PT. Garuda Indonesia (Persero) (GIAA) Q3 2025 earnings summary

Executive summary

• Revenue for 3Q 2025 was $842.16 million, down 10.53% year-over-year, with a net loss of $37.93 million, a 29.65% deeper loss compared to 3Q 2024.

• For the first nine months of 2025, revenue reached $2,390.36 million, down 6.7% year-over-year, with a net loss of $180.77 million, a 39.47% increase in losses.

• Total comprehensive loss for the period was US$185.5 million, with negative equity of US$1.54 billion as of September 30, 2025.

• Accumulated losses reached US$3.69 billion, and current liabilities exceeded current assets by US$563 million.

Financial highlights

• Operating income for 3Q 2025 was $68.28 million, a 23.62% decline year-over-year, and EBITDA fell 12.44% to $235.43 million.

• Operating revenues for the nine months were US$2.39 billion, down 6.7% year-over-year.

• Operating expenses for 3Q 2025 were $782.16 million, down 7.99% year-over-year, with fuel costs declining 16.77%.

• Finance costs remained high at US$372.8 million.

• Cash and cash equivalents at period end were US$243.1 million, up from US$219.2 million at the start of the year.

Outlook and guidance

• Focus remains on strengthening equity, enhancing liquidity, and sustaining operational recovery.

• Management continues to implement strategic plans including network rationalization, fleet expansion, ancillary revenue optimization, and capital raising.

• Additional funding secured via a US$405 million shareholder loan from Danantara, convertible to equity, to support maintenance and operations.

• Ongoing efforts to strengthen capital structure and improve equity position through both cash and non-cash corporate actions.