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Kenya Airways

KQ · Nairobi Securities Exchange; also KA · Uganda Securities Exchange · Incorporated in Kenya · Consolidated statements

On this page
Company details
Legal name
Kenya Airways PLC
Incorporated in
Kenya
Primary listing
KQ on the Nairobi Securities Exchange, active · ISIN KE0000000307 (observed 2026-10-06)
Also listed
KA on the Uganda Securities Exchange, active · ISIN KE0009081084 (observed 2026-10-06)
Sector
Airlines (our classification from the stated principal activity)
Activity
International, regional and domestic air transport of passengers and cargo, ground handling and cargo handling.
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Read with these figures

  • Going-concern warning. The auditor's report for the year ended 31 December 2025 states a material uncertainty about whether the company can continue as a going concern.
Full wording and sources

  • Auditor's report, year to 2024-12-31: material uncertainty related to going concern

    Material uncertainty related to going concern: We draw your attention to Note 2(e) in the financial statements, which discloses the directors' assessment of the Group's and Company's ability to continue as a going concern and the matters relating to the going concern basis of preparation. As stated in Note 2(e), these events or conditions, along with other matters as set forth in the note indicate that a material uncertainty exists that may cast significant doubt on the Group's and Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

    Source: Kenya Airways PLC Annual Report and Financial Statements FY2024, p59 (dated 2025-03-25)

  • Auditor's report, year to 2025-12-31: material uncertainty related to going concern

    Material uncertainty related to going concern: We draw your attention to Note 2(e) in the financial statements, which discloses the directors' assessment of the Group's and Company's ability to continue as a going concern and the matters relating to the going concern basis of preparation. As stated in Note 2(e), these events or conditions, along with other matters as set forth in the note indicate that a material uncertainty exists that may cast significant doubt on the Group's and Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

    Source: Kenya Airways PLC Integrated Report and Audited Financial Statements 2025, p53 (dated 2026-03-24)

  • Revenue

    KES 161 billion

    161,473 KES millions · p58

    −14.3% vs 2024

  • Operating profit / (loss)

    −KES 5.61 billion

    (5,607) KES millions · p58

    Moved from profit to loss (FY2024: 16,621 KES millions)

  • Profit / (loss) for the year

    −KES 17.2 billion

    (17,163) KES millions · p58

    Moved from profit to loss (FY2024: 5,432 KES millions)

  • Total assets

    KES 183 billion

    183,228 KES millions · p61

    +2.3% vs 2024

  • Total equity

    −KES 132 billion

    (132,065) KES millions · p61

    Change not shown.

