PT. Garuda Indonesia (Persero) (GIAA) Q1 2025 earnings summary

Executive summary

• Consolidated operating revenue reached USD 723.56 million in Q1 2025, up 1.63% year-over-year, driven by scheduled flights and a 93% surge in charter flights, especially for umrah services.

• Passenger volume was 5.12 million, with seat load factor improving to 78.8% (+5pp YoY); cargo volume rose 5% and on-time performance was 88.19%.

• Positive operating cash flow of USD 162.27 million (+87.15% YoY); net loss narrowed by 12.54% to USD 75.93 million despite high finance costs from restructuring.

• EBITDA for Q1 2025 was positive at USD 197 million, reflecting operational recovery post-restructuring.

• The Group continues to face negative equity of USD 1.43 billion and current liabilities exceeding current assets by USD 684 million.

Financial highlights

• EBITDA increased 16.85% YoY to USD 196.67 million; EBITDA margin improved to 27.21%.

• Operating income rose 90.54% YoY to USD 31.61 million.

• Net loss reduced to USD 75.93 million from USD 86.82 million YoY.

• Cash from operating activities nearly doubled YoY to USD 162.28 million.

• Cash and cash equivalents increased to USD 223.8 million at quarter-end.

Outlook and guidance

• Focus remains on executing transformation, cost optimization, and expanding fleet to 100 aircraft by year-end 2025.

• Management's business plan focuses on domestic and select international routes, fleet optimization, and cost efficiency.

• Ongoing financial restructuring includes equity increases, strategic partner funding, and early bond/sukuk retirement.

• Material uncertainty remains regarding the Group's ability to continue as a going concern due to negative equity and liquidity challenges.

• Strategic roadmap aims for 50% domestic market share and continued operational reliability.