Kenya Airways Plc · NSEKE:KQ
Kenya Airways — FY2025 Earnings Presentation
32 slides from Kenya Airways's earnings presentation, Mar 24, 2026
Slide 1: Full Year Investor Briefing 2025
Industry Overview Tuesday,24th March 2026 Kenya Airways PLC Full Year Investor Briefing 2025 Re-affirming strategic importance amid global aviation constraints
Slide 2: Agenda
Agenda • Opening Remarks • Industry Overview • Business Updates • Financial Highlights • Future Outlook • Q&A
Slide 3: Opening Remarks
Industry Overview Opening Remarks Mr. Kiprono Kittony, EBS Chairman, Kenya Airways Plc
Slide 4: Industry Overview
Industry Overview Capt. George Kamal Ag. Group Managing Director & CEO
Slide 5: Global Aviation Performance FY25 vs FY24
Industry Global Aviation Overview Performance FY25 vs FY24 Global Available Seats Global Passenger Load Kilometers (ASK) Factors 5.2% 5.3% Global Air Cargo Tonnage African Carriers Load Per Km Demand Factor 3.4% 9.4%
Slide 6: Passenger load factor and passenger total yield
Passenger load factor, %, and passenger total yield, % YoY
Slide 7: The Operating Environment: Global Aviation profits outlook
Industry The Operating The Operating Overview Environment: Environment: Global Global Aviation profits Aviation profits outlook outlook Europe 2025 2026F North America Net Profit $13.2Bn $14Bn 2025 2026F Net Profit $10.60 $10.90 Net Profit $10.8Bn $11.3Bn margin/pax Net Profit $9.50 $9.80 Middle Eas
Slide 8: Global Airline Challenges
Industry Overview Global Airline Challenges
Slide 9: Significant Airline Challenges in FY 2025
Industry Overview Significant Airline Challenges in FY 2025 Significant Airline Labour & Geopolitical & Sustainability Cybersecurity Challenges in 2025 Operational Hurdles Economic Instability Pressures Threats • Spare parts & engine • Skilled labour • Regional conflicts • Sustainable Aviation Fuel
Slide 10: 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 spare • A new B787 Dreamliner costs approx. USD $15Mn/Kshs. 1.9Bn parts is currently approx. USD $248Mn/Kshs. 32Bn 10–20% higher than supply. at th
Slide 11: Business Updates
Business Updates
Slide 12: Commercial Key Milestones
Commercial Key Milestones Gatwick Route Launch Visa Partnership KQ Safari Data Improved Mobile App Direct Flights from Nairobi Strategic Partnership Global Roaming solution Redesigned mobile app to London, Gatwick 3x for co-branded Asante offering affordable to boost direct sales, weekly, bringing t
Slide 13: Sports Partnerships (In Kind)
Sports Partnerships (In Kind)
Slide 14: Airline Partnerships
Airline Partnerships Signed codeshare that expands Signed MoU to enhance global Signed MoU to strengthen regional access to key bush safari connectivity, driving network connectivity, deepening network destinations, boosting tourism reach, feed traffic, and reach and supporting Nairobi’s hub flows i
Slide 15: Net Promoters Score (NPS) & On-time performance (OTP)
Industry 2025 NetOverview Promoters Score (NPS) & On-time performance (OTP) NPS rose to 28, reflecting a significant improvement in customer satisfaction. Promoters Yearly NPS 30 28 • Staff hospitality 25 • On-time performance OTP • Cleanliness & comfort 73% 20 14 15 10 10 5 OTI 0 -4 • Flight Disrup
Slide 16: Awards Recognition 2025
Industry&Overview Awards Recognition 2025 In 2025, KQ was recognised with multiple awards and accolades for outstanding performance. 2025 TripAdvisor Travellers’ Choice Award World Travel Awards • KQ Pride Lounge • Africa’s Leading Airline 2025 • Africa’s Leading Airline – Business Class 2025 https:
Slide 17: Operational Updates
Operational Updates Fleet Expansion Return to Service Additional Boeing 737-800 was added to the fleet, bringing 3 aircraft returned to service despite a difficult operating total aircraft count to 41. environment.
Slide 18: MRO Growth & Maintenance Excellence
Industry MRO Growth Overview & Maintenance Excellence Achieved world-leading fleet utilisation for B737 and E190 aircraft Successfully completed the first-ever in-house E190 redeliveries Delivered 16 heavy maintenance checks Completed 38,000 in-house component repairs Executed 7 landing gear changes
Slide 19: KQ Fleet Overview: Performance vs Industry
Industry KQ Fleet Overview Performance vs Industry B787 B737 SR=97.18% ADU=14.33 SR=98.31% ADU=12.43 E190
Slide 20: Financial Highlights
Financial Highlights Mary Mwenga Ag. Chief Finance Officer
Slide 21: Turnover Trend FY 2025
Revenue KShs Mil Turnover Trend FY 2025 200 000 160 000 120 000 80 000 40 000 0 2019 2020 2021 2022 2023 2024 2025 Revenue 200 000 188 495 178 496 160 000 161 473 120 000 128 317 116 787 Kshs Mil 80 000 70 221 40 000 52 805 0 2019 2020 2021 2022 2023 2024 2025 FY
Slide 22: Cost Trend FY 2025
Total Cost KShs Mil Cost Trend FY 2025 250 000 200 000 150 000 100 000 50 000 0 2019 2020 2021 2022 2023 2024 2025 Total cost 250 000 200 000 201 360 182 967 179 400 150 000 Kshs Mil 155 102 141 291 100 000 89 378 86 248 50 000 0 2019 2020 2021 2022 2023 2024 2025
Slide 23: Profit/(Loss) After Tax Trend FY 2025
Industry Overview Profit/(Loss) After Tax Trend FY 2025 Profit/ (Loss) After Tax 10,000 5,000 0 2019 2020 2021 2022 2023 2024 2025 (5,000) (10,000) (15,000) (20,000) (25,000) (30,000) (35,000) (40,000)
Slide 24: Operational Highlights FY 2025
Operational Highlights FY 2025 -18% -13% -0.4pts Revenue Passenger Passenger Numbers Cabin Factor (Points) KMs (Mil’s) (Mil’s) CY: 9,982 CY: 4.6 CY: 74.8% PY: 12,204 PY: 5.2 PY: 75.2% -8% -14% -14% Cargo Volumes (Tonnes) Block Hours Turnover (Ksh Mil’s) CY: 64,780 CY: 143,548 CY: 161,473 PY: 70,776
Slide 25: Summary of Consolidated Income Statement
Summary of Consolidated Income Statement 2025 2024 KShs. Mil KShs. Mil Total Income 161,473 188,495 Total Operating Costs (167,080) (171,874) Operating Profit / (Loss) (5,607) 16,621 Operating Margin % (3.5) 8.8 Net Finance costs (12,320) (11,094) Profit/(Loss) before Tax (17,927) 5,527 Tax 764 (95)
Slide 26: Summary of Consolidated Statement of Financial Position
Summary of Consolidated Statement of Financial Position 2025 2024 KShs Mil KShs Mil Assets Non-current assets 141,803 137,497 Current assets 41,425 41,607 TOTAL ASSETS 183,228 179,104 EQUITY AND LIABILITIES Equity attributable to owners (132,027) (118,242) Non-controlling interest (38) (9) TOTAL EQU
Slide 27: Summary of Consolidated Statement of Cash Flow
Summary of Consolidated statement of Cash flow 2025 2024 Ksh Mil Ksh Mil Cashflows from operating activities Cash generated from operations 19,703 20,853 Interest Received 79 69 Interest Paid (1,641) (3,106) Income Taxes Paid (49) (76) Net cash generated from operating activities 18,092 17,740 Net c
Slide 28: EBITDAR Trend: FY 2019 - 2025
EBITDAR Trend: FY 2019 - 2025 FY 2018-2024 EBITDAR Evolution 30.00% 25.00% 20% 20% 20.00% 17% 16% 15.00% 15% 11% 10.00% 5.00% 6% 0.00% 2019 2020 2021 2022 2023 2024 2025
Slide 29: Future Outlook
Future Outlook Capt. George Kamal Ag. Group Managing Director & CEO
Slide 30: Future Outlook
Future Outlook Capital Cost Cargo Aircraft and Operational Raising Optimisation Capacity engines Stability and (Eye on cost) (Address capacity efficiency constraints)
Slide 31: Industry Overview
Industry Overview
Slide 32: Thank You
Thank You