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Corporate Presentation Surabaya Investor Meeting & Connectivity [SIMC] 2026 PT Garuda Indonesia (Persero) Tbk Q1 2026
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1 Q1 2026 Summary
2 Operational Performance
Table of 3 Financial Highlights
Contents 4 Fleet Development & Serviceability Status
5 Transformation
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Disclaimer
PT Garuda Indonesia (Persero) Tbk provides this presentation as part of its commitment to transparency in
presenting data and information to shareholders and stakeholders. The contents of this presentation are derived from
internal analysis and reliable sources believed to be credible.
This presentation may contain forward-looking statements, including but not limited to targets, expectations,
projections, forecasts, estimates, and prospects relating to the Company’s future operational performance and
business conditions. These statements reflect management’s current views and assumptions, which are based on
information available at the time of preparation and are subject to various risks and uncertainties that may cause
actual results to differ materially from those expressed or implied.
The Company does not guarantee that any forward-looking statements will materialize, as they are subject to factors
beyond the Company’s control. The Company disclaims any obligation to update, revise, or publicly release any
revisions to these forward-looking statements, whether as a result of new information, future events, or otherwise.
This presentation may also include certain financial measures that are not recognized under Indonesian Financial
Accounting Standards (PSAK) or IFRS. These measures do not have standardized meanings and may not be directly
comparable with similarly titled measures used by other companies. Such measures are provided as supplemental
information to enhance understanding of the Company’s performance and should not be considered in isolation or as
a substitute for financial information prepared in accordance with Indonesian GAAP or IFRS.
This presentation has been prepared in compliance with applicable regulations of the Indonesia Stock Exchange (IDX)
and the Financial Services Authority (OJK).
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Management
Board of Commissioners Board of Director
Fadjar Chairal Glenny H. Thomas Balagopal Reza Aulia
Prasetyo Tanjung Kairupan Oentoro Kunduvara Hakim
President Commissioner President Vice President Director of Finance Director of
Commissioner and CEO Director & Risk Management Commercial
concurrently as
Independent
Commissioner
Mawardi Sugito Dani Haikal Mukhtaris Frans Dicky Neil
Yahya Anjasmoro Iriawan Director of
Maintenance Tamara Raymond
Independent
Commissioner
Commissioner Director of
Operation
Director of
Human Capital and
Mills
Director of
Corporate Service Transformation
*As appointed in the Extraordinary General Meeting of Shareholders (EGMS) held on May 13 th,, 2026 4
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1 Q1 2026 Summary 2 Operational Performance 3 Financial Highlights 4 Fleet Development & Serviceability Status 5 Transformation
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Corporate Highlight & Awards Q1 2026
1 2 3 4 5
January 2026 February 2026 March 2026 March 2026 March 2026
Carried 1.5 million Distributed umrah Garuda Indonesia Garuda Indonesia Achieved 92.08%
passengers during packages for Launches Special opened a new sales OTP during Eid
the 2025 mosque Homecoming office in the BP- peak season,
BUMN building to
Christmas and caretakers in Aceh Program from improve public
highest in three
2026 New Year and Sumatra Hong Kong access to services. years
peak season
6 7 8 9 10
March 2026 March 2026 April 2026 April 2026 April 2026
Best Airlines in Garuda Indonesia Garuda Indonesia Supporting 2026 Garuda Indonesia
Asia DestinAsian Retains idBBB Enhances Travel Hajj Operations, Ensures Readiness
Readers’ Choice Corporate Rating Flexibility through Garuda Indonesia for the 2026 Hajj
Awards 2026 from PEFINDO Improved Transports 15 tons Season, with a
Rescheduling and of ready-to-eat Focus on Inclusive
Refund Options as Meals to Jeddah and Elderly-
Part of Its Service Friendly Services
Transformation
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Financial Highlights Q1 2026
Q1 2026 financial performance improved, supported by contributions across Garuda Indonesia Group as ongoing
fleet recovery added six serviceable aircraft, driving higher capacity, traffic growth, and revenue generation.
Q1 2025 Q1 2026 YoY
Revenue USD 723,6 USD 762,4 +5,4%
Million Million
Operating USD 31,6 USD 46,5 +47,2%
Profit (EBIT) Million Million
Loss Narrowed by
Group Net USD (75,9) USD (41,6)
Result Million Million 45,2%
EBITDA USD 196,7 USD 210,4 +7,0%
Million Million
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Operational Highlights Q1 2026
Q1 2026 operational momentum remained positive, supported by fleet recovery initiatives, resulting in higher
passenger traffic, yield, cargo volume, and flight frequencies.
