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1. Nature of activities
Joint Stock Company Air Astana is a joint stock company (the \u201cCompany\u201d) as defined in the Civil Code
of the Republic of Kazakhstan.
The Company was established as a closed joint stock company on 14 September 2001 by Resolution
of the Government of the Republic of Kazakhstan #1118 dated 29 August 2001. Due to a change in
legislation introduced in 2003, the Parent Company was re-registered as a joint stock company on
27 May 2005.
The Company has a subsidiary JSC \u201cFlyArystan\u201d (formerly JSC \u201cAviation Company \u201cAir Kazakhstan\u201d)
(hereinafter \u2013 the \u201cSubsidiary\u201d) which was acquired in November 2019 by purchasing one hundred
percent of the shares and voting interests. Together the Company and the Subsidiary are referred
to as the \u201cGroup\u201d.
In October 2024, the Subsidiary was assigned FS code by the International Air Transport Association
(IATA) and started tickets sales for passenger flights, scheduled after 31 December 2024. In December
2024, the Subsidiary operated its first charter flight. Before October 2024, the Subsidiary has not been
carrying out any operating activities of passenger and cargo transportation. Starting since January 2025,
the Subsidiary has commenced to carry out the activities of FlyArystan brand for provision of
passengers and cargo transportation by civil aviation aircraft services.
In June 2025, the Group established a subsidiary \u2014 LLP \u201cAir Astana Terminal Services,\u201d in which it holds
a 100% ownership interest. During the year ended 31 December 2025, the subsidiary did not conduct
any operating activities and, accordingly, did not have any significant assets, liabilities, or financial
results to be included in the consolidated financial statements
The Group\u2019s principal activity is the provision of scheduled domestic and international air services
for passengers. Other business activities include freight and mail transportation.
As at 31 December 2025 and 31 December 2024, the Group operated 62 and 57 turbojet aircraft.
On 15 February 2024, the Company completed its initial public offering (\u201cIPO\u201d), raising KZT 54,256,673
thousand (USD 121,112 thousand). The Company listed simultaneously on three exchanges: Kazakhstan
Stock Exchange, Astana International Exchange, and London Stock Exchange. In addition to the primary
offering, existing shareholders JSC \u201cNational Welfare Fund \u201cSamruk-Kazyna\u201d (wholly owned by the
Government of the Republic of Kazakhstan), and BAE Systems Kazakhstan Limited both sold their
shares (or GDRs representing shares), reducing their shareholdings to 41% and 16.95%, respectively.
Other shareholders had less than 10% of shares post-IPO.
On December 18 2025, BAE Systems Kazakhstan Limited sold 9,000 thousand Global Depository
Receipts (GDRs), representing 10.1% of the Company\u2019s issued share capital. As of 31 December 2025,
BAE Systems Kazakhstan Limited retained ownership of 6.85% of issued share capital. (They subsequently
exited their position entirely in March 2026.)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "Air Astana", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "Air Astana", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "joint stock company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Republic of Kazakhstan", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Republic of Kazakhstan", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Republic of Kazakhstan", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "The Group\u2019s principal activity is the provision of scheduled domestic and international air services for passengers. Other business activities include freight and mail transportation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
2. Basis of Accounting
Statement of compliance
These consolidated financial statements have been prepared in accordance with IFRS Accounting
Standards as issued by the International Accounting Standards Board (\u201cIFRS Accounting Standards\u201d).
Functional and presentation currency
Even though the national currency of Kazakhstan is the Kazakhstani tenge (\u201ctenge\u201d), the Company\u2019s
functional currency is determined as the US Dollar (\u201cUSD\u201d). The USD reflects the economic substance of
the underlying events and circumstances of the Company and is the functional currency of the primary
economic environment in which the Company operates, as a significant portion of the Group\u2019s revenues
(including international fares) and major operating costs such as aircraft leases, fuel purchases and
financing are predominantly denominated in or influenced by USD. The functional currency of the
Company\u2019s subsidiary FlyArystan is determined as the US Dollar.
All currencies other than the currency selected for measuring items in the consolidated financial
information are treated as foreign currencies. Accordingly, transactions and balances not already
measured in USD have been remeasured in USD in accordance with the relevant accounting standard
requirements.
As requested by shareholders, the Group prepares two sets of financial statements with presentation
currency Kazakhstani tenge and USD as shareholders believe that both currencies are useful for the
users of the Group\u2019s financial statements. This consolidated financial information for the year ended
31 December 2025 has been presented in USD. All financial information presented in USD has been
rounded to the nearest thousand.
3. Significant accounting policies
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis except for certain
financial instruments that are measured at fair value, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange for assets
on the date of acquisition. The Group discloses other comprehensive income separately from its
consolidated statement of profit or loss. The principal accounting policies set out below have been
applied consistently to all periods presented in these consolidated financial statements. The consolidated
financial statements are presented in US dollars and all values are rounded to the nearest thousand
(\u2019000 USD), except when otherwise indicated.
The Group has prepared the financial statements on the basis that it will continue to operate as
a going concern.
Basis of consolidation
(i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date,
which is the date on which control is transferred to the Group.
(ii) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity.
The financial statements of subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases. The accounting policies of subsidiaries
have been changed when necessary to align them with the policies adopted by the Group.
Revenue
Passenger revenue
The Group satisfies the performance obligations related to tickets sold and reports the sales as revenue
when the transportation service performance obligation has been satisfied. The value of tickets sold
and still valid but not used by the reporting date is reported as deferred (unearned) transportation
revenue. This item is reduced either when the Group satisfies the performance obligation by
completing the transportation service or when the passenger requests a refund. Based on historical
data of previous years, the Group recognizes passenger revenue in proportion to the pattern of rights
exercised by the customer in respect of a percentage of tickets sold that are expected not to be used
or refunded.
The Group conducts sales through agents that act as intermediaries distributing tickets among customers.
On average, accounts receivable are collected within a month from origination. The Group\u2019s sales do
not contain significant finance components due to the short-term nature of airline tickets.
Passenger revenue includes revenue from code-share agreements with other airlines. Under these
agreements, the Group sells seats on these airlines\u2019 flights and those other airlines sell seats on the
Group\u2019s flights. Revenue from the sale of code-share seats on other airlines are recorded net in the
Group\u2019s passenger revenue in profit or loss, since the Group acts as an agent in these agreements.
The revenue from other airlines\u2019 sale of code-share seats on the Group\u2019s flights is recorded in
passenger revenue in profit or loss.
Revenue related to airport charges, such as fees and taxes, are presented gross of the related costs.
This is due to the fact that the Group is exposed to changes in the actual costs, and these costs are
assessed by the Group based on the volume of its operations, such that the Group acts as a principal
in the transactions, not as an agent.
Cargo revenue
Cargo transport services are recognised as revenue at the time when the transportation service
is provided.
Customer loyalty program
Sales of tickets that result in award credits for customers, under the Group\u2019s Nomad Club Loyalty
Programme, are accounted for as two separate performance obligations embedded into one contract,
the ticket. The transaction price is allocated between the transportation service and the award provided
based on their stand-alone selling prices. The transaction price of credit award is not recognised as
revenue at the time of the initial sale transaction but is deferred and recognised as revenue when
the award credits are redeemed and the Group\u2019s performance obligations have been fulfilled.
Travel agents\u2019 commissions
Travel agents\u2019 commissions are recognised as an expense when the transportation service is provided.
Although such commissions represent incremental costs of obtaining a contract under IFRS 15.91,
the Group applies the practical expedient in IFRS 15.94 and expenses these costs as incurred,
as the expected amortisation period of the related asset does not exceed one year.
Reservation costs
Reservation costs are recognised as an expense when incurred, as the amortisation period of the asset
that the Group otherwise would have recognised does not exceed one year. Accordingly, the Group
applies the practical expedient in IFRS 15.94, which permits expensing incremental costs of obtaining
a contract when the expected amortisation period is one year or less.
Leasing
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for a consideration. To assess whether a contract conveys the right to control the
use of an identified asset, the Group uses the definition of a lease in IFRS 16.
(i) As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement date, plus any initial
direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to
restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the
underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects
that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated
over the useful life of the underlying asset, which is determined on the same basis as those of
property and equipment. In addition, the right-of-use asset is periodically reduced by impairment
losses, if any, and adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, and the Group\u2019s incremental borrowing rate. Generally, the Group uses its
incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various external
financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset
leased.
Lease payments included in the measurement of the lease liability comprise the following:
\u2013 fixed payments, including in-substance fixed payments;
\u2013 variable lease payments that depend on an index or a rate, initially measured using the index or
rate as at the commencement date;
\u2013 amounts expected to be payable under a residual value guarantee; and
\u2013 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an optional renewal period if the Group is reasonably certain to exercise an extension
option, and penalties for early termination of a lease unless the Group is reasonably certain not to
terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is re-measured
when there is a change in future lease payments arising from a change in an index or rate, if there
is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value
guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension
or termination option or if there is a revised in-substance fixed lease payment.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-
use asset has been reduced to zero.
The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and lease liabilities
separately in the consolidated statement of financial position.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases. The Group recognises the lease payments associated with these leases
as an expense on a straight-line basis over the lease term.
(ii) Sale and leaseback transactions
If the Group transfers an asset to another entity and leases that asset back from this same entity,
the Group accounts for the transfer contract and the lease according to IFRS 16 Leases.
The Group applies the requirements for determining when a performance obligation is satisfied in IFRS
15 Revenue from contracts with customers to determine whether the transfer of an asset is accounted
for as a sale of that asset.
If the transfer of an asset by the Group satisfies the requirements of IFRS 15 to be accounted for as a
sale of the asset the Group measures the right-of-use asset arising from the leaseback at the proportion
of the previous carrying amount of the asset that relates to the right of use retained by the Group.
Accordingly, the Group recognises only the amount of any gain or loss that relates to the rights
transferred to the buyer-lessor. If the fair value of the consideration for the sale of an asset does
not equal the fair value of the asset, or if the payments for the lease are not at market rates,
the Group makes the following adjustments to measure the sale proceeds at fair value:
(a) any below-market terms shall be accounted for as a prepayment of lease payments; and
(b) any above-market terms shall be accounted for as additional financing provided by the buyer-
lessor to the seller-lessee.
Guarantee deposits
Guarantee deposits represent amounts paid to the lessors of aircraft, which are held as security
deposits by the lessors in accordance with the provisions of lease agreements without transfer of title.
These deposits are returned to the Group at the end of the lease period. Lease deposits relating to the
lease agreements without transfer of title are presented as assets in the consolidated statement of
financial position. At initial recognition the Group recognises a discount and a deferred asset (additional
lease payment) simultaneously. The discount is amortised over the lease term using the effective
interest method, and the deferred asset is amortised by equal amounts over the lease term.
Foreign currencies
In preparing the consolidated financial statements, transactions in currencies other than the functional
currency of the Group entities (foreign currencies) are recorded at the rates of exchange prevailing
at the dates of the transactions. At the end of each reporting period, monetary items denominated
in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that
are measured at historical cost in a foreign currency are not retranslated.
The following table summarises US Dollar exchange rates at 31 December 2025 and 31 December 2024
and for the years then ended:
Average rate
Reporting date spot-rate
31 December 31 December
USD
2025
2024
2025 2024
1,000
Tenge (KZT)
1.92
2.13
1.98
1.9
Euro (EUR)
1.13
1.08
1.17
1.04
British Pound (GBP)
1.32
1.28
1.34
1.25
The following table summarises KZT exchange rates at 31 December 2025 and 31 December 2024 and
for the years then ended:
Average rate
Reporting date spot-rate
31 December 31 December
KZT
2025
2024
2025 2024
US Dollar (USD)
521.59
469.44
505.53
525.11
Euro (EUR)
590.15
507.86
591.68
546.47
British Pound (GBP)
6 87.92
600.27
679.37
659.08
Finance income and costs
Finance income comprises interest income on bank deposits and gain on financial instruments through
profit and loss. Interest income from a financial asset is recognised when it is probable that the economic
benefits will flow to the Group and the amount of income can be measured reliably. Interest income is
accrued on a time basis, by reference to the carrying value and at the effective interest rate applicable,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to that asset\u2019s net carrying amount on initial recognition.
Finance costs comprise interest expense, bank commissions, losses on financial instruments through
profit and loss and other costs. Borrowing costs directly attributable to the acquisition, construction
or production of qualifying assets, which are assets that necessarily take a substantial period of time
to get ready for their intended use or sale, are added to the cost of those assets, until those assets
are substantially ready for their intended use or sale. All other borrowing costs are recognised in
profit or loss in the period in which they are incurred.
Investment income earned on the temporary investment of specific borrowings pending their
expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
Employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A provision is recognised for the amount expected to be paid under cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Taxation Income tax expense represents the sum of the tax currently payable, tax paid for the current period and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be realised. Such assets and liabilities are not recognised if the temporary difference arises in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset recognised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Current and deferred taxes are recognised in profit or loss, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case, the current and deferred
taxes are also recognised in other comprehensive income or directly in equity, respectively.
Property, plant and equipment
Property, plant and equipment held for use in the supply of services, or for administrative purposes,
are stated in the consolidated statement of financial position at cost less accumulated depreciation
and impairment losses.
The financial interest attributed to pre-delivery payments made on account of aircraft and other
significant assets under construction is capitalised and added to the cost of the asset concerned.
Maintenance costs are recorded as expenses during the period when incurred, with the exception
of programs that extend the useful life of the asset or increase its value, which are then capitalised
(e.g. maintenance on airframes and engines).
Aircraft
The purchase price of aircraft is denominated in US dollar.
Aircraft are depreciated using a straight-line method over their average estimated useful life of 25 years
or over the lease terms, if the lease term is shorter than the 25-year period, assuming no residual value.
During the operating cycle, the Group reviews whether the depreciable base or the useful life should
be adjusted and, if necessary, determines whether a residual value should be recognised. The residual
value is measured as the estimated realizable value of the aircraft scrap metal.
Repairs for major airframes and engines of all aircraft are treated as a separate asset component
with the cost capitalised and depreciated over the period between the date of acquisition and the
next major overhaul.
Major overhaul expenditure, including replacement spares and labour costs, are capitalised and
amortised over the average expected life between major overhauls based on flight hours and cycles.
All other replacement spares and other costs relating to maintenance of an aircraft are charged to
profit or loss upon consumption or as incurred, respectively.
Rotable spare parts
Rotable spare parts are carried in property, plant and equipment.
The cost of replacing part of an item of property, plant and equipment is recognized in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part
will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing
of property, plant and equipment are recognised in profit or loss as incurred.
Other property, plant and equipment
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost
of self-constructed assets includes the cost of materials and direct labour, any other costs directly
attributable to bringing the asset to a working condition for its intended use, and the costs of
dismantling and removing the items and restoring the site on which they are located. Purchased
software that is integral to the functionality of the related equipment is capitalised as part of
that equipment.
Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives
of each part of an item of property, plant and equipment.
The estimated useful lives for the current and comparative periods are as follows:
\u2013
Aircraft (excluding separate asset components)
25 years;
\u2013
Buildings and premises
14-50 years;
\u2013
Rotable spare parts
3-15 years;
\u2013
Office and training equipment
4-20 years;
\u2013
Vehicles
7-9 years;
\u2013
Other
2-10 years.
Depreciation is recognised so as to write off the cost of assets (other than freehold land, properties
under construction and separate asset component of the aircraft) less their residual values over their
useful lives, using the straight-line method. Separate asset component of an aircraft is amortised over
the average expected life between major overhauls which is based on flight hours or cycles.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
An item of property, plant and equipment is de-recognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. Intangible assets Intangible assets acquired separately are reported at cost less accumulated amortisation and impairment losses. Amortisation is charged on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. The estimated useful economic life of software for the current and comparative periods is from 7 to 10 years. Impairment of tangible and intangible assets At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash- generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Group identifies the recoverable amount as the higher of value in use and fair value less costs of disposal. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Contingent liabilities and contingent assets
Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed
in the notes to the consolidated financial statements, unless the possibility of an outflow of resources
embodying economic benefits is remote.
Contingent assets are not recognised in the consolidated financial statements. Where an inflow of
economic benefits is probable, they are disclosed in the notes to the consolidated financial statements.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined
on a first-in-first-out basis, except for fuel and de-icing liquid, which are determined on the weighted
average cost basis. Fuel and de-icing liquid are written off upon actual consumption. Net realizable
value represents the estimated selling price for inventories less all estimated costs of completion and
costs necessary to make the sale.
Expenditures incurred in acquiring the inventories such as customs duties, freight and broker\u2019s services
are accumulated into a separate inventory account and allocated depending on use of relevant inventory.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that the Group will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the reporting date, taking into account the risks and uncertainties surrounding
the obligation. Where a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered
from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement
will be received and the amount of the receivable can be measured reliably.
Provision for aircraft maintenance under lease agreement without transfer of title
The Group is obligated to perform regular scheduled maintenance of aircraft under the terms of
its lease agreements without transfer of title and regulatory requirements relating to air safety.
The lease agreements also require the Group to return aircraft to lessors in a satisfactory condition
at the end of the lease term, which may require the performance of final return conditions.
The Group\u2019s scheduled aircraft maintenance programs carried out through the lease periods are
designed to reduce the incidence of final return costs. Major aircraft maintenance relates to airframes
(referred to as the C- check, D-check and redelivery preparation program) and engines. The C-check is
heavy maintenance with approved performance intervals. It takes place the earliest of every 6,000 \u2013
12,000 flight hours, 3,000 \u2013 8,000 flight cycles and 18-36 months according to aircraft type.
The D-check (4\u0421, 6YR, 12YR) is heavy maintenance connected with deep aircraft disassembly, structure
inspection and anticorrosion prevention program. It takes place with an interval of not more than
72 months. Engine overhaul occurs after specified flight hours or cycles occur. Some of the lease
agreements without transfer of title include a component of variable lease payments which is
generally reimbursable to the Group by lessors as a contribution to engine maintenance costs after
they are incurred.
The variable lease payments are recognised as an expense in profit or loss as incurred. In the case
of other lease agreements without transfer of title variable lease payments are replaced (subject to
certain conditions) by Letters of Credit as security for Lessors to cover any unfulfilled maintenance
liabilities on the return of the aircraft, and amounts corresponding to the applicable variable lease
amounts are included in provisions. For C-check maintenance, a provision is recorded on a progressive
basis based upon the Group\u2019s estimate of future maintenance costs. For engine maintenance,
a provision is recorded on a progressive basis based upon the Group\u2019s estimate of the excess of
maintenance costs over the amount reimbursable by the lessors. The Group\u2019s aircraft maintenance
liabilities are due in US Dollars.
For scheduled maintenance events that are dependent on aircraft utilisation (flight hours or
flight cycles), the Group recognises a provision on a progressive basis as the aircraft is operated.
The expected cost of each major maintenance event is estimated and allocated over the relevant
maintenance interval (in flight hours, flight cycles or calendar time, as applicable). A cost rate per flight
hour or flight cycle is determined, and the provision is accrued based on actual utilisation accumulated
since the last maintenance event.
Overhaul and restoration works (not dependant on aircraft utilisation)
Costs resulting from restoration work required to be performed just before returning aircraft to the
lessors, such as painting of the shell or aircraft overhaul are recognized as provisions as of the inception
of the contract. The counterpart of these provisions is booked as a complement through the initial book
value of the aircraft right-of-use assets. This complement to the right-of-use asset is depreciated over
the lease term.
Financial instruments
Recognition and initial measurement
Trade receivables are initially recognised when they are originated. All other financial assets and
financial liabilities are initially recognised when the Group becomes a party to the contractual
provisions of the instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial
liability is initially measured at fair value plus, for an item not at fair value through profit or loss
(FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable
without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement
Financial assets
On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through
other comprehensive income (FVOCI) \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL.
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its
business model for managing financial assets, in which case all affected financial assets are reclassified
on the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at FVTPL:
\u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows;
and
\u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as at FVTPL:
\u2013 it is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and
\u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on
an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may
irrevocably designate a financial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting
mismatch that would otherwise arise.
Financial assets \u2013 Business model assessment
The Group makes an assessment of the objective of the business model in which a financial asset is
held at a portfolio level, because this best reflects the way the business is managed and information
is provided to the management. The information considered includes:
\u2013 the stated policies and objectives for the portfolio and the operation of those policies in practice.
These include whether the management\u2019s strategy focuses on earning contractual interest income,
maintaining a particular interest rate profile, matching the duration of the financial assets to the
duration of any related liabilities or expected cash outflows or realising cash flows through the
sale of the assets;
\u2013 how the performance of the portfolio is evaluated and reported to the Group\u2019s management;
\u2013 the risks that affect the performance of the business model (and the financial assets held within
that business model) and how those risks are managed;
\u2013 how managers of the business are compensated \u2013 e.g. whether compensation is based on the fair
value of the assets managed or the contractual cash flows collected; and
\u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such
sales and expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for de-recognition are
not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair
value basis are measured at FVTPL.
Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal
and interest
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on
initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit
risk associated with the principal amount outstanding during a particular period of time and for other
basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the
Group considers the contractual terms of the instrument. This includes assessing whether the financial
asset contains a contractual term that could change the timing or amount of contractual cash flows
such that it would not meet this condition. In making this assessment, the Group considers:
\u2013 contingent events that would change the amount or timing of cash flows;
\u2013 terms that may adjust the contractual coupon rate, including variable-rate features;
\u2013 prepayment and extension features; and
\u2013 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the
prepayment amount substantially represents unpaid amounts of principal and interest on the principal
amount outstanding, which may include reasonable additional compensation for early termination
of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual
par amount, a feature that permits or requires prepayment at an amount that substantially represents
the contractual par amount plus accrued (but unpaid) contractual interest (which may also include
reasonable additional compensation for early termination) is treated as consistent with this criterion
if the fair value of the prepayment feature is insignificant at initial recognition.
Financial assets \u2013 Subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains
and losses, including any interest or dividend income, are recognised
in profit or loss.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the
effective interest method. The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains and losses and
impairment are recognised in profit or loss. Any gain or loss on
de-recognition is recognised in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income
calculated using the effective interest method, foreign exchange gains
and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in OCI. On de-recognition, gains and
losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value. Dividends
are recognised as income in profit or loss unless the dividend clearly
represents a recovery of part of the cost of the investment. Other net
gains and losses are recognised in OCI and are never reclassified to
profit or loss.
Financial liabilities \u2013 Classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified
as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including
any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign
exchange gains and losses are recognised in profit or loss. Any gain or loss on de-recognition is
also recognised in profit or loss.
Modification of financial assets and financial liabilities
Financial assets
If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the
modified asset are substantially different. If the cash flows are substantially different (referred to as
\u2018substantial modification\u2019), then the contractual rights to cash flows from the original financial asset are
deemed to have expired. In this case, the original financial asset is de-recognised and a new financial
asset is recognised at fair value.
The Group performs a quantitative and qualitative evaluation of whether the modification is substantial,
i.e. whether the cash flows of the original financial asset and the modified or replaced financial asset
are substantially different. The Group assesses whether the modification is substantial based on
quantitative and qualitative factors in the following order: qualitative factors, quantitative factors,
combined effect of qualitative and quantitative factors. If the cash flows are substantially different,
then the contractual rights to cash flows from the original financial asset is deemed to have expired.
In making this evaluation the Group analogizes to the guidance on the de-recognition of financial
liabilities.
The Group concludes that the modification is substantial as a result of the following qualitative factors:
\u2013 change the currency of the financial asset;
\u2013 change in collateral or other credit enhancement.
If the cash flows of the modified asset carried at amortised cost are not substantially different, then the
modification does not result in de-recognition of the financial asset. In this case, the Group recalculates
the gross carrying amount of the financial asset and recognises the amount arising from adjusting the
gross carrying amount as a modification gain or loss in profit or loss. The gross carrying amount of the
financial asset is recalculated as the present value of the renegotiated or modified contractual cash
flows that are discounted at the financial asset\u2019s original effective interest rate. Any costs or fees
incurred adjust the carrying amount of the modified financial asset and are amortised over the
remaining term of the modified financial asset.
Financial liabilities
The Group de-recognises a financial liability when its terms are modified and the cash flows of the
modified liability are substantially different. In this case, a new financial liability based on the modified
terms is recognised at fair value. The difference between the carrying amount of the financial liability
extinguished and the new financial liability with modified terms is recognised in profit or loss.
If a modification (or exchange) does not result in the de-recognition of the financial liability the Group
applies an accounting policy consistent with the requirements for adjusting the gross carrying amount
of a financial asset when a modification does not result in the de-recognition of the financial asset,
i.e. the Group recognises any adjustment to the amortised cost of the financial liability arising from
such a modification (or exchange) in profit or loss at the date of the modification (or exchange).
Changes in cash flows on existing financial liabilities are not considered as modification, if they result
from existing contractual terms, e.g. changes in fixed interest rates initiated by banks due to changes
in the Secured Overnight Financing Rate (SOFR), National Bank of Kazakhstan rates (NBRK) and other
key rates. The Group treats the modification of an interest rate to a current market rate using the
guidance on variable-rate financial instruments. This means that the effective interest rate is adjusted
prospectively.
The Group performs a quantitative and qualitative evaluation of whether the modification is substantial
considering qualitative factors, quantitative factors and combined effect of qualitative and quantitative
factors. The Group concludes that the modification is substantial as a result of the following qualitative
factors:
\u2013 change in the currency of the financial liability;
\u2013 change in collateral or other credit enhancement;
\u2013 inclusion of conversion option;
\u2013 change in the subordination of the financial liability.
For the quantitative assessment the terms are substantially different if the discounted present value of
the cash flows under the new terms, including any fees paid net of any fees received and discounted
using the original effective interest rate, is at least 10 per cent different from the discounted present
value of the remaining cash flows of the original financial liability. If an exchange of debt instruments
or modification of terms is accounted for as an extinguishment, any costs or fees incurred are
recognised as part of the gain or loss on the extinguishment. If the exchange or modification is
not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount
of the liability and are amortised over the remaining term of the modified liability.
De-recognition
Financial assets
The Group de-recognises a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards of ownership of the financial asset are transferred or
in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership
and it does not retain control of the financial asset.
The Group enters into transactions whereby it transfers assets recognised in its consolidated statement
of financial position, but retains either all or substantially all of the risks and rewards of the transferred
assets. In these cases, the transferred assets are not de-recognised.
Financial liabilities
The Group de-recognises a financial liability when its contractual obligations are discharged or
cancelled, or expire. The Group also de-recognises a financial liability when its terms are modified and
the cash flows of the modified liability are substantially different, in which case a new financial liability
based on the modified terms is recognised at fair value.
On de-recognition of a financial liability, the difference between the carrying amount extinguished and
the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised
in profit or loss.
Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the consolidated
statement of financial position when, and only when, the Group currently has a legally enforceable
right to set off the amounts and it intends either to settle them on a net basis or to realise the asset
and settle the liability simultaneously.
Derivatives and hedging activities
Initial recognition and subsequent measurement
The Group uses derivative financial instruments such as commodity derivatives to hedge its risks
associated with jet-fuel price fluctuations. Such derivative financial instruments are initially recognised
at fair value on the date on which the derivative contracts are entered into and are subsequently
re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive
and as financial liabilities when the fair value is negative.
The fair value of commodity derivatives are determined by reference to available market information
and swap/forward valuation methodology. Any gains or losses arising from changes in fair value of
derivatives are taken directly to consolidated statement of profit or loss, except for the effective portion
and cost of hedging for cash flow hedges, which are recognised in OCI.
For the purpose of hedge accounting, hedges are classified as:
\u2013 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
liability or an unrecognised firm commitment;
\u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
to a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction or the foreign currency risk in an unrecognised firm commitment;
\u2013 Hedges of a net investment in a foreign operation.
The Group considers transactions with the probability of occurrence more than ninety percent highly
probable transactions.
At the inception of the hedge, the Group formally designates and documents the hedging relationship
to which the Group wishes to apply hedge accounting, and the risk management objective and
strategy for undertaking the hedge. That documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being hedged and how the entity will assess
whether the hedging relationship meets the hedge effectiveness requirements (including its analysis
of the sources of hedge ineffectiveness and how it determines the hedge ratio).
Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash
flows and are assessed on an ongoing basis at each reporting date or upon a significant change in the
circumstances affecting the hedge effectiveness requirements, whichever comes first. The assessment
relates to expectations about hedge effectiveness and is therefore only forward-looking.
Hedges that meet the strict criteria for hedge accounting are accounted for as described below:
Cash flow hedges
The effective portion of the gains or losses on the hedging instrument is recognised directly in OCI in
the cash flow hedge reserve, while any ineffective portion is recognised immediately in the consolidated
statement of profit or loss.
The Group uses fuel options contracts as hedges of its exposure to jet fuel price fluctuations in forecast
transactions and firm commitments. The ineffective portion relating to the ineffective portion relating
to commodity contracts is recognised in the consolidated statement of profit or loss.
Amounts recognised as OCI are transferred to the consolidated statement of profit or loss when the
hedged transaction affects the consolidated statement of profit or loss, such as when the hedged
financial expense is recognised or when a forecast transaction occurs. When the hedged item is the
cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred
to the initial carrying amount of the non-financial asset or liability.
If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or
loss previously recognised in equity is transferred to the consolidated statement of profit or loss. If the
hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its
designation as a hedge is revoked, any cumulative gain or loss previously recognised in OCI remains in
OCI until the forecast transaction or firm commitment affects consolidated statement of profit or loss.
If the hedge ratio for risk management purposes is no longer optimal but the risk management
objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge
relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume
of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes.
Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge
relationship rebalancing.
Cost of hedging
If the time value of a purchased option is separated and excluded from the designated hedging
instrument, then the excluded portion is separately accounted for as a cost of hedging. As such,
the change in fair value of the excluded portion is recognised in OCI and accumulated in a separate
component of equity to the extent that it relates to the hedged item.
