and the Group conduct a significant volume of transactions (receipts and payments) in foreign currencies. This balance is also affected by movements in the EUR/USD exchange rate. The Company applies a consistent policy to all foreign currency transactions to reflect the economic impact of foreign exchange differences on expenses and liabilities.
2.5 Intangible Assets
Intangible assets include airports slots, software licenses, Olympic Air brand and goodwill. Airport slots are assets with an indefinite useful life. Given the Group satisfies their minimum use, they remain available for future use and therefore not amortized but are subject to an impairment test annually. Exercise for impairment indications is mainly based on available slots trading data.
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Software licenses are valued at historic cost less amortization and/or any other possible impairment. Amortization of intangible assets is calculated applying the straight-line method in the useful life of the assets which is between 1 to 10 years.
Goodwill is an asset with an indefinite useful life, therefore it is not amortized, but is subject to impairment testing annually. It derives from the company’s acquisitions and is calculated as a balance between the acquisition price and the fair value of the net assets acquired. (Note 3.1)
Useful life for Intangible Assets.

Category | Useful life
Software | 5 years
Olympic Air brand name | Contract terms (49 years)
Other | 10 years

Intangible assets impairment
If the Group is unable to estimate the recoverable amount of an asset for which there is an indication of impairment, it determines the recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use.
Reversal of an impairment loss on the value of assets recognized in prior years (except goodwill impairment) is made only when there is sufficient evidence that the impairment no longer exists or has decreased. In such cases the above reversal is recognized as income.
2.6 Tangible Assets
Tangible assets are recognized in the financial statements at acquisition cost, less accumulated depreciation and loss of impairment, if any. The acquisition cost includes all the directly attributable expenses for the acquisition of the asset. Subsequent expenditure is added to the carrying value of the tangible asset or is recognized as a separate fixed asset, only if it is expected to increase the future economic benefits for the Company and their cost can be accurately and reliably measured.
Upon initial recognition of the value of owned aircraft, the Group estimates the cost of major maintenance events and recognizes them as separate components, which are depreciated based on the expected flight hours or flight cycles, until the next major maintenance event. When the next major maintenance event is carried out, its cost is recognized in the residual value of the aircraft component, as a replacement of undepreciated asset, which is derecognized. Such events include engine performance restorations, airframe heavy checks etc. All other costs (“wear and tear”) that are not related to heavy maintenance (major overhauls) are charged to the Income statement as incurred.
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Depreciation of tangible fixed assets (other than Land which is not depreciated) is calculated using the straight-line method over their useful life, as follows:

Category | Useful life
Buildings | 10-20 years
Machinery | 6-22 year
Aircrafts | 20-25 years
Vehicles | 3-5 years
Aircraft/airport equipment | 3-8 years
Other equipment | 5 years

The residual values and useful economic life of tangible fixed assets are reassessed at each reporting period.
Upon sale of a tangible assets, any difference between the proceeds and the book value is recognized as gain or loss to the income statement.
Tangible assets impairment
If the Group is unable to estimate the recoverable amount of an asset for which there is an indication of impairment, it determines the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use.
Reversal of an impairment loss on the value of assets recognized in prior years is made only when there is sufficient evidence that the impairment no longer exists or has decreased. In such cases the above reversal is recognized as income.
2.7 Pre-delivery payments
Pre-delivery payments in foreign currency are paid by the Company to Airbus in order to finance the aircraft manufacture, in accordance to the contractual terms of the agreement. Such advances are recognized at cost and classified as non-current assets.
The Company is likely to enter into a sale and leaseback agreement in the future with lessors who will finance these aircrafts in full. According to these agreement’s clauses, the right and the commitment to purchase the aircraft is assigned to the lessor on the date of its delivery. At the delivery date, the lessor pays the full purchase price and the Company collects the full amount already paid in advance. Consequently, the related current and non-current asset is derecognized, and any gain or loss is recognized in the statement of comprehensive income.
The present value of the pre-delivery payments relating to future sale and leaseback agreements is determined based on discounted cash flows and is translated using the prevailing exchange rate at each reporting date. These advances are classified in Advances for future aircraft leases in Current and Non-Current Assets.
In case of no sale and leaseback agreement, the pre-delivery payments are considered part of the final aircraft purchase price. As such, they are classified in the Tangible assets, translated in the foreign exchange rate at the date of the transaction. (Note 2.10)
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2.8 Financial Assets
Initial Recognition of financial assets
The Group measures financial assets on their initial recognition at their acquisition fair value. The Group recognizes initially trade receivables without a significant financing component at their transaction price.
Classification and Measurement of financial assets
All financial assets that fall within the scope of IFRS 9 are measured, subsequently to their initial recognition, at amortized cost or fair value.
Accordingly, Company’s financial assets are classified in one of the following categories:
•Amortized cost (“AC”)
•Fair Value through other comprehensive income (“FVTOCI”)
•Fair Value through profit or loss (“FVTPL”)
The basis of their classification and subsequent measurement depends on the following two conditions:
•Entity’s business model for managing the financial assets ((“Business Model Assessment”)
•Entity’s contractual cash flow characteristics (SPPI test)
The business model of the Group refers to how the Group manages its financial assets in order to generate cash flows and determines whether cash flows will result from collecting contractual cash flows, selling financial assets or both. The business model assessment is performed based on scenarios that the Group reasonably expects to occur and not based on “worst case” or “stress case” scenarios.
The SPPI test, according to which the asset’s contractual cash flows should be determined that are solely payments of principal and interest on the principal amount outstanding, is the second condition for classification of a financial asset in either AC or FVTOCI categories by the Group. In particular, for a debt instrument to be measured at AC or FVTOCI, its contractual terms must give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Amortized cost (“AC”)
The Group classifies financial assets at AC, when the financial assets both are held within a business model with the objective to hold them until maturity, collecting mostly of their contractual cash flows and these financial assets give rise to cash flows consisting only of payments of principal and interest. All financial assets that fail the SPPI test are subsequently measured at FVTPL; except for investments in equity instruments not held for trading that are elected at initial recognition to be measured at FVTOCI.
The Group subsequent to their initial recognition measures financial assets under this category at amortized cost using the effective interest. These financial assets are subject to the impairment requirements as per IFRS 9.
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Fair Value through Other Comprehensive Income (“FVTOCI”)
The Group classifies financial assets at FVOCI, when are held within a business model with objective to hold the financial assets to collect the contractual cash flows, but also the Group expects to sell these financial assets when this is necessary (e.g. to fulfill a specific need for liquidity). In addition, these financial assets give rise to cash flows consisting only of payments of principal and interest.
The Company subsequent to their initial recognition measures financial assets under this category at fair value, with changes in their fair value recognized in other comprehensive income (“OCI”), except for:
• interest income
• foreign exchange gains or losses
• impairment gains or losses
Are recognized in profit and loss and computed in the same manner as for financial assets measured at AC. Any fair value changes recognized in OCI are transferred to profit and loss when the debt security is derecognized.
Fair Value through Profit and Loss (“FVTPL”)
Any financial asset that fails the SPPI test is classified by the Group, at FVTPL (except if it is an investment in equity instrument designated in FVTOCI).
The Group classifies the financial assets that are not held within the “hold to collect” or “hold to collect and sell business models”, at FVTPL.
Since the option to designate a financial asset at fair value in its initial recognition is irrevocable, if a financial asset is designated as at FVTPL at initial recognition, the Group does not reclassify out of FVTPL to AC or FVTOCI, if the business model changes.
Financial assets at FVTPL are carried in the statement of financial position at fair value with changes in the fair vale between reporting dates in the statement of profit and loss. Financial assets at FVTPL are not subject to the impairment requirements.
Equity Instruments
By default, the Group classifies equity participations under the scope of IFRS 9 at FVTPL unless; the Group makes an irrevocable election/designation at initial recognition for particular investments in equity to present subsequent changes in fair value in other comprehensive income.
Only dividend income that does not clearly represent a recovery as part of the cost of the investment is recognized in profit or loss, with all other gains and losses recognized in OCI. These gains and losses remain permanently in equity and are not subsequently reclassified to profit or loss, following derecognition.
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Reclassification of Financial assets
A financial asset is reclassified by the Group, only when Group’s business model for managing financial assets changes.
The reclassification is applied prospectively from the reclassification date, which is the first day of the first reporting period following the change in the business model, therefore previously recognized gains, losses (including impairment gains or losses) or interest are not restated.
Financial derivatives and hedge accounting
The Company has not adopted the requirements of IFRS 9, with respect to hedge accounting, and continues to apply IAS 39.
All financial derivative assets are initially recognized at the fair value on the trade date and subsequently at their fair value. Financial derivative instruments are recognized in assets when their fair value is positive and in liabilities when their fair value is negative. Their fair value is calculated from the value they have on an active market or through other valuation techniques when an active market does not exist for these financial instruments.
The profit or loss recognition depends whether a derivative has been determined as a hedging item and if hedging exists based on the nature of the hedged item. Profit or loss arising from the change of the fair value of derivatives that are not recognized as hedging items, is recognized in the income statement. The Company is using hedge accounting when at the commencement of the hedging transaction, and the subsequent use of financial derivatives can determine and justify the hedging relationship between the hedged item and the instrument used for hedging, relating to its risk management policy and strategy for hedging. Moreover hedge accounting is used only when it is expected that the hedging strategy will be highly effective and reliably and continuously calculated, for the periods it was intended for, as per the reconciliation of the movements in the fair value or the cash flows resulting from the hedged risk. The Company is hedging cash flows using financial derivative instruments.
Cash flow hedging
With cash flow hedging the Company is covering risks coming from an asset, liability or future transaction that cause fluctuations in the cash flows and which could have an impact to the period’s result. For financial derivatives classified as hedging items for cash flow hedging purposes, special accounting treatments are required. In order to fulfill the hedge accounting requirements, certain conditions relating to justification, hedging effectiveness and reliable calculation must be met.
The changes in the fair value of the effective part of the hedging derivative are recognized in the equity while the ineffective part is recognized in the comprehensive income statement. The accumulated balances in the equity are transferred in the income statement of the periods where the hedging derivatives are recognized. In particular, amounts relating to hedging of fuel prices increase or decrease fuel expenses, amounts relating to hedging of foreign exchange rate increase or decrease relative expenses and amounts relating to hedging of interest rates increase or decrease finance costs.
When a financial instrument expires, is either sold or exercised without being replaced, or when a hedged item does no longer fulfill the criteria of hedge accounting, cumulative gain or loss remains in equity and it is recognized
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when the transaction occurs. If the hedged transaction is not expected to occur, gains or losses are recognized directly in the income statement.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: (i) there is an economic relationship between the hedged item and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group’s risk management strategy. The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on inception, and at each balance sheet date, effective in offsetting the changes in cash flows of the hedged item using the qualitative method of Critical Test Match as the basic terms of derivatives match the terms of the hedged item for fuel and currency hedging. As far as interest rate hedging of leases is concerned, the company has used the hypothetical derivative model.
Sources of ineffectiveness include the following:
• In hedges of fuel purchases, ineffectiveness may arise if the timing or the quantities of the forecast transaction changes from what was originally estimated;
• In hedges of foreign currency purchases, ineffectiveness may arise if the timing or value of the forecast transaction changes from what was originally estimated;
• In all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero.
Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge accounting and presented in financial income/expenses.
2.9 Inventories
The inventories include aircraft spare parts and goods. The purchase price includes all the costs incurred to bring the inventories at their current location and condition, less any discounts. The inventories cost is calculated using the weighted average cost method every reporting period.
Aircraft spare parts of significant value that be can be utilized for over a period of one year are capitalized in tangible assets. Otherwise, they are expenses as incurred in the statement of income.
On the balance sheet date, the inventories are measured at the lower of valuation cost and net realizable value (NRV). The Group at the end of each fiscal year considers any case of obsolescence of inventory and establishes any provision or write off.
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2.10 Leases
At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Group as a lessee
Right of use asset (ROU)
At the date the asset is available for use, the Group recognizes a right of use asset and a lease liability.
The cost of the right-of-use asset shall comprise:
•the amount of the initial measurement of the lease liability;
•any lease payments made at or before the commencement date, less any lease incentives received;
•any initial direct costs incurred by the Group; and
•an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Group incurs the obligation for those costs either at the commencement date or as a consequence of having used the underlying asset during a particular period.
Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment, whether management judges there are impairment indications.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.
The group determines the long-term and short-term portion of a lease liability based on its settlement date.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date in case the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.
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In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset.
Exemptions
The Company and the Group decided to apply the exemptions provided by the standard concerning the short-term leases (duration of 12 months or less, without purchase option of the underlying asset). Lease payments associated with those leases are recognized as an expense on either a straight-line basis over the lease term or another systematic basis.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms.
Sale and Leaseback Transactions (Not a Sale)
If a sale and leaseback transaction does not meet the criteria for recognizing a sale under IFRS 15, the Group does not derecognize the asset and continues to recognize it in its financial statements. The proceeds received from the lessor are recognized as a financial liability, reflecting a loan secured by the aircraft, under IFRS 9.
In case of no sale and leaseback agreement, the pre-delivery payments are considered part of the final aircraft purchase price. As such, they are classified in the Tangible assets, translated in the foreign exchange rate at the date of the transaction. (Note 2.7).
Lease payments are allocated between finance costs and the repayment of the financial liability. The aircraft remains on the balance sheet, and depreciation continues to be recognized over its useful life.
2.11 Cash and cash equivalents - Restricted Cash
Cash and cash equivalents include cash at bank, petty cash as well as short term highly liquid deposits with an original maturity of three months or less. Restricted cash refer to cash collaterals with counterparties that derivative contracts have been signed, in order to offset exchange rate or fuel price fluctuations.
The Statement of Cash Flows of the Company and the Group is prepared using the indirect method. Under this method, cash flows are classified into three main categories:
• Cash flows from operating activities, which are derived from profit before tax and adjusted for non-cash items such as depreciation of property, plant and equipment and right-of-use assets, provisions for aircraft maintenance and other obligations, impairment losses or reversals, as well as other non-cash expenses or income.
• Cash flows from investing activities, which mainly include payments for the acquisition of aircraft, engines, spare parts and other items of property, plant and equipment, as well as proceeds from the disposal of such assets and movements in restricted deposits.
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• Cash flows from financing activities, which include proceeds from borrowings, repayments of borrowings, payments for the settlement of lease liabilities relating to aircraft and other leased assets, as well as dividend payments to shareholders.
2.12 Share Capital
Share capital is determined using the nominal value of shares that have been issued. Share premium reserve includes all premiums more than the nominal price received at the date of the issue.
A share capital increase through cash includes any share premium during the initial share capital issuance. Any cost related to the capital increase or any tax benefit is deducted from the product of the share capital increase.
Additionally, the consideration paid including any cost related to the treasury shares, is deducted from the equity attributable to the Company’s shareholders and depicted in “Treasury Shares”.
The own shares that the Company holds at any given time are intended for any purpose and use permitted by and in compliance with the law (including, indicatively but without limitation, reduction of share capital and cancellation, or/and distribution to personnel or/and members of the management of the Company or/and of any affiliated company).
Retained earnings include the result of the current and the previous periods.
2.13 Employee benefits due to retirement and other short-term benefits to employees
Short term benefits
Short term employee benefits in cash or in kind are recognized as expense when incurred. Any unpaid amount is recognized as liability.
Retirement benefits
The Company has established both defined benefit and defined contribution plans. Typically, defined benefit schemes provide for a benefit the employee will receive on retirement, based on factors such age, service years and compensation received.
The balance sheet liability in respect of a defined benefit plan is the present value of the defined benefit obligation at the balance sheet date less the fair value of the plan’s assets. The defined benefit obligation is measured annually by independent actuaries using the projected unit credit method. The current value of the defined benefits is estimated by discounting the future expected cash outflows (using the interest rate of European bonds index Iboxx AA Corporate Overall 10+ EUR indices), issued in the currency the benefits will be paid at and have similar maturity terms to those of the retirement’s liability.
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The actuarial gains or losses that result from adjustments based on empirical adjustments and changes in actuarial assumptions are recorded in other comprehensive income and through it in retained earnings.
A defined contribution plan is a retirement scheme where the Company pays defined contributions, to an independent institution (the fund) that operates the contributions and provides the benefits, on a compulsory or non-compulsory basis. The Company has no other legal or any other type of obligation for further contributions if the fund is unable to meets its contract requirements and provide to the employees the agreed benefits for current or past services. Prepaid contributions are recognized as assets to the extent the cash return or decrease is expected in the future payments (Note 3.16).
Share-based payments
The Group has implemented share-based payment agreements for its senior executives. Specifically, under the existing agreements, senior executives of the Company are granted the right to receive equity instruments (shares) of the Parent Company, provided that certain vesting conditions are met. The current share-based payment plan is not settled in cash. Holders of such equity instruments are not entitled to receive dividends for the vesting period when they receive the shares. The value of the executives' services, at the date when the potential shares are granted, is recognized in accordance with IFRS 2 “Share-Based Payment.” According to IFRS 2, the Company and the Group recognize an expense in the income statement, with a corresponding increase in equity, over the period during which the services are received in exchange for the granted rights. Estimates regarding the number of rights expected to be exercised are revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to the cumulative share-based compensation arising from such revisions is recognized in the current period.
2.14 Financial Liabilities
Financial liabilities include derivative liabilities, trade and other payable liabilities, borrowings and lease liabilities measured at amortized cost.
Financial liabilities are recognized when the Company becomes a party to the contractual agreements of the instrument and derecognized when the obligation under the liability is discharged, cancelled or expires.
Borrowings provide a short-term or long-term financing source to the Group. They are initially recognized at cost, which includes the initial proceeds less any issuance cost. Subsequent of initial recognition, borrowings are measured at amortized cost using the effective interest rate method.
All interest related charges are recognized as an expense in “financial expense” in the income statement.
Trade payables are recognized initially at their nominal value and subsequently valued at their amortized cost less any settlement payments.
Dividends payable to the shareholders are in included in “Other short-term liabilities” when they are approved by the Shareholders’ General Meeting.
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2.15 Income tax and deferred tax
Current Income Tax
Current income tax receivables / liabilities comprise of obligations to / or claims from tax authorities, based on taxable income of the current or previous reporting periods that have not been settled until the balance sheet date.
They are measured at tax rates and tax laws that are enacted on the respective financial year based on the taxable profits for the period. All differences in tax assets / liabilities are charged to the income statement for the period as part of the income tax expense.
Deferred tax
Deferred income tax is calculated with the net liability method focuses on temporary differences between the carrying amounts of assets and liabilities of the financial statements and the corresponding tax bases. Deferred tax assets are re-examined at every balance sheet date and are reduced to the extent that it is no longer possible that enough taxable income will be available to allow the use of benefit (in total or partially) of the deferred tax asset. Deferred tax liabilities are recognized for all temporal tax differences except when the deferred tax liability arises from the initial recognition of goodwill.
Deferred tax assets and liabilities are measured at tax rates that are expected to be enacted when the asset will be recovered or the liability settled taking into consideration the tax rates already enacted by the time of the balance sheet date.
Most changes in deferred tax assets or liabilities are recognized as tax revenue - expense. Changes in deferred tax assets or liabilities related to a change in the value of asset or liability recognized in equity through the statement of other comprehensive income or directly, are recognized in equity through the statement of comprehensive income or directly respectively.
The Group is subject to periodic tax audits by the tax authorities. In case of complex and uncertain tax treatments, the Group Management proceeds with judgements and estimates for the determination of the income tax as well as of the deferred tax. If deemed necessary, the Group seeks for experts’ advice, in order to identify the most proper tax treatment, as well as to recognize the adequate provision. When the Group proceeds with the payment of imposed amounts, in order to appeal against the tax authorities and assesses that the outcome of the case will be favorable, the respective payments are posted as receivables, to be offset against potential liabilities in case of a negative outcome or to be refunded in case of a positive outcome. Upon finalization of said cases, any difference in relation to the provisions is recognized in the income statement.
2.16 Provisions, contingent liabilities and contingent assets
Provisions are recognized when the Company has present legal or assumed obligations as a result of past events, their settlement is probable through an outflow of economic resources from the Company and the liability can be estimated reliably. The time frame or the resources’ outflow may be uncertain. A present obligation stems from the existence of a legal or assumed obligation resulting from past events such as warranties, legal disputes or onerous contracts.
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When the total or part of the estimated provision settlement amount is expected to be paid by a third party, the remuneration will be recognized only if it is more probable to be collected. The remuneration amount recognized cannot exceed the provision amount.
The expense relating to a provision is presented in the income statement, net of the provision initially formed. A provision is used only for the purpose it was initially formed. Provisions are evaluated at each balance sheet date and adjusted accordingly in order to depict the best most current estimation.
In such cases where the possible economic resources outflow as a result of present obligation is not probable or the amount or the provision cannot be reliably estimated no provision for contingent obligations is recognized in the financial statements however, they are disclosed if the probability of economic resources outflows is not remote.
Contingent assets are recognized in the financial statements but are disclosed when the economic resources inflow is probable. Possible economic resources inflows for the Company that do not meet the conditions for an asset are considered as contingent assets.
Aircraft maintenance provision
During the lease period the Group is obliged to follow the maintenance program required by the airframe and engine constructors. The estimated maintenance cost is charged in group expenses within the lease period, based on the expected maintenance cost for airframe, engines and limited life parts using the flight hours or flight cycles. This estimation is based on Group maintenance plan and the relevant contracts agreed with maintenance providers. The provision is decreased with actual maintenance cost when maintenance events occur.
The Group proceeds in payments to lessors as a security for funding future aircraft maintenance cost. The amount is recognized as receivable in Group accounts, until the maintenance event occurs and the subsequent reimbursement provided by the lessor for the maintenance cost.
2.17 Government grants
Government grants for the acquisition of assets are recognised at their fair value when there is reasonable assurance that the grant will be received and any conditions attached to them have been fulfilled. The grant is recognized in the Statement of Financial Position as a deferred credit and released to the Group Income Statement over the periods necessary to match the related depreciation charges, or other expenses of the asset, as they are incurred.
The benefit of a government loan at a below-market rate of interest is treated as a government grant. The loan is recognised and measured in accordance with IFRS 9 Financial Instruments. The benefit of the below-market rate of interest is measured as the difference between the initial carrying value of the loan determined in accordance with IFRS 9 and the proceeds received. The Company considers the conditions and obligations that have been, or must be, met when identifying the costs for which the benefit of the loan is intended to compensate.
Government grants related to expenses are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs, shall be recognised in profit or loss of the period in which it becomes receivable.
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2.18 Emission Rights
The Group receives CO 2 allowances under EU Emissions Trading Scheme (EU ETS), UK Emissions Trading Scheme (UK ETS) and Switzerland Emissions Trading Scheme (CH ETS) on an annual basis and submits the necessary CO 2 rights based on the actual emissions. The purchased CO 2 rights or the CO 2 allowances granted are recognized at cost (which is nil for CO 2 allowances granted). The Group follows the net liability method and measures the CO 2 rights for emissions exceeding the purchased CO 2 rights and the granted CO 2 allowances in their market price at the balance sheet date. The amounts are included in the Consumption of goods and services.
2.1 9 Operating Segments
The Group is managed as one business unit that provides high-quality air transport within and outside the Greek territory. Operations are monitored and managed by the Board of Directors, which acts as the Chief Operating Decision Maker - CODM.
For more efficient decision-making, CODM is provided with all necessary information (route revenue, available resources, competition analysis), which is evaluated for the entire network, with the goal of maximizing the overall financial results and not to improve the results of a particular route.
Finally, it should be noted that profitability is measured based on the result, profit or loss, from operating activities before income tax, without taking into account the financial results and extraordinary items.
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2.20 Non-current assets held for sale
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.
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3. Notes to the Financial Statements
3.1 Intangible Assets
As at 31.12.2025 intangible assets amounted to € €37.618 and € 53.721for the Company and the Group, respectively. The Group performs its annual impairment test of goodwill (€40 mil) occured since the acquisition of Olympic Air, at the end of every year (December 31st) or earlier, if any impairment indications exist.
As of 31.12.2025, the Group Management performed an impairment test of goodwill and intangible assets with indefinite useful life. In the context of this exercise, the management assessed that these assets do not generate independent cash flows and as such they should be tested for impairment in Group level, which is considered as one cash generating unit (CGU). Key assumptions used for the impairment exercise are analyzed in Note 2.2. There was no need of impairment, since the CGU recoverable amount highly exceeded its current book value at 31.12.2025.
Intangible assets movement is analyzed as follows:

