12 November 2026
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Results for the third quarter and 9 months ended 30 September 2026
International expansion supports accelerating revenue growth.
Capacity rising with increased engine availability partially offsetting continued unit cost headwinds.
Almaty, Kazakhstan – Air Astana JSC (the "Company" and, together with its subsidiary FlyArystan, the "Group"), the leading airline group in Central Asia and the Caucasus regions by revenue and fleet size, announces its results for the third quarter and nine months ended 30 September 2026.
Ibrahim Canliel, CEO of Air Astana, commented:
“The Air Astana Group delivered top-line growth of 20.6% YoY in Q3 2026, marking a continued acceleration in revenue growth. While cost pressures continue to impact the Group, as they do the broader aviation sector, Q3 saw improvement in the RASK/CASK growth differential for the third consecutive quarter. Unit revenues rose by 16.0% in the quarter with disciplined capacity growth, reflecting persistently strong demand conditions and the success of our dynamic capacity allocation model in the ‘New Normal’.
A combination of factors including international fuel prices drove an increase in unit costs. These headwinds were partially offset by our focus on increasing domestic fuel uplift in the quarter to 75% (+4pts YoY). There remains some disruption and costs associated with the Pratt & Whitney engine issue, but we had five fewer aircraft grounded in the period versus Q3 last year. As noted at H1, we expect zero groundings in peak season 2027.
Volatility in the Gulf remains, however, our ability to adjust our network across both brands has allowed us to capitalise on the increased demand for East-West transit flows through Kazakhstan and to continue the international expansion of our network. In Q3, Group capacity to China nearly doubled YoY, while capacity to India increased by 23%. The number of new routes introduced in 2026 reached 24. We recorded 4% YoY capacity growth in Q3 – the strongest quarter this year. Q3 also marked the first quarter where we have seen improvements in engine availability which we see as the basis for near term growth.
Network expansion continued this summer with Air Astana announcing a flagship route to Tokyo plus new routes to Langkawi, Salalah and Bangkok, while FlyArystan announced new services to Chongqing, Xian, Urumchi, Urgench, Yining and the resumption of Yerevan services. Together, these developments broaden our reach across key business and leisure markets.
Last quarter we discussed how improved engine availability would drive utilisation of our existing fleet, and growth. In Q3 we have seen that in real time with increases in capacity, new route launches, and international expansion. We are optimistic this trend will continue and we look to the future with confidence.”
Q3 Summary
Strong revenue growth continued as improved aircraft availability supported capacity expansion.
9M Summary
Sustained revenue growth on broadly stable capacity, with sequential improved RASK/CASK growth differential.
Outlook
Our growth environment remains strong driven by ongoing macroeconomic tailwinds in Kazakhstan and the broader region. Actions to adjust our network in light of ongoing conflicts continue to deliver attractive growth dynamics which we expect to support the structural tailwinds in the region. However, in the near-term we expect inflationary cost pressures, particularly on fuel, to persist offsetting some of the revenue growth momentum. Our medium-term strategy, anchored on international expansion, continues apace and supports confidence in our medium-term guidance:
Financial Summary
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Financial and Operational Review |
Q3-26 |
Q3-25 |
Diff YoY |
9M-26 |
9M-25 |
Diff YoY |
|
Passengers (millions) |
3.05 |
