2549000TO500ZGSE7T26 2025-01-01 2025-12-31 iso4217:USD 2549000TO500ZGSE7T26 2024-01-01 2024-12-31 iso4217:USD xbrli:shares 2549000TO500ZGSE7T26 2025-12-31 2549000TO500ZGSE7T26 2024-12-31 2549000TO500ZGSE7T26 2023-12-31 ifrs-full:IssuedCapitalMember 2549000TO500ZGSE7T26 2023-12-31 ifrs-full:TreasurySharesMember 2549000TO500ZGSE7T26 2023-12-31 ifrs-full:OtherReservesMember 2549000TO500ZGSE7T26 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2549000TO500ZGSE7T26 2023-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 2549000TO500ZGSE7T26 2023-12-31 ifrs-full:RetainedEarningsMember 2549000TO500ZGSE7T26 2023-12-31 2549000TO500ZGSE7T26 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 2549000TO500ZGSE7T26 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember 2549000TO500ZGSE7T26 2024-01-01 2024-12-31 ifrs-full:OtherReservesMember 2549000TO500ZGSE7T26 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2549000TO500ZGSE7T26 2024-01-01 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 2549000TO500ZGSE7T26 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 2549000TO500ZGSE7T26 2024-12-31 ifrs-full:IssuedCapitalMember 2549000TO500ZGSE7T26 2024-12-31 ifrs-full:TreasurySharesMember 2549000TO500ZGSE7T26 2024-12-31 ifrs-full:OtherReservesMember 2549000TO500ZGSE7T26 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2549000TO500ZGSE7T26 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 2549000TO500ZGSE7T26 2024-12-31 ifrs-full:RetainedEarningsMember 2549000TO500ZGSE7T26 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 2549000TO500ZGSE7T26 2025-01-01 2025-12-31 ifrs-full:TreasurySharesMember 2549000TO500ZGSE7T26 2025-01-01 2025-12-31 ifrs-full:OtherReservesMember 2549000TO500ZGSE7T26 2025-01-01 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2549000TO500ZGSE7T26 2025-01-01 2025-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 2549000TO500ZGSE7T26 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsMember 2549000TO500ZGSE7T26 2025-12-31 ifrs-full:IssuedCapitalMember 2549000TO500ZGSE7T26 2025-12-31 ifrs-full:TreasurySharesMember 2549000TO500ZGSE7T26 2025-12-31 ifrs-full:OtherReservesMember 2549000TO500ZGSE7T26 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2549000TO500ZGSE7T26 2025-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 2549000TO500ZGSE7T26 2025-12-31 ifrs-full:RetainedEarningsMember
Consistently agile.
Strategically resilient.
AIR ASTANA GROUP INTEGRATED REPORT 2025
AIR ASTANA GROUP INTEGRATED REPORT 2025
Consistently agile.
Strategically resilient.
In a dynamic aviation market, success requires both the
agility to respond and the resilience to endure. Our ability
torespond swiftly to changing market conditions, backed
bystrong strategic foundations, enables us to strengthen
ourposition asCentral Asia’s leading airline group and
deliver consistent value for all stakeholders.
Our vision
To build one of the finest airlines in the world – connecting Kazakhstan and
the broader Central Asian region with major global markets while delivering
an efficient and reliable, high-quality service.
Our strategic pillars driving stakeholder value
Growth ExcellenceEfficiency
Read more on page 21
Underpinned by our focus to continue delivering
strong performance through…
Agility and Resilience
Read more on pages 2–3
Overview Other informationStrategic report Governance Financial statements
AIR ASTANA GROUP INTEGRATED REPORT 2025
About this report
Reporting scope and boundaries
The scope of this Integrated Report encompasses Air
Astana Group’s operations for the period from 1 January
to31 December 2025. Our reporting boundaries primarily
focus on activities directly managed and controlled by
AirAstana Group. While we strive for transparency and
accuracy in reporting, it’s important to note that certain
data may be subject to limitations, such as availability,
reliability and comparability. We have made reasonable
efforts to address these constraints and provide
meaningful insights.