Company |  | Slots | Software | Other | Total
Cost of acquisition |  |  |  |  |
Balance 01.01.2024 |  | 22.030,00 | 33.711,04 | 4.060,82 | 59.801,86
Additions |  | 0 | 4.194,73 | 0 | 4.194,73
Disposals/Write offs |  | 0 | 0 | 0 | 0
Balance 31.12.2024 |  | 22.030,00 | 37.905,77 | 4.060,82 | 63.996,60
Depreciations |  |  |  |  |
Balance 01.01.2024 |  | 0 | 23.342,28 | 3.432,26 | 26.774,54
Depreciations |  | 0 | 3.538,01 | 110,70 | 3.648,72
Disposals/Write offs |  | 0 | 0 | 0 | 0
Balance 31.12.2024 |  | 0 | 26.880,29 | 3.542,96 | 30.423,25
Net Book value at 31.12.2024 |  | 22.030,00 | 11.025,48 | 517,86 | 33.573,34
Cost of acquisition |  |  |  |  |
Balance 01.01.2025 |  | 22.030,00 | 37.905,77 | 4.060,82 | 63.996,60
Additions |  | 0 | 8.485,51 | 0 | 8.485,51
Disposals/Write offs |  | 0 | (6,56) | 0 | (6,56)
Balance 31.12.2025 |  | 22.030,00 | 46.384,73 | 4.060,82 | 72.475,55
Depreciations |  |  |  |  |
Balance 01.01.2025 |  | 0 | 26.880,29 | 3.542,96 | 30.423,25
Depreciations |  | 0 | 4.323,86 | 110,69 | 4.434,56
Disposals/Write offs |  | 0 | 0 | 0 | 0
Balance 31.12.2025 |  | 0 | 31.204,16 | 3.653,66 | 34.857,81
Net Book value at 31.12.2025 |  | 22.030,00 | 15.180,58 | 407,17 | 37.617,74

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Group | Brand name | Slots | Software | Other | Total
Cost of acquisition |  |  |  |  |
Balance 01.01.2024 | 21.750,05 | 22.030,00 | 39.826,32 | 4.060,77 | 87.667,15
Balance 31.12.2024 | 21.750,05 | 22.030,00 | 44.024,02 | 4.060,77 | 91.864,85
Depreciations |  |  |  |  |
Balance 01.01.2024 | 7.198,43 | 0 | 29.277,58 | 3.434,30 | 39.910,31
Depreciations | 412,43 | 0 | 3.586,99 | 110,70 | 4.110,13
Balance 31.12.2024 | 7.610,86 | 0 | 32.864,57 | 3.545,00 | 44.020,44
Net Book value at 31.12.2024 | 14.139,19 | 22.030,00 | 11.159,45 | 515,77 | 47.844,56
Cost of acquisition |  |  |  |  |
Balance 01.01.2025 | 21.750,05 | 22.030,00 | 44.024,02 | 4.060,77 | 91.864,85
Additions | 144,00 | 0 | 10.321,40 | 599,54 | 11.064,94
Disposals/Write offs | 0 | 0 | (6,56) | 0 | (6,56)
Balance 31.12.2025 | 21.894,05 | 22.030,00 | 54.338,86 | 4.660,31 | 102.923,23
Depreciations |  |  |  |  |
Balance 01.01.2025 | 7.610,86 | 0 | 32.864,57 | 3.545,00 | 44.020,44
Depreciations | 412,84 | 0 | 4.558,50 | 210,62 | 5.181,95
Balance 31.12.2025 | 8.023,70 | 0 | 37.423,07 | 3.755,62 | 49.202,39
Net Book value at 31.12.2025 | 13.870,35 | 22.030,00 | 16.915,79 | 904,69 | 53.720,84

3.2 Tangible Assets
The Group Management examined the existence of any impairment indications of tangible assets. No impairment indications that could affect the recoverable amount of assets existed as at 31.12.2025.
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Company | Land and Buildings | Aircraft Owned | Aircraft – Maintenance component | Aircraft equipment | Airports equipment | Other vehicles | Furniture and other equipment | Advances for tangible assets | Total
Cost of acquisition |  |  |  |  |  |  |  |  |
Balance 01.01.2024 | 19.468,25 | 126.572,00 | 67.624,11 | 141.171,82 | 2.211,34 | 1.124,97 | 19.954,08 | 97.131,28 | 475.257,85
Additions | 1.845,57 | 0 | 246,01 | 32.686,14 | 5.600,89 | 0 | 1.127,31 | 102.748,13 | 144.254,04
Disposals/write offs | (8.276,36) | (31.081,48) | (11.552,58) | (81,38) | 0 | (12,80) | (16,00) | (77.133,85) | (128.154,45)
Other adjustments | 0 | 0 | 25,04 | (532,67) | 0 | 0 | 580,84 | 0 | 73,21
Balance 31.12.2024 | 13.037,45 | 95.490,52 | 56.342,58 | 173.243,92 | 7.812,23 | 1.112,16 | 21.646,23 | 122.745,56 | 491.430,65
Depreciations |  |  |  |  |  |  |  |  |
Balance 01.01.2024 | 13.537,67 | 19.354,10 | 16.418,48 | 48.974,00 | 1.874,79 | 924,85 | 15.127,64 | 0 | 116.211,54
Depreciations | 1.810,83 | 7.196,15 | 8.173,05 | 12.350,71 | 400,49 | 38,04 | 1.368,26 | 0 | 31.337,53
Disposals/write offs | (7.714,95) | (1.921,21) | (2.219,00) | (81,38) | 0 | (12,80) | (15,30) | 0 | (11.964,64)
Other adjustments | 0 | 0 | 0 | (219,94) | 0 | (3,94) | 0 | 0 | (223,87)
Balance 31.12.2024 | 7.633,54 | 24.629,04 | 22.372,53 | 61.023,39 | 2.275,28 | 946,16 | 16.480,60 | 0 | 135.360,54
Net book value 31.12.2024 | 5.403,91 | 70.861,48 | 33.970,05 | 112.220,52 | 5.536,95 | 166,00 | 5.165,63 | 122.745,56 | 356.070,11
Cost of acquisition |  |  |  |  |  |  |  |  |
Balance 01.01.2025 | 13.037,45 | 95.490,52 | 56.342,58 | 173.243,92 | 7.812,23 | 1.112,16 | 21.646,23 | 122.745,56 | 491.430,65
Additions | 53,22 | 130.900,88 | 33.480,88 | 7.706,66 | 39,82 | 24,01 | 3.555,99 | 138.106,60 | 313.868,06
Disposals/write offs | 0 | (130.164,30) | (28.333,49) | (1.183,36) | (5.815,93) | (24,01) | (62,61) | (76.408,48) | (241.992,18)
Balance 31.12.2025 | 13.090,67 | 96.227,10 | 61.489,97 | 179.767,21 | 2.036,12 | 1.112,16 | 25.139,61 | 184.443,68 | 563.306,53
Depreciations |  |  |  |  |  |  |  |  |
Balance 01.01.2025 | 7.633,54 | 24.629,04 | 22.372,53 | 61.023,39 | 2.275,28 | 946,16 | 16.480,60 | 0 | 135.360,54
Depreciations | 1.019,41 | 6.914,87 | 8.585,18 | 13.536,38 | 99,51 | 37,66 | 1.578,34 | 0 | 31.771,35
Disposals/write offs | 0 | (560,39) | (498,75) | (156,05) | (543,40) | 0 | (62,01) | 0 | (1.820,59)
Other adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Balance 31.12.2025 | 8.652,95 | 30.983,52 | 30.458,97 | 74.403,72 | 1.831,38 | 983,82 | 17.996,93 | 0 | 165.311,30
Net book value 31.12.2025 | 4.437,71 | 65.243,58 | 31.030,99 | 105.363,49 | 204,74 | 128,34 | 7.142,68 | 184.443,68 | 397.995,22

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Group | Land and Buildings | Aircraft Owned | Aircraft – Maintenance component | Aircraft equipment | Airports equipment | Other vehicles | Furniture and other equipment | Advances for tangible assets | Total
Cost of acquisition |  |  |  |  |  |  |  |  |
Balance 01.01.2024 | 19.468,25 | 154.169,52 | 76.377,76 | 140.255,46 | 2.211,34 | 1.286,81 | 28.744,10 | 108.984,44 | 531.497,68
Additions | 21.851,67 | 70.954,96 | 29.997,36 | 35.245,81 | 5.600,89 | 167,23 | 6.834,83 | 116.159,55 | 286.812,30
Disposals/write offs | (8.276,36) | 0,00 | (0,00) | (81,38) | 0 | (12,80) | (16,00) | (101.926,76) | (110.313,30)
Foreign currency translation reserve | 0 | 7.751,04 | 0 | 0 | 0 | 0 | (0,00) | 0 | 7.751,03
Other adjustments | 0 | 0 | 25,04 | (532,67) | 0 | 0 | 580,84 | 0 | 73,21
Balance 31.12.2024 | 33.043,56 | 232.875,51 | 106.400,16 | 174.887,23 | 7.812,23 | 1.441,24 | 36.143,77 | 123.217,22 | 715.820,92
Depreciations |  |  |  |  |  |  |  |  |
Balance 01.01.2024 | 13.537,67 | 31.678,94 | 20.389,74 | 48.246,55 | 1.874,79 | 1.085,72 | 20.926,13 | 0 | 137.739,54
Depreciations | 2.373,59 | 10.771,87 | 12.121,26 | 12.310,03 | 400,49 | 54,15 | 2.047,28 | 0 | 40.078,68
Disposals/write offs | (7.714,95) | (1.921,21) | (2.218,71) | (81,38) | 0 | (12,80) | (15,30) | 0 | (11.964,35)
Other adjustments | 0 | 0 | 0 | (219,94) | 0 | (3,94) | 0 | 0 | (223,87)
Balance 31.12.2024 | 8.196,30 | 40.529,60 | 30.292,29 | 60.255,26 | 2.275,28 | 1.123,14 | 22.958,11 | 0 | 165.629,99
Net book value 31.12.2024 | 24.847,25 | 192.345,91 | 76.107,87 | 114.631,96 | 5.536,95 | 318,10 | 13.185,66 | 123.217,22 | 550.190,93
Cost of acquisition |  |  |  |  |  |  |  |  |
Balance 01.01.2025 | 33.043,56 | 232.875,51 | 106.400,16 | 174.887,23 | 7.812,23 | 1.441,24 | 36.143,77 | 123.217,22 | 715.820,92
Additions | 3.897,41 | 181.293,00 | 60.479,34 | 18.065,98 | 39,82 | 136,04 | 4.328,54 | 159.041,37 | 427.281,51
Disposals/write offs | 0 | (136.663,97) | (28.333,49) | (1.183,36) | (5.815,93) | (132,16) | (4.141,81) | (98.735,29) | (275.006,01)
Foreign currency translation reserve | 0 | (8.934,24) | 0 | 0 | 0 | 0 | 0 | 0 | (8.934,24)
Transfers | 0 | (18.710,40) | 18.710,40 | 0 | 0 | 0 | 0 | 0 | 0
Balance 31.12.2025 | 36.940,97 | 249.859,91 | 157.256,40 | 191.769,84 | 2.036,12 | 1.445,12 | 36.330,50 | 183.523,30 | 859.162,18
Depreciations |  |  |  |  |  |  |  |  |
Balance 01.01.2025 | 8.196,30 | 40.529,60 | 30.292,29 | 60.255,26 | 2.275,28 | 1.123,14 | 22.958,11 | 0 | 165.629,99
Depreciations | 2.152,70 | 13.476,37 | 20.947,92 | 15.916,65 | 99,51 | 58,19 | 1.652,11 | 0 | 54.303,45
Disposals/write offs | 0 | (560,39) | (498,75) | (156,05) | (543,40) | 0 | (1.097,77) | 0 | (2.856,35)
Other adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0

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Balance 31.12.2025 | 10.349,00 | 53.445,58 | 50.741,46 | 76.015,87 | 1.831,38 | 1.181,34 | 23.512,45 | 0 | 217.077,09
Net book value 31.12.2025 | 26.591,97 | 196.414,33 | 106.514,94 | 115.753,97 | 204,74 | 263,79 | 12.818,05 | 183.523,30 | 642.085,09

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In 2024, the Group entered for the first time into an operating lease agreement with a purchase option (call option) for aircraft financing under particularly attractive terms (JOLCO). Specifically, the subsidiary company Aegean Cyprus entered into an operating lease for two A320neo aircraft and one A321neo aircraft with a purchase option, while simultaneously subleasing them to the parent company (Note 3.3). Two of the three aircraft are part of the agreement with Airbus, while the third was a Company-owned aircraft that was sold in September 2024. This sale is reflected in the Company’s sales under the categories Aircraft Owned and Aircraft –Maintenance Component. Following these sale and leaseback transactions, the Group recognized three owned aircraft, along with the corresponding maintenance component, as well as the related loan financings (Note 3.17).
In April 2025, the Group entered into another JOLCO agreement for one A320 neo aircraft. This aircraft had been owned by the Company since March of the same fiscal year and was therefore sold, a transaction reflected in the Company’s sales under the categories “Owned Aircraft” and “Aircraft – Maintenance Component.”
Following this sale and leaseback transaction, the Group recognized one additional owned aircraft in 2025, along with the corresponding maintenance component, as well as the related loan financing (Note 3.17).
In October 2025, the Group proceeded with the purchase of an ATR72 aircraft, which is owned by Olympic Air.
In December 2025, the Group entered into another sale and leaseback, without purchase option, agreement for one A321 neo aircraft. This aircraft had been owned by the Company since October of the same fiscal year and was therefore sold, a transaction reflected in the Company’s sales under the categories “Owned Aircraft” and “Aircraft – Maintenance Component.”
Additions to the category “Advances and Orders for Property, Plant and Equipment” of the Company and the Group mainly concern advance payments for the purchase of aircraft, while most of the decreases in this category reflect the transfer of advances to the account “Aircraft Advances with Future Leases,” which were subsequently collected in full.
Within 2025, an amount of €6.8 million was reclassified from the category 'Furniture and other equipment' of the subsidiary Olympic Air to the category Machinery and aircraft equipment' for more accurate presentation purposes..
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3.3 Right of use assets/ Lease liabilities
At 31.12.2025 the Group fleet consisted of 91 aircraft.
The table below presents the Group fleet at 31.12.2025.

