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Investing.com -- Air Astana on Wednesday reported strong second quarter 2025 results with a 13.5% increase in adjusted group revenues to $365.8 million compared to $292.4 million in the first quarter.
The Kazakhstan-based airline posted adjusted EBITDAR of $97.1 million, representing 17.2% growth compared to $59.9 million in Q1 2025. The company’s EBITDAR margin improved to 26.5%, an increase of 0.8 percentage points.
Air Astana demonstrated strong cost control with Cost per Available Seat Kilometer (CASK) decreasing by 6.5%, which offset the majority of the 6.8% decline in Revenue per Available Seat Kilometer (RASK) that was driven by local currency foreign exchange headwinds.
The airline’s management described current trading as "positive for the summer" and reiterated its full-year 2025 guidance, which aligns with its medium-term targets.
Available Seat Kilometers (ASKs) increased by 21.7% compared to 13.5% growth in Q1, while load factor decreased by 0.9 percentage points compared to a 0.3 percentage point increase in the previous quarter.
The company maintained a strong financial position with a liquidity ratio of 38.5% and cash reserves of $531.6 million. Its leverage ratio (Net debt/EBITDAR) improved slightly to 1.3x from 1.4x in Q1 2025.
Air Astana’s fleet expanded to 61 aircraft, up from 60 in the first quarter, with the company maintaining its fleet expansion target of 63 aircraft for 2025. The airline expects load factor to remain "consistent with 2024" levels.
The company’s medium-term guidance remains unchanged, with plans to expand its fleet to 84 aircraft by 2029, maintain EBITDAR margins in the mid-to-high 20s, keep its liquidity ratio above 25%, and maintain leverage below 3.0x net debt to EBITDAR. Air Astana also plans to maintain a dividend ratio of 30-50%.
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