PT. Garuda Indonesia (Persero) (GIAA) Q2 2025 earnings summary

Executive summary

• Interim consolidated financial statements for the six months ended June 30, 2025, were audited and received an unqualified opinion, with a material uncertainty related to going concern due to capital deficiency and current liabilities exceeding current assets by $737 million as of June 30, 2025.

• Management has implemented strategic operational and financial plans, including a shareholder loan of $405 million and planned capital injections to support fleet maintenance and improve equity.

Financial highlights

• Operating revenue for the six months ended June 30, 2025, was $1,548 million, down from $1,621 million year-over-year.

• Net loss for the period was $143 million, compared to a net loss of $100 million for the same period last year.

• Total assets as of June 30, 2025, were $6.51 billion, with total liabilities of $8.01 billion and negative equity of $1.50 billion.

• Cash and cash equivalents at period end were $211 million.

Outlook and guidance

• Management plans to rationalize the network, expand the fleet to up to 120 aircraft, optimize ancillary revenue, and enhance loyalty platforms.

• Financial strategies include capital increases, raising funds from strategic partners, and further corporate actions to strengthen capital structure.