Q1 2025 Q1 2026 YoY
On Time Performance (OTP) 87,93% 91,01% +3,08pp
Passenger Carried
5,08 5,42 +6,76%
Million Million
Passenger Yield 7,37 7,56
US Cents +2,49%
US Cents
Seat Load Factor (SLF) 78,05% 78,07% +0,02pp
Stable
Frequencies 36.531 38.675 +5,87%
58.146 59.330
Cargo Uplifted
Tons Tons +2,04%
Aircraft Serviceability 96 Aircraft 102 Aircraft +6 Aircraft
Available Seat Kilometer (ASK) 10,38 10,31 -0,71%
Billion Billion
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1 Q1 2026 Summary 2 Operational Performance 3 Financial Highlights 4 Fleet Development & Serviceability Status 5 Transformation 6 Financial & Operational Data
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Operational Performance Passenger and Cargo
Fleet recovery initiatives supported resilient passenger yields and stable cargo performance across
Garuda Indonesia and Citilink.
(Passenger/Cargo Yield in US Cents)
(SLF/CLF in %)
Group Passenger Performance Group Cargo Performance
46,68
43,63
40,45
7,37 7,69 7,19 7,49 7,56 35,26 34,97
82,82
78,05 78,23 79,25 78,07 40,48 41,03 40,59 41,03
36,40
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
SLF Passenger Yield CLF Cargo Yield
Garuda Indonesia Main Brand Passenger Performance Citilink Passenger Performance
7,53 7,94 7,54 7,60
7,28 7,14 7,37 7,46
7,00 6,86
82,88 82,62
78,40 77,27 78,79 77,22 80,42 80,43 79,88
77,22
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
SLF Passenger Yield SLF Passenger Yield
Note : For regular flight only
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1 Q1 2026 Summary 2 Operational Performance 3 Financial Highlights 4 Fleet Development & Serviceability Status 5 Transformation
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Group Revenue
Higher operational capacity and resilient passenger demand supported revenue growth in Q1 2026.
87,6
Q1 2026 Total Revenue
76,3
115,2 USD 762,4 million
93,7
41,3
89,3 5,4% YoY
81,9
167,9 25,0
43,6
38,0
41,9 39,6 Passenger revenue increased
40,6
39,8 Others 8,1% YoY to USD 608,5 million,
supported by improved
Non Scheduled Airlines
(Charter + Hajj)
operational capacity following
the addition of six serviceable
Cargo revenue
aircraft.
618,9 626,1 608,5
Passenger revenue
563,1 540,7 Cargo revenue remained stable
at USD 39,6 million.
Passenger revenue accounted
for approximately 80% of total
Group revenue.
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
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Group Expenses
Q1 2026 saw disciplined cost management and lower fuel expense
Q1 2026 Total Expenses
USD 713,2 million
0,7% YoY
548,0 531,8 564,8 Fuel expense decreased by 3,7%
484,9 488,5 YoY to USD 224,7 million.
Non-fuel expense remained broadly
stable at USD 488,5 million.
Expense growth remained below
revenue growth, supporting higher
250,4 251,1
operating margin
233,4 238,4 224,7
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Fuel Non Fuel
Note : Financial figures are presented in USD million, unless otherwise stated
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Group Operating Profit
Enhanced fleet productivity and disciplined cost management strengthened operational profitability in Q1 2026.
68,3
Q1 2026
Operating Profit
46,5 USD 46,5 million
39,4
47,2% YoY
31,6
Six additional serviceable
aircraft improved
operational productivity
and supported higher
3,8 revenue generation.