3.02 |
0.9% |
7.44 |
7.53 |
-1.1% |
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Aircraft (end of period - fleet) |
63 |
61 |
3.3% |
63 |
61 |
3.3% |
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Load factor (%) |
83.4 |
85.0 |
-1.7pp |
82.8 |
83.0 |
-0.2pp |
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Revenue and other income (million USD) |
529.1 |
438.6 |
20.6% |
1,293.0 |
1,096.8 |
17.9% |
|
EBITDAR (million USD) |
105.6 |
105.2 |
0.4% |
247.3 |
262.2 |
-5.7% |
|
EBITDAR margin (%) |
20.0% |
24.0% |
-4.0pp |
19.1% |
23.9% |
-4.8pp |
|
PAT (million USD) |
18.5 |
20.6 |
-10.3% |
-2.7 |
31.2 |
-108.7% |
|
ASK (billion) |
7.1 |
6.8 |
4.0% |
17.4 |
17.1 |
1.8% |
|
RPK (billion) |
5.9 |
5.8 |
2.0% |
14.4 |
14.2 |
1.5% |
|
RASK (US cents) |
7.48 |
6.45 |
16.0% |
7.45 |
6.43 |
15.9% |
|
CASK (US cents) |
6.95 |
5.79 |
20.0% |
7.15 |
5.90 |
21.3% |
|
Cash and bank balances (million USD) |
511.5 |
539.6 |
-5.2% |
511.5 |
539.6 |
-5.2% |
|
Net Debt/EBITDAR |
1.9 |
1.3 |
0.6 |
1.9 |
1.3 |
0.6 |
|
Cash/sales (%) |
31.0% |
38.3% |
-7.3pp |
31.0% |
38.3% |
-7.3pp |
Financial update
The Group delivered strong revenue growth in Q3 2026, with revenue and other income increasing by 20.6% to USD 529.1 million (Q3 2025: USD 438.6 million), a sequential improvement versus H1 supported by continued pricing strength and Air Astana’s planned reallocation of capacity towards higher-margin international routes. Despite continued cost pressures, quarterly EBITDAR remained broadly in line with the prior year, increasing by 0.4% to USD 105.6 million (Q3 2025: USD 105.2 million). However, the EBITDAR margin decreased by 4.0 percentage points to 20.0% (Q3 2025: 24.0%), as higher revenue was largely absorbed by increased costs. FlyArystan posted a particularly strong performance with 33.9% EBITDAR growth and a 3.1pp margin improvement in Q3.
For the first nine months of 2026, revenue and other income increased by 17.9% to USD 1,293.0 million (9M 2025: USD 1,096.8 million). EBITDAR decreased by 5.7% to USD 247.3 million (9M 2025: USD 262.2 million), with the EBITDAR margin declining by 4.8 percentage points to 19.1% (9M 2025: 23.9%). The stabilisation of EBITDAR in Q3 represented an improvement in the year-on-year earnings trend, although the nine-month performance continued to reflect pressure on the Group’s cost base.
Group capacity (measured by ASK), increased by 4.0% to 7.1 billion in Q3, while passenger traffic (measured by RPK), increased by 2.0% to 5.9 billion. Passenger numbers rose by 0.9% to 3.05 million. For the first nine months, ASK increased by 1.8% to 17.4 billion and RPK rose by 1.5% to 14.4 billion, while passenger numbers decreased by 1.1% to 7.44 million. Revenue growth therefore continued to substantially outpace growth in capacity and traffic, reflecting stronger unit revenues and the planned shift in the network mix towards international services.
Group RASK increased by 16.0% to 7.48 US cents in Q3 (Q3 2025: 6.45 US cents), demonstrating continued strength in unit revenues – Air Astana recorded RASK growth of approximately 12%, while FlyArystan achieved approximately 25% growth. For the first nine months, Group RASK increased by 15.9% to 7.45 US cents (9M 2025: 6.43 US cents), reflecting sustained unit revenue improvement across the reporting period.
Unit costs continued to grow faster than unit revenues. CASK increased by 20.0% to 6.95 US cents in Q3 (Q3 2025: 5.79 US cents), exceeding RASK growth by 4.0 percentage points. RASK remained above CASK, with a positive spread of 0.53 US cents, compared with 0.66 US cents in Q3 2025. For the first nine months, CASK increased by 21.3% to 7.15 US cents (9M 2025: 5.90 US cents), compared with RASK growth of 15.9%. The nine-month RASK-CASK spread consequently narrowed to 0.30 US cents from 0.53 US cents although the narrowing slowed on a sequential basis.