FLEET 31.12.2025
Manufacturer/ Model |  |  |  |
| Aegean | Olympic Air | Aegean Cyprus | Total
Airbus A320ceo | 28 | - | - | 28
Airbus A320neo | 21 | - | - | 21
Airbus A321ceo | 4 | - | - | 4
Airbus A321neo | 17 | - | - | 17
De Havilland Dash 8-100 | - | 2 | - | 2
ATR 72-600 | - | 13 | - | 13
ATR 42-600 | - | 3 | - | 3
Learjet 60 |  |  | 1 | 1
Gulfstream G550 |  |  | 1 | 1
Gulfstream G650 |  |  | 1 | 1
Total | 70 | 18 | 3 | 91

Group fleet at 31.12.2024 was as follows:

FLEET 31.12.2024
Manufacturer/ Model |  |  |
| Aegean | Olympic Air | Aegean Cyprus | Third party Company | Total
Airbus A320ceo | 28 | - | - | 1 | 29
Airbus A320neo | 19 | - | - | - | 19
Airbus A321ceo | 4 | - | - | - | 4
Airbus A321neo | 14 | - | - | - | 14
De Havilland Dash 8-100 | - | 2 | - | - | 2
ATR 72-600 | - | 12 | - | - | 12
ATR 42-600 | - | 3 | - | - | 3
Learjet 60 | - | - | 1 | - | 1
Gulfstream G550 | - | - | 1 | - | 1
Gulfstream G650 | - | - | 1 | - | 1
Total | 65 | 17 | 3 | 1 | 86

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The right of use assets, as well as the respective lease liabilities for the Company and the Group at 31.12.2025 were:

Company | Right of use assets |
| Aircraft | Aircraft Engines | Buildings | Vehicles | Total Assets | Lease liabilities
Opening balance 1.1.2025 | 1.012.832,73 | 11.558,84 | 32.237,23 | 1.497,85 | 1.058.126,65 | 1.140.073,71
Additions | 170.308,68 | 2.407,92 | 1.020,77 | 2.628,50 | 176.365,88 | 176.365,23
Modifications | 9.564,63 | 5.925,35 | 3.096,86 | 5,73 | 18.592,58 | 18.593,22
Disposals | (591,07) | (413,24) | (157,20) | (204,72) | (1.366,23) | (1.366,23)
Depreciation | (140.114,90) | (6.886,03) | (5.065,43) | (798,85) | (152.865,19) | 0
Interest expense |  |  |  |  |  | 69.048,54
Payments |  |  |  |  |  | (195.388,27)
(Gain)/Loss |  |  |  |  |  | 2.268,62
FX Valuation |  |  |  |  |  | (116.502,48)
Ending balance 31.12.2025 | 1.052.000,09 | 12.592,85 | 31.132,23 | 3.128,51 | 1.098.853,68 | 1.093.092,35

Group | Right of use assets |
| Aircraft | Aircraft Engines | Buildings | Vehicles | Total Assets | Lease liabilities
Opening balance 1.1.2025 | 932.753,09 | 11.558,84 | 50.387,07 | 1.562,19 | 996.261,19 | 1.047.636,95
Additions | 125.873,69 | 2.407,92 | 2.599,17 | 3.512,98 | 134.393,76 | 134.488,80
Modifications | 15.778,65 | 5.925,35 | 3.110,45 | 6,09 | 24.820,53 | 24.821,18
Disposals | (591,07) | (413,24) | (157,20) | (215,12) | (1.376,63) | (1.376,63)
Depreciation | (135.326,27) | (6.886,03) | (4.248,46) | (962,19) | (147.422,95) | 0
Interest expense |  |  |  |  |  | 65.786,08
Payments |  |  |  |  |  | (184.992,22)
(Gain)/Loss |  |  |  |  |  | 2.268,19
FX Valuation |  |  |  |  |  | (117.524,03)
Ending balance 31.12.2025 | 938.488,09 | 12.592,85 | 51.691,02 | 3.903,95 | 1.006.675,91 | 971.108,32

Company | Right of use assets |
| Aircraft | Aircraft Engines | Buildings | Vehicles | Total Assets | Lease liabilities
Opening balance 1.1.2024 | 839.142,57 | 7.423,88 | 35.955,69 | 1.630,40 | 884.037,64 | 872.832,06
Additions | 225.497,86 | 2.764,17 | 3.186,55 | 516,24 | 231.964,82 | 231.945,77
Modifications | 69.111,26 | 6.726,95 | 60,64 | 25,34 | 75.924,18 | 75.924,18
Disposals | (335,91) | 0 | (1.614,22) | (31,95) | (1.982,08) | (1.963,02)
Depreciation | (120.583,06) | (5.356,16) | (5.351,43) | (642,19) | (131.932,82) | 0
Interest expense |  |  |  |  |  | 66.479,10
Payments |  |  |  |  |  | (175.005,16)
(Gain)/Loss |  |  |  |  |  | 11.166,03
FX Valuation |  |  |  |  |  | 58.694,76
Ending balance 31.12.2024 | 1.012.832,73 | 11.558,84 | 32.237,23 | 1.497,85 | 1.058.126,65 | 1.140.073,71

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Group | Right of use assets |
| Aircraft | Aircraft Engines | Buildings | Vehicles | Total Assets | Lease liabilities
Opening balance 1.1.2024 | 855.068,93 | 7.423,88 | 51.693,50 | 1.643,68 | 915.830,00 | 901.199,94
Additions | 132.784,41 | 2.764,17 | 3.110,19 | 584,72 | 139.243,50 | 139.224,44
Modifications | 70.614,18 | 6.726,95 | 60,64 | 25,34 | 77.427,10 | 77.427,10
Disposals | (213,57) | 0 | (190,27) | (31,95) | (435,78) | (594,36)
Depreciation | (125.500,86) | (5.356,16) | (4.287,00) | (659,61) | (135.803,61) | 0
Interest expense |  |  |  |  |  | 67.070,41
Payments |  |  |  |  |  | (196.417,05)
(Gain)/Loss |  |  |  |  |  | (22,31)
FX Valuation |  |  |  |  |  | 59.748,77
Ending balance 31.12.2024 | 932.753,09 | 11.558,84 | 50.387,07 | 1.562,19 | 996.261,19 | 1.047.636,95

Additions in 2025 in Company figures mainly concern six new aircraft lease agreements, two of which are subleased from the Group subsidiary Aegean Cyprus. Additions in buildings for the Company and the Group, concern the lease of new airport spaces.
Modifications in Company and Group figures, concern the extension of two and two respectively aircraft lease agreements.
Additions and disposals in leased vehicles in 2025 for the Company and the Group mainly relate to the leasing of new cars due to fleet replacement and the early termination of existing contracts.
Additions in engines in 2025 for the Company and the Group mainly relate to the lease of a new engine. Regarding buildings, the 2025 additions for the Group mainly concern lease agreements of ATCOM premises, while for the Company concern the lease extension of Fraport airport spaces.
Additions in 2024 in Company figures mainly concern six new aircraft lease contracts, three of which are subleased from the Group subsidiary Aegean Cyprus (Note 3.2). Additions in buildings for the Company and the Group, concern the lease of new airport spaces. Modifications in Company and Group figures, concern the extension of seven and nine respectively aircraft lease agreements.
All amounts recognized in the income statements are summarized below:

| Company |  | Group |
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Depreciation expense of right of use assets | 152.865,19 | 131.932,82 | 147.422,95 | 135.803,61
Interest expense on lease liabilities | 69.048,54 | 66.479,10 | 65.786,08 | 67.070,41
Short-term lease expenses | 160,21 | 963,44 | 160,21 | 1.004,99
Total | 222.073,95 | 199.375,36 | 213.369,23 | 203.879,01

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The lease payments are analyzed as follows:

| Company |  | Group |
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Payments relating to lease liabilities | 195.388,27 | 175.005,16 | 184.992,22 | 196.417,05
Payments relating to short-term leases | 160,21 | 963,44 | 160,21 | 1.004,99
Total | 195.548,48 | 175.968,60 | 185.152,43 | 197.422,04

The Group Management examined the existence of any impairment indications of right of use assets. No impairment indications that could affect the recoverable amount of assets existed as at 31.12.2025.
3.4 Investment in subsidiaries
Investement in subsidiaries
Investments in subsidiaries are analyzed as follows:

Company | Country | Participation | 31.12.2025 | 31.12.2024
Olympic Air S.A. | Greece | 100% | 132.416,56 | 87.416,56
Aegean Cyprus LTD | Cyprus | 100% | 33.809,43 | 33.809,43
Aegean Executive S.A. | Greece | 100% | 500,00 | 500,00
ICT Investments Single member P.C. | Greece | 100% | 2.300,00 | 1.500,00
Aegean Services Single member S.A. | Greece | 100% | 1.000,00 | 1.000,00
Investment in subsidiaries |  |  | 170.025,99 | 124.225,99

The subsidiary company, Olympic Air, following a decision of the General Assembly on 22.07.2025, proceeded with a Share Capital increase of €30.000, for which the amount was deposited in August 2025. Furthermore, following a desicion of the Boards of Directors in 11.12.2025, Olympic Air proceeded with a Share Capital increase of €15.000, deposited during December 2025.

Company | Country | Participation | 31.12.2025 | Participation | 0
Hellenic Aviation Maintenance Center S.A. | Greece | 100% | 500,00 | 0% | 500,00
Investment in subsidiaries |  |  | 500,00 |  | 500,00

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ICT Investments Single member P.C. | Country | Participation | 31.12.2025 | Participation | 0
ATCOM Single member S.A. | Ελλάδα | 100% | 1.275,00 | - | -
Investment in subsidiaries |  |  | 1.275,00 |  | -

In May 2024, the Company established the private company under the name “ICT Investments Single Member P.C.” (ICT), which constitutes a 100% subsidiary of the Group, within the framework of a relevant shareholders’ agreement between Aegean Group and ATCOM S.A. Internet and Multimedia Services (ATCOM S.A.), as well as the subsequently concluded rehabilitation (validated by the Multi-Member Court of First Instance of Athens on 29 January 2025) and business transfer agreement in October 2024. On 31.07.2024, ICT acquired ATCOM’s loans for a consideration of €1.25 million, thereby becoming a creditor of the company. On 10.03.2025, ICT acquired 100% of the share capital of ATCOM Single Member S.A., a newly established entity which continued the activities of ATCOM S.A. within the framework of the rehabilitation and debt restructuring process. According to the transfer protocol, ICT, as creditor, proceeded with the write-off of its receivables, acquiring 100% of the new company on the transaction date, which has since been fully consolidated in the Group.
The agreement secures the smooth continuation of the long-standing and successful cooperation between the two companies regarding the design, development, and support of the Group’s digital services. From the purchase price allocation of the Company ATCOM Single Member S.A, a bargain gain amount of € 3.004,99 arose, which is recognised in Other income, reduced by the amount recognized as a future liability in connection with the relevant shareholders’ agreement, amounting to €1,210.20. Acquisition-related costs are considered insignificant and therefore are not further analyzed.
As of the acquisition date, the fair values of the identifiable assets and liabilities of ATCOM Single Member S.A. were as follows:

Assets | Fair values | Carrying value
Intangible assets | 949,00 | 949,00
Customer Relations | 599,54 | 0
Brand Name | 144,00 | 0
Tangible assets | 2.654,44 | 2.654,44
Right of use assets | 1.942,76 | 1.942,76
Other long-term assets | 259,16 | 259,16
Inventory | 12,16 | 12,16
Trade and other receivable | 4.084,70 | 4.084,70
Cash and cash equivalent | 1.016,20 | 1.016,20
| 11.661,95 | 10.918,41
Liabilities | Fair values | Carrying value
Lease liabilities | 2.283,48 | 2.283,48
Trade and other payable | 4.881,07 | 4.881,07
Deferred tax liability | 163,58 | 0
Provisions | 53,83 | 53,83
| 7.381,96 | 7.218,38

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Total identifiable net assets | 4.279,99 |
Purchase consideration | 1.275,00 |
Bargain Purchase gain | (3.004,99) |

For the valuation of the Company’s Brand Name, the Relief from Royalty method was used, based on the Expected Revenues/ Profits valuation approach.
Customer Relationships were valued using the Income Approach, specifically applying the Multi-period Excess Earnings Method (MEEM).
In addition, the valuation of other shareholders‘ agreements resulted in the recognition of an expense of €1.210 in the Group’s results.
As control of the subsidiary was obtained on 13.3.2025, for the period it was consolidated, the subsidiary contributed revenue of €10.463,72 and earnings before tax €628,97.
Investment in a joint venture
Aegean CAE Flight Training S.A. (“ACFT”) is a joint venture between Olympic Air and CAE Aviation Training B.V. for the joint implementation of the investment plan of the Flight Crew Training Center with flight simulators at Athens International Airport.
On 31.12.2025, the Group included its share in the joint venture results (loss) amounted to €343,28 (Note 3.28).
3.5 Advances for future aircraft leases
Aircraft pre-delivery payments refer to sale and leaseback agreements with lessors who will finance these aircrafts acquisition in full. According to these agreements’ clauses, the right and the commitment to purchase the aircraft is assigned to the lessor on the date of its delivery. At the delivery date, the lessor pays the full purchase price and the Company collects the full amount already paid in advance to the aircraft manufacturer.
Advances paid for future aircraft sale and leaseback agreements are calculated based on discounted cash flows and translated using the prevailing exchange rate at each reporting date.
As at 31.12.2025 and 31.12.2024 the Company and the Group had no aircraft pre-delivery payments.
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3.6 Deferred tax assets/ liabilities
The deferred tax assets/liabilities arising from the corresponding temporary tax differences for the Company and the Group are the following:

Company | 31.12.2025 | 31.12.2024
| Asset | Liability | Asset | Liability
Assets and depreciation/amortization | 0 | (8.678,44) | 0 | (10.455,79)
Right of use depreciation | 0 | (234.172,06) | 0 | (232.787,86)
Lease Liabilities | 206.833,75 | 0 | 245.152,14 | 0
Receivables | 41.665,62 | 0 | 0 | (8.240,44)
Provisions for employee retirement benefits | 575,36 | 0 | 291,02 | 0
Derivatives | 0 | (1.486,74) | 0 | (8.456,56)
Other financial instruments valuation | 0 | (4.998,59) | 0 | (2.849,43)
Other short-term liabilities | 30.527,46 | 0 | 42.585,59 | 0
Deferred tax asset | 0 | 0 | 0 | 0
Total amount to be offset/recovered | 279.602,19 | (249.335,83) | 288.028,74 | (262.790,07)
Balance | 30.266,36 | 25.238,66

Group | 31.12.2025 | 31.12.2024
| Asset | Liability | Asset | Liability
Assets and depreciation/amortization | 0 | (21,05) | 0 | (1.323,30)
Right of use depreciation | 0 | (250.389,19) | 0 | (250.732,79)
Lease Liabilities | 219.635,79 | 0 | 259.488,69 | 0
Receivables | 43.407,08 | 0 | 0 | (6.621,65)
Provisions for employee retirement benefits | 1.122,37 | 0 | 831,10 | 0
Derivatives | 0 | (1.486,74) | 0 | (8.456,56)
Other financial instruments valuation | 0 | (4.977,25) | 0 | (2.823,78)
Other short-term liabilities | 25.757,31 | 0 | 38.783,34 | 0
Deferred tax asset | 8.252,57 | 0 | 8.448,06 | 0
Total amount to be offset/recovered | 298.175,12 | (256.874,23) | 307.551,19 | (269.958,08)
Balance | 41.300,89 | 37.593,11

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In order to recognize deferred tax asset, the management used the Group 5-year business plan results, adjusted to the tax-based figures, taking also into consideration the revenue and expense value and timing of recognition, according to the provision of L. 4172/2013, as being in force at 31.12.2025.
3.7 Other long-term assets
Other long-term assets are analyzed as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Security deposits relating to lease agreements | 29.183,45 | 29.040,97 | 31.683,88 | 31.743,27
Other assets | 32.804,54 | 26.578,70 | 36.282,54 | 30.556,70
Pledged Cash | 0 | 496,03 | 0 | 496,03
Pledged Bonds | 0 | 27.745,13 | 0 | 27.745,13
Total | 61.987,99 | 83.860,84 | 67.966,42 | 90.541,13

The pledged bonds amounting to €47.073,36 (31.12.2024 €27.745), over which the Company had granted a security interest in favor of the Bondholders (Note 3.17), were reclassified as of 31.12.2025 to current financial assets, as the related bond loan is expected to be settled within the first quarter of 2026. Similarly, the amount of €496,03m deposited by the Company in the DSRA Bond Loan Security Account was reclassified to restricted cash (Note 3.12).
In addition, the account contains security deposits given by the Company and the Group for aircraft and building lease contracts.
In August 2024, the Company proceeded with an investment of €25 million in Volotea S.L., through participation in a profit-sharing convertible loan. Existing shareholders of Volotea also participated in the issuance through corresponding contributions. In October 2024, the Company proceeded with an additional participation of €1,2 million in Volotea’s convertible loan, while in September 2025 participated with an additional amount of €6.Thus, the total investment amounted to €32,2. This amount is included under Other assets, taking into account the fair value of the embedded conversion right, as determined by an independent valuer.
On 31.12.2025, an impairment reversal provision for expected credit losses amounting to €19,6 (31.12.2024: €116,66 thousand) was recognized for Olympic Air, which is included in the Group's financial expenses (Note 3.28).
3.8 Financial assets
The account includes investments in debt and equity instruments, amounting €371.267,75 and €373.444,47 in Company and Group accounts, which are traded in primary and secondary markets and they are measured at fair
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value through other comprehensive income (Fair value hierarchy Level 1 and 3). Bonds and shares purchases and sales took place during the reporting period are analyzed in the table below”

| Company | Group
| 1st Half 2025 | 1st Half 2024 | 1st Half 2025 | 1st Half 2024
Purchased bonds | 320.507,55 | 308.015,68 | 320.826,70 | 308.015,68
Bond repayments and sales | (195.017,19) | (252.066,95) | (195.017,19) | (252.066,95)
Shares acquisition | 1.010,16 | 34.319,10 | 2.815,84 | 34.415,38
Disposal of shares | (3.783,21) | 0 | (3.783,21) | 0
Total | 122.717,32 | 90.267,82 | 124.842,15 | 90.364,10

