Aegean Airlines is reportedly preparing to become the controlling shareholder of Spanish carrier Volotea through a restructuring involving a debt-for-equity conversion and a fresh capital injection.
The proposed transaction would convert €56 million of Volotea’s debt into shares and include a €15 million capital increase, of which Aegean would contribute €9.5 million. The Greek airline acquired its initial stake in 2024 and increased its holding to more than 20% following a 2026 capital increase. Volotea has neither confirmed nor denied the latest reports.
The development is particularly significant for Asturias Airport, where Volotea operates its main Spanish base and is the largest carrier. The airline plans to offer more than 1.1 million seats from Asturias this year, 35% more than in 2025, across 24 routes—including seven international services to Lisbon, Milan-Bergamo, Porto, Rome, Paris-Orly, Brussels and Florence.
Volotea has operated in Asturias since 2012 and employs around 160 people in the region. Its wider European network includes 21 operational bases.
The restructuring comes despite improved operating performance. Volotea generated €818 million in revenue in 2025, while operating profit rose by 41% to €47.4 million. However, it recorded a €64 million net loss, attributed largely to exceptional accounting adjustments involving tax assets and currency reserves. The airline is also preparing to discontinue several French routes ahead of the winter season.