Korean Air FY 2025 Annual Report
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Filed: March 18, 2026· period ending December 31, 2025DART

Korean Air annual report for FY 2025, filed with DART (Korea Financial Supervisory Service) on March 18, 2026. This page provides AI-powered English analysis including business overview, management discussion & analysis (MD&A), risk factors, and KIFRS consolidated financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE).

Korean Air FY 2025 Annual Report Analysis

Business Overview

• Korean Air FY2025 standalone revenue KRW 16.50T (+2.4% YoY), operating profit KRW 1.54T despite KRW 364.1B YoY decline
• Asiana Airlines transferred all cargo aircraft (21 international routes) to Air Zeta on Aug 1, 2025; Asiana cargo revenue fell 44% YoY to KRW 973.9B, shifting fully to belly-cargo model

Management Discussion & Analysis

• Korean Air FY2025 consolidated revenue KRW 25.23T (+41.2% YoY); OP KRW 1.11T (-47.2% YoY); net income KRW 647.3B (-53.2% YoY)
• Aviation transport segment OP fell 44.9% to KRW 1.17T — driven by Asiana Airlines consolidation inflating fuel costs +35% to KRW 6.74T and labor costs +46% to KRW 5.29T

Risk Factors

• Net foreign currency liability ~USD 5.5B; KRW 10 move → KRW 55B valuation P&L impact; annual USD shortfall ~USD 1.6B → KRW 16B cash flow impact per KRW 10 move
• Fuel exposure ~30.5M barrels/year; USD 1/barrel price move → ~USD 30.5M P&L impact; hedged up to 50% via Zero Cost Collar (15.3M BBL outstanding through Oct 2027)

Korean Air FY 2025 Key Financial Metrics
DART

Total Assets

KRW 50.41T

▲ +7.2% YoY

Operating Cash Flow

KRW 4.08T

▼ -10.6% YoY

CapEx

KRW 4.29T

▲ +48.2% YoY

Source: KIFRS consolidated financial data from Korean Air annual report on DART. All figures in KRW.

Source: DART (Korea Financial Supervisory Service) · AI summaries generated from the original Korean filing (English output) · Beta: coverage is expanding