**Summary of Air Astanas Q4 and FY 2025 Results**
Air Astana JSC, the leading airline group in Central Asia and the Caucasus, reported robust financial performance for the fourth quarter (Q4) and full year (FY) ended December 31, 2025, despite industry-wide challenges. Key highlights include
### **Full Year 2025 Performance**
**Revenue Growth**Total revenue increased by 11.4% to USD 1,453.9 million, driven by strong demand and capacity expansion.
**EBITDAR Stability**EBITDAR rose slightly by 0.8% to USD 321.2 million, despite margin pressure from Pratt & Whitney Unscheduled Engine Removals (UERs) and other operational challenges.
**Capacity Expansion**Available Seat Kilometres (ASK) grew by 14.0% to 22.0 billion, supported by a 19.8% increase in international routes.
**Passenger Growth**Passenger numbers increased by 7.9% to 9.7 million, with a stable load factor of 82.7%.
**Fleet Expansion**The fleet grew to 62 aircraft, including deliveries of Airbus A320 family aircraft and the redelivery of Embraer E2 aircraft.
**Profit After Tax (PAT)**PAT decreased to USD 13.6 million, primarily due to UER-related costs and foreign exchange movements.
### **Q4 2025 Performance**
**Revenue Growth**Total revenue increased by 15.8% to USD 357.0 million, with strong demand on international routes.
**EBITDAR Decline**EBITDAR decreased by 9.7% to USD 59.1 million due to UER-related groundings and higher maintenance costs.
**RASK Improvement**Revenue per Available Seat Kilometre (RASK) increased by 9.8% to USD 7.18¢, driven by higher-margin international routes and fare adjustments.
**Passenger Stability**Passenger numbers remained stable at 2.2 million, with a load factor of 81.7%.
### **Strategic Initiatives**
**Fleet Modernization**The Group signed agreements for Boeing 787-9 and Airbus A320/A321neo aircraft, supporting long-term growth and network expansion.
**Network Expansion**Launched 25 new routes in 2025, focusing on China, India, Southeast Asia, and the Gulf.
**Codeshare Agreements**Entered into codeshare agreements with China Southern Airlines and Air India to enhance connectivity and market access.
**Digital Transformation**Invested in AI-enabled tools, cloud adoption, and IT security to improve operational efficiency and customer engagement.
### **Challenges and Mitigation**
**Pratt & Whitney UERs**UERs impacted profitability by limiting capacity and increasing unit costs. Mitigation efforts include securing spare engines, leasing additional aircraft, and in-house MRO capabilities.
**Foreign Exchange Impact**Depreciation of the Kazakh Tenge negatively affected EBITDAR, particularly for FlyArystan, partially offset by fare adjustments.
### **Outlook**
**Growth Expectations**The Group anticipates growth in 2026, supported by capacity realignment, fleet expansion, and operational efficiency improvements.
**Medium-Term Goals**Aim to expand the fleet to 86 aircraft by 2030, achieve mid-to-high 20s EBITDAR margin, and maintain liquidity and leverage ratios.
### **Leadership Transition**
**CEO Succession**Peter Foster, CEO, announced his departure after 20 years, with Ibrahim Canliel appointed as the new CEO from April 2026. Foster will remain as a senior advisor to the Board.
### **Sustainability**
**Net-Zero Commitment**Revised net-zero target from 2060 to 2050, aligned with global aviation industry goals.
**Sustainable Aviation Fuel (SAF)**Co-financed a pre-feasibility study for SAF production in Kazakhstan, with progress toward the next design phase.
### **Financial Position**
**Liquidity**Maintained a strong liquidity position with cash and cash equivalents of USD 472.9 million.
**Leverage**Leverage ratio stood at 1.80x Net Debt/EBITDAR, within medium-term guidance.
Air Astana remains focused on long-term growth, operational resilience, and strategic partnerships to navigate challenges and capitalize on opportunities in the dynamic aviation industry.
| Metric | FY 2025 | FY 2024 | YoY Change |
|---|---|---|---|
| Total Revenue and Other Income (USD million) | 1,453.9 | 1,304.9 | 11.4% |
| EBITDAR (USD million) | 321.2 | 318.7 | 0.8% |
| EBITDAR Margin (%) | 22.1 | 24.4 | -2.3pp |
| Profit After Tax (PAT) (USD million) | 13.6 | 49.4 | -35.9m |
| Net Debt/EBITDAR | 1.80 | 1.24 | 0.56 |
| Cash and Bank Balances (USD million) | 472.9 | 488.7 | -3.2% |
| Passengers (millions) | 9.7 | 9.0 | 7.9% |
| ASK (billion) | 22.0 | 19.3 | 14.0% |
| RASK (US cents) | 6.60 | 6.75 | -2.3% |
| CASK (US cents) | 6.20 | 6.10 | 1.6% |