The pledged bonds amounting to €47.073,36 (31.12.2024 €27.745), over which the Company had granted a security interest in favor of the Bondholders (Note 3.17), were reclassified as of 31.12.2025 to current financial assets, as the related bond loan is expected to be settled within the first quarter of 2026.
At 31.12.2025, an amount of impairment for expected credit losses of €123,07 (31.12.2024 €181,07) was recognized, which is included in the financial expense. (Note 3.28)
A reclassification amounted €401.643 was performed between Purchases and Settlement of financial assets in prior year Cash Flow statement of the Company and the Group for presentation purposes.
At 31.12.2025, an amount of interest income €6.074,52 from financial assets (31.12.2024 €5.641,81) was included in «Other interest income» (Note 3.28).
Change in fair value in other comprehensive income, not reclassified to profit or loss in subsequent periods, refers to valuation loss of equity instruments amounted to € 9.488,43.
No transfers of financial assets between hierarchies’ levels were made.
3.9 Inventories
The inventories refer to goods sold on board during international flights and to aircraft spare parts.
Regarding the aircraft spare parts, the Company and the Group maintain specific volume of spare parts to respond in any possible maintenance and repair needs. Spare parts increase is due to the creation of sufficient spare part inventory for the new Neo fleet as well as the gradual increase of in-house maintenance.

| Company | Group
Closing balance inventories | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Travel value | 325,59 | 324,08 | 337,75 | 324,08
Aircraft spare parts | 40.442,54 | 38.731,17 | 52.261,05 | 47.454,29
Assets held for sale | 0 | 0 | 0 | 0
Total | 40.768,12 | 39.055,25 | 52.598,79 | 47.778,37

Inventories movement is analyzed below:
260

Movement | Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Travel value |  |  |  |
Opening balance | 324,08 | 222,21 | 324,06 | 222,19
Purchases | 3,18 | 330,58 | 15,34 | 330,58
Consumption | (1,68) | (228,71) | (1,68) | (228,71)
Assets held for sale | 0 | 0 | 0 | 0
Closing balance | 325,59 | 324,08 | 337,73 | 324,06
Aircraft spare parts |  |  |  |
Opening balance | 38.731,18 | 31.467,90 | 47.454,30 | 40.054,55
Purchases | 28.426,51 | 22.652,10 | 37.542,45 | 29.055,83
Consumption | (26.715,15) | (15.388,83) | (32.735,68) | (21.656,07)
Assets held for sale | 0 | 0 | 0 | 0
Closing balance | 40.442,54 | 38.731,18 | 52.261,07 | 47.454,30
Total inventories | 40.768,13 | 39.055,26 | 52.598,79 | 47.778,37

3.10 Customers and other trade receivables
Customers and other trade receivables refer to the following balances:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Trade receivables |  |  |  |
Domestic customers | 31.740,75 | 29.550,04 | 33.752,91 | 31.676,13
International customers | 4.828,67 | 4.752,96 | 7.377,19 | 7.014,13
Greek State | 281,02 | 240,67 | 281,02 | 1.929,77
Other debtors | 37.648,47 | 34.108,29 | 40.579,91 | 37.098,68
Subtotal | 74.498,91 | 68.651,96 | 81.991,02 | 77.718,72
Allowance for expected credit loss (ECL) | (157,82) | (154,12) | (2.614,16) | (2.497,42)
Trade receivables total | 74.341,09 | 68.497,85 | 79.376,86 | 75.221,30
Other receivable subject to allowance for ECL |  |  |  |
Accrued income | 35.700,21 | 37.550,18 | 27.752,70 | 16.849,25
Contract Assets | 8.770,34 | 10.012,70 | 15.936,71 | 21.134,22
Suppliers advances | 10.629,66 | 11.715,73 | 11.686,79 | 13.705,18
Total | 55.100,22 | 59.278,61 | 55.376,20 | 51.688,65
Allowance for expected credit loss (ECL) | (16,99) | (14,64) | (16,99) | (17,21)
Other receivable subject to allowance for ECL total | 55.083,22 | 59.263,97 | 55.359,21 | 51.671,44
Other receivable not subject to allowance for ECL | 56.179,60 | 41.752,92 | 64.458,60 | 44.394,16
Total Trade and Other Receivables | 185.603,91 | 169.514,74 | 199.194,66 | 171.286,90

261
Trade and other receivable account increased compared to 31.12.2025, due to the increased demand and the corresponding increased flight activity of the Company and the Group within 2026.
Other debtors balance refers to receivables from ticket sales through IATA travel agents in Greece or abroad and tickets sold to other airline companies.
Contract assets outstanding balance refers to 2025 revenue invoiced within 2026 and mainly include interline revenue, as well as revenue from redemption/conversion of award points in loyalty programs that Company participates.
Accrued income includes mainly Group reimbursement claims to lessors from maintenance reserves, relating to maintenance events that have been carried out within 2025, but the invoice is issued within 2026.
Other receivable balance not subject to allowance for ECL includes amounts paid to lessors for future aircraft maintenance events.
Advances paid to aircraft manufacturers for equipment purchased directly by the airline and installed on the aircraft by the manufacturer (BFEs) were reclassified to «Prepaid Expenses», specifically under other advances, amounting to €4,929.47 in 2025 and €1,736.23 in 2024.
Trade and other receivable amounts are short-term and therefore the fair value is not considered to be materially different from book value.
2025 allowance for expected credit losses, is included in the Consumption of materials and Services balance.

Ageing Analysis of customers/debtors (Company) |  |  |  |  |  |
31.12.2025 | Not past due | less than 30 days | 30-60 days | 61-90 days | more than 90 days | Total
Expected Credit Loss Rate | 0,06% | 0,40% | 0,65% | 1,03% | 2,94% | 0,13%
Trade and other receivable | 122.094,06 | 4.226,71 | 476,68 | 263,36 | 2.538,32 | 129.599,13
Expected Credit Loss | 77,30 | 17,01 | 3,11 | 2,73 | 74,65 | 174,81

Ageing Analysis of customers/debtors (Group) |  |  |  |  |  |
31.12.2025 | Not past due | less than 30 days | 30-60 days | 61-90 days | more than 90 days | Total
Expected Credit Loss Rate | 0,00 | 0,00 | 0,01 | 0,01 | 0,48 | 1,92%
Trade and other receivable | 127.483,31 | 4.273,87 | 485,18 | 263,36 | 4.861,50 | 137.367,22
Expected Credit Loss | 254,35 | 17,06 | 3,13 | 2,74 | 2.353,87 | 2.631,16

262

Ageing Analysis of customers/debtors (Company) |  |  |  |  |  |
31.12.2024 | Not past due | less than 30 days | 30-60 days | 61-90 days | more than 90 days | Total
Expected Credit Loss Rate | 0,06% | 0,50% | 0,03% | 0,03% | 3,17% | 0,13%
Trade and other receivable | 120.263,49 | 4.082,32 | 585,12 | 439,81 | 2.559,85 | 127.930,58
Expected Credit Loss | 67,02 | 20,42 | 0,15 | 0,12 | 81,05 | 168,76
Ageing Analysis of customers/debtors (Group) |  |  |  |  |  |
31.12.2024 | Not past due | less than 30 days | 30-60 days | 61-90 days | more than 90 days | Total
Expected Credit Loss Rate | 0,10% | 0,51% | 0,27% | 0,19% | 44,06% | 1,94%
Trade and other receivable | 117.679,85 | 4.977,66 | 844,68 | 531,63 | 5.373,57 | 129.407,38
Expected Credit Loss | 118,42 | 25,17 | 2,26 | 0,99 | 2.367,79 | 2.514,63

The movement of provision is analyzed below:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Balance at the beginning of the year | 168,75 | 263,06 | 2.514,63 | 2.717,55
Provision utilized | 0 | 0 | 0 | 0
ECL allowance (Note. 3.26) | 6,07 | (94,31) | 116,52 | (202,91)
Balance at year end | 174,82 | 168,75 | 2.631,15 | 2.514,63

During the current year, certain amounts relating to trade receivables were reclassified in the comparative period from more than 90 days receivables to not past due in order to improve the presentation of the relevant line items in the financial statements and enhance comparability of the information presented. This reclassification relates solely to presentation and had no impact on the total balance of trade receivables or on the results for the period.
The Company and the Group made no write-offs for uncollected receivable at 31.12.2025 and 31.12.2024.
3.11 Prepayments
Prepayments relate to amounts paid in advance to third parties or to the Company and Group employees.
Prepayments balance is analyzed below:
263

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Other advances | 6.543,10 | 1.826,72 | 6.602,30 | 2.254,67
Prepaid expenses | 63.224,12 | 47.439,76 | 68.872,66 | 53.592,38
Total | 69.767,22 | 49.266,49 | 75.474,96 | 55.847,06

Prepaid expenses mainly relate to aircraft maintenance cost, aircraft insurance cost and other operating expesnes. The increase in prepaid expenses in Company and Group figures relates to increase of aircraft and engines maintenance cost.
Advances granted to aircraft manufacturers relating to equipment procured directly by the airline and installed on the aircraft by the manufacturer (BFEs - Buyer-Furnished Equipment) were reclassified to Other advances paid from “ Other receivable not subject to allowance for ECL,” amounting to €4,929.47 in 2025 and €1,736.23 in 2024 (Note 3.10).
Prepaid expenses account also includes the asset recognized by the incremental costs of obtaining contract with customers (travel agents commissions, CRS and GDS costs etc).
3.12 Cash and cash equivalents- Restricted Cash
Cash and cash equivalents of the Company and the group are analyzed as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Cash | 203,32 | 205,50 | 242,49 | 245,14
Current accounts | 182.670,78 | 133.924,62 | 199.081,46 | 144.868,72
Short-term time deposits | 259.443,21 | 250.375,49 | 306.188,53 | 274.559,31
Cash equivalents | 145.982,30 | 155.943,58 | 145.982,30 | 155.943,58
Total | 588.299,61 | 540.449,19 | 651.494,79 | 575.616,75

Cash equivalents refer to low risk investments which can be immediately liquidated (less than 3 months). (Treasury bills, money market funds).
At 31.12.2025 the Company and the Group had restricted cash of €3.457,73 (31.12.2024: €2.021), concerning cash collateral provided to third parties, in the context of contracts for derivative financial instruments.
The amount of €496,03m deposited by the Company in the DSRA Bond Loan Security Account was reclassified from Other long term assets (Note 3.6) to Restricted cash, as the related bond loan is expected to be settled within the first quarter of 2026.
264
Part of Company and Group cash accounts, amounting to €139,76m (31.12.2024: €170,83) and €154,86m (31.12.2024: €187,46), respectively, include cash denominated in foreign currency (mainly USD).
3.13 Share Capital
The Company share capital at 31.12.2025 and 31.12.2024 is €45.083,54 divided into 90.167.100 common, registered voting shares, with a nominal value of € 0,50 each. All shares have been fully paid and participate in the profits.
The Company, in accordance with article 49 of Law 4548/2018, following the decision of the Ordinary General Meeting of shareholders of 26.07.2023, purchased up to 31.12.2025 430,73 thousand own shares, total worth €4.584,58 and average purchase price €10,64.
According to this decision, the maximum number of Company shares to be repurchased will not exceed the 10% of the share capital of the Company, within a period of 24 months from the date of the relevant decision of the General Shareholders Meeting, with the price range to be set from €1 (minimum price) to €20 (maximum price) per share. The own shares that the Company holds at any given time are intended for any purpose and use permitted by and in compliance with the law (including, indicatively but without limitation, reduction of share capital and cancellation, or/and distrib ution to personnel or/and members of the management of the Company or/and of any affiliated company).
3.14 Share Premium
Τ he share premium at 31.12.2025 and 31.12.2024 amounts to € 78.444,83.
3.15 Other reserves
Other reserves comprise of statutory reserves, special reserves, cash flow hedge reserve, reserves arising from financial assets measured at fair value through OCI as well as warrants reserve and share-based payment reserve.
The movement in the warrants reserve in 2023 resulted from the Company’s exercise of its option to acquire Share Acquisition Warrants that had been granted to the Hellenic Republic in 2021.
An amount of €24,187,500, related to the distribution of dividends from the 2019 profits, was reclassified from Retained Earnings to Other Reserves, as tax-exempt in accordance with the provisions of Article 48 of Law 4172/2013 and the guidelines issued by Article.1039/2015 and Article.1007/2014.
Company’s other reserves are analyzed as follows:

Reserves | Statutory reserve | Other Reserves | Fair value reserve (cash flow hedge) | Warrants reserve | Financial Assets reserve | Total

265

Balance at 31.12.2023 | 15.499,98 | 996,57 | 17.993,62 | (57.916,63) | 5.348,58 | (18.077,88)
Change for the period | 0 | 7.670,33 | 11.644,52 | 57.916,63 | 249,83 | 77.481,31
Balance at 31.12.2024 | 15.499,98 | 8.666,90 | 29.638,14 | 0,00 | 5.598,41 | 59.403,43
Change for the period | 0 | 31.341,08 | (24.807,16) | 0 | (164,27) | 6.369,65
Balance at 31.12.2025 | 15.499,98 | 40.007,98 | 4.830,97 | 0,00 | 5.434,14 | 65.773,08

Group other reserves are analyzed as follows:

Reserves | Statutory reserve | Other Reserves | Fair value reserve (cash flow hedge) | Warrants reserve | Financial Assets reserve | Total
Balance at 31.12.2023 | 16.973,93 | (115,11) | 17.993,61 | (57.916,63) | 5.392,23 | (17.671,96)
Change for the period | 0 | 11.182,55 | 11.644,52 | 57.916,63 | 296,25 | 81.039,95
Balance at 31.12.2024 | 16.973,93 | 11.067,44 | 29.638,13 | 0,00 | 5.688,49 | 63.367,99
Change for the period | 0 | 16.410,35 | (24.807,16) | 0 | (155,47) | (8.552,28)
Balance at 31.12.2025 | 16.973,93 | 27.477,80 | 4.830,96 | 0,00 | 5.533,02 | 54.815,71

The fair value reserves are presented net of deferred taxes.
3.16 Provision for employee retirement benefits
The amounts analyzed below are recognized as defined benefit plan for the Company and they are based on independent actuarial calculations:

| Company
| 31.12.2025 | 31.12.2024
Amounts recognized in the income statement |  |
Current service cost | 681,46 | 632,42
Interest cost | 157,61 | 136,13
Additional post retirement and termination benefits paid out, not provided for | 1.233,25 | 966,14
Total expense to the income statement | 2.072,32 | 1.734,69
Changes in net obligation recognized in the balance sheet |  |
Net obligation at the start of the year | 5.379,28 | 4.553,75
Benefits paid by the employer | (1.535,28) | (1.064,12)
Total expense recognized in the income statement | 2.072,32 | 1.718,59
Amount recognized in other comprehensive income | 377,72 | 171,06
Net obligation at the end of the year | 6.294,04 | 5.379,28

266

Changes in the present value of the obligation |  |
Present value of the obligation - Opening period | 5.379,28 | 4.553,75
Current service cost | 681,46 | 632,42
Interest cost | 157,61 | 136,13
Benefits paid by the employer | (1.535,28) | (1.064,12)
Additional payments | 1.233,25 | 966,14
Actuarial loss | 377,72 | 171,06
Changes in the present value of the obligation due to transfers | 0 | (16,11)
Present value at the end of fiscal year | 6.294,04 | 5.379,28

Actuarial assumptions were:

| 31.12.2025 | 31.12.2024
Discount rate | 3,09% | 2,93%
Expected salary increase percentage | 2,50% | 2,50%
Average years of working life | 0,02 | 22,43

The Group amounts are as follows:

| Group
| 31.12.2025 | 31.12.2024
Amounts recognized in the income statement |  |
Current service cost | 758,10 | 689,36
Interest cost | 173,11 | 149,04
Additional post retirement and termination benefits paid out, not provided for | 1.395,55 | 995,17
Cost recognized in the income statement | 2.326,76 | 1.833,57
Total cost recognized in the income statement | 2.326,76 | 1.833,57
Changes in net obligation recognized in the balance sheet |  |
Net obligation at the start of the year | 5.903,63 | 4.984,11
Benefits paid by the employer | (1.753,07) | (1.107,26)
Total expense recognized in the income statement | 2.326,75 | 1.834,00
Amount recognized in the Other Comrehensive Income | 420,20 | 138,96
Net obligation at the end of the year | 6.897,51 | 5.849,81
Changes in the present value of the obligation |  |

267

Present value of the obligation - Opening period | 5.903,64 | 4.984,06
Current service cost | 758,10 | 689,36
Interest cost | 173,11 | 149,52
Benefits paid by the employer | (1.753,07) | (1.107,26)
Additional payments | 1.395,54 | 995,17
Actuarial loss | 420,20 | 138,96
Present value at the end of the year | 6.897,52 | 5.849,81

The sensitivity analysis of the actuarial calculation for the Group and the Company is analyzed as follows:
Using a higher by 0,5% discount rate the actuarial obligation would be lower by 2%. In contrary if the discount rate was decreased by 0,5% the actuarial obligation would be higher by 2%.
The relevant sensitivity checks for the expected salaries % increase are as follows:
If the expected salaries % increase was increased by 0,5% then the actuarial obligation would be higher by 2% and if the expected salaries % increase was decreased by 0,5% then the actuarial obligation would be lower by 2%.
The actuarial obligation for the Company for each scenario mentioned above is analyzed as follows:

| Actuarial Obligation | % Change
Discount rate increase by 0,5% | 6.144,81 | (2,00)%
Discount rate decrease by 0,5% | 6.450,44 | 2,00%
Expected salaries % increase by 0,5% | 6.450,58 | 2,00%
Expected salaries % decrease by 0,5% | 6.143,26 | (2,00)%

3.17 Borrowings
The Company and Group borrowing liabilities at 31.12.2025 and 31.12.2024 are analyzed as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Bond loan (€200m) - short-term | 198.865,08 | 2.174,35 | 198.865,08 | 2.174,35
RRF Bond loan - short-term portion | 0 | 0 | 680,43 | 386,49
Jolco loan - short-term | 0 | 0 | 11.623,17 | 6.612,93
Bond loan (€250m) - short-term | 4.625,00 | 0 | 4.625,00 | 0
Borrowings - short-term | 203.490,08 | 2.174,35 | 215.793,67 | 9.173,78
Bond loan (€200m) - long-term | 0 | 198.646,27 | 0 | 198.646,27
RRF Bond loan - long-term portion | 0 | 0 | 31.379,49 | 31.336,42
Jolco loan - long-term | 0 | 0 | 172.209,96 | 144.466,99
Bond loan (€250m) - long-term | 244.802,91 | 0 | 244.802,91 | 0
Borrowings - long-term | 244.802,91 | 198.646,27 | 448.392,36 | 374.449,68