Cost pressures continued to reflect higher fuel prices at international stations and the ongoing impact of Pratt & Whitney engine issues. The proportion of fuel uplifted domestically increased to 75%, from 71% in Q3 2025, reducing the proportion purchased at international stations. The Group’s established domestic sourcing model, which includes purchasing fuel directly from Kazakhstan’s refineries, provides an important means of limiting exposure to international fuel-price volatility. Aircraft ownership, engineering and maintenance, and labour costs remained under pressure - engine-related groundings continued to constrain capacity growth, the Group continued to incur these expenses to maintain its fleet, workforce and operational readiness. Consequently, the higher cost base was spread over an ASK base that grew by only 4.0% in Q3 and 1.8% over the first nine months. This limited the Group’s ability to absorb higher costs through increased production, contributing to higher costs per ASK and continued pressure on margins.
As at 30 September 2026, the Group maintained a strong liquidity position, with cash and bank balances of USD 511.5 million (30 September 2025: USD 539.6 million). The cash-to-sales ratio stood at 31.0%, excluding unutilised credit facilities, compared with 38.3% a year earlier. Net Debt/EBITDAR was 1.89x, compared with approximately 1.3x at 30 September 2025 due to increase in lease liabilities and lower EBITDAR. Despite the year-on-year reduction in cash and increase in leverage, both metrics remained comfortably within the Group’s published medium-term parameters of liquidity above 25% and leverage below 3.0x, providing a substantial buffer to support operational resilience and investment requirements.
Operational Update
The Group’s in-house maintenance, repair and overhaul (MRO) and training capabilities provide greater control over key technical and training activities, supporting operational efficiency and a more flexible response to the needs of the business. Plans for additional hangar facilities are also progressing to expand the Group’s in-house heavy maintenance capacity.
Following the reporting period, on 14 October, the Group’s Engineering and Maintenance team completed a 12-year C-check on an Airbus A320ceo in its shortest time for this type of check and an improvement of 22 days compared with equivalent checks a year earlier. This reduction in maintenance downtime reflects process improvements and growing technical experience, supporting aircraft availability and operational resilience.
In October, the team also began its first in-house installation of onboard Wi-Fi connectivity on an Airbus A321LR. The modification took approximately three weeks and the service is now available to passengers, further enhancing the onboard experience.
The Group expanded digital capabilities across airport operations, introduced AI-enabled tools to support operational decision-making and completed key enterprise system upgrades. Enhancements to its AI-powered passenger communication platform continued, alongside the broader adoption of AI across IT operations, application support and infrastructure management. Further initiatives in revenue and network planning, finance process automation and operational efficiency continued to progress, supporting the Group’s focus on improving productivity, strengthening operational resilience and enhancing the passenger experience.
In Q3 2026, the Group uplifted 75% of its fuel in Kazakhstan, compared with 71% a year earlier, with international uplift accounting for the remaining 25%. Air Astana continued to source primarily directly from domestic refineries and manage the associated logistics, including transportation. This sourcing model helped limit exposure to international fuel-price volatility, as average fuel prices at international stations increased by 47% year-on-year during the quarter.
Traffic and network expansion
During Q3 2026, the Group’s dynamic capacity allocation model supported the continued rebalancing of its network towards international markets, with new routes and additional frequencies across both brands. Frequencies increased by 35% for the summer season, with more than 300 weekly international services, including over 100 to Central Asia and the Caucasus, alongside more than 500 weekly domestic services across Kazakhstan.
On 30 October 2026, Air Astana signed a joint venture agreement with China Southern Airlines, marking the first airline joint venture between Kazakhstan and China. Building on the airlines’ existing codeshare partnership, the agreement provides for coordinated flight schedules, expanded codeshare services and joint marketing initiatives.
The partnership supports Air Astana’s continued development in China, a strategically important growth market, and aims to offer passengers greater choice and more convenient connections across the airlines’ complementary networks. Closer commercial cooperation is expected to support business and leisure travel and increase connecting traffic between Kazakhstan and China, strengthening the airline’s competitive position and creating additional revenue opportunities across the combined network.