Reporting standards and external assurance
This report has been prepared in accordance with GRI and
SASB standards. Indeveloping this report, Air Astana has
applied the GRIprinciples of accuracy, balance, clarity,
comparability, completeness, sustainability context,
timeliness and verifiability to guidethe selection,
measurement and presentation ofinformation. These
principles support the provision oftransparent, reliable
and comparable disclosures on the airlines’ economic,
environmental and social performance, enabling
stakeholders to better understand Air Astana’s
sustainability impacts and progress.
To provide assurance on the accuracy and reliability of
oursustainability-related information, we have engaged
PricewaterhouseCoopers Tax & Advisory LLP to conduct
limited assurance. The financial statements included in
this report have been audited by Ernst & Young LLP in
accordance with International Standards on Auditing (ISAs).
GRI 2-2; 2-3; 2-5
Contents
Overview
01 About this report
02 Consistently agile
03 Strategically resilient
04 At a glance
06 Investment case
Strategic Report
08 Chairman’s statement
10 Market overview
14 Business model
16 CEO’s statement
19 Q&A with Peter Foster and Ibrahim Canliel
21 Strategy
30 Key performance indicators
32 Operating review
36 Stakeholder engagement
39 Sustainability
71 Financial review
74 Risk management
Governance
83 Introduction to Corporate Governance
84 Board of Directors
88 Senior Management team
90 Corporate Governance report
100 Board committee reports
110 Responsibility statement
Financial statements
112 Statement of management’s responsibilities
113 Independent Auditor’s report
116 Consolidated statement of profit or loss
117 Consolidated statement of other
comprehensive income
118 Consolidated statement of financial position
119 Consolidated statement of changes in equity
120 Consolidated statement of cash flows
121 Notes to the consolidated financial statements
Other information
163 Supplementary ESG data
167 GRI content index
173 SASB index
174 Independent practitioner’s assurance report
177 Glossary
For more, please see our website
ir.airastana.com
We are committed to upholding the highest standards
ofreporting excellence and will continue to engage with
independent assurance providers to strengthen the trust
and confidence of our stakeholders in our disclosures.
Note: Throughout this Integrated Report, the terms
‘Company’ and ‘Air Astana’ refer to Air Astana JSC while
‘Group’ encompasses both Air Astana JSC and FlyArystan
JSC. Air Astana JSC is a sole shareholder of FlyArystan JSC.
Overview Other informationStrategic report Governance Financial statements
01AIR ASTANA GROUP INTEGRATED REPORT 2025
Consistently agile
We have a proven track record of
navigating industry cycles and external
headwinds with the agility to deliver
strong performance.
Agility in action
Dynamic capacity allocation to capture
growthopportunity
Both Air Astana and FlyArystan airlines manage their networks
proactively and allocate capacity to maximise yield, particularly
on Air Astana’s higher-margin international routes. In 2025, the
Group achieved 19.8% Available Seat Kilometres (ASK) growth
on international routes and 6.9% on domestic, making progress
on its strategy to improve connectivity within Kazakhstan
andacross its regional and international network. We recently
signed significant codeshare agreements with China Southern
Airlines and Air India, accelerating our expansion into nearby
megamarkets of China and India. These markets provide
exciting growth opportunities alongside the success of
ourexpanded network across the Gulf and Southeast Asia.
Read more on codeshare agreements on page 22
Proactive management during crisis
The majority of the Group’s fleet comprises Airbus A320
family aircraft, powered by Pratt & Whitney PW1100G
engines. In July 2023, Pratt & Whitney issued a product
recallof these engines due to contamination of powdered
metal, causing industry-wide disruption for global airlines.
AirAstana was the first mover to implement a mitigation
plan which focuses on dynamic capacity management
andaproactive engine resting programme to maximise
deployment during peak operational periods. The Group
alsotook decisive, early action to secure additional spare
engines, lease five additional A320 family aircraft and
hasperformed a total of 208 engine replacements
atitsin-house MRO facilities since January 2024.
Whileoperationally intensive, this has successfully
mitigatedthe impact on the Group.
Read more on proactive Pratt & Whitney mitigation on page 24
+14%
ASK growth in 2025
82.7%
Stable load factor
(2024: 83.5%)
Other informationStrategic report Governance Financial statements
02AIR ASTANA GROUP INTEGRATED REPORT 2025
Overview
Strategically resilient
Air Astana Group continues to commit
significant investment into in-house capabilities
with a view to driving more efficient and
higher quality operations. Availability of
in-house capabilities also ensures resilience
and ability to navigate industry shocks
without reliance on third parties.
