PT. Garuda Indonesia (Persero) (GIAA) Q1 2026 earnings summary

Executive summary

• Reported a net loss of US$41.62 million for Q1 2026, an improvement from a US$75.93 million loss in Q1 2025.

• Revenue increased to US$762.35 million, up 5.4% year-over-year, driven by higher scheduled flight and ancillary services.

• Operating expenses remained stable at US$713.22 million, with cost control offsetting inflationary pressures.

• Management continues to implement strategic initiatives to improve profitability and strengthen capital structure.

Financial highlights

• Total revenue for Q1 2026 was US$762.35 million, up from US$723.56 million in Q1 2025.

• Net loss attributable to owners was US$46.48 million, compared to US$76.49 million in Q1 2025.

• EBITDA improved, with operating loss before tax at US$47.72 million, a significant reduction from US$88.74 million in Q1 2025.

• Cash and cash equivalents at March 31, 2026 stood at US$857.50 million, down from US$943.40 million at year-end 2025.

• Total assets increased to US$7.51 billion, while total liabilities rose to US$7.44 billion.

Outlook and guidance

• Management expects continued revenue growth through network optimization, fleet expansion, and ancillary revenue initiatives.

• Strategic alliances and digital enablement are targeted to enhance connectivity and customer experience.

• Ongoing cost optimization and capital raising efforts are planned to support long-term financial stability.