Aeroflot Group posts traffic growth in H1 2026 despite headwinds

:: Aeroflot

Despite ongoing geopolitical pressures, Aeroflot Group—comprising Aeroflot, Rossiya, and the low-cost carrier Pobeda—maintained a positive overall traffic trajectory in the first half of 2026.

According to the Group’s H1 management accounts, passenger carriage edged up by 0.3% year-on-year to 25.99 million. International traffic surged by 10.3% to 6.88 million passengers, while domestic volume fell by 2.9% to 19.11 million. Revenue Passenger Kilometers (RPKs) grew by 5.1% against a more conservative 3.1% expansion in Available Seat Kilometers (ASKs). This disciplined capacity management pushed the Group’s average load factor up by 1.7 percentage points to an impressive 90.9%.

The group’s flagship carrier, Aeroflot Airline, carried 13.98 million passengers in H1, a modest 0.7% year-on-year increase. The airline’s RPKs rose by 7.7%, and its load factor increased by 2.7 percentage points to 90.8%. The growth was driven by the international segment, where passenger volumes jumped 16.8% year-on-year.

The Group’s June performance was significantly impacted by external factors. The peak summer season got off to a challenging start, hampered by temporary airport closures and airspace restrictions across several Russian regions—notably in the South, encompassing the Krasnodar resort areas, and at the Moscow hub.

Also, Aeroflot implemented a tactical network shift, reallocating short-haul capacity—on routes such as Moscow–St. Petersburg—to longer-haul, higher-yield services. This move successfully preserved RPKs, even as overall boarding numbers saw a modest decline.

Consequently, Group passenger volume in June fell by 4.3% year-on-year to 5.1 million. While domestic traffic contracted by 9.1% to 3.8 million, the international segment remained a strong growth engine, expanding by 13.9% to 1.3 million passengers. Despite lower overall passenger counts, the longer stage lengths drove a 0.9% increase in June RPKs. The Group’s June load factor reached 90.6% (+0.8 p.p.), bolstered by a stellar 91.5% load factor on international routes.

Mainline Aeroflot carried 2.6 million passengers in June (down 4.8%), yet managed a 2.4% increase in RPKs and a 0.9 percentage point gain in load factor, which reached 90.3%.

Beyond its core operations, Aeroflot is advancing its passenger experience initiatives. In early June, the carrier became the first in Russia to deploy ‘Migom’ biometric passenger identification system at its primary hubs, Moscow Sheremetyevo (SVO) and St. Petersburg Pulkovo (LED). Currently available on domestic routes, the contactless system allows registered passengers to clear pre-flight security and enter the departures hall without presenting physical passports.

On the corporate front, national rating agency ACRA affirmed Aeroflot PJSC’s credit rating at AA(RU) with a stable outlook. ACRA analysts cited the carrier’s strong operational profile, dominant market share, robust corporate governance, relatively young fleet, and geographic diversification. The agency also noted that the carrier retains solid financial health, characterized by strong liquidity and manageable leverage.