268

Common Bond Loan of €200m
As at 12.03.2019, the Company issued a Common Bond Loan, of 7-year duration, allocating 200.000 dematerialized common bearer bonds, each of a nominal value of €1.000, with final yield of 3,60%.
The agreement sets conditions for covenants on a consolidated basis throughout the term of the Bond Loan, as follows:
•Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) / Net Finance Costs: > 2.5
•Net Debt / Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA): < 5.0
At 31.12.2025, the fair value of the common bond loan liabilities of the Company and the Group, considering the market price in the fixed income securities’ regulated market of Athens Stock Exchange, amounted to €204.636.
The Group and the Company lease liabilities are analyzed as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Borrowings |  |  |  |
Long-term portion | 0 | 198.646,27 | 0 | 198.646,27
Short-term portion | 198.865,08 | 2.174,35 | 198.865,08 | 2.174,35
Carrying value of bond loan | 198.865,08 | 200.820,61 | 198.865,08 | 200.820,61

The movement of bond loan account is analyzed as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Bond loan and accrued interest | 201.549,35 | 202.183,05 | 201.549,35 | 202.183,05
Less: bond loan issuance cost | (728,73) | (1.313,76) | (728,73) | (1.313,76)
Opening balance | 200.820,62 | 200.869,29 | 200.820,62 | 200.869,29
Interest of the year | 7.262,33 | 7.288,42 | 7.262,33 | 7.288,42
Amortization of issuance cost | 607,50 | 585,03 | 607,50 | 585,03
Payments | (9.825,37) | (7.922,13) | (9.825,37) | (7.922,13)
Ending balance | 198.865,08 | 200.820,62 | 198.865,08 | 200.820,62

On 31.12.2025 the amount deposited by the Company in the DSRA Bond Loan Security Account amounted to €0,50, on which the Company has placed a pledge in favor of the bondholders, amounted to €47.636,24 (31.12.2024 €27.745). The respective amounts were reclassified from Other non-current receivables to Current financial assets, as the bond loan is expected to be repaid within the first quarter of 2026 (Note 3.7).
269
Bond Loan (up to €42,8m)
On 29.12.2022, Olympic Air (100% subsidiary company of the Group) signed a Common Bond Loan amounting up to €42,8 million, with 15-years duration, under the framework of the Recovery and Resilience Fund (RRF), for the financing of an MRO Facility in Athens International Airport. In June 2023, Olympic Air made a first withdrawal of €21.600,00. On November 2024, Olympic Air, made a second withdrawal of €13.000.
The loan falls within the framework of co-financing by the systemic banks with the RRF, so part of the issued RRF bonds (53,81%) was agreed to be provided with a fixed interest rate with RRF funds, while the remaining co-financing bonds with a floating contractual interest rate (6M EURIBOR +margin).
The Management determined, according to IFRS 9, the fair value of the bond loan initially issued and it recognized, according to IAS 20, an embedded grant included therein amounted to €1,9m for the MRO Facility.
Subsequently, the Management determined, according to IFRS 9, the fair value of the 2 nd withdrawal and it recognized, according to IAS 20, an embedded grant included therein amounted to €0,9m for the MRO Facility.
The movement of the bond loan account is analyzed as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Borrowings |  |  |  |
Long-term portion | 0 | 0 | 31.379,49 | 31.336,42
Short-term portion | 0 | 0 | 680,43 | 386,49
Carrying value of bond loan | 0 | 0 | 32.059,92 | 31.722,92

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Bond loan and accrued interest | 0 | 0 | 32.158,75 | 19.893,57
Less: bond loan issuance cost | 0 | 0 | 435,83 | 435,83
Opening balance | 0 | 0 | 31.722,92 | 19.457,74
New withdrawl | 0 | 0 | 0 | 12.012,91
Interest of the year | 0 | 0 | 1.499,21 | 1.134,77
Amortization of issuance cost | 0 | 0 | 42,88 | 39,20
Payments | 0 | 0 | (1.205,08) | (921,71)
Ending balance | 0 | 0 | 32.059,92 | 31.722,92

Bond Loan (up to €90m)
During the first half of 2024, the Company's management signed a Bond Loan Program with the National Bank, providing the possibility of issuing a joint secured bond loan of up to €90,000. to cover its working capital needs. The bond loan has not yet been issued.
270
Jolco Loans
In 2024, the Group entered for the first time into an operating lease agreement with a purchase option (call option) for aircraft under particularly favorable terms (JOLCO) to finance its fleet. Specifically, the subsidiary company Aegean Cyprus proceeded with the operating lease of two A320neo aircraft and one A321neo aircraft with a purchase option, while simultaneously subleasing them to the parent company (Note 3.3).
Two of the three aircraft are part of the agreement with Airbus, while the third was a Company-owned aircraft, which was sold in September 2024.
In March 2025 the Group proceeded to the purchase of another A320 neo aircraft and on April 2025 entered into another Jolco agreement regarding this aircraft.
Following these sale and leaseback transactions, the Group recognized the owned aircraft, the corresponding maintenance component, as well as the related loan financing (Note 3.2).

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Borrowings |  |  |  |
Long-term portion | 0 | 0 | 172.209,96 | 144.466,99
Short-term portion | 0 | 0 | 11.623,17 | 6.612,93
Carrying value of loan | 0 | 0 | 183.833,12 | 151.079,93

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Loan and accrued interest | 0 | 0 | 152.628,54 | 157.859,27
Less: loan issuance cost | 0 | 0 | 1.548,61 | 1.548,61
Opening balance | 0 | 0 | 151.079,93 | 156.310,67
New withdrawl | 0 | 0 | 44.764,73 | 0
Interest of the year | 0 | 0 | 6.396,25 | 1.964,70
Amortization of issuance cost | 0 | 0 | 288,37 | 73,20
Payments | 0 | 0 | (14.674,68) | (3.329,11)
Foreign currency translation reserve | 0 | 0 | (4.021,47) | (3.939,53)
Ending balance | 0 | 0 | 183.833,12 | 151.079,93

Common Bond Loan of €250m
271
As at 02.07.2025, the Company issued a Common Bond Loan, of 7-year duration, allocating 250.000 dematerialized common bearer bonds, each of a nominal value of €1.000, with final yield of 3,70%.
The agreement sets conditions for covenants on a consolidated basis throughout the term of the Bond Loan, as follows:
•Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) / Net Finance Costs: > 2.5
•Net Debt / Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA): < 4.5
The Company retains the right to redeem, in whole or in part, the principal of the Bonds early, after the maturity date of the 7th Interest Period, in accordance with the provisions of clause 9.3 of the Bond Program.
At 31.12.2025, the fair value of the common bond loan liabilities of the Company and the Group, considering the market price in the fixed income securities’ regulated market of Athens Stock Exchange, amounted to €258.012.

| Εταιρεία | Όμιλος
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Borrowings |  |  |  |
Long-term portion | 244.802,91 | 0 | 244.802,91 | 0
Short-term portion | 4.625,00 | 0 | 4.625,00 | 0
Carrying value of bond loan | 249.427,91 | 0 | 249.427,91 | 0

| Εταιρεία | Όμιλος
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Bond loan and accrued interest | 250.000,00 | 0 | 250.000,00 | 0
Less: bond loan issuance cost | 5.532,73 | 0 | 5.532,73 | 0
Opening balance | 244.467,27 | 0 | 244.467,27 | 0
New withdrawl | 0 | 0 | 0 | 0
Interest of the year | 4.625,00 | 0 | 4.625,00 | 0
Amortization of issuance cost | 335,64 | 0 | 335,64 | 0
Payments | 0 | 0 | 0 | 0
Ending balance | 249.427,91 | 0 | 249.427,91 | 0

272
3.18 Suppliers and other liabilities
The analysis for the Company and the Group is as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
State-owned entities | 26,66 | 1,25 | 26,66 | 1,25
International suppliers | 69.355,12 | 67.872,29 | 74.035,87 | 70.996,82
Domestic suppliers | 49.088,65 | 44.988,45 | 49.576,44 | 47.330,41
Total | 118.470,43 | 112.861,99 | 123.638,97 | 118.328,48

International suppliers outstanding balance mainly relates to aircraft maintenance, fuel cost and airport charges liabilities.
Suppliers and other liabilities book values approximate their fair values.
3.19 Provision
1)Tax unaudited years
For the fiscal years 2011-2024 the Company has been audited in accordance with tax legislation (2011–2013 under the provisions of Article 82 of Law 2238/1994, 2014–2022 under the provisions of Article 65A of Law 4174/2013, and for the fiscal year 2023 under the provisions of Articles 78 and 83, paragraph 54 of Law 5104/2024) by the statutory auditors and has received tax compliance certificates with an unqualified opinion.
The subsidiaries Olympic Air S.A., Aegean Executive and ICT Investments has been tax audited for the fiscal years 2011 - 2024 according with tax legislation (2011–2013 under the provisions of Article 82 of Law 2238/1994, 2014–2022 under the provisions of Article 65A of Law 4174/2013, and for the fiscal years 2023 and 2024 under the provisions of Articles 78 and 83, paragraph 54 of Law 5104/2024) by the statutory auditors and has received tax compliance certificates with an unqualified opinion. The other subsidiaries of the Group have not been audited by the respective tax authorities.
The Company and the Group have not established a provision for tax audit differences, since the Group management estimates that the results of future audits by the tax authorities, if ultimately realized, will not have a material effect on the Group financial statements. It is noted that as of 31.12.2025, fiscal years up to 31.12.2020 were time-barred in accordance with the provisions of paragraph 1, Article 36 of Law 4174/2013. Based on risk analysis criteria, the Greek tax authorities may select the Company for a tax audit as part of their audits on companies that have received tax compliance certificates with an unqualified opinion from the statutory auditor. The Company and its Subsidiary Olympic Air have received a tax audit order from the Greek tax authorities for the fiscal years 2020 and 2021 due to a request for a refund of withheld income tax. The audit is currently in progress and is expected to be completed within 2026. Management does not anticipate any additional taxes or surcharges to arise.
For the year ended 31.12.2025, the Company and its subsidiaries Olympic Air, Aegean Executive, ATCOM and ICT Investments, are tax audited by the certified auditor accountants under the provisions of Articles 78 and 83,
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paragraph 54 of Law 5104/2024. The audit is in progress and the relevant tax certificates will be issued after the publishment of the 2025 financial statements. In case of any additional tax obligations, the Management estimates that these will have no material effect in the financial statements of the Group.
2)Provision for aircraft maintenance
The accumulated provision for future aircraft maintenance is as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Opening balance | 187.048,91 | 143.731,28 | 193.870,69 | 156.473,65
Annual provision | 74.762,77 | 56.344,21 | 70.982,15 | 50.026,00
Less: Provision utilized | (11.835,88) | (13.026,58) | (20.319,84) | (13.500,52)
Foreign currency translation reserve | 0 | 0 | (1.449,97) | 871,56
Closing balance | 249.975,80 | 187.048,91 | 243.083,03 | 193.870,69

At Company an amount of € 82.011,26 has been provided for short-term maintenance expenses, anticipated to occur within next year. For long-term maintenance expenses the amount provided is €167.964,54.
At Group an amount of €83.455,65 has been provided for short-term maintenance expenses, anticipated to occur within next year. For long-term maintenance expenses the amount provided is €159.627,38.
Provision used includes maintenance cost invoices for which maintenance provision has been established the previous years.
Aircraft maintenance provision is calculated based on the anticipated maintenance cost, the flight hours, the flight cycles, as well as the relevant discount factor based on the risk free rate of the related cash flows’ currency, while all actual invoices reduce the provision.
Other Provisions
The Company has established a provision for litigation cases amounting to € 658,94. The respective amount for the Group amounts to € 690,02 (31.12.2024 € 658,94 for the Company and € 663,54 for the Group).
Provision of unused vacation leave for the year 2025, for the Company and the Group, amounts to € 2.315,08 and € 2.575,00, respectively (2024 € 2.065,49 and € 2.314,94 for the Group) (note 3.27).
3.20 Other Short-Term Liabilities
Account relates to Group and Company short-term liabilities to airports, social security organizations and other creditors that are directly related to business operation. The analysis is as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Airport Taxes | 100.124,13 | 96.588,84 | 100.252,47 | 97.066,54
Deferred income | 1.049,31 | 1.452,78 | 3.535,78 | 2.254,97
Social Security Contributions | 6.581,06 | 6.292,12 | 7.728,92 | 7.052,10

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Other Short term liabilities | 7.487,12 | 10.703,13 | 11.883,44 | 13.251,93
Οther taxes - Levies | 5.639,45 | 6.801,34 | 6.436,94 | 7.415,47
Total | 120.881,07 | 121.838,21 | 129.837,55 | 127.041,01

In the current year, an amount of €19 million was reclassified in the comparative period from “Other current liabilities” to “Contract liabilities” (Note 3.21), in order to improve the presentation of the relevant line items in the financial statements and enhance comparability of the information presented. This reclassification relates solely to presentation and had no impact on total liabilities or on the results for the period.
3.21 Contract Balances

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Trade Receivables (Note 3.10) | 74.341,09 | 68.497,85 | 79.376,86 | 75.221,30
Contract assets (Note 3.10) | 8.770,34 | 10.012,70 | 15.936,71 | 21.134,22
Contract Liabilities | (367.906,63) | (350.217,49) | (362.930,67) | (347.300,86)

At 31.12.2025, contract assets outstanding balance refers to revenue invoiced subsequently and mainly include interline revenue, cargo, charter revenue, as well as revenue from redemption/conversion of award points in loyalty programs that the Company participates.
1)Contract Liabilities – short term

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Liabilities from tickets sold but non-flown |  |  |  |
Fare | 202.046,88 | 205.075,99 | 202.156,54 | 205.625,83
Ancillary services | 18.080,57 | 15.151,44 | 18.689,06 | 15.785,48
Total | 220.127,45 | 220.227,44 | 220.845,60 | 221.411,31

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Credit Voucher | 21.601,43 | 28.422,18 | 21.601,43 | 28.422,18
Customer advances | 58.506,09 | 57.951,68 | 52.556,65 | 53.591,29
Liabilities from customer loyalty program – short term | 19.063,11 | 17.759,44 | 19.063,11 | 17.759,44
Total contract liabilities – short term | 319.298,08 | 324.360,74 | 314.066,80 | 321.184,22

2)Contract Liabilities – Long term
Long-term portion of contract liabilities for the Company and the Group amounts to €48.608,55 thous. (2024: €45.284,37 thous.) and includes long-term portion of the Miles and Bonus customer loyalty program liability.
Loyalty program liability movement (Miles and Bonus)
Balance movement at 31.12.2025 and 31.12.2024 is analyzed below:

| 2025 | 2024
Opening balance | 63.043,80 | 56.083,80
Additions of miles | 22.707,44 | 21.053,70
Redemption of miles | (18.079,59) | (14.093,70)
Closing balance | 67.671,65 | 63.043,80

During the current year, an amount of €19 million was reclassified in the comparative period from “Other current liabilities” (Note 3.20) to “Contract liabilities”, in order to improve the presentation of the relevant line items in the financial statements and enhance comparability of the information presented. This reclassification relates solely to presentation and had no impact on total liabilities or on the results for the period.
3.22 Accrued Expenses
Accrued expenses are analyzed as follows:

| Company | Group

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| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Agents’ commissions | 8.882,47 | 9.772,06 | 8.900,41 | 9.791,22
Aircraft fuel | 818,00 | 1.555,84 | 822,74 | 1.573,87
Aircraft maintenance expense | 21.879,98 | 12.596,35 | 22.488,58 | 13.013,70
Airport charges | 20.886,22 | 19.387,31 | 15.327,25 | 13.824,56
Other Airline companies' Cost | 2.865,53 | 1.250,46 | 5.419,89 | 4.156,36
Other fees payable | 2.333,62 | 2.006,57 | 3.776,56 | 3.466,46
Other expenses | 14.208,56 | 24.662,65 | 6.708,80 | 7.127,69
Emmission Rights payables | 30.549,66 | 20.129,74 | 30.549,66 | 19.357,34
Total | 102.424,05 | 91.360,96 | 93.993,89 | 72.311,20

The increase observed in the accrued expenses is mainly due to the "Emission Rights Payable", which increased due to the cost of purchasing the rights, as well as the increase in flight activity during the year and the reduction in free allowances allocated. Finally, both the Company and the Group report higher aircraft maintenance costs, due to the corresponding increase in maintenance expenses.
3.23 Derivatives
Derivatives are analyzed as follows:

| Company and Group
| Nominal Value | 31.12.2025 | Nominal Value | 31.12.2024
Non-current assets |  |  |  |
Derivatives for cash flow hedge |  |  |  |
Forward contracts in US $ | $227.500.000 | 2.302,69 | $132.000.000 | 4.751,83

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Total |  | 2.302,69 |  | 4.751,83
Derivatives |  |  |  |
Forward contracts in US $ | $40.000.000 | 77,54 | $196.200.000 | 6.784,36
Total |  | 77,54 |  | 6.784,36
Derivative assets (long-term portion) |  | 2.380,22 |  | 11.536,19
Current assets |  |  |  |
Derivatives for cash flow hedge |  |  |  |
Forward contracts in US $ | $70.000.000 | 505,87 | $287.000.000 | 12.912,51
Commodities’ swaps (jet fuel) | 37.500 MT | 271,50 | 52.000 MT | 978,13
Total |  | 777,36 |  | 13.890,64
Derivatives |  |  |  |
Interest rate swaps |  | 0 |  | 0
Forward contracts in US $ | $1.000.000 | 0,27 | $72.000.000 | 4.496,02
Total |  | 0,27 |  | 4.496,02
Derivative assets (short-term portion) |  | 777,63 |  | 18.386,66
Total derivative assets |  | 3.157,86 |  | 29.922,85
Non-current liabilities |  |  |  |
Derivatives for cash flow hedge |  |  |  |
Forward contracts in US $ | $222.500.000 | (7.573,00) |  | 0
Commodities’ swaps (jet fuel) | 30.320 MT | (662,23) | 27.000 MT | (938,52)
Total |  | (8.235,23) |  | (938,52)
Derivatives |  |  |  |
Forward contracts in US $ | $146.000.000 | (2.456,00) |  | 0
Total |  | (2.456,00) |  | 0
Derivative liabilities (long-term portion) |  | (10.691,23) |  | (938,52)
Current liabilities |  |  |  |
Derivatives for cash flow hedge |  |  |  |
Forward contracts in US $ | $258.000.000 | (10.224,60) | $1.000.000 | (0,84)
Commodities’ swaps (jet fuel) | 245.274 MT | (7.426,44) | 174.000 MT | (11.723,84)
Total |  | (17.651,04) |  | (11.724,68)
Derivatives |  |  |  |
Forward contracts in US $ | $23.000.000 | (150,53) |  | 0
Total |  | (150,53) |  | 0
Derivative liabilities (short-term portion) |  | (17.801,57) |  | (11.724,68)
Total derivative liabilities |  | (28.492,80) |  | (12.663,20)

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31.12.2025
Cash flow hedge | Fair Value | Fair value movement in Other comprehensive income (Other reserves) | Amount reclassified from hedging reserve to profit and loss
Forward contracts in US $ | (14.988,69) | (32.652,19) | 7.850,92
Commodities’ swaps (jet fuel) | (7.817,17) | 3.867,06 | 7.668,17
Interest rate swaps | 0 | 0 | 0
Total | (22.805,86) | (28.785,13) | 15.519,09
Interest rate swap reserve amortized through the period | 28.999,36 | (3.018,93) | (3.018,93)

