Barcelona-based regional low-cost carrier Volotea has finalized a €71 million capital increase, falling short of its initial €100 million target announced in September 2024. The airline cited sufficient internal cash flows from operations to meet remaining needs.
Aegean Airlines led the investment with €50 million, securing a 21% equity stake. U.S. investment firm PAR Capital and Alaeo, the vehicle of founder and CEO Carlos Muñoz and management, also participated. Of the total, €56 million was raised by October 2025, with an additional €15 million secured in Q1 2026.
Volotea’s decision to cap funding stemmed from robust 2025 performance. The carrier reported €840 million in revenue, a 4% rise from €810 million in 2024. EBITDA reached €190 million, up 29% year-over-year with a 22-24% margin. EBIT hit €70-80 million, doubling 2024’s €33.5-35 million, yielding an 8.5-9% margin.
Operationally, Volotea carried 11.3 million passengers at a 90% load factor across 430 routes with 41 Airbus A319/A320 aircraft. For 2026, it plans 12% capacity growth to 14 million seats. New French bases opened in Montpellier, with an A320 serving Bordeaux, Madrid, Tenerife-South and Lanzarote; and Limoges, with an A319 to Paris-Orly, Barcelona, Rome Fiumicino, Marseille, Ajaccio, Palma, Menorca and Malaga.