JAKARTA, October 30, 2026: 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, driven by gains in both its core airline operations and a 31.3% rise in non-airline business revenue, despite ongoing pressure from high jet fuel prices.
The Group’s scheduled airline services revenue grew 12.6% year-on-year, contributing an additional US$233.2 million, while non-scheduled services rose 2.1%, adding US$6.3 million. Non-airline businesses contributed a US$77.0 million increase, making up about 24.3% of the Group’s total revenue growth during the period.
Jet fuel costs impact operating expenses
Garuda Indonesia Group faced a 42.9% year-on-year rise in fuel expenditure, equivalent to US$309.8 million, amid geopolitical tensions in the Middle East and volatility in global energy markets. This contributed to a 15.7% increase in overall operating costs. Excluding fuel, operating expenses increased by 3.1%, significantly lower than the 13.2% revenue growth, reflecting improved cost management and efficiency.
The Group recorded an operating profit of US$97.2 million, while its net loss narrowed by 3.0% to US$179.3 million, underlining continued revenue momentum and cost discipline as it pursues financial recovery.
Non-airline businesses drive diversification
Non-airline revenue rose 31.3% year-on-year to US$322.8 million, supported by a 42.4% increase in external aircraft maintenance revenue at GMF AeroAsia and a 76.1% rise in travel agency services revenue. These segments accounted for a growing share of the Group’s performance, complementing core passenger airline operations.
Garuda Indonesia President Director and CEO Thomas Oentoro said the results highlight the importance of leveraging the Group’s broader business ecosystem. He noted that support from shareholder Danantara remains key to advancing operational improvements and collaboration across businesses.
Fleet recovery and passenger growth
Operational improvements saw Garuda Indonesia Group carry 16.7 million passengers in the first nine months of 2026, up from 15.6 million a year earlier. Of these, Garuda Indonesia carried 7.7 million passengers, while Citilink served 8.9 million. Combined flight frequencies rose 7.9% year-on-year to 117,868 services, compared to 109,259 previously.
The Group’s serviceable fleet reached 106 aircraft as of September 2026—64 for Garuda Indonesia and 42 for Citilink—an increase of 24 aircraft from 82 in the same period last year. On-time performance improved to 92.01%, up 5.86 percentage points from 86.15% a year earlier.
Transformation priorities and outlook
Garuda Indonesia Group will continue to focus on fleet productivity, network optimization, stronger contributions from its business portfolio, and sustained cost management as part of its transformation programme. Thomas Oentoro said these priorities are intended to strengthen competitiveness, improve financial resilience, and deliver more consistent financial results.
PT Garuda Indonesia (Persero) Tbk is Indonesia’s national airline group, operating both Garuda Indonesia and Citilink, and is majority-owned by Danantara.
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