PT. Garuda Indonesia (Persero) (GIAA) Q4 2025 earnings summary

Executive summary

• Consolidated net loss for the year ended December 31, 2025 was US$319.4 million, with accumulated losses of US$3.83 billion as of year-end.

• Revenue for 2025 was US$3.22 billion, down 5.8% year-over-year, with scheduled airline services as the main contributor.

• The Group completed a major capital injection of US$1.42 billion in December 2025, including a shareholder loan conversion and cash from PT Danantara Asset Management.

• Management asserts the Group remains a going concern, supported by restructuring, capital increases, and operational improvements.

Financial highlights

• Operating revenue: US$3.22 billion in 2025, down from US$3.42 billion in 2024.

• Operating loss: US$468.2 million in 2025, compared to US$390.1 million in 2024.

• Net loss: US$319.4 million in 2025, improved from US$69.8 million in 2024.

• Basic/diluted loss per share: US$(0.00285) in 2025, compared to US$(0.00079) in 2024.

• Total assets: US$7.43 billion at December 31, 2025, up from US$6.62 billion at prior year-end.

• Total liabilities: US$7.34 billion at year-end 2025, down from US$7.97 billion in 2024.

• Total equity: US$91.9 million at year-end 2025, compared to negative equity of US$1.35 billion in 2024.

Outlook and guidance

• Management plans further capital strengthening and operational improvements in 2026, including both cash and non-cash corporate actions.

• Strategic focus includes network rationalization, fleet expansion, cargo monetization, digital enablement, and cost optimization.

• No material uncertainty exists regarding going concern as of December 31, 2025.