Garuda Indonesia Records 16 Per Cent Revenue Growth in First Half of 2026, Performance Strengthens
PT Garuda Indonesia (Persero) Tbk (GIAA) has recorded double-digit revenue growth and reduced its net loss throughout the first half of 2026, despite a sharp spike in aviation fuel prices. This performance aligns with the recovery of the company’s fleet, which reached 104 operational aircraft as of June 2026.
According to financial reports published in the disclosure information of the Indonesia Stock Exchange (IDX) on Wednesday, 30 September 2026, GIAA earned revenue of US$1.80 billion during the January–June 2026 period. This figure represents a 16.0% increase year-on-year from US$1.55 billion in the first half of 2025. Scheduled flights remained the largest contributor, generating US$1.31 billion in revenue, up 10.9% year-on-year. Within this segment, passenger revenue rose by 11.5% to US$1.23 billion.
The highest increase came from non-scheduled flights, which grew by 32.5% to US$272.8 million. Hajj services were a primary driver, with revenue reaching US$232.2 million, a 51.6% increase from the previous year. Other income also rose by 32.2% to US$209.2 million, partly driven by the aircraft maintenance (MRO) business, which grew by 43.8% to US$87.4 million. GIAA also maintained a positive EBIT of US$74.0 million, up 12.7% year-on-year from US$65.7 million.
These figures account for other income and foreign exchange gains. EBITDA rose by 5.8% to US$431.6 million. Meanwhile, GIAA’s net loss shrank by 23.2% to US$113.0 million from US$147.1 million in the first half of 2025. Although the loss has narrowed, GIAA has not yet exited the red.
One factor supporting this improvement is the 11.6% decrease in financial expenses, which fell to US$222.4 million from US$251.6 million. Interest expenses from lease liabilities, bonds, and trade payables were all lower than the previous year. This decline is linked to the capital injection from Danantara Asset Management worth Rp23.67 trillion in December 2025.
Shortly after the funds were received, the subsidiary Citilink settled its restructured debt principal to Pertamina on 10 December 2025. Consequently, the group’s financial burden to Pertamina dropped to US$4.7 million from US$11.8 million a year earlier. Overall interest expenses on trade payables also fell by more than half to US$6.6 million.
This improvement occurred amidst surging fuel costs. GIAA’s aviation fuel expenses in the first half of 2026 rose by 43.6% year-on-year to US$677.6 million. Its proportion of revenue increased to approximately 37.7% from 30.5% in the previous year. Aside from fuel, GIAA managed to control cost growth. Non-fuel costs only rose by 3.9% to approximately US$1.07 billion, while revenue grew by 16.0%. The proportion of non-fuel costs to revenue decreased to 59.7% from 66.7% a year earlier. This means that for every US$1 of revenue, costs excluding fuel now stand at approximately 60 cents, down from 67 cents.