PT. Garuda Indonesia (Persero) (GIAA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 5.4% YoY to US$762.35 million, while net loss narrowed to US$41.62 million from US$75.93 million.

• EBIT increased 47.2% YoY to US$46.5 million; six additional serviceable aircraft supported passenger growth.

• Management priorities include profitability, cost discipline, fleet recovery, network optimization and capital-structure strengthening.

Financial highlights

• Revenue increased from US$723.56 million to US$762.35 million; passenger revenue rose 8.1% to US$608.5 million, ~80% of total revenue.

• Operating expenses fell 0.7% YoY to US$713.2 million; fuel expense declined 3.7% to US$224.7 million, while non-fuel expenses were US$488.5 million.

• EBIT rose 47.2% to US$46.5 million and EBITDA increased 7.0% to US$210.4 million; EBT loss improved 46.2% to US$47.7 million.

• Net loss was US$41.62 million; net loss attributable to owners was US$46.48 million, versus US$76.49 million in Q1 2025.

• Cash and cash equivalents were US$857.50 million at March 31, 2026, down from US$943.40 million at year-end 2025; assets were US$7.51 billion and liabilities US$7.44 billion.

Outlook and guidance

• 2026 priorities include cash and funding stabilization, cost discipline, a profit-first network, fleet serviceability recovery and operational stability.

• Initiatives include branded fares, international-route pricing, network synergies, service and digital-channel upgrades, crew productivity and organizational streamlining.

• Fleet plans target four B737-800 deliveries in Q2 2026 and two B737-8 deliveries by year-end, alongside one A330-200 redelivery and four A330-300 phase-outs.

• Network optimization, ancillary revenue growth, strategic alliances, digital enablement and capital raising are planned to support growth and stability.