  • Cash from operations

    KES 18.1 billion

    18,092 KES millions · p67

    +2.0% vs 2024

Large amounts are rounded for reading (KES million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in KES millions unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
    • Auditor's report, year to 2024-12-31: material uncertainty related to going concern. Material uncertainty related to going concern: We draw your attention to Note 2(e) in the financial statements, which discloses the directors' assessment of the Group's and Company's ability to continue as a going concern and the matters relating to the going concern basis of preparation. As stated in Note 2(e), these events or conditions, along with other matters as set forth in the note indicate that a material uncertainty exists that may cast significant doubt on the Group's and Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, KES millions. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingsource limitationsFY2023Annual reportcomparative in FY2024 filing
Revenue 161,473 188,495 178,496
Direct costs (102,023) (127,567) (118,027)
Fleet ownership costs1 (27,143) (20,426) (19,466)
Other operating costs (37,914) (23,881) (30,473)
Operating (loss)/profit2 (5,607) 16,621 10,530
Finance costs (12,399) (11,163) (33,559)
Interest income 79 69 165
(Loss)/profit before tax3 (17,927) 5,527 (22,864)
Income tax credit/(expense)4 764 (95) 167
(Loss)/profit for the year5 (17,163) 5,432 (22,697)
Foreign currency exchange gains on cash flow67 –8 10,554 (15,038)
Reclassification of foreign currency exchange gains to910 1,421 3,826 9,718
Revaluation on land and building11 1,928 –8 Not reported in this filing12
Other comprehensive income for the year, net of tax13 3,349 14,380 (5,320)
Total comprehensive (loss)/profit for the year14 (13,814) 19,812 (28,017)
Non-controlling interest15 (29) (79) 20
  1. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (14)
  1. “Fleet ownership costs” is an issuer-specific line, not mapped to a shared definition: Note 8: aircraft depreciation, leases and related ownership costs.
  2. Printed under different labels across filings: “Operating (loss)/profit”; “Operating profit”.
  3. Printed under different labels across filings: “(Loss)/profit before tax”; “Profit/(loss) before tax”.
  4. Printed under different labels across filings: “Income tax (expense)/credit”; “Income tax credit/(expense)”.
  5. Printed under different labels across filings: “(Loss)/profit for the year”; “Profit/(loss) for the year”.
  6. “Foreign currency exchange gains on cash flow” is an issuer-specific line, not mapped to a shared definition: Note 23; other comprehensive income.
  7. Printed under different labels across filings: “Foreign currency exchange gains on cash flow”; “Foreign currency exchange gains/(losses) on cash flow hedges”.
  8. “Reclassification of foreign currency exchange gains to” is an issuer-specific line, not mapped to a shared definition: Note 23; other comprehensive income.
  9. Printed under different labels across filings: “Reclassification of foreign currency exchange gains to”; “Reclassification of foreign currency exchange gains to profit or loss”.
  10. “Revaluation on land and building” is an issuer-specific line, not mapped to a shared definition: Note 23; other comprehensive income.
  11. Not reported in this filing: The FY2024 statement of comprehensive income (p64) prints no revaluation line.
  12. Printed under different labels across filings: “Other comprehensive income for the year, net of tax”; “Other comprehensive income/(loss) for the year, net of tax”.
  13. Printed under different labels across filings: “Total comprehensive (loss)/profit for the year”; “Total comprehensive income/(loss) for the year”.
  14. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Note 24.

Balance sheet

Balance sheet, KES millions. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingsource limitationsFY2023Annual reportcomparative in FY2024 filing
Property, aircraft and equipment 70,317 73,411 77,368
Intangible assets 2,963 2,887 2,944
Right-of-use-assets 38,768 36,966 33,038
Return condition asset1 12,023 9,593 9,213
Aircraft deposits2 5,528 5,166 5,942
Deferred income tax 1,770 1,052 1,111
Prepaid maintenance asset3 10,017 8,422 16,588
Restricted cash4 417 –5 Not reported in this filing6
Non-current assets (unlabelled subtotal) 141,803 137,497 146,204
Inventories 2,803 3,026 2,803
Trade and other receivables 20,882 20,361 18,818
Prepaid maintenance asset3 11,042 11,080 2,894
Current income tax 1,365 1,359 1,322
Cash and bank balances 5,333 5,781 7,765
Current assets (unlabelled subtotal) 41,425 41,607 33,602
TOTAL ASSETS 183,228 179,104 179,806
Share capital 5,824 5,824 5,824
Share premium 49,223 49,223 49,223
Convertible loan notes78 9,630 9,630 9,630
Treasury shares9 (142) (142) (142)
Other reserves10 10,319 6,970 (7,410)
Accumulated losses (206,881) (189,747) (195,258)
Deficit attributable to owners of the Company11 (132,027) (118,242) (138,133)
Non-controlling interests (38) (9) 70
Total shareholders' deficit (132,065) (118,251) (138,063)
Borrowings 128,799 126,300 123,455
Lease liabilities 37,901 37,757 53,089
Deferred income tax 4,193 3,456 3,456
Provisions for liabilities12 11,479 10,401 13,418
Non-current liabilities (unlabelled subtotal) 182,372 177,914 193,418
Borrowings 22,508 21,785 24,775
Lease liabilities 10,828 10,569 10,589
Sales-in-advance of carriage 22,869 25,225 28,219
Trade and other payables 62,574 52,185 54,089
Provisions for liabilities 14,142 9,677 6,779
Current liabilities (unlabelled subtotal) 132,921 119,441 124,451
TOTAL EQUITY AND LIABILITIES 183,228 179,104 179,806
Derivative financial Instruments Not reported in this filing13 Not reported in this filing1314 –15
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (13)
  1. “Return condition asset” is an issuer-specific line, not mapped to a shared definition: Note 16.
  2. “Aircraft deposits” is an issuer-specific line, not mapped to a shared definition: Note 18.
  3. “Prepaid maintenance asset” is an issuer-specific line, not mapped to a shared definition: Note 21.
  4. “Restricted cash” is an issuer-specific line, not mapped to a shared definition: Note 31; non-current.
  5. Not reported in this filing: The FY2024 statement of financial position (p67) prints no restricted-cash line.
  6. “Convertible loan notes” is an issuer-specific line, not mapped to a shared definition: Note 22: equity component of the Government of Kenya convertible loan.
  7. Printed under different labels across filings: “Convertible loan notes”; “Mandatory convertible note”.
  8. “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 22.
  9. “Other reserves” is an issuer-specific line, not mapped to a shared definition: Note 23.
  10. Printed under different labels across filings: “Deficit attributable to owners of the”; “Deficit attributable to owners of the Company”.
  11. “Provisions for liabilities” is an issuer-specific line, not mapped to a shared definition: Note 28: mainly aircraft return-condition provisions.
  12. Not reported in this filing: The 2025 statement of financial position (p62) prints no derivative line.
  13. Annual report dated 2025-03-25 presents this line for this year: - (p68). Not shown in this column, which follows one filing's presentation.

