Why Garuda Recorded a Loss of Rp 5.4 Trillion in 2025
PT Garuda Indonesia (Persero) Tbk recorded a net loss of US$319.39 million, equivalent to approximately Rp 5.4 trillion, in 2025. This loss expanded compared to the previous year, which stood at US$69.77 million or around Rp 1.18 trillion.
Garuda reported consolidated operating revenue of US$3.22 billion. This figure declined by 5.9 per cent from the previous year.
Garuda Indonesia’s President Director, Glenny Kairupan, stated that the company’s loss in GIAA this year was caused by exchange rate fluctuations, as well as an increase in fixed costs in line with the intensity of the fleet service recovery programme, which has yet to resume operations.
‘It cannot be denied that the decline in performance of the Garuda Indonesia Group was mainly influenced by limited production capacity in the first semester of 2025, where the number of unserviceable aircraft was still awaiting scheduled maintenance,’ said Glenny in a written statement, quoted on Friday, 20 March 2026.
According to Glenny, Garuda continues to maximise the number of serviceable aircraft by the end of 2025 to at least 99 aircraft, up from around 84 aircraft as of June 2025. Meanwhile, the total number of aircraft not yet in service at the end of 2025 is 43 planes, which are currently in the process of completing fleet maintenance.
The limited production capacity impacted a decline in passenger numbers. GIAA recorded 21.2 million passengers in 2025. This figure fell by 10.5 per cent compared to the previous year.
‘Furthermore, the trend of performance pressure on Garuda Indonesia in the 2025 fiscal year was also influenced by a decline in passenger yield, rupiah exchange rate pressures, and global aviation industry supply chain challenges that affected costs and maintenance processes,’ said Glenny.
He stated that with progress in fleet recovery and consistent implementation of transformation, Garuda Indonesia is optimistic that production capacity and operational performance will improve gradually towards a more solid recovery phase.
In 2025, GIAA received a capital injection of Rp 23.67 trillion from PT Danantara Asset Management. Glenny said this injection enabled the company to record an improvement in its equity position, returning to positive. By the end of 2025, GIAA’s equity increased to US$91.9 million from the previous year’s negative US$1.35 billion.
Glenny explained that the capital injection from Danantara is intended to support the acceleration of the fleet maintenance and reactivation programme, as well as the settlement of Citilink’s obligations to Pertamina. Of the total support, 64 per cent or around Rp 15 trillion was allocated to Citilink.
Meanwhile, Garuda Indonesia received a total allocation of Rp 8.7 trillion for fleet maintenance needs, which is still ongoing and continues to be optimised until the end of 2026.