Aerolíneas Argentinas Closed 2025 with Surplus and Will Pay Taxes for the First Time in Its 77-Year History

After decades in which its economic performance was associated with recurring deficits, state subsidies, and political debates about its continuity, Aerolíneas Argentinas has just added a new chapter to its financial history.

According to the government, the shareholders' assembly approved the balance for the fiscal year 2025, confirming a surplus and an unprecedented fact: the company will have to pay Income Tax for the first time since its foundation 77 years ago.

The financial statements reflect a net profit of $238 billion, a result that will lead the company's CUIT to pay approximately $6 billion in national taxes.

The balance also shows another symbolic figure for the company: the return to positive net equity, which reached $18 billion, something that had not occurred for over a decade.

According to the company, this recovery was possible thanks to the positive results accumulated during the last two fiscal years without the need for extraordinary contributions from the state during 2025.

In operational terms, the final balance showed a positive EBIT of $120.7 million, an improvement over the $112.7 million reported preliminarily at the beginning of this year. The difference was attributed to adjustments made during the audit process.

The approved documentation was reviewed by the international consulting firm KPMG and also by the General Audit Office of the Nation (AGN).

The result consolidates a trend that began in 2024, when Aerolíneas recorded the first fiscal year with a positive operating result since its re-nationalization in 2008.

With the balance now approved, 2025 becomes the second consecutive year with favorable numbers, something unprecedented in the recent history of the company.

The change is even more significant when compared to the company's historical performance. As highlighted by the company in a statement, between 2008 and 2023, Aerolíneas recorded an average annual operating loss of around $400 million and received over $8 billion in direct transfers from the state to sustain its operations.

During 2025, on the other hand, the company operated without receiving funds from the National Treasury, a fact that had already been anticipated at the beginning of the year and is now reflected in the final financial statements.

Another indicator showing the financial recovery process is the reduction of debt. According to the balance, the company managed to decrease its bank and financial debt by 52%, closing the fiscal year with liabilities of $170.5 million, in line with the current administration's strategy to reduce indebtedness.

The company's president, Fabián Lombardo, stated that the results "reflect the impact of management focused on improving efficiency and strengthening the competitiveness of Aerolíneas Argentinas."

He added that achieving positive net equity, closing the fiscal year without assistance from the Treasury, and generating results that allow for fleet renewal represent "fundamental milestones" for the company's future.

In operational terms, the airline maintained a level of activity similar to the previous year. During 2025, it conducted an average of 300 daily flights, transported over 12.78 million passengers, recorded an occupancy rate of 83%, and achieved an operational compliance rate of 99.4%, while the customer satisfaction indicator (NPS) reached 55 points.

The improvement in financial results also supports the recently announced investment plan. Aerolíneas confirmed the addition of 20 new aircraft, including six Airbus A330neo destined for international routes and fourteen Boeing 737 MAX, which will modernize the domestic and regional fleet.

The renewal comprises approximately 25% of the total fleet and nearly 60% of long-range aircraft, in the largest aircraft acquisition program of the last decade.

The outlook for 2026 also aims to maintain the same line, that is, to operate without state contributions. The budget approved by the Ministry of Economy again projects a positive operating result and does not contemplate current transfers from the National Treasury to finance the company's operations.

The official announcement of the approval of the 2025 balance was made jointly by the head of Aerolíneas Argentinas and the Minister of Economy Luis Caputo.

The head of the Treasury highlighted that Aerolíneas Argentinas "today ceases to be a burden for taxpayers and begins to generate value. This is the way: fiscal balance, efficiency in management, and a state that takes care of the resources of Argentines."

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