REG - Air Astana JSC - Q3 and 9M 2025 Results

Air Astana AOAnnouncement

11/11/2025 07:00

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RNS Number : 0334H  Air Astana JSC  11 November 2025

11 November 2025

Results for the third quarter and nine months ended 30 September 2025

 

Resilient 9M performance with strong revenue and capacity growth

Q3 impacted by Pratt & Whitney Unscheduled Engine Removals

 

Almaty, Kazakhstan - Air Astana JSC (the "Company" and, together with its
subsidiary FlyArystan, the "Group"), the leading airline group in Central Asia
and the Caucasus regions by revenue and fleet size, announces its results for
the third quarter and nine months ended 30 September 2025.

 

9M Highlights

Resilient performance with strong revenue and capacity growth; EBITDAR
improvement through dynamic capacity allocation and yield management

·      Total revenue and other income increased 10.1% to USD 1,096.8
million (9M 2024: USD 996.5 million).

·      EBITDAR increased 3.5% to USD 262.2 million (9M 2024: USD 252.3
million). EBITDAR margin 1.5 pp lower to 23.9% (9M 2024: 25.4%).

·      PAT decreased 39.8% to USD 31.2 million (9M 2024: USD 51.9
million).

·      ASK up 16.8% to 17.1 billion (9M 2024: 14.6 billion).

·      RPK increased 15.4% to 14.2 billion (9M 2024: 12.3 billion).

·      Mitigating RASK-CASK differential in a challenging operating
environment through dynamic capacity management and operational efficiency.

o  RASK decreased 5.7% to USD 6.43¢ (9M 2024: 6.82¢).

o  CASK decreased 3.0% to USD 5.90¢ (9M 2024: 6.08¢).

·      Group passengers carried increased 10.5% to 7.5 million (9M 2024:
6.8 million) with a stable average load factor of 83.0% (9M 2024: 84.0%).

·      Group fleet expanded to 62 aircraft post-period end with the
delivery of a further A321neo aircraft.

 

Q3 Highlights

Strong demand but capacity and profitability impacted by Pratt & Whitney
Unscheduled Engine Removals ("UER"), Tenge weakness and airport closures.

·      Total revenue and other income increased 7.2% to USD 438.6
million (Q3 2024: USD 409.3 million).

·      EBITDAR decreased 17.0% to USD 105.2 million (Q3 2024: USD 126.7
million). EBITDAR margin 7.0 pp lower to 24.0% (Q3 2024: 31.0%).

·      PAT decreased 56.5% to USD 20.6 million (Q3 2024: USD 47.3
million).

·      ASK up 15.2% to 6.8 billion (Q3 2024: 5.9 billion).

·      RPK increased 12.7% to 5.8 billion (Q3 2024: 5.1 billion).

·      RASK-CASK differential impacted by Pratt & Whitney UERs,
curtailing capacity growth and grounding more of the fleet than planned during
peak season.

o  RASK decreased 7.0% to USD 6.45¢ (Q3 2024: 6.94¢) due to the impact of
UERs as well as the impact of the Tenge devaluation on FlyArystan and key
airport closures.

o  CASK increased 2.1% to USD 5.79¢ (Q3 2024: 5.67¢) due to lost capacity
caused by UERs, with resources geared for peak season and higher engine
maintenance costs.

·      Group passengers carried increased 8.8% to 3.0 million (Q3 2024:
2.8 million) with average load factor of 85.0% (Q3 2024: 87.0%).

 

Peter Foster, CEO of Air Astana, commented:

 

"We have performed with resilience in the first nine months of the year to
grow revenue by 10.1% and improve EBITDAR by 3.5%. This is despite several
external challenges which had an outsized impact on the Group's operations in
Q3, our seasonally strongest quarter.

 

We have been proactive in mitigating the Pratt & Whitney powdered metal
challenge to date. Despite these actions, our Q3 capacity was further
constrained by 19 Unscheduled Engine Removals year-to-date of which 14
occurred during the summer peak, caused by additional engine design defects.
This impacted Q3 EBITDAR by an estimated USD 25.5 million and was further
compounded by the impact of a weaker Tenge on the profitability of our
FlyArystan operations.

