GIAA Shares Surge 33% as Garuda Indonesia Prepares Corporate Action
The share price of PT Garuda Indonesia Tbk (GIAA) closed up 33.33% at Rp 72 per share on Monday (10/8/2026). The share price increase is in line with Garuda Indonesia’s first-quarter 2026 performance.
In its information disclosure, the company stated that it has not yet released its first-half 2026 financial report because it is preparing and reviewing a number of corporate actions to be carried out this year.
One of the agendas being prepared is the follow-up to the planned inbreng, or capital injection in the form of assets, namely land owned by PT Angkasa Pura Indonesia to Garuda Indonesia’s subsidiary, PT Garuda Maintenance Facility Aero Asia Tbk (GMFI).
Based on the company’s presentation materials, Garuda Indonesia Group’s net loss in Q1 2026 was recorded at US$41.6 million. This figure shrank significantly compared to the net loss of US$75.9 million in the same period the previous year.
The improvement is in line with revenue growth. In Q1 2026, Garuda Indonesia Group’s revenue reached US$762.4 million, growing 5.4% year on year (yoy) from US$723.6 million in Q1 2025.
The largest contributor came from the scheduled flight segment, which posted revenue of US$648.1 million, up 7.4% YoY and contributing around 80% of the group’s total revenue. Meanwhile, the cargo segment recorded revenue of US$39.6 million.
Revenue growth accompanied by cost control also helped drive improved profitability. Garuda Indonesia Group’s operating profit, or EBIT, soared 47.2% YoY to US$46.5 million, from US$31.6 million in Q1 2025.
EBITDA also increased 7% YoY to US$210.4 million. The improvement in Garuda Indonesia’s performance cannot be separated from the recovery in the number of aircraft ready for operation. Over the past year, the company managed to add six serviceable aircraft, bringing the number of aircraft ready to fly to 102 units.
In Q1 2026, Garuda Indonesia Group’s flight frequency reached 38,675 flights, up 5.87% compared to the same period last year.
The capacity growth was then followed by an increase in passenger numbers. Garuda Indonesia Group carried 5.42 million passengers in Q1 2026, up 6.76% YoY from 5.08 million passengers.
The performance was also supported by passenger yield, which remained positive at 7.56 US cents, growing 2.49% YoY. Meanwhile, the Seat Load Factor (SLF) was maintained at 78.07%.
In addition to increasing revenue, Garuda Indonesia also managed to reduce operating expenses. The group’s total operating expenses fell 0.7% YoY to US$713.2 million in Q1 2026.
The decrease in expenses mainly came from fuel and aircraft maintenance costs. Fuel expenses fell 3.7% YoY to US$224.7 million. Meanwhile, maintenance and repair costs shrank 9.1% YoY to US$48.6 million.
The decrease in expenses while revenue grew made the company’s operating margin improve further.
In terms of operational reliability, the On-Time Performance (OTP) rate also increased. Garuda Indonesia Group’s OTP reached 91.01%, up 3.08 percentage points compared to 87.93% in Q1 2025.
In fact, during the peak of the 2026 Lebaran homecoming flow, Garuda Indonesia’s OTP reached 92.08%.
Garuda Indonesia is also continuing its fleet development throughout 2026. As of the end of March 2026, Garuda Indonesia Group’s total fleet reached 142 units, consisting of 78 Garuda Indonesia aircraft and 64 Citilink aircraft.
The fleet addition will go hand in hand with the planned redelivery and gradual phase-out of older aircraft.