Enter Air increased first-half 2026 revenue by 18% year on year to PLN 1.48 billion and flight operations by around 7%. However, the group reported a PLN 130.3 million net loss, compared with a PLN 187.8 million profit a year earlier. Non-cash foreign-exchange differences and hedging valuations had a significant impact. The company says the third quarter, encompassing the summer holiday peak, remains the most important period for annual results.
Revenue reached PLN 1.478 billion, up from PLN 1.255 billion. Growth was stronger in dollar terms, which are important for the group’s contracts: revenue rose 25%, from USD 323.8 million to USD 406.2 million.
Flight operations increased from 12,700 to 13,500, or 7%, while the number of aircraft used during the summer season rose from 35 to 40. Contracts with the four largest customers increased 18% in value, from USD 536.1 million to USD 634.3 million.
Higher sales did not improve every profit measure
Cost of sales rose 24% to PLN 1.435 billion, reducing gross profit on sales from PLN 99.8 million to PLN 43.5 million. Operating profit fell from PLN 59.2 million to PLN 17 million.
EBITDA was PLN 212.7 million, around 2% below the previous year’s PLN 216.6 million. The larger change came below the operating line: the financial result was negative PLN 174.4 million, compared with positive PLN 166.4 million a year earlier.
The group consequently reported a PLN 160.2 million pre-tax loss and PLN 130.3 million net loss, against pre-tax profit of PLN 230.3 million and net profit of PLN 187.8 million a year earlier.
Accounting items accounted for a substantial part of the swing. Unrealised foreign-exchange differences on lease valuations were negative PLN 89.2 million, while unrealised derivative valuation losses totalled PLN 30.6 million. Neither represented an immediate cash outflow.
Cash flow paints a stronger picture
Operating cash flow reached PLN 265.5 million in the first half and exceeded PLN 339 million in the second quarter alone. The company says trailing 12-month EBITDA conversion into operating cash remained around 100%.
The contrast with net earnings reflects the importance of currency and financial-instrument valuations. Much of the airline’s lease liabilities, fuel costs and contracts are linked to foreign currencies, so exchange-rate movements can substantially affect quarterly accounting results.
In August 2026, Enter Air also paid shareholders PLN 43.9 million in dividends, or PLN 2.50 per share.
Fuel remains a key factor
The first half was challenging for airlines as crude oil and Jet A1 fuel prices rose. Enter Air says geopolitical tensions in the Middle East and global supply-chain disruption particularly affected refined products.
Its business model allows part of fuel-cost changes to be passed to tour operators through flight-rate adjustments. The company also hedges future fuel exposure.
This limits the direct margin impact, but does not remove the effect of hedge valuations on reported earnings. Such valuations were one of the factors weighing on first-half net profit.
New contracts should support profitability
Seasonality is essential when assessing Enter Air. The first quarter still included contracts from the previous commercial cycle; from the second quarter, the airline began operating a new programme with updated rates.
According to the company, these better reflect current fuel, fleet-maintenance and external-service costs. Their full impact should be most visible in the third quarter, which accounts for the largest share of annual traffic.
Enter Air entered the 2026 season with record contracts of around USD 634 million from its four largest customers, up 18% year on year.
Travel demand remains resilient
UN Tourism data cited by the company show international tourist arrivals in Europe rose around 3% in the first half of 2026, compared with roughly 0.4% globally. Growth in Central and Eastern Europe and the southern Mediterranean was around 4%.
Poland’s outbound travel market remains particularly important for the airline. Enter Air also points to a longer tourist season: September and October now matter more than several years ago, supporting aircraft utilisation after the main summer peak.
Forty aircraft for summer
Enter Air’s summer 2026 fleet comprises 40 Boeing 737s, including two wet-leased aircraft and 12 Boeing 737 MAX 8s. Including Chair Airlines and Fly4 Airlines, the group operates 49 aircraft.
Six further aircraft are already contracted, two to replace older jets. Expansion increases operating potential, but also raises the importance of maintenance costs, parts availability and heavy-maintenance capacity.
Expanding in-house maintenance
The group plans to open a second heavy-maintenance position at its Katowice hangar from the start of the fourth quarter. It will then have three positions: two in Katowice and one in Debrecen, Hungary.
Enter Air says its own resources will be able to service almost 70% of the fleet during the coming winter. More in-house maintenance can reduce reliance on external suppliers and improve aircraft availability when demand for servicing is highest. The group also intends to expand MRO services for outside customers.
Nekera broadens the business model
In June 2026, Enter Air acquired 85% of tour operator Nekera. Integration is underway, while further investment opportunities in Poland and elsewhere in Europe are being assessed.
One of the first joint projects is Enter Charter, offering whole-aircraft charter to businesses and organised groups. Nekera handles commercial work, offers and trip organisation; Enter Air supplies aircraft and operates flights.
This gradually expands the group beyond traditional charter services primarily provided to large tour operators.
The third quarter will be decisive
The first half presents two contrasting pictures: rising revenue, operations, fleet size and contract values alongside strong cash flow, but weaker operating profitability and a net result burdened by foreign-currency liability and hedge valuations.
The third quarter will carry greater weight in assessing 2026, with peak fleet utilisation, new contract rates and a large share of annual revenue and profit generated during the holiday season.
Key factors include margins under the new programme, fuel prices, the dollar exchange rate and maintaining high utilisation of the enlarged fleet. In-house MRO expansion and Nekera’s integration may become increasingly important in later quarters.
Source: ManagerPlus, based on Enter Air’s first-half 2026 results. This article is for information only and does not constitute investment advice or an investment recommendation.
