Air China (753) Q4 2025 earnings summary

Executive summary

• Revenue rose 2.87% year-over-year to RMB 171.485 billion, but net loss attributable to equity shareholders widened to RMB 1.788 billion from RMB 233 million in 2024.

• No dividend proposed for 2025 due to negative distributable profits.

• Maintained stable and safe operations, achieving 3.01 million hours of safe flight.

• Expanded international presence with 12 new or resumed routes in 2025, now covering six continents and 32 Belt and Road countries.

• Introduced 45 new aircraft and phased out 11, bringing the fleet to 964 aircraft with an average age of 10.36 years.

Financial highlights

• Revenue reached RMB 171.485 billion, up 2.87% year-over-year; air passenger revenue was RMB 154.856 billion (+2.02% YoY); cargo and mail revenue was RMB 7.778 billion (+4.92% YoY).

• Net loss attributable to equity shareholders was RMB 1.788 billion (2024: RMB 233 million loss).

• Net cash flows from operating activities increased 21.71% to RMB 42.05 billion.

• EBITDA was RMB 34.80 billion, up 2.37% year-over-year.

• Operating expenses were RMB 177.143 billion (+3.11% YoY), with jet fuel costs down 6.85% but maintenance and employee costs up.

Outlook and guidance

• The 15th Five-Year Plan focuses on high-quality development, industrial and market structure adjustment, and fleet optimization.

• Strategic focus on safety, hub network optimization, balanced passenger-cargo development, cost leadership, and digital innovation.

• Plans to enhance product/service quality, digital transformation, and green development.

• Key tasks for 2026 include upholding safety, driving innovation, enhancing value creation, and improving service quality.

• Cautionary note on forward-looking statements due to uncertainties.