 

While it is frustrating to encounter these issues during our peak season, we
are agile operators with a track record of navigating external headwinds. As
with powdered metal, we have taken proactive actions to mitigate the cause of
the UERs and are in vigorous discussions with Pratt & Whitney to address
the impact of grounded aircraft. At the same time, FlyArystan has adjusted its
pricing structure to reflect the Tenge depreciation.

 

Demand remains strong as we continue to expand our network, with RPK up 15.4%
in the first nine months against ASK growth of 16.8%. We recently signed
highly significant codeshare agreements with China Southern Airlines and Air
India, accelerating our expansion into the Group's nearby megamarkets of China
and India. These markets provide exciting growth opportunities alongside the
success of our expanded network across the Gulf and South-East Asia.

 

Last week, we underscored our international growth ambitions with an order for
up to 15 Boeing 787-9 Dreamliners. This order - the largest in the airline's
history - marks a major expansion of our long-haul fleet, with total number of
up to 18 aircraft including the three 787-9 scheduled for delivery in 2026/27.

 

We anticipate that the Pratt & Whitney engine constraints will continue to
persist across the industry and will require agile management in the years
ahead. We shall remain disciplined in optimising our capacity, drawing on the
strength of our dual-brand model and the Group's in-built operational
efficiency. As a result, we are confident in navigating these challenges to
deliver growth in line with our medium-term strategy."

 

 

Outlook

 

As a result of the UERs during the Q3 peak season, the Group expects FY 2025
CASK to be slightly ahead of RASK growth. Notwithstanding this differential,
the Group remains on course to deliver growth in 2025, in line with its
medium-term guidance:

 

·      Realign capacity to ensure highest margin delivery and mitigate
inflationary cost pressures, while retaining a load factor broadly consistent
with 2024.

·      Total fleet to expand to 84 aircraft by the end of 2029.

·      Medium-term expectation of mid-to-high 20s EBITDAR margin with
liquidity ratio above 25% and leverage below 3.0x Net Debt/EBITDAR.

 

 

Financial and operational review

 Financial and Operational Review        9M-25    9M-24  Diff YoY  Q3-25  Q3-24  Diff YoY
 Passengers (millions)                   7.5      6.8    10.5%     3.0    2.8    8.8%
 Aircraft (end of period - fleet)        61       56     8.9%      61     56     8.9%
 Load factor (%)                         83.0     84.0   -1.0pp    85.0   87.0   -1.9pp
 Revenue and other income (million USD)  1,096.8  996.5  10.1%     438.6  409.3  7.2%
 EBITDAR (million USD)                   262.2    253.3  3.5%      105.2  126.7  -17.0%
 EBITDAR margin (%)                      23.9     25.4   -1.5pp    24.0   31.0   -7.0pp
 PAT (million USD)                       31.2     51.9   -39.8%    20.6   47.3   -56.5%
 ASK (billion)                           17.1     14.6   16.8%     6.8    5.9    15.2%
 RPK (billion)                           14.2     12.3   15.4%     5.8    5.1    12.7%
 RASK (US cents)                         6.43     6.82   -5.7%     6.45   6.94   -7.0%
 CASK (US cents)                         5.90     6.08   -3.0%     5.79   5.67   2.1%
 Cash and bank balances (million USD)    539.6    473.9  13.9%     539.6  473.9  13.9%
 Net Debt/EBITDAR                        1.33     1.28   0.05      1.33   1.28   0.05
 Cash/sales (%)                          38.3     37.3   1.0pp     38.3   37.3   1.0pp

 

 

Traffic and network expansion

 

The Group increased passenger numbers by 10.5% to 7.5 million in the first
nine months of 2025, comprising 3.0 million in Q3, an 8.8% rise on the prior
year. Both airlines continue to proactively manage their networks and allocate
capacity to maximise yield, particularly in favour of higher-margin
international routes on Air Astana. In Q3, the Group achieved 19% ASK growth
on international routes and 10% on domestic. This continues the trend for the
first 9M of 2025 of 23% ASK growth on international routes and 10% on
domestic, the majority of which has been allocated to Air Astana.