As a result of the above accounting, fluctuations in the fair value of the time value element will be
accounted in OCI, both positive and negative. At the maturity date, the time value of option becomes
zero, the fair value is equal to the intrinsic value.
Crude oil commodity options
The Group has also entered into certain crude oil commodity options to mitigate the risk of variability
of future cash flows on jet fuel consumptions. These are just purely economic hedges and changes to
its value are directly charged to the consolidated statement of profit or loss within \u2018Fuel and oil costs\u2019.
Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects. Dividends Dividends are recognised as a liability in the period in which they are declared. Impairment of financial assets The Group recognises loss allowances for expected credit losses (ECLs) on: \u2013 financial assets measured at amortised cost; \u2013 debt investments measured at FVOCI. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2013 guarantee deposits and bank balances that are determined to have low credit risk at the reporting date; and \u2013 other guarantee deposits and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due or if the external credit rating assigned to a financial asset by an international rating agency falls by six notches according to Standard and Poor\u2019s Global Ratings (S&P Global Ratings), Moody\u2019s or Fitch credit rating agencies.
The Group considers a financial asset to be in default when:
\u2013 the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the
Group to actions such as realising security (if any is held); or
\u2013 the financial asset is more than 90 days past due.
The Group considers a debt security to have low credit risk when its credit risk rating is equivalent
to the globally understood definition of \u2018investment grade\u2019. The Group considers this to be Baa3 or
higher per Moody\u2019s or BBB- or higher per S&P Global Ratings.
Lifetime ECLs are the ECLs that result from all possible default events over the contractual life of a
financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the
12 months after the reporting date (or a shorter period if the expected life of the instrument is less
than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance
with the contract and the cash flows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt
securities at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events
that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
\u2013 significant financial difficulty of the borrower or issuer;
\u2013 a breach of contract such as a default or being more than 90 days past due;
\u2013 the restructuring of a loan or advance by the Group on terms that the Group would not consider
otherwise;
\u2013 it is probable that the borrower will enter bankruptcy or other financial reorganisation;
\u2013 or the disappearance of an active market for a security because of financial difficulties.
Presentation of allowance for ECL in the consolidated statement of financial
position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying
amount of the assets.
For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognised in OCI.
Write-off
The gross carrying amount of a financial asset is written off when the Group has no reasonable
expectations of recovering a financial asset in its entirety or a portion thereof. The Group makes an
assessment with respect to the timing and amount of write-off based on whether there is a reasonable
expectation of recovery. The Group expects no significant recovery from the amount written off.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "Statement of compliance These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (\u201cIFRS Accounting Standards\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "Functional and presentation currency Even though the national currency of Kazakhstan is the Kazakhstani tenge (\u201ctenge\u201d), the Company\u2019s functional currency is determined as the US Dollar (\u201cUSD\u201d). The USD reflects the economic substance of the underlying events and circumstances of the Company and is the functional currency of the primary economic environment in which the Company operates, as a significant portion of the Group\u2019s revenues (including international fares) and major operating costs such as aircraft leases, fuel purchases and financing are predominantly denominated in or influenced by USD. The functional currency of the Company\u2019s subsidiary FlyArystan is determined as the US Dollar. All currencies other than the currency selected for measuring items in the consolidated financial information are treated as foreign currencies. Accordingly, transactions and balances not already measured in USD have been remeasured in USD in accordance with the relevant accounting standard requirements. As requested by shareholders, the Group prepares two sets of financial statements with presentation currency Kazakhstani tenge and USD as shareholders believe that both currencies are useful for the users of the Group\u2019s financial statements. This consolidated financial information for the year ended 31 December 2025 has been presented in USD. All financial information presented in USD has been rounded to the nearest thousand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair value, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets on the date of acquisition. The Group discloses other comprehensive income separately from its consolidated statement of profit or loss. The principal accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand (\u2019000 USD), except when otherwise indicated. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "Basis of consolidation (i) Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "(i) Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "(i) Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "(ii) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "Revenue Passenger revenue The Group satisfies the performance obligations related to tickets sold and reports the sales as revenue when the transportation service performance obligation has been satisfied. The value of tickets sold and still valid but not used by the reporting date is reported as deferred (unearned) transportation revenue. This item is reduced either when the Group satisfies the performance obligation by completing the transportation service or when the passenger requests a refund. Based on historical data of previous years, the Group recognizes passenger revenue in proportion to the pattern of rights exercised by the customer in respect of a percentage of tickets sold that are expected not to be used or refunded. The Group conducts sales through agents that act as intermediaries distributing tickets among customers. On average, accounts receivable are collected within a month from origination. The Group\u2019s sales do not contain significant finance components due to the short-term nature of airline tickets. Passenger revenue includes revenue from code-share agreements with other airlines. Under these agreements, the Group sells seats on these airlines\u2019 flights and those other airlines sell seats on the Group\u2019s flights. Revenue from the sale of code-share seats on other airlines are recorded net in the Group\u2019s passenger revenue in profit or loss, since the Group acts as an agent in these agreements. The revenue from other airlines\u2019 sale of code-share seats on the Group\u2019s flights is recorded in passenger revenue in profit or loss. Revenue related to airport charges, such as fees and taxes, are presented gross of the related costs. This is due to the fact that the Group is exposed to changes in the actual costs, and these costs are assessed by the Group based on the volume of its operations, such that the Group acts as a principal in the transactions, not as an agent. Cargo revenue Cargo transport services are recognised as revenue at the time when the transportation service is provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "Customer loyalty program Sales of tickets that result in award credits for customers, under the Group\u2019s Nomad Club Loyalty Programme, are accounted for as two separate performance obligations embedded into one contract, the ticket. The transaction price is allocated between the transportation service and the award provided based on their stand-alone selling prices. The transaction price of credit award is not recognised as revenue at the time of the initial sale transaction but is deferred and recognised as revenue when the award credits are redeemed and the Group\u2019s performance obligations have been fulfilled. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "Travel agents\u2019 commissions Travel agents\u2019 commissions are recognised as an expense when the transportation service is provided. Although such commissions represent incremental costs of obtaining a contract under IFRS 15.91, the Group applies the practical expedient in IFRS 15.94 and expenses these costs as incurred, as the expected amortisation period of the related asset does not exceed one year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Reservation costs Reservation costs are recognised as an expense when incurred, as the amortisation period of the asset that the Group otherwise would have recognised does not exceed one year. Accordingly, the Group applies the practical expedient in IFRS 15.94, which permits expensing incremental costs of obtaining a contract when the expected amortisation period is one year or less. ", "dimensions": { "concept": "airastanajsc:DescriptionOfAccountingPolicyForReservationCosts", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Leasing At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. (i) As a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, and the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2013 fixed payments, including in-substance fixed payments; \u2013 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2013 amounts expected to be payable under a residual value guarantee; and \u2013 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of- use asset has been reduced to zero. The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and lease liabilities separately in the consolidated statement of financial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (ii) Sale and leaseback transactions If the Group transfers an asset to another entity and leases that asset back from this same entity, the Group accounts for the transfer contract and the lease according to IFRS 16 Leases. The Group applies the requirements for determining when a performance obligation is satisfied in IFRS 15 Revenue from contracts with customers to determine whether the transfer of an asset is accounted for as a sale of that asset. If the transfer of an asset by the Group satisfies the requirements of IFRS 15 to be accounted for as a sale of the asset the Group measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Group. Accordingly, the Group recognises only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. If the fair value of the consideration for the sale of an asset does not equal the fair value of the asset, or if the payments for the lease are not at market rates, the Group makes the following adjustments to measure the sale proceeds at fair value: (a) any below-market terms shall be accounted for as a prepayment of lease payments; and (b) any above-market terms shall be accounted for as additional financing provided by the buyer- lessor to the seller-lessee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Guarantee deposits Guarantee deposits represent amounts paid to the lessors of aircraft, which are held as security deposits by the lessors in accordance with the provisions of lease agreements without transfer of title. These deposits are returned to the Group at the end of the lease period. Lease deposits relating to the lease agreements without transfer of title are presented as assets in the consolidated statement of financial position. At initial recognition the Group recognises a discount and a deferred asset (additional lease payment) simultaneously. The discount is amortised over the lease term using the effective interest method, and the deferred asset is amortised by equal amounts over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Foreign currencies In preparing the consolidated financial statements, transactions in currencies other than the functional currency of the Group entities (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. The following table summarises US Dollar exchange rates at 31 December 2025 and 31 December 2024 and for the years then ended:
Average rate
Reporting date spot-rate
31 December 31 December
USD
2025
2024
2025 2024
1,000
Tenge (KZT)
1.92
2.13
1.98
1.9
Euro (EUR)
1.13
1.08
1.17
1.04
British Pound (GBP)
1.32
1.28
1.34
1.25
The following table summarises KZT exchange rates at 31 December 2025 and 31 December 2024 and for the years then ended:
Average rate
Reporting date spot-rate
31 December 31 December
KZT
2025
2024
2025 2024
US Dollar (USD)
521.59
469.44
505.53
525.11
Euro (EUR)
590.15
507.86
591.68
546.47
British Pound (GBP)
6 87.92
600.27
679.37
659.08
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Finance income and costs Finance income comprises interest income on bank deposits and gain on financial instruments through profit and loss. Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the carrying value and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount on initial recognition. Finance costs comprise interest expense, bank commissions, losses on financial instruments through profit and loss and other costs. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until those assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "Finance income and costs Finance income comprises interest income on bank deposits and gain on financial instruments through profit and loss. Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the carrying value and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount on initial recognition. Finance costs comprise interest expense, bank commissions, losses on financial instruments through profit and loss and other costs. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until those assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Finance income and costs Finance income comprises interest income on bank deposits and gain on financial instruments through profit and loss. Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the carrying value and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount on initial recognition. Finance costs comprise interest expense, bank commissions, losses on financial instruments through profit and loss and other costs. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until those assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "
Employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed
as the related service is provided. A provision is recognised for the amount expected to be paid under
cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay
this amount as a result of past service provided by the employee and the obligation can be estimated
reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
Taxation
Income tax expense represents the sum of the tax currently payable, tax paid for the current period
and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs
from profit as reported in the profit or loss because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the consolidated financial statements and the corresponding tax bases used in the
computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary
differences, and deferred tax assets are generally recognised for all deductible temporary differences
to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be realised. Such assets and liabilities are not recognised if the temporary
difference arises in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part
of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset recognised, based on tax rates (and tax laws)
that have been enacted or substantively enacted by the reporting date. The measurement of deferred
tax liabilities and assets reflects the tax consequences that would follow from the manner in which
the Group expects, at the reporting date, to recover or settle the carrying amount of its assets
and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current
tax assets against current tax liabilities and when they relate to income taxes levied by the same
taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Current and deferred taxes are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred taxes are also recognised in other comprehensive income or directly in equity, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Taxation Income tax expense represents the sum of the tax currently payable, tax paid for the current period and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be realised. Such assets and liabilities are not recognised if the temporary difference arises in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset recognised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred taxes are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred taxes are also recognised in other comprehensive income or directly in equity, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "Property, plant and equipment Property, plant and equipment held for use in the supply of services, or for administrative purposes, are stated in the consolidated statement of financial position at cost less accumulated depreciation and impairment losses. The financial interest attributed to pre-delivery payments made on account of aircraft and other significant assets under construction is capitalised and added to the cost of the asset concerned. Maintenance costs are recorded as expenses during the period when incurred, with the exception of programs that extend the useful life of the asset or increase its value, which are then capitalised (e.g. maintenance on airframes and engines). Aircraft The purchase price of aircraft is denominated in US dollar. Aircraft are depreciated using a straight-line method over their average estimated useful life of 25 years or over the lease terms, if the lease term is shorter than the 25-year period, assuming no residual value. During the operating cycle, the Group reviews whether the depreciable base or the useful life should be adjusted and, if necessary, determines whether a residual value should be recognised. The residual value is measured as the estimated realizable value of the aircraft scrap metal. Repairs for major airframes and engines of all aircraft are treated as a separate asset component with the cost capitalised and depreciated over the period between the date of acquisition and the next major overhaul. Major overhaul expenditure, including replacement spares and labour costs, are capitalised and amortised over the average expected life between major overhauls based on flight hours and cycles. All other replacement spares and other costs relating to maintenance of an aircraft are charged to profit or loss upon consumption or as incurred, respectively. Rotable spare parts Rotable spare parts are carried in property, plant and equipment. The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Other property, plant and equipment Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. Depreciation Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives for the current and comparative periods are as follows:
\u2013
Aircraft (excluding separate asset components)
25 years;
\u2013
Buildings and premises
14-50 years;
\u2013
Rotable spare parts
3-15 years;
\u2013
Office and training equipment
4-20 years;
\u2013
Vehicles
7-9 years;
\u2013
Other
2-10 years.
Depreciation is recognised so as to write off the cost of assets (other than freehold land, properties under construction and separate asset component of the aircraft) less their residual values over their useful lives, using the straight-line method. Separate asset component of an aircraft is amortised over the average expected life between major overhauls which is based on flight hours or cycles. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
An item of property, plant and equipment is de-recognised upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the
disposal or retirement of an item of property, plant and equipment is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "Depreciation Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives for the current and comparative periods are as follows:
\u2013
Aircraft (excluding separate asset components)
25 years;
\u2013
Buildings and premises
14-50 years;
\u2013
Rotable spare parts
3-15 years;
\u2013
Office and training equipment
4-20 years;
\u2013
Vehicles
7-9 years;
\u2013
Other
2-10 years.
Depreciation is recognised so as to write off the cost of assets (other than freehold land, properties under construction and separate asset component of the aircraft) less their residual values over their useful lives, using the straight-line method. Separate asset component of an aircraft is amortised over the average expected life between major overhauls which is based on flight hours or cycles. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. An item of property, plant and equipment is de-recognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "
Intangible assets
Intangible assets acquired separately are reported at cost less accumulated amortisation and
impairment losses. Amortisation is charged on a straight-line basis over the estimated useful lives
of the assets. The estimated useful lives are reviewed at the end of each annual reporting period,
with the effect of any changes in estimate being accounted for on a prospective basis. The estimated
useful economic life of software for the current and comparative periods is from 7 to 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "Intangible assets Intangible assets acquired separately are reported at cost less accumulated amortisation and impairment losses. Amortisation is charged on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. The estimated useful economic life of software for the current and comparative periods is from 7 to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
Impairment of tangible and intangible assets
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets
to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an
individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets
are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest
group of cash- generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted. The Group identifies the
recoverable amount as the higher of value in use and fair value less costs of disposal.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a
revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognised for the asset (or cash-generating unit) in prior years.
A reversal of an impairment loss is recognised immediately in profit or loss.
Impairment of financial assets The Group recognises loss allowances for expected credit losses (ECLs) on: \u2013 financial assets measured at amortised cost; \u2013 debt investments measured at FVOCI. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2013 guarantee deposits and bank balances that are determined to have low credit risk at the reporting date; and \u2013 other guarantee deposits and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due or if the external credit rating assigned to a financial asset by an international rating agency falls by six notches according to Standard and Poor\u2019s Global Ratings (S&P Global Ratings), Moody\u2019s or Fitch credit rating agencies. The Group considers a financial asset to be in default when: \u2013 the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2013 the financial asset is more than 90 days past due. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of \u2018investment grade\u2019. The Group considers this to be Baa3 or higher per Moody\u2019s or BBB- or higher per S&P Global Ratings. Lifetime ECLs are the ECLs that result from all possible default events over the contractual life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: \u2013 significant financial difficulty of the borrower or issuer; \u2013 a breach of contract such as a default or being more than 90 days past due; \u2013 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; \u2013 it is probable that the borrower will enter bankruptcy or other financial reorganisation; \u2013 or the disappearance of an active market for a security because of financial difficulties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "Impairment of tangible and intangible assets At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash- generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Group identifies the recoverable amount as the higher of value in use and fair value less costs of disposal. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Impairment of financial assets
The Group recognises loss allowances for expected credit losses (ECLs) on:
\u2013 financial assets measured at amortised cost;
\u2013 debt investments measured at FVOCI.
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following,
which are measured at 12-month ECLs:
\u2013 guarantee deposits and bank balances that are determined to have low credit risk at the reporting
date; and
\u2013 other guarantee deposits and bank balances for which credit risk (i.e. the risk of default occurring
over the expected life of the financial instrument) has not increased significantly since initial
recognition.
Loss allowances for trade receivables and contract assets are always measured at an amount equal
to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECLs, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort.
This includes both quantitative and qualitative information and analysis, based on the Group\u2019s
historical experience and informed credit assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than
30 days past due or if the external credit rating assigned to a financial asset by an international rating
agency falls by six notches according to Standard and Poor\u2019s Global Ratings (S&P Global Ratings),
Moody\u2019s or Fitch credit rating agencies.
The Group considers a financial asset to be in default when: \u2013 the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2013 the financial asset is more than 90 days past due. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of \u2018investment grade\u2019. The Group considers this to be Baa3 or higher per Moody\u2019s or BBB- or higher per S&P Global Ratings. Lifetime ECLs are the ECLs that result from all possible default events over the contractual life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: \u2013 significant financial difficulty of the borrower or issuer; \u2013 a breach of contract such as a default or being more than 90 days past due; \u2013 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; \u2013 it is probable that the borrower will enter bankruptcy or other financial reorganisation; \u2013 or the disappearance of an active market for a security because of financial difficulties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "Impairment of tangible and intangible assets At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash- generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Group identifies the recoverable amount as the higher of value in use and fair value less costs of disposal. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "Contingent liabilities and contingent assets Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed in the notes to the consolidated financial statements, unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognised in the consolidated financial statements. Where an inflow of economic benefits is probable, they are disclosed in the notes to the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a first-in-first-out basis, except for fuel and de-icing liquid, which are determined on the weighted average cost basis. Fuel and de-icing liquid are written off upon actual consumption. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Expenditures incurred in acquiring the inventories such as customs duties, freight and broker\u2019s services are accumulated into a separate inventory account and allocated depending on use of relevant inventory. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Provision for aircraft maintenance under lease agreement without transfer of title The Group is obligated to perform regular scheduled maintenance of aircraft under the terms of its lease agreements without transfer of title and regulatory requirements relating to air safety. The lease agreements also require the Group to return aircraft to lessors in a satisfactory condition at the end of the lease term, which may require the performance of final return conditions. The Group\u2019s scheduled aircraft maintenance programs carried out through the lease periods are designed to reduce the incidence of final return costs. Major aircraft maintenance relates to airframes (referred to as the C- check, D-check and redelivery preparation program) and engines. The C-check is heavy maintenance with approved performance intervals. It takes place the earliest of every 6,000 \u2013 12,000 flight hours, 3,000 \u2013 8,000 flight cycles and 18-36 months according to aircraft type. The D-check (4\u0421, 6YR, 12YR) is heavy maintenance connected with deep aircraft disassembly, structure inspection and anticorrosion prevention program. It takes place with an interval of not more than 72 months. Engine overhaul occurs after specified flight hours or cycles occur. Some of the lease agreements without transfer of title include a component of variable lease payments which is generally reimbursable to the Group by lessors as a contribution to engine maintenance costs after they are incurred. The variable lease payments are recognised as an expense in profit or loss as incurred. In the case of other lease agreements without transfer of title variable lease payments are replaced (subject to certain conditions) by Letters of Credit as security for Lessors to cover any unfulfilled maintenance liabilities on the return of the aircraft, and amounts corresponding to the applicable variable lease amounts are included in provisions. For C-check maintenance, a provision is recorded on a progressive basis based upon the Group\u2019s estimate of future maintenance costs. For engine maintenance, a provision is recorded on a progressive basis based upon the Group\u2019s estimate of the excess of maintenance costs over the amount reimbursable by the lessors. The Group\u2019s aircraft maintenance liabilities are due in US Dollars. For scheduled maintenance events that are dependent on aircraft utilisation (flight hours or flight cycles), the Group recognises a provision on a progressive basis as the aircraft is operated. The expected cost of each major maintenance event is estimated and allocated over the relevant maintenance interval (in flight hours, flight cycles or calendar time, as applicable). A cost rate per flight hour or flight cycle is determined, and the provision is accrued based on actual utilisation accumulated since the last maintenance event. Overhaul and restoration works (not dependant on aircraft utilisation) Costs resulting from restoration work required to be performed just before returning aircraft to the lessors, such as painting of the shell or aircraft overhaul are recognized as provisions as of the inception of the contract. The counterpart of these provisions is booked as a complement through the initial book value of the aircraft right-of-use assets. This complement to the right-of-use asset is depreciated over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "Overhaul and restoration works (not dependant on aircraft utilisation) Costs resulting from restoration work required to be performed just before returning aircraft to the lessors, such as painting of the shell or aircraft overhaul are recognized as provisions as of the inception of the contract. The counterpart of these provisions is booked as a complement through the initial book value of the aircraft right-of-use assets. This complement to the right-of-use asset is depreciated over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "Financial instruments Recognition and initial measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level, because this best reflects the way the business is managed and information is provided to the management. The information considered includes: \u2013 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether the management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; \u2013 how the performance of the portfolio is evaluated and reported to the Group\u2019s management; \u2013 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; \u2013 how managers of the business are compensated \u2013 e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and \u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for de-recognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: \u2013 contingent events that would change the amount or timing of cash flows; \u2013 terms that may adjust the contractual coupon rate, including variable-rate features; \u2013 prepayment and extension features; and \u2013 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets \u2013 Subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains
and losses, including any interest or dividend income, are recognised
in profit or loss.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the
effective interest method. The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains and losses and
impairment are recognised in profit or loss. Any gain or loss on
de-recognition is recognised in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income
calculated using the effective interest method, foreign exchange gains
and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in OCI. On de-recognition, gains and
losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value. Dividends
are recognised as income in profit or loss unless the dividend clearly
represents a recovery of part of the cost of the investment. Other net
gains and losses are recognised in OCI and are never reclassified to
profit or loss.
Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on de-recognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "Financial instruments Recognition and initial measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level, because this best reflects the way the business is managed and information is provided to the management. The information considered includes: \u2013 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether the management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; \u2013 how the performance of the portfolio is evaluated and reported to the Group\u2019s management; \u2013 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; \u2013 how managers of the business are compensated \u2013 e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and \u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for de-recognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: \u2013 contingent events that would change the amount or timing of cash flows; \u2013 terms that may adjust the contractual coupon rate, including variable-rate features; \u2013 prepayment and extension features; and \u2013 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets \u2013 Subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains
and losses, including any interest or dividend income, are recognised
in profit or loss.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the
effective interest method. The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains and losses and
impairment are recognised in profit or loss. Any gain or loss on
de-recognition is recognised in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income
calculated using the effective interest method, foreign exchange gains
and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in OCI. On de-recognition, gains and
losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value. Dividends
are recognised as income in profit or loss unless the dividend clearly
represents a recovery of part of the cost of the investment. Other net
gains and losses are recognised in OCI and are never reclassified to
profit or loss.
Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on de-recognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Financial instruments Recognition and initial measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level, because this best reflects the way the business is managed and information is provided to the management. The information considered includes: \u2013 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether the management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; \u2013 how the performance of the portfolio is evaluated and reported to the Group\u2019s management; \u2013 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; \u2013 how managers of the business are compensated \u2013 e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and \u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for de-recognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: \u2013 contingent events that would change the amount or timing of cash flows; \u2013 terms that may adjust the contractual coupon rate, including variable-rate features; \u2013 prepayment and extension features; and \u2013 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets \u2013 Subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains
and losses, including any interest or dividend income, are recognised
in profit or loss.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the
effective interest method. The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains and losses and
impairment are recognised in profit or loss. Any gain or loss on
de-recognition is recognised in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income
calculated using the effective interest method, foreign exchange gains
and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in OCI. On de-recognition, gains and
losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value. Dividends
are recognised as income in profit or loss unless the dividend clearly
represents a recovery of part of the cost of the investment. Other net
gains and losses are recognised in OCI and are never reclassified to
profit or loss.
Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on de-recognition is also recognised in profit or loss. Modification of financial assets and financial liabilities Financial assets If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different (referred to as \u2018substantial modification\u2019), then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is de-recognised and a new financial asset is recognised at fair value. The Group performs a quantitative and qualitative evaluation of whether the modification is substantial, i.e. whether the cash flows of the original financial asset and the modified or replaced financial asset are substantially different. The Group assesses whether the modification is substantial based on quantitative and qualitative factors in the following order: qualitative factors, quantitative factors, combined effect of qualitative and quantitative factors. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset is deemed to have expired. In making this evaluation the Group analogizes to the guidance on the de-recognition of financial liabilities. The Group concludes that the modification is substantial as a result of the following qualitative factors: \u2013 change the currency of the financial asset; \u2013 change in collateral or other credit enhancement. If the cash flows of the modified asset carried at amortised cost are not substantially different, then the modification does not result in de-recognition of the financial asset. In this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss. The gross carrying amount of the financial asset is recalculated as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset\u2019s original effective interest rate. Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortised over the remaining term of the modified financial asset. Financial liabilities The Group de-recognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss. If a modification (or exchange) does not result in the de-recognition of the financial liability the Group applies an accounting policy consistent with the requirements for adjusting the gross carrying amount of a financial asset when a modification does not result in the de-recognition of the financial asset, i.e. the Group recognises any adjustment to the amortised cost of the financial liability arising from such a modification (or exchange) in profit or loss at the date of the modification (or exchange). Changes in cash flows on existing financial liabilities are not considered as modification, if they result from existing contractual terms, e.g. changes in fixed interest rates initiated by banks due to changes in the Secured Overnight Financing Rate (SOFR), National Bank of Kazakhstan rates (NBRK) and other key rates. The Group treats the modification of an interest rate to a current market rate using the guidance on variable-rate financial instruments. This means that the effective interest rate is adjusted prospectively. The Group performs a quantitative and qualitative evaluation of whether the modification is substantial considering qualitative factors, quantitative factors and combined effect of qualitative and quantitative factors. The Group concludes that the modification is substantial as a result of the following qualitative factors: \u2013 change in the currency of the financial liability; \u2013 change in collateral or other credit enhancement; \u2013 inclusion of conversion option; \u2013 change in the subordination of the financial liability. For the quantitative assessment the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. De-recognition Financial assets The Group de-recognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its consolidated statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not de-recognised. Financial liabilities The Group de-recognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also de-recognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On de-recognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Derivatives and hedging activities Initial recognition and subsequent measurement The Group uses derivative financial instruments such as commodity derivatives to hedge its risks associated with jet-fuel price fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which the derivative contracts are entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The fair value of commodity derivatives are determined by reference to available market information and swap/forward valuation methodology. Any gains or losses arising from changes in fair value of derivatives are taken directly to consolidated statement of profit or loss, except for the effective portion and cost of hedging for cash flow hedges, which are recognised in OCI. For the purpose of hedge accounting, hedges are classified as: \u2013 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment; \u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; \u2013 Hedges of a net investment in a foreign operation. The Group considers transactions with the probability of occurrence more than ninety percent highly probable transactions. At the inception of the hedge, the Group formally designates and documents the hedging relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. That documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity will assess whether the hedging relationship meets the hedge effectiveness requirements (including its analysis of the sources of hedge ineffectiveness and how it determines the hedge ratio). Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis at each reporting date or upon a significant change in the circumstances affecting the hedge effectiveness requirements, whichever comes first. The assessment relates to expectations about hedge effectiveness and is therefore only forward-looking. Hedges that meet the strict criteria for hedge accounting are accounted for as described below: Cash flow hedges The effective portion of the gains or losses on the hedging instrument is recognised directly in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the consolidated statement of profit or loss. The Group uses fuel options contracts as hedges of its exposure to jet fuel price fluctuations in forecast transactions and firm commitments. The ineffective portion relating to the ineffective portion relating to commodity contracts is recognised in the consolidated statement of profit or loss. Amounts recognised as OCI are transferred to the consolidated statement of profit or loss when the hedged transaction affects the consolidated statement of profit or loss, such as when the hedged financial expense is recognised or when a forecast transaction occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or loss previously recognised in equity is transferred to the consolidated statement of profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss previously recognised in OCI remains in OCI until the forecast transaction or firm commitment affects consolidated statement of profit or loss. If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge relationship rebalancing. Cost of hedging If the time value of a purchased option is separated and excluded from the designated hedging instrument, then the excluded portion is separately accounted for as a cost of hedging. As such, the change in fair value of the excluded portion is recognised in OCI and accumulated in a separate component of equity to the extent that it relates to the hedged item. As a result of the above accounting, fluctuations in the fair value of the time value element will be accounted in OCI, both positive and negative. At the maturity date, the time value of option becomes zero, the fair value is equal to the intrinsic value. Crude oil commodity options The Group has also entered into certain crude oil commodity options to mitigate the risk of variability of future cash flows on jet fuel consumptions. These are just purely economic hedges and changes to its value are directly charged to the consolidated statement of profit or loss within \u2018Fuel and oil costs\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level, because this best reflects the way the business is managed and information is provided to the management. The information considered includes: \u2013 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether the management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; \u2013 how the performance of the portfolio is evaluated and reported to the Group\u2019s management; \u2013 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; \u2013 how managers of the business are compensated \u2013 e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and \u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for de-recognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: \u2013 contingent events that would change the amount or timing of cash flows; \u2013 terms that may adjust the contractual coupon rate, including variable-rate features; \u2013 prepayment and extension features; and \u2013 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets \u2013 Subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains
and losses, including any interest or dividend income, are recognised
in profit or loss.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the
effective interest method. The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains and losses and
impairment are recognised in profit or loss. Any gain or loss on
de-recognition is recognised in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income
calculated using the effective interest method, foreign exchange gains
and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in OCI. On de-recognition, gains and
losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value. Dividends
are recognised as income in profit or loss unless the dividend clearly
represents a recovery of part of the cost of the investment. Other net
gains and losses are recognised in OCI and are never reclassified to
profit or loss.
