@article{article_1731086, title={Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic}, journal={Journal of Aviation}, volume={9}, pages={714–724}, year={2025}, DOI={10.30518/jav.1731086}, author={Bayram, Orkun}, keywords={Air Navigation Service Providers, Financial Sustainability, COVID-19 Shock, Panel Data Analysis, Crisis Management}, abstract={This study examines the financial resilience of European Air Navigation Service Providers (ANSPs) before and after the COVID-19 shock. Using a balanced panel dataset covering 2017–2023 for over 30 ANSPs, we employ fixed-effects estimators to quantify changes in key financial metrics—revenue, operating costs, capital expenditures, and free cash flow—once air traffic volumes collapsed. Our findings reveal a pronounced downturn in profitability and liquidity in 2020, followed by uneven recovery trajectories across providers. We also identify factors—such as pre-pandemic leverage and cost structure—that moderated the depth of the shock. These insights contribute to crisis-management literature in aviation finance and offer policy implications for bolstering sectoral sustainability against future disruptions.}, number={3}, publisher={Vedat Veli ÇAY}