 

The Group continues making progress on its strategy to improve connectivity
within Kazakhstan and across its regional and international network. 22 new
routes have been launched by the Group in 9M 25 across the megamarkets of
China and India, South-East Asia, the Gulf, seasonal destinations and
Almaty-Frankfurt flights complementing the daily Astana-Frankfurt flight. This
includes two new routes added by FlyArystan in Q3: Atyrau-Tashkent and
Almaty-Issyk Kul (seasonal). The Group has further expanded into the Chinese
market with an increase in weekly flights from three at the start of the year
to 31 across five destinations. Additional flights have been added on
Astana-Beijing and the Almaty-Guangzhou route, which has performed
particularly strongly. Weekly flights to India have also increased from 13 to
16, to Delhi and recently Mumbai.

 

Air Astana has further expanded its international network for autumn 2025 with
service resumptions and increased frequencies across the Gulf, where demand
has recovered strongly following the temporary disruption caused by
geopolitical events. Flights to Jeddah from Almaty and Shymkent resumed in
September with increased frequency. In October, Air Astana resumed flights to
Medina from Almaty six times per week as well as from Astana and Shymkent
twice-weekly and, for the first time, weekly flights from Aktau. Services
between Almaty and Dubai increased from seven to 12 flights per week and
Astana-Dubai from seven to 10 per week.

 

In addition, Air Astana resumed services to popular tourist destinations
across Asia in late October, including Almaty to Male in the Maldives as well
as Almaty and Astana to Phu Quoc in Vietnam. The service to Thailand has been
expanded with Almaty to Bangkok flights rising from four to seven per week and
the Almaty to Phuket flights expanding from four to seven weekly flights.

 

 

Enhanced Strategic Partnerships

 

The Group's strategic location at the intersection of global megamarkets is a
key competitive advantage, offering significant scope for international
expansion. In Q3 2025, Air Astana signed codeshare agreements with China
Southern Airlines and Air India to accelerate this growth opportunity by
expanding access and improving connectivity with the megamarkets of China and
India.

 

The codeshare agreement with China Southern Airlines covers 50 weekly flights
between Kazakhstan and China, providing passengers with more travel options
and improved connectivity between both countries. In September, the Group
signed a codeshare agreement with Air India, India's leading global airline,
to strengthen cooperation on key routes between Kazakhstan and India, covering
Air Astana's services between Almaty-Delhi and Almaty-Mumbai. The first
codeshared flight took place on 4 November 2025 with Air India and China
Southern is expected in December 2025.

 

Air Astana expects to receive increased passenger traffic from other codeshare
partners over the winter as airlines with higher cost bases have reallocated
winter capacity on two key international routes, Frankfurt and Seoul.

 

 

Fleet

 

The Group continues to develop its fleet to support its growth strategy and
operational resilience. Following the delivery of an Airbus A321neo aircraft
in October, the fleet has expanded post-period to 62 aircraft, comprising 34
Air Astana aircraft and 28 FlyArystan aircraft.

 

The Group is now operating its simplest fleet profile for more than 20 years
after formally redelivering the final Embraer E2 in September 2025. This
currently comprises just two aircraft types: the modern, fuel-efficient Airbus
A320 family aircraft (including six A321LR with extended range), alongside
Boeing 767 aircraft for longer international routes flown by Air Astana. The
Group has upgraded the configuration of one A321LR and one A321neo in its
fleet to add five seats to economy class and further improve efficiency.

 

Post period, the Group announced a new order of up to 15 Boeing 787-9
Dreamliners, the largest in the airline's history, as part of a strategic
expansion of its long-haul fleet. The order of five firm positions, five
options and five purchase rights, which is in addition to the three Boeing
787-9 aircraft scheduled for delivery in 2026/27, would increase the wide-body
fleet size to up to 18 aircraft. The newly ordered aircraft will be delivered
between 2032 and 2035. The cost analysis conducted demonstrates the benefit of
the purchase compared to an operating lease. The Company intends to finance
the aircraft through EXIM, as it did with the Boeing 767's.