Non hedge derivatives recognised in income statement | Fair Value | Non-hedge derivatives valuation | Non-hedge derivatives valuation results
Forward contracts in US $ | (2.529,00) | (13.809,38) | (5.352,84)
Interest rate swaps | 0 | 0 | 0
Total | (2.529,00) | (13.809,38) | (5.352,84)

31.12.2024
Cash flow hedge | Fair Value | Fair value movement in Other comprehensive income (Other reserves) | Amount reclassified from hedging reserve to profit and loss
Forward contracts in US $ | 17.663,50 | 23.941,10 | 2.691,78
Commodities’ swaps (jet fuel) | (11.684,24) | (5.993,30) | (5.538,14)
Interest rate swaps | 0 | 0 | 0
Total | 5.979,27 | 17.947,80 | (2.846,36)
Interest rate swap reserve amortized through the period | 32.018,29 | (3.018,93) | 3.018,93

Non hedge derivatives recognised in income statement | Fair Value | Non-hedge derivatives valuation | Non-hedge derivatives valuation results
Forward contracts in US $ | 11.280,38 | 9.758,94 | 6.650,03
Interest rate swaps | 0 | (2.564,60) | 3.169,78
Total | 11.280,38 | 7.194,34 | 9.819,81

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The amounts in equity in relation to cash flow hedges include the following:
•Reserve from derivatives used to hedge interest rate for A/C leases
•Reserve from derivative contracts in relation to fuel
•Reserve from derivative contracts in relation to currency hedging
•Instruments for which hedge accounting is not applied
The Company holds derivatives used as cash flow hedging instruments to hedge the risk of exchange rate fluctuations ($/€), the risk of fuel price fluctuations, the interest rate risk from future aircraft leases as well as open positions in dollar forward contracts, for which no hedge accounting has been applied (hedge accounting).
Hedging derivatives are classified either as assets or liabilities. Fair value of a derivative considered as hedging instrument is classified either as a non-current asset or a non- current liability (if hedged item maturity is more than 12 months) or as a current asset or a current liability (if hedged item maturity is less than 12 months).
Fair value of dollar forward contracts, for which no hedge accounting has been applied, is classified as non-current asset or long-term liability, if the remaining maturity of the contract is longer than 12 months and as a current asset item or short-term liability, if the remaining maturity of the contract is less than 12 months.
a) Forward contracts in US dollars (currency forwards)
Forward contracts are used for cash flow hedging of risk relating to USD/EURO exchange rate fluctuation.
As at 31.12.2025, the Group had entered into forward contracts to hedge 55% , 48% , 23% and 4% of its estimated needs in US dollar for 2026, 2027, 2028 and 2029 respectively. As at 31.12.2024, the Group had entered into forward contracts to hedge 50% , 20% and 3% of its estimated needs in US dollar for 2025, 2026 and 2027, respectively (future transactions).
The nominal amount as of open forward contracts at 31.12.2025 was € 662.127,659 (31.12.2024: € 404.273,751) (Level 2).

Maturity | Nominal amount in thousand $ 31.12.2025 | Nominal amount in thousand $ 31.12.2024
2025 | 0 | 288.000
2026 | 328.000 | 114.000
2027 | 288.000 | 18.000
2028 | 138.000 | 0
2029 | 24.000 | 0
Total | 778.000 | 420.000

In addition to the aforementioned positions held for cash flow hedging purposes, the Group as of 31.12.2025 held open positions of 210 million US dollar forward contracts with maturity within the years 2026-2027-2028-2029 for which the Group has not applied hedge accounting. These positions are held in accordance with the Company's
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foreign exchange risk management policy adopted since 01.01.2019 in combination with the IFRS 16 adoption. The nominal amount of these forward contracts on 31.12.2025 amounts to €178.723,404 (31.12.2024 €258.157,667) (Level 2).
b) Commodity swaps (jet fuel swaps)
The Group holds jet fuel swaps derivatives as cash flow hedging instruments to hedge the risk of fuel price fluctuations.
At 31.12.2025, the Group had entered into jet fuel swaps (commodity jet swaps) amounting to 313,094 metric tons that covered 58% and 6% of the projected jet fuel needs for 2026 and 2027, respectively.
At 31.12.2024, the Group had entered into jet fuel swaps (commodity jet swaps) amounting to 253,000 metric tons that covered 48% and 6% of the projected jet fuel needs for 2025 and 2026, respectively.

Maturity | Metric Tons 31.12.2025 | Metric Tons 31.12.2024
2025 | 0 | 226.000
2026 | 282.774 | 27.000
2027 | 30.320 | 0
Total | 313.094 | 253.000

Derivatives are measured at fair value at the balance sheet date, which is provided by the financial institutions that the Company has entered into an agreement, and they represent, in good faith, assumptions and estimations of the mentioned institutions, based on the available information for the market trends. The parameters used to calculate the fair value differ depending on the type of derivative.
3.24 Revenue from contracts with customers
Revenue from contracts with customers refers to tickets sales, sales of goods and other services rendered.
Revenue from contracts with customers per service category is analyzed as follows:

| Company | Group
| 2025 | 2024 | 2025 | 2024
Revenue from scheduled flights | 1.551.154,67 | 1.489.287,69 | 1.610.539,49 | 1.544.359,63
Revenue from chartered flights | 64.260,41 | 59.505,81 | 61.460,04 | 57.056,75
Other operating income related to flights | 176.995,22 | 169.985,79 | 187.685,62 | 175.897,67
Total | 1.792.410,30 | 1.718.779,29 | 1.859.685,16 | 1.777.314,05

Consolidated revenue increased by 4,6%, compared to the 2024, to €1.859.685,16 thous., due to the further expansion of the flight activity, the strong synergy of the expanded network which lead to an increase in passenger traffic by 5,87%.
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A geographic breakdown of revenue from contracts with customers is provided below:

Company | 2025
| Domestic | International | Total
Revenue from scheduled flights | 327.572,98 | 1.223.581,69 | 1.551.154,67
Revenue from chartered flights | 3.710,33 | 60.550,09 | 64.260,41
Other operating income related to flights | 43.523,71 | 133.471,51 | 176.995,22
Total | 374.807,02 | 1.417.603,29 | 1.792.410,30

Company | 2024
| Domestic | International | Total
Revenue from scheduled flights | 313.690,51 | 1.175.597,18 | 1.489.287,69
Revenue from chartered flights | 3.880,39 | 55.625,42 | 59.505,81
Other operating income related to flights | 41.895,86 | 128.089,93 | 169.985,79
Total | 359.466,76 | 1.359.312,53 | 1.718.779,29

Group | 2025
| Domestic | International | Total
Revenue from scheduled flights | 339.074,14 | 1.271.465,35 | 1.610.539,49
Revenue from chartered flights | 919,47 | 60.540,58 | 61.460,04
Other operating income related to flights | 48.885,63 | 138.799,99 | 187.685,62
Total | 388.879,24 | 1.470.805,92 | 1.859.685,16

Group | 2024
| Domestic | International | Total
Revenue from scheduled flights | 325.029,91 | 1.219.329,72 | 1.544.359,63
Revenue from chartered flights | 1.093,84 | 55.962,91 | 57.056,75
Other operating income related to flights | 43.247,84 | 132.649,82 | 175.897,67
Total | 369.371,59 | 1.407.942,46 | 1.777.314,05

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3.25 Other Income
Other income account includes income by other than Company and Group main business operation and is analyzed as follows:

Other Income | Company | Group
| 2025 | 2024 | 2025 | 2024
Hellenic Manpower Employment Organization subsidies | 515,69 | 92,38 | 515,69 | 94,44
Services rendered to third parties | 54.197,45 | 40.975,83 | 34.809,88 | 25.143,11
Training services rendered | 858,40 | 54,06 | 1.124,37 | 438,15
Other income | 430,99 | 732,99 | 4.026,56 | 2.450,56
Total | 56.002,53 | 41.855,25 | 40.476,50 | 28.126,26

Specifically, under the category "Services rendered to third parties," the Company and the Group include revenue from credit card programs, revenue from the collection of miles from Miles&Bonus members along with the pre-purchase of miles, other revenue from ancillary services, as well as revenue from other compensations. In the Company, the amount also includes revenue from the provision of personnel to Group companies, which increased by €12 million during the year due to the increased activity of the maintenance center.
3.26 Consumption of materials and services
These amounts refer to the operating expenses of the Company and the Group and they are analyzed as follows:

| Company | Group
| 2025 | 2024 | 2025 | 2024
Aircraft fuel | 361.373,62 | 363.949,51 | 369.023,96 | 372.068,68
Aircraft maintenance | 221.931,59 | 187.335,83 | 220.167,87 | 202.117,06
Overflight Expenses | 92.094,98 | 84.484,45 | 93.555,26 | 85.980,54
Handling charges | 116.506,67 | 95.277,32 | 122.908,41 | 100.875,44
Airport charges | 85.068,29 | 82.554,07 | 86.332,58 | 83.968,83
Catering costs | 59.717,18 | 53.054,21 | 60.757,70 | 54.003,52
Distribution costs | 109.005,81 | 107.149,22 | 111.327,42 | 109.752,93
Marketing costs | 26.852,72 | 24.458,66 | 27.263,01 | 24.822,75
Rentals | 55.834,51 | 68.394,61 | 3.158,01 | 24.770,35
Inventories’ consumption | 1,68 | 228,71 | 1,68 | 229,64
Other operating expenses | 149.700,86 | 137.050,49 | 164.611,74 | 148.252,36
Total | 1.278.087,90 | 1.203.937,09 | 1.259.107,64 | 1.206.842,08

The increase between the two fiscal years is mainly due to the improved flight activity of the Company and the Group within 2025, which consequently affected the cost of materials and services. It should be noted that 2025
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was the first year of mandatory use of sustainable aviation fuel (SAF), which has been set at 2%, and the related cost amounted to €22,7 million.
Aircraft maintenance cost has increased, mainly due to the increase in the total number of aircraft, the increase in the flight activity compared to 2024, but also the increased use of A320ceo family aircraft compared to A320neo family aircraft, as a result of the GTF engine issue occurred to the A320neo.
Further analysis of Other operating expenses is presented below:

| Company | Group
| 2025 | 2024 | 2025 | 2024
Third party fees | 7.152,88 | 8.989,63 | 16.161,92 | 8.927,56
Cargo expenses | 2.361,40 | 2.126,97 | 2.363,95 | 2.154,32
Personnel training | 6.010,01 | 5.448,62 | 7.676,11 | 8.075,55
Mail and Telecommunications expenses | 9.155,63 | 6.949,20 | 9.371,58 | 7.156,61
Rents | 4.428,63 | 2.752,07 | 318,87 | 460,92
Insurance premiums | 3.759,57 | 3.863,34 | 4.181,60 | 4.353,98
Maintenance for building and equipment | 530,34 | 513,19 | 763,33 | 668,96
Travel expenses | 7.820,90 | 8.539,97 | 10.006,14 | 10.343,50
Stationary | 351,73 | 566,75 | 524,73 | 659,59
Subscriptions | 4.167,45 | 3.036,99 | 4.726,40 | 3.614,58
Emissions rights | 78.356,96 | 58.527,79 | 78.356,96 | 57.746,85
Other expenses | 25.605,37 | 35.735,98 | 30.160,15 | 44.089,94
Total | 149.700,86 | 137.050,49 | 164.611,74 | 148.252,36

Other expenses account includes additional of provision for expected credit losses of €6 for the Company and €116,53 for the Group, respectively (2024: €168,76 for the Company and €2.514,63 for the Group, respectively) (Note 3.10).
The decrease in Other operating expenses arises from benefits relating to aircraft received by the Company from Airbus, which are recognized under this line item.
3.27 Employee Costs
Employee costs include salaries as well as provisions for retirement benefits and are analyzed as follows:

| Company | Group
| 2025 | 2024 | 2025 | 2024
Salaries and wages | 161.084,97 | 144.770,72 | 183.908,57 | 161.541,15
Employers’ contribution | 27.981,50 | 26.723,29 | 32.666,68 | 30.006,00
Provision for retirement benefits | 839,08 | 752,49 | 915,60 | 838,88
Provision for unused vacation leave | 1.926,08 | 866,02 | 2.024,38 | 897,28
Total | 191.831,63 | 173.112,51 | 219.515,23 | 193.283,31

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The increase observed in salaries and employer contributions compared to 2024 is mainly due to the increase in personnel and flight activity. At the same time, the 2025 figures include, for the first time, the consolidation of ATCOM Single-Member S.A., which had an impact of €4 million on the consolidated figures.
As at 31.12.2025 the number of employees is the following:

| Company | Group
| 2025 | 2024 | 2025 | 2024
Employees (31.12) | 3.047 | 2.908 | 3.681 | 3.274
Employees (weighted average of the year) | 3.253 | 3.125 | 3.805 | 3.495

For the determination of the number of employees for the year 2025, the workforce of the Group’s new subsidiary, ATCOM Single-Member S.A., amounting to 131 employees, has been taken into account.
Annual cost from share-base payments programs amounted to €2.244 for the Company and €3.454 for the Group.
3.28 Financial Income/ Expense
Financial income / expense analysis is as follows:

| Company | Group
| 2025 | 2024 | 2025 | 2024
Interest and expenses from liabilities | 13.029,30 | 7.879,71 | 21.581,87 | 11.009,89
Letters of Guarantee commissions | 0 | 456,52 | 0 | 509,36
Leases interest | 66.029,61 | 63.460,17 | 62.767,15 | 64.051,48
Results from non-cash flow hedge derivatives | 6.577,68 | 161,84 | 6.577,68 | 161,84
Foreign exchange losses | 0 | 30.371,42 | 0,00 | 27.597,65
Other financial expenses | 1.402,57 | 958,44 | 1.605,83 | 1.126,68
Impairment of financial assets | 123,07 | 558,12 | 103,47 | 674,78
Loss from financial products | 516,82 | 219,39 | 516,82 | 363,77
Share of loss of a joint venture (Note 3.4) | 0 | 0 | 343,29 | 1.237,18
Total financial expenses | 87.679,06 | 104.065,61 | 93.496,10 | 106.732,62
Other interest income | 21.364,82 | 20.361,70 | 22.255,68 | 21.449,92
Results from non-cash flow hedge derivatives | 1.224,84 | 9.981,64 | 1.224,84 | 9.981,64
Foreign exchange gains | 45.672,29 | 0 | 32.706,47 | 0
Gain from financial products | 11.185,31 | 12.728,44 | 11.185,31 | 12.575,42
Total financial income | 79.447,27 | 43.071,78 | 67.372,30 | 44.006,98

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Foreign exchange gains and losses occur because the Company and the Group have a significant number of transactions in foreign currencies, (inflows and outflows). The accounts were also affected by the EUR/USD foreign exchange rate movement.
“Results from non-cash flow hedge derivatives” include the fair value movement and the settlement results of derivatives not used for hedging purposes. Account movement reflects the market valuations.
3.29 Income Tax
Income tax is analyzed below:

| Company | Group
| 2025 | 2024 | 2025 | 2024
Current tax | (40.590,02) | (55.432,75) | (43.016,62) | (55.588,46)
Deferred tax | (11,16) | 21.287,28 | (1.217,21) | 21.575,31
Total Tax | (40.601,17) | (34.145,47) | (44.233,83) | (34.013,15)
Profit /(loss) before taxes | 183.651,00 | 210.063,98 | 192.077,00 | 214.823,35
| 22% | 22% | 22% | 22%
Tax on existing tax rate | (40.403,17) | (34.937,03) | (42.256,83) | (35.076,52)
Tax on expenses not deductible for tax purposes | (198,00) | (503,71) | (420,00) | (830,85)
Other adjustments | 0 | 1.295,27 | 1.543,00 | 1.894,22
Unrecognised deferred tax asset on tax losses for the period | 0 | 0 | (1.767,84) | 0
Impact of different tax rates in other jurisdictions | 0 | 0 | (1.332,16) | 0
Income Tax | (40.601,17) | (34.145,47) | (44.233,83) | (34.013,15)

Income tax rate for legal entities in Greece for the year ended 31.12.2025 and 31.12.2024 is 22%.
Current income tax liability is €40.590,02. The effective tax rate resulting from the Group's results does not differ significantly from the applicable tax rate.
For the year ended 31.12.2025, the current tax liability amounted to €13.467,83 (2024: €41.404,48) for the Company and €15.362,17 (2024: €41.636,81) for the Group, respectively.
By Law 5100/2024, adopted in April 2024, the EU Council Directive 2022/2523 was transposed into Greek legislation. This Directive incorporates the OECD Pillar II framework, establishing a global minimum tax rate of 15% for entities operating within the EU that are part of multinational or domestic groups with annual consolidated
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revenues of at least €750 million. All jurisdictions in which the Group operates have incorporated the Pillar II rules into their national legislation.
The applicable rules are effective for fiscal years beginning in 2024. Under these provisions, a top-up tax may be applied if the effective tax rate in a given jurisdiction falls below the required 15%. Furthermore, during the transitional implementation period, the adoption of temporary country-by-country (CbCR) safe harbour will be applied.
For the year 2025, no provision for the global minimum tax has been recognized in the consolidated and individual financial statements, as the Group is anticipated to meet the criteria for the simplified safe harbor tests. The Group has elected to apply the exemption from recognizing and disclosing deferred tax assets and liabilities related to taxes arising from the provisions of Pillar II, in accordance with the amendments to IAS 12 issued by the International Accounting Standards Board (IASB) in May 2023.
3.30 Contingent Liabilities/ Contingent assets
Legal or in arbitration disputes
The pending legal or in arbitration disputes and other contingent future events are not expected to have a material effect in the financial position or the operation of the Company and the Group.
The Group management, based on previous court decisions as well as on the fact that the trial procedures have not been finalized yet, estimates that their outcome would not have a material impact on group financial position and operation.
An analysis of the pending legal cases follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Labor disputes | 15,73 | 32,68 | 15,73 | 32,68
Other | 2.698,33 | 3.771,81 | 2.729,42 | 4.317,89
Total | 2.714,06 | 3.804,49 | 2.745,15 | 4.350,56

Contingent Liabilities
The contingent liabilities of the Company and the Group arising from the issuance of bank letters of guarantee are analyzed as follows:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Letters of guarantee | 40.285,81 | 34.621,55 | 48.416,10 | 43.108,28

