Air China (753) Q4 2025 earnings summary

Executive summary

• Revenue rose 2.87% year-over-year to RMB171,485 million, but net loss attributable to equity shareholders widened to RMB1,788 million from RMB233 million in 2024.

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

• Operating performance improved with higher capacity and passenger load factor, but lower yields and increased costs led to a larger net loss.

Financial highlights

• Revenue: RMB171,485 million (+2.87% YoY); air passenger revenue: RMB154,856 million (+2.02% YoY); cargo and mail revenue: RMB7,778 million (+4.92% YoY).

• Net loss attributable to equity shareholders: RMB1,788 million (2024: RMB233 million loss).

• Basic and diluted loss per share: RMB(0.11) (2024: RMB(0.01)).

• Operating expenses: RMB177,143 million (+3.11% YoY), with jet fuel costs down 6.85% but maintenance and employee costs up.

• Finance costs decreased 13.22% to RMB5,553 million; net exchange gains of RMB328 million (vs. RMB760 million loss in 2024).

• Cash and cash equivalents at year-end: RMB14,295 million, down 32.05% from 2024.

Outlook and guidance

• 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 2026 priorities: safety, value creation, reform, service system optimization, and Party leadership.