About the company Aeroflot
Security pageAeroflot is Russia's largest aviation group, bringing together the airline of the same name, a low-cost carrier and regional operations. The company traces its history back to the Soviet civil air fleet, established in 1923. Its shares trade on the Moscow Exchange under the ticker AFLT.
What the company does
Air travel is a business with a very large share of fixed costs. An aircraft flies to schedule regardless of how many seats have been sold, and the cost of the flight barely changes. That is why the decisive figure is the load factor: the last seats sold bring in almost pure profit, while unsold ones turn the same flight into a loss.
The second key figure is fuel: it is the largest cost item, and the carrier has no control over its price. The third is the fleet: aircraft are either leased or bought with debt, and the payments on them fall due regardless of how full the flights are.
The group is built as several carriers under one roof: a premium one, a low-cost one and a regional one. This split makes it possible to serve customers with different budgets without mixing them in a single product.
Business lines
Main airline
Trunk domestic and international flights under the main brand.
Low-cost carrier
A subsidiary airline with a bare-bones fare and a high-density cabin layout.
Regional operations
Flights between cities that bypass the capital's hubs.
Ancillary services
Cargo transport, ground handling at airports and the sale of additional services on board.
History
- 1923The Soviet civil air fleet is established — the starting point of the company's history.
- 1992–1994Conversion into a joint-stock company after the collapse of the USSR.
- 2000-еFleet renewal with modern aircraft and entry into an international airline alliance.
- 2020The pandemic halts international air travel — the deepest slump in demand in the industry's history.
- 2022The closure of a number of countries' airspace and sanctions against aviation: part of the fleet is transferred to the Russian register, and the international network is cut sharply.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- The largest market share and an extensive route network.
- A low-cost carrier that is growing faster than the main airline.
- State support for the industry.
Weaknesses
- The closed skies of a number of countries have narrowed the international routes — the most profitable ones.
- Maintenance of foreign-built aircraft is hampered by sanctions, and deliveries of new ones are restricted.
- Fuel and leasing costs are hard to control.
Opportunities
- Domestic tourism is growing and filling flights within the country.
- The restoration of international routes to friendly countries is expanding the network.
- The delivery programme for domestically built aircraft could remove the dependence on an imported fleet.
- State support for the industry softens the impact of periods of weak demand.
Threats
- The cost of fuel is the largest expense item, and it is beyond the company's control.
- Sanctions restrict the maintenance of imported aircraft and the supply of spare parts for them.
- Demand for air travel is discretionary spending, the first to fall when household incomes deteriorate.
- The high share of fixed costs makes the result extremely sensitive to the load factor.
Frequently asked questions
What does Aeroflot do?
The group carries passengers and cargo by air within Russia and abroad. It comprises the main airline, a low-cost carrier and regional airlines.
Why are airlines so sensitive to the load factor of their flights?
Because almost all the costs of a flight are fixed: fuel, crew, maintenance and the lease of the aircraft hardly depend on the number of passengers. Each additional seat sold goes almost entirely into profit, while unsold ones make the flight loss-making.
Who owns Aeroflot?
Control rests with the state — it owns the controlling stake. The remaining shares are traded on the exchange.
Issuer profile
What the company does
The company is classified under the «Air transport» sector, using the taxonomy we apply when comparing securities with one another.
The company is registered in Russia and identified in regulatory disclosure by tax number 7712040126. 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 3 securities listed: 1 share class, 2 bond issues. 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: 3 at level 1. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 8 April 2028 and the farthest on 24 August 2030. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A10BGJ4, with a face value of 1,000.00 ₽ per bond, maturing on 8 April 2028. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2017 and 2026 the issuer made 5 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 5.29 ₽ per security with a record date of 16 July 2026. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
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 902.30B ₽.
That is 5.3 % more than in 2024, when revenue was 856.80B ₽. 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 22.60B ₽.
Of every unit of revenue, 2.5 % 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 66.50B ₽ against total assets of 1.13T ₽. 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.