Volotea plans to cut its fleet from 44 aircraft to between 30 and 35 as part of a cost-reduction programme, according to reports in the Spanish media.

The Barcelona-based carrier has not disclosed which bases the reduction will affect. In parallel, the airline is cutting around 50 jobs at its Barcelona headquarters.

The downsizing runs alongside negotiations with creditors to restructure existing loan repayment schedules. The most significant of those creditors is Spain's Sociedad Estatal de Participaciones Industriales (SEPI), the state-owned holding company that supports Spanish companies judged strategically important across a range of industries.

At the centre of the talks is a €200 million loan Volotea received from SEPI in 2022, part of a government package designed to mitigate the COVID-19 pandemic's impact on Spain's tourism industry. The loan is, in principle, due for repayment in 2029, and Volotea is now reportedly seeking to reschedule those payments.

Capital raise and Aegean rumours

Volotea is simultaneously looking to raise fresh capital to secure its long-term financial position. The airline's management team, led by founder Carlos Muñoz and his investment vehicle Alaeo, has confirmed it intends to participate in further fundraising rounds.

The reports have prompted speculation in industry circles that Aegean Airlines could move to take full control of the Spanish carrier. The Greek airline participated in Volotea's previous funding round with a convertible loan that gives it a stake of up to 21%. Aegean has denied the rumours.

Fuel costs drive the squeeze

Volotea attributes its financial pressure to the rise in fuel prices caused by the conflict in the Middle East. Earlier in 2026, the airline introduced a retroactive fuel surcharge on some flights but withdrew the measure after significant criticism from travellers.

The airline estimates the fuel price crisis costs it €150 million per year — a burden that dwarfs its underlying profitability. Volotea posted an EBIT of €47.4 million in 2025, meaning the estimated annual fuel impact is more than three times its operating result.

For an airline of Volotea's scale, a fleet reduction of up to 14 aircraft carries direct network consequences: fewer aircraft mean fewer routes from the carrier's bases across secondary European cities, its core market since foundation. The company has not yet detailed the timeline for the reductions or the fate of specific bases.

The outcome of the SEPI negotiations will shape whether Volotea can stabilise its balance sheet before the 2029 repayment deadline, with the planned capital raise and any potential Aegean involvement remaining the key variables to watch.