China was the principal area of international expansion, with Group capacity, measured by ASK, nearly doubling year-on-year, increasing by 99% in Q3. The Group operated up to 53 weekly services across 14 routes serving eight destinations, supported by increased frequencies at Air Astana and continued network expansion at FlyArystan. The September launch of twice-weekly Almaty-Chongqing services marked a further milestone in FlyArystan’s expansion in China, establishing the first direct scheduled passenger connection between Chongqing and Central Asia. The route extends the Group’s reach into southwestern China, providing a first-mover opportunity to develop business and leisure traffic between the two markets and further strengthening Kazakhstan-China connectivity. Following the reporting period, FlyArystan launched Astana-Yining services in October, bringing its China network to six scheduled routes, four of which were introduced in 2026. The new service further strengthens the airline’s presence in Xinjiang and, together with the addition of Chongqing, broadens the Group’s coverage of the Chinese market, supporting its strategy of developing international routes with long-term growth potential.
During Q3, weekly frequencies to Europe increased to 22, while services to Türkiye reached 62 per week at the peak of the summer season, reflecting the seasonal expansion of services to leisure destinations. Frequencies to Istanbul increased to 25 per week across Almaty, Astana and Atyrau, including twice-daily services from Almaty.
Air Astana operated four weekly services between Almaty and London and 11 weekly flights to Frankfurt from Almaty, Astana and Uralsk. The summer programme also included new services to Larnaca and Dalaman, alongside the resumption of seasonal flights to Podgorica, Batumi, Bodrum, Da Nang and Nha Trang.
Continued development of the two complementary networks broadens point-to-point travel options while supporting transit connectivity through the Group’s Almaty and Astana hubs. We saw a 75% increase in international connecting traffic in Q3, demonstrating the countercyclical nature of the airline in the ‘New Normal’ operating environment.
Fleet
Fleet expansion continues with the addition of an Airbus A321neo for Air Astana and a further A320 aircraft for FlyArystan. These deliveries brought the Group’s fleet to 65 aircraft, comprising 36 at Air Astana and 29 at FlyArystan, supporting continued network growth and Air Astana’s planned expansion on higher-margin international routes.
The Group’s fleet is expected to grow to 86 aircraft by 2030 (54 Air Astana brand, 32 FlyArystan brand). The fleet will comprise 83 Airbus A320 family and three Boeing 787-9 ultimately replacing existing Boeing 767 fleet.
Beyond 2030 we have a flexible orderbook comprising up to 50 additional Airbus A320 family aircraft and up to 15 additional Boeing 787-9 aircraft scheduled for delivery between 2031 and 2035. Our fleet plan is designed to support our long-term growth plan and provide the best possible flight experience for our discerning customer base.
Ongoing mitigation of Pratt & Whitney challenges and additional UERs
The majority of the Air Astana’s fleet comprises Airbus A320 family aircraft powered by Pratt & Whitney PW1100G engines. The Group continued to navigate industry-wide challenges associated with Pratt & Whitney PW1100G engines during the quarter, with ongoing inspection and maintenance requirements affecting aircraft availability. Through its established mitigation measures and proactive fleet management, the Group remained focused on minimising operational disruptions, reducing aircraft groundings and maximising fleet availability during peak operating periods.
During Q3 2026, the Group continued to make progress in mitigating the operational impact of the Pratt & Whitney engine issues, benefiting from improved engine induction rates, shorter turnaround times and enhanced durability of new HPT blades. Aircraft groundings remained approximately 60% below the comparable period last year, reflecting the effectiveness of the Group’s mitigation measures. With engine inductions expected to be more than three times higher compared with FY2025 and further capacity commitments secured for 2027, the Group remains on track towards its target of zero Aircraft-on-Ground (AOG) during the summer 2027 peak.
Excellence
Air Astana continues to invest in its inflight product and customer experience, supporting its premium positioning and long-term growth strategy. On-time performance (OTP) improved by 13.4 pp YoY to 87.4% in Q3 2026. Performance strengthened throughout the quarter, rising from 85.5% in July (+9.2 percentage points year-on-year) to 86.3% in August and 91.1% in September. Likewise, the NPS in September was up by 8pp to 57 and remained at similarly strong level in October (56).
