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China Southern Airlines Company (1055) investor relations material
China Southern Airlines Company Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating revenue for Q1 2026 reached RMB 47,782 million, up 10.08% year-over-year, reflecting strong recovery and improved operations.
Net profit attributable to shareholders was RMB 1,481 million, reversing a net loss of RMB 747 million in Q1 2025.
Profitability surged due to sustained improvement in production and operations compared to the same period last year.
Financial highlights
Operating revenue increased to RMB 47,782 million from RMB 43,407 million year-over-year.
Profit before income tax rose sharply to RMB 2,674 million from RMB 33 million year-over-year.
Net cash flows from operating activities were RMB 4,852 million, up 9.48% year-over-year.
Basic earnings per share improved to RMB 0.08 from RMB -0.04 year-over-year.
Weighted average return on net assets was 4.07%, up from -2.17% year-over-year.
Outlook and guidance
Management attributes the significant profit turnaround to ongoing operational improvements and expects continued positive momentum.
- Net profit reached RMB855 million in 2025, reversing a loss, as revenue and efficiency improved.1055
H2 202530 Mar 2026 - Nine-month net profit surged 48.86% year-over-year, driven by robust aviation demand.1055
Q3 202415 Dec 2025 - Q1 2025 posted a net loss of RMB 747 million amid revenue decline and industry headwinds.1055
Q1 202515 Dec 2025 - Q3 2025 delivered higher revenue and profit, marking a strong operational turnaround.1055
Q3 202515 Dec 2025 - Net loss narrowed on higher revenue and load factors, but yields and liquidity remain pressured.1055
H2 202415 Dec 2025 - Revenue up 18% YoY, net loss narrowed, with robust passenger and cargo growth.1055
H1 202415 Dec 2025 - Revenue rose but net loss widened; international traffic and safety performance remained strong.1055
H1 202515 Dec 2025
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