Abra Group Flies High in Q1 2026: Revenues Near $2.7 Billion Amid Robust Premium Expansion
Abra Group, the parent company of Avianca, GOL, and Wamos Air, reported a strong financial and operational performance during the first quarter of 2026. Driven by resilient demand, the expansion of its premium offerings, and strict capacity discipline, the group posted operating revenues of nearly $2.7 billion and announced the addition of new widebody aircraft to strengthen its international connectivity.
Solid Financial Performance and Cost Mitigation
During the first quarter of 2026, Abra Group demonstrated the strength of its diversified business portfolio. Total operating revenues increased 16.9% year-over-year (YoY), reaching $2.67 billion. This growth was supported by robust performance across all divisions:
- Passenger Revenue: Totaled $2.255 billion, a 16.9% YoY increase, backed by steady demand and pricing discipline.
- Cargo and Other Segments: Reached $415 million, representing a 17.3% YoY increase, highlighting the contribution of non-passenger business lines.
Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent or Restructuring Costs (EBITDAR) stood at $792 million, a 33.8% increase compared to the pro forma Q1 2025 results. Furthermore, the adjusted EBITDAR margin expanded by 375 basis points (bps) to reach 29.7%.
To counter fuel price pressures, the group executed proactive mitigation measures:
- Fuel Hedging: Secured approximately 60% of passenger fuel consumption for the June-to-August period with a cap of $4.00 per gallon, combined with nearly 50% coverage between March and May capped at $2.45 per gallon.
- Capacity Management: Implemented dynamic short-term capacity management to optimize underperforming rotations and concentrate supply in higher-demand markets.
- Cost Recovery: Applied revenue management strategies aimed at passing through the impact of high fuel prices, targeting full recovery by year-end, with minimum recapture rates of 60% during the period.
→ Avianca Expands U.S. Presence: New Frequencies and Permanent Route from Colombia
Fleet and International Expansion: Betting on the Airbus A330neo
Abra Group’s internationalization strategy received a key boost with the announcement of the phased incorporation of seven Airbus A330neo aircraft between 2026 and 2027 to support long-haul growth. Initially, up to five of these aircraft will be operated by GOL and two by Avianca.
At the close of the quarter, the total fleet operated by the group stood at 310 aircraft (an 8.3% YoY increase), broken down as follows:
- 265 narrowbody aircraft.
- 27 widebody aircraft.
- 18 freighter aircraft.
Regarding the network, which spans more than 370 routes and 145 destinations across 28 countries, several major geographical developments stood out:
- Return to Venezuela: Avianca resumed its route between Bogotá and Caracas, increasing frequencies to 14 weekly flights compared to the 4 it operated in November 2025. The Medellín-Pasto route was also inaugurated.
- GOL’s New Hub: The Brazilian carrier announced Rio de Janeiro as its new international hub, with projected flights to New York, Orlando, Lisbon, and Paris starting in the second half of 2026. This coincides with the full restoration of its operational fleet capacity at the close of the quarter and its delisting from the Brazilian stock exchange to align with corporate strategy.
Key Operational Metrics
The holding company’s traffic showed healthy growth compared to the pro forma period of the previous year:
| Operational Metric | Q1-2026 | Q1-2025 | % Change |
|---|---|---|---|
| Passengers Carried (millions) | 18.8 | 16.9 | +11.2% |
| Available Seat Kilometers (ASKs in billions) | 31.5 | 29.4 | +7.2% |
| Load Factor (%) | 83.0% | 79.0% | +390 bps |
| Passenger Revenue per Available Seat Kilometer (PRASK in USD cents) | 6.5 | 6.1 | +6.6% |
| Passenger Yield (USD cents) | 7.8 | 7.7 | +1.3% |
| Total Passenger Cost per Available Seat Kilometer (CASK in USD cents) | 6.4 | 5.9 | +9.6% |
| Passenger CASK Ex-Fuel (USD cents) | 4.6 | 4.0 | +15.5% |
The increase in CASK ex-fuel reflects cost management combined with investments in product upgrades to boost the premium segment, international expansion, and costs related to engine contingencies currently impacting the global industry.
Boosting the Premium Segment, Loyalty, and Cargo
Abra Group continued to strengthen its value proposition in the high-income passenger segment. Investments in customer experience resulted in a 16% increase in high-value premium customers, a 56% YoY growth in premium revenue, and a premium revenue share that reached 21% (a 5-percentage-point increase).
Key initiatives during the quarter included:
- New Business Class Products: Avianca launched Business Class Flex, and GOL announced Insignia, its first-ever business class product.
- Loyalty Programs: Loyalty members reached 47 million (+22% YoY). Gross loyalty billings grew 22% to $352 million, driven by LifeMiles co-branded credit cards and Smiles’ strong performance in Brazil. Additionally, Smiles launched Magno, its new top-tier category.
- Infrastructure and Connectivity: The Diamond international VIP lounge was inaugurated in Bogotá (bringing the network’s total to 16 VIP lounges), and the rollout of high-speed Wi-Fi continued, reaching 19 narrowbody aircraft.
On the other hand, the cargo business transported approximately 197,000 tons (+15.3% YoY). Growth was driven by the Valentine’s Day season at Avianca Cargo (exporting Colombian flowers to the US) and GOLLOG’s expansion through the addition of two dedicated freighters at the end of 2025, reaching a total of 9 aircraft. Aircraft, Crew, Maintenance, and Insurance (ACMI) revenues increased 19.5% to $76 million.
Operational Excellence and Liquidity Position
In terms of On-Time Performance (OTP) and schedule reliability, the airlines maintained high standards:
- Avianca: Registered an OTP of 80.0% and a schedule reliability rate of 98.4%. Its mishandled baggage rate was 2.2 per 1,000 passengers.
- GOL: Achieved an OTP of 86.9% and a schedule reliability rate of 99.2%. Its mishandled baggage rate was 3.2 per 1,000 passengers. Both airlines ranked significantly below the global average of 6.3.
As of March 31, 2026, the group’s total liquidity (unrestricted cash, short-term investments, GOL’s credit card receivables, and available capacity under Avianca’s credit facility) totaled $2.3 billion, representing 22.7% of Last Twelve Months (LTM) revenues. Net debt stood at $9.0 billion.
Abra Group has closed a robust first quarter of 2026, consolidating its position across key Latin American markets.
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