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3.31 Related parties’ transactions and balances
The most significant transactions of the Company with related parties according to IAS 24, appear on the following table:

| Company
Balances with other companies owned by the major shareholder | 31.12.2025 | 31.12.2024
Receivables | 214,39 | 251,58
Payables | 58,32 | 121,69
Balances with subsidiaries |  |
Receivables | 5.124,52 | 13.904,32
Payables | 23.817,67 | 16.853,14
Balances with other related parties |  |
Receivables | 13,61 | 42,62
Payables | 1.266,54 | 1.236,51

| Company
Transactions with other companies owned by the major shareholder | 31.12.2025 | 31.12.2024
Income – Services rendered by the Company | 1.393,86 | 1.550,92
Expenses – Services rendered to the Company | 2.143,76 | 2.044,88
Purchases from the Company | 19,23 | 0
Transactions with subsidiaries |  |
Income – Services rendered by the Company | 1.916,66 | 12.082,43
Expenses – Services rendered to the Company | 135.612,31 | 76.601,60
Purchases from the Company | 1.130,60 | 0
Transactions with other related parties |  |
Income – Services rendered by the Company | 611,18 | 409,96
Expenses – Services rendered to the Company | 7.383,28 | 6.867,00

| Group
Balances with other companies owned by the major shareholder | 31.12.2025 | 31.12.2024
Receivables | 258,08 | 252,28
Payables | 59,61 | 126,73
Balances with other related parties |  |
Receivables | 236,30 | 42,62
Payables | 1.338,74 | 1.302,41

| Group
Transactions with other companies owned by the major shareholder | 31.12.2025 | 31.12.2024
Income – Services rendered by the Group | 1.497,33 | 1.552,96
Expenses – Services rendered to the Group | 2.369,12 | 2.144,86

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Purchases from the Company | 19,23 | 0
Transactions with other related parties |  |
Income – Services rendered by the Group | 961,67 | 628,98
Expenses – Services rendered to the Group | 8.150,09 | 8.191,87

The transactions with companies owned by the major shareholder of the Company relate mainly to rental expense and services rendered. The transactions with the subsidiary company mainly relate to aircraft leases and other services rendered. All transactions are on arm’s length basis.
3.32 Transactions with Directors and Board of Directors members
Compensation to Directors and Board of Directors members is analyzed below:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
BoD members remunaration | 3.730,63 | 3.360,00 | 3.775,63 | 3.382,50
Directors’ salaries | 5.362,61 | 6.341,82 | 5.898,30 | 6.577,94
Directors’ social insurance expenses | 427,08 | 360,12 | 476,68 | 384,96
Benefits in kind to directors | 516,83 | 521,82 | 542,77 | 533,76
Total | 10.037,14 | 10.583,75 | 10.693,38 | 10.879,16
Liabilities to directors’ | 5.610,02 | 3.526,02 | 5.725,03 | 3.526,02

No other transactions, receivables or liabilities with the directors or the Board of Directors members existed for the Company and the Group, respectively.
3.33 Earnings/Loss per share
Earnings/(Loss) per share was calculated based on the weighted average number of shares and the total number of shares and is analyzed as follows:

| Group
| 31.12.2025 | 31.12.2024

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Profit / (Loss) before tax | 192.076,51 | 163.954,51
Income tax | (44.233,83) | (34.013,15)
Profit / (Loss) after tax | 147.842,68 | 129.941,36
Weighted Average number of shares | 89.631.746,67 | 89.790.002,33
Basic earnings per share in € | 1,649 | 1,447
Diluted earnings per share in € | 1,649 | 1,447

3.34 Risk Management
The Group is exposed to multiple risks. The risk management policy of the Group aims to reduce the negative impact on outcome resulting from the unpredictability of financial markets and the variations in costs and revenue. The Group uses financial derivative instruments to hedge its exposure to certain types of risk. The risk management policy is executed by the Financial Department of the Group. The procedure is the following:
•Evaluation of risks associated with the activities and operations of the Group
•Design of methodology and selection of appropriate financial products to reduce risks
•Execution/implementation of risk management, in accordance with the procedure approved by the management
Foreign currency risk
The Group due to the nature of the industry is exposed to fluctuation in foreign currency exchange rate which arise mainly from US Dollar. This kind of risk arises from the transactions in foreign currency. The Group’s exposure to foreign exchange risk varies during the year based on the seasonal volume of transactions in foreign currency.
To manage this kind of risk the Group enters into forward currency exchange contracts with financial organizations.
Interest rate risk
The Group’s policy is to minimize interest rate cash flow risk exposure on long – term financing.
Jet fuel risk
The Group is exposed to the fluctuations of the oil price which directly influences the price of jet fuel. To manage this risk the Group enters into derivative contracts on oil products in order to hedge part of its projected jet fuel needs.
The following tables present:
The sensitivity of the period’s result as well as of the equity’s if a reasonable movement of +/- 50 basis points in the Euro / USD exchange rate takes place.
The sensitivity of the period’s result as well as of the equity’s in a reasonable movement of +/- 10 basis points in the interest rates.
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The sensitivity of the period’s result as well as of the equity’s in a reasonable movement of +/- $75/ΜΤ in the Jet fuel price.

Company 31.12.2025 | Balance sheet value | Foreign exchange risk EUR/USD | Foreign exchange risk EUR/GBP | Interest rate risk | Fuel price risk
|  | +50 bps | -50 bps | +50 bps | -50 bps | +10 bps | -10 bps | +75 USD/MT | -75 USD/MT
Financial assets (FVOCI) | 178.369,28 | (90,93) | 91,70 | (62,99) | 63,72 | (1.011,09) | 1.049,86 | 0 | 0
Receivables | 33.509,00 | (110,75) | 111,70 | 0 | 0 | 0 | 0 | 0 | 0
Restricted cash | 2.961,70 | (8,33) | 8,40 | 0 | 0 | 0 | 0 | 0 | 0
Cash and cash equivalents | 407.504,21 | (1.050,63) | 1.059,61 | 0 | 0 | (86,12) | 86,12 | 0 | 0
Derivatives - cash flow hedging | (22.805,86) | (2.115,00) | 2.132,77 | 0 | 0 | 0 | 0 | 15.588,08 | (15.588,08)
Derivatives - non hedging | (2.529,00) | (558,43) | 563,07 | 0 | 0 | 0 | 0 | 0 | 0
Liabilities | (944.471,91) | 3.121,56 | (3.148,24) | 0 | 0 | 0 | 0 | 0 | 0
Net earnings after tax/Equity |  | 1.302,49 | (1.313,75) | (62,99) | 63,72 | 0 | 0 | 0 | 0
Total comprehensive income after tax/Equity |  | (2.115,00) | 2.132,77 | 0 | 0 | (1.097,20) | 1.135,97 | 15.588,08 | (15.588,08)

Company 31.12.2024 | Balance sheet value | Foreign exchange risk EUR/USD | Interest rate risk | Fuel price risk
|  | +50 bps | -50 bps | +10 bps | -10 bps | +75 USD/MT | -75 USD/MT
Financial assets (FVOCI) | 145.827,84 | (381,10) | 384,79 | (505,89) | 518,63 | 0 | 0
Receivables | 35.096,25 | (131,12) | 132,39 | 0 | 0 | 0 | 0
Restricted cash | 2.021,37 | (7,27) | 7,34 | 0 | 0 | 0 | 0
Cash and cash equivalents | 369.902,95 | (1.296,46) | 1.309,00 | (29,45) | 29,45 | 0 | 0
Derivatives - cash flow hedging | 5.979,27 | (1.458,35) | 1.472,21 | 0 | 0 | 14.246,32 | (14.246,32)
Derivatives - non hedging | 11.280,38 | (904,66) | 913,14 | 0 | 0 | 0 | 0
Liabilities | (1.026.985,10) | 3.836,81 | (3.873,92) | 0 | 0 | 0 | 0
Net earnings after tax/Equity |  | 1.116,19 | (1.127,26) | (535,34) | 548,09 | 0 | 0
Total comprehensive income after tax/Equity |  | (1.458,35) | 1.472,21 | 0 | 0 | 14.246,32 | (14.246,32)

Group 31.12.2025 | Balance sheet value | Foreign exchange risk EUR/USD | Foreign exchange risk EUR/GBP | Interest rate risk | Fuel price risk
|  | +50 bps | -50 bps | +50 bps | -50 bps | +10 bps | -10 bps | +75 USD/MT | -75 USD/MT
Financial assets (FVOCI) | 180.926,91 | (100,15) | 101,01 | (62,99) | 63,72 | (1.011,55) | 1.050,32 | 0 | 0
Tangible assets | 191.890,33 | (634,21) | 639,63 | 0 | 0 | 0 | 0 | 0 | 0

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Receivables | 38.060,60 | (125,79) | 126,87 | 0 | 0 | 0 | 0 | 0 | 0
Cach Collateral | 2.961,70 | (8,33) | 8,40 | 0 | 0 | 0 | 0 | 0 | 0
Cash and cash equivalents | 433.772,74 | (1.137,45) | 1.147,17 | 0 | 0 | (86,12) | 86,12 | 0 | 0
Derivatives for cash flow hedge | (22.805,86) | (2.115,00) | 2.132,77 | 0 | 0 | 0 | 0 | 15.588,08 | (15.588,08)
Derivatives | (2.529,00) | (558,43) | 563,07 | 0 | 0 | 0 | 0 | 0 | 0
Liabilities | (1.267.111,35) | 4.187,91 | (4.223,70) | 0 | 0 | 0 | 0 | 0 | 0
Net earnings after tax/Equity |  | 1.623,54 | (1.637,55) | (62,99) | 63,72 | 0 | 0 | 0 | 0
Total comprehensive income after tax/Equity |  | (2.115,00) | 2.132,77 | 0 | 0 | (1.097,66) | 1.136,43 | 15.588,08 | (15.588,08)

Group 31.12.2024 | Balance sheet value | Foreign exchange risk EUR/USD | Interest rate risk | Fuel price risk
|  | +50 bps | -50 bps | +10 bps | -10 bps | +75 USD/MT | -75 USD/MT
Financial assets (FVOCI) | 145.827,84 | (381,10) | 384,79 | (505,89) | 518,63 | 0 | 0
Receivables | 41.356,08 | (154,51) | 156,00 | 0 | 0 | 0 | 0
Cach Collateral | 2.021,37 | (7,27) | 7,34 | 0 | 0 | 0 | 0
Cash and cash equivalents | 383.987,15 | (1.349,08) | 1.362,13 | (29,45) | 29,45 | 0 | 0
Derivatives for cash flow hedge | 5.979,27 | (1.458,35) | 1.472,21 | 0 | 0 | 14.246,32 | (14.246,32)
Derivatives | 11.280,38 | (904,66) | 913,14 | 0 | 0 | 0 | 0
Liabilities | (1.199.412,78) | 4.480,99 | (4.524,33) | 0 | 0 | 0 | 0
Net earnings after tax/Equity |  | 1.684,38 | (1.700,94) | (535,34) | 548,09 | 0 | 0
Total comprehensive income after tax/Equity |  | (1.458,35) | 1.472,21 | 0 | 0 | 14.246,32 | (14.246,32)

|  | FBS0402 | FBS0403 | FBS0404
Company 31.12.2025 | Derivative type | Level 1 | Level 2 | Level 3
Assets |  |  |  |
Forwards contracts in USD | (FWD) | 0 | 2.886,28 | 0
Jet fuel commodity swaps | (FWD) | 0 | 271,50 | 0
Interest rate swaps | (IRS) | 0 | 0 | 0
Bonds |  | 299.830,37 | 0 | 0
Shares |  | 56.315,31 | 0 | 15.122,07
Convertible loan |  | 0 | 0 | 32.804,54
Total Assets |  | 356.145,69 | 3.157,78 | 47.926,61
Liabilities |  |  |  |
Forwards contracts in USD | (FWD) | 0 | (20.404,13) | 0
Jet fuel commodity swaps | (FWD) | 0 | (8.088,67) | 0
Interest rate swaps | (IRS) | 0 | 0 | 0
Total Liabilities |  | 0 | (28.492,80) | 0

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Fair value hierarchy levels |  |  |  |
Company 31.12.2024 | Derivative type | Level 1 | Level 2 | Level 3
Assets |  |  |  |
Forwards contracts in USD | (FWD) | 0 | 28.944,72 | 0
Jet fuel commodity swaps | (FWD) | 0 | 978,13 | 0
Interest rate swaps | (IRS) | 0 | 0 | 0
Bonds |  | 163.222,75 | 0 | 0
Shares |  | 48.747,86 | 0 | 14.225,00
Convertible loan |  | 0 | 0 | 26.578,70
Total Assets |  | 211.970,61 | 29.922,85 | 40.803,70
Liabilities |  |  |  |
Forwards contracts in USD | (FWD) | 0 | (0,84) | 0
Jet fuel commodity swaps | (FWD) | 0 | (12.662,36) | 0
Interest rate swaps | (IRS) | 0 | 0 | 0
Total Liabilities |  | 0 | (12.663,20) | 0

Fair value hierarchy levels |  |  |  |
Group 31.12.2025 | Derivative type | Level 1 | Level 2 | Level 3
Assets |  |  |  |
Forwards contracts in USD | (FWD) | 0 | 2.886,28 | 0
Jet fuel commodity swaps | (FWD) | 0 | 271,50 | 0
Interest rate swaps | (IRS) | 0 | 0 | 0
Bonds |  | 300.181,44 | 0 | 0
Shares |  | 58.140,97 | 0 | 15.122,07
Convertible loan |  | 0 | 0 | 32.804,54
Total Assets |  | 358.322,41 | 3.157,78 | 47.926,61
Liabilities |  |  |  |
Forwards contracts in USD | (FWD) | 0 | (20.404,13) | 0
Jet fuel commodity swaps | (FWD) | 0 | (8.088,67) | 0
Interest rate swaps | (IRS) | 0 | 0 | 0
Total Liabilities |  | 0 | (28.492,80) | 0

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Fair value hierarchy levels |  |  |  |
Group 31.12.2024 | Derivative type | Level 1 | Level 2 | Level 3
Assets |  |  |  |
Forwards contracts in USD | (FWD) | 0 | 28.944,72 | 0
Jet fuel commodity swaps | (FWD) | 0 | 978,13 | 0
Interest rate swaps | (IRS) | 0 | 0 | 0
Bonds |  | 163.222,75 | 0 | 0
Shares |  | 48.831,44 | 0 | 14.225,00
Convertible loan |  | 0 | 0 | 26.578,70
Total Assets |  | 212.054,19 | 29.922,85 | 40.803,70
Liabilities |  |  |  |
Forwards contracts in USD | (FWD) | 0 | (0,84) | 0
Jet fuel commodity swaps | (FWD) | 0 | (12.662,36) | 0
Interest rate swaps | (IRS) | 0 | 0 | 0
Total Liabilities |  | 0 | (12.663,20) | 0

Level 1 values refer to published prices and Level 2 values are based on measurement techniques. Bonds and shares are traded in active markets and they are measured at their market price at the balance sheet date. Hedging derivatives are measured using international pricing platforms. Level 3 values are determined by an independent valuator using the Discounted Cash Flow (DCF) method, the Binomial Tree Method, and market multiples (Trading Multiples).
Apart from the above, the management estimates that all other financial assets and liabilities are presented at fair value at 31.12.2025, either due to their short-term nature or because they have floating interest rates. Additionally, there are no transfers of items between the hierarchical levels 1, 2, and 3.
Credit risk
The maximum exposure to credit risk, without taking into consideration any letters of guarantee and security deposits, is as follows:

| Company | Group
Classes of assets | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Cash, cash equivalents and restricted cash | 591.757,35 | 542.470,56 | 654.952,52 | 577.638,12
Financial Assets | 371.267,75 | 226.195,61 | 373.444,47 | 226.279,19
Derivatives assets | 3.157,86 | 29.922,85 | 3.157,86 | 29.922,85
Trade and other receivables | 185.603,91 | 171.250,97 | 199.194,66 | 173.023,13
Total | 1.151.786,87 | 969.839,99 | 1.230.749,51 | 1.006.863,29

The management considers that all the above financial assets are of high credit quality.
As far as the deposits are concerned, the Group is dealing only with reputable financial institutions of high credit ratings. In detail, see the below table. Α s reference we used the credit ratings from Standard and Poor's (S&P) and Moody’s.

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Amounts in Banks per Credit Ratings | A | A- | A+ | AAA | BB- | BB+ | BBB- | BBB+ | No rating
Short-term time deposits | 10.000,00 | 6.200,00 | 118.425,53 | 0 | 0 | 39.000,00 | 117.563,00 | 15.000,00 | 0
Current accounts | 141.581,94 | 319,02 | 4.152,96 | 0 | 0 | 3.905,17 | 14.908,12 | 33.344,01 | 870,25
Cash Equivalents | 0 | 19.416,33 | 0 | 91.623,97 | 0 | 0 | 34.942,00 | 0 | 0
Restricted Cash | 2.961,70 | 0 | 0 | 0 | 0 | 0 | 496,03 | 0 | 0
Total | 154.543,64 | 25.935,34 | 122.578,49 | 91.623,97 | 0 | 42.905,17 | 167.909,15 | 48.344,01 | 870,25

In order to be protected against the credit risk, the Group monitors on a regular basis its trading receivables and whenever necessary, assesses the assurance of the receivables collection.
Possible credit risk also exists in cash and cash equivalents and in derivative contracts. The risk may arise from the possibility of the counterparty becoming unable to meet its obligations towards the Group. To minimize this risk, the Group examines regularly its degree of exposure to every individual financial institution.
Liquidity risk
Liquidity risk is managed effectively by maintaining sufficient cash levels. The Group manages its liquidity by maintaining adequate cash levels as well as ensuring the provision of credit facilities not only from financial institutions but also from suppliers, always in relation to its operating, investing and financing requirements.
It is noted that as at 31.12.2025 the Group had a cash position of € 651.494,79 (31.12.2024: 575.616) securing its ability to settle the short-term and medium-term liabilities.
The Company financial liabilities’ maturity as at 31.12.2025 are analyzed as follows:

Company | Within 6 months | 6 – 12 months | 1-5 years | More than 5 years
Borrowings | 205.161,94 | 4.676,39 | 37.488,19 | 268.808,33
Lease liabilities | 97.536,07 | 96.486,11 | 645.298,33 | 576.650,87
Trade payables | 118.470,43 | 0 | 0 | 0
Other short term liabilities | 223.305,12 | 0 | 0 | 0
Contract Liabilities (short term) | 155.432,50 | 162.355,04 | 47.570,10 | 0
Derivatives | 8.138,60 | 9.662,97 | 10.691,15 | 0
Contract Liabilities (long term) | 0 | 0 | 0 | 2.548,99
Total | 808.044,66 | 273.180,51 | 741.047,78 | 848.008,19

The respective maturity of the Company financial liabilities’ as at 31.12.2024 are analyzed as follows:

Company | Within 6 months | 6 – 12 months | 1-5 years | More than 5 years
Borrowings | (294,60) | (318,86) | 201.434,07 | 0
Lease liabilities | 63.052,91 | 64.200,85 | 571.540,03 | 441.279,92
Trade payables | 112.861,99 | 0 | 0 | 0
Other short term liabilities | 233.014,16 | 0 | 0 | 0
Contract Liabilities (short term) | 149.677,33 | 152.073,48 | 23.124,03 | 0
Derivatives | 6.342,42 | 5.382,26 | 938,52 | 0

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Contract Liabilities (long term) | 0 | 0 | 0 | 25.342,64
Total | 564.654,21 | 221.337,74 | 797.036,66 | 466.622,56

The Group financial liabilities’ maturity as at 31.12.2025, based on the contractual non-discounted liabilities, are analyzed as follows:

