Korean Airlines (003490) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached KRW 6,491.9 billion, up from KRW 4,291.4 billion in Q1 2024, reflecting the consolidation of Asiana Airlines and continued recovery in passenger and cargo demand.

• Operating income and net income declined on a non-consolidated basis due to higher expenses and non-operating losses, but consolidated operating income was KRW 431.0 billion, a 9.5% increase year-over-year.

• The group completed the acquisition of a 63.88% stake in Asiana Airlines, significantly boosting total revenue and strengthening its market position.

Financial highlights

• Non-consolidated revenue for 1Q 2025 estimated at KRW 3.96 trillion, up 3.5% year-over-year.

• Consolidated revenue surged 51.3% to KRW 6.49 trillion, reflecting Asiana's consolidation.

• Gross profit for Q1 2025 was KRW 1,068.9 billion, with a gross margin of 16.5%.

• Net profit for Q1 2025 was KRW 349.9 billion, up from KRW 140.7 billion in Q1 2024.

• Total assets stood at KRW 47,235.0 billion, with total liabilities of KRW 36,197.9 billion and equity of KRW 11,037.2 billion.

Outlook and guidance

• Passenger demand expected to grow with upcoming holidays and peak travel season.

• Cargo market volatility anticipated due to global trade tensions and tariffs.

• Strategic focus remains on fleet modernization, cost efficiency, and customer experience enhancements.