 

 

Ongoing mitigation of Pratt & Whitney challenges and additional UERs

 

The majority of Air Astana's fleet comprises Airbus A320 family aircraft
powered by Pratt & Whitney PW1100G engines. In July 2023, Pratt &
Whitney issued a product recall of these engines due to contamination of
powdered metal, causing industry-wide disruption for global airlines. Air
Astana implemented a mitigation plan at an early stage focused on dynamic
capacity management and a proactive engine resting programme to maximise
deployment during peak operational periods. The Group also took decisive,
early action to secure 13 spare engines, lease five additional A320 family
aircraft and has performed a total of 180 engine swaps at its in-house MRO
facilities since January 2024. While operationally intensive, this has
successfully mitigated the impact of the powdered metal issue on the Group.

 

During the summer peak, the Group was forced to make 14 UERs due to Pratt
& Whitney engine design defects additional to the powdered metal issue,
bringing the year-to-date number to 19. This compared to three UERs in Q1-25
and five in Q2-25. The nature of these UERs required engines to be removed
earlier than under the scheduled removal plan, grounding up to 13 aircraft in
the peak season and reducing the capacity that had been preserved for
deployment during the peak season.

 

The Group's working assumption remains 18 months for the average off-wing time
before engines affected by the powdered metal issue are returned to service.
Although Pratt & Whitney has been delivering new engines unaffected by
powder metal from production for the past 21 months, the backlog of affected
engines requiring workshop remedial work is now expected to persist through
2028.

 

 

Operational efficiency

 

The Group's operational efficiency is underpinned by its in-house Maintenance,
Repair and Overhaul (MRO) and training capabilities, expanded services and
simplified fleet profile. This ensures that management can be agile in
minimising the impact of operational challenges such as UERs.

 

At its in-house Aviation Technical Centre in Astana, the Group has performed
90 PW1100G engine swaps this year alone to manage the engine life and maximise
capacity. In total 180 engine swaps have now been carried out since 2024 on
defective PW1100 engines. Furthermore, the Group continues to expand its
service capabilities. In September, two heavy C-checks were performed in
parallel for the first time (6 and 12 Year C-Checks), thereby improving
operational efficiency, reducing aircraft downtime and accelerating their
return to service.

 

Plans for the construction of new hangars in Almaty and Astana continue to
progress with designs in place and pre-build site inspections underway. These
would expand maintenance capacity across the Group's main two hubs, further
reducing costs and introducing the opportunity to provide scarce and
high-value heavy maintenance to external customers. The construction of the
expanded facilities remains on track to commence in 2026.

 

At the Group's Flight Training Centre in Astana, the second A320 Full-Flight
Simulator is now installed and will be operational in January 2026. This will
significantly increase training capacity, improve operational efficiency and
potentially generate revenue from external pilot training.

 

The Group continues to advance its digital transformation by integrating
next-generation systems to enhance operational performance, crew productivity
and the customer experience. The AI Lab, launched earlier this year, is
already delivering tangible progress with a rapidly expanding pipeline of AI
applications, from workflow assistants and data analysis to transcription and
translation. In July, Air Astana rolled out its Automated Customer
Communication Agent which automates routine customer service tasks with
real-time information and enhances employee productivity. FlyArystan's own
version is currently under development.

 

Advanced optimisation tools are lowering the cost of planning and improving
pilot utilisation. In the first four months since its deployment in April, the
Jeppesen Crew Pairing system successfully reduced crew duty days by 14% and
saved 17% of seats through optimised crew positioning which in turn became
available for commercial sale and improved the number of pilot duty times with
limited Flight Duty Period buffer by 26%. This has contributed positively to
on-time performance, while lowering total cost and improving the efficiency of
the airline. Building on this foundation, Air Astana successfully implemented
Jeppesen's Crew Rostering Optimiser in September 2025 and will introduce
Jeppesen's Crew Bidding in Q1 2026, providing greater flexibility and
engagement for crew members.

In order to optimise fuel consumption, Air Astana has partnered with StorkJet
to implement an AI driven fuel efficiency and performance monitoring platform.
This is supporting up to a 3% reduction in fuel burn.

 

Excellence

 

In September 2025, Air Astana was certified for passing the IATA Operational
Safety Audit (IOSA) for the tenth time. The renewal audit is an
internationally recognised evaluation system designed to assess the
operational management and control systems of an airline.

