The group of Cretan businessman Ioannis Grylos ended 2025 with turnover of more than €700m, net profit of nearly €100m and stronger liquidity, while also expanding its business footprint in air transport and aircraft ground handling.
SKY express is at the centre of the group’s activities. It broke through the €500m mark in annual revenue, carrying more than 5.1m passengers and expanding its fleet and international network. However, the increase in activity was not matched by a corresponding improvement in profitability: the airline’s net profit fell by 27.4%, while the group’s consolidated profit remained close to €96m.
The financial statements of Aviareps Hellas, through which the group’s activities are consolidated, and of SKY express show higher investment spending and operating cash flows, as well as significant long-term commitments under aircraft leases, exceeding half a billion euros.
The group’s financial performance
According to Aviareps Hellas’ consolidated financial statements, turnover reached €709.03m in 2025, up from €626.86m in 2024, an increase of 13.1%. Net profit came to €95.95m, compared with €94.80m, a rise of 1.2%, while profit before tax increased to €122.88m from €120.95m. Earnings before interest and tax were virtually unchanged at €123.65m.
However, the increase in sales was accompanied by a significant rise in costs. Cost of sales reached €567.79m, up from €486.82m, leaving gross profit just 0.9% higher at €141.25m. As a result, the gross profit margin fell from 22.34% to 19.92%, while the net profit margin narrowed from 15.12% to 13.53%.
Investment income also contributed to profitability, rising sharply to €28.20m from €11.87m the previous year.
Cash flow was strong, with net cash inflows from operating activities more than doubling to €155.18m from €76.56m in 2024. Cash and cash equivalents also increased to €153.94m from €113.67m, while equity rose to €439.37m from €351.51m.
Borrowings also fell: the group’s loan liabilities, which stood at about €58m at the end of 2024, had been reduced to just €818.90 as at 31 December 2025.
Investment and aircraft leases
Significant resources were directed towards strengthening infrastructure and equipment. Net cash outflows from the acquisition and disposal of fixed assets came to €57.68m, compared with €30.31m in 2024, while additions to property, plant and equipment totalled €40.09m, most of them relating to machinery and equipment.
The financial statements also record the long-term commitments associated with aircraft leases. According to the consolidated statements, minimum future payments under non-cancellable operating lease agreements stood at €529.39m at the end of 2025.
Of this amount, €71.76m is due within one year, €247.70m between one and five years, and €209.93m after more than five years.
SKY express’ performance
According to the financial statements of SKY express, in which Aviareps Hellas holds an 83.5% stake, the airline’s turnover increased by 16.4% to €513.07m from €440.75m in 2024. Net profit, by contrast, fell by 27.4% to €15.62m from €21.52m.
Profit before tax came to €21.30m, compared with €27.03m, while gross profit increased to €41.57m from €40.01m. Cost of sales rose by 17.7% to €471.50m, narrowing the gross margin from about 9.1% to 8.1%. Distribution costs also increased to €37.29m from €30.39m.
Operationally, SKY express carried 5.13m passengers, up from 4.69m in 2024, an increase of 9%. The number of flights rose by 7% to 60,420, while seats offered increased by 9% to 7.13m.
The international network showed stronger growth, with international flights up 22% and international passengers up 15%, exceeding 2m. Domestic passengers totalled 3.13m, an increase of 6%.
The airline ended 2025 with a fleet of 29 aircraft, compared with 27 in 2024, having added two Airbus A320neo aircraft. Of the 29 aircraft, 25 were leased and four were owned ATR aircraft. It also acquired one LEAP-1A engine and three ATR engines, and planned to take delivery of a further LEAP-1A engine during 2026.
Eight new year-round routes were added to the international network: from Athens to Berlin, Madrid, Lisbon, Hamburg, Lyon and Tel Aviv, as well as Thessaloniki–Düsseldorf and Heraklion–Tirana.
Despite the fall in profitability, SKY express’ operating cash flow rose to €42.25m from €18.89m, while its cash and cash equivalents more than doubled to €31.67m.
Staff, investments and Skyserv
The expansion of the group’s activities was accompanied by an increase in employment. The group’s average headcount reached 4,238, up from 3,736 in 2024, while wages and social security costs rose by 23.5% to €137.24m.
At SKY express, staff numbers increased from 821 to 924, including 656 flight crew and engineers.
In addition to its airline activities, the group holds investments in international funds and companies, including HotelBrain, with an investment carrying value of €4m, as well as investment vehicles managed by Southbridge, Airbus Ventures and Ardian.
Developments after the end of the financial year included Skyserv’s issuance in March 2026 of a five-year €50m bond loan to finance its operating and transaction cycle requirements.
The group’s aircraft ground-handling operations are carried out through Skyserv and Swissport Aviareps Hellas.
Finally, the independent auditor’s report contains a qualified opinion because the tax liabilities of the parent company for the 2020–2025 financial years, and those of two subsidiaries for 2023–2025, have not been audited by the tax authorities. No provision has been made for any potential additional tax liabilities.