Dorita Yiannakou
Cyprus Airways is preparing for a new phase of growth following a period of stabilization after the serious difficulties it faced in 2024. The airline is gradually changing its ownership structure, expanding its fleet, adding destinations and improving its services. At the same time, rising fuel costs are putting pressure on ticket prices, and management says fare increases may become necessary to keep airlines financially viable.
Cyprus Airways Chairman of the Board Vasilis Zertalis said the process of changing the company's shareholding structure began in late 2024 and remains underway. Speaking on the EPICHEIREIN segment of the DIASPORA EIDISEON program on SPOR FM 95.00, he explained that the goal is to gradually transfer a majority stake to new investors, primarily Cypriots, with a focus on local investors. Acrojet's stake is also gradually declining as the airline carries out capital increases that Acrojet does not participate in. According to Mr. Zertalis, Acrojet's stake has already fallen below 90%, although the final ownership percentages have yet to be determined.
The ownership changes are taking place alongside a new growth strategy. Mr. Zertalis said Cyprus Airways is now focused on expanding its operations, with plans to grow its fleet, introduce new destinations and improve passenger services. Two new aircraft joined the fleet in 2026, and the airline expects to take delivery of another two in March 2027. Plans also call for two additional aircraft to join the fleet in 2028. The expansion is closely tied to the airline's flight schedule, with specific routes planned for each new aircraft. As part of its network expansion, Cyprus Airways will add Rome and Munich to its schedule during the Christmas season, offering direct flights almost every day. Plans for 2027 include London and Cairo, with the new routes expected to coincide with the delivery of another aircraft in March or April. The airline is also considering other destinations for its summer schedule.
Mr. Zertalis also addressed the sharp increase in aviation fuel costs, which he said have doubled. Airlines cannot continue absorbing these increases indefinitely, he explained, because fuel accounts for one of their largest operating expenses. He expects ticket prices will eventually have to rise, warning that airlines could otherwise face serious financial difficulties that threaten their viability.
Asked whether the airline would offer special fares during the Christmas season, Mr. Zertalis said promotions would continue, although rising operating costs are making it harder to maintain low prices. The company will do its best to remain competitive and serve Cypriot passengers while taking the financial pressures into account.
Cyprus Airways also plans to refresh its corporate image by bringing back the mouflon, a symbol of the island's aviation heritage. Mr. Zertalis said he and the new owners are all from Cyprus and grew up seeing the mouflon on the wings of Cyprus Airways aircraft. The airline intends to restore the emblem to the extent permitted by regulations and justified by the cost. However, he explained that the new design will not be identical to the original, as its colors will be different. The updated branding will likely be unveiled when the new aircraft arrive, potentially in 2027.
Partnerships with foreign airlines are another important part of the company's growth strategy, giving passengers more options for reaching destinations around the world. Cyprus Airways recently announced a codeshare agreement with Air France covering flights between Larnaca Airport and Paris Charles de Gaulle Airport. The agreement follows the airline's partnership with flydubai, which Mr. Zertalis said was signed in April 2026.
The airline is also considering additional partnerships as it works to expand its network. Mr. Zertalis said Cyprus Airways wants to give Cypriot passengers access to as many destinations as possible, either through direct flights or with no more than one connection. He added that the airline is primarily looking to establish new partnerships with carriers serving Western markets.