Following the reporting period, Air Astana launched high-speed satellite Wi-Fi on 29 October 2026, with the first equipped Airbus A321LR operating on the Almaty-Tashkent route. The project is being delivered in partnership with SES, with equipment installed by the airline’s in-house engineering team at its own technical facility. The rollout across the A321LR fleet will continue in phases throughout 2027.
Air Astana continued to enhance its onboard product in Q3 2026. In-flight entertainment upgrades included parental controls, new short-haul and recommended-content categories, and an expanded children’s offering, including the financial-literacy series Aqsha Älippesi. Business Class amenities were refreshed with new kits in collaboration with local and international brands.
The Group’s service standards were recognised at the 2026 Skytrax World Airline Awards, with Air Astana named Best Airline in Central Asia and CIS for the 15th consecutive year, while FlyArystan received the Best Low-Cost Airline in Central Asia and CIS award for the fourth consecutive year. Air Astana also received regional Skytrax awards for airline staff service and Economy and Business Class onboard catering.
ESG
During Q3 2026, Air Astana achieved Sustainable Procurement certification under the IATA Integrated Sustainability Program (ISP), becoming the first airline in Central Asia and the CIS, and the third worldwide, to receive the certification. This recognises the airline’s integration of environmental, social and governance considerations into procurement decisions and supplier assessments, supporting responsible practices across its supply chain.
In July, Air Astana became the first company in Kazakhstan to receive the DHL GoGreen Plus Certificate. Participation in the programme supports efforts to reduce Scope 3 emissions associated with international logistics through the use of sustainable aviation fuel (SAF) within DHL’s transport network.
The Group continued to focus on improving fuel efficiency through fleet modernisation and AI-enabled analytics to optimise fuel consumption and reduce associated emissions. Air Astana also continued to evaluate SAF supply opportunities and strategic partnerships, supporting its longer-term environmental objectives and the development of Kazakhstan’s SAF market.
Conference Call
Management will host a presentation webcast and live Q&A conference call today, 12 November 2026 at 09.00 GMT (14.00 Astana time). The Q3/9M results presentation and recording of the webcast will be made available on the Company's website at https://ir.airastana.com.
Participants are invited to join the call at the following links:
In English language: Air Astana - Q3 Results 2026 | SparkLive | LSEG
In Kazakh language: 2026 жылдың үшінші тоқсан нәтижелері | SparkLive | LSEG
In Russian language: Результаты за третий квартал 2026 | SparkLive | LSEG
The IFRS financial statements for 9M 2026 are available on the Company's website in the “Financial Statements” section: https://ir.airastana.com
For more information, please contact:
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Air Astana Group |
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Investor Relations Simon Wray (Head of Investor Relations) |
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Corporate Communications |
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FTI Consulting (Financial media) |
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About the Air Astana Group
Air Astana Group is the largest airline group in Central Asia and the Caucasus regions by revenue and fleet size. The Group operates a fleet of 65 aircraft split between Air Astana, its full-service airline that operated its inaugural flight in 2002, and FlyArystan, its low-cost airline established in 2019. The Group provides scheduled, point-to-point and transit, short-haul and long-haul air travel and cargo on domestic, regional and international routes across Central Asia, the Caucasus, the Far East, the Gulf, India and Europe. Air Astana has been recognised by SkyTrax as the Best Airline in Central Asia & CIS fifteen years running and received the Best Airline Staff Service in Central Asia & CIS award ten times in a row. FlyArystan has been recognised as the Best Low-Cost Carrier (LCC) in Central Asia & CIS at the SkyTrax awards four times. Additionally, Air Astana was awarded a five-star rating in the major airline category by the Airline Passenger Experience Association (APEX). The Group is listed on the Kazakhstan Stock Exchange, Astana International Exchange and London Stock Exchange (ticker symbol: AIRA).
Disclaimer
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