“The skies may be turbulent today, but our direction is clear and our destination is long-term, sustainable growth.” – Ag. Group Managing Director and Chief Executive Officer, George Kamal
Kenya Airways has announced its full-year results for the period ending 31 December 2025, reflecting a performance significantly impacted by global aviation supply chain disruptions.
During the announcement, Kenya Airways Chairman Kiprono Kittony, underscored the airline’s enduring strategic role in connecting markets and enabling economic growth. The results, he said, must be viewed within the broader context of an industry facing unprecedented operational constraints, but still underpinned by strong fundamentals, mainly strong travel demand.
“While our financial performance reflects a challenging year, it is important to recognise that this was driven primarily by global supply chain disruptions and not a lack of demand. The appetite for travel remains strong, and the strategic relevance of Kenya Airways has never been more evident,” he observed.
He added that the board will continue to support management, which is singularly focused on stabilising the airline in the short term while building long-term resilience and sustainability, emphasising the carrier’s importance as a strategic national asset.
Kenya Airways Performance Overview
Kenya Airways operations were materially affected by the temporary grounding of three Boeing 787-8 Dreamliner aircraft due to global supply chain constraints and limited engine availability, resulting in reduced capacity across key routes.
- Capacity, measured in Available Seat Kilometres (ASKs), declined by 18% to 13,349 million, underscoring the direct impact of fleet constraints on performance
- Revenue declined by 14% (KShs 27 billion), driven by a 13% drop in passenger numbers following an 18% reduction in capacity
- Total revenue closed at KShs 161 billion
- Operating costs decreased by 3% to KShs 167 billion, reflecting reduced operational activity and carrying costs of idle capacity (grounded fleet)
- The Group recorded an operating loss of KShs 5.6 billion. Loss after tax stood at KShs 17.2 billion
Industry Context
According to Ag. Group Managing Director and Chief Executive Officer, George Kamal, the global aviation sector continued its recovery in 2025, supported by robust passenger demand, particularly on international routes. However, the industry faced persistent headwinds, including aircraft delivery delays, engine shortages and ongoing supply chain disruptions.
“Kenya Airways operated in a complex macroeconomic landscape marked by elevated input costs, particularly fuel and labour, and ongoing geopolitical uncertainty. Within Africa, structural challenges, including infrastructure limitations and elevated operating costs, continue to shape the operating environment. Despite this, demand for air travel across the continent remains strong, supporting long-term growth prospects. Cargo performance softened amid slower global trade and shifting tariff regimes, while regulatory costs continued to exert pressure across the sector,” said Kamal.
Macroeconomic Environment
The Kenya Shilling remained relatively stable during the year, in contrast to 2024, which had benefited from significant foreign exchange gains.
Tensions in the Middle East pose a potential risk to the sector through fuel price volatility and airspace restrictions, which could increase operating costs due to longer routes and higher fuel consumption.
Looking ahead, Kenya Airways is focused on restoring operational capacity, strengthening its financials and positioning the business for sustainable growth.
Key priorities include:
- Fleet Restoration: Returning grounded aircraft to service to unlock capacity and revenue
- Cost Discipline: Continued focus on efficiency, cost management, and cash conservation
- Capital Raising: Advancing capital raise to strengthen liquidity, support fleet expansion, and diversify revenue streams.
According to the International Air Transport Association (IATA), global passenger traffic is projected to grow by 4.9%, with cargo expected to increase by 3.1%, reflecting steady but moderated recovery.
“We are taking deliberate steps to stabilise the business in the near term while laying the foundation for long-term resilience. Our focus is not just recovery, but reinvention by building a stronger, resilient and more agile Kenya Airways,” said Kamal.
Reinforcing the broader role of aviation, Kamal added, “Kenya Airways is more than an airline; it is a critical enabler of trade, tourism and regional integration. Our value extends beyond financial results to the economic connectivity we provide across Africa and globally.”