 

The Group remains dedicated to delivering exceptional customer service by
continually improving its products and services. In Q3 2025, Air Astana
enhanced its in-flight entertainment system with an updated interface,
additional functionality and integration with the new mobile app launched
earlier this year. Passengers can now access movies and other in-flight
entertainment content directly on their personal devices via the Air Astana
app, alongside an integrated notifications inbox.

 

In the latest industry recognition, Air Astana was awarded a Five-Star rating
by the Airline Passenger Experience Association (APEX) in the "Major Airlines"
category for the sixth consecutive year. The APEX Five-Star status is based
entirely on verified passenger feedback and reaffirms Air Astana's
consistently high standards of service, including comfortable seating,
attentive onboard service, diverse dining options and modern in-flight
entertainment system.

 

 

Sustainability

 

The Group's updated Low-Carbon Development Programme (LCDP) revised its
net-zero commitment from 2060 to 2050, aligning with global aviation industry
targets rather than Kazakhstan's national goal. The updated LCDP, which has
been independently verified to confirm alignment with the Transition Pathway
Initiative's rigorous methodology, now includes a structured decarbonisation
roadmap with clear near-term milestones.

 

In partnership with the European Bank for Reconstruction and Development
(EBRD) and KazMunayGas (KMG), Air Astana co-financed a pre-feasibility study
on Sustainable Aviation Fuel (SAF) production in Kazakhstan. The study
confirmed technical feasibility but highlighted the need for collaboration
across airlines, fuel producers, airports, regulators, and government
stakeholders. In September 2025, KMG completed a successful joint feasibility
study with alternative fuels technology provider LanzaJet and agreed to move
to the next design phase of project development, during which all technical
and economic solutions for construction of the plant will be finalised.

 

Air Astana's partnership with StorkJet is using tail-specific models and
AI-driven analytics to precisely optimise fuel consumption across all flight
phases. This is supporting up to a 3% reduction CO₂ emissions due to lower
fuel burn.

 

 

Financial update

 

The Group continued to deliver strong growth for the first nine months of
2025, with total revenue and other income up 10.1% to USD 1,096.8 million (9M
2024: USD 996.5 million) and EBITDAR up 3.5% to USD 262.2 million (9M 2024:
USD 253.3 million).

 

This has been achieved despite a challenging third quarter in which the Group
faced several external challenges that constrained production and impacted
profitability. While total revenue and other income in Q3 increased 7.2% to
USD 438.6 million (Q3 2024: USD 409.3 million), RASK was 7.0% lower at USD
6.45¢ (Q3 2024: 6.94¢). This reflects three important factors in the
quarter.

 

Most significantly, the Group estimates that cumulative lost production from
the 11 UERs had a negative effect on EBITDAR of USD 25.5 million. While the
Group agreed at an early stage a compensation and support agreement with Pratt
& Whitney to address costs incurred and capacity constraints from engine
groundings, this related only to the issue of contaminated powdered metal.

 

The Group is in vigorous discussions and renegotiating compensation terms with
Pratt & Whitney to mitigate the impact of UERs.

 

In addition, the Tenge weakened by a further 5% against the US Dollar in Q3
2025, taking the total depreciation to 12% since Q3 2024. This caused an
outsized impact on FlyArystan during its peak season with the airline brand
77% exposed to the domestic market versus 23% for Air Astana by revenue split
(Q3). The Group estimates that this had a negative effect on EBITDAR of USD
7.1 million on FlyArystan, partially offset by a smaller positive effect on
Air Astana.

 

While FlyArystan has now implemented several fare adjustments to mitigate the
Tenge's weakness, the timing of the currency movement meant this could only
take effect after the peak season. In contrast, Air Astana had already
mitigated the currency weakness with fare adjustments in Q1 2025.

 

Finally, airport closures impacted profitability in the quarter. Seven
airports were affected including Astana International. The estimated impact of
closures in Q3 2025 was USD4.2M of which USD2.4M was with FlyArystan. These
airports have now fully reopened and are operating complete schedules with one
regional exception.

Despite this challenging backdrop, demand remained strong with passenger
numbers increasing by 8.8% in the quarter to 3.0 million and passenger traffic
increased by 12.7%. Domestic capacity grew by 10% and international capacity
grew by 19%.

