Abra Group Limited («Abra,» or together with its subsidiaries, the «Group»), a leading air transportation group across Latin America and holding company of Avianca International Group Limited («Avianca») and New Gol Parent S.A. («GOL»), today reported fourth quarter and full year 2025 results.
«2025 was a defining year for Abra. We strengthened our strategic position across Latin America, successfully integrating Gol and enhancing coordination across our airlines,» said Adrian Neuhauser, CEO of Abra. «Our full year 2025 performance reflects strong demand across the region and our continued network growth, resulting in total pro forma revenue of $9.7 billion and Adjusted EBITDAR of $2.7 billion (including GOL for the full year), supported by continued margin expansion. Looking ahead, we remain focused on delivering sustainable growth, enhancing connectivity and experiences for our passengers, and unlocking long-term value for all our stakeholders.»
On June 6, 2025, GOL successfully emerged from Chapter 11 reorganization, at which point Abra became the controlling shareholder of GOL and began consolidating its financial results. Accordingly, GOL’s results are included in Abra’s consolidated financial results from that date forward. To facilitate comparability of financial and operational performance, our results from operations for 2025 and 2024 have also been presented on a pro forma basis. The pro forma information assumes GOL was included in the Group’s financial results for the full year periods presented for both 2025 and 2024.
Fourth Quarter and Full Year 2025 Pro Forma Financial Highlights
|
USD millions |
Q4-25 |
FY-25 |
FY-24 |
YoY Var. % |
|
Passenger Revenue |
2,247 |
8,144 |
7,547 |
+7.9 % |
|
Cargo and Other Revenue |
410 |
1,560 |
1,188 |
+31.3 % |
|
Total Operating Revenue |
2,684 |
9,704 |
8,735 |
+11.1 % |
|
Adjusted EBITDAR |
821 |
2,659 |
2,113 |
+25.8 % |
|
Adjusted EBITDAR Margin (%) |
30.6 % |
27.4 % |
24.2 % |
+321 bps |
- Delivered double-digit top-line growth, with total operating revenue increasing 11.1% to $9.7 billion, driven by continued strength in passenger revenue (+7.9%) and robust cargo and other revenue performance (+31.3%)
- Cargo and other (which includes Wamos) generated approximately $1.6 billion of revenue, highlighting the strength of Abra’s diversified platform and supporting earnings resilience
- Adjusted EBITDAR increased 25.8% to $2.7 billion, with Adjusted EBITDAR margin of 27.4%, an improvement of approximately 321 basis points year-over-year.
- Abra aligned accounting policies across the operating airlines in line with market standards
Full Year 2025 Strategic Highlights
- Continued focus on synergy realization to drive value creation, with increased coordination across fleet, procurement, network, commercial, and loyalty. As of December 31, 2025, and since June 2023, Abra has realized synergies of $183.1 million
- Strengthened governance and leadership with Board enhancements and the appointment of a Chief Procurement Officer, Chief Loyalty Officer, and Chief Corporate Responsibility Officer
- Announced the strengthening of its fleet order book with the addition of 50 A320neo narrowbodies, and up to seven A330neo widebodies supporting the long-haul strategy, to enable growth, more efficient operations and enhanced customer experience.
- GOL successfully completed its restructuring process, including the subsequent de-listing from the Brazilian Stock Exchange, strengthening its capital structure and reinforcing its financial foundation for sustainable growth
- Announced an agreement-in-principle for a business combination with SKY Airline, the second largest airline in Chile and Peru in terms of ASKs (as of December 31, 2025), which would strengthen regional connectivity through the addition of 52 routes and 29 destinations(1), subject to agreement on final documentation and regulatory approvals
- Continued to advance Abra’s sustainability strategy, delivering ongoing improvements in fuel efficiency and emissions management while expanding connectivity across Latin America. This performance underscores the Company’s ability to drive disciplined growth alongside measurable sustainability outcomes
Fourth Quarter and Full Year 2025 Pro Forma Operational Highlights
|
Q4-25 |
FY-25 |
FY-24 |
Var. % |
|
|
Passengers carried (millions) |
19 |
71 |
68 |
+5.2 % |
|
ASK (billions) |
31 |
120 |
108 |
+11.6 % |
|
Load Factor (%) |
82.6 % |
81.3 % |
82.0 % |
-70 bps |
|
PRASK (US¢) |
7.3 |
6.8 |
7.0 |
-3.3 % |
|
Yield (US¢) |
8.8 |
8.3 |
8.5 |
-2.5 % |
|
Total Passenger CASK (US¢) |
6.0 |
6.0 |
6.1 |
-0.9 % |
|
Passenger CASK ex-fuel (US¢) |
4.1 |
4.2 |
4.1 |
+3.8 %z |
Abra carried 71 million passengers in 2025, up 5.2% year over year, while capacity increased 11.6%. Load factor remained healthy at 81.3%, reflecting continued development of longer-haul and international flying across the platform. Unit revenues were solid, with PRASK at 6.8 cents and yield at 8.3 cents, while cost discipline remained strong as Passenger CASK ex-fuel was 4.2 cents. Overall, the Group’s operating metrics reflect balanced capacity deployment, resilient demand, and disciplined execution.
During the fourth quarter, Abra carried 19 million passengers and achieved an 82.6% load factor, reflecting solid demand throughout the quarter. PRASK and yield reached 7.3 cents and 8.8 cents, respectively, and Passenger CASK ex-fuel was 4.1 cents. These results underscore the strength of Abra’s network, the resilience of demand across its markets, and the Group’s disciplined focus on profitable growth following GOL’s consolidation.
Balance Sheet, Cash and Liquidity
Abra ended 2025 with solid operating cash generation and disciplined capital allocation, supporting deleveraging and strengthening its financial position.
Liquidity (which is comprised of unrestricted cash and cash equivalents, short-term financial investments, GOL credit card receivables, and available capacity under Avianca’s revolving credit facility) totaled $2.5 billion as of December 31, 2025, up 20.1% year over year compared to combined liquidity of $2.0 billion as of December 31, 2024 (based on combined historical Abra and GOL Linhas Aereas Inteligentes S.A. («GLAI») financial information).
Net leverage declined to 3.3x, while liquidity remained robust at approximately 25% of 2025 revenues. Net debt amounted to approximately $8.8 billion as of December 31, 2025, a 16.6% reduction year over year compared to the combined net debt of $10.5 billion as of December 31, 2024 (based on combined historical Abra and GLAI financial information). Improved earnings and cash generation supported a stronger balance sheet and enhanced financial flexibility.
Network and Fleet
In 2025, Abra continued to strengthen its network by increasing frequencies at core hubs and selectively launching new routes in key international markets, supporting improved connectivity and utilization across the platform. The Group closed 2025 with 325 total aircraft in the fleet; over 375 scheduled routes; and over 145 destinations served.
Abra also announced the addition of seven A330s, each with a capacity of 290 seats and a Business Class cabin, as part of its international expansion strategy. GOL will operate up to five of these aircraft, with Avianca operating the remaining two. Fleet expansion was supported by the delivery of 15 aircraft, while ongoing fleet commitments including Airbus A350 and A330 aircraft enhance long-haul capability, gauge flexibility and premium offerings, positioning the Group for continued network expansion and modernization…
