Frontierby eninvs

Language: EN · RU

← Region

Aeroflot USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Transport & Logistics

RU_AFLT

Price chart

43.71 RUBDay 0.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
43.71 RUB · 0.51%
Market cap
2.4 bn USD

Growth

Δ revenue y/y
5.7%
Δ EBITDA y/y
-39.6%

Multiples

P/E (LTM)
1.0x
3y avg: 3.2x
P/B (FY)
3.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
86.3x
3y avg: 161.0x
EV/EBITDA (ann.)
314.0x

Cash return

Dividend yield
10.9%
FCF yield (LTM)
—

Liquidity

Daily turnover (MOEX)
101.1 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 4 / Err: 12 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 3
2023-06-30 Q2⚠Warn 3
2023-09-30 Q3⚠Warn 2
2023-12-31 FY✗Errors 1
2023-12-31 Q4✗Errors 1
2024-03-31 Q1✗Errors 5Warn 2
2024-06-30 Q2✗Errors 2Warn 1
2024-09-30 Q3✗Errors 2Warn 3
2024-12-31 FY✗Errors 2Warn 1
2024-12-31 Q4✗Errors 2Warn 1
2025-03-31 Q1✗Errors 1Warn 3
2025-06-30 Q2✗Errors 1Warn 2
2025-09-30 Q3✗Errors 2Warn 1
2025-12-31 FY⚠Warn 1
2025-12-31 Q4✗Errors 1Warn 2
2026-03-31 Q1✗Errors 1Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31Q1 2026 (3M)PARTIAL2.8
y/y 5.7%
0.0
y/y -91.1%
0.4
y/y -6.8%
0.4
y/y -39.6%
-0.2
y/y -144.3%
———
y/y —
—
y/y —
——Link
2025-12-31FY 2025 (12M)OK12.7
y/y 5.3%
1.9
y/y 12.1%
1.6
y/y 0.9%
3.6
y/y 6.8%
1.5
y/y 91.8%
2.3-209.915.8
y/y -2.6%
0.7
y/y —
217.9%519.0Report (PDF)
2025-09-30Q3 2025 (3M)OK3.7
y/y 0.9%
0.9
y/y 360.9%
0.4
y/y 1.0%
1.3
y/y 116.9%
0.5
y/y 86.4%
0.3-66.916.0
y/y 0.3%
0.6
y/y —
132.6%515.3Report (PDF)
2025-06-30Q2 2025 (3M)OK3.1
y/y 10.3%
0.4
y/y -24.0%
0.4
y/y 2.6%
0.8
y/y -12.8%
0.7
y/y 15.2%
0.7-70.715.4
y/y -0.3%
0.3
y/y —
6851.2%459.7Report (PDF)
2025-03-31Q1 2025 (3M)OK2.7
y/y 9.6%
0.3
y/y -38.0%
0.4
y/y 5.0%
0.7
y/y -17.3%
0.4
y/y 2323.6%
0.7-29.915.3
y/y -1.6%
-0.2
y/y —
-247.3%495.9Report (PDF)
2024-12-31Q4 2024 (3M)OK3.1
y/y 28.7%
0.6
y/y 795.6%
0.4
y/y -9.2%
1.0
y/y 167.0%
-0.1
y/y -105.1%
0.7-31.916.2
y/y 3.8%
-1.0
y/y —
-88.1%580.6Report (PDF)
2024-09-30Q3 2024 (3M)OK3.6
y/y 37.3%
0.2
y/y -81.9%
0.4
y/y -19.1%
0.6
y/y -61.8%
0.2
y/y —
0.4-3.516.0
y/y 2.8%
-0.7
y/y —
-43.2%552.6Report (PDF)
2024-06-30Q2 2024 (3M)OK2.9
y/y 45.8%
0.5
y/y 1525.2%
0.4
y/y -15.9%
0.9
y/y 85.6%
0.6
y/y —
1.0-28.115.5
y/y 4.0%
-0.8
y/y —
-213.8%546.8Report (PDF)
2024-03-31Q1 2024 (3M)OK2.4
y/y 54.3%
0.4
y/y —
0.4
y/y -19.9%
0.8
y/y 95.6%
0.0
y/y —
0.8-28.415.6
y/y —
-1.4
y/y —
-4.5%608.6Report (PDF)
2023-12-31Q4 2023 (3M)OK2.4
y/y —
-0.1
y/y —
0.5
y/y —
0.4
y/y —
1.4
y/y —
1.0-58.915.6
y/y —
-1.4
y/y —
9.5%602.7Report (PDF)
2023-09-30Q3 2023 (3M)OK2.6
y/y —
1.0
y/y —
0.5
y/y —
1.5
y/y —
-0.1
y/y —
0.5-28.115.5
y/y —
-2.7
y/y —
6.5%588.1Report (PDF)
2023-06-30Q2 2023 (3M)OK2.0
y/y —
0.0
y/y —
0.5
y/y —
0.5
y/y —
-0.8
y/y —
0.5-7.614.9
y/y —
-2.6
y/y —
—489.6Report (PDF)
2023-03-31Q1 2023 (3M)PARTIAL1.6
y/y —
-0.1
y/y —
0.5
y/y —
0.4
y/y —
-0.7
y/y —
0.5-4.9—
y/y —
—
y/y —
—552.9Report (PDF)
Data quality — review suggested

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodPassengers carried
mln		Domestic
mln		International
mln		Passenger load factor
%
FY 2025-1255.30
+0.0%		4213.4090.20
FY 2024-1255.30——89.60

Аэрофлот, операционные результаты Группы за 2025 г. (aeroflot.ru/ir; Интерфакс/Коммерсантъ, янв. 2026): пассажиропоток Группы 55,3 млн (+0,1% г/г), внутренние линии 42,0 млн, международные 13,4 млн, занятость кресел 90,2% (+0,6 п.п.), пассажирооборот +3,4%.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-600-400-20002004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

0200 000400 000600 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

FX-adjusted deleveraging

Net foreign-currency debt (IFRS currency-risk note): part of the reduction is FX revaluation of foreign-currency debt as the rouble strengthened, not cash repayment.

CurrencyNet-debt Δ 2024→2025, bn RUBof which FX revaluation, bn RUBorganic (cash flow), bn RUB
¥ (CNY)+1.5+0.1+1.5
Other−1.2+0.0−1.2
$ (USD)−210.3−99.4−110.9
Total−210.0−99.4−110.6

≈ 99.4 bn RUB (47%) of the net FX-debt reduction is rouble strength, not FCF; organic reduction ≈ 110.6 bn RUB.

ПАО Аэрофлот, Консолидированная МСФО за 2025, Прим. 28 (валютный риск); CBR RUB/USD,RUB/CNY (last business day)

Dividend potential

Dividend-model upside: -100%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)67 bn RUB
Payout ratio36%
Free cash flow (FY, OCF − capex) — caps payout-45 bn RUB
Recent actual dividend (3-yr median)5.27 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)-6.5 pp
= Fair dividend yield8.0%
3 · Valuation → upside
Current price43.72 ₽
Forecast dividend yield—
Fair price (dividend-based)-3 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: ≤-300.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (415 − 688) × 7.91
-2 158
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 437 + 518 989) ÷ 3 285
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (30.0 + 6.5) ÷ 2
18.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -23 043 + 0 + 0 − 0
-23 043
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-2 158 × 18.2 + -23 043) ÷ 2 437
≤-300.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=1480

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)