Group | Within 6 months | 6 – 12 months | 1-5 years | More than 5 years
Borrowings | 213.820,07 | 14.808,86 | 137.602,49 | 436.120,90
Lease liabilities | 91.503,96 | 100.153,36 | 599.348,66 | 482.819,99
Trade payables | 124.742,67 | 0 | 0 | 0
Other short term liabilities | 216.774,85 | 0 | 0 | 0
Contract Liabilities (short term) | 156.967,16 | 162.642,30 | 47.570,10 | 0
Derivatives | 8.138,60 | 9.662,97 | 10.691,15 | 0
Contract Liabilities (long term) | 255,32 | 0 | 0 | 2.548,99
Total | 812.202,63 | 287.267,49 | 795.212,40 | 921.489,88

The Group financial liabilities’ maturity as at 31.12.2024 are analyzed as follows:

Group | Within 6 months | 6 – 12 months | 1-5 years | More than 5 years
Borrowings | 2.600,47 | 3.052,90 | 248.167,80 | 129.802,29
Lease liabilities | 61.475,20 | 61.756,14 | 551.542,40 | 372.863,02
Trade payables | 118.333,06 | 0 | 0 | 0
Other short term liabilities | 219.167,20 | 0 | 0 | 0
Contract Liabilities (short term) | 146.027,27 | 152.547,03 | 23.124,03 | 0
Derivatives | 6.342,42 | 5.382,26 | 938,52 | 0
Contract Liabilities (long term) | 259,89 | 0 | 0 | 25.342,64
Total | 554.205,50 | 222.738,34 | 823.772,75 | 528.007,95

The above maturities reflect the future gross cash flows.
Policies and procedures on capital management
Primary target of the capital management is to ensure preservation of the high-ranking credit rating as well as solid equity ratios, to support and expand the operations and maximize shareholders’ value.
The Company monitors capital based on shareholders’ total equity plus loans, less cash and cash equivalents as they appear on the statement of financial position.
The Capital for the fiscal years 2025 and 2024 is analyzed as follow:

| Company | Group
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024
Total Equity | 506.796,99 | 451.699,90 | 568.757,37 | 499.355,42
Plus: Loans | 448.292,98 | 201.563,25 | 664.186,02 | 383.623,46
Less: Cash and cash equivalents (including restricted cash) | (591.757,35) | (542.470,56) | (654.952,52) | (577.638,12)
Capital | 363.332,63 | 110.792,58 | 577.990,87 | 305.340,76

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Total Equity | 506.796,99 | 451.699,90 | 568.757,37 | 499.355,42
Plus: Loans | 448.292,98 | 201.563,25 | 664.186,02 | 383.623,46
Total capital | 955.089,98 | 653.263,15 | 1.232.943,39 | 882.978,88
Capital / Total capital ratio: | 0,38 | 0,17 | 0,47 | 0,35

The Company’s target is to maintain the above ratio of capital /total capital less than 0,50.
According to the existing legislation, specific provisions are required regarding the capital adequacy (Law 4548/2018). The Company is in total compliance with law.
3.35 Commitments
At 22.06.2018 the Company signed Aircraft Purchase Agreement with Airbus S.A.S. which provides for the acquisition of a total of 41 new generation aircraft of the A320neo family. The deliveries of the aircraft began in 2020 and are expected to be completed within 2032.
This amount is adjusted through an annual adjustment clause, designed to increase the price of each aircraft, by applying a formula that reflects the changes in the prevailing economic conditions. Prices are depending on the engine selection, the weights selected and any type of aircraft configuration. Scheduled pre-delivery payments at 31.12.2025 amounted to $274m.
The lease commitments will depend on (1) aircraft delivery time, (2) the Euro/US dollar exchange rate at the delivery date and (3) the selection of the aircraft type.
3.36 Dividends
The Annual Ordinary General Assembly of Company shareholders dated 29 th April 2025, approved the distribution of an aggregate dividend amount of €0,80 per share for fiscal year 2024.
The Board of Directors will propose for approval at the next General Assembly the distribution of a dividend amounting to €0.90 per share.
3.37 Subsequent Events
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In January 2026, the subsidiary Olympic Air acquired a 45% stake in APELLA Single-Member S.A. The investment was carried out through the acquisition of existing shares as well as through a parallel contribution for a share capital increase of APELLA.
Recent geopolitical developments in the Middle East constitute a significant source of uncertainty for the aviation sector. AEGEAN as of 28/02/2026 proceeded with flight cancellations to and from airports in Israel, Lebanon and Iraq, as well as adjustments to its network to destinations in the United Arab Emirates and Saudi Arabia, due to the ongoing developments in the region and in accordance with the guidance issued by international and national aviation authorities (EASA, HCAA). Air traffic to and from these markets is estimated to account for approximately 4% to 5% of the Group’s total activity.
Given the crisis, the Company is evaluating the data and considering possible modifications to its network planning, aiming to optimize the use of its aircraft fleet and to adapt to conditions as they develop in a highly dynamic environment.
In any case, the potential impact of these developments on overall air travel demand will depend on the duration and extent of the crisis. So far, no significant change has been observed in booking trends across the Company’s remaining domestic and international network, with any impact being limited to the affected markets and, to a lesser extent, on the contribution of these markets to the rest of the network (connecting traffic). At the same time, a key factor of uncertainty remains the evolution of oil and aviation fuel prices. Although the Company is hedged for 58% of its planned estimated aviation fuel needs for 2026, a significant increase in aviation fuel prices (+100%) immediately following the onset of the crisis, if sustained, would affect the remaining fuel costs for which no hedging arrangements have been made.
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3.38 Existing Encumbrances
There are no existing encumbrances as at 31.12.2025.
3.39 Auditor’s fees
Auditors’ fees for 2024 was €342,6 (2024: €285). The amount includes the statutory audit of financial statements according to IFRS and the provision of tax certificate for the fiscal year 2025. Furthermore, other audit services were provided for an amount of €227,7 (2024: €100,5) as well as permitted non-audit services for an amount of €77 (2024: €0).
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The accompanied Financial Statements are the ones approved by the Board of Directors of “Aegean Airlines S.A.” on 11 March 2026 and are uploaded on the Company’s website (www.aegeanair.com) for investors’ reference, where they will remain for at least 5 years after their preparation and public announcement date.
Spata, 11 March 2026

Chairman of the BoD | Chief Executive Officer | Chief Financial Officer | Chief Accountant
Eftichios Vasilakis | Dimitrios Gerogiannis | Michail Kouveliotis | Maria Zannaki
I.D. no. ΑΝ049866 | I.D. no. AB642495 | I.D. no. ΑΟ148706 | I.D. no. Α00578763

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5.Use of Proceeds
REPORT ON THE USE OF PROCEEDS FROM THE €250 MILLION COMMON BOND LOAN
AEGEAN AIRLINES S.A.
General Commercial Registry (G.E.M.I.) No.: 1797901000
Report on the Use of Proceeds Raised from the Issuance of a Common Bond Loan for the Period from 04 July
2025 to 31 December 2025
At its meeting on 24 June 2025, the Hellenic Capital Market Commission approved the Prospectus dated 24 June 2025 of AEGEAN AIRLINES S.A. (hereinafter the “Company”) regarding the public offering with payment in cash and the admission to trading on the Fixed Income Securities Segment of the Regulated Market of the Athens Stock Exchange of a common bond loan with a total nominal amount of up to €250,000,000, with a seven (7) year maturity, divided into up to 250,000 dematerialized, common, registered bonds, each with a nominal value of €1,000 (hereinafter the “Bonds”), in accordance with the resolution of the Company’s Board of Directors dated 19 June 2025 (hereinafter the “Issue”).
Following the completion of the subscription period, the above common bond loan (CBL) was fully subscribed. The issue price of the Bonds was set at €1,000 per Bond, i.e. 100% of their nominal value. The main characteristics of the loan are as follows:
(a) The coupon yield of the Bonds is 3.70%, fixed for the entire duration of the loan, (b) Interest is paid semi-annually, and (c) The maturity of the loan is seven (7) years, with repayment to take place at the end of the seven-year period. The Company has the right to early redeem all or part of the principal of the Bonds after the end of the 7th Interest Period, in accordance with the provisions of Clause 9.3 of the CBL Programme “Issuer’s Right of Early Redemption of Bonds.”
Upon completion of the Public Offering on 02 July 2025, and according to the aggregated allocation results produced through the Electronic Book Building System (H.B.I.P.) of the Athens Stock Exchange, a total of 250,000 dematerialized, common, registered bonds of the Company were allocated, each with a nominal value of €1,000 (the “Bonds”), resulting in total proceeds of €250 million.
The 250,000 issued dematerialized, common, registered bonds were admitted to trading on the Organized Fixed Income Securities Market of the Athens Stock Exchange on 07 July 2025.
Following the above, and in compliance with the applicable legislation, and in particular Articles 4.1.1, 4.1.2 and 4.1.3 of the ATHEX Rulebook, as well as Decisions 10A/1038/30.10.2024 and 8/754/14.4.2016 of the Board of Directors of the Hellenic Capital Market Commission, the Company hereby provides this report in order to inform the market regarding the use of the funds raised from the CBL Issue until their final allocation.
Accordingly, it is announced that from the total amount of €250,000 thous. raised in cash from the subscription of the bond loan by holders of pre-emption and pre-subscription rights, after deducting €6,264.04 thous. (plus VAT) relating to issuance expenses, as analyzed in Section 4.1.3 “Issue Expenses of the CBL” of the Company’s Prospectus dated 24 June 2025, the net proceeds amounting to €243,735.96 thous. were allocated up to 31 December 2025 as follows:
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302

TABLE OF ALLOCATION OF PROCEEDS
from the issuance of the €250,000,000 Common Bond Loan (amounts in € thousand)
Use of Proceeds in accordance with the purposes set out in the Prospectus (Section 4.1.2 “Reasons for the Issue of the CBL and Use of Proceeds”) | Allocation of Proceeds Based on the Prospectus |  | Proceeds Allocated during the Period from 04.07.2025 to 31.12.2025 | Unallocated Proceeds as of 31.12.2025 | Note
(1) 50%, i.e. approximately €121.9 million, will be used until 12 March 2026 for the partial repayment of a €200,000,000 common bond loan, divided into bearer, dematerialized, common interest-bearing bonds, which have been listed and are traded on the Athens Stock Exchange, issued by the Issuer pursuant to the Board of Directors’ resolution dated 22 February 2019 (hereinafter the “2019 CBL”). | 121.867,98 |  | 0,00 | 121.867,98 |
(2) 17%, i.e. approximately €41.4 million, will be allocated until 31 December 2028 to finance the acquisition of aircraft and aircraft engines. Specifically, the amount will be used to finance part of the pre-delivery payments and the purchase price arising from the binding agreement with Airbus, signed on 22 June 2018, as amended and in force. | 41.435,11 |  | 41.435,11 | 0,00 | 1
(3) 33%, i.e. approximately €80.5 million, will be allocated until 31 December 2026 to cover the Company’s working capital needs, excluding any capital returns or dividend distributions to the Company’s shareholders. | 80.432,87 |  | 40.308,19 | 40.124,67 | 2
Total (1)+(2)+(3) | 243.735,96 |  | 81.743,31 | 161.992,65 |
CBL Issuance Expenses (excluding VAT) | 6.264,04 |  | - | - |
Total Proceeds Raised | 250.000,00 |  | - | - |

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Notes:
1.Financing of Aircraft Investments
For the period from 04.07.2025 to 31.12.2025, the Company disbursed €41,435.11 thous. to finance part of the pre-delivery payments and purchase price arising from the binding agreement with Airbus, signed on 22 June 2018, amended and in force, and therefore made full use of the funds intended for this purpose in accordance with section 4.1.2 "Reasons for Issuance of the CB and Use of Proceeds" of the Prospectus.
Specifically, a portion of the above amount was used to finance the remaining purchase price (i.e., after deducting prepayments already made to the manufacturer prior to this Issue) of one A321 aircraft, which was delivered to the Company in October 2025. Furthermore, part of the proceeds was allocated to cover a portion of the prepayments for two (2) A321neo aircraft, which, according to the current delivery schedule, are expected to be delivered during the first half of 2027.
For completeness, according to the current delivery schedule agreed with the aircraft manufacturer, the planned deliveries are: five (5) A321neo aircraft in 2026, five (5) A321neo aircraft in 2027, two (2) A321neo aircraft in 2028, and eight (8) A321neo aircraft after 2030.
2.Working Capital Requirements
For the period from 04.07.2025 to 31.12.2025, the Company disbursed €40,308.19 thous. to cover its working capital needs, within the scope of its ordinary business operations. The unallocated CBL funds of €161,992.65 thous. are included in the line item “Cash and Cash Equivalents” of the Company’s Statement of Financial Position as of 31.12.2025 and were held in time deposits and demand deposit accounts, in accordance with Section 2.3 (“Purpose of the Bond Loan”) of the Prospectus.
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5.Company announcements as per Art.10 Law 3401/2005 published during the fiscal year 2025
305
6.Company announcements as per Art.10 Law 3401/2005 published during the fiscal year 2025
Aegean Airlines had disclosed the following information over the period beginning 01.01.2025 and ending 31.12.2025, which are posted on the Company’s website
www.aegeanair.com
(in the link
https://en.about.aegeanair.com/investor-relations/announcements/announcements/
regarding the announcements and in the link
https://en.about.aegeanair.com/investor-relations/general-assemblies/
regarding the General Assemblies) as well as the website of Athens Exchange
www.helex.gr
.
Date Announcement
6-Mar-25 12th Interest Payment Period of the Common Bond Loan
7-Mar-25 AEGEAN carried 1.9 million passengers in the first two months of 2025, recording an increase of 9% and is offering 1.8 million additional available seats for the current year exceeding 21.5 million seats
12-Mar-25 Conference Call Invitation
12-Mar-25 Financial Calendar 2025
14-Mar-25 AEGEAN grows its fleet by placing a firm order for 8 additional Airbus A321 neo aircraft
17-Mar-25 2024 Financial Results
20-Mar-25 Bond Buyback Decision
31-Mar-25 Bond Buyback
2-Apr-25 Bond Buyback
7-Apr-25 Invitation to Ordinary General Meeting
7-Apr-25 Purchase of own shares
7-Apr-25 Bond Buyback
8-Apr-25 Purchase of own shares
8-Apr-25 Bond Buyback
9-Apr-25 Purchase of own shares
10-Apr-25 Purchase of own shares
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25-Apr-25 Bond Buyback
29-Apr-25 Decisions of the Ordinary General Meeting
2-May-25 Free distribution of Company’s shares
14-May-25 Dividend payment for fiscal year 2024
21-May-25 Bond Buyback
26-May-25 Release date of First Quarter 2025
27-May-25 Bond Buyback
28-May-25 First Quarter 2025 Trading Update
2-Jun-25 Bond Buyback
16-Jun-25 Bond Buyback
20-Jun-25 Bond Buyback
20-Jun-25 Announcement of the resolution of the Board of Directors of “Aegean Airlines S.A.” concerning the issuance of a common bond loan
23-Jun-25 Bond Buyback
24-Jun-25 Announcement for the Availability of the Prospectus of the company
24-Jun-25 Bond Buyback
24-Jun-25 Announcement – Invitation to Investors: regarding the public offering in Greece with payment in cash and the admission to trading on the fixed income securities segment of the regulated market of the Athens exchange of the bonds of the company
24-Jun-25 Announcement regarding the potential target market for the bonds to be issued by the company
25-Jun-25 Bond Buyback
26-Jun-25 Bond Buyback
27-Jun-25 Bond Buyback
27-Jun-25 Announcement – Invitation to Investors with range: regarding the public offering in Greece with payment in cash and the admission to trading on the fixed income securities segment of the regulated market of the Athens exchange of the bonds of the company
30-Jun-25 Bond Buyback
307
1-Jul-25 Bond Buyback
2-Jul-25 Announcement concerning the final yield and the interest rate of the bonds
4-Jul-25 Announcement concerning the results of the public offering of the bonds
4-Jul-25 Announcement for the Commencement of Trading and the Use of Proceeds
8-Jul-25 Credit Rating Review
16-Jul-25 AEGEAN invests in two new Airbus A321neo XLR aircraft with even greater range and comfort. New direct flights to New Delhi and Mumbai in India to commence as of March 2026.
2-Sep-25 Cancellation of Own Bonds
2-Sep-25 Conference call Invitation
2-Sep-25 Publication date of First Half 2025 financial results
3-Sep-25 Cancellation of Own Bonds
3-Sep-25 Bond Buyback
5-Sep-25 13th Interest Payment Period of the Common Bond Loan
5-Sep-25 Free distribution of Company’s shares
16-Sep-25 First Half 2025 results
3-Nov-25 Release date of the third quarter and nine-month 2025 trading update
11-Nov-25 Nine Month 2025 Results & KPIs
13-Nov-25 Bond Buyback
14-Nov-25 Bond Buyback
18-Nov-25 Bond Buyback
19-Nov-25 Bond Buyback
20-Nov-25 Bond Buyback
27-Nov-25 Bond Buyback
2-Dec-25 Bond Buyback
3-Dec-25 Bond Buyback
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4-Dec-25 Bond Buyback
9-Dec-25 Tax Audit 2024 and Tax Certificate Issuance
9-Dec-25 Bond Buyback
15-Dec-25 Replacement of a resigned member of the Board of Directors - Formation of the Board of Directors into Body
15-Dec-25 Election of New Member of the Audit Committee and the Remuneration & Nomination Committee in Replacement of Resigned Member. Reconstitution of the Audit Committee and the Remuneration & Nomination Committee into a Body
15-Dec-25 Bond Buyback
19-Dec-25 Bond Buyback
24-Dec-25 Bond Buyback
29-Dec-25 1st Interest Payment Period of the Common Bond Loan
Additionally at website:
https://en.about.aegeanair.com/investor-relations/announcements/trade-acknowledgements
(
www.aegeanair.com
, Aegean Group/Investors, Financial Results/Announcements) and to the website of Athens Stock Exchange
www.helex.gr
Announcements of Regulated Information according to Law 3556/2007 (Transaction Disclosure) were posted on the following dates:
Date Announcement
11-Feb-25 Trade Acknowledgements
5-May-25 Trade Acknowledgements
23-Jun-25 Trade Acknowledgements
25-Jun-25 Trade Acknowledgements
7-Jul-25 Trade Acknowledgements
7. Website of the Annual Financial Report
7.Website of the Annual Financial Report
The annual financial statements of the Company and the Group, the audit report of the Certified Auditor Accountant and the Management Report of the Board of Directors including the Sustainability Statement for the year ended December 31, 2025 have been posted to the Company's website
www.aegeanair.com
.
The Annual Financial Report is prepared in compliance with the European Single Electronic Format (ESEF) in xHTML and inline XBRL format and it is available on the website.
The Financial Data and Information and the Annual Financial Report in accordance with the International Financial Reporting Standards of the wholly owned subsidiary company Olympic Air are published and posted on the websites
www.aegeanair.com
and www.olympicair.com.