Modification of financial assets and financial liabilities Financial assets If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different (referred to as \u2018substantial modification\u2019), then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is de-recognised and a new financial asset is recognised at fair value. The Group performs a quantitative and qualitative evaluation of whether the modification is substantial, i.e. whether the cash flows of the original financial asset and the modified or replaced financial asset are substantially different. The Group assesses whether the modification is substantial based on quantitative and qualitative factors in the following order: qualitative factors, quantitative factors, combined effect of qualitative and quantitative factors. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset is deemed to have expired. In making this evaluation the Group analogizes to the guidance on the de-recognition of financial liabilities. The Group concludes that the modification is substantial as a result of the following qualitative factors: \u2013 change the currency of the financial asset; \u2013 change in collateral or other credit enhancement. If the cash flows of the modified asset carried at amortised cost are not substantially different, then the modification does not result in de-recognition of the financial asset. In this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss. The gross carrying amount of the financial asset is recalculated as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset\u2019s original effective interest rate. Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortised over the remaining term of the modified financial asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on de-recognition is also recognised in profit or loss. Financial liabilities The Group de-recognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss. If a modification (or exchange) does not result in the de-recognition of the financial liability the Group applies an accounting policy consistent with the requirements for adjusting the gross carrying amount of a financial asset when a modification does not result in the de-recognition of the financial asset, i.e. the Group recognises any adjustment to the amortised cost of the financial liability arising from such a modification (or exchange) in profit or loss at the date of the modification (or exchange). Changes in cash flows on existing financial liabilities are not considered as modification, if they result from existing contractual terms, e.g. changes in fixed interest rates initiated by banks due to changes in the Secured Overnight Financing Rate (SOFR), National Bank of Kazakhstan rates (NBRK) and other key rates. The Group treats the modification of an interest rate to a current market rate using the guidance on variable-rate financial instruments. This means that the effective interest rate is adjusted prospectively. The Group performs a quantitative and qualitative evaluation of whether the modification is substantial considering qualitative factors, quantitative factors and combined effect of qualitative and quantitative factors. The Group concludes that the modification is substantial as a result of the following qualitative factors: \u2013 change in the currency of the financial liability; \u2013 change in collateral or other credit enhancement; \u2013 inclusion of conversion option; \u2013 change in the subordination of the financial liability. For the quantitative assessment the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "De-recognition Financial assets The Group de-recognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its consolidated statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not de-recognised. Financial liabilities The Group de-recognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also de-recognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On de-recognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "Derivatives and hedging activities Initial recognition and subsequent measurement The Group uses derivative financial instruments such as commodity derivatives to hedge its risks associated with jet-fuel price fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which the derivative contracts are entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The fair value of commodity derivatives are determined by reference to available market information and swap/forward valuation methodology. Any gains or losses arising from changes in fair value of derivatives are taken directly to consolidated statement of profit or loss, except for the effective portion and cost of hedging for cash flow hedges, which are recognised in OCI. For the purpose of hedge accounting, hedges are classified as: \u2013 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment; \u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; \u2013 Hedges of a net investment in a foreign operation. The Group considers transactions with the probability of occurrence more than ninety percent highly probable transactions. At the inception of the hedge, the Group formally designates and documents the hedging relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. That documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity will assess whether the hedging relationship meets the hedge effectiveness requirements (including its analysis of the sources of hedge ineffectiveness and how it determines the hedge ratio). Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis at each reporting date or upon a significant change in the circumstances affecting the hedge effectiveness requirements, whichever comes first. The assessment relates to expectations about hedge effectiveness and is therefore only forward-looking. Hedges that meet the strict criteria for hedge accounting are accounted for as described below: Cash flow hedges The effective portion of the gains or losses on the hedging instrument is recognised directly in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the consolidated statement of profit or loss. The Group uses fuel options contracts as hedges of its exposure to jet fuel price fluctuations in forecast transactions and firm commitments. The ineffective portion relating to the ineffective portion relating to commodity contracts is recognised in the consolidated statement of profit or loss. Amounts recognised as OCI are transferred to the consolidated statement of profit or loss when the hedged transaction affects the consolidated statement of profit or loss, such as when the hedged financial expense is recognised or when a forecast transaction occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or loss previously recognised in equity is transferred to the consolidated statement of profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss previously recognised in OCI remains in OCI until the forecast transaction or firm commitment affects consolidated statement of profit or loss. If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge relationship rebalancing. Cost of hedging If the time value of a purchased option is separated and excluded from the designated hedging instrument, then the excluded portion is separately accounted for as a cost of hedging. As such, the change in fair value of the excluded portion is recognised in OCI and accumulated in a separate component of equity to the extent that it relates to the hedged item. As a result of the above accounting, fluctuations in the fair value of the time value element will be accounted in OCI, both positive and negative. At the maturity date, the time value of option becomes zero, the fair value is equal to the intrinsic value. Crude oil commodity options The Group has also entered into certain crude oil commodity options to mitigate the risk of variability of future cash flows on jet fuel consumptions. These are just purely economic hedges and changes to its value are directly charged to the consolidated statement of profit or loss within \u2018Fuel and oil costs\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "Derivatives and hedging activities Initial recognition and subsequent measurement The Group uses derivative financial instruments such as commodity derivatives to hedge its risks associated with jet-fuel price fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which the derivative contracts are entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The fair value of commodity derivatives are determined by reference to available market information and swap/forward valuation methodology. Any gains or losses arising from changes in fair value of derivatives are taken directly to consolidated statement of profit or loss, except for the effective portion and cost of hedging for cash flow hedges, which are recognised in OCI. For the purpose of hedge accounting, hedges are classified as: \u2013 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment; \u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; \u2013 Hedges of a net investment in a foreign operation. The Group considers transactions with the probability of occurrence more than ninety percent highly probable transactions. At the inception of the hedge, the Group formally designates and documents the hedging relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. That documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity will assess whether the hedging relationship meets the hedge effectiveness requirements (including its analysis of the sources of hedge ineffectiveness and how it determines the hedge ratio). Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis at each reporting date or upon a significant change in the circumstances affecting the hedge effectiveness requirements, whichever comes first. The assessment relates to expectations about hedge effectiveness and is therefore only forward-looking. Hedges that meet the strict criteria for hedge accounting are accounted for as described below: Cash flow hedges The effective portion of the gains or losses on the hedging instrument is recognised directly in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the consolidated statement of profit or loss. The Group uses fuel options contracts as hedges of its exposure to jet fuel price fluctuations in forecast transactions and firm commitments. The ineffective portion relating to the ineffective portion relating to commodity contracts is recognised in the consolidated statement of profit or loss. Amounts recognised as OCI are transferred to the consolidated statement of profit or loss when the hedged transaction affects the consolidated statement of profit or loss, such as when the hedged financial expense is recognised or when a forecast transaction occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or loss previously recognised in equity is transferred to the consolidated statement of profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss previously recognised in OCI remains in OCI until the forecast transaction or firm commitment affects consolidated statement of profit or loss. If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge relationship rebalancing. Cost of hedging If the time value of a purchased option is separated and excluded from the designated hedging instrument, then the excluded portion is separately accounted for as a cost of hedging. As such, the change in fair value of the excluded portion is recognised in OCI and accumulated in a separate component of equity to the extent that it relates to the hedged item. As a result of the above accounting, fluctuations in the fair value of the time value element will be accounted in OCI, both positive and negative. At the maturity date, the time value of option becomes zero, the fair value is equal to the intrinsic value. Crude oil commodity options The Group has also entered into certain crude oil commodity options to mitigate the risk of variability of future cash flows on jet fuel consumptions. These are just purely economic hedges and changes to its value are directly charged to the consolidated statement of profit or loss within \u2018Fuel and oil costs\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "Derivatives and hedging activities Initial recognition and subsequent measurement The Group uses derivative financial instruments such as commodity derivatives to hedge its risks associated with jet-fuel price fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which the derivative contracts are entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The fair value of commodity derivatives are determined by reference to available market information and swap/forward valuation methodology. Any gains or losses arising from changes in fair value of derivatives are taken directly to consolidated statement of profit or loss, except for the effective portion and cost of hedging for cash flow hedges, which are recognised in OCI. For the purpose of hedge accounting, hedges are classified as: \u2013 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment; \u2013 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; \u2013 Hedges of a net investment in a foreign operation. The Group considers transactions with the probability of occurrence more than ninety percent highly probable transactions. At the inception of the hedge, the Group formally designates and documents the hedging relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. That documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity will assess whether the hedging relationship meets the hedge effectiveness requirements (including its analysis of the sources of hedge ineffectiveness and how it determines the hedge ratio). Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis at each reporting date or upon a significant change in the circumstances affecting the hedge effectiveness requirements, whichever comes first. The assessment relates to expectations about hedge effectiveness and is therefore only forward-looking. Hedges that meet the strict criteria for hedge accounting are accounted for as described below: Cash flow hedges The effective portion of the gains or losses on the hedging instrument is recognised directly in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the consolidated statement of profit or loss. The Group uses fuel options contracts as hedges of its exposure to jet fuel price fluctuations in forecast transactions and firm commitments. The ineffective portion relating to the ineffective portion relating to commodity contracts is recognised in the consolidated statement of profit or loss. Amounts recognised as OCI are transferred to the consolidated statement of profit or loss when the hedged transaction affects the consolidated statement of profit or loss, such as when the hedged financial expense is recognised or when a forecast transaction occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or loss previously recognised in equity is transferred to the consolidated statement of profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss previously recognised in OCI remains in OCI until the forecast transaction or firm commitment affects consolidated statement of profit or loss. If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge relationship rebalancing. Cost of hedging If the time value of a purchased option is separated and excluded from the designated hedging instrument, then the excluded portion is separately accounted for as a cost of hedging. As such, the change in fair value of the excluded portion is recognised in OCI and accumulated in a separate component of equity to the extent that it relates to the hedged item. As a result of the above accounting, fluctuations in the fair value of the time value element will be accounted in OCI, both positive and negative. At the maturity date, the time value of option becomes zero, the fair value is equal to the intrinsic value. Crude oil commodity options The Group has also entered into certain crude oil commodity options to mitigate the risk of variability of future cash flows on jet fuel consumptions. These are just purely economic hedges and changes to its value are directly charged to the consolidated statement of profit or loss within \u2018Fuel and oil costs\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to issue of ordinary
shares and share options are recognised as a deduction from equity, net of any tax effects.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "
Dividends
Dividends are recognised as a liability in the period in which they are declared.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "Presentation of allowance for ECL in the consolidated statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognised in OCI. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Group makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off.", "dimensions": { "concept": "airastanajsc:DescriptionOfAccountingPolicyForPresentationOfAllowanceForECLInTheConsolidatedStatementOfFinancialPosition", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
4. Application of new and revised international financial reporting
standards
New standards and interpretations not yet adopted
The new and amended standards and interpretations that are issued, but not yet effective, up to the
date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt
these new and amended standards and interpretations, if applicable, when they become effective.
(a) IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements for presentation within the statement of profit or loss, including specified
totals and subtotals. Furthermore, entities are required to classify all income and expenses within the
statement of profit or loss into one of five categories: operating, investing, financing, income taxes and
discontinued operations, whereof the first three are new.
The standard requires disclosure of newly defined management-defined performance measures,
subtotals of income and expenses, and it also includes new requirements for aggregation and
disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial
statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which
include changing the starting point for determining cash flows from operations under the indirect
method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around
classification of cash flows from dividends and interest. In addition, there are consequential
amendments to several other standards.
IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on
or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply
retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary
financial statements and notes to the financial statements. The initial expected material impacts
on Group\u2019s financial statements are, as follows:
\u2013 New disclosures will be added: (a) management-defined performance measures; and (b) a
reconciliation for each line item in the statement of profit or loss between the restated amounts
presented applying IFRS 18 and the amounts previously presented applying IAS 1.
\u2013 Interest received and interest paid will be classified in the investing activities and financing
activities, respectively, on the statement of cash flows.
(b) Other accounting standards
The following new and amended standards are not expected to have a significant impact on the
Group\u2019s consolidated financial statements.
\u2013 Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7).
\u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024).
\u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a
Hyperinflationary Presentation Currency (issued on 13 November 2025).
\u2013 Annual Improvements Volume 11 (issued on 18 July 2024).
\u2013 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7
(issued on 18 December 2024).
As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
New and amended standards and interpretations
The Group applied for the first-time certain standards and amendments, which are effective for annual
periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early
adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
(a) Lack of exchangeability \u2013 Amendments to IAS 21
For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability \u2013
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should
assess whether a currency is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking. The amendments also require disclosure of information that enables users of
its financial statements to understand how the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows.
The amendments did not have a material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "New standards and interpretations not yet adopted The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. (a) IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Group\u2019s financial statements are, as follows: \u2013 New disclosures will be added: (a) management-defined performance measures; and (b) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1. \u2013 Interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows. (b) Other accounting standards The following new and amended standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements. \u2013 Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). \u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024). \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 November 2025). \u2013 Annual Improvements Volume 11 (issued on 18 July 2024). \u2013 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024). As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "New and amended standards and interpretations The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. (a) Lack of exchangeability \u2013 Amendments to IAS 21 For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. The amendments did not have a material impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
5. Critical accounting judgments and key sources of estimation
uncertainty
The preparation of consolidated financial statements in conformity with IFRS Accounting Standards
requires the management to make judgments, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results
may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only
that period or in the period of the revision and future periods if the revision affects both current and
future periods.
The following are the critical judgments and estimates that the management have made in the process
of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts
recognised in the consolidated financial statements.
Provisions
Provisions mainly consist of provision for aircraft maintenance (Note 22).
The maintenance provision is measured at the best estimate of expected future maintenance costs,
taking into account contractual pricing adjustments, including supplier credit notes that reduce the
unavoidable expenditure required to settle the obligation.
Determination of the functional currency
The functional currency of the Company is USD which, in the management\u2019s view, reflects the economic
substance of the underlying events and circumstances of the Group at the reporting date. At each
reporting date the management of the Group reassesses factors that may affect the determination of
the functional currency based on circumstances at the reporting date. Significant judgment is required
from the management when analysing indicators of the primary economic environment including the
pricing policy, structure of revenues from international and domestic routes, costs structure as well as
continued development in the strategy of the Group for further development of international routes.
Future circumstances, therefore, may be different and may result in a different conclusion.
Useful lives of property, plant and equipment
In reporting intangible assets and tangible assets, an assessment is made of the useful economic life.
The Group reviews the useful lives of property, plant and equipment and intangible assets at least
annually and adjusts them if expectations differ from previous estimates.
The Group assesses at each reporting date whether there are indicators that an asset may be impaired.
If such indicators exist, the impairment test is made. Certain assets, such as goodwill, intangible assets
with indefinite useful lives and intangible assets not yet available for use, are tested for impairment at
least annually irrespective of whether impairment indicators exist.
Allowances
The Group accrues allowances for impairment of accounts receivable. The Group calculated the
probability of default of accounts receivable based on the lifetime approach. Changes in the economy
and specific customer conditions may require adjustments of the probability of default and loss given
default coefficient derived based on the historical information and thus adjustment for impairment of
accounts receivable recorded in the consolidated financial statements. As at 31 December 2025 and
2024, allowances for doubtful accounts were equal to USD 762 thousand, USD 882 thousand,
respectively (Note 16).
Other financial assets are mainly credit rated by one or more international credit rating agencies:
Moody\u2019s, Fitch, and S&P Global Ratings. The estimated credit loss is calculated for the entire useful
life for those assets whose credit risk has increased significantly comparing to its level at the initial
recognition date. Once the instrument is impaired the Group calculates allowances for doubtful
accounts based on the expected future cash flows discounted at the original effective interest rate.
Interest on the impaired asset continues to be recognised through the unwinding of the discount.
When credit risk significantly decreases for those assets which previously have been classified in Stage
2, the Group performs an analysis to determine whether the current financial position of the borrower is
stable enough to reclassify such assets back to Stage 1. As at 31 December 2025 impairment allowances
were equal to USD 44,534 thousand as disclosed in Note 16 (31 December 2024: USD 44,357 thousand).
The Group annually estimates the necessity of write-down for obsolete and slow-moving inventories
based on annual stock count data conducted at the reporting date. As at 31 December 2025, the Group
recognised a write-down for obsolete and slow-moving inventories in the amount of USD 7,461 thousand
(2024: USD 5,590 thousand) (Note 14).
Customer loyalty program
The Group\u2019s Nomad Club Loyalty program is an incentive program under which passengers are granted
points for each flight. Once a passenger accumulates a certain number of points he or she can convert
the points into a ticket. Loyalty points granted to customers represent a separate performance
obligation. Accordingly, a portion of the transaction price of the related ticket sales is allocated
to the loyalty points and recognised as a contract liability until the points are redeemed or expire.
While calculating the contract liability related to the customer loyalty program, the Group uses critical
judgements and estimates in regard to the expected redemption rate of points and the standalone
selling price (\u201cSSP\u201d) per point by Nomad Club members. The estimated redemption rate applied as
at 31 December 2025 and 31 December 2024 were 52.19% and 52.53%.
The Group uses estimated ticket values to calculate the program\u2019s point value. Outstanding unutilized
points as of each reporting date are treated as a contract liability (deferred revenue). Points are valued
based on the weighted average standalone prices of tickets redeemed by route and class. The weighted
average standalone selling price per point as at 31 December 2025 and 31 December 2024 were
approximately USD 0.0122 and 0.0136 per point.
Based on historical statistics the Group determines the amount of breakage with regards to those
points whose usage is not probable. Breakage is recognised as revenue in proportion to the pattern
of point redemptions when it becomes highly probable that a significant reversal of revenue will not
occur. The estimated breakage rate applied as at 31 December 2025 and 31 December 2024 were
47.81% and 47.47%.
Lease term
Some property leases contain extension options exercisable by the Group up to one year before the
end of the non-cancellable contract period. Where practicable, the Group seeks to include extension
options in new leases to provide operational flexibility. The extension options held are exercisable only
by the Group and not by the lessors. The Group assesses at lease commencement date whether it is
reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably
certain to exercise the options if there is a significant event or significant changes in circumstances
within its control.
The Group has applied judgment to determine the lease term for some lease contracts in which it
is a lessee, based on the period for which the contract is enforceable. For certain property leases
the contractual term does not include enforceable renewal options. Although the parties may discuss
continuation of the lease at the end of the contractual term, the terms and conditions of any extension
(including lease payments and other key terms) are not predetermined and are subject to renegotiation
between the parties.
Accordingly, both the Group and the lessor have the practical ability not to continue the arrangement if
agreement on the new terms cannot be reached. In such cases the Group considers that the enforceable
period corresponds to the non-cancellable contractual period and therefore the lease term does not
extend beyond the original contract term.
Any continuation of the lease beyond the contractual term is treated as a new lease agreement once
the parties agree on revised terms and conditions.
Deferred tax asset recoverability and compliance with tax legislation
Tax legislation of Kazakhstan are subject to frequent changes and varying interpretations. The
management\u2019s interpretation of such legislation in applying it to business transactions of the Group
may be challenged by the relevant regional authorities enabled by law to impose fines and penalties.
It is possible that the tax treatment of transactions that have not been challenged in the past may be
challenged. Fiscal periods remain open to review by the tax authorities in respect of taxes for the five
calendar years preceding the year of tax review.
Under certain circumstances reviews may cover longer periods. While the Group believes it has
provided adequately for all tax liabilities based on its understanding of the tax legislation, the above
facts may create additional financial risks for the Group.
Critical accounting judgements and key sources of estimation uncertainty in the
determination of the impact of climate change
As a result of climate change the Group has designed and approved its climate strategy, which commits
the Group to net zero emissions by 2050. While approved business plans currently have a duration of
five years, the climate strategy impacts both the short, medium and long-term operations of the Group.
The details regarding the inputs and assumptions used in the determination of the climate strategy
include, but are not limited to, the following that are within the control of the Group:
\u2013 With the introduction of SAF mandates in key international markets, we anticipate increased fuel
costs and potential infrastructure adaptation requirements. Although SAF is not yet widely available,
we recognise its importance in aviation decarbonisation and have taken proactive steps to prepare
for SAF integration.
\u2013 The cost of incurring an increase in the level of carbon offsetting and carbon capture schemes; and
\u2013 The impact of introducing more fuel-efficient aircraft and being able to operate these more
efficiently.
In addition to these inputs and measures within the control of management, Flightpath Net Zero
includes assumptions pertaining to consumers, governments and regulators regarding the following:
\u2013 The impact on passenger demand for air travel as a result of both passenger trends regarding
climate change and government policies;
\u2013 Investment and policy regarding the development of Sustainable Aviation Fuel (SAF) production
facilities;
\u2013 Investment and improvements in air traffic management; and
\u2013 The price of carbon through the EU and UK Emissions Trading Schemes (ETS) and the UN Carbon
Offsetting and Reduction Scheme for International Aviation (CORSIA).
The level of uncertainty regarding the impact of these factors increases over time. Accordingly,
the Group has applied estimation in the evaluation of the impact of climate change regarding
the recognition and measurement of assets and liabilities within the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "5. Critical accounting judgments and key sources of estimation uncertainty The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires the management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgments and estimates that the management have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements. Provisions Provisions mainly consist of provision for aircraft maintenance (Note 22). The maintenance provision is measured at the best estimate of expected future maintenance costs, taking into account contractual pricing adjustments, including supplier credit notes that reduce the unavoidable expenditure required to settle the obligation. Determination of the functional currency The functional currency of the Company is USD which, in the management\u2019s view, reflects the economic substance of the underlying events and circumstances of the Group at the reporting date. At each reporting date the management of the Group reassesses factors that may affect the determination of the functional currency based on circumstances at the reporting date. Significant judgment is required from the management when analysing indicators of the primary economic environment including the pricing policy, structure of revenues from international and domestic routes, costs structure as well as continued development in the strategy of the Group for further development of international routes. Future circumstances, therefore, may be different and may result in a different conclusion. Useful lives of property, plant and equipment In reporting intangible assets and tangible assets, an assessment is made of the useful economic life. The Group reviews the useful lives of property, plant and equipment and intangible assets at least annually and adjusts them if expectations differ from previous estimates. The Group assesses at each reporting date whether there are indicators that an asset may be impaired. If such indicators exist, the impairment test is made. Certain assets, such as goodwill, intangible assets with indefinite useful lives and intangible assets not yet available for use, are tested for impairment at least annually irrespective of whether impairment indicators exist. Allowances The Group accrues allowances for impairment of accounts receivable. The Group calculated the probability of default of accounts receivable based on the lifetime approach. Changes in the economy and specific customer conditions may require adjustments of the probability of default and loss given default coefficient derived based on the historical information and thus adjustment for impairment of accounts receivable recorded in the consolidated financial statements. As at 31 December 2025 and 2024, allowances for doubtful accounts were equal to USD 762 thousand, USD 882 thousand, respectively (Note 16). Other financial assets are mainly credit rated by one or more international credit rating agencies: Moody\u2019s, Fitch, and S&P Global Ratings. The estimated credit loss is calculated for the entire useful life for those assets whose credit risk has increased significantly comparing to its level at the initial recognition date. Once the instrument is impaired the Group calculates allowances for doubtful accounts based on the expected future cash flows discounted at the original effective interest rate. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When credit risk significantly decreases for those assets which previously have been classified in Stage 2, the Group performs an analysis to determine whether the current financial position of the borrower is stable enough to reclassify such assets back to Stage 1. As at 31 December 2025 impairment allowances were equal to USD 44,534 thousand as disclosed in Note 16 (31 December 2024: USD 44,357 thousand). The Group annually estimates the necessity of write-down for obsolete and slow-moving inventories based on annual stock count data conducted at the reporting date. As at 31 December 2025, the Group recognised a write-down for obsolete and slow-moving inventories in the amount of USD 7,461 thousand (2024: USD 5,590 thousand) (Note 14). Customer loyalty program The Group\u2019s Nomad Club Loyalty program is an incentive program under which passengers are granted points for each flight. Once a passenger accumulates a certain number of points he or she can convert the points into a ticket. Loyalty points granted to customers represent a separate performance obligation. Accordingly, a portion of the transaction price of the related ticket sales is allocated to the loyalty points and recognised as a contract liability until the points are redeemed or expire. While calculating the contract liability related to the customer loyalty program, the Group uses critical judgements and estimates in regard to the expected redemption rate of points and the standalone selling price (\u201cSSP\u201d) per point by Nomad Club members. The estimated redemption rate applied as at 31 December 2025 and 31 December 2024 were 52.19% and 52.53%. The Group uses estimated ticket values to calculate the program\u2019s point value. Outstanding unutilized points as of each reporting date are treated as a contract liability (deferred revenue). Points are valued based on the weighted average standalone prices of tickets redeemed by route and class. The weighted average standalone selling price per point as at 31 December 2025 and 31 December 2024 were approximately USD 0.0122 and 0.0136 per point. Based on historical statistics the Group determines the amount of breakage with regards to those points whose usage is not probable. Breakage is recognised as revenue in proportion to the pattern of point redemptions when it becomes highly probable that a significant reversal of revenue will not occur. The estimated breakage rate applied as at 31 December 2025 and 31 December 2024 were 47.81% and 47.47%. Lease term Some property leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. The Group has applied judgment to determine the lease term for some lease contracts in which it is a lessee, based on the period for which the contract is enforceable. For certain property leases the contractual term does not include enforceable renewal options. Although the parties may discuss continuation of the lease at the end of the contractual term, the terms and conditions of any extension (including lease payments and other key terms) are not predetermined and are subject to renegotiation between the parties. Accordingly, both the Group and the lessor have the practical ability not to continue the arrangement if agreement on the new terms cannot be reached. In such cases the Group considers that the enforceable period corresponds to the non-cancellable contractual period and therefore the lease term does not extend beyond the original contract term. Any continuation of the lease beyond the contractual term is treated as a new lease agreement once the parties agree on revised terms and conditions. Deferred tax asset recoverability and compliance with tax legislation Tax legislation of Kazakhstan are subject to frequent changes and varying interpretations. The management\u2019s interpretation of such legislation in applying it to business transactions of the Group may be challenged by the relevant regional authorities enabled by law to impose fines and penalties. It is possible that the tax treatment of transactions that have not been challenged in the past may be challenged. Fiscal periods remain open to review by the tax authorities in respect of taxes for the five calendar years preceding the year of tax review. Under certain circumstances reviews may cover longer periods. While the Group believes it has provided adequately for all tax liabilities based on its understanding of the tax legislation, the above facts may create additional financial risks for the Group. Critical accounting judgements and key sources of estimation uncertainty in the determination of the impact of climate change As a result of climate change the Group has designed and approved its climate strategy, which commits the Group to net zero emissions by 2050. While approved business plans currently have a duration of five years, the climate strategy impacts both the short, medium and long-term operations of the Group. The details regarding the inputs and assumptions used in the determination of the climate strategy include, but are not limited to, the following that are within the control of the Group: \u2013 With the introduction of SAF mandates in key international markets, we anticipate increased fuel costs and potential infrastructure adaptation requirements. Although SAF is not yet widely available, we recognise its importance in aviation decarbonisation and have taken proactive steps to prepare for SAF integration. \u2013 The cost of incurring an increase in the level of carbon offsetting and carbon capture schemes; and \u2013 The impact of introducing more fuel-efficient aircraft and being able to operate these more efficiently. In addition to these inputs and measures within the control of management, Flightpath Net Zero includes assumptions pertaining to consumers, governments and regulators regarding the following: \u2013 The impact on passenger demand for air travel as a result of both passenger trends regarding climate change and government policies; \u2013 Investment and policy regarding the development of Sustainable Aviation Fuel (SAF) production facilities; \u2013 Investment and improvements in air traffic management; and \u2013 The price of carbon through the EU and UK Emissions Trading Schemes (ETS) and the UN Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The level of uncertainty regarding the impact of these factors increases over time. Accordingly, the Group has applied estimation in the evaluation of the impact of climate change regarding the recognition and measurement of assets and liabilities within the financial statements.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
6. Segment reporting
For management purposes, the Group is organised into legal entities based on its services and has
two reportable segments, as follows:
\u2013 Full-service brand Air Astana, that provides scheduled and charter, point-to-point and transit,
short-haul and long-haul air travel and cargo on domestic, regional and international routes.
\u2013 Low-cost brand FlyArystan, that provides scheduled short haul and medium-haul, point-to-point
air travel across Kazakhstan and further into the Caucasus, Central Asia, Turkey and the Middle East.
No operating segments have been aggregated to form the above reportable operating segments.
The Group\u2019s management makes decisions regarding resource allocation to segments based upon the
results and the activities of its full-service brand Air Astana and low-cost brand FlyArystan segments
for the purpose of segments\u2019 performance evaluation. The Group management uses the operating
profit calculated according to IFRS accounting standards while evaluating the performance of the
segments adjusted for the impact of inter-segments leases.
The Group amended the treatment of intercompany leases costs between Air Astana and FlyArystan
in its segment reporting to consistently apply IFRS 16 Leases in both operating segments.
As a result of this change, the Group has recognized the depreciation of right-of-use assets arising from
these intercompany lease transactions with FlyArystan. These transactions are treated as inter segment
transactions and are reflected in elimination section of the segment report. The Group does not
conduct separate analyses of the financial position for each segment.