 

CASK increased 2.1% in Q3 2025 to USD 5.79¢ (Q3 2024: 5.67¢) due primarily
to the increase in planned payroll costs of operational staff for the peak
season which were unproductive due to the UER-related groundings and fixed
maintenance costs spread over a lower than planned ASK production base. In
addition, the UERs added approximately USD 1.8 million to the Group's
maintenance costs in Q3 2025.

 

As a result of factors outlined above, EBITDAR decreased by 17.0% in Q3 2025
to USD 105.2 million (Q3 2024: USD 126.7 million). Without these factors,
Management estimates that the EBITDAR would have been at USD 142M or 12% up on
Q3 2024. PAT was down 56.5% to USD 20.6 million (Q3 2024: USD 47.3 million)
due to the reduction in EBITDAR and higher depreciation.

 

Approximately 70% of the Company's fuel uplift is from Kazakhstan where it
sources primarily direct from the refineries and manages the logistics
including transportation. For the remaining 30% of international uplift, the
Group is hedged at 50% of the anticipated international uplift of Q4 2025 at
USD 70 and USD 75, and Q1 2026 at USD 70, with options carrying no downside
risk.

 

As at 30 September 2025, the Group cash position increased 13.9% to USD 539.6
million (Q3 2024: USD 473.9 million) with a cash-to-sales ratio of 38.3% (Q3
2024: 37.3%) before available facilities. The leverage ratio stood at 1.33x
Group Net Debt/EBITDAR compared to 1.28x in Q3 2024, remaining comfortably
within medium-term guidance.

 

 

Conference Call

 

Management will host a presentation webcast and live Q&A conference call
today, 11 November 2025 at 10.00 GMT (15.00 Astana time). The Q3 and 9M 2025
results presentation and recording of the webcast will be made available on
the Company's website at https://ir.airastana.com (https://ir.airastana.com)
.

 

Participants are invited to join the call at the following links:

 

In English language: Air Astana Q3 Results 2025
(https://www.sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/0f7f241c-cec0-421f-9089-ceb8d882d7e6)

In Russian language: Air Astana Результаты за третий
квартал 2025
(https://www.sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/f3693445-09e4-4334-86c9-8507cf9e4bbd)

In Kazakh language: Air Astana 2025 жылдың үшінші тоқсан
нәтижелері
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/5d6a36f6-e267-4592-a58e-519c24965937/air-astana-2025)

 

The IFRS financial statements for 9M 2025 are available on the Company's
website in the "Financial Statements" section: https://ir.airastana.com
(https://ir.airastana.com)

 

 

For more information, please contact:

 

 Air Astana Group
 Investor Relations

 Simon Wray (Head of Investor Relations)                  investor.relations@airastana.com (mailto:investor.relations@airastana.com)
 Corporate Communications                                 media@airastana.com (mailto:media@airastana.com)

 Vigo Consulting (IR and PR Adviser to Air Astana Group)  airastana@vigoconsulting.com (mailto:airastana@vigoconsulting.com)
 Tim McCall                                               +44 20 7390 0230

 Joe Quinlan

 Amelia Thorn

 

 

About the Air Astana Group

 

Air Astana Group is the largest airline group in Central Asia and the Caucasus
regions by revenue and fleet size. The Group operates a fleet of 62 aircraft
split between Air Astana, its full-service airline that operated its inaugural
flight in 2002, and FlyArystan, its low-cost airline established in 2019. The
Group provides scheduled, point-to-point and transit, short-haul and long-haul
air travel and cargo on domestic, regional and international routes across
Central Asia, the Caucasus, the Far East, the Gulf, India and Europe. Air
Astana has been recognised by SkyTrax as the Best Airline in Central Asia
& CIS fourteen years running and received the Best Airline Staff Service
in Central Asia & CIS award nine times in a row. FlyArystan has been
recognised as the Best Low-Cost Carrier (LCC) in Central Asia & CIS at the
SkyTrax awards three times. Additionally, Air Astana was awarded a five-star
rating in the major airline category by the Airline Passenger Experience
Association (APEX). The Group is listed on the Kazakhstan Stock Exchange,
Astana International Exchange and London Stock Exchange (ticker symbol: AIRA).

