Air China (753) investor relations material

Executive summary

• Q3 revenue was RMB51,695,064 thousand, up 5.35% YoY, while total profit fell 97.93% to RMB85,688 thousand; 9M revenue rose 8.58% to RMB140,962,684 thousand, but total profit was a RMB3,045,746 thousand loss.

• 9M net loss attributable to shareholders was RMB2,015,291 thousand, versus net profit of RMB1,869,836 thousand in 9M 2025; the quarterly financial statements were unaudited.

Financial highlights

• 9M operating costs totaled RMB151,162,649 thousand, up from RMB134,277,600 thousand; operating loss was RMB3,467,558 thousand versus operating profit of RMB1,224,326 thousand in 9M 2025.

• 9M net loss attributable to shareholders after deducting non-recurring gains and losses was RMB2,724,267 thousand; Q3 adjusted net profit on the same basis was RMB62,745 thousand, down 98.28% YoY.

• 9M net cash from operating activities was RMB25,624,541 thousand, down 24.80% YoY; cash and cash equivalents ended the period at RMB10,250,007 thousand.

Segment performance

• 9M passenger volumes increased 4.8% YoY to 125,575.5 thousand; international passengers rose 8.1% to 15,025.4 thousand, while domestic passengers rose 4.4% to 106,809.3 thousand.

• 9M passenger load factor was 85.2%, up 3.9 percentage points YoY; international load factor was 83.8%, up 6.2 points, and domestic was 86.1%, up 2.9 points.

• 9M cargo and mail volume increased 0.6% YoY to 1,128,444.4 tonnes; international cargo and mail rose 9.2% to 385,356.2 tonnes, while domestic volume declined 3.8%.

• 9M available seat kilometres rose 2.9% YoY to 283,919.2 million; international capacity grew 6.3%, while regional capacity declined 4.1%.