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China Southern Airlines Company (1055) investor relations material
China Southern Airlines Company H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating revenue for H1 2026 rose 9.72% year-over-year to RMB94,679 million, driven by growth in both passenger and cargo segments.
Net loss attributable to equity shareholders was RMB3,699 million, compared to RMB1,534 million loss in H1 2025.
Passenger traffic volume was 83.17 million, with international routes showing strong growth.
Cargo and mail revenue surged 18.65% year-over-year, reflecting robust demand.
Financial highlights
Operating expenses increased 17.01% year-over-year to RMB99,327 million, mainly due to higher fuel costs.
Net cash generated from operating activities was RMB10,450 million, down 10.48% from H1 2025.
Total assets reached RMB363,925 million, up 3.96% from year-end 2025.
Debt ratio rose to 85.85% from 84.22% at year-end 2025.
No interim dividend was declared for the period.
Outlook and guidance
Focus for H2 2026 includes enhancing safety, operational effectiveness, brand management, and digital transformation.
Plans to optimize fleet structure and expand logistics and high-tech cargo services.
Continued cost control and strategic reforms are prioritized.
- Q1 2026 saw a return to profit on 10% revenue growth, driven by operational recovery.1055
Q1 2026 - Net profit reached RMB855 million in 2025 as revenue and international business grew strongly.1055
H2 2025 - Nine-month net profit surged 48.86% year-over-year, driven by robust aviation demand.1055
Q3 2024 - Q3 2025 delivered higher revenue and profit, marking a strong operational turnaround.1055
Q3 2025 - Revenue rose 1.77% but net loss widened to RMB1.53bn; international traffic surged.1055
H1 2025 - Revenue up 18% YoY, net loss narrowed, with robust passenger and cargo growth.1055
H1 2024 - Q1 2025 posted a net loss of RMB 747 million amid revenue decline and industry headwinds.1055
Q1 2025 - Revenue up 8.94% and net loss narrowed, led by international and cargo growth, but yields fell.1055
H2 2024
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