Operating results for the years ended 31 December 2025 and 2024:
\u2019000
USD
2025 2025 Inter-group
Consolidated Profit or Loss statement Air Astana FlyArystan
elimination
Total
Revenue and other income
Passenger revenue
1,047,824
332,486
(4)
1,380,306
Other income
74,346
2,264
(6 8,161)
8,449
Gain from sale and leaseback transactions
37,76 4
\u2013
\u2013
37,764
Cargo and mail revenue
27,376
1,989
(1,994)
27,371
Lease
22,109
54,123
(76,232)
\u2013
Total revenue and other income
1,209,419
390,862
(146,391)
1,453,890
\u2019000
USD
2025 2025 Inter-group
Consolidated Profit or Loss statement Air Astana FlyArystan
elimination
Total
Operating expenses
Fuel and oil costs
(244,633)
(87,153)
320
(331,466)
Employee and crew costs
(239,094)
(49,032)
27,230
(260,896)
Depreciation and amortisation
(163,226)
(76,486)
9,972
(229,740)
Passenger service
(122,166)
(19,389)
970
(140,585)
Engineering and maintenance
(117, 324)
(78,950)
51,238
(145,036)
Handling, landing fees and route charges
(116,367)
(29,796)
5,160
(141,003)
Selling costs
(48,521)
(2,503)
\u2013
(51,024)
Aircraft operating lease costs
(36,253)
(6,405)
40,440
(2,218)
Insurance
(9,670)
(3,879)
\u2013
(13,549)
Consultancy, legal and professional services
(7,50 8)
(17,870)
19,443
(5,935)
Information technology
(7,192)
(887)
18
(8,061)
Taxes, other than income
(5,189)
(429)
\u2013
(5,618)
Property and office cost
(4,732)
(119)
6
(4,845)
Other
(26,840)
(1,727)
2,778
(25,789)
Total operating expenses
(1,148,715)
(374,625)
157,575
(1,365,765)
Operating profit
60,704
16,237
11,184
88,125
Finance income
20,831
12,829
(11,353)
22,307
Finance costs
(57,4 40)
(37,291)
12,325
(82,406)
Foreign exchange loss, net
(7,009)
(897)
\u2013
(7,906)
Profit before tax
17,086
(9,122)
12,156
20,120
Income tax expense
(6,861)
293
\u2013
(6,568)
Profit for the period
10,225
(8,829)
12,156
13,552
Finance income and finance costs presented above include interest income and interest expense
recognised by each segment.
No single customer represents more than 10% of revenue.
31 December 31 December
2025 2025 Inter-group
\u2019000
USD
Air Astana FlyArystan
elimination
Total
Other Segmental Information
Total Assets
1,581,132
711,508
(236,059)
2,056,581
Total Liabilities
1,207,869
710,833
(231,435)
1,687,267
\u2019000
USD
2024 2024 Inter-group
Consolidated Profit or Loss statement Air Astana FlyArystan
elimination
Total
Revenue and other income
Passenger revenue
917,187
328,867
(10)
1,246,044
Lease
69,867
21,531
(91,398)
\u2013
Cargo and mail revenue
23,891
2,412
\u2013
26,303
Gain from sale and leaseback transactions
12,063
12,953
\u2013
25,016
Other income
11,351
1,734
(1,300)
11,785
Total revenue and other income
1,034,359
367,497
(92,708)
1,309,148
Operating expenses
Fuel and oil costs
(220,897)
(84,286)
\u2013
(305,183)
Employee and crew costs
(171,666)
(55,969)
976
(226,659)
Depreciation and amortisation
(157,903)
(61,133)
29,865
(189,171)
Passenger service
(102,857)
(15,820)
\u2013
(118,677)
Engineering and maintenance
(97,572)
(57,60 0)
37,298
(117,874)
Handling, landing fees and route charges
(92,985)
(27,504)
4
(120,485)
Selling costs
(41,058)
(3,124)
2
(4 4,180)
Aircraft operating lease costs
(18,843)
(4,016)
17,643
(5,216)
Insurance
(8,870)
(3,931)
\u2013
(12,801)
Consultancy, legal and professional services
(7,753)
(859)
200
(8,412)
Information technology
(4,640)
(2,191)
\u2013
(6,831)
Taxes, other than income
(4,303)
(58)
\u2013
(4,361)
Property and office cost
(4,185)
(490)
\u2013
(4,675)
Other
(12,509)
(2,108)
\u2013
(14,617)
Total operating expenses
(946,041)
(319,089)
85,988
(1,179,142)
Operating profit
88,318
48,408
(6,720)
130,006
\u2019000
USD
2024 2024 Inter-group
Consolidated Profit or Loss statement Air Astana FlyArystan
elimination
Total
Finance income
17,774
6,093
(1,788)
22,079
Finance costs
(51,177)
(22,844)
9,365
(64,656)
Foreign exchange loss, net
(12,994)
(7,749)
\u2013
(20,743)
Profit before tax
41,921
23,908
857
66,686
Income tax expense
(9,041)
(4,869)
\u2013
(13,910)
Profit for the period
32,880
19,039
857
52,776
31 December 31 December
2024 2024 Inter-group
\u2019000
USD
Air Astana FlyArystan
elimination
Total
Other Segmental Information
Total Assets
1,459,052
537,877
(183,854)
1,813,075
Total Liabilities
1,057,244
528,392
(167,091)
1,418,545
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
7. Revenue and other income
The Group\u2019s revenue from contracts with customers primarily comprises passenger transportation
services and cargo and mail transportation services. Passenger revenue and cargo and mail revenue
presented below represent revenue recognised from contracts with customers.
\u2019000
USD
2025
2024
Passenger revenue
Scheduled passenger flights including:
1,276,827
1,151,415
Fuel surcharge
117,916
96,636
Airport services
71,186
59,984
Excess baggage
6,701
6,000
Charter flights
100,479
94,629
1,380,306
1,246,044
Passenger revenue increased by USD 134,262 thousand, or 10.78% increase, for the period ended
31 December 2025 as compared to the same period in 2024.
\u2019000
USD
2025
2024
Cargo and mail revenue
Cargo \u2013 Regular
25,235
23,937
Mail
2,136
2,366
27,371
26,303
\u2019000
USD
2025
2024
Other income
Incidental income
1,856
7,582
Income from ground services
1,841
1,738
Gain on disposal of property, plant and equipment and other assets
984
717
Other
3,768
1,748
8,449
11,785
Gain from sale and leaseback transactions
The Group sold six spare engines during 2025 for cash of USD 145,274 thousand. Immediately before
the transaction, the engines were carried at a cost of USD 73,610 thousand. At the same time, the
Group entered into the contracts with Buyer-lessors for the right to use the engines for eight years
with monthly payments. The terms and conditions of the transactions are such that the transfer of
the building by the Group satisfies the requirements of IFRS 15 Revenue from Contracts with Customers
to be accounted for as a sale of the engines. Accordingly, the Group and Buyer-lessor accounted for
the transaction as a sale and leaseback.
The fair value of the engines at the date of sale was USD 139,742 thousand. Because the consideration
for the sales of the engines was not at fair value, the Group and Buyer-lessor made adjustments to
measure the sale proceeds at fair value. Applying paragraph 101(b) of IFRS 16, the amount of the
excess sale price over the fair price of USD 5,533 thousand was recognised as additional financing
provided by Buyer-lessors to the Group. The present value of the annual payments was USD 68,466
thousand, of which USD 5,533 thousand related to the additional financing and USD 62,934 thousand
related to the lease-corresponding to annual payments.
Applying paragraph 100(a) of IFRS 16, at the commencement date, the Group measured the right-of-
use asset arising from the leaseback of the engines at the proportion of the previous carrying amount
of the engines that relates to the right-of-use retained by the Group, which is USD 34,566 thousand.
Accordingly, the Group recognized a net gain of USD 37,764 thousand which represents the excess
of the sale proceeds over lease liabilities and the changes in engines\u2019 related assets.
The Group purchased three spare engines in 2024 which were immediately sold as part of a sale and
leaseback transaction. Additionally, one engine purchased in April 2024 was sold in December 2024
as a part of sale and leaseback transaction. The Group measured the right-of-use assets arising from
the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of -
use retained by the Group. Accordingly, the Group recognized a net gain of USD 25,016 thousand which
represents the excess of the sale proceeds over lease liabilities and the changes in engines\u2019 related assets.
The Group has sold the spare engines for the total amount of USD 90,500 thousand and recognised
a right-of-use assets of USD 21,396 thousand and lease liabilities of USD 41,686 thousand. Under the
lease agreement the Group has leased back the spare engines for eight years with monthly payments.
The geographical analysis below represents the disaggregation of revenue from contracts with
customers during the periods ended 31 December 2025 and 2024:
Operating segments
2025
Intergroup
\u2019000
USD
2025
Air Astana
2025
FlyArystan
Eliminations
Total
Asia and Middle East
509,014
11,999
(5)
521,008
Domestic
250,763
271,538
(1,973)
520,328
Europe
234,669
20,506
(4)
255,171
CIS
80,754
30,432
(16)
111,170
Total Passenger and Cargo and mail revenue
1,075,200
334,475
(1,998)
1,407,677
Operating segments
2024
Intergroup
\u2019000
USD
2024
Air Astana
2024
FlyArystan
Eliminations
Total
Asia and Middle East
374,954
19,917
\u2013
394,871
Europe
250,152
17,576
\u2013
267,7 28
Domestic
241,222
264,970
(10)
5 0 6,182
CIS
74,750
28,816
\u2013
103,566
Total Passenger and Cargo and mail revenue
941,078
331,279
(10)
1,272,347
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "7. Revenue and other income The Group\u2019s revenue from contracts with customers primarily comprises passenger transportation services and cargo and mail transportation services. Passenger revenue and cargo and mail revenue presented below represent revenue recognised from contracts with customers.
\u2019000
USD
2025
2024
Passenger revenue
Scheduled passenger flights including:
1,276,827
1,151,415
Fuel surcharge
117,916
96,636
Airport services
71,186
59,984
Excess baggage
6,701
6,000
Charter flights
100,479
94,629
1,380,306
1,246,044
Passenger revenue increased by USD 134,262 thousand, or 10.78% increase, for the period ended 31 December 2025 as compared to the same period in 2024.
\u2019000
USD
2025
2024
Cargo and mail revenue
Cargo \u2013 Regular
25,235
23,937
Mail
2,136
2,366
27,371
26,303
\u2019000
USD
2025
2024
Other income
Incidental income
1,856
7,582
Income from ground services
1,841
1,738
Gain on disposal of property, plant and equipment and other assets
984
717
Other
3,768
1,748
8,449
11,785
Gain from sale and leaseback transactions The Group sold six spare engines during 2025 for cash of USD 145,274 thousand. Immediately before the transaction, the engines were carried at a cost of USD 73,610 thousand. At the same time, the Group entered into the contracts with Buyer-lessors for the right to use the engines for eight years with monthly payments. The terms and conditions of the transactions are such that the transfer of the building by the Group satisfies the requirements of IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale of the engines. Accordingly, the Group and Buyer-lessor accounted for the transaction as a sale and leaseback. The fair value of the engines at the date of sale was USD 139,742 thousand. Because the consideration for the sales of the engines was not at fair value, the Group and Buyer-lessor made adjustments to measure the sale proceeds at fair value. Applying paragraph 101(b) of IFRS 16, the amount of the excess sale price over the fair price of USD 5,533 thousand was recognised as additional financing provided by Buyer-lessors to the Group. The present value of the annual payments was USD 68,466 thousand, of which USD 5,533 thousand related to the additional financing and USD 62,934 thousand related to the lease-corresponding to annual payments. Applying paragraph 100(a) of IFRS 16, at the commencement date, the Group measured the right-of- use asset arising from the leaseback of the engines at the proportion of the previous carrying amount of the engines that relates to the right-of-use retained by the Group, which is USD 34,566 thousand. Accordingly, the Group recognized a net gain of USD 37,764 thousand which represents the excess of the sale proceeds over lease liabilities and the changes in engines\u2019 related assets. The Group purchased three spare engines in 2024 which were immediately sold as part of a sale and leaseback transaction. Additionally, one engine purchased in April 2024 was sold in December 2024 as a part of sale and leaseback transaction. The Group measured the right-of-use assets arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of - use retained by the Group. Accordingly, the Group recognized a net gain of USD 25,016 thousand which represents the excess of the sale proceeds over lease liabilities and the changes in engines\u2019 related assets. The Group has sold the spare engines for the total amount of USD 90,500 thousand and recognised a right-of-use assets of USD 21,396 thousand and lease liabilities of USD 41,686 thousand. Under the lease agreement the Group has leased back the spare engines for eight years with monthly payments. The geographical analysis below represents the disaggregation of revenue from contracts with customers during the periods ended 31 December 2025 and 2024:
Operating segments
2025
Intergroup
\u2019000
USD
2025
Air Astana
2025
FlyArystan
Eliminations
Total
Asia and Middle East
509,014
11,999
(5)
521,008
Domestic
250,763
271,538
(1,973)
520,328
Europe
234,669
20,506
(4)
255,171
CIS
80,754
30,432
(16)
111,170
Total Passenger and Cargo and mail revenue
1,075,200
334,475
(1,998)
1,407,677
Operating segments
2024
Intergroup
\u2019000
USD
2024
Air Astana
2024
FlyArystan
Eliminations
Total
Asia and Middle East
374,954
19,917
\u2013
394,871
Europe
250,152
17,576
\u2013
267,7 28
Domestic
241,222
264,970
(10)
5 0 6,182
CIS
74,750
28,816
\u2013
103,566
Total Passenger and Cargo and mail revenue
941,078
331,279
(10)
1,272,347
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "7. Revenue and other income The Group\u2019s revenue from contracts with customers primarily comprises passenger transportation services and cargo and mail transportation services. Passenger revenue and cargo and mail revenue presented below represent revenue recognised from contracts with customers.
\u2019000
USD
2025
2024
Passenger revenue
Scheduled passenger flights including:
1,276,827
1,151,415
Fuel surcharge
117,916
96,636
Airport services
71,186
59,984
Excess baggage
6,701
6,000
Charter flights
100,479
94,629
1,380,306
1,246,044
Passenger revenue increased by USD 134,262 thousand, or 10.78% increase, for the period ended 31 December 2025 as compared to the same period in 2024.
\u2019000
USD
2025
2024
Cargo and mail revenue
Cargo \u2013 Regular
25,235
23,937
Mail
2,136
2,366
27,371
26,303
\u2019000
USD
2025
2024
Other income
Incidental income
1,856
7,582
Income from ground services
1,841
1,738
Gain on disposal of property, plant and equipment and other assets
984
717
Other
3,768
1,748
8,449
11,785
Gain from sale and leaseback transactions The Group sold six spare engines during 2025 for cash of USD 145,274 thousand. Immediately before the transaction, the engines were carried at a cost of USD 73,610 thousand. At the same time, the Group entered into the contracts with Buyer-lessors for the right to use the engines for eight years with monthly payments. The terms and conditions of the transactions are such that the transfer of the building by the Group satisfies the requirements of IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale of the engines. Accordingly, the Group and Buyer-lessor accounted for the transaction as a sale and leaseback. The fair value of the engines at the date of sale was USD 139,742 thousand. Because the consideration for the sales of the engines was not at fair value, the Group and Buyer-lessor made adjustments to measure the sale proceeds at fair value. Applying paragraph 101(b) of IFRS 16, the amount of the excess sale price over the fair price of USD 5,533 thousand was recognised as additional financing provided by Buyer-lessors to the Group. The present value of the annual payments was USD 68,466 thousand, of which USD 5,533 thousand related to the additional financing and USD 62,934 thousand related to the lease-corresponding to annual payments. Applying paragraph 100(a) of IFRS 16, at the commencement date, the Group measured the right-of- use asset arising from the leaseback of the engines at the proportion of the previous carrying amount of the engines that relates to the right-of-use retained by the Group, which is USD 34,566 thousand. Accordingly, the Group recognized a net gain of USD 37,764 thousand which represents the excess of the sale proceeds over lease liabilities and the changes in engines\u2019 related assets. The Group purchased three spare engines in 2024 which were immediately sold as part of a sale and leaseback transaction. Additionally, one engine purchased in April 2024 was sold in December 2024 as a part of sale and leaseback transaction. The Group measured the right-of-use assets arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of - use retained by the Group. Accordingly, the Group recognized a net gain of USD 25,016 thousand which represents the excess of the sale proceeds over lease liabilities and the changes in engines\u2019 related assets. The Group has sold the spare engines for the total amount of USD 90,500 thousand and recognised a right-of-use assets of USD 21,396 thousand and lease liabilities of USD 41,686 thousand. Under the lease agreement the Group has leased back the spare engines for eight years with monthly payments. The geographical analysis below represents the disaggregation of revenue from contracts with customers during the periods ended 31 December 2025 and 2024:
Operating segments
2025
Intergroup
\u2019000
USD
2025
Air Astana
2025
FlyArystan
Eliminations
Total
Asia and Middle East
509,014
11,999
(5)
521,008
Domestic
250,763
271,538
(1,973)
520,328
Europe
234,669
20,506
(4)
255,171
CIS
80,754
30,432
(16)
111,170
Total Passenger and Cargo and mail revenue
1,075,200
334,475
(1,998)
1,407,677
Operating segments
2024
Intergroup
\u2019000
USD
2024
Air Astana
2024
FlyArystan
Eliminations
Total
Asia and Middle East
374,954
19,917
\u2013
394,871
Europe
250,152
17,576
\u2013
267,7 28
Domestic
241,222
264,970
(10)
5 0 6,182
CIS
74,750
28,816
\u2013
103,566
Total Passenger and Cargo and mail revenue
941,078
331,279
(10)
1,272,347
8. Operating expenses
\u2019000
USD
2025
2024
Employee and crew costs
Wages and salaries
198,508
174,886
Accommodation and allowance
24,722
19,744
Social tax
20,125
15,492
Training
5,441
5,770
Other
12,10 0
10,767
260,896
226,659
The average number of employees during the period ended 31 December 2025 was 6,381 (31 December 2024: 5,643).
\u2019000
USD
2025
2024
Engineering and maintenance
Maintenance, including components
96,274
76,958
Maintenance \u2013 variable lease payments
24,911
20,062
Spare parts
19,888
17,0 41
Technical inspection
3,963
3,813
145,036
117,874
\u2019000
USD
2025
2024
Handling, landing fees and route charges
Handling charge
6 0,167
53,532
Aero navigation
54,973
43,089
Landing fees
23,227
21,638
Other
2,636
2,226
141,003
120,485
\u2019000
USD
2025
2024
Passenger service
Airport charges
66,464
54,614
Catering
44,114
38,601
In-flight entertainment
7,153
5,724
Security
7,021
6,248
Other
15,833
13,490
140,585
118,677
\u2019000
USD
2025
2024
Selling costs
Reservation costs
28,169
24,646
Commissions
12,915
10,253
Advertising
9,159
8,546
Other
781
735
51,024
44,180
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "7. Revenue and other income The Group\u2019s revenue from contracts with customers primarily comprises passenger transportation services and cargo and mail transportation services. Passenger revenue and cargo and mail revenue presented below represent revenue recognised from contracts with customers.
\u2019000
USD
2025
2024
Passenger revenue
Scheduled passenger flights including:
1,276,827
1,151,415
Fuel surcharge
117,916
96,636
Airport services
71,186
59,984
Excess baggage
6,701
6,000
Charter flights
100,479
94,629
1,380,306
1,246,044
Passenger revenue increased by USD 134,262 thousand, or 10.78% increase, for the period ended 31 December 2025 as compared to the same period in 2024.
\u2019000
USD
2025
2024
Cargo and mail revenue
Cargo \u2013 Regular
25,235
23,937
Mail
2,136
2,366
27,371
26,303
\u2019000
USD
2025
2024
Other income
Incidental income
1,856
7,582
Income from ground services
1,841
1,738
Gain on disposal of property, plant and equipment and other assets
984
717
Other
3,768
1,748
8,449
11,785
Gain from sale and leaseback transactions The Group sold six spare engines during 2025 for cash of USD 145,274 thousand. Immediately before the transaction, the engines were carried at a cost of USD 73,610 thousand. At the same time, the Group entered into the contracts with Buyer-lessors for the right to use the engines for eight years with monthly payments. The terms and conditions of the transactions are such that the transfer of the building by the Group satisfies the requirements of IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale of the engines. Accordingly, the Group and Buyer-lessor accounted for the transaction as a sale and leaseback. The fair value of the engines at the date of sale was USD 139,742 thousand. Because the consideration for the sales of the engines was not at fair value, the Group and Buyer-lessor made adjustments to measure the sale proceeds at fair value. Applying paragraph 101(b) of IFRS 16, the amount of the excess sale price over the fair price of USD 5,533 thousand was recognised as additional financing provided by Buyer-lessors to the Group. The present value of the annual payments was USD 68,466 thousand, of which USD 5,533 thousand related to the additional financing and USD 62,934 thousand related to the lease-corresponding to annual payments. Applying paragraph 100(a) of IFRS 16, at the commencement date, the Group measured the right-of- use asset arising from the leaseback of the engines at the proportion of the previous carrying amount of the engines that relates to the right-of-use retained by the Group, which is USD 34,566 thousand. Accordingly, the Group recognized a net gain of USD 37,764 thousand which represents the excess of the sale proceeds over lease liabilities and the changes in engines\u2019 related assets. The Group purchased three spare engines in 2024 which were immediately sold as part of a sale and leaseback transaction. Additionally, one engine purchased in April 2024 was sold in December 2024 as a part of sale and leaseback transaction. The Group measured the right-of-use assets arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of use retained by the Group. Accordingly, the Group recognized a net gain of USD 25,016 thousand which represents the excess of the sale proceeds over lease liabilities and the changes in engines\u2019 related assets. The Group has sold the spare engines for the total amount of USD 90,500 thousand and recognised a right-of-use assets of USD 21,396 thousand and lease liabilities of USD 41,686 thousand. Under the lease agreement the Group has leased back the spare engines for eight years with monthly payments. The geographical analysis below represents the disaggregation of revenue from contracts with customers during the periods ended 31 December 2025 and 2024: Operating segments 2025 Intergroup \u2019000 USD 2025 Air Astana 2025 FlyArystan Asia and Middle East 509,014 11,999 (5) 521,008 Domestic 250,763 271,538 (1,973) 520,328 Europe 234,669 20,506 (4) 255,171 CIS 80,754 30,432 (16) 111,170 Total Passenger and Cargo and mail revenue 1,075,200 334,475 (1,998) 1,407,677 Operating segments 2024 Intergroup \u2019000 USD 2024 Air Astana 2024 FlyArystan Asia and Middle East 374,954 19,917 \u2013 394,871 Europe 250,152 17,576 \u2013 267,7 28 Domestic 241,222 264,970 (10) 5 0 6,182 CIS 74,750 28,816 \u2013 103,566 Total Passenger and Cargo and mail revenue 941,078 331,279 (10) 1,272,347 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
8. Operating expenses
\u2019000
USD
2025
2024
Employee and crew costs
Wages and salaries
198,508
174,886
Accommodation and allowance
24,722
19,744
Social tax
20,125
15,492
Training
5,441
5,770
Other
12,10 0
10,767
260,896
226,659
The average number of employees during the period ended 31 December 2025 was 6,381
(31 December 2024: 5,643).
\u2019000
USD
2025
2024
Engineering and maintenance
Maintenance, including components
96,274
76,958
Maintenance \u2013 variable lease payments
24,911
20,062
Spare parts
19,888
17,0 41
Technical inspection
3,963
3,813
145,036
117,874
\u2019000
USD
2025
2024
Handling, landing fees and route charges
Handling charge
6 0,167
53,532
Aero navigation
54,973
43,089
Landing fees
23,227
21,638
Other
2,636
2,226
141,003
120,485
\u2019000
USD
2025
2024
Passenger service
Airport charges
66,464
54,614
Catering
44,114
38,601
In-flight entertainment
7,153
5,724
Security
7,021
6,248
Other
15,833
13,490
140,585
118,677
\u2019000
USD
2025
2024
Selling costs
Reservation costs
28,169
24,646
Commissions
12,915
10,253
Advertising
9,159
8,546
Other
781
735
51,024
44,180
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "8. Operating expenses
\u2019000
USD
2025
2024
Employee and crew costs
Wages and salaries
198,508
174,886
Accommodation and allowance
24,722
19,744
Social tax
20,125
15,492
Training
5,441
5,770
Other
12,10 0
10,767
260,896
226,659
The average number of employees during the period ended 31 December 2025 was 6,381 (31 December 2024: 5,643).
\u2019000
USD
2025
2024
Engineering and maintenance
Maintenance, including components
96,274
76,958
Maintenance \u2013 variable lease payments
24,911
20,062
Spare parts
19,888
17,0 41
Technical inspection
3,963
3,813
145,036
117,874
\u2019000
USD
2025
2024
Handling, landing fees and route charges
Handling charge
6 0,167
53,532
Aero navigation
54,973
43,089
Landing fees
23,227
21,638
Other
2,636
2,226
141,003
120,485
\u2019000
USD
2025
2024
Passenger service
Airport charges
66,464
54,614
Catering
44,114
38,601
In-flight entertainment
7,153
5,724
Security
7,021
6,248
Other
15,833
13,490
140,585
118,677
\u2019000
USD
2025
2024
Selling costs
Reservation costs
28,169
24,646
Commissions
12,915
10,253
Advertising
9,159
8,546
Other
781
735
51,024
44,180
29. Fees for the services received from the independent auditors The fees for the services received from the independent auditors including the statutory audit and other non-audit fees as per the agreements for the year ended 31 December:
\u2019000
USD
2025
2024
Audit fee
519
547
Other non-audit fees
54
36
573
583
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "8. Operating expenses
\u2019000
USD
2025
2024
Employee and crew costs
Wages and salaries
198,508
174,886
Accommodation and allowance
24,722
19,744
Social tax
20,125
15,492
Training
5,441
5,770
Other
12,10 0
10,767
260,896
226,659
The average number of employees during the period ended 31 December 2025 was 6,381 (31 December 2024: 5,643).
\u2019000
USD
2025
2024
Engineering and maintenance
Maintenance, including components
96,274
76,958
Maintenance \u2013 variable lease payments
24,911
20,062
Spare parts
19,888
17,0 41
Technical inspection
3,963
3,813
145,036
117,874
\u2019000
USD
2025
2024
Handling, landing fees and route charges
Handling charge
6 0,167
53,532
Aero navigation
54,973
43,089
Landing fees
23,227
21,638
Other
2,636
2,226
141,003
120,485
\u2019000
USD
2025
2024
Passenger service
Airport charges
66,464
54,614
Catering
44,114
38,601
In-flight entertainment
7,153
5,724
Security
7,021
6,248
Other
15,833
13,490
140,585
118,677
\u2019000
USD
2025
2024
Selling costs
Reservation costs
28,169
24,646
Commissions
12,915
10,253
Advertising
9,159
8,546
Other
781
735
51,024
44,180
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "
\u2019000
USD
2025
2024
Employee and crew costs
Wages and salaries
198,508
174,886
Accommodation and allowance
24,722
19,744
Social tax
20,125
15,492
Training
5,441
5,770
Other
12,10 0
10,767
260,896
226,659
The average number of employees during the period ended 31 December 2025 was 6,381 (31 December 2024: 5,643). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "
\u2019000
USD
2025
2024
Selling costs
Reservation costs
28,169
24,646
Commissions
12,915
10,253
Advertising
9,159
8,546
Other
781
735
51,024
44,180
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
9. Finance income and costs
\u2019000
USD
2025
2024
Finance income
Interest income on bank deposits
21,894
21,414
Other
413
665
22,307
22,079
\u2019000
USD
2025
2024
Finance costs
Interest expense on lease liabilities (Note 24)
69,212
54,102
Unwinding of the discount of provision for aircraft maintenance (Note 22)
12,538
9,772
Other
655
782
82,406
64,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "9. Finance income and costs
\u2019000
USD
2025
2024
Finance income
Interest income on bank deposits
21,894
21,414
Other
413
665
22,307
22,079
\u2019000
USD
2025
2024
Finance costs
Interest expense on lease liabilities (Note 24)
69,212
54,102
Unwinding of the discount of provision for aircraft maintenance (Note 22)
12,538
9,772
Other
655
782
82,406
64,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "9. Finance income and costs
\u2019000
USD
2025
2024
Finance income
Interest income on bank deposits
21,894
21,414
Other
413
665
22,307
22,079
\u2019000
USD
2025
2024
Finance costs
Interest expense on lease liabilities (Note 24)
69,212
54,102
Unwinding of the discount of provision for aircraft maintenance (Note 22)
12,538
9,772
Other
655
782
82,406
64,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "9. Finance income and costs
\u2019000
USD
2025
2024
Finance income
Interest income on bank deposits
21,894
21,414
Other
413
665
22,307
22,079
\u2019000
USD
2025
2024
Finance costs
Interest expense on lease liabilities (Note 24)
69,212
54,102
Unwinding of the discount of provision for aircraft maintenance (Note 22)
12,538
9,772
Other
655
782
82,406
64,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "9. Finance income and costs
\u2019000
USD
2025
2024
Finance income
Interest income on bank deposits
21,894
21,414
Other
413
665
22,307
22,079
\u2019000
USD
2025
2024
Finance costs
Interest expense on lease liabilities (Note 24)
69,212
54,102
Unwinding of the discount of provision for aircraft maintenance (Note 22)
12,538
9,772
Other
655
782
82,406
64,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "9. Finance income and costs
\u2019000
USD
2025
2024
Finance income
Interest income on bank deposits
21,894
21,414
Other
413
665
22,307
22,079
\u2019000
USD
2025
2024
Finance costs
Interest expense on lease liabilities (Note 24)
69,212
54,102
Unwinding of the discount of provision for aircraft maintenance (Note 22)
12,538
9,772
Other
655
782
82,406
64,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
10. Income tax expense
The Group\u2019s income tax expense for the years ended 31 December was as follows:
\u2019000
USD
2025
2024
Current income tax
Current income tax
(45,283)
(32,391)
Adjustment recognised in the current year in relation to the current tax
of prior years
5,116
2,762
(40,167)
(29,629)
Deferred tax expense
Deferred income tax benefit
33,599
15,719
33,599
15,719
(6,568)
(13,910)
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
In addition, as the Company has a functional currency that is different from the currency of the country
in which it is domiciled, it recognises temporary differences on changes in exchange rates which lead
to changes in the tax basis rather than the book basis.
