Kenya Airways Swings to KES 17.2 Billion Loss as Grounded Aircraft and Maintenance Costs Bite

Kenya Airways has posted a net loss of KES 17.2 billion for the year ended 31 December 2025, from a profit of KES 5.4 billion in 2024, with basic earnings per share falling to negative KES 2.94 from KES 0.95. Total income dropped 14.3% to KES 161.5 billion while operating costs declined only 2.8% to KES 167.1 billion, leaving an operating loss of KES 5.6 billion against a profit of KES 16.6 billion the prior year.

Grounded aircraft, engine shortages, bird-strike damage at JKIA, and rerouted Europe flights through closed airspace drove the deterioration. The airline estimates bird strikes have cost it at least eight engines over seven years. Passenger routes generate $1.30 to $1.40 per seat, too thin to absorb the cost of grounded aircraft and rerouted flights.

Cargo was the one clear bright spot, with daily capacity more than doubling from 70 tonnes to 180 tonnes, taking 28% of Kenya’s air freight market. The airline also completed its first in-house heavy check on a Boeing 787 and regained EASA Part 145 certification for the Boeing 777, a capability it can now sell to other carriers.

Total assets grew 2.3% to KES 183.2 billion while liabilities rose 6% to KES 315.3 billion, pushing negative equity to KES 132.1 billion from KES 118.3 billion. Several aircraft have returned to service ahead of the June-to-October peak, with two 777 freighters due by November 2026 as the airline targets over 40% of Kenya’s cargo market.