Cash flow

Cash flow, KES millions. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingsource limitationsFY2023Annual reportcomparative in FY2024 filing
Cash generated from operations 19,703 20,853 28,038
Interest received 79 69 165
Interest paid1 (1,641) (3,106) (3,690)
Income tax paid (49) (76) (56)
Net cash flows from operating activities 18,092 17,740 24,457
Purchase of property, aircrafts, and equipment (5,246) (7,128) (7,044)
Proceeds from disposal of property, aircraft and2 1,053 9 13
Purchase of intangible assets (49) (19) (53)
Payment of deposits for aircraft leases3 (801) (663) (1,091)
Proceeds from refunds of aircraft deposits4 484 333 434
Net cash flows from investing activities (4,559) (7,468) (7,859)
Proceeds from borrowings 219 7,504 1,402
Repayments of borrowings (1,295) (5,017) (5,203)
Payment of deferred borrowing costs5 (77) (7) (53)
Repayment of principal portion of lease liabilities (12,466) (14,517) (14,352)
Restricted bank balances6 (417) –7 Not reported in this filing8
Net cash flows used in financing activities (14,036) (12,037) (18,206)
Decrease in cash and cash equivalents9 (503) (1,765) (1,608)
Effects of exchange rate changes on cash and cash10 55 (219) (260)
Cash and cash equivalents at start of year 5,781 7,765 9,633
Cash and cash equivalents at end of year 5,333 5,781 7,765
Maturity of derivative assets11 Not reported in this filing12 Not reported in this filing1213 (118)
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (12)
  1. “Interest paid” is an issuer-specific line, not mapped to a shared definition: Operating activities; borrowings and leases together.
  2. Printed under different labels across filings: “Proceeds from disposal of property, aircraft and”; “Proceeds from disposal of property, aircraft and equipment”.
  3. “Payment of deposits for aircraft leases” is an issuer-specific line, not mapped to a shared definition: Note 18.
  4. “Proceeds from refunds of aircraft deposits” is an issuer-specific line, not mapped to a shared definition: Note 18.
  5. “Payment of deferred borrowing costs” is an issuer-specific line, not mapped to a shared definition: Note 25.
  6. “Restricted bank balances” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  7. Not reported in this filing: The FY2024 cash-flow statement (p73) prints no restricted-bank-balances line.
  8. Printed under different labels across filings: “Decrease in cash and cash equivalents”; “Decrease increase in cash and cash equivalents”.
  9. Printed under different labels across filings: “Effects of exchange rate changes on cash and cash”; “Effects of exchange rate changes on cash and cash equivalents”.
  10. “Maturity of derivative assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  11. Not reported in this filing: The 2025 cash-flow statement (p67) prints no maturity-of-derivatives line.
  12. Annual report dated 2025-03-25 presents this line for this year: - (p73). Not shown in this column, which follows one filing's presentation.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingsource limitationsFY2023Annual reportcomparative in FY2024 filing
Earnings / (loss) per share (per share)21 (2.94) 0.95 (3.90)
Profit / (loss) attributable to shareholders (KES millions)3 (17,134) 5,511 (22,717)
Weighted average shares (shares)4 5,824 million 5,824 million 5,824 million
Notes and alternative reported figures (4)
  1. Printed under different labels across filings: “Basic (loss)/profit per share (KShs)”; “Basic profit/(loss) per share (KShs)”.
  2. Earnings / (loss) per share: printed as “Basic (loss)/profit per share (KShs)”.
  3. Profit / (loss) attributable to shareholders: printed as “Owners of the Company”.
  4. Weighted average shares: printed as “Weighted average number of ordinary shares (million)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 No dividend recommended The Directors do not recommend payment of dividend for the year ended 31 December 2025 (2024: Nil) no amount Annual report, p106
31 Dec 2024 No dividend recommended The Directors do not recommend payment of dividend for the year ended 31 December 2024 (2023: Nil) no amount Annual report, p114
31 Dec 2024 No dividend recommended The Directors do not recommend payment of dividend for the year ended 31 December 2025 (2024: Nil) no amount Annual report, p106
31 Dec 2023 No dividend recommended The Directors do not recommend payment of dividend for the year ended 31 December 2024 (2023: Nil) no amount Annual report, p114