The tax effect on the major temporary differences that give rise to the deferred income tax assets and
liabilities as at 31 December 2025 and 2024 is presented in the table below:
\u2019000
USD
2025
2024
Deferred tax assets
Lease liabilities
215,745
182,814
Provision for aircraft maintenance
83,142
64,061
Trade and other payables
8,326
3,508
Trade Receivables
3,314
3,583
Other
1,492
1,118
Total deferred tax assets
312,019
255,084
Deferred tax liabilities
Right of use assets
(192,595)
(167,526)
Difference in depreciable value of property, plant and equipment and
intangible assets
(33,141)
(31,953)
Inventories
(3,690)
(4,428)
Prepaid expenses
(1,615)
(2,410)
Other
(53)
(164)
Total deferred tax liabilities
(231,094)
(206,481)
Net deferred tax assets
80,925
48,603
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when they relate to income taxes levied by the same
taxation authority on the same taxable entity.
Movements in deferred tax assets and liabilities presented above were recorded in profit or loss
accounts, except for USD 1,380 thousand related to carried forward corporate income tax movements,
which were recognised in equity relating to the realised portion of deferred tax on cash flows hedge
and effective portion of changes in fair value. (2024: USD 2,543 thousand).
In accordance with the local tax legislation both hedged and unhedged foreign currency losses are
treated as deductible expenses for the purpose of corporate income tax calculations. If such deductible
expenses cannot be fully utilized in the year of origination the tax code permits an entity to carry
forward the accumulated tax losses for the next ten years.
The Group does not have material temporary differences associated with investments in subsidiaries
for which deferred tax liabilities have not been recognised.
As at 31 December 2025 and 2024 the Group did not have unused tax losses, tax credits or deductible
temporary differences for which deferred tax assets were not recognised.
The income tax rate in the Republic of Kazakhstan, where the Group is located, in 2025 and 2024 was
20%. The taxation charge for the year is different from that which would be obtained by applying the
statutory income tax rate to profit or loss before income tax.
Below is a reconciliation of theoretical income tax at 20% (2024: 20%) to the actual income tax
expense recorded in the Group\u2019s consolidated statement of profit or loss:
\u2019000
USD
2025
2024
Profit before tax
20,120
66,686
Corporate income tax, %
20%
20%
Income tax expense at applicable rate
(4,024)
(13,337)
USD forex effect
832
138
Tax effect of non-deductible expenses
(5,807)
(882)
Other changes
2,431
171
Income tax expense
(6,568)
(13,910)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "10. Income tax expense The Group\u2019s income tax expense for the years ended 31 December was as follows:
\u2019000
USD
2025
2024
Current income tax
Current income tax
(45,283)
(32,391)
Adjustment recognised in the current year in relation to the current tax
of prior years
5,116
2,762
(40,167)
(29,629)
Deferred tax expense
Deferred income tax benefit
33,599
15,719
33,599
15,719
(6,568)
(13,910)
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In addition, as the Company has a functional currency that is different from the currency of the country in which it is domiciled, it recognises temporary differences on changes in exchange rates which lead to changes in the tax basis rather than the book basis. The tax effect on the major temporary differences that give rise to the deferred income tax assets and liabilities as at 31 December 2025 and 2024 is presented in the table below:
\u2019000
USD
2025
2024
Deferred tax assets
Lease liabilities
215,745
182,814
Provision for aircraft maintenance
83,142
64,061
Trade and other payables
8,326
3,508
Trade Receivables
3,314
3,583
Other
1,492
1,118
Total deferred tax assets
312,019
255,084
Deferred tax liabilities
Right of use assets
(192,595)
(167,526)
Difference in depreciable value of property, plant and equipment and
intangible assets
(33,141)
(31,953)
Inventories
(3,690)
(4,428)
Prepaid expenses
(1,615)
(2,410)
Other
(53)
(164)
Total deferred tax liabilities
(231,094)
(206,481)
Net deferred tax assets
80,925
48,603
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same taxable entity. Movements in deferred tax assets and liabilities presented above were recorded in profit or loss accounts, except for USD 1,380 thousand related to carried forward corporate income tax movements, which were recognised in equity relating to the realised portion of deferred tax on cash flows hedge and effective portion of changes in fair value. (2024: USD 2,543 thousand). In accordance with the local tax legislation both hedged and unhedged foreign currency losses are treated as deductible expenses for the purpose of corporate income tax calculations. If such deductible expenses cannot be fully utilized in the year of origination the tax code permits an entity to carry forward the accumulated tax losses for the next ten years. The Group does not have material temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognised. As at 31 December 2025 and 2024 the Group did not have unused tax losses, tax credits or deductible temporary differences for which deferred tax assets were not recognised. The income tax rate in the Republic of Kazakhstan, where the Group is located, in 2025 and 2024 was 20%. The taxation charge for the year is different from that which would be obtained by applying the statutory income tax rate to profit or loss before income tax. Below is a reconciliation of theoretical income tax at 20% (2024: 20%) to the actual income tax expense recorded in the Group\u2019s consolidated statement of profit or loss:
\u2019000
USD
2025
2024
Profit before tax
20,120
66,686
Corporate income tax, %
20%
20%
Income tax expense at applicable rate
(4,024)
(13,337)
USD forex effect
832
138
Tax effect of non-deductible expenses
(5,807)
(882)
Other changes
2,431
171
Income tax expense
(6,568)
(13,910)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "10. Income tax expense The Group\u2019s income tax expense for the years ended 31 December was as follows:
\u2019000
USD
2025
2024
Current income tax
Current income tax
(45,283)
(32,391)
Adjustment recognised in the current year in relation to the current tax
of prior years
5,116
2,762
(40,167)
(29,629)
Deferred tax expense
Deferred income tax benefit
33,599
15,719
33,599
15,719
(6,568)
(13,910)
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In addition, as the Company has a functional currency that is different from the currency of the country in which it is domiciled, it recognises temporary differences on changes in exchange rates which lead to changes in the tax basis rather than the book basis. The tax effect on the major temporary differences that give rise to the deferred income tax assets and liabilities as at 31 December 2025 and 2024 is presented in the table below:
\u2019000
USD
2025
2024
Deferred tax assets
Lease liabilities
215,745
182,814
Provision for aircraft maintenance
83,142
64,061
Trade and other payables
8,326
3,508
Trade Receivables
3,314
3,583
Other
1,492
1,118
Total deferred tax assets
312,019
255,084
Deferred tax liabilities
Right of use assets
(192,595)
(167,526)
Difference in depreciable value of property, plant and equipment and
intangible assets
(33,141)
(31,953)
Inventories
(3,690)
(4,428)
Prepaid expenses
(1,615)
(2,410)
Other
(53)
(164)
Total deferred tax liabilities
(231,094)
(206,481)
Net deferred tax assets
80,925
48,603
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same taxable entity. Movements in deferred tax assets and liabilities presented above were recorded in profit or loss accounts, except for USD 1,380 thousand related to carried forward corporate income tax movements, which were recognised in equity relating to the realised portion of deferred tax on cash flows hedge and effective portion of changes in fair value. (2024: USD 2,543 thousand). In accordance with the local tax legislation both hedged and unhedged foreign currency losses are treated as deductible expenses for the purpose of corporate income tax calculations. If such deductible expenses cannot be fully utilized in the year of origination the tax code permits an entity to carry forward the accumulated tax losses for the next ten years. The Group does not have material temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognised. As at 31 December 2025 and 2024 the Group did not have unused tax losses, tax credits or deductible temporary differences for which deferred tax assets were not recognised. The income tax rate in the Republic of Kazakhstan, where the Group is located, in 2025 and 2024 was 20%. The taxation charge for the year is different from that which would be obtained by applying the statutory income tax rate to profit or loss before income tax. Below is a reconciliation of theoretical income tax at 20% (2024: 20%) to the actual income tax expense recorded in the Group\u2019s consolidated statement of profit or loss:
\u2019000
USD
2025
2024
Profit before tax
20,120
66,686
Corporate income tax, %
20%
20%
Income tax expense at applicable rate
(4,024)
(13,337)
USD forex effect
832
138
Tax effect of non-deductible expenses
(5,807)
(882)
Other changes
2,431
171
Income tax expense
(6,568)
(13,910)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
11. Property, plant and equipment
Equipment in
Office and Building, transit and
Rotable spare training premises and construction in
\u2019000
USD
parts equipment
land
Vehicles
Aircraft
progress
Total
Cost
At 1 January 2024
116,178
23,435
48,084
2,868
1,415,345
2,497
1,608,407
Additions
46,904
3,846
9,770
4,147
345,593
4,612
414,872
Disposals
(14,967)
(594)
(1,384)
(123)
(53,548)
\u2013
(70,616)
Other transfers
(9,532)
\u2013
\u2013
9,027
505
\u2013
\u2013
At 31 December 2024
138,583
26,687
56,470
15,919
1,707,895
7,109
1,952,663
Additions
77,53 4
2,950
7,734
1,079
285,959
7,948
383,204
Disposals
(28,236)
(703)
(853)
(338)
(26,508)
\u2013
(56,638)
At 31 December 2025
187,881
28,934
63,351
16,660
1,967,346
15,057
2,279,229
Accumulated depreciation
At 1 January 2024
48,544
8,726
15,433
1,671
680,713
\u2013
755,087
Charge for the year
12,637
2,551
4,966
944
167,575
\u2013
188,673
Disposals
(1,758)
(574)
(1,345)
(81)
(50,623)
\u2013
(54,381)
Other transfers
(3,919)
\u2013
\u2013
3,919
\u2013
\u2013
\u2013
At 31 December 2024
55,504
10,703
19,054
6,453
797,665
\u2013
889,379
Charge for the year
17,509
2,631
5,827
1,200
201,621
\u2013
228,788
Disposals
(8,884)
(750)
(303)
(259)
(24,517)
\u2013
(34,713)
At 31 December 2025
64,129
12,584
24,578
7,394
974,769
\u2013
1,083,454
Net book value
At 31 December 2024
83,079
15,984
37,416
9,466
910,230
7,109
1,063,284
At 31 December 2025
123,752
16,350
38,773
9,266
992,577
15,057
1,195,775
In determining the Group\u2019s geographical information, assets, which consist principally of aircraft
and ground equipment, are mainly located in the Republic of Kazakhstan. Accordingly, there is no
reasonable basis for allocating the assets to geographical segments.
In 2024 the Group made full repayments on five finance lease obligations, resulting in the transfer
of title for these aircraft in amount of USD 66,562 thousand.
As at 31 December 2025, the Group made a repayment of finance lease obligation in accordance with
the lease schedule on two Boeing 767, resulting in the transfer of title for the aircraft. The book value
of the aircraft was USD 29,389 thousand (31 December 2024: nil).
Consequently, the right-of-use assets related to these aircraft are now classified as owned property.
As at 31 December 2025 technical equipment and vehicles includes highloader and five de-icing trucks
with the net book value USD 6,182 thousand (31 December 2024: USD 9,716 thousand), which were
purchased in 2023 and 2024.
Rotable spare parts include aircraft modification costs.
Right of use assets, included in property, plant and equipment, are as follows:
Building,
Rotable premises
\u2019000
USD
spare parts
and land
Aircraft
Total
Cost
At 1 January 2024
22,999
21,240
1,415,345
1,459,584
Additions and modifications
23,568
8,413
345,807
377,78 8
Disposals
(574)
(1,384)
(53,544)
(55,502)
Transfer of title
\u2013
\u2013
(142,422)
(142,422)
At 31 December 2024
45,993
28,269
1,565,186
1,639,448
At 1 January 2025
45,993
28,269
1,565,186
1,639,448
Additions and modifications
66,377
7,249
248,14 6
321,772
Disposals
\u2013
\u2013
(16,585)
(16,585)
Transfer of title
\u2013
\u2013
(108,454)
(108,454)
At 31 December 2025
112,370
35,518
1,688,293
1,836,181
Accumulated depreciation
At 1 January 2024
13,263
11,288
680,713
705,264
Charge for the period
2,921
4,335
165,927
173,183
Disposals
(554)
(1,345)
(50,569)
(52,468)
Transfer of title
\u2013
\u2013
(75,860)
(75,860)
At 31 December 2024
15,630
14,278
720,211
750,119
At 1 January 2025
15,630
14,278
720,211
750,119
Charge for the period
9,276
5,145
174,007
188,428
Disposals
\u2013
(296)
(14,108)
(14,404)
Transfer of title
\u2013
\u2013
(48,933)
(48,933)
At 31 December 2025
24,906
19,127
831,177
875,210
Net book value
At 31 December 2024
30,363
13,991
844,975
889,329
At 31 December 2025
87,464
16,391
857,116
960,971
The Group\u2019s obligations under leases for Aircraft have a carrying amount of USD 1,044,367 thousand
(2024: USD 888,661 thousand) (Note 24). The total amount of Aircraft Under Lease as at 31 December
2025 includes twenty-four Airbus aircraft under leases related to the FlyArystan brand with a net book
value of USD 367,512 thousand (2024: nineteen Airbus aircraft with a net book value of USD 340,451
thousand).
As per the loan agreement with JSC Halyk Bank of Kazakhstan, the Technical Center (Hangar) in Astana,
with a carrying amount of USD 17,561 thousand, is currently pledged in favor of JSC Halyk Bank of
Kazakhstan (31 December 2024: USD 18,028 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "
Equipment in
Office and Building, transit and
Rotable spare training premises and construction in
\u2019000
USD
parts equipment
land
Vehicles
Aircraft
progress
Total
Cost
At 1 January 2024
116,178
23,435
48,084
2,868
1,415,345
2,497
1,608,407
Additions
46,904
3,846
9,770
4,147
345,593
4,612
414,872
Disposals
(14,967)
(594)
(1,384)
(123)
(53,548)
\u2013
(70,616)
Other transfers
(9,532)
\u2013
\u2013
9,027
505
\u2013
\u2013
At 31 December 2024
138,583
26,687
56,470
15,919
1,707,895
7,109
1,952,663
Additions
77,53 4
2,950
7,734
1,079
285,959
7,948
383,204
Disposals
(28,236)
(703)
(853)
(338)
(26,508)
\u2013
(56,638)
At 31 December 2025
187,881
28,934
63,351
16,660
1,967,346
15,057
2,279,229
Accumulated depreciation
At 1 January 2024
48,544
8,726
15,433
1,671
680,713
\u2013
755,087
Charge for the year
12,637
2,551
4,966
944
167,575
\u2013
188,673
Disposals
(1,758)
(574)
(1,345)
(81)
(50,623)
\u2013
(54,381)
Other transfers
(3,919)
\u2013
\u2013
3,919
\u2013
\u2013
\u2013
At 31 December 2024
55,504
10,703
19,054
6,453
797,665
\u2013
889,379
Charge for the year
17,509
2,631
5,827
1,200
201,621
\u2013
228,788
Disposals
(8,884)
(750)
(303)
(259)
(24,517)
\u2013
(34,713)
At 31 December 2025
64,129
12,584
24,578
7,394
974,769
\u2013
1,083,454
Net book value
At 31 December 2024
83,079
15,984
37,416
9,466
910,230
7,109
1,063,284
At 31 December 2025
123,752
16,350
38,773
9,266
992,577
15,057
1,195,775
12. Depreciation and amortisation
\u2019000
USD
2025
2024
Depreciation of property, plant and equipment (Note 11)
228,788
188,673
Amortisation of intangible assets
952
498
Total
229,740
189,171
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "
13. Guarantee deposits
31 December 31 December
\u2019000
USD
2025 2024
Non-current
Guarantee deposits for leased aircraft
41,238
36,742
Other guarantee deposits
4,284
2,356
Impairment allowances
(572)
(403)
44,950
38,695
Current
Guarantee deposits for leased aircraft
47,017
1,269
Other guarantee deposits
3,473
1,970
50,490
3,239
95,440
41,934
Guarantee deposits are interest-free and are recorded at amortised cost using an average market yield
of 1.75% per annum (2024: 3.06%).
Guarantee deposits for leased aircraft comprise security deposits required by the lease agreements
as security for future lease payments to be made by the Group. Guarantee deposits are denominated
primarily in US Dollars. The Group assesses credit risk for such deposits as low mainly because almost
all lessors are rated from \u201cAA\u201d to \u201cBBB\u201d in accordance with S&P Global Ratings credit quality grades.
For those lessors who are not credit rated by international rating agencies, management calculates
the expected credit loss based on the assumption that such lessors are rated at \u201cCCC\u201d by S&P Global
Ratings. The amount of deposits with such lessors as of 31 December 2025 is USD 2,395 thousand
(2024: USD 2,535 thousand).
As at 31 December 2025, the Group had guarantees and stand-by letters of credit in JSC Halyk Bank
of Kazakhstan in the amount of USD 4,609 thousand, USD 12,455 thousand in JSC Altyn Bank and USD
22,693 thousand in JSC Citibank Kazakhstan.
As at 31 December 2024, the Group had guarantees and stand-by letters of credit in JSC Halyk Bank
of Kazakhstan in the amount of USD 10,043 thousand, USD 13,430 thousand in JSC Altyn Bank and
USD 19,122 thousand in JSC Citibank Kazakhstan.
Guarantee deposits for leased aircraft and maintenance liabilities are receivable as follows:
31 December 31 December
\u2019000
USD
2025 2024
Within one year
47,017
1,269
After one year but not more than five years
9,838
9,367
More than five years
31,400
27,413
88,255
38,049
Fair value adjustment
\u2013
(38)
88,255
38,011
The main driver for increases in guarantee deposits for leased aircraft in 2025 was the additional
20 aircraft committed for delivery in 2026-2028.
Guarantee Deposits The main counterparties of the Group have a credit rating of at least \u201cBBB-\u201d S&P Global Ratings. To determine whether published ratings remain up-to-date and to assess whether there has been a significant increase in credit risk at the reporting date that has not been reflected in published ratings the Group monitors changes in credit risk by tracking their financial stability. 12-month and lifetime probabilities of default are based on historical data supplied by S&P Global Ratings for each credit rating. Loss given default (LGD) parameters generally reflect an assumed recovery rate of 30% except when a security is credit-impaired, in which case the estimate of loss is based on the instrument\u2019s current market price and original effective interest rate. The following table presents credit ratings of guarantee deposits each of which were classified in stage 1:
31 December 2025
31 December 2024
Gross Total net Gross Total net
carrying 12 month carrying carrying 12 month carrying
\u2019000
USD Credit rating
amount ECL amount amount ECL amount
\u201cBBB-\u201d to \u201cA+\u201d
80,159
(113)
80,046
37,085
(58)
37,027
\u201cB+\u201d to \u201cBB+\u201d
4,340
(127)
4,213
2,535
(72)
2,463
Without ratings
11,513
(332)
11,181
2,717
(273)
2,444
96,012
(572)
95,440
42,337
(403)
41,934
The loss allowance recognised on guarantee deposits relates primarily to deposits placed with counterparties without external credit ratings and reflects the higher probability of default associated with such counterparties. The Group did not have any guarantee deposits that were either past due or impaired.
\u2019000
USD
2025
2024
Balance at 1 January
(403)
(531)
Net re-measurement of loss allowance
(169)
128
Balance at 31 December
(572)
(403)
", "dimensions": { "concept": "airastanajsc:DisclosureOfGuaranteeDeposits", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
14. Inventories
31 December 31 December
\u2019000
USD
2025 2024
Spare parts
48,901
44,874
Fuel
23,036
8,147
Goods in transit
6,669
4,369
Crockery
3,685
4,189
Uniforms
3,387
1,420
De-icing liquid
2,829
1,790
Promotional materials
1,285
2,640
Other
4,086
4,290
93,878
71,719
Less: cumulative write-down for obsolete and slow-moving inventories
(7,461)
(5,590)
86,417
66,129
The movements in the cumulative write-down for obsolete and slow-moving inventories were as
follows for the years ended 31 December:
\u2019000
USD
2025
2024
Cumulative write-down for obsolete and slow-moving inventories
at the beginning of the year
(5,590)
(5,237)
Write-down for the year
(3,058)
(1,145)
Reversal of previous write-down for the year
1,187
792
Cumulative write-down for obsolete and slow-moving inventories
at the end of the year
(7,461)
(5,590)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
15. Prepayments
31 December 31 December
\u2019000
USD
2025 2024
Non-current
Advances for services
11,406
10,366
Prepayments for long-term assets
8,920
9,225
20,326
19,591
Current
Advances for goods
24,985
16,489
Prepayments of leases without transfer of legal title
3,440
2,870
Advances for services
2,962
11,074
31,387
30,433
Less: impairment allowance for prepayments
27
(143)
31,414
30,290
As at 31 December 2025, prepayments for long-term assets include prepayments to Boeing as pre
delivery payment for three aircraft (Note 27).
The movements in the impairment allowance for the years ended 31 December 2025 and 31 December
2024:
\u2019000
USD
2025
2024
At the beginning of the year
(143)
(184)
Accrued during the year
(98)
(5)
Written-off against previously created allowance
\u2013
46
Reversed during the year
268
\u2013
Impairment allowance at the end of the year
27
(143)
The impairment allowance includes advance payments made by the Group to suppliers which are
currently subject to legal claims for recovery due to the suppliers\u2019 inability to complete the transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
16. Trade and other receivables
31 December 31 December
\u2019000
USD
2025 2024
Non-current
Other financial assets
44,534
44,357
Other receivables
1,661
630
46,195
44,987
Less: impairment allowance
(44,534)
(44,357)
1,661
630
Current
Trade receivables
24,075
20,054
Other receivables
2,684
1,629
26,759
21,683
Less: impairment allowance
(762)
(882)
25,997
20,801
In 2016, due to the significant credit quality deterioration, KazInvestBank JSC announced that its banking
license was recalled, and Delta Bank JSC experienced temporary suspension of its license for accepting
new deposits and opening new accounts on 22 May 2017. Consequently, the management reclassified
all funds held with these banks from the bank deposit line item to non-current trade and other
receivables and recognised an impairment allowance of approximately 90% of the funds as at
31 December 2016.
As at 31 December 2025 and 31 December 2024 the allowance for those banks comprises 100% of their
gross balances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "16. Trade and other receivables
31 December 31 December
\u2019000
USD
2025 2024
Non-current
Other financial assets
44,534
44,357
Other receivables
1,661
630
46,195
44,987
Less: impairment allowance
(44,534)
(44,357)
1,661
630
Current
Trade receivables
24,075
20,054
Other receivables
2,684
1,629
26,759
21,683
Less: impairment allowance
(762)
(882)
25,997
20,801
In 2016, due to the significant credit quality deterioration, KazInvestBank JSC announced that its banking license was recalled, and Delta Bank JSC experienced temporary suspension of its license for accepting new deposits and opening new accounts on 22 May 2017. Consequently, the management reclassified all funds held with these banks from the bank deposit line item to non-current trade and other receivables and recognised an impairment allowance of approximately 90% of the funds as at 31 December 2016. As at 31 December 2025 and 31 December 2024 the allowance for those banks comprises 100% of their gross balances. Trade and other receivables
31 December 31 December
\u2019000
USD
2025 2024
Default banks
44,534
44,357
Trade receivables
24,075
20,054
Amounts due from employees
3,888
1,976
Receivable from lessors
456
283
Total gross carrying amount
72,953
66,670
Impairment allowance
(45,295)
(45,239)
Total net carrying amount
27,658
21,431
Trade receivables The sale of tickets is the main revenue source of the Group. The Group uses agents who sell tickets on behalf of the Group to corporations and the general public for a certain commission that varies depending on the geographical location and market conditions. As a result, agents amass significant amounts of funds for tickets sold which are recorded as trade receivables by airlines. The International Air Transport Association (hereinafter referred to as \u201cIATA\u201d) conducts monitoring of agents by establishing IATA accreditation procedures designed to ensure the credit quality of agents. IATA also set Local Financial Criteria for each market in accordance to which agents have to obtain a credit enhancement such as bank guarantee or insurance from a financial institution of certain credit rating before they can be accredited by IATA. On a regular basis, the IATA notifies the airlines about the amount of debt from each agent in excess of its guarantee or insurance protected amount. In addition, the IATA also informs about sharp and unusual increases in sales which might signal an increase in risk. The Group then decides whether to stop dealing with such agents until the negative factors are resolved. The Group does not have trade receivables and contract assets for which no loss allowance is recognised because of collateral. The Group applies the simplified approach in measuring expected credit losses for trade receivables recognizing lifetime expected credit losses from initial recognition. Given the short-term nature of trade receivables and the low level of historical defaults, the loss allowance is determined using a simplified provision matrix based on historical observed loss rates. These rates are calculated based on long-term average default experience. Due to the short contractual maturity of receivables, the Group does not consider the impact of forward-looking macroeconomic factors to be significant. At 31 December 2025, 7 debtors including IATA Billing Settlement Plans (BSPs) as collecting agencies from the worldwide travel agencies comprised 63% of the Group\u2019s trade and other receivables excluding banks in default (at 31 December 2024: 5 debtors comprised 63%). The following tables provide information about the exposure to credit risk for trade receivables as at 31 December 2025, 31 December 2024.
31 December 2025
31 December 2024
Gross carrying Gross carrying
\u2019000
USD
amount
Loss allowance
amount
Loss allowance
Current (not past due)
23,193
(80)
13,383
(19)
1\u201330 days past due
390
\u2013
6,305
\u2013
31-90 days past due
369
\u2013
29
\u2013
More than 90 days past due
123
(123)
337
(337)
24,075
(203)
20,054
(356)
Amounts due from employees In general, certain part of the Ab-initio pilot training costs is borne by the pilot trainees but are funded by the Group through the provision of interest free loans to participants of the program. The Group withholds the amounts due from pilots\u2019 salary on a monthly basis. Those pilots or cadets who leave the Group are fully provided with respect of the credit losses. Movements in the allowance for impairment in respect of trade and other receivables
\u2019000
USD
2025
2024
Balance at 1 January
45,239
46,222
Accrual of impairment allowance
792
1,646
Foreign currency difference
157
(943)
Reversal of impairment allowance
(892)
(1,686)
Balance at 31 December
45,296
45,239
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "16. Trade and other receivables
31 December 31 December
\u2019000
USD
2025 2024
Non-current
Other financial assets
44,534
44,357
Other receivables
1,661
630
46,195
44,987
Less: impairment allowance
(44,534)
(44,357)
1,661
630
Current
Trade receivables
24,075
20,054
Other receivables
2,684
1,629
26,759
21,683
Less: impairment allowance
(762)
(882)
25,997
20,801
In 2016, due to the significant credit quality deterioration, KazInvestBank JSC announced that its banking license was recalled, and Delta Bank JSC experienced temporary suspension of its license for accepting new deposits and opening new accounts on 22 May 2017. Consequently, the management reclassified all funds held with these banks from the bank deposit line item to non-current trade and other receivables and recognised an impairment allowance of approximately 90% of the funds as at 31 December 2016. As at 31 December 2025 and 31 December 2024 the allowance for those banks comprises 100% of their gross balances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
17. Other taxes prepaid
31 December 31 December
\u2019000
USD
2025 2024
Value-added tax recoverable
31,404
13,273
Other taxes prepaid
496
519
31,900
13,792
", "dimensions": { "concept": "airastanajsc:DisclosureOfOtherTaxesPrepaid", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "
18. Cash and cash equivalents
31 December 31 December
\u2019000
USD
2025 2024
Term deposits with an initial maturity of less than 3 months
406,208
335,904
Current accounts with foreign banks
37,591
130,083
Current accounts with local banks
28,472
13,077
Accrued interest
527
565
Cash in hand
92
77
US Treasury Bills with initial maturity of less than 3 months
\u2013
9,008
472,890
488,714
Impairment allowances
(14)
(12)
472,876
488,702
Cash and cash equivalents The Group held cash and cash equivalents of USD 472,876 thousand at 31 December 2025 (2024: USD 488,702 thousand). The cash and cash equivalents are held with government, bank and financial institution counterparties, most of which are rated \u201cBBB\u201d to \u201cA+\u201d, based on S&P Global ratings. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group believes that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. The Group uses a similar approach for assessment of ECLs for cash and cash equivalents to those used for bank and guarantee deposits. The following table presents an analysis of the credit quality of cash and cash equivalents measured at amortised cost:
31 December 2025
31 December 2024
Gross Gross
carrying 12 month Carrying carrying 12 month Carrying
\u2019000
USD Credit rating
amount ECL amount amount ECL amount
\u201cBBB-\u201d to \u201cA+\u201d
472,483
(14)
472,469
474,122
(12)
474,110
\u201cB+\u201d to \u201cBB+\u201d
407
\u2013
407
14,592
\u2013
14,592
472,890
(14)
472,876
488,714
(12)
488,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
19. Equity
As at 31 December 2025 share capital was comprised of 353,948,253 authorised, issued and fully paid
ordinary shares (31 December 2024: 351,887,760 ordinary shares). The holders of ordinary shares are
entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Group.
The movement of shares outstanding for the years ended 31 December 2025 and 2024 as follows:
Shares
outstanding
At 1 January 2024
17,000,000
Share split
289,000,000
Share issuance
50,526,315
Treasury shares purchased
(4,638,555)
At 31 December 2024
351,887,760
At 1 January 2025
351,887,760
Equity settled share-based program
4,638,555
Treasury shares purchased
(2,578,062)
At 31 December 2025
353,948,253
On 10 January 2024 existing shares were split to 306,000,000 shares and additional 60,000,000 shares
were authorised for issue.
