PT. Garuda Indonesia (Persero) (GIAA) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was USD1,795.44m; net loss narrowed to USD112.96m from USD147.05m YoY, while operating expenses rose to USD1,749.95m from USD1,503.99m.

• Independent auditors issued an unmodified opinion, finding the financial statements fairly presented in all material respects under Indonesian Financial Accounting Standards.

• Severe liquidity pressure, negative working capital and negative equity persisted; management plans new working-capital financing and operational transformation measures.

Financial highlights

• H1 operating revenue rose to USD1,795.44m from USD1,548.20m YoY; scheduled services contributed USD1,313.48m, non-scheduled USD272.75m and other revenue USD209.21m.

• Loss before tax narrowed to USD130.28m from USD167.69m YoY; income tax benefit was USD17.32m and net loss was USD112.96m versus USD147.05m.

• Finance costs were USD222.44m, down from USD251.59m YoY; maintenance and repair expense increased to USD407.21m from USD318.38m.

• Operating cash flow was USD253.10m versus USD303.33m; investing outflow was USD382.47m and financing outflow USD161.61m.

• Cash and equivalents ended H1 at USD624.34m, down from USD943.40m at Dec. 2025; total assets were USD7,375.06m and total liabilities USD7,427.21m.

Outlook and guidance

• Plans include working-capital financing supported by PT Danantara Asset Management, with proceeds intended partly for trade payables and aircraft fuel.

• Operational priorities include network and revenue-management optimization, cargo and ancillary revenue growth, strategic partnerships, fleet reliability, capacity utilization and punctuality.

• Cost and structural initiatives include fuel optimization, engine exchanges, lower domestic agent commissions, digital transformation, premium-brand positioning and a leaner operating structure.