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Note : Financial figures are presented in USD million, unless otherwise stated
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Group Net Result
Net loss narrowed by 45,2% YoY, reflecting improved operating performance in Q1 2026
Q1 2026 Group Net Loss
(USD 41,6 million)
45,2% YoY Improvement
(37,9) (41,6)
(66,9)
(75,9)
(138,6)
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Note : Financial figures are presented in USD million, unless otherwise stated
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1 Q1 2026 Summary 2 Operational Performance 3 Financial Highlights 4 Fleet Development & Serviceability Status 5 Transformation
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The Group’s Fleet Development & Serviceability Status
Avg. Age 13,73 Fleet Serviceability overview
Total Fleet Redelivery/ Total Fleet
Aircraft Serviceable Fleet Delivery
31 March Phase out As
Type 31 March 2026 2026 +6
2026 2026 31 December 2026
(+6.3%)
B737-800 45 42 4* 49 120
A330-200 3 1 1** 2
A330-300 16 8 4** 12 100
A330-900 5 2 5
B777-300 8 6 8 80
60 GA (Garuda
B737-8 1 1 2* 3 57
60 Indonesia)
Total 78 60 6 5 79
QG (Citilink
40
Avg. Age 13,40 Indonesia)
20 39 42
Total Fleet Redelivery/ Total Fleet
Aircraft Serviceable Fleet Delivery
As 31 March Phase out As
Type 31 March 2026 2026 0
2026 2026 31 December 2026
A320-200 39 36 1* 38 Q1 2025 Q1 2026
A320 Neo 10 3 10
ATR 72-600 7 2 7
GA (Garuda Indonesia) QG (Citilink) Change (YoY)
B 737-300 5 - 5* -
57 60 (+3 Aircraft) 39 42 (+3 Aircraft) +6 Aircraft
B737-500 3 1 1* 2
(+6.3%)
Total 64 42 7 57
Notes :
• *Garuda Indonesia expects delivery of four B737-800 aircraft in Q2 2026 and two B737-8 aircraft by year-end 2026.
• **Garuda Indonesia expects to redelivery one A330-200 in Q2 2026 and phase out four A330-300 (own aircraft)
targeted by year -end 2026
• *Citilink expects redelivery one A320-200 by 1H 2026 and phase out five B737-300 and one B737-500 (own
aircraft) by year-end 2026.
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1 1Q’26 Summary 2 Operational Performance 3 Financial Highlights 4 Fleet Development & Serviceability Status 5 Transformation
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Strategic Milestone 2026
2026
Stabilization & Basic Execution
Main Focus
• Focus on stabilization through cash/funding • Rebuild digital architecture with industry
and cost discipline, standard especially for the core system e.g SAP
• Streamlining the profit-first network, S/4HANA; New Web Booking Engine, etc
• Recovering fleet serviceability and operation • Streamlining organization structure
stability • Developing new Talent Management Framework
• Implementation of new passenger business for Human Capital GA Group
model thru Branded Fare and Piece Concept
• Improving service pain points and basic
service recovery,
• Standardization of operational and service
standard to minimize the operation
complexity
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Business Goals & Strategies
Executing six key transformation pillars as the foundation for operational stabilization,
service excellence, and sustainable growth.
“To Become a Sustainable Aviation Group
by Connecting the Indonesia Archipelago and Beyond while
Vision Passionately Deliver Indonesian Hospitality to the World”
Business Service Process People
Mission
Building a Profitable Aviation While Delivering Service And Focusing on High Standard By Professional and
Group Through Strong Business Excellence of Safety and Security Passionate Employees
Fundamentals
Strategic Pillars
SP1. SP2. SP3. SP4. SP5. SP6.
Guiding
implementation Service Branding Business Operational Digital Human Capital
Transformation &
Transformation Transformation Transformation Transformation Reinvention
Customer
Experience
Transformation
Execution Engine Strategic Initiatives : Long Term Network & Fleet Plan
How We Deliver
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Transformation Roadmap : Stabilization & Basic Execution 2026
Execution of priority transformation initiatives across business, service, operations,
digital, and human capital to support the Company’s stabilization and recovery phase.
Business Service Branding Operational Digital Human Capital
Transformation Transformation Transformation Transformation Transformation Reinvention
Brand Refreshment Increase Aircraft
New IFE Content Own Digital Channel Streamlining
Long Term Business Plan (Introduction of New Serviceability with
Provider Enhancement Organization Structure
Cabin Accessory) Return to Service Plan
Stabilization & Basic Execution 2026
Recalculation and
Network Synergy New Talent
In-Flight Business Class renegotiation Engine
Deployment Across GA Development
Meals Enhancement Maintenance Optimization
Group Module Framework
In-Flight Meals Centralization of the
New Pricing Strategy for
Standardization & Crew Operations Center
International Route
Consistency to CGK, Terminal 3
Implementation of Self
Development of New Check-in Kiosks and Self Aircraft Reliability
Product (Branded Fare) Bag Drop at CGK, Monitoring
Terminal 3
Refinancing Short-term Simplified Seat Ground Power Unit
Debt Configuration Optimization
New In-Flight Optimization of Crew
Connectivity Productivity
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Thank You Corporate Communication & Investor Relations PT Garuda Indonesia (Persero) Tbk GIAA IDX investor@garuda-Indonesia.com
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APPENDIX
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Financial & Operational Data (Consolidated)
FINANCIAL Q1 2025 Q1 2026 Change
REVENUE
Schedule Airline Service 603,7 648,1 7,4%
Non Schedule Airline Service 38,0 25,0 -34,2%
Others 81,9 89,3 9,0%
Total Operating Revenue 723,6 762,4 5,4%
EXPENSES
Fuel 233,4 224,7 -3,7%
Depreciation 165,1 163,8 -0,7%
Personnal 119,9 111,6 -6,9%
Maintenance, Repairs & Spare Part 53,4 48,6 -9,1%
Others 146,6 164,5 12,2%
Total Expense 718,4 713,2 -0,7%
Foreign Exchange 12,8 -1,4 -110,8%
Other income 13,6 -1,2 -108,8%
PROFIT / (LOSS)
EBIT 31,6 46,5 47,2%
EBT -88,7 -47,7 46,2%
Tax 12,8 6,1 -52,4%
Net Result/ (loss) -75,9 -41,6 45,2%
EBITDA 196,7 210,4 7,0%
*OPERATIONAL
ASK All Fleet (Billion) 10,38 10,31 -0,71%
RASK All Fleet 6,50 6,84 5,17%
CASK (US Cents) 7,32 7,28 -0,60%
CASK Ex Fuel (US Cents) 5,08 5,10 0,47%
Passenger Carried (Million) 5,08 5,42 6,76%
Passenger Yield (US Cents) 7,37 7,56 2,49%
Seat Load Factor (%) 78,05 78,07 0,02 pp
Cargo Uplifted (Tons) 58.146 59.330 2,04%
Cargo Yield (US Cents) 40,45 34,97 -13,55%
Cargo Load Factor (%) 40,48 41,03 0,55 pp
Frequencies 36.531 38.675 5,87%
Note :
- Financial figures are presented in USD million, unless otherwise stated, Percentage changes are calculated based on unrounded figures.
- Operational Figures for Garuda Indonesia & Citilink flight only
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Operational Data
INDICATOR
Garuda - Main Brand Q1 2025 Q1 2026 YOY
Passenger Carried (Million) 2,60 2,47 -4,89%
Passenger Yield (US Cents) 7,53 7,60 0,99%
Seat Load Factor (%) 78,40 77,22 -1,17 pp
Average Fares (US$) 153,46 163,08 6,27%
Cargo Uplifted (Tons) 34.716 37.501 8,02%
Cargo Yield (US Cents) 35,35 28,72 -18,76%
CLF (%) 42,51 45,69 3,18 pp
Frequencies 18.243 17.901 -1,87%
INDICATOR
Citilink Q1 2025 Q1 2026 YOY
Passenger Carried (Million) 2,48 2,95 19,00%
Passenger Yield (US Cents) 7,00 7,46 6,67%
Seat Load Factor (%) 77,22 79,88 2,66 pp
Average Fares (US$) 61,42 64,93 5,71%
Cargo Uplifted (Tons) 23.430 21.828 -6,84%
Cargo Yield (US Cents) 58,96 64,75 9,82%
CLF (%) 34,49 27,60 -6,89 pp
Frequencies 18.288 20.774 13,59%
Note: All numbers and figures represent only Garuda Indonesia (Main Brand) and Citilink. Percentage
changes are calculated based on unrounded figures.
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Operational Data
INDICATOR
Garuda - Domestic Q1 2025 Q1 2026 YOY
Passenger Carried (Million) 1,89 1,81 -4,44%
Passenger Yield (US Cents) 9,27 9,53 2,84%
Seat Load Factor (%) 77,39 74,06 -3,33 pp
Average Fares (US$) 93,93 96,05 2,26%
Cargo Uplifted (Tons) 21.339 21.713 1,75%
Cargo Yield (US Cents) 69,64 59,73 -14,24%
CLF (%) 53,26 57,66 4,40 pp
Frequencies 14.390 14.067 -2,24%
INDICATOR
Garuda - International Q1 2025 Q1 2026 YOY
Passenger Carried (Million) 0,71 0,67 -5,63%
Passenger Yield (US Cents) 6,55 6,60 0,79%
Seat Load Factor (%) 78,97 78,98 0,01 pp
Average Fares (US$) 311,41 344,03 10,48%
Cargo Uplifted (Tons) 13.377 15.789 18,03%
Cargo Yield (US Cents) 20,97 17,61 -16,00%
CLF (%) 39,19 42,53 3,33 pp
Frequencies 3.853 3.834 -0,49%
Note : All numbers and figures represent only for Garuda Indonesia (Main Brand), Percentage
changes are calculated based on unrounded figures
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