Avianca achieved $411 Million in EBITDAR at a 27.2% margin, fourth consecutive quarter of record EBITDAR and margin performance for comparable periods
The Group's net leverage was 2.8x and liquidity remained strong at $1,361 million at September 30, 2025, representing 24.2% of last-twelve-month revenue
Moody's and Fitch upgraded Avianca's rating to B1 and B+ respectively, both with stable outlook, supported by the Company's track record of robust financial performance
AGIL launched Business Class in 54 additional routes from Bogota (Colombia), Medellin (Colombia), San Salvador (El Salvador), Quito and Guayaquil (Ecuador)
BOGOTÁ, Colombia, Dec. 2, 2025 /PRNewswire/ -- Avianca Group International Limited ("AGIL", "the Company" or "the Group") today 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 ...
