Avianca achieved $411 Million in EBITDAR at a 27.2% margin — fourth consecutive quarter of record EBITDAR and margin performance for comparable periods
Avianca Group International Limited ("AGIL", “the Company” or "the Group") reported its third quarter results. The Company achieved $411 million in EBITDAR for the period, at a margin of 27.2%.
Third Quarter 2025 Highlights
- Avianca Group’s capacity, as measured in Available Seat Kilometers (ASKs), reached 18,284 million in the third quarter of 2025, denoting a 6.8% increase compared to the same period in 2024, driven mostly by a 6.2% Stage Length increase year-over-year. Passenger departures remained relatively unchanged (+1.0% year-over-year), as the Company continued to signal capacity growth rationality.
- The Company carried 9.7 million passengers through a network composed of 169 routes to 83 destinations across 28 countries. Additionally, Avianca launched three new international routes after quarter’s end, including Belém (Brazil) and Monterrey (Mexico) as new destinations.
- Total operating revenues in the third quarter of 2025 reached $1,509 million, a 12.8% year-over-year increase, supported by the consolidation of Avianca’s Business Class offering and robust results from its business units.
- Passenger and ancillary revenues for the third quarter of 2025 were $1,151 million, increasing 3.3% year-over-year.
- Third quarter Passenger CASK ex-fuel was 3.9 cents (2.1% year-over-year increase), indicating continued cost discipline despite inflationary pressure and higher international network costs. Furthermore, Passenger Fuel CASK was 1.7 cents (9.9% year-over-year reduction), driven by lower fuel prices and greater fuel efficiency. As a result, Total Passenger CASK was 5.7 cents for Q3-25, representing a 1.9% decrease relative to the same period in 2024.
- AGIL achieved $411 Million in EBITDAR (15.5% year-over-year increase) at a 27.2% margin, marking its fourth consecutive quarter of record EBITDAR and margin performance for comparable periods. The increased EBITDAR generation was driven by higher revenue, as explained before, disciplined costs and remarkable performance of cargo, loyalty and Wamos.
- Avianca reached $1,361 million in liquidity at quarter’s end, representing 24.2% of last-twelve-month revenues, including cash balance of $1,161 million and $200 million in committed liquidity through an undrawn Revolving Credit Facility. Net Debt to last-twelve-month EBITDAR ratio sequentially improved to 2.8x as of September 30, 2025 (June 30, 2025: 2.9x).
- Avianca Cargo recorded $157 million in revenue during the third quarter of 2025, representing a 14.1% year-over-year increase, denoting a stable market backdrop. Operating freighter fleet reached 9 A330s, following the start of operations of 2 additional P2Fs during the quarter.
- LifeMiles’ strong momentum was reflected in a 72% year-over-year increase in Q3-25 Third-Party Cash EBITDA, reaching $77 million, supported by robust performance of Third-Party Gross Billings, increased redemptions in Avianca, and co-branded credit card incentives.
- Avianca Group’s passenger operating fleet consisted of 161 aircraft at September 2025, including 134 Airbus A320 family aircraft, 15 Boeing 787s and 12 Airbus 330s.
- Moody’s and Fitch upgraded Avianca’s rating to B1 and B+ respectively, both with stable outlook, evidencing the Company’s continued operational and financial improvements, robust liquidity, and sustainable business outlook.
- AGIL launched Business Class service in 54 additional routes from Bogota (Colombia), Medellin (Colombia), San Salvador (El Salvador), Quito and Guayaquil (Ecuador), expanding coverage across the Americas. Furthermore, the Company continued to improve Insignia Business Class product in transatlantic routes, and enhanced customer experience in El Dorado airport (Bogota), with the opening of the new Diamond lounge in the domestic terminal.
- Avianca continued to optimize its network, improving connectivity and schedule convenience through major Hub redesigns in Bogotá, San Salvador, and Medellín. These efforts resulted in a 23% increase in total markets served through the Hubs and an 11% increase in weekly paths built for Winter 2025 compared with the same season last year.
| Consolidated Financial and Operational Highlights | Q3-24 | Q3-25 | Var. |
| Operating metrics: | |||
| PAX Departures | 65,115 | 65,736 | 1.0% |
| PAX Block Hours | 147,399 | 156,555 | 6.2% |
| ASKs (M) | 17,123 | 18,284 | 6.8% |
| RPKs (M) | 14,171 | 15,163 | 7.0% |
| Passengers (M) | 9.7 | 9.7 | 0.0% |
| Stage length (Km) | 1,352 | 1,436 | 6.2% |
| Revenue metrics: | |||
| Load Factor | 82.8% | 82.9% | 0.2 p.p |
| Yield (¢) | 7.9 | 7.6 | -3.5% |
| Average Fare (USD) | 114.6 | 118.4 | 3.3% |
| PRASK (¢) | 6.5 | 6.3 | -3.3% |
| Fuel Cost: | |||
| PAX Gallons (M) | 120 | 125 | 4.2% |
| PAX Fuel CASK (¢) | 1.9 | 1.7 | -9.9% |
| Non Fuel Cost: | |||
| PAX CASK ex Fuel (¢) | 3.8 | 3.9 | 2.1% |
| Total PAX CASK (¢) | 5.8 | 5.7 | -1.9% |
| Profit metrics: | |||
| Total Operating Revenues (USD M) | 1,338 | 1,509 | 12.8% |
| Total Operating Costs (USD M) | 1,139 | 1,290 | 13.3% |
| EBITDAR (USD M) | 356 | 411 | 15.5% |
| EBITDAR Margin | 26.6% | 27.2% | 0.6% |
| EBIT (USD M) | 199 | 219 | 9.8% |
| EBIT Margin | 14.9% | 14.5% | -0.4 p,p |
| Net Income (USD M) | 72 | 101 | 40.1% |
| Net Margin | 5.4% | 6.7% | 1.3 p,p |
