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Mesfin Wins Another Year as Costs Outrun Revenue at Ethiopian Airlines

Aug 12 , 2026

Mesfin Tassew will remain chief executive officer (CEO) of Ethiopian Airlines Group (EAG) for another year, extending a tenure that has run on a series of annual renewals since his statutory retirement formally ended three years ago. The CEO confirmed the extension to Fortune.

The decision by the Board of Directors, chaired by Yilma Merdassa (Lt. Gen), also the commander of the Ethiopian Airforce, keeps command of the continent's largest carrier in the same hands through the most capital-intensive phase of its expansion. The Group booked 9.1 billion dollars in revenue over the year, a 20pc rise that implies a prior-year base close to 7.6 billion dollars. Expenses climbed faster, up 25pc, as the fuel bill grew.

Under Mesfin, the carrier widened its network of destinations and drew additional airports into domestic operations. It also broke ground on Bishoftu International Airport, the largest airport project on the continent when it is completed. The full cost, 12.6 billion dollars, will be more than the entirety of the Group's annual revenue. Its first phase, designed to handle 60 million travellers, is scheduled for completion within three years.

The financing structure ties the balance sheet to a construction timetable at a moment when the cost base is expanding faster than the revenue that services it. Holding fuel expenditure in check will shape the Group's finances well beyond the 12-month horizon on which Mesfin now serves.

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