About the company UTAir Aviacompany
Security pageUtair is an airline that combines passenger services with one of the world's largest fleets of civil helicopters. The helicopter division serves oil and gas projects and works under international contracts. The shares trade under the ticker UTAR.
What the company does
The passenger business runs by the rules common to the whole industry: a high share of fixed costs, the decisive importance of load factor, and dependence on the price of fuel.
The helicopter division is built differently and makes the company unlike other carriers. Helicopters fly not to a timetable but under contract: they carry rotation workers to oil and gas fields, support geological exploration and take part in international humanitarian operations. Such contracts are long-term and do not depend on the seasonality of passenger traffic.
A separate feature of the company is its heavy debt history: the liabilities built up during the period of expansion have been restructured and continue to shape its financial position.
Business lines
Passenger services
Scheduled flights across Russia, including to hard-to-reach regions.
Helicopter operations
Servicing oil and gas projects and international contracts.
Aircraft maintenance
Repair and technical support of aircraft.
History
- 1967An air squadron was set up in Tyumen to serve oil and gas fields.
- 1990-еConversion into a joint-stock company and the development of passenger services.
- 2010-еRestructuring of the accumulated debt burden.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- One of the world's largest fleets of civil helicopters is an asset that is hard to replicate.
- Helicopter contracts are long-term and do not depend on the seasonality of passenger traffic.
- Flights to hard-to-reach regions have almost no alternative.
- Servicing oil and gas projects provides steady demand.
Weaknesses
- The debt burden built up during the period of expansion shapes the financial position.
- The cost of fuel, the largest expense item, is outside the company's control.
- Sanctions restrict maintenance and the supply of spare parts for imported aircraft.
- Passenger services are seasonal and sensitive to household incomes.
Opportunities
- Demand for helicopter transport from oil and gas companies is steady.
- Domestic tourism is increasing passenger traffic on regional routes.
- State subsidies support socially important routes.
- The departure of foreign carriers has redistributed routes within the country.
Threats
- Jet fuel is rising in price faster than ticket prices can be raised.
- Maintenance of imported aircraft is hampered by sanctions.
- The industry's high debt burden makes it sensitive to the interest rate.
- The closure of some airports in the south is shrinking the route network.
Frequently asked questions
What does the airline Utair do?
It operates passenger flights across Russia and carries out helicopter work: delivering personnel to oil and gas fields, supporting geological exploration and fulfilling international contracts.
How does the helicopter business differ from the passenger business?
Helicopters fly not to a timetable but under contract with a specific customer — an oil company or an international organisation. Such contracts are long-term and do not depend on the seasonality of passenger traffic.
Why are flights to hard-to-reach regions important?
Because for many northern settlements and oil and gas fields aviation is the only year-round form of transport. Demand there does not depend on competition: there is simply no alternative.
Issuer profile
What the company does
The company is classified under the «Transport» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 4 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7204002873. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 1 security listed: 1 share class. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Financial statements
The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 121.30B ₽.
That is 7.1 % more than in 2024, when revenue was 113.30B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 2.40B ₽.
Of every unit of revenue, 2.0 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 43.20B ₽ against total assets of 161.80B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.