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

Executive summary

• Revenue for Q1 2025 reached USD 723.6 million, up 1.6% year-over-year, with scheduled airline services as the main contributor.

• Net loss for Q1 2025 was USD 75.9 million, an improvement from a USD 86.8 million loss in Q1 2024.

• 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

• Operating revenues increased to USD 723.6 million in Q1 2025 from USD 712.0 million in Q1 2024.

• Operating expenses rose to USD 718.4 million, mainly due to higher maintenance and repair costs.

• Net loss attributable to owners was USD 76.5 million, with basic/diluted loss per share at USD (0.00289).

• Total assets stood at USD 6.46 billion, while total liabilities were USD 7.89 billion as of March 31, 2025.

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

Outlook and guidance

• 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.