 

Glossary of Terms

 

ASK: Available Seat Kilometres

 

CASK: Cost per Available Seat Kilometre

 

EBITDAR: Defined as profit for the period before income tax (expense)/
benefit, finance income, finance costs, foreign exchange loss, net and
depreciation and amortisation and lease costs (comprising aircraft variable
lease charges, spare engine lease charges, lease of spare parts, property
lease costs (office accommodation rent), rental of plant, machinery and ground
equipment).

 

PAT: Profit After Tax

 

RASK: Revenue per Available Seat Kilometres

 

RPK: Revenue Passenger Kilometres

 

UER: Unscheduled Engine Removal

 

YoY: Year-on-Year

Disclaimer

 

This document has been prepared by Air Astana Joint Stock Company (the
"Company") and relates to the Company and its subsidiary (together, the
"Group") and the following applies to the information in this document (the
"Information").

 

The Information does not purport to contain full, accurate or complete
information required to evaluate the Company or the Group and/or its results
of operations or financial position. The Information does not constitute a
recommendation regarding any securities of the Company or any other member of
the Group. By accepting to access the Information, you (i) agree to be bound
by the foregoing limitations; and (ii) have read, understood and agree to
comply with the contents of this disclaimer.

 

No representation, warranty or undertaking, express or implied, is made by the
Company, or any of the respective affiliates of the Company, or any of their
respective directors, officers, personally liable partners, employees, agents
and consultants or advisers ("Associates"), or any other person as to, and no
reliance should be placed on, the fairness, accuracy, completeness or
correctness of the Information or the opinions contained therein or any other
statement made or purported to be made in connection with the Company or the
Group, for any purpose whatsoever, including but not limited to any investment
considerations. No responsibility, obligation or liability whatsoever, whether
arising in tort, contract or otherwise, is or will be accepted by the Company,
or any of their respective Associates or any other person for any loss, cost
or damage howsoever arising from any use of the Information, or for
information or opinions or for any errors, omissions or misstatements
contained therein or otherwise arising in connection therewith. This document
is not intended to provide, and should not be relied upon for accounting,
legal or tax advice nor does it constitute a recommendation regarding any
transaction.

 

This Information includes certain financial measures not presented in
accordance with IFRS. The Group uses these non-IFRS measures as supplementary
information to its IFRS financial information. The non-IFRS measures are not
defined by, or presented in accordance with, IFRS. The non-IFRS measures are
not measurements of the Group's operating performance under IFRS and should
not be used instead of, or considered as alternatives to, any measures of
performance and/or liquidity under IFRS. In addition, the Information contains
certain financial information that is based on the Group's internal records
and management accounts which have not been and will not be subject to audit
or review. Any non-IFRS measures and other information may not be indicative
of the Group's historical operating results nor are such measures and
information meant to be predicative of future results. These measures and
information may not be comparable to those used by other companies under the
same or similar names. As such, undue reliance should not be placed on these
non-IFRS and other information.

 

Any market data related to industry forecasts included in the Information have
been obtained from internal surveys, estimates, reports and studies, where
appropriate, as well as external market research, publicly available
information and industry publications. Neither the Group nor any of its
Associates have independently verified the accuracy of any such market data
and industry forecasts and make no representations or warranties in relation
thereto. Such data and forecasts are included herein for information purposes
only. In addition, industry, market and competitive position data contained in
this Information may come from the Group's own internal research and estimates
based on the knowledge and experience of the Group's management in the markets
in which the Group operates. While the Group believes, acting in good faith,
that such research and estimates are reasonable and reliable, they, and their
underlying methodology and assumptions, have not been verified by any
independent source for accuracy or completeness and are subject to change. The
Group cannot guarantee that a third party using different methods to assemble,
analyse or compute market information and data would obtain or generate the
same results. Further, the Group's competitors may define the Group's and
their markets differently than the Group does. Accordingly, you should not
place reliance on any industry, market or competitive position data contained
in this Information.

 

The Information contains forward-looking statements. All statements other than
statements of historical fact included in the Information are forward-looking
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and projections relating to its financial condition, results of operations,
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"should," "would," "could" and other words and terms of similar meaning or the
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in the Group's expectations, any change in events, conditions or circumstances
on which these forward-looking statements are based, or other events or
circumstances arising after the date of this document.

 

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