Non-Airline Businesses Emerge as a Key Growth Driver, with Revenue Rising 31.3% Year-on-Year
PT Garuda Indonesia (Persero) Tbk (GIAA) reported a 13.2% year-on-year increase in revenue to US$2.71 billion for the first nine months of 2026, supported by stronger contributions from its core airline operations and a 31.3% rise in non-airline business revenue. The performance reflects the Group’s expanding revenue base and continued transformation progress, despite persistent pressure from elevated jet fuel prices.
Revenue from scheduled airline services increased 12.6% year-on-year, contributing an additional US$233.2 million, while non-scheduled services grew 2.1%, adding US$6.3 million. Non-airline businesses recorded a US$77.0 million revenue increase, accounting for approximately 24.3% of the Group’s total revenue growth during the nine months of 2026.
The performance was achieved amid continued industry-wide cost pressures, particularly from higher jet fuel prices driven by geopolitical tensions in the Middle East and volatility in global energy markets. The Group’s fuel expenditure rose 42.9% year-on-year, equivalent to US$309.8 million, contributing to a 15.7% increase in overall operating costs.
Excluding fuel, operating expenses increased by approximately 3.1%, significantly below revenue growth of 13.2%, reflecting progress in cost management and operating efficiency.
Garuda Indonesia Group recorded an operating profit of US$97.2 million, while its net loss narrowed by 3.0% to US$179.3 million. The results demonstrate continued revenue momentum and improving cost discipline as the Group advances its financial recovery.
Non-Airline Businesses Strengthen Group-Wide Growth
Garuda Indonesia Group’s diversified business portfolio continued to make a greater contribution to overall performance, with non-airline revenue rising 31.3% year-on-year to US$322.8 million.
Growth was supported by a 42.4% increase in aircraft maintenance revenue from external customers at GMF AeroAsia, alongside a 76.1% rise in travel agency services revenue. These developments highlight the growing commercial potential of the Group’s broader business ecosystem, complementing its core passenger airline operations.
Garuda Indonesia President Director and Chief Executive Officer Thomas Oentoro said the performance reinforces the importance of developing stronger contributions from across the Group’s businesses. “Strengthening our core airline operations remains essential, but our future growth must also come from making better use of the capabilities and opportunities across the Group. The increasing contribution from our non-airline businesses demonstrates how a more integrated and commercially focused business ecosystem can support our financial recovery,” Thomas said.
He added that continued support from Danantara, as the Group’s shareholder, would play an important role in advancing operational improvements and strengthening collaboration across its businesses.
“With Danantara’s support, we are focused on improving productivity, unlocking greater value from our existing assets and capabilities, and ensuring that each business contributes more effectively to the Group’s overall performance,” he said.
Fleet Recovery Supports Passenger Growth and Operational Reliability
Operational improvements also contributed to stronger traffic performance during the first nine months of 2026, with Garuda Indonesia Group carrying 16.7 million passengers, compared with 15.6 million in the corresponding period last year.
Of the total, Garuda Indonesia carried 7.7 million passengers, while Citilink served 8.9 million. Combined flight frequencies increased 7.9% year-on-year to 117,868 services, from 109,259 previously.
The growth was supported by continued fleet reactivation initiatives, with the Group’s serviceable fleet reaching 106 aircraft as of September 2026, comprising 64 Garuda Indonesia and 42 Citilink aircraft. This represented an increase of 24 serviceable aircraft from 82 in the same period last year, reflecting ongoing efforts to restore fleet availability and optimize operating capacity with support from Danantara.
Alongside higher fleet availability, operational reliability continued to improve. The Group’s on-time performance (OTP) reached 92.01%, an improvement of 5.86 percentage points from 86.15% a year earlier.
Thomas emphasized that fleet recovery must translate into sustained improvements in productivity, network efficiency and customer experience. “Restoring fleet availability is an important part of our transformation, but adding capacity alone is not enough. Every aircraft must be deployed productively, every route must contribute to a more efficient network, and our customers must see tangible improvements in reliability and service,” he said.
Advancing Transformation Towards Sustainable Profitability
Looking ahead, Garuda Indonesia Group will continue to accelerate its transformation priorities, focusing on fleet productivity, disciplined network optimization, stronger contributions across its business portfolio and sustained cost management.
These priorities will guide the Group’s efforts to strengthen competitiveness, improve financial resilience and translate operational progress into more consistent financial performance.
“Our transformation is gaining momentum, and we’re focused on building on that progress. What matters now is turning these improvements into stronger financial results and a consistently better experience for our customers. That is how we intend to rebuild Garuda Indonesia’s competitiveness and restore its position as a world-class airline,” Thomas concluded.
PT GARUDA INDONESIA (PERSERO) TBK
CORPORATE COMMUNICATIONS
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