Aeroflot Stock (AFLT): the 2025 Return to Profit and Board Talking Points

Overview

Aeroflot (Аэрофлот, MOEX: AFLT) is Russia's flag carrier and largest airline group, operating scheduled domestic and international passenger services. Its ordinary shares trade on the Moscow Exchange under the ticker AFLT. Aeroflot's depositary-receipt programme was delisted in 2022; the shares now trade on MOEX only. This page is a dated, sourced reference to the company's most recent reported results and to the topics Russian retail investors discuss. It is informational, it is not investment advice, and it does not recommend buying, holding or selling any security.

Recent reported performance (2025, IFRS)

For 2025, Aeroflot reported IFRS net profit of about 105.5 billion rubles, up about 91.8% from about 55.02 billion rubles in 2024 (Aeroflot 2025 consolidated IFRS results). The reported figure included significant one-off gains from settlement deals with foreign aircraft lessors; on an adjusted basis, net profit was about 22.6 billion rubles, against about 64.2 billion rubles a year earlier — so the underlying operating result was more modest than the headline. Revenue was about 902.3 billion rubles and adjusted EBITDA about 185.0 billion rubles, and the group reduced total debt by about 13.4% over the year.

Operationally, Aeroflot Group carried about 55.34 million passengers in 2025, broadly matching the prior year. International traffic rose about 5.2% to about 13.4 million passengers, while domestic traffic slipped about 1.4% to about 42.0 million; the seat load factor was about 90.2%. Coverage framed 2025 as the group's return to reported profitability after several difficult years.

Market-structure context (neutral, dated)

Aeroflot shares a market-structure history with most large Russian issuers. Foreign depositary programmes (LSE and US GDRs/ADRs) were terminated in 2022, after which the underlying shares trade principally on the Moscow Exchange. On 12 June 2024, the US Office of Foreign Assets Control (OFAC) designated the Moscow Exchange itself, together with its clearing and settlement companies, which ended exchange-based trading in US dollars and euros on MOEX. These are structural facts about where and how the shares change hands, recorded here without political interpretation.

Sanctions context (neutral, dated)

Aeroflot operates under aviation-specific restrictions imposed in 2022, including US Commerce Department export controls on aircraft and parts and EU and UK aviation sanctions (such as airspace closures and leasing/insurance restrictions). These measures bear directly on fleet maintenance, international route access and aircraft financing, which is why lessor settlements feature in the 2025 accounts. The facts are stated here neutrally and with their timing. Because designations and licences are amended over time, readers should confirm the current status against primary sources — OFAC and the US Commerce Department (BIS), the EU Official Journal and the UK sanctions list.

Share trading and investor context

On MOEX, AFLT is quoted and settled in Russian rubles through the National Settlement Depository; since the 12 June 2024 measures the shares no longer trade on the exchange against US dollars or euros, and non-resident access has been restricted since 2022. The company carried out additional share issues in recent years, enlarging its share count, and it did not pay dividends through the difficult period after 2022; whether the 2025 return to reported profit translates into a resumed distribution is therefore a live question for holders. Because a large part of the 2025 profit came from one-off lessor settlements rather than recurring operations, retail discussion tends to separate the reported figure from a normalised earnings run-rate. Nothing here should be read as guidance on accessing or transacting in the shares — it is descriptive market context only.

What retail boards discuss

Russian-language discussion of AFLT concentrates on a few durable themes. On retail-investor venues such as Smart-Lab (smart-lab.ru) and MFD (mfd.ru), and in broker research feeds, recurring threads track the quality of earnings — how much of the 2025 profit is one-off lessor-settlement gains versus recurring operations; domestic-versus-international traffic trends and load factors; fleet availability and maintenance under export controls; and the prospect and sustainability of any dividend after the return to profit. The steady "прогноз" (forecast) search demand reflects continuing interest in analyst price forecasts; this reference neither publishes nor endorses any price target. The description above is a neutral synthesis of the shape of that discussion and does not reproduce or endorse any individual post or author.

Related Russian issuers

Readers comparing large MOEX blue chips often also follow the gas major Gazprom, the country's largest bank Sberbank, and the metals producer Nornickel.

Disclaimer

This page is an informational reference compiled from publicly reported company results and market data as of mid-2026. It is not investment advice, an offer or a solicitation, and it does not recommend buying, holding or selling any security. Figures are as reported by the sources named and may be revised. Confirm current sanctions designations and financial data against primary sources before relying on them.