Highlights

  • Revenue increased in 9M despite Q3 constraints from engine removals and currency pressure.
  • Passenger traffic expanded across international and domestic routes during the reporting periods.
  • Operational metrics were affected by UER-related groundings, airport closures and Tenge depreciation.

Air Astana JSC (LSE:AIRA), comprising Air Astana and FlyArystan, released its results for the nine months ended 30 September 2025, reporting higher revenue but reduced profitability. Total revenue and other income rose 10.1% to USD 1,096.8M compared with 9M 2024. EBITDAR increased 3.5% to USD 262.2M, while the EBITDAR margin moderated to 23.9%.

Passenger numbers reached 7.5M, up 10.5% from the prior year, supported by increased capacity. Available Seat Kilometres (ASK) grew 16.8% to 17.1B and Revenue Passenger Kilometres (RPK) rose 15.4% to 14.2B. The average load factor remained broadly consistent at 83.0%.

The Group recorded a 39.8% decline in Profit After Tax, reaching USD 31.2M, partly reflecting the reduced RASK-CASK differential. RASK fell 5.7% to USD 6.43¢, while CASK decreased 3.0% to USD 5.90¢. The fleet expanded to 62 aircraft after the period end with the addition of an A321neo.

Q3 Operational Constraints

For the third quarter, revenue and other income increased 7.2% to USD 438.6M, while EBITDAR declined 17.0% to USD 105.2M. Profit After Tax was USD 20.6M, down from USD 47.3M in Q3 2024.

The quarter was affected by 19 year-to-date Unscheduled Engine Removals (UERs) associated with Pratt & Whitney engines, 14 of which occurred during the summer period. The resulting capacity reduction influenced both RASK and CASK. RASK decreased 7.0% to USD 6.45¢, while CASK rose 2.1% to USD 5.79¢.

Passenger numbers reached 3.0M, an 8.8% increase, supported by demand on both domestic and international routes. ASK expanded 15.2% and RPK increased 12.7% in the quarter.

Network and Fleet Developments

Across the first nine months, the Group increased international and domestic connectivity with new routes and expanded frequencies. Twenty-two routes were added across markets including China, India, South-East Asia, the Gulf and seasonal destinations.

Fleet simplification continued, with operations centred on the Airbus A320 family and Boeing 767 aircraft. Post-period, the Group announced an order of up to 15 Boeing 787-9 aircraft for long-haul expansion, supplementing earlier orders scheduled for delivery in 2026/27.

Financial Position

As at 30 September 2025, cash and bank balances rose 13.9% year-on-year to USD 539.6M, representing a cash-to-sales ratio of 38.3%. The leverage ratio was 1.33x Net Debt/EBITDAR.

Fuel sourcing remained split between domestic refineries and international uplift, with hedging applied to a portion of the international requirement for Q4 2025 and Q1 2026.

Share Performance of AIRA

AIRA was trading at USD 6.78 per share as of 11 November 2025 at the time of writing.