Tunisair's Q4 2025 Results Reflect Ongoing Challenges
Tunisair's fourth quarter of 2025 was marked by persistent difficulties, weighed down by solvency issues that affected its operations. During this period, the company transported 608,026 passengers, a decline compared to the 630,695 passengers carried at the end of 2024.
Annual Passenger Traffic Declines by 5%
Over the entire year, passenger traffic decreased by 5%, with 2,486,888 travelers. This mixed result is somewhat offset by a slight improvement in operational efficiency, with the load factor increasing by 300 basis points to 76.1%. In parallel, freight and mail activity remained stable, with 5,500 tons delivered, contributing to overall revenues that remained virtually stable at 1,627 million Tunisian dinars (Mtnd).
Revenue Stability Accompanied by Decreasing Costs
This relative stability in revenue is accompanied by a downward trend in costs. On the one hand, expenses were contained in certain key areas. Fuel costs decreased significantly to 342 Mtnd (compared to 426 Mtnd in 2024), and airport fees declined to 308 Mtnd (316 Mtnd in 2024). The workforce was also reduced, from 2,852 employees at the end of 2024 to 2,586 a year later, although personnel costs increased slightly by 1% to reach 229 Mtnd.
Partially Offset by Increased Expenses
On the other hand, this compression is partially offset by the increase in aircraft rental fees (204 Mtnd) and commercial assistance expenses (149 Mtnd). Despite these pressures, the financial situation shows signs of easing, with a further reduction in debt, which now stands at 638 Mtnd.
Outlook for 2026
The outlook for 2026 is now conditional on the impact of recent bond issues on the company's treasury. This financial boost could enable the company to relaunch its activity and enrich its commercial offering. With a market share of around 20%, Tunisair has a real potential for growth, provided it is given the necessary means to overcome its current difficulties.
