AMSTERDAM – Travel company Corendon posted revenues of more than €866 million in 2025, but soaring operational costs and geopolitical instability sharply reduced profits, according to company founder Atilay Uslu.
In an interview with the Dutch financial newspaper Het Financieele Dagblad, Uslu said the company earned less than €3 million in profit despite strong revenue figures, as the aviation sector continues facing mounting pressure from rising fuel prices, geopolitical tensions, and higher operating expenses.
According to Uslu, flights to destinations such as Curaçao could become significantly more expensive if kerosene prices remain elevated later this year.
Corendon currently has fuel hedging contracts in place until September, but the company warns that if oil prices do not decline afterward, travelers may eventually have to pay around €100 extra for a return ticket to Curaçao.
The airline sector has faced growing uncertainty in recent months due to instability in the Middle East and concerns surrounding the Strait of Hormuz, one of the world’s most important oil shipping routes. Tensions in the region have contributed to higher oil and aviation fuel prices globally.
Earlier this year, Corendon temporarily suspended flights to Curaçao because of tensions involving Venezuela. The company now says volatility in global energy markets remains one of the biggest threats to profitability.
Despite the pressure on margins, Corendon continues investing heavily in expansion and infrastructure.
The company recently announced a €25 million investment to transform the former KAS Bank headquarters in Amsterdam, located behind the Royal Palace on Dam Square, into Corendon’s new headquarters.
At the same time, Corendon is expanding its international flight network. Starting December 14, the company will launch a new direct route between Düsseldorf and Curaçao, operating three times per week.
The move reflects what Corendon describes as a growing trend among Dutch travelers increasingly choosing German airports because of lower taxes, cheaper parking, and easier accessibility compared to Dutch airports.
According to Uslu, rising Dutch aviation taxes are making departures from Germany more attractive for travelers.
Corendon also remains active in the Russian tourism market through Corendon Airlines International, a Turkish airline in which Uslu is a shareholder. The airline continues transporting Russian tourists to Turkey, something that previously sparked criticism in the Netherlands following Russia’s invasion of Ukraine.
Uslu defended the company’s position by pointing to the strong economic ties between Turkey and Russia and emphasized that the Turkish airline operates under Turkish law.
In the interview, the Corendon founder said the company does not see itself as a political organization.
“We are not about making political statements; we are businesspeople,” Uslu said.
At the same time, he noted that Corendon previously supported actions against anti-LGBT policies in Russia and also provided hotel rooms for Ukrainian refugees immediately after the Russian invasion of Ukraine.