Resilience in action
Significant investment driving operational
efficiencies
We continue to invest in the Technical Centre in Astana,
whichperformed 16 C-checks in 2025 (the 50th C-check since
the project began took place in February 2026). Plans for
theconstruction of new hangars in Almaty and Astana
areprogressing with designs in place and pre-build site
inspections underway. These would expand maintenance
capacity across the Group’s two main hubs, further reducing
costs and introducing the opportunity to provide scarce
andhigh-value heavy maintenance to external customers.
These investments are not just driving operational
efficiencies but also gradually turning traditional
costcentresinto profit centres, increasing our financial
resilienceand ability to withstand industry shocks.
Read more in Strategy in action on page 25
Cost leadership
The Group continues to maintain a compelling financial
profile. Our ongoing commitment to operational efficiencies
isdriving best-in-class Cost for Available Seat Kilemetres
(CASK) performance, which contributes to our attractive
profitability. As a result, we are able to maintain a healthy
financial position and demonstrate strong growth despite
thechallenging market environment.
Read more in Financial review on page 72
+11.4%
Revenue growth in 2025
1
+0.8%
EBITDAR stability
1, 2
1 Excluding revenue NRI (USD4.2m) in 2024.
2 Operating profit + Depreciation + Aircraft leases + Property lease of USD 1.1 million.
Other informationStrategic report Governance Financial statements
03AIR ASTANA GROUP INTEGRATED REPORT 2025
Overview
KAZ AKH S T A N
Sharm El Sheikh
London
Amsterdam
Frankfurt
Podgorica
Medina
Doha
Bahrain
Jeddah
Astana
Almaty
Tashkent
Shymkent
Kyzylorda
Dushanbe
Urumqi
Istanbul
Batumi
Kutaisi
Tbilisi
Baku
Osh
Dubai
Delhi
Goa
Male
Colombo
Bangkok
Phu Quoc
Phuket
Sanya
Beijing
Seoul
Bishkek
Issyk-Kul
Atyrau
Aktau
Uralsk
Aktobe
Astana
Almaty
Antalya
Gazipasha
Bodrum
Da Nang
Cam Ranh
Mumbai
Yining
Kyzylorda
A
Kostanay
Karaganda
ktobe
Atyrau
Shymkent
Turkistan
Aktau
Oskemen
Semey
Pavlodar
Uralsk
Kostanay
Karaganda
Guangzhou
AT A GLANCE
Strong
foundations
The Air Astana Group is the largest
airline group in Central Asia and the
Caucasus, operating 132 routes
across22countries.
Through its young and modern fleet of 62
1
aircraft, it
provides scheduled, point-to-point, transit, short-haul and
long-haul air travel and cargo on domestic, intra-regional
and international routes across Central Asia, the Caucasus,
Europe (including Turkey), the Middle East and Asia
(including India and China). Air Astana Group’s two
differentiated but complementary brands (Air Astana,
itsfull-service brand and Kazakhstan’s leading airline, and
FlyArystan, its low-cost carrier) allow it to target different
customer markets and geographies, providing choice
across a range of passenger needs and travel purposes.
5.2m
Passengers
78
Routes
4.5m
Passengers
69
Routes
42
Destinations
29
Destinations
Skytrax World Airline
Awards ‘Best Airline
inCentral Asia & CIS’
(2011–2025)
Skytrax World Airline
Awards ‘Best Low-Cost
Airline in Central Asia
&CIS’ (2023–2025)
Two leading and visible airlines supported by Group-level capabilities:
Strategy and planning
Fleet procurement
Performance monitoring
Customer service
Training
Maintenance operations
1 As of 31 December 2025.
Other informationStrategic report Governance Financial statements
04AIR ASTANA GROUP INTEGRATED REPORT 2025
Overview
KAZ AKH S T A N
Sharm El Sheikh
London
Amsterdam
Frankfurt
Podgorica
Medina
Doha
Bahrain
Jeddah
Astana
Almaty
Tashkent
Shymkent
Kyzylorda
Dushanbe
Urumqi
Istanbul
Batumi
Kutaisi
Tbilisi
Baku
Osh
Dