Cebu Air (CEB) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of PHP 119.9 billion in 2025, up 14.3% year-over-year, with net income more than doubling to PHP 12.3 billion, driven by strong passenger, cargo, and ancillary growth despite operational challenges.

• Carried 26.9 million passengers, a 10% increase, with an 84% load factor, and reinforced market leadership with 56.2% domestic and 22% international share.

• Continued investment in fleet modernization and sustainability, reaching 100 aircraft (72% neo jets), and expanded network to 63 destinations.

• Fourth quarter faced operational disruptions and flat passenger volumes, but revenue still rose 6% year-over-year to PHP 32.3 billion.

• Maintained market leadership through disciplined capacity management, network expansion, and customer experience improvements.

Financial highlights

• Full-year EBITDA grew 21% to PHP 30.9 billion, with margin expanding to 25.8%; operating income up 25% to PHP 11.5 billion.

• Net income for 2025 reached PHP 12.3 billion, more than double 2024, with net income margin improving to 10.3%.

• Ancillary revenue grew 14% to PHP 32 billion; cargo revenue up 27% to PHP 7.2 billion.

• Total assets increased 11% to PHP 264.7 billion; equity nearly doubled to PHP 19.0 billion.

• Cost per ASK decreased 1% to PHP 3.05; operating expenses rose 13% mainly due to higher fleet and maintenance costs.

Outlook and guidance

• Entering 2026 with healthy bookings, resilient demand, and a fuel-efficient fleet, but cautious due to Middle East crisis and elevated fuel prices.

• Capacity growth for 2026 targeted at 10%, with flexibility to adjust based on fuel price volatility and demand.

• Plans to maintain a 100-aircraft fleet in 2026, with 7 new deliveries and 7 retirements, increasing the share of new-generation aircraft.

• All-NEO fleet targeted by 2030 to further enhance efficiency and ESG performance.

• Q2 2026 expected to maintain strong demand and load factors; Q3 outlook remains uncertain and will be reviewed.