• The company is bringing forward by one year the repayment of the public loans granted by SEPI thanks to a €300 million investment from Turkish Airlines, which will acquire a stake of approximately 26% in Air Europa, once all regulatory approvals have been obtained.

• The transaction values ​​Air Europa at approximately €1.175 billion and also includes an investment from IAG, which will maintain its stake in the company.

• The cancellation of the loan ends the financing received from SEPI during the pandemic, which allowed the company to preserve operations and jobs, as well as begin a transformation process that has resulted in the creation of more than 600 jobs.

• With this repayment, Air Europa has paid the State more than €1.8 billion over the last five years in interest, taxes, and airport fees, carrying more than 48 million passengers and operating more than 289,000 flights during this period.

Madrid, November 5, 2025 – Air Europa has finalized its agreement with Turkish Airlines, which will allow the Turkish airline to acquire a stake in the company through a €300 million investment.

The transaction has been structured as a convertible loan, which will be exchanged for a stake in Air Europa of approximately 26%, once all regulatory requirements are met.

Negotiations for the transaction began before the summer, under the leadership and supervision of Javier Hidalgo and his team, who coordinated the process until its completion. Following the acceptance of a binding offer by Turkish Airlines during the summer, the structuring of the transaction has been completed. This will provide immediate funding while regulatory and competition approvals are obtained.

The transaction represents a significant milestone for the commercial aviation sector by bringing together three of the industry’s major players in a single company: IAG, which will retain a 20% stake; Turkish Airlines; and Air Europa. As the only airline with majority Spanish and family ownership, Air Europa will continue to play a vital role in ensuring connectivity between Europe and Latin America. This transaction values ​​the airline at approximately €1.175 billion.

With this capital injection and its own resources, the airline is repaying its ordinary and participating loans with SEPI (the Spanish State Holding Company), as well as accrued interest, totaling nearly €500 million, one year ahead of schedule. After paying off the €141 million plus interest on the bank loan received in May 2020, with the participation and guarantee of the Official Credit Institute (ICO), Air Europa has now closed a significant chapter in the financial deleveraging process undertaken in recent years, confirming the success of its management strategy. The Hidalgo family, through Globalia, will remain the majority shareholder of the company, while IAG will retain its current stake through the purchase of shares from Globalia. The €475 million loan from SEPI was essential not only to guarantee the complete recovery of operations after the pandemic, but also to generate a very positive return for the national economy. This resulted not only in the preservation of approximately 4,000 jobs, but also in the creation of more than 600 new positions, bringing the total number of employees at the airline to nearly 4,600. Throughout this period, Air Europa has paid the State approximately €70,000 per day in interest, totaling over €97.2 million, which represents an additional 20% on the loan principal for SEPI. The airline has consistently met its commitments on time and in full, without incurring any delays or requesting any postponements.

Furthermore, this aid enabled Air Europa to initiate a transformation process that has allowed it to become one of the leading passenger carriers connecting Europe and Latin America, with a growing and more sustainable fleet, higher quality service, greater passenger connectivity, and a strengthened European and Atlantic focus. The company is a benchmark leader at the Madrid hub, where Globalia, its majority shareholder, continues to invest and is currently the only airline with a fully Spanish flag.

Air Europa received financial and legal advice from PJT Partners and Latham & Watkins, respectively.