On 15 February 2024, the Company completed its initial public offering (\u201cIPO\u201d), raising KZT 54,256,673
thousand (USD 121,112 thousand) through the issuance of new shares. The shares were simultaneously
listed on the Kazakhstan Stock Exchange, Astana International Exchange and London Stock Exchange.
Transaction costs directly attributable to the share issuance amounted to USD 3,100 thousand and
were recognised as a deduction from equity.
The number of authorised but not issued shares is 9,473,685 as at the date of approval of the
consolidated financial statements.
On 30 April 2024 the Company announced buyback programme to purchase ordinary shares of
the Company and global depositary receipts representing shares. The purpose of the programme
is to meet the Company\u2019s obligations arising from its employee incentive programmes. The first
part of the programme was concluded in December 2024.
The total amount of treasury shares as at 31 December 2025 is 2,578,062 shares (31 December 2024:
4,638,555 shares). The Group repurchased its own shares on the open market in 2025 and 2024 for
a total consideration of USD 2,570 thousand and USD 8,240 thousand, respectively.
In accordance with Kazakhstan legislation the Company\u2019s distributable reserves are limited to the
balance of retained earnings as recorded in the Company\u2019s statutory financial statements prepared
in accordance with IFRS Accounting Standards. A distribution cannot be made when equity is negative
or if distribution would result in negative equity or the Company\u2019s insolvency.
As at 31 December 2025 the Company had retained earnings, including the profit for the current year,
of USD 247,389 thousand (2024: USD 276,748 thousand).
On 31 May 2025, the Annual General Meeting of Shareholders approved the payment of ordinary and
special dividends in the total amount of KZT 53.7 per ordinary share and KZT 214.8 per global depositary
receipt (equal to four shares) in the amount of USD 37,306 thousand (KZT 19,100,000). During the year
ended on 31 December 2025, the Company accrued and paid out USD 37,150 thousand (KZT 19,070,084
thousand) of dividends payables.
No dividends were declared in 2024.
The calculation of basic earnings per share is based on profit or loss for the period and the weighted
average number of ordinary shares outstanding during the year ended 31 December 2025. Comparative
figures for the year ended 31 December 2024 is based on profit or loss for the period and the number
of ordinary shares outstanding. The Company has no instruments with potential dilutive effect.
\u2019000
USD
2025
2024
Profit for the year
13,552
52,776
Shares outstanding net of treasury shares
354,271,002
348,878,155
Earnings per share \u2013 basic and diluted (USD)
0.038
0.151
Employee share programs represent potential ordinary shares but were anti dilutive in 2025 (and 2024);
accordingly, diluted EPS equals basic EPS. These instruments could dilute EPS in future periods.
Book value per share (non-IFRS measure)
In accordance with the KASE decision dated 4 October 2010, financial statements must contain information
on the book value per share (common and preferred) as of the reporting date, calculated in accordance
with the rules approved by the KASE.
31 December 31 December
2025 2024
Total assets
2,056,581
1,813,075
Less: intangible assets
(6,502)
(6,018)
Less: total liabilities
(1,687,267)
(1,418,545)
Net Asset Value
362,812
388,512
Number of ordinary shares
353,948,253
351,887,76 0
Book value per ordinary share (in USD)
1.025
1.104
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "As at 31 December 2025 share capital was comprised of 353,948,253 authorised, issued and fully paid ordinary shares (31 December 2024: 351,887,760 ordinary shares). The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Group. The movement of shares outstanding for the years ended 31 December 2025 and 2024 as follows:
Shares
outstanding
At 1 January 2024
17,000,000
Share split
289,000,000
Share issuance
50,526,315
Treasury shares purchased
(4,638,555)
At 31 December 2024
351,887,760
At 1 January 2025
351,887,760
Equity settled share-based program
4,638,555
Treasury shares purchased
(2,578,062)
At 31 December 2025
353,948,253
On 10 January 2024 existing shares were split to 306,000,000 shares and additional 60,000,000 shares were authorised for issue. On 15 February 2024, the Company completed its initial public offering (\u201cIPO\u201d), raising KZT 54,256,673 thousand (USD 121,112 thousand) through the issuance of new shares. The shares were simultaneously listed on the Kazakhstan Stock Exchange, Astana International Exchange and London Stock Exchange. Transaction costs directly attributable to the share issuance amounted to USD 3,100 thousand and were recognised as a deduction from equity. The number of authorised but not issued shares is 9,473,685 as at the date of approval of the consolidated financial statements. On 30 April 2024 the Company announced buyback programme to purchase ordinary shares of the Company and global depositary receipts representing shares. The purpose of the programme is to meet the Company\u2019s obligations arising from its employee incentive programmes. The first part of the programme was concluded in December 2024. The total amount of treasury shares as at 31 December 2025 is 2,578,062 shares (31 December 2024: 4,638,555 shares). The Group repurchased its own shares on the open market in 2025 and 2024 for a total consideration of USD 2,570 thousand and USD 8,240 thousand, respectively. In accordance with Kazakhstan legislation the Company\u2019s distributable reserves are limited to the balance of retained earnings as recorded in the Company\u2019s statutory financial statements prepared in accordance with IFRS Accounting Standards. A distribution cannot be made when equity is negative or if distribution would result in negative equity or the Company\u2019s insolvency. As at 31 December 2025 the Company had retained earnings, including the profit for the current year, of USD 247,389 thousand (2024: USD 276,748 thousand). On 31 May 2025, the Annual General Meeting of Shareholders approved the payment of ordinary and special dividends in the total amount of KZT 53.7 per ordinary share and KZT 214.8 per global depositary receipt (equal to four shares) in the amount of USD 37,306 thousand (KZT 19,100,000). During the year ended on 31 December 2025, the Company accrued and paid out USD 37,150 thousand (KZT 19,070,084 thousand) of dividends payables. No dividends were declared in 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "The calculation of basic earnings per share is based on profit or loss for the period and the weighted average number of ordinary shares outstanding during the year ended 31 December 2025. Comparative figures for the year ended 31 December 2024 is based on profit or loss for the period and the number of ordinary shares outstanding. The Company has no instruments with potential dilutive effect.
\u2019000
USD
2025
2024
Profit for the year
13,552
52,776
Shares outstanding net of treasury shares
354,271,002
348,878,155
Earnings per share \u2013 basic and diluted (USD)
0.038
0.151
Employee share programs represent potential ordinary shares but were anti dilutive in 2025 (and 2024); accordingly, diluted EPS equals basic EPS. These instruments could dilute EPS in future periods. Book value per share (non-IFRS measure) In accordance with the KASE decision dated 4 October 2010, financial statements must contain information on the book value per share (common and preferred) as of the reporting date, calculated in accordance with the rules approved by the KASE.
31 December 31 December
2025 2024
Total assets
2,056,581
1,813,075
Less: intangible assets
(6,502)
(6,018)
Less: total liabilities
(1,687,267)
(1,418,545)
Net Asset Value
362,812
388,512
Number of ordinary shares
353,948,253
351,887,76 0
Book value per ordinary share (in USD)
1.025
1.104
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
20. Share-based payments
The Group operates share-based payment programs as part of the total remuneration package
provided to employees. These programs include share award plans in which shares are provided to
employees at no cost, subject to the Group achieving specified performance targets. All the programs
imply equity settlement.
IPO Award
The IPO Award plan is granted to key management personnel. The IPO Award plan vests after one year
from the IPO date, subject to continued service, with no further performance conditions. The fair value
of IPO Award was based on the market value of the share at the at the grant date. The programme was
completed during the first quarter of 2025.
Long-Term Incentive Plan
The Long-Term Incentive Plan (LTIP) is a recurring plan granted to the key management personnel,
following the announcement of full year results of each third IPO anniversary. The LTIP award is subject
to the achievement of performance conditions: 60% of the award is based on a range of net profit
margin targets for the 2026-2027 year-end, and 40% of the award is based on the Company\u2019s total
shareholder return (\u201cTSR\u201d) performance against a peer group of other airlines. The total award amount
is determined by the fulfilment of these performance conditions. The plan terminates on the tenth
anniversary. The fair value of LTIP is based on the market value of the share at the grant date,
KZT 907.49 (USD 1.795).
The fair value of awards granted within LTIP was determined at reporting date using a binomial model
(The Cox-Ross-Rubinstein binomial model) for TSR and Monte Carlo model for EPS with the following
assumptions:
Long-Term Incentive Plan Long-Term Incentive Plan
Inputs into the Models (2024-2026) (2025-2027)
Market share price
1.795
1.795
Expected volatility
6.34%
6.27%
Expected dividends
dividend payment
dividend payment
does not have impact does not have impact
Risk-free interest rate (based on US Treasury bonds)
3.51%
3.47%
The expected volatility of Group\u2019s share return was determined as the median volatility of peer
companies\u2019 share returns. As of 31 December 2025, the weighted average performance conditions
levels for EPS and TSR of the 2024-2026 and 2025-2027 programmes are 68.46% and 70.9%
(31 December 2024: 71.8%; nil).
Employee Share Ownership Plan
The Employee Share Ownership Plan (ESOP) was granted to eligible employees who had worked for
the company for at least 1 year prior to the IPO. The ESOP would vest one year after the IPO with no
further performance conditions except for continuous service. The programme was completed during
the first quarter of 2025 and the value of distributed ordinary shares was USD 5,350 thousand.
Total expense recognised during the year ended 31 December 2025 in respect to equity-settled
share-based payment was USD 1,749 thousand before income tax of USD 350 thousand (31 December
2024: USD 7,636 thousand before income tax of USD 1,527 thousand).
The fair value of share rights at reporting date granted to employees is recognised as an expense,
within \u201cEmployee and crew costs\u201d in profit or loss, over the vesting periods (1 and 3 years).
The corresponding entry is reflected in the column \u201cOther reserves\u201d of the consolidated statement
of changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
21. Deferred revenue
31 December 31 December
\u2019000
USD
2025 2024
Unearned passenger revenue
83,850
73,805
Customer loyalty program
15,229
15,996
99,079
89,801
The movement of deferred revenue for the year-ended 31 December 2025 and 2025 is as follows:
31 December 2025
31 December 2024
Unearned Unearned
transportation Customer transportation Customer
\u2019000
USD
revenue Loyalty program revenue Loyalty program
Balance at 1 January
62,589
15,9963
72,440
11,928
Cash received from customers
\u2013
111
\u2013
940
Revenue recognised in the Income Statement
(941,021)
(2,854)
(1,123,937)
2,813
Operating expenses recognised in the Income
Statement
90
29
2,525
3
Loyalty points issued to customers
\u2013
1,947
\u2013
312
Booking of the tickets
947,917
\u2013
1,111,561
\u2013
Balance at 31 December
69,575
15,229
62,589
15,996
The amount of revenue recognised in the current period that was included in the opening deferred
revenue balance is USD 73,805 thousand.
Revenue recognised during the current period that was included in the opening balance of the
customer loyalty programme liability amounted to USD 1,793 thousand (2024: USD (970) thousand).
Unearned transportation revenue represents the value of tickets sold for which the transportation
service has not yet been provided. Passenger revenue is recognised when transportation is provided.
A portion of tickets sold is expected not to be used or refunded. The related revenue is recognised in
proportion to the pattern of rights exercised by passengers as flights occur, reflecting the expected
level of ticket breakage.
The Group applies the IFRS practical expedient under which it does not disclose the transaction price
allocated to remaining performance obligations for contracts with an original expected duration of
one year or less. The majority of the Group\u2019s passenger ticket contracts fall within this exemption.
Deferred revenue attributable to the customer loyalty program refers to the Group\u2019s Nomad Club
program.
31 December 31 December
\u2019000
USD
2025 2024
Financial liabilities
Trade payables
6 8,139
68,028
Accrued bonuses
11,198
8,283
Deposits received from agents
10,379
9,102
Due to employees
8,764
6,744
Vacation pay accrual
3,597
2,181
102,077
94,338
Non-financial liabilities
Advances received
16,541
11,314
Taxes payable
2,846
9,832
Pension contribution
1,721
1,214
Other
226
124
21,334
22,484
123,411
116,822
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
22. Provision for aircraft maintenance
31 December 31 December
\u2019000
USD
2025 2024
Engines
346,098
268,911
D-Check
26,807
22,206
Landing gear
8,398
6,328
Provision for redelivery of aircraft
7,713
6,830
Auxiliary Power unit
6,420
4,288
C-Check
5,694
6,572
401,130
315,135
The movements in the provision for aircraft maintenance were as follows for the years ended
31 December:
\u2019000
USD
2025
2024
At 1 January
315,135
253,788
Accrued during the year (Note 8)
111,753
96,536
Used during the year
(33,730)
(45,593)
Reversed during the year (Note 8)
(4,344)
(1,237)
Recognised in property, plant and equipment
(222)
1,869
Unwinding of the discount (Note 9)
12,538
9,772
At 31 December
401,130
315,135
The movements in provision for redelivery of aircraft were as follows for the years ended 31 December:
\u2019000
USD
2025
2024
At 1 January
6,830
7,102
Accrued during the year (Note 8)
1,197
1,434
Used during the year
\u2013
(468)
Reversed during the year (Note 8)
(314)
\u2013
Recognised in property, plant and equipment
\u2013
(1,238)
At 31 December
7,713
6,830
Under the terms of its lease agreements without transfer of title for aircraft, the Group is obliged to
carry out and pay for maintenance based on use of the aircraft and to return aircraft to the lessors in a
satisfactory condition at the end of the lease term. The maintenance cost estimates used for calculating
the provisions are stated in US Dollars.
The planned utilisation of these provisions is as follows:
31 December 31 December
\u2019000
USD
2025 2024
Within one year
136,817
25,269
During the second year
98,046
105,778
During the third year
99,577
60,658
After the third year
66,690
123,430
Total provision for aircraft maintenance
401,130
315,135
Less: current portion
136,817
25,269
Non-current portion
264,313
289,866
Significant judgment is involved in determining the provision for aircraft maintenance. The management
has engaged an independent specialist to assist in estimating the timing and cost of expected engine
maintenance activities. The estimate by the independent specialist is prepared based on the current
condition of aircraft, historical flight hours and cycles, expected future utilisation of the aircraft over the
remaining life of the leases without transfer of title as well as requirements for returnable condition
when the lease term is concluded. The estimates are based on the following key assumptions:
\u2013 expected utilisation rate for flight hours and cycles is based on historical data and actual usage;
\u2013 market prices are used for services and parts;
\u2013 aircraft will be operated within standard norms and conditions; and
\u2013 no provisions have been made for unscheduled maintenance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "22. Provision for aircraft maintenance
31 December 31 December
\u2019000
USD
2025 2024
Engines
346,098
268,911
D-Check
26,807
22,206
Landing gear
8,398
6,328
Provision for redelivery of aircraft
7,713
6,830
Auxiliary Power unit
6,420
4,288
C-Check
5,694
6,572
401,130
315,135
The movements in the provision for aircraft maintenance were as follows for the years ended 31 December:
\u2019000
USD
2025
2024
At 1 January
315,135
253,788
Accrued during the year (Note 8)
111,753
96,536
Used during the year
(33,730)
(45,593)
Reversed during the year (Note 8)
(4,344)
(1,237)
Recognised in property, plant and equipment
(222)
1,869
Unwinding of the discount (Note 9)
12,538
9,772
At 31 December
401,130
315,135
The movements in provision for redelivery of aircraft were as follows for the years ended 31 December:
\u2019000
USD
2025
2024
At 1 January
6,830
7,102
Accrued during the year (Note 8)
1,197
1,434
Used during the year
\u2013
(468)
Reversed during the year (Note 8)
(314)
\u2013
Recognised in property, plant and equipment
\u2013
(1,238)
At 31 December
7,713
6,830
Under the terms of its lease agreements without transfer of title for aircraft, the Group is obliged to carry out and pay for maintenance based on use of the aircraft and to return aircraft to the lessors in a satisfactory condition at the end of the lease term. The maintenance cost estimates used for calculating the provisions are stated in US Dollars. The planned utilisation of these provisions is as follows:
31 December 31 December
\u2019000
USD
2025 2024
Within one year
136,817
25,269
During the second year
98,046
105,778
During the third year
99,577
60,658
After the third year
66,690
123,430
Total provision for aircraft maintenance
401,130
315,135
Less: current portion
136,817
25,269
Non-current portion
264,313
289,866
Significant judgment is involved in determining the provision for aircraft maintenance. The management has engaged an independent specialist to assist in estimating the timing and cost of expected engine maintenance activities. The estimate by the independent specialist is prepared based on the current condition of aircraft, historical flight hours and cycles, expected future utilisation of the aircraft over the remaining life of the leases without transfer of title as well as requirements for returnable condition when the lease term is concluded. The estimates are based on the following key assumptions: \u2013 expected utilisation rate for flight hours and cycles is based on historical data and actual usage; \u2013 market prices are used for services and parts; \u2013 aircraft will be operated within standard norms and conditions; and \u2013 no provisions have been made for unscheduled maintenance.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "23. Trade and other payables
31 December 31 December
\u2019000
USD
2025 2024
Financial liabilities
Trade payables
6 8,139
68,028
Accrued bonuses
11,198
8,283
Deposits received from agents
10,379
9,102
Due to employees
8,764
6,744
Vacation pay accrual
3,597
2,181
102,077
94,338
Non-financial liabilities
Advances received
16,541
11,314
Taxes payable
2,846
9,832
Pension contribution
1,721
1,214
Other
226
124
21,334
22,484
123,411
116,822
The movement of advanced received for the year ended 31 December 2025 and 2024 is as follows:
31 December 31 December
\u2019000
USD
2025 2024
Balance at 1 January
11,314
8,570
Additions
250,587
655,627
Disposals
(245,360)
(652,883)
Balance 31 December
16,541
11,314
The Group\u2019s trade and other payables are denominated in the following currencies:
31 December 31 December
\u2019000
USD
2025 2024
Tenge
52,156
56,425
US Dollar
41,838
48,406
Euro
7,669
6,105
British Pound
1,201
773
Other
20,547
5,113
123,411
116,822
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "
31 December 31 December
\u2019000
USD
2025 2024
Financial liabilities
Trade payables
6 8,139
68,028
Accrued bonuses
11,198
8,283
Deposits received from agents
10,379
9,102
Due to employees
8,764
6,744
Vacation pay accrual
3,597
2,181
102,077
94,338
Non-financial liabilities
Advances received
16,541
11,314
Taxes payable
2,846
9,832
Pension contribution
1,721
1,214
Other
226
124
21,334
22,484
123,411
116,822
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
24. Lease liabilities
As at 31 December 2025 the Group has one Boeing 767 aircraft under fixed interest lease agreements
with transfer of title (2024: three Boeing 767 aircraft). During 2025, the Group has repaid finance lease
with the transfer of title for two Boeing 767. In 2024, the Group fully repaid liabilities related to five
Airbus A320 family aircraft with transfer of title. The Group\u2019s borrowings and lease liabilities do not
contain financial covenants that require compliance after the reporting date as a condition for
classifying the liabilities as non-current. Certain financing agreements include cross-default clauses;
however, these do not impose separate covenant compliance requirements within twelve months
after the reporting date. Accordingly, the classification of the Group\u2019s liabilities as current or non-current
is not affected by covenant conditions.
These requirements have been met as at 31 December 2025 and 2024.
All other aircraft leases other than described above are contracted without the right for purchase at
the end of the lease term.
The Group\u2019s lease liabilities are effectively secured by the lessors\u2019 rights to the underlying leased
aircraft in the event of default under the lease agreements. The Group does not obtain legal title
to these assets during the lease term.
The Group\u2019s obligations under leases are secured by the lessors\u2019 title to the leased assets. These assets
have a carrying value of USD 960,971 thousand (2024: USD 889,329 thousand) (Note 11). The Group\u2019s
lease obligations are mainly denominated in US Dollars.
Certain lease agreements may also require the Group to provide security deposits or guarantees
in favour of the lessors in accordance with the respective lease terms.
Reconciliation of movements of loans and lease liabilities to cash flows arising
from financing activities
\u2019000
USD
Loans
Lease liabilities
Total
Balance as at 1 January 2025
577
888,661
889,238
Proceeds from borrowings
5,533
\u2013
5,533
Repayment of lease liabilities
\u2013
(190,762)
(190,762)
Interest paid
(305)
(66,356)
(66,661)
Repayment of additional financing
(528)
\u2013
(528)
Total changes from financing cash flows
4,700
(257,118)
(252,418)
Effect of changes in foreign exchange rates
\u2013
525
525
Other changes
New leases and modifications
\u2013
344,717
344,717
Non-cash settlement due to netting with guarantee deposits
\u2013
(1,630)
(1,630)
Gain from early return of aircraft
Interest expense (Note 9)
315
69,212
69,527
Total other changes
315
412,299
412,614
Balance as at 31 December 2025
5,592
1,044,367
1,049,959
\u2019000
USD
Loans
Lease liabilities
Total
Balance as at 1 January 2024
412
718,893
719,305
Repayment of borrowings
(38,016)
\u2013
(38,016)
Proceeds from borrowings
37,6 00
\u2013
37,600
Additional financing from sale and leaseback
593
\u2013
593
Repayment of lease liabilities
\u2013
(190,331)
(190,331)
Repayment of additional financing
(426)
\u2013
(426)
Interest paid
(520)
(53,911)
(54,431)
Total changes from financing cash flows
(769)
(244,242)
(245,011)
Effect of changes in foreign exchange rates
417
(1,175)
(758)
Other changes
New leases and modifications
\u2013
367,045
367,045
Non-cash settlement due to netting with guarantee deposits
\u2013
(3,087)
(3,087)
Gain from early return of aircraft
\u2013
(2,875)
(2,875)
Interest expense (Note 9)
517
54,102
54,619
Total other changes
517
415,185
415,702
Balance as at 31 December 2024
577
888,661
889,238
On 1 July 2015 the Group designated a portion of its US Dollar lease obligations with transfer of title as hedges of highly probable future US Dollar revenue streams. The Group applied the cash flow hedge accounting model to this hedging transaction in accordance with IAS 39. In connection with the transition of the functional currency to US Dollar, this hedge ceased to be economically effective from 31 December 2017. At 31 December 2025 a foreign currency hedge on the lease liabilities with transfer of title was fully realized (31 December 2024: foreign currency loss of USD 6,899 thousand before deferred income tax of USD 1,380 thousand). As a result of the change, the hedge relationship has been discontinued so that starting from 1 January 2018 no further foreign currency translation gains or losses are transferred from profit or loss to the hedge reserve, and the hedge reserve recognised in equity as at 31 December 2017 shall remain in equity until the forecasted revenue cash flows are received. During 2025 the amount reclassified from the hedging reserve to foreign exchange loss in the consolidated statement of comprehensive income was USD 6,899 thousand (before deferred income tax of USD 1,380 thousand) (2024: USD 12,714 thousand before deferred income tax of USD 2,543 thousand). 25. Financial instruments Exposure to credit, interest rate, currency and commodity price risk arises in the normal course of the Group\u2019s business. The Group does not hedge its exposure to such risks, other than commodity price risk and interest rate risks arising from lease contractual obligations as discussed below. Capital management The Group manages its capital to ensure the Group will be able to continue as a going concern while maximising the return to the shareholders through the optimisation of the debt and equity balance. The Group\u2019s current 10-year development Strategy was approved in 2017 and covers the years 2017-2026. The capital structure of the Group consists of net debt (comprising loans and lease obligations in Note 24) and equity of the Group (comprising issued capital, functional currency translation reserve, reserve on hedging instruments and retained earnings as detailed in Note 19). The Group is not subject to any externally imposed capital requirements. The Group does not have a target gearing ratio.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting
in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy
counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk
of financial loss from defaults. Credit exposure is controlled by counterparty limits that are reviewed
and approved by the risk management committee annually.
The maximum exposure to credit risk related to financial instruments, such as cash, guarantee deposits
and accounts receivable, is calculated based on their book value.
Trade receivables consist of a large number of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts
receivable and, where appropriate, credit guarantee insurance cover is purchased.
As at 31 December 2025 and 31 December 2024 there was no significant concentration of credit risk
in respect of trade accounts receivable (Note 16).
The Group uses reputable banks and has established a cash investment policy which would limit the
credit risk related to bank accounts and deposits.
As a result of the increased credit risks on some of the banks, the management reconsidered its cash
management policy in 2017 and reviewed the credit ratings of the major banks in Kazakhstan and
placed its main amounts due from banks in banks with ratings of \u201cBBB- or higher. The carrying
amounts of financial assets represent the maximum credit exposure. Impairment losses on financial
assets recognised in profit or loss were as follows:
\u2019000
USD
Note
2025
2024
Reversal of impairment loss on trade and other receivables
and prepayments
15, 16
290
35
(Accrual)/reversal of impairment loss on guarantee deposits
13
(169)
128
Accrual of impairment loss on cash and cash equivalents
18
(2)
(2)
119
161
Trade and other receivables
31 December 31 December
\u2019000
USD
2025 2024
Default banks
44,534
44,357
Trade receivables
24,075
20,054
Amounts due from employees
3,888
1,976
Receivable from lessors
456
283
Total gross carrying amount
72,953
66,670
Impairment allowance
(45,295)
(45,239)
Total net carrying amount
27,658
21,431
Trade receivables
The sale of tickets is the main revenue source of the Group. The Group uses agents who sell tickets on
behalf of the Group to corporations and the general public for a certain commission that varies depending
on the geographical location and market conditions. As a result, agents amass significant amounts of
funds for tickets sold which are recorded as trade receivables by airlines. The International Air Transport
Association (hereinafter referred to as \u201cIATA\u201d) conducts monitoring of agents by establishing IATA
accreditation procedures designed to ensure the credit quality of agents. IATA also set Local Financial
Criteria for each market in accordance to which agents have to obtain a credit enhancement such as
bank guarantee or insurance from a financial institution of certain credit rating before they can be
accredited by IATA.
On a regular basis, the IATA notifies the airlines about the amount of debt from each agent in excess
of its guarantee or insurance protected amount. In addition, the IATA also informs about sharp and
unusual increases in sales which might signal an increase in risk. The Group then decides whether
to stop dealing with such agents until the negative factors are resolved.
The Group does not have trade receivables and contract assets for which no loss allowance is
recognised because of collateral.
The Group applies the simplified approach in measuring expected credit losses for trade receivables
recognizing lifetime expected credit losses from initial recognition.
Given the short-term nature of trade receivables and the low level of historical defaults, the loss
allowance is determined using a simplified provision matrix based on historical observed loss rates.
These rates are calculated based on long-term average default experience.
Due to the short contractual maturity of receivables, the Group does not consider the impact
of forward-looking macroeconomic factors to be significant.
At 31 December 2025, 7 debtors including IATA Billing Settlement Plans (BSPs) as collecting agencies
from the worldwide travel agencies comprised 63% of the Group\u2019s trade and other receivables
excluding banks in default (at 31 December 2024: 5 debtors comprised 63%).
The following tables provide information about the exposure to credit risk for trade receivables
as at 31 December 2025, 31 December 2024.
31 December 2025
31 December 2024
Gross carrying Gross carrying
\u2019000
USD
amount
Loss allowance
amount
Loss allowance
Current (not past due)
23,193
(80)
13,383
(19)
1\u201330 days past due
390
\u2013
6,305
\u2013
31-90 days past due
369
\u2013
29
\u2013
More than 90 days past due
123
(123)
337
(337)
24,075
(203)
20,054
(356)
Amounts due from employees
In general, certain part of the Ab-initio pilot training costs is borne by the pilot trainees but are funded
by the Group through the provision of interest free loans to participants of the program. The Group
withholds the amounts due from pilots\u2019 salary on a monthly basis. Those pilots or cadets who leave
the Group are fully provided with respect of the credit losses.
Movements in the allowance for impairment in respect of trade and other
receivables
\u2019000
USD
2025
2024
Balance at 1 January
45,239
46,222
Accrual of impairment allowance
792
1,646
Foreign currency difference
157
(943)
Reversal of impairment allowance
(892)
(1,686)
Balance at 31 December
45,296
45,239
Guarantee Deposits
The main counterparties of the Group have a credit rating of at least \u201cBBB-\u201d S&P Global Ratings.
To determine whether published ratings remain up-to-date and to assess whether there has been a
significant increase in credit risk at the reporting date that has not been reflected in published ratings
the Group monitors changes in credit risk by tracking their financial stability.
12-month and lifetime probabilities of default are based on historical data supplied by S&P Global
Ratings for each credit rating. Loss given default (LGD) parameters generally reflect an assumed
recovery rate of 30% except when a security is credit-impaired, in which case the estimate of loss
is based on the instrument\u2019s current market price and original effective interest rate.
The following table presents credit ratings of guarantee deposits each of which were classified in stage 1:
31 December 2025
31 December 2024
Gross Total net Gross Total net
carrying 12 month carrying carrying 12 month carrying
\u2019000
USD Credit rating
amount ECL amount amount ECL amount
\u201cBBB-\u201d to \u201cA+\u201d
80,159
(113)
80,046
37,085
(58)
37,027
\u201cB+\u201d to \u201cBB+\u201d
4,340
(127)
4,213
2,535
(72)
2,463
Without ratings
11,513
(332)
11,181
2,717
(273)
2,444
96,012
(572)
95,440
42,337
(403)
41,934
The loss allowance recognised on guarantee deposits relates primarily to deposits placed with
counterparties without external credit ratings and reflects the higher probability of default associated
with such counterparties.
The Group did not have any guarantee deposits that were either past due or impaired.
\u2019000
USD
2025
2024
Balance at 1 January
(403)
(531)
Net re-measurement of loss allowance
(169)
128
Balance at 31 December
(572)
(403)
Cash and cash equivalents
The Group held cash and cash equivalents of USD 472,876 thousand at 31 December 2025
(2024: USD 488,702 thousand). The cash and cash equivalents are held with government, bank and
financial institution counterparties, most of which are rated \u201cBBB\u201d to \u201cA+\u201d, based on S&P Global ratings.
Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and
reflects the short maturities of the exposures. The Group believes that its cash and cash equivalents
have low credit risk based on the external credit ratings of the counterparties.
The Group uses a similar approach for assessment of ECLs for cash and cash equivalents to those used
for bank and guarantee deposits. The following table presents an analysis of the credit quality of cash
and cash equivalents measured at amortised cost:
31 December 2025
31 December 2024
Gross Gross
carrying 12 month Carrying carrying 12 month Carrying
\u2019000
USD Credit rating
amount ECL amount amount ECL amount
\u201cBBB-\u201d to \u201cA+\u201d
472,483
(14)
472,469
474,122
(12)
474,110
\u201cB+\u201d to \u201cBB+\u201d
407
\u2013
407
14,592
\u2013
14,592
472,890
(14)
472,876
488,714
(12)
488,702
Interest rate risk
The Group is not exposed to significant interest rate risk because the Group mainly borrows funds at
fixed interest rates.
Foreign currency risk
The Group is exposed to foreign currency risk on sales and purchases that are denominated in
currencies other than the US Dollar. The currencies giving rise to this risk are primarily Tenge and Euro.
For amounts of liabilities denominated in foreign currency refer to Note 18. The management believes
that it has taken appropriate measures to support the sustainability of the Group\u2019s business under the
current circumstances.
Foreign currency sensitivity analysis
The Group is mainly exposed to the risk of change of exchange rates of the US Dollar against Tenge
and Euro.
The carrying value of the Group\u2019s monetary assets and liabilities in foreign currency as at the reporting
date has been provided below. This disclosure excludes assets and liabilities denominated in other
currencies as they do not have significant effect on the consolidated financial statements of the Group.
31 December 2025
31 December 2024
\u2019000
USD
Notes
Tenge
Euro
Tenge
Euro
Assets
Other taxes prepaid
17
31,900
\u2013
13,792
\u2013
Trade and other receivables
16
12,503
1,256
14,463
1,15 6
Income tax prepaid
7,105
\u2013
12,999
\u2013
Cash and cash equivalents
18
25,557
2,634
12,879
5,978
Guarantee deposits
540
333
323
295
Total
77,605
4,223
54,456
7,429
Liabilities
Trade and other payables
23
52,156
7,669
63,156
6,105
Lease liabilities
11,989
\u2013
7,897
\u2013
Total
64,145
7,669
71,053
6,105
Net position
13,460
(3,446)
(16,597)
1,324
In 2025 the following table details the Group\u2019s sensitivity of weakening of the US Dollar against the
Tenge by 10% (2024:10%) and Euro by 10% (2024: 10%) and strengthening of the US Dollar against
the Tenge by 10% (2024: 10%) and Euro by 10% (2024: 10%).
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and
adjusts their translation at the period end for abovementioned sensitivity ratios.
The sensitivity analysis includes trade and other receivables, cash and cash equivalents, bank deposits,
guarantee deposits, trade and other payables, loans and lease liabilities.
A negative number below indicates a decrease in Profit or Loss and positive number would be an
opposite impact on the Profit or Loss:
Weakening of US Dollar
Strengthening of US Dollar
\u2019000
USD
Tenge
Euro
Tenge
Euro
31 December 2025
10%
10%
10%
10%
(Loss)/profit
(1,077)
276
1,077
(276)
Weakening of US Dollar
Strengthening of US Dollar
\u2019000
USD
Tenge
Euro
Tenge
Euro
31 December 2024
10%
10%
10%
10%
(Loss)/profit
(1,328)
106
1,328
(106)
The Group limits the currency risk by monitoring changes in exchange rates of foreign currencies in
which trade and other receivables, cash and cash equivalents, bank deposits, guarantee deposits,
trade and other payables and loans and lease liabilities are denominated.
Fuel price risk
The Group is exposed to fuel price risk. In order to mitigate such risk, under the Group\u2019s fuel price risk
management strategy Asian Call Option contracts are entered into. The Group strategy is to hedge a
proportion of fuel consumption up to two years within the approved hedging profile.
The following table demonstrates the sensitivity of Asian Call Option contracts to a reasonable possible
change in fuel prices, based on current market volatility, with all other variables held constant, on the
result before tax and equity. The sensitivity analysis has been performed on fuel derivatives at the
reporting date only and is not reflective of the impact had the sensitivity rates been applied through
the duration of the years to 31 December 2025 and 2024:
\u2019000
USD
31 December 2025
31 December 2024
Increase/(decrease) in fuel price per cent
10%
(10%)
10%
(10%)
Effect on equity
437
(92)
640
(158)
Effect of fuel price change on profit-before tax is estimated to be zero.
Climate-related considerations
The Group monitors developments in climate-related regulation and industry initiatives aimed at
reducing greenhouse gas emissions in the aviation sector. The global aviation industry has committed
to achieving net-zero carbon emissions by 2050, which is also reflected in the Group\u2019s long-term
sustainability ambitions. Alongside the assessment of climate related physical risks, the Group is
also assessing measures to support the transition of the aviation sector, including the potential use
of sustainable aviation fuel over time. Management has considered whether climate-related matters
could affect significant accounting estimates applied in the preparation of the consolidated financial
statements and concluded that, as at the reporting date, no material adjustments to the carrying
amounts of the Group\u2019s assets and liabilities were required.
Liquidity risk management
Liquidity risk is the risk that a Group will encounter difficulty in meeting the obligations associated
with its liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to
meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Group\u2019s reputation.
Ultimate responsibility for liquidity risk management rests with the Group\u2019s Management. The Group
manages liquidity risk by maintaining adequate reserves, continuously monitoring forecast and actual
cash flows and matching the maturity profiles of financial assets and liabilities.
Liquidity and interest risk tables
The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial
liabilities and assets. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Group can be required to pay.
The maturity analysis of lease liabilities presented below reflects the Group\u2019s contractual undiscounted
lease payments. The total undiscounted lease payments differ from the carrying amount of lease
liabilities recognised in the statement of financial position because lease liabilities are measured
at the present value of future lease payments using the Group\u2019s incremental borrowing rate.
3 months
\u2019000
USD
Up to 3 months
to 1 year
1-5 years
Over 5 years
Total
31 December 2025
Financial assets
Trade and other receivables
23,862
2,13 4
1,662
\u2013
27,658
Guarantee deposits
1,936
48,551
11,214
34,311
96,012
Cash and cash equivalents
472,876
\u2013
\u2013
\u2013
472,876
Financial liabilities
Non-interest bearing
Trade and other payables
82,447
21,577
\u2013
\u2013
104,024
Fixed rate
Loans
134
475
3,889
1,094
5,592
Lease liabilities
111,071
334,009
874,633
178,879
1,498,592
3 months
\u2019000
USD
Up to 3 months
to 1 year
1-5 years
Over 5 years
Total
31 December 2024
Financial assets
Trade and other receivables
19,377
1,424
630
\u2013
21,431
Guarantee deposits
616
2,623
10,536
28,197
41,972
Cash and cash equivalents
488,702
\u2013
\u2013
\u2013
488,702
Financial liabilities
Non-interest bearing
Trade and other payables
7 7,064
9,102
\u2013
\u2013
86,16 6
Fixed rate
Loans
24
72
478
183
757
Lease liabilities
58,312
168,276
675,020
170,589
1,072,197
Fair values
Cash and cash equivalents
The carrying value of cash and cash equivalents approximates their fair value as they either have
short- term maturity or are interest-bearing and hence are not discounted.
Fuel call options
The Group uses options to hedge the risk of jet fuel price movement. The Group uses standard market
instruments for fuel hedging purposes, such as \u201ccall option\u201d (where the premium is paid in advance
b\u0443 the Group to cover the risk of increases of commodity price above the predetermined level).
Since there is no possibility to hedge the risk of changes in jet fuel prices purchased from call option
suppliers, the Group hedges only the amount of fuel purchased outside the Republic of Kazakhstan
signing a general agreement with several international banks on the conclusion of derivative
transactions. The management of the Group determines the volume of jet fuel that will b\u0435 hedged
before executing the deal. Hedging is carried out according to the Fuel hedging policy approved b\u0443
the directors and shareholders of the Group. The Group determines the economic relationship between
the hedge instrument and the hedge item by analyzing the historic price movement of aviation fuel
and Brent by performing a regression analysis. The resulting Beta coefficient is assessed for statistical
significance and used as a hedge ratio.
The hedge ineffectiveness comes from the probability that due to constantly changing economic
conditions the highly probable transaction, purchase of aviation fuel, might not occur.
The fair values (FV) of financial assets and financial liabilities of the Group are determined in accordance
with generally accepted pricing models based on discounted cash flow analysis using prices from
observable current market transactions and dealer quotes for similar instruments.
The Group applied discounted expected future cash flows method under income approach to reach
fair value of the instruments. The cash-flows represent payouts from the counterparties to the Group
in case of a floating price exceeding a strike price.
To estimate payouts the Group applied Monte Carlo method based on Geometric Brownian Motion
model. The following key inputs parameters were used by the Group in their model:
\u2013 Spot: Brent Crude Oil futures last price as at 31 December 2025 and 31 December 2024;
\u2013 Growth rate: futures curve for Crude Oil, Brent (ICE) according to Bloomberg;
\u2013 Volatility: Implied volatility for Brent Crude oil according to Bloomberg; and
These hedge items are highly probable future transactions planned for the first half of 2026.
International fuel uplift volumes partially hedged for the first half of 2026. The hedge instrument is
the crude oil call option with the strike prices of USD 70 and USD 65 per barrel. Based on the hedge
ratio of 1.439, the Group hedged 191,965 barrels of fuel as of 31 December 2025 (31 December 2024:
183,912 barrels). Due to the short-term maturity the Group does not expect significant changes in the
fair value of the instruments.
Level 2 fair values for financial assets and liabilities at fair value through profit or loss have been
generally derived using the fair value valuation reports provided b\u0443 the banks which participate in
hedging transactions. The most significant input into this valuation approach are time left to maturity
of the deal, forward and spot prices of crude oil.
The Group has no other financial and non-financial instruments that are measured subsequent to initial
recognition at fair value, grouped into Levels 1 to 3 of fair value hierarchy.
Guarantee Deposits
Guarantee Deposits are recognised at amortised cost. The management believes that their carrying
amounts approximate their fair value.
Trade and other receivables and payables
For receivables and payables with a maturity of less than six months fair value is not materially
different from the carrying amount because the effect of the time value of money is not material.
Ab- initio receivables are recorded at fair value at initial recognition and subsequently measured at
amortised cost. The management believes that their carrying amounts approximate their fair value.
Loans
Loans are recognised at amortised cost. The management believes that their carrying amounts
approximate their fair values.
26. Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values for financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a finance department that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. The finance department regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS Accounting Standards, including the level in the fair value hierarchy in which such valuations should be classified. If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. As at 31 December 2025 and 2024 all of the Group\u2019s assets were measured at amortised cost except for fuel call options. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2013 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Further information about the assumptions made in measuring fair values is included in Note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "24. Lease liabilities As at 31 December 2025 the Group has one Boeing 767 aircraft under fixed interest lease agreements with transfer of title (2024: three Boeing 767 aircraft). During 2025, the Group has repaid finance lease with the transfer of title for two Boeing 767. In 2024, the Group fully repaid liabilities related to five Airbus A320 family aircraft with transfer of title. The Group\u2019s borrowings and lease liabilities do not contain financial covenants that require compliance after the reporting date as a condition for classifying the liabilities as non-current. Certain financing agreements include cross-default clauses; however, these do not impose separate covenant compliance requirements within twelve months after the reporting date. Accordingly, the classification of the Group\u2019s liabilities as current or non-current is not affected by covenant conditions. These requirements have been met as at 31 December 2025 and 2024. All other aircraft leases other than described above are contracted without the right for purchase at the end of the lease term. The Group\u2019s lease liabilities are effectively secured by the lessors\u2019 rights to the underlying leased aircraft in the event of default under the lease agreements. The Group does not obtain legal title to these assets during the lease term. The Group\u2019s obligations under leases are secured by the lessors\u2019 title to the leased assets. These assets have a carrying value of USD 960,971 thousand (2024: USD 889,329 thousand) (Note 11). The Group\u2019s lease obligations are mainly denominated in US Dollars. Certain lease agreements may also require the Group to provide security deposits or guarantees in favour of the lessors in accordance with the respective lease terms. Reconciliation of movements of loans and lease liabilities to cash flows arising from financing activities
\u2019000
USD
Loans
Lease liabilities
Total
Balance as at 1 January 2025
577
888,661
889,238
Proceeds from borrowings
5,533
\u2013
5,533
Repayment of lease liabilities
\u2013
(190,762)
(190,762)
Interest paid
(305)
(66,356)
(66,661)
Repayment of additional financing
(528)
\u2013
(528)
Total changes from financing cash flows
4,700
(257,118)
(252,418)
Effect of changes in foreign exchange rates
\u2013
525
525
Other changes
New leases and modifications
\u2013
344,717
344,717
Non-cash settlement due to netting with guarantee deposits
\u2013
(1,630)
(1,630)
Gain from early return of aircraft
Interest expense (Note 9)
315
69,212
69,527
Total other changes
315
412,299
412,614
Balance as at 31 December 2025
5,592
1,044,367
1,049,959
\u2019000
USD
Loans
Lease liabilities
Total
Balance as at 1 January 2024
412
718,893
719,305
Repayment of borrowings
(38,016)
\u2013
(38,016)
Proceeds from borrowings
37,6 00
\u2013
37,600
Additional financing from sale and leaseback
593
\u2013
593
Repayment of lease liabilities
\u2013
(190,331)
(190,331)
Repayment of additional financing
(426)
\u2013
(426)
Interest paid
(520)
(53,911)
(54,431)
Total changes from financing cash flows
(769)
(244,242)
(245,011)
Effect of changes in foreign exchange rates
417
(1,175)
(758)
Other changes
New leases and modifications
\u2013
367,045
367,045
Non-cash settlement due to netting with guarantee deposits
\u2013
(3,087)
(3,087)
Gain from early return of aircraft
\u2013
(2,875)
(2,875)
Interest expense (Note 9)
517
54,102
54,619
Total other changes
517
415,185
415,702
Balance as at 31 December 2024
577
888,661
889,238
On 1 July 2015 the Group designated a portion of its US Dollar lease obligations with transfer of title as hedges of highly probable future US Dollar revenue streams. The Group applied the cash flow hedge accounting model to this hedging transaction in accordance with IAS 39. In connection with the transition of the functional currency to US Dollar, this hedge ceased to be economically effective from 31 December 2017. At 31 December 2025 a foreign currency hedge on the lease liabilities with transfer of title was fully realized (31 December 2024: foreign currency loss of USD 6,899 thousand before deferred income tax of USD 1,380 thousand). As a result of the change, the hedge relationship has been discontinued so that starting from 1 January 2018 no further foreign currency translation gains or losses are transferred from profit or loss to the hedge reserve, and the hedge reserve recognised in equity as at 31 December 2017 shall remain in equity until the forecasted revenue cash flows are received. During 2025 the amount reclassified from the hedging reserve to foreign exchange loss in the consolidated statement of comprehensive income was USD 6,899 thousand (before deferred income tax of USD 1,380 thousand) (2024: USD 12,714 thousand before deferred income tax of USD 2,543 thousand). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "24. Lease liabilities As at 31 December 2025 the Group has one Boeing 767 aircraft under fixed interest lease agreements with transfer of title (2024: three Boeing 767 aircraft). During 2025, the Group has repaid finance lease with the transfer of title for two Boeing 767. In 2024, the Group fully repaid liabilities related to five Airbus A320 family aircraft with transfer of title. The Group\u2019s borrowings and lease liabilities do not contain financial covenants that require compliance after the reporting date as a condition for classifying the liabilities as non-current. Certain financing agreements include cross-default clauses; however, these do not impose separate covenant compliance requirements within twelve months after the reporting date. Accordingly, the classification of the Group\u2019s liabilities as current or non-current is not affected by covenant conditions. These requirements have been met as at 31 December 2025 and 2024. All other aircraft leases other than described above are contracted without the right for purchase at the end of the lease term. The Group\u2019s lease liabilities are effectively secured by the lessors\u2019 rights to the underlying leased aircraft in the event of default under the lease agreements. The Group does not obtain legal title to these assets during the lease term. The Group\u2019s obligations under leases are secured by the lessors\u2019 title to the leased assets. These assets have a carrying value of USD 960,971 thousand (2024: USD 889,329 thousand) (Note 11). The Group\u2019s lease obligations are mainly denominated in US Dollars. Certain lease agreements may also require the Group to provide security deposits or guarantees in favour of the lessors in accordance with the respective lease terms. Reconciliation of movements of loans and lease liabilities to cash flows arising from financing activities
\u2019000
USD
Loans
Lease liabilities
Total
Balance as at 1 January 2025
577
888,661
889,238
Proceeds from borrowings
5,533
\u2013
5,533
Repayment of lease liabilities
\u2013
(190,762)
(190,762)
Interest paid
(305)
(66,356)
(66,661)
Repayment of additional financing
(528)
\u2013
(528)
Total changes from financing cash flows
4,700
(257,118)
(252,418)
Effect of changes in foreign exchange rates
\u2013
525
525
Other changes
New leases and modifications
\u2013
344,717
344,717
Non-cash settlement due to netting with guarantee deposits
\u2013
(1,630)
(1,630)
Gain from early return of aircraft
Interest expense (Note 9)
315
69,212
69,527
Total other changes
315
412,299
412,614
Balance as at 31 December 2025
5,592
1,044,367
1,049,959
\u2019000
USD
Loans
Lease liabilities
Total
Balance as at 1 January 2024
412
718,893
719,305
Repayment of borrowings
(38,016)
\u2013
(38,016)
Proceeds from borrowings
37,6 00
\u2013
37,600
Additional financing from sale and leaseback
593
\u2013
593
Repayment of lease liabilities
\u2013
(190,331)
(190,331)
Repayment of additional financing
(426)
\u2013
(426)
Interest paid
(520)
(53,911)
(54,431)
Total changes from financing cash flows
(769)
(244,242)
(245,011)
Effect of changes in foreign exchange rates
417
(1,175)
(758)
Other changes
New leases and modifications
\u2013
367,045
367,045
Non-cash settlement due to netting with guarantee deposits
\u2013
(3,087)
(3,087)
Gain from early return of aircraft
\u2013
(2,875)
(2,875)
Interest expense (Note 9)
517
54,102
54,619
Total other changes
517
415,185
415,702
Balance as at 31 December 2024
577
888,661
889,238
On 1 July 2015 the Group designated a portion of its US Dollar lease obligations with transfer of title as
hedges of highly probable future US Dollar revenue streams. The Group applied the cash flow hedge
accounting model to this hedging transaction in accordance with IAS 39.
In connection with the transition of the functional currency to US Dollar, this hedge ceased to be
economically effective from 31 December 2017. At 31 December 2025 a foreign currency hedge on
the lease liabilities with transfer of title was fully realized (31 December 2024: foreign currency loss
of USD 6,899 thousand before deferred income tax of USD 1,380 thousand). As a result of the change,
the hedge relationship has been discontinued so that starting from 1 January 2018 no further foreign
currency translation gains or losses are transferred from profit or loss to the hedge reserve, and the
hedge reserve recognised in equity as at 31 December 2017 shall remain in equity until the forecasted
revenue cash flows are received.
During 2025 the amount reclassified from the hedging reserve to foreign exchange loss in the
consolidated statement of comprehensive income was USD 6,899 thousand (before deferred income
tax of USD 1,380 thousand) (2024: USD 12,714 thousand before deferred income tax of USD 2,543
thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "25. Financial instruments Exposure to credit, interest rate, currency and commodity price risk arises in the normal course of the Group\u2019s business. The Group does not hedge its exposure to such risks, other than commodity price risk and interest rate risks arising from lease contractual obligations as discussed below. Capital management The Group manages its capital to ensure the Group will be able to continue as a going concern while maximising the return to the shareholders through the optimisation of the debt and equity balance. The Group\u2019s current 10-year development Strategy was approved in 2017 and covers the years 2017-2026. The capital structure of the Group consists of net debt (comprising loans and lease obligations in Note 24) and equity of the Group (comprising issued capital, functional currency translation reserve, reserve on hedging instruments and retained earnings as detailed in Note 19). The Group is not subject to any externally imposed capital requirements. The Group does not have a target gearing ratio. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Credit exposure is controlled by counterparty limits that are reviewed and approved by the risk management committee annually. The maximum exposure to credit risk related to financial instruments, such as cash, guarantee deposits and accounts receivable, is calculated based on their book value. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased. As at 31 December 2025 and 31 December 2024 there was no significant concentration of credit risk in respect of trade accounts receivable (Note 16). The Group uses reputable banks and has established a cash investment policy which would limit the credit risk related to bank accounts and deposits. As a result of the increased credit risks on some of the banks, the management reconsidered its cash management policy in 2017 and reviewed the credit ratings of the major banks in Kazakhstan and placed its main amounts due from banks in banks with ratings of \u201cBBB- or higher. The carrying amounts of financial assets represent the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows:
\u2019000
USD
Note
2025
2024
Reversal of impairment loss on trade and other receivables
and prepayments
15, 16
290
35
(Accrual)/reversal of impairment loss on guarantee deposits
13
(169)
128
Accrual of impairment loss on cash and cash equivalents
18
(2)
(2)
119
161
Interest rate risk The Group is not exposed to significant interest rate risk because the Group mainly borrows funds at fixed interest rates. Foreign currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in currencies other than the US Dollar. The currencies giving rise to this risk are primarily Tenge and Euro. For amounts of liabilities denominated in foreign currency refer to Note 18. The management believes that it has taken appropriate measures to support the sustainability of the Group\u2019s business under the current circumstances. Foreign currency sensitivity analysis The Group is mainly exposed to the risk of change of exchange rates of the US Dollar against Tenge and Euro. The carrying value of the Group\u2019s monetary assets and liabilities in foreign currency as at the reporting date has been provided below. This disclosure excludes assets and liabilities denominated in other currencies as they do not have significant effect on the consolidated financial statements of the Group.
31 December 2025
31 December 2024
\u2019000
USD
Notes
Tenge
Euro
Tenge
Euro
Assets
Other taxes prepaid
17
31,900
\u2013
13,792
\u2013
Trade and other receivables
16
12,503
1,256
14,463
1,15 6
Income tax prepaid
7,105
\u2013
12,999
\u2013
Cash and cash equivalents
18
25,557
2,634
12,879
5,978
Guarantee deposits
540
333
323
295
Total
77,605
4,223
54,456
7,429
Liabilities
Trade and other payables
23
52,156
7,669
63,156
6,105
Lease liabilities
11,989
\u2013
7,897
\u2013
Total
64,145
7,669
71,053
6,105
Net position
13,460
(3,446)
(16,597)
1,324
In 2025 the following table details the Group\u2019s sensitivity of weakening of the US Dollar against the
Tenge by 10% (2024:10%) and Euro by 10% (2024: 10%) and strengthening of the US Dollar against the Tenge by 10% (2024: 10%) and Euro by 10% (2024: 10%). The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for abovementioned sensitivity ratios. The sensitivity analysis includes trade and other receivables, cash and cash equivalents, bank deposits, guarantee deposits, trade and other payables, loans and lease liabilities. A negative number below indicates a decrease in Profit or Loss and positive number would be an opposite impact on the Profit or Loss:
Weakening of US Dollar
Strengthening of US Dollar
\u2019000
USD
Tenge
Euro
Tenge
Euro
31 December 2025
10%
10%
10%
10%
(Loss)/profit
(1,077)
276
1,077
(276)
Weakening of US Dollar
Strengthening of US Dollar
\u2019000
USD
Tenge
Euro
Tenge
Euro
31 December 2024
10%
10%
10%
10%
(Loss)/profit
(1,328)
106
1,328
(106)
The Group limits the currency risk by monitoring changes in exchange rates of foreign currencies in which trade and other receivables, cash and cash equivalents, bank deposits, guarantee deposits, trade and other payables and loans and lease liabilities are denominated. Fuel price risk The Group is exposed to fuel price risk. In order to mitigate such risk, under the Group\u2019s fuel price risk management strategy Asian Call Option contracts are entered into. The Group strategy is to hedge a proportion of fuel consumption up to two years within the approved hedging profile. The following table demonstrates the sensitivity of Asian Call Option contracts to a reasonable possible change in fuel prices, based on current market volatility, with all other variables held constant, on the result before tax and equity. The sensitivity analysis has been performed on fuel derivatives at the reporting date only and is not reflective of the impact had the sensitivity rates been applied through the duration of the years to 31 December 2025 and 2024:
\u2019000
USD
31 December 2025
31 December 2024
Increase/(decrease) in fuel price per cent
10%
(10%)
10%
(10%)
Effect on equity
437
(92)
640
(158)
Effect of fuel price change on profit-before tax is estimated to be zero. Climate-related considerations The Group monitors developments in climate-related regulation and industry initiatives aimed at reducing greenhouse gas emissions in the aviation sector. The global aviation industry has committed to achieving net-zero carbon emissions by 2050, which is also reflected in the Group\u2019s long-term sustainability ambitions. Alongside the assessment of climate related physical risks, the Group is also assessing measures to support the transition of the aviation sector, including the potential use of sustainable aviation fuel over time. Management has considered whether climate-related matters could affect significant accounting estimates applied in the preparation of the consolidated financial statements and concluded that, as at the reporting date, no material adjustments to the carrying amounts of the Group\u2019s assets and liabilities were required. Liquidity risk management Liquidity risk is the risk that a Group will encounter difficulty in meeting the obligations associated with its liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Ultimate responsibility for liquidity risk management rests with the Group\u2019s Management. The Group manages liquidity risk by maintaining adequate reserves, continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity and interest risk tables The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities and assets. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The maturity analysis of lease liabilities presented below reflects the Group\u2019s contractual undiscounted lease payments. The total undiscounted lease payments differ from the carrying amount of lease liabilities recognised in the statement of financial position because lease liabilities are measured at the present value of future lease payments using the Group\u2019s incremental borrowing rate.
3 months
\u2019000
USD
Up to 3 months
to 1 year
1-5 years
Over 5 years
Total
31 December 2025
Financial assets
Trade and other receivables
23,862
2,13 4
1,662
\u2013
27,658
Guarantee deposits
1,936
48,551
11,214
34,311
96,012
Cash and cash equivalents
472,876
\u2013
\u2013
\u2013
472,876
Financial liabilities
Non-interest bearing
Trade and other payables
82,447
21,577
\u2013
\u2013
104,024
Fixed rate
Loans
134
475
3,889
1,094
5,592
Lease liabilities
111,071
334,009
874,633
178,879
1,498,592
3 months
\u2019000
USD
Up to 3 months
to 1 year
1-5 years
Over 5 years
Total
31 December 2024
Financial assets
Trade and other receivables
19,377
1,424
630
\u2013
21,431
Guarantee deposits
616
2,623
10,536
28,197
41,972
Cash and cash equivalents
488,702
\u2013
\u2013
\u2013
488,702
Financial liabilities
Non-interest bearing
Trade and other payables
7 7,064
9,102
\u2013
\u2013
86,16 6
Fixed rate
Loans
24
72
478
183
757
Lease liabilities
58,312
168,276
675,020
170,589
1,072,197
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "
Capital management
The Group manages its capital to ensure the Group will be able to continue as a going concern while
maximising the return to the shareholders through the optimisation of the debt and equity balance.
The Group\u2019s current 10-year development Strategy was approved in 2017 and covers the years
2017-2026.
The capital structure of the Group consists of net debt (comprising loans and lease obligations in
Note 24) and equity of the Group (comprising issued capital, functional currency translation reserve,
reserve on hedging instruments and retained earnings as detailed in Note 19).
The Group is not subject to any externally imposed capital requirements.
The Group does not have a target gearing ratio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Credit exposure is controlled by counterparty limits that are reviewed and approved by the risk management committee annually. The maximum exposure to credit risk related to financial instruments, such as cash, guarantee deposits and accounts receivable, is calculated based on their book value. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased. As at 31 December 2025 and 31 December 2024 there was no significant concentration of credit risk in respect of trade accounts receivable (Note 16). The Group uses reputable banks and has established a cash investment policy which would limit the credit risk related to bank accounts and deposits. As a result of the increased credit risks on some of the banks, the management reconsidered its cash management policy in 2017 and reviewed the credit ratings of the major banks in Kazakhstan and placed its main amounts due from banks in banks with ratings of \u201cBBB- or higher. The carrying amounts of financial assets represent the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows:
\u2019000
USD
Note
2025
2024
Reversal of impairment loss on trade and other receivables
and prepayments
15, 16
290
35
(Accrual)/reversal of impairment loss on guarantee deposits
13
(169)
128
Accrual of impairment loss on cash and cash equivalents
18
(2)
(2)
119
161
O", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "
\u2019000
USD
Note
2025
2024
Reversal of impairment loss on trade and other receivables
and prepayments
15, 16
290
35
(Accrual)/reversal of impairment loss on guarantee deposits
13
(169)
128
Accrual of impairment loss on cash and cash equivalents
18
(2)
(2)
119
161
O", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "Interest rate risk The Group is not exposed to significant interest rate risk because the Group mainly borrows funds at fixed interest rates. Foreign currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in currencies other than the US Dollar. The currencies giving rise to this risk are primarily Tenge and Euro. For amounts of liabilities denominated in foreign currency refer to Note 18. The management believes that it has taken appropriate measures to support the sustainability of the Group\u2019s business under the current circumstances. Foreign currency sensitivity analysis The Group is mainly exposed to the risk of change of exchange rates of the US Dollar against Tenge and Euro. The carrying value of the Group\u2019s monetary assets and liabilities in foreign currency as at the reporting date has been provided below. This disclosure excludes assets and liabilities denominated in other currencies as they do not have significant effect on the consolidated financial statements of the Group.
