JAKARTA, INDONESIA, Oct 30, 2026 - (ACN Newswire) - 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, supported by stronger contributions from its core airline operations and a 31.3% rise in non-airline business revenue. The performance reflects the Group's expanding revenue base and continued transformation progress, despite persistent pressure from elevated jet fuel prices.

Revenue from scheduled airline services increased 12.6% year-on-year, contributing an additional US$233.2 million, while non-scheduled services grew 2.1%, adding US$6.3 million. Non-airline businesses recorded a US$77.0 million revenue increase, accounting for approximately 24.3% of the Group's total revenue growth during the nine months of 2026.

The performance was achieved amid continued industry-wide cost pressures, particularly from higher jet fuel prices driven by geopolitical tensions in the Middle East and volatility in global energy markets. The Group's fuel expenditure rose 42.9% year-on-year, equivalent to US$309.8 million, contributing to a 15.7% increase in overall operating costs.

Excluding fuel, operating expenses increased by approximately 3.1%, significantly below revenue growth of 13.2%, reflecting progress in cost management and operating efficiency.

Garuda Indonesia Group recorded an operating profit of US$97.2 million, while its net loss narrowed by 3.0% to US$179.3 million. The results demonstrate continued revenue momentum and improving cost discipline as the Group advances its financial recovery.

Non-Airline Businesses Strengthen Group-Wide Growth

Garuda Indonesia Group's diversified business portfolio continued to make a greater contribution to overall performance, with non-airline revenue rising 31.3% year-on-year to US$322.8 million.

Growth was supported by a 42.4% increase in aircraft maintenance revenue from external customers at GMF AeroAsia, alongside a 76.1% rise in travel agency services revenue. These developments highlight the growing commercial potential of the Group's broader business ecosystem, complementing its core passenger airline operations.

Garuda Indonesia President Director and Chief Executive Officer Thomas Oentoro said the performance reinforces the importance of developing stronger contributions from across the Group's businesses. "Strengthening our core airline operations remains essential, but our future growth must also come from making better use of the capabilities and opportunities across the Group. The increasing contribution from our non-airline businesses demonstrates how a more integrated and commercially focused business ecosystem can support our financial recovery," Thomas said.

He added that continued support from Danantara, as the Group's shareholder, would play an important role in advancing operational improvements and strengthening collaboration across its businesses.

"With Danantara's support, we are focused on improving productivity, unlocking greater value from our existing assets and capabilities, and ensuring that each business contributes more effectively to the Group's overall performance," he said.

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