Looked at your airline and you only offer two viable connections at your 12:30 wave: Ponta Delgada and then I’m guessing your one to Frankfurt?
Basically, PAX in Airlinesim won’t travel further than twice the distance to their destination.
For example: People won’t go from PMI to Lisbon and then back to Valencia because why would they? They could just take ground transport and will get there in half the time (assuming no other airline flies that route).
As a personal preference, I like to initially set my waves in a bridge system - so passengers from the east (e.g. PMI) can connect onto flights travelling west, north-west, or south-west (e.g. PDL or OPO or Faro).
I hope that explains it
Billy
Edit: I love recommending Matth’s tutorial to people because it helped me clarify certain aspects of the game that older tutorials may not have covered. Here is his guide on flight planning (but I highly recommend the whole tutorial as its a fun read): https://www.asroutemap.info/tut_fpl.asp