PT. Garuda Indonesia (Persero) (GIAA) Q3 2025 earnings summary

Executive summary

• Reported a net loss of US$180.8 million for the nine months ended September 30, 2025, compared to a net loss of US$129.6 million in the same period last year.

• Total comprehensive loss for the period was US$185.5 million, with negative equity of US$1.54 billion as of September 30, 2025.

• Accumulated losses reached US$3.69 billion, and current liabilities exceeded current assets by US$563 million.

Financial highlights

• Operating revenues for the nine months were US$2.39 billion, down 6.7% year-over-year.

• Operating expenses decreased to US$2.29 billion from US$2.38 billion year-over-year.

• Finance costs remained high at US$372.8 million.

• Cash and cash equivalents at period end were US$243.1 million, up from US$219.2 million at the start of the year.

• Total assets stood at US$6.75 billion, with total liabilities of US$8.29 billion.

Outlook and guidance

• Management continues to implement strategic plans including network rationalization, fleet expansion, ancillary revenue optimization, and capital raising.

• Additional funding secured via a US$405 million shareholder loan from Danantara, convertible to equity, to support maintenance and operations.

• Ongoing efforts to strengthen capital structure and improve equity position through both cash and non-cash corporate actions.