31 December 2025
31 December 2024
\u2019000
USD
Notes
Tenge
Euro
Tenge
Euro
Assets
Other taxes prepaid
17
31,900
\u2013
13,792
\u2013
Trade and other receivables
16
12,503
1,256
14,463
1,15 6
Income tax prepaid
7,105
\u2013
12,999
\u2013
Cash and cash equivalents
18
25,557
2,634
12,879
5,978
Guarantee deposits
540
333
323
295
Total
77,605
4,223
54,456
7,429
Liabilities
Trade and other payables
23
52,156
7,669
63,156
6,105
Lease liabilities
11,989
\u2013
7,897
\u2013
Total
64,145
7,669
71,053
6,105
Net position
13,460
(3,446)
(16,597)
1,324
In 2025 the following table details the Group\u2019s sensitivity of weakening of the US Dollar against the
Tenge by 10% (2024:10%) and Euro by 10% (2024: 10%) and strengthening of the US Dollar against the Tenge by 10% (2024: 10%) and Euro by 10% (2024: 10%). The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for abovementioned sensitivity ratios. The sensitivity analysis includes trade and other receivables, cash and cash equivalents, bank deposits, guarantee deposits, trade and other payables, loans and lease liabilities. A negative number below indicates a decrease in Profit or Loss and positive number would be an opposite impact on the Profit or Loss:
Weakening of US Dollar
Strengthening of US Dollar
\u2019000
USD
Tenge
Euro
Tenge
Euro
31 December 2025
10%
10%
10%
10%
(Loss)/profit
(1,077)
276
1,077
(276)
Weakening of US Dollar
Strengthening of US Dollar
\u2019000
USD
Tenge
Euro
Tenge
Euro
31 December 2024
10%
10%
10%
10%
(Loss)/profit
(1,328)
106
1,328
(106)
The Group limits the currency risk by monitoring changes in exchange rates of foreign currencies in which trade and other receivables, cash and cash equivalents, bank deposits, guarantee deposits, trade and other payables and loans and lease liabilities are denominated. Fuel price risk The Group is exposed to fuel price risk. In order to mitigate such risk, under the Group\u2019s fuel price risk management strategy Asian Call Option contracts are entered into. The Group strategy is to hedge a proportion of fuel consumption up to two years within the approved hedging profile. The following table demonstrates the sensitivity of Asian Call Option contracts to a reasonable possible change in fuel prices, based on current market volatility, with all other variables held constant, on the result before tax and equity. The sensitivity analysis has been performed on fuel derivatives at the reporting date only and is not reflective of the impact had the sensitivity rates been applied through the duration of the years to 31 December 2025 and 2024:
\u2019000
USD
31 December 2025
31 December 2024
Increase/(decrease) in fuel price per cent
10%
(10%)
10%
(10%)
Effect on equity
437
(92)
640
(158)
Effect of fuel price change on profit-before tax is estimated to be zero. Liquidity and interest risk tables The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities and assets. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The maturity analysis of lease liabilities presented below reflects the Group\u2019s contractual undiscounted lease payments. The total undiscounted lease payments differ from the carrying amount of lease liabilities recognised in the statement of financial position because lease liabilities are measured at the present value of future lease payments using the Group\u2019s incremental borrowing rate.
3 months
\u2019000
USD
Up to 3 months
to 1 year
1-5 years
Over 5 years
Total
31 December 2025
Financial assets
Trade and other receivables
23,862
2,13 4
1,662
\u2013
27,658
Guarantee deposits
1,936
48,551
11,214
34,311
96,012
Cash and cash equivalents
472,876
\u2013
\u2013
\u2013
472,876
Financial liabilities
Non-interest bearing
Trade and other payables
82,447
21,577
\u2013
\u2013
104,024
Fixed rate
Loans
134
475
3,889
1,094
5,592
Lease liabilities
111,071
334,009
874,633
178,879
1,498,592
3 months
\u2019000
USD
Up to 3 months
to 1 year
1-5 years
Over 5 years
Total
31 December 2024
Financial assets
Trade and other receivables
19,377
1,424
630
\u2013
21,431
Guarantee deposits
616
2,623
10,536
28,197
41,972
Cash and cash equivalents
488,702
\u2013
\u2013
\u2013
488,702
Financial liabilities
Non-interest bearing
Trade and other payables
7 7,064
9,102
\u2013
\u2013
86,16 6
Fixed rate
Loans
24
72
478
183
757
Lease liabilities
58,312
168,276
675,020
170,589
1,072,197
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "Foreign currency sensitivity analysis The Group is mainly exposed to the risk of change of exchange rates of the US Dollar against Tenge and Euro. The carrying value of the Group\u2019s monetary assets and liabilities in foreign currency as at the reporting date has been provided below. This disclosure excludes assets and liabilities denominated in other currencies as they do not have significant effect on the consolidated financial statements of the Group.
31 December 2025
31 December 2024
\u2019000
USD
Notes
Tenge
Euro
Tenge
Euro
Assets
Other taxes prepaid
17
31,900
\u2013
13,792
\u2013
Trade and other receivables
16
12,503
1,256
14,463
1,15 6
Income tax prepaid
7,105
\u2013
12,999
\u2013
Cash and cash equivalents
18
25,557
2,634
12,879
5,978
Guarantee deposits
540
333
323
295
Total
77,605
4,223
54,456
7,429
Liabilities
Trade and other payables
23
52,156
7,669
63,156
6,105
Lease liabilities
11,989
\u2013
7,897
\u2013
Total
64,145
7,669
71,053
6,105
Net position
13,460
(3,446)
(16,597)
1,324
In 2025 the following table details the Group\u2019s sensitivity of weakening of the US Dollar against the
Tenge by 10% (2024:10%) and Euro by 10% (2024: 10%) and strengthening of the US Dollar against the Tenge by 10% (2024: 10%) and Euro by 10% (2024: 10%). The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for abovementioned sensitivity ratios. The sensitivity analysis includes trade and other receivables, cash and cash equivalents, bank deposits, guarantee deposits, trade and other payables, loans and lease liabilities. A negative number below indicates a decrease in Profit or Loss and positive number would be an opposite impact on the Profit or Loss:
Weakening of US Dollar
Strengthening of US Dollar
\u2019000
USD
Tenge
Euro
Tenge
Euro
31 December 2025
10%
10%
10%
10%
(Loss)/profit
(1,077)
276
1,077
(276)
Weakening of US Dollar
Strengthening of US Dollar
\u2019000
USD
Tenge
Euro
Tenge
Euro
31 December 2024
10%
10%
10%
10%
(Loss)/profit
(1,328)
106
1,328
(106)
The Group limits the currency risk by monitoring changes in exchange rates of foreign currencies in which trade and other receivables, cash and cash equivalents, bank deposits, guarantee deposits, trade and other payables and loans and lease liabilities are denominated. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "Liquidity risk management Liquidity risk is the risk that a Group will encounter difficulty in meeting the obligations associated with its liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Ultimate responsibility for liquidity risk management rests with the Group\u2019s Management. The Group manages liquidity risk by maintaining adequate reserves, continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity and interest risk tables The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities and assets. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The maturity analysis of lease liabilities presented below reflects the Group\u2019s contractual undiscounted lease payments. The total undiscounted lease payments differ from the carrying amount of lease liabilities recognised in the statement of financial position because lease liabilities are measured at the present value of future lease payments using the Group\u2019s incremental borrowing rate.
3 months
\u2019000
USD
Up to 3 months
to 1 year
1-5 years
Over 5 years
Total
31 December 2025
Financial assets
Trade and other receivables
23,862
2,13 4
1,662
\u2013
27,658
Guarantee deposits
1,936
48,551
11,214
34,311
96,012
Cash and cash equivalents
472,876
\u2013
\u2013
\u2013
472,876
Financial liabilities
Non-interest bearing
Trade and other payables
82,447
21,577
\u2013
\u2013
104,024
Fixed rate
Loans
134
475
3,889
1,094
5,592
Lease liabilities
111,071
334,009
874,633
178,879
1,498,592
3 months
\u2019000
USD
Up to 3 months
to 1 year
1-5 years
Over 5 years
Total
31 December 2024
Financial assets
Trade and other receivables
19,377
1,424
630
\u2013
21,431
Guarantee deposits
616
2,623
10,536
28,197
41,972
Cash and cash equivalents
488,702
\u2013
\u2013
\u2013
488,702
Financial liabilities
Non-interest bearing
Trade and other payables
7 7,064
9,102
\u2013
\u2013
86,16 6
Fixed rate
Loans
24
72
478
183
757
Lease liabilities
58,312
168,276
675,020
170,589
1,072,197
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "Fair values Cash and cash equivalents The carrying value of cash and cash equivalents approximates their fair value as they either have short- term maturity or are interest-bearing and hence are not discounted. Fuel call options The Group uses options to hedge the risk of jet fuel price movement. The Group uses standard market instruments for fuel hedging purposes, such as \u201ccall option\u201d (where the premium is paid in advance b\u0443 the Group to cover the risk of increases of commodity price above the predetermined level). Since there is no possibility to hedge the risk of changes in jet fuel prices purchased from call option suppliers, the Group hedges only the amount of fuel purchased outside the Republic of Kazakhstan signing a general agreement with several international banks on the conclusion of derivative transactions. The management of the Group determines the volume of jet fuel that will b\u0435 hedged before executing the deal. Hedging is carried out according to the Fuel hedging policy approved b\u0443 the directors and shareholders of the Group. The Group determines the economic relationship between the hedge instrument and the hedge item by analyzing the historic price movement of aviation fuel and Brent by performing a regression analysis. The resulting Beta coefficient is assessed for statistical significance and used as a hedge ratio. The hedge ineffectiveness comes from the probability that due to constantly changing economic conditions the highly probable transaction, purchase of aviation fuel, might not occur. The fair values (FV) of financial assets and financial liabilities of the Group are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments. The Group applied discounted expected future cash flows method under income approach to reach fair value of the instruments. The cash-flows represent payouts from the counterparties to the Group in case of a floating price exceeding a strike price. To estimate payouts the Group applied Monte Carlo method based on Geometric Brownian Motion model. The following key inputs parameters were used by the Group in their model: \u2013 Spot: Brent Crude Oil futures last price as at 31 December 2025 and 31 December 2024; \u2013 Growth rate: futures curve for Crude Oil, Brent (ICE) according to Bloomberg; \u2013 Volatility: Implied volatility for Brent Crude oil according to Bloomberg; and These hedge items are highly probable future transactions planned for the first half of 2026. International fuel uplift volumes partially hedged for the first half of 2026. The hedge instrument is the crude oil call option with the strike prices of USD 70 and USD 65 per barrel. Based on the hedge ratio of 1.439, the Group hedged 191,965 barrels of fuel as of 31 December 2025 (31 December 2024: 183,912 barrels). Due to the short-term maturity the Group does not expect significant changes in the fair value of the instruments. Level 2 fair values for financial assets and liabilities at fair value through profit or loss have been generally derived using the fair value valuation reports provided b\u0443 the banks which participate in hedging transactions. The most significant input into this valuation approach are time left to maturity of the deal, forward and spot prices of crude oil. The Group has no other financial and non-financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 of fair value hierarchy. Guarantee Deposits Guarantee Deposits are recognised at amortised cost. The management believes that their carrying amounts approximate their fair value. Trade and other receivables and payables For receivables and payables with a maturity of less than six months fair value is not materially different from the carrying amount because the effect of the time value of money is not material. Ab- initio receivables are recorded at fair value at initial recognition and subsequently measured at amortised cost. The management believes that their carrying amounts approximate their fair value. Loans Loans are recognised at amortised cost. The management believes that their carrying amounts approximate their fair values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "
26. Measurement of fair values
A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values
for financial assets and liabilities.
The Group has an established control framework with respect to the measurement of fair values.
This includes a finance department that has overall responsibility for overseeing all significant fair
value measurements, including Level 3 fair values.
The finance department regularly reviews significant unobservable inputs and valuation adjustments.
If third party information, such as broker quotes or pricing services, is used to measure fair values,
then the valuation team assesses the evidence obtained from the third parties to support the conclusion
that such valuations meet the requirements of IFRS Accounting Standards, including the level in the fair
value hierarchy in which such valuations should be classified.
If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels
of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level
of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting
period during which the change has occurred.
As at 31 December 2025 and 2024 all of the Group\u2019s assets were measured at amortised cost except
for fuel call options.
When measuring the fair value of an asset or a liability, the Group uses market observable data as far
as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs
used in the valuation techniques as follows:
\u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2013 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
\u2013 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or a liability might be categorised in different
levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the
same level of the fair value hierarchy as the lowest level input that is significant to the entire
measurement.
Further information about the assumptions made in measuring fair values is included in Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
27. Commitments and contingencies
Lease commitments
Aircraft
Aircraft leases are for terms of between 4 to 12 years. All lease contracts contain market review clauses
in the event that the parties agree to renew the leases. Certain lease agreements with transfer of title
include an option to purchase the aircraft at the end of the lease term. Other aircraft lease agreements
do not include a purchase option at expiry of the lease period.
The fixed payments and in-substance fixed payments are denominated and settled in US Dollars.
This currency is routinely used in international commerce for aircraft leases.
The following table presents commitments for aircraft lease agreements that have been signed but
for which the lease term has not yet commenced. Accordingly, the related lease liabilities have not
yet been recognised in the statement of financial position.
The Group has commitments for aircraft leases not yet commenced, with deliveries expected from
2026 onwards.
31 December 31 December
\u2019000
USD
2025 2024
Within one year
15,011
29,084
After one year but not more than five years
669,932
772,349
More than five years
843,828
941,398
1,528,771
1,742,831
During 2024 the Group has placed the orders and signed respective lease agreements for 40 aircraft
\u2013 Boeing 787, Airbus 321LR, A321Neo, A320Neo, A320ceo and A320neo in low-cost carrier configuration
with deliveries in period from 2023 to 2028.
During 2025, two Airbus A320neo, two Airbus A320ceo, one Airbus A321neo, and three additional
Airbus A320neo in LCC configuration were delivered, while three Embraer E190-E2 were redelivered.
In addition, during the year, two lease agreements were signed for the future delivery of two Airbus
A321neo LR.
Lease extensions were also executed in 2025 for two Airbus A321neo, one Airbus A320neo, and one
Airbus A320ceo.
Insurance
Aviation insurance
Air Astana puts substantial attention in contracting insurance coverage for its aircraft operations and
hence hedges aviation risks with major international insurance markets (e.g. Lloyd\u2019s) with a high rating
of financial stability through the services of an international reputable broker. Types of insurance
coverage are stated below:
\u2013 Aviation Hull, Total Loss Only and Spares All risks and Airline Liability including Passenger Liability;
\u2013 Aircraft Hull and Spare Engine Deductible;
\u2013 Aviation Hull and Spares \u201cWar and Allied Perils\u201d;
\u2013 Aviation War, Hi-Jacking and Other Perils Excess Liability.
Non \u2013 Aviation Insurance
Apart from aviation insurance coverage the Group constantly purchases non-aviation insurance policies
to reduce the financial risk of damage to property and general liability, as well as covering employees
from accidents and medical expenses, as follows:
\u2013 Medical insurance of employees;
\u2013 Directors, Officers and Corporate liability insurance;
\u2013 Property insurance;
\u2013 Comprehensive vehicle insurance;
\u2013 Compulsory insurance of employee from accidents during execution of labour (service) duties;
\u2013 Pilot\u2019s loss of license insurance;
\u2013 Insurance of goods at warehouse;
\u2013 Cyber insurance.
Taxation contingencies
The taxation system in Kazakhstan is relatively new and is characterized by frequent changes in
legislation, official pronouncements and court decisions, which are often unclear, contradictory and
subject to varying interpretation by different tax authorities, including opinions with respect to IFRS
Accounting Standards treatment of revenues, expenses and other items in the consolidated financial
statements. Taxes are subject to review and investigation by various levels of authorities, which have
the authority to impose severe fines and interest charges. A tax year generally remains open for review
by the tax authorities for five subsequent calendar years; however, under certain circumstances a tax
year may remain open longer.
The management believes that it has provided adequately for tax liabilities based on its interpretations
of applicable tax legislation, official pronouncements and court decisions. However, the interpretations
of the relevant authorities could differ and the effect on these consolidated financial statements, if the
authorities were successful in enforcing their interpretations, could be significant.
The functional currency of the Company is US Dollar, as it best reflects the economic substance of
the underlying events and circumstances of the Company. The Tax Code of the Republic of Kazakhstan
does not contain provisions which would regulate questions arising from the application of functional
currency in accounting books different from tenge. However, the Tax Code requires all taxpayers in
Kazakhstan to maintain their tax records and to settle tax liabilities in tenge. Therefore, the Group also
maintains records and conducts calculations in tenge for the purpose of taxation and settlement of tax
liabilities and makes certain estimates in this respect. The management believes that such approach
is the most appropriate under the current legislation.
Operating Environment
The future economic direction of Kazakhstan is heavily influenced by the fiscal and monetary policies
adopted by the government, together with developments in the legal, regulatory, and political
environment. As Kazakhstan produces and exports large volumes of oil and gas, its economy is
particularly sensitive to the price of oil and gas on the world market.
Depreciation of the Kazakhstan Tenge, volatility in the global price of oil and geopolitical conflicts
have also increased the level of uncertainty in the business environment. The consolidated financial
statements reflect the management\u2019s assessment of the impact of the Kazakhstan business
environment on the operations and the financial position of the Group. The future business
environment may differ from the management\u2019s assessment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "Lease commitments Aircraft Aircraft leases are for terms of between 4 to 12 years. All lease contracts contain market review clauses in the event that the parties agree to renew the leases. Certain lease agreements with transfer of title include an option to purchase the aircraft at the end of the lease term. Other aircraft lease agreements do not include a purchase option at expiry of the lease period. The fixed payments and in-substance fixed payments are denominated and settled in US Dollars. This currency is routinely used in international commerce for aircraft leases. The following table presents commitments for aircraft lease agreements that have been signed but for which the lease term has not yet commenced. Accordingly, the related lease liabilities have not yet been recognised in the statement of financial position. The Group has commitments for aircraft leases not yet commenced, with deliveries expected from 2026 onwards.
31 December 31 December
\u2019000
USD
2025 2024
Within one year
15,011
29,084
After one year but not more than five years
669,932
772,349
More than five years
843,828
941,398
1,528,771
1,742,831
During 2024 the Group has placed the orders and signed respective lease agreements for 40 aircraft \u2013 Boeing 787, Airbus 321LR, A321Neo, A320Neo, A320ceo and A320neo in low-cost carrier configuration with deliveries in period from 2023 to 2028. During 2025, two Airbus A320neo, two Airbus A320ceo, one Airbus A321neo, and three additional Airbus A320neo in LCC configuration were delivered, while three Embraer E190-E2 were redelivered. In addition, during the year, two lease agreements were signed for the future delivery of two Airbus A321neo LR. Lease extensions were also executed in 2025 for two Airbus A321neo, one Airbus A320neo, and one Airbus A320ceo. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "Taxation contingencies The taxation system in Kazakhstan is relatively new and is characterized by frequent changes in legislation, official pronouncements and court decisions, which are often unclear, contradictory and subject to varying interpretation by different tax authorities, including opinions with respect to IFRS Accounting Standards treatment of revenues, expenses and other items in the consolidated financial statements. Taxes are subject to review and investigation by various levels of authorities, which have the authority to impose severe fines and interest charges. A tax year generally remains open for review by the tax authorities for five subsequent calendar years; however, under certain circumstances a tax year may remain open longer. The management believes that it has provided adequately for tax liabilities based on its interpretations of applicable tax legislation, official pronouncements and court decisions. However, the interpretations of the relevant authorities could differ and the effect on these consolidated financial statements, if the authorities were successful in enforcing their interpretations, could be significant. The functional currency of the Company is US Dollar, as it best reflects the economic substance of the underlying events and circumstances of the Company. The Tax Code of the Republic of Kazakhstan does not contain provisions which would regulate questions arising from the application of functional currency in accounting books different from tenge. However, the Tax Code requires all taxpayers in Kazakhstan to maintain their tax records and to settle tax liabilities in tenge. Therefore, the Group also maintains records and conducts calculations in tenge for the purpose of taxation and settlement of tax liabilities and makes certain estimates in this respect. The management believes that such approach is the most appropriate under the current legislation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
28. Related party transactions
Management remuneration
Key management that have authority and responsibility regarding management, control and planning
of the Group\u2019s activity received the following remuneration during the year, which is included in
employee costs (Note 8):
\u2019000
USD
2025
2024
Wages and salaries
11,263
7, 599
Share-based payment
1,423
1,571
Social tax
1,176
865
Termination benefits
27
318
13,889
10,353
Transactions with related parties
For the purposes of these consolidated financial statements, related parties include:
\u2013 JSC \u201cNational Welfare Fund Samruk-Kazyna\u201d, which holds 41% of the Group\u2019s shares as at
31 December 2025 and exercises significant influence over the Group;
\u2013 entities controlled or significantly influenced by the Government of the Republic of Kazakhstan
(government-related entities);
\u2013 key management personnel of the Group and their close family members; and
\u2013 entities controlled or jointly controlled by such persons.
The Government of the Republic of Kazakhstan is the ultimate controlling party of JSC \u201cNational Welfare
Fund Samruk-Kazyna\u201d.
Accordingly, entities controlled or significantly influenced by the Government of the Republic of
Kazakhstan are considered government-related entities for the purposes of IAS 24.
Until 18 December 2025, BAE Systems Kazakhstan Limited held 16.95% of the Group\u2019s shares and was
considered a related party due to its significant influence.
On 18 December 2025, BAE Systems Kazakhstan Limited disposed of 10.1% of its shareholding, reducing
its ownership interest to 6.85%.
Following this transaction, BAE Systems Kazakhstan Limited no longer has significant influence over the
Group and therefore ceased to be a related party from that date.
Transactions with BAE Systems Kazakhstan Limited up to 18 December 2025 are disclosed as related
party transactions. Among shareholders and their subsidiaries, JSC NC KazMunayGas and its subsidiaries
represent the Group\u2019s only individually significant supplier, primarily in respect of fuel purchases.
The following table represents the related party transactions:
2025
2024
\u2019000
USD
Transaction Outstanding Transaction Outstanding
Services received value balance value balance
State-owned companies
64,919
(114)
107,654
2,173
64,919
(114)
107,654
2,173
JSC NC KazMunayGas and its subsidiaries
2 27,4 0 8
(4,835)
74,615
(4,467)
Other shareholders and their subsidiaries
629
(38)
670
(12)
292,956
(4,987)
182,939
(2,306)
Services from related parties are represented by airport, navigation, meteorological forecasting services
and fuel.
Among the shareholders and their subsidiaries, JSC NC Kazpost and its subsidiaries are the only
significant client of the Group.
2025
2024
\u2019000
USD
Transaction Outstanding Transaction Outstanding
Services provided by the Group value balance value balance
JSC NC Kazpost and its subsidiaries
940
196
1,168
186
Other shareholders and their subsidiaries
329
9
167
3
1,269
205
1,335
186
All outstanding balances with related parties are to be settled in cash within six months of the
reporting date. None of the balances are secured.
Transactions with government-related entities
The Group transacts with a number of entities that are controlled by the Government of Kazakhstan.
The Group applies the exemption in IAS 24 Related Party Disclosures that allows to present reduced
related party disclosures regarding transactions with government-related entities.
These transactions are conducted in the ordinary course of the Group\u2019s business on terms comparable
to those with other entities that are not government-related.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "28. Related party transactions Management remuneration Key management that have authority and responsibility regarding management, control and planning of the Group\u2019s activity received the following remuneration during the year, which is included in employee costs (Note 8):
\u2019000
USD
2025
2024
Wages and salaries
11,263
7, 599
Share-based payment
1,423
1,571
Social tax
1,176
865
Termination benefits
27
318
13,889
10,353
Transactions with related parties For the purposes of these consolidated financial statements, related parties include: \u2013 JSC \u201cNational Welfare Fund Samruk-Kazyna\u201d, which holds 41% of the Group\u2019s shares as at 31 December 2025 and exercises significant influence over the Group; \u2013 entities controlled or significantly influenced by the Government of the Republic of Kazakhstan (government-related entities); \u2013 key management personnel of the Group and their close family members; and \u2013 entities controlled or jointly controlled by such persons. The Government of the Republic of Kazakhstan is the ultimate controlling party of JSC \u201cNational Welfare Fund Samruk-Kazyna\u201d. Accordingly, entities controlled or significantly influenced by the Government of the Republic of Kazakhstan are considered government-related entities for the purposes of IAS 24. Until 18 December 2025, BAE Systems Kazakhstan Limited held 16.95% of the Group\u2019s shares and was considered a related party due to its significant influence. On 18 December 2025, BAE Systems Kazakhstan Limited disposed of 10.1% of its shareholding, reducing its ownership interest to 6.85%. Following this transaction, BAE Systems Kazakhstan Limited no longer has significant influence over the Group and therefore ceased to be a related party from that date. Transactions with BAE Systems Kazakhstan Limited up to 18 December 2025 are disclosed as related party transactions. Among shareholders and their subsidiaries, JSC NC KazMunayGas and its subsidiaries represent the Group\u2019s only individually significant supplier, primarily in respect of fuel purchases. The following table represents the related party transactions:
2025
2024
\u2019000
USD
Transaction Outstanding Transaction Outstanding
Services received value balance value balance
State-owned companies
64,919
(114)
107,654
2,173
64,919
(114)
107,654
2,173
JSC NC KazMunayGas and its subsidiaries
2 27,4 0 8
(4,835)
74,615
(4,467)
Other shareholders and their subsidiaries
629
(38)
670
(12)
292,956
(4,987)
182,939
(2,306)
Services from related parties are represented by airport, navigation, meteorological forecasting services and fuel. Among the shareholders and their subsidiaries, JSC NC Kazpost and its subsidiaries are the only significant client of the Group.
2025
2024
\u2019000
USD
Transaction Outstanding Transaction Outstanding
Services provided by the Group value balance value balance
JSC NC Kazpost and its subsidiaries
940
196
1,168
186
Other shareholders and their subsidiaries
329
9
167
3
1,269
205
1,335
186
All outstanding balances with related parties are to be settled in cash within six months of the reporting date. None of the balances are secured. Transactions with government-related entities The Group transacts with a number of entities that are controlled by the Government of Kazakhstan. The Group applies the exemption in IAS 24 Related Party Disclosures that allows to present reduced related party disclosures regarding transactions with government-related entities. These transactions are conducted in the ordinary course of the Group\u2019s business on terms comparable to those with other entities that are not government-related. 29. Fees for the services received from the independent auditors The fees for the services received from the independent auditors including the statutory audit and other non-audit fees as per the agreements for the year ended 31 December:
\u2019000
USD
2025
2024
Audit fee
519
547
Other non-audit fees
54
36
573
583
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "Management remuneration Key management that have authority and responsibility regarding management, control and planning of the Group\u2019s activity received the following remuneration during the year, which is included in employee costs (Note 8):
\u2019000
USD
2025
2024
Wages and salaries
11,263
7, 599
Share-based payment
1,423
1,571
Social tax
1,176
865
Termination benefits
27
318
13,889
10,353
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
29. Fees for the services received from the independent auditors
The fees for the services received from the independent auditors including the statutory audit and
other non-audit fees as per the agreements for the year ended 31 December:
\u2019000
USD
2025
2024
Audit fee
519
547
Other non-audit fees
54
36
573
583
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
30. Subsequent events
On January 15 2026, the General Meeting of Shareholders approved the agreement with the Boeing
Company for the acquisition of five (firm) Boeing 787-9 type of aircraft and secured five option rights
and five purchase rights for Boeing 787-9 with deliveries scheduled for 2032-2035.
On February 9 2026, the General Meeting of Shareholders approved the agreement with Airbus S.A.S
for the acquisition of five (firm) Airbus A320N type aircraft, twenty (firm) A321NX aircraft and secured
purchase rights for twenty-five additional A320neo aircraft family with deliveries scheduled for
2031-2034. As at December 31 2025, the Group paid USD 43,041 thousand as a secured deposit
recognised as current guarantee deposits for leased aircraft in Note 13.
On February 4 2026, Gon\u00e7alo Pires was appointed as the Chief Financial Officer (CFO), effective 1 March
2026 replacing the current CFO, Ibrahim Canliel who will serve as the Chief Executive Officer (CEO),
effective 1 April 2026.
On 28 February 2026, the United States and Israel carried out military strikes against the Islamic
Republic of Iran, which resulted in increased geopolitical risks and restrictions on flights through the
airspace of several Middle Eastern countries, including Bahrain, Qatar, Kuwait, Iraq, Iran, the United
Arab Emirates (\u201cUAE\u201d) and Syria.
As a result, the Group diverted all flights on 28 February 2026 and temporarily suspended scheduled
flights to Dubai (UAE), Medina and Jeddah (Saudi Arabia), and Doha (Qatar) until such time that the
relevant airspace is reopened and the Group considers it safe to resume normal operations.
As at the date of approval of these consolidated financial statements, the Group operated limited
repatriation flights to Jeddah and Medina in western Saudi Arabia and Muscat (Oman).
In view of the surge in demand on routes between Kazakhstan and Asia, Central Asia and the Caucasus
and Asia, and Asia and Europe, the Group reallocated part of its available aircraft capacity from the
suspended Gulf routes to Asian routes.
As a result of the above developments, the Group estimates a neutral impact on profit in March.
The Group continues to monitor developments in the affected regions and assess the potential impact
on its operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
31. Approval of the consolidated financial statements
The consolidated financial statements were approved by the management of the Group and authorised
for issue on 13 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2549000TO500ZGSE7T26", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }