Kenya Airways Plc · NSEKE:KQ
Kenya Airways — H1 2025 Earnings Presentation
27 slides from Kenya Airways's earnings presentation, Aug 26, 2025
Slide 1: Half Year Investor Briefing 2025
Tuesday,26th August 2025 Kenya Airways PLC Half Year Investor Briefing 2025 Unwavering focus amidst current turbulence
Slide 2: Agenda
Agenda • Industry Overview • Business Updates • Financial Highlights • Future Outlook • Q&A
Slide 3: Industry Overview
Industry Overview Mr. Allan Kilavuka Group MD & CEO
Slide 4: Global Aviation Performance HY25 vs HY24
Global Aviation Performance HY25 vs HY24 Global Aviation Seat Global Passenger Load Global Air Cargo Kilometers (ASK) Factors Demand 3.4% 84.5% 5.8% African Carriers Capacity (ASK) Demand (RPK) 8% 7.3%
Slide 5: Air Passenger Market - RPK growth June 2025 YoY%
Air Passenger Market - RPK growth June 2025 YoY% 120.0% 9.0% 7.9% 8.0% 100.0% 7.0% 6.0% 80.0% 5.0% 5.0% 60.0% 4.0% 3.0% 2.6% 40.0% 2.2% 2.0% 1.0% 20.0% 0.8% -0.2% 0.1% 0.0% 0.0% -1.0% Africa Asia Pacific Europe Latin America Middle East North America Industry Total World Share RPK Source: IATA Susta
Slide 6: Global Airline Challenges
Industry Overview Global Airline Challenges
Slide 7: Significant Airline Challenges in 2025
Industry Overview Significant Airline Challenges in 2025 Significant Airline Labour & Geopolitical & Sustainability Cybersecurity Challenges in 2025 Operational Hurdles Economic Instability Pressures Threats • Spare parts shortages • Skilled labour shortages • Regional conflicts • Sustainable Aviati
Slide 8: Industry Supply Chain and Fleet
Industry Supply Chain Overview and Fleet Engines Spare parts delays Aircraft Availability • A GEnx engine overhaul costs • Demand for Original Equipment • A new B787 Dreamliner costs approx. USD $15Mn/Kshs. 1.9Bn spare parts is currently approx. USD $248Mn/Kshs. 32Bn 10–20% higher than supply. at th
Slide 9: Business Updates
Improved On Time Performance (OTP) Business Updates
Slide 10: Network Updates
Network Updates Launch of new destination – Gatwick, Effective 2nd July 2025. Additional 3x weekly frequences to London -16% Decrease in ASK’s New routing – Nairobi-Douala-Abidjan, Effective April 2025. 3x weekly, (new service between Douala and Abidjan)
Slide 11: Airline Partnerships
Airline Partnerships On 25th April, On 28th July, On 1st July, Kenya Airways we signed a Memorandum we took a bold step marked another of Understanding (MoU) toward expanding our strategic milestone with Air Tanzania to global footprint by with the launch of strengthen cooperation signing a Memorand
Slide 12: Sports Partnerships
Sports Partnerships Kenya Rugby Union ®kenya Airways Ea) Tha Pike of Mn
Slide 13: Operational Updates
Operational Updates Return of our fleet • Three 787’s grounded awaiting engines Boeing 737-800 to our fleet • First of the three returned to service in July We welcomed a Boeing 737-800 to our fleet, increasing 2025, with the remaining two expected to return our aircraft count to 42. to operation la
Slide 14: 2025 Awards
2025 Awards World Travel Awards • Africa’s Leading Airline 2025 • Africa’s Leading Airline – Business Class 2025 • Africa’s Leading Airline Brand 2025 • Africa’s Leading Inflight Magazine 2025 (Msafiri) • Employer of the Year Award
Slide 15: Financial Highlights
Financial Highlights Mary Mwenga Ag. Chief Finance Officer
Slide 16: Operational Highlights
Operational Highlights -19% -14% -2.3pts Revenue Passenger Passenger Numbers Cabin Factor (Points) KMs (Mil’s) (Mil’s) CY: 4,862 CY: 2,188 CY: 72.4% PY: 5,967 PY: 2,536 PY: 74.7% -8% -10% -19% Cargo Volumes (Tonnes) Block Hours Turnover (Ksh Mil’s) CY: 32,350 CY: 72,040 CY: 74,504 PY: 35,087 PY: 80,
Slide 17: Revenue Turnover Trend
Turnover Trend 100 000 Revenue 80 000 60 000 40 000 20 000 0 2019 2020 2021 2022 2023 2024 2025 Revenue 100 000 90 000 91,493 80 000 70 000 75,097 74,504 Kshs Mil 60 000 58 550 50 000 48,104 40 000 30 000 29 972 27 354 20 000 10 000 0 2019 2020 2021 2022 2023 2024 2025
Slide 18: Cost Trend
Cost Trend 100 000 Total cost 80 000 60 000 40 000 20 000 0 2019 2020 2021 2022 2023 2024 2025 Total cost 120 000 100 000 96 793 90 859 80 000 86 677 Kshs Mil 60 000 67 112 57 966 40 000 44 327 38 896 20 000 0 2019 2020 2021 2022 2023 2024 2025
Slide 19: Summary of Consolidated Income Statement
Summary of Consolidated Income Statement Jun-25 Jun-24 KShs Mil KShs Mil Total Income 74,504 91,493 Total Operating Costs (80,743) (90,195) Operating (Loss)/Profit (6,239) 1,298 Operating Margin % (8.4) 1.4 Other costs (5,969) (687) Interest income 35 23 (Loss)/Profit before Tax (12,173) 634 Taxatio
Slide 20: Summary of Consolidated Statement of Financial Position
Summary of Consolidated Statement of Financial Position Jun 2025 Dec 2024 KShs Mil KShs Mil Assets Non-current assets 136,044 137,497 Current assets 44,341 41,607 TOTAL ASSETS 180,385 179,104 EQUITY AND LIABILITIES Equity attributable to owners (129,563) (118,242) Non-controlling interest (6) (9) TO
Slide 21: Summary of Consolidated Statement of Cash Flow
Summary of Consolidated statement of Cash flow Jun-2025 Jun-2024 KShs Mil KShs Mil Cashflows from operating activities Cash generated from operations 8,942 11,784 Interest Received 35 23 Interest Paid (1,212) (3,830) Income Taxes Paid (26) (28) Net cash generated from operating activities 7,739 7,94
Slide 22: HY Operating & Net Loss/Profit Trend
HY Operating & Net Loss/Profit Trend: Ksh Mil 5,000 998 1,298 - 513 (2,904) (5,009) (5,000) (6,239) (7,274) (8,417) (10,000)(8,563) (9,885) (11,486) (12,154) (15,000) (14,326) (20,000) (21,703) (25,000) 2019 2020 2021 2022 2023 2024 2025 Year Operating Profit /(Loss) Profit after tax
Slide 23: EBITDAR Trend: HY 2019 - 2025
EBITDAR Trend: HY 2019 - 2025 HY 2017-2025 EBITDAR Evolution 25% 20% 15.3% 14.7% 15% 13.5% 10.5% 10% 8.3% 7.8% 7.8% 5% 0% 2019 2020 2021 2022 2023 2024 2025
Slide 24: Future Outlook
Future Outlook Mr. Allan Kilavuka Group MD & CEO
Slide 25: Future Outlook: Project Kifaru 2.0
Future Outlook Project Kifaru 2.0 Capital Aircraft and Cost Operational Raising engines Containment Stability and (Address capacity (Eye on cost) efficiency constraints)
Slide 26: Industry Overview
Industry Overview
Slide 27: Thank You
Thank You