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Kenya Airways PLC Integrated Report and Audited Financial Statements 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: PricewaterhouseCoopers LLP (Kenya), unmodified opinion · signed · includes a material-uncertainty paragraph

    Auditor's sign-off: PricewaterhouseCoopers LLP; engagement partner FCPA Michael Mugasa (Practicing Certificate 1478)

    Final status: Auditor's report names the engagement partner and is dated 24th March 2026 (p57); statements approved by the board on 24th March 2026 (p62).

    Document date
    24 Mar 2026
    Auditor's report
    24 Mar 2026
    Board approval
    24 Mar 2026
    Retrieved by us
    6 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · KES millions (printed “KShs millions”)
    • No total-liabilities line is printed; total equity (a deficit) plus the unlabelled non-current and current liability subtotals equals total equity and liabilities.
    Technical details
    File
    170 pages, with a text layer
    SHA-256
    f20295ee55f1ea730a6f8d307c2072ac67d2d4d683d929333026878112c0bc25
    Entity as printed
    Kenya Airways PLC and its subsidiaries (the Group)
    Issuer copy
    retrieved 2026-10-06T23:00:46Z

  • Kenya Airways PLC Annual Report and Financial Statements FY2024

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: PricewaterhouseCoopers LLP (Kenya), unmodified opinion · signed · includes a material-uncertainty paragraph

    Auditor's sign-off: PricewaterhouseCoopers LLP; engagement partner FCPA Michael Mugasa (Practicing Certificate 1478)

    Final status: Auditor's report names the engagement partner and is dated 25th March 2025 (p63); statements approved by the board on 25th March 2025 (p68).

    Document date
    25 Mar 2025
    Auditor's report
    25 Mar 2025
    Board approval
    25 Mar 2025
    Retrieved by us
    6 Oct 2026 (not a publication date)
    Used for
    statement columns FY2023
    Basis
    consolidated statements · KES millions (printed “KShs millions”)
    • The cash-flow line for the net change is printed 'Decrease increase in cash and cash equivalents'.
    • The 2023 and 1 January 2023 statement-of-financial-position columns are headed 'Restated' (note 'Restatements', p152): errors in prepaid maintenance assets, lease liabilities and right-of-use assets corrected (e.g. 2023 right-of-use assets 27,890 previously reported, 33,038 restated).
    • The auditor's report page (p59) carries a hidden text layer from an earlier report: the pypdf text contains 'In our opinion the accompanying financial statements ... at 31 December 2022' twice besides the visible '... at 31 December 2024'. The page render shows only the 2024 wording; the opinion is quoted from the visible text (pdfplumber), and the statement pages carry no such layer.
    Technical details
    File
    172 pages, with a text layer
    SHA-256
    779541c1d64b3723e68b9efee4c557185e6eb7ef12d2425b712705398a787b8d
    Entity as printed
    Kenya Airways PLC and its subsidiaries (the Group)
    Issuer copy
    retrieved 2026-10-06T23:00:47Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been checked against its cited source page in an AI-assisted source verification (7 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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