Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic

Orkun Bayram

doi:10.30518/jav.1731086

Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic

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.

Keywords

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Details

Primary Language

English

Subjects

International Finance

Journal Section

Research Article

Authors

Orkun Bayram ^*
0000-0001-9958-7822
Türkiye

Early Pub Date

October 16, 2025

Publication Date

October 19, 2025

Submission Date

July 8, 2025

Acceptance Date

August 23, 2025

Published in Issue

Year 2025 Volume: 9 Number: 3

DOI

https://doi.org/10.30518/jav.1731086

IZ

https://izlik.org/JA79ER37ZJ

Cite

RIS / Bibtex

APA

Bayram, O. (2025). Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic. Journal of Aviation, 9(3), 714-724. https://doi.org/10.30518/jav.1731086

AMA

1.Bayram O. Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic. JAV. 2025;9(3):714-724. doi:10.30518/jav.1731086

Chicago

Bayram, Orkun. 2025. “Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic”. Journal of Aviation 9 (3): 714-24. https://doi.org/10.30518/jav.1731086.

EndNote

Bayram O (October 1, 2025) Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic. Journal of Aviation 9 3 714–724.

IEEE

[1]O. Bayram, “Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic”, JAV, vol. 9, no. 3, pp. 714–724, Oct. 2025, doi: 10.30518/jav.1731086.

ISNAD

Bayram, Orkun. “Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic”. Journal of Aviation 9/3 (October 1, 2025): 714-724. https://doi.org/10.30518/jav.1731086.

JAMA

1.Bayram O. Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic. JAV. 2025;9:714–724.

MLA

Bayram, Orkun. “Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic”. Journal of Aviation, vol. 9, no. 3, Oct. 2025, pp. 714-2, doi:10.30518/jav.1731086.

Vancouver

1.Orkun Bayram. Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic. JAV. 2025 Oct. 1;9(3):714-2. doi:10.30518/jav.1731086