For the second consecutive year, Aerolíneas Argentinas had a record surplus and did not resort to state transfers

Aerolíneas Argentinas closed fiscal year 2025 with an operating surplus of USD 112.7 million, almost double the USD 56.6 million recorded in 2024. This is the second consecutive year in positive territory. In addition, this is the first period since its renationalization in 2008 in which the company did not require transfers from the National Treasury.

With revenue exceeding USD 2.22 billion, the result marks a structural break compared with the 2008–2023 period. In those years, the company posted average operating losses close to USD 400 million per year and required more than USD 8 billion in state assistance.

This is not just a technical figure. In practice, it means that the company has stopped being a permanent expense for the State—paid with Argentinians' taxes—and now can sustain itself. What it collects from ticket sales is enough to pay its operating costs without asking the Treasury for money.

Operational efficiency: more productivity while maintaining the level of activity

The 2025 surplus did not result from a contraction of operations, but from improvements in productivity and resource allocation. The company maintained a volume of flight hours similar to 2024, with superior metrics:

• Passengers carried: 12,781,016 in the year (35,016 per day).
• Load factor: 83% on a network of approximately 300 daily flights.
• Operational performance: 99.4%.
• NPS (Net Promoter Score): 55 points.

From an economic perspective, an 83% load factor in a broad network structure makes it possible to dilute fixed costs per available seat-kilometer (ASK). This way, the company manages to improve the operating margin without needing to expand capacity aggressively.

Financial cleanup and reduction of leverage

One of the pillars of the result was deleveraging. Between December 2023 and December 2025, bank and financial debt fell by 41%. It went from USD 341.9 million to USD 207.4 million, an unbelievable achievement in just two years.

The reduction of the debt stock lowers the financial burden and improves the debt/EBITDA ratio, strengthening the equity position and the ability to access financing under more competitive conditions.

In parallel, during 2024 structural adjustments were implemented: elimination of 85 management positions, a 13% reduction in headcount, and cancellation of unprofitable routes. These decisions had a direct impact on the fixed cost structure and on the operating break-even point.

From stabilization to expansion: fleet renewal

With the balance sheets in order, the company announced the addition of 18 new-generation aircraft:

• 4 Airbus A330neo
• 8 Boeing 737 MAX 10
• 4 Boeing 737 MAX 9
• 2 Boeing 737 MAX 8

The renewal aims to reduce the cost per seat through greater fuel efficiency and lower maintenance costs. In industrial economics terms, this is a strategy to improve marginal cost and competitiveness against private airlines.

The president and CEO, Fabián Lombardo, stated that "the result consolidates the direction taken over the past two years", focused on cost reduction and profit maximization.

In the same vein, he stated that the company has shown that it can compete "on equal terms" within the industry.

Milei and the debate on the future of public companies

President Javier Milei was the one who strongly put forward the debate on the efficiency and sustainability of state-controlled companies. From the beginning of his administration he maintained that, beyond positive results, privatizations prevent companies from being subject to political swings that could once again deteriorate their performance.

In that context, the Government is evaluating alternatives for the future of Aerolíneas Argentinas within a framework of reorganization and possible opening to private capital. After more than a decade of losses that involved substantial transfers from the State, a potential privatization process with balance sheets in the black would make it possible to maximize the asset's market value.

The 2025 balance sheet is currently under external audit and will be submitted to the Board of Directors for formal approval in the coming months. Beyond the procedure, the structural fact is already consolidated. For the second consecutive year, the company operated with a positive result and without resorting to the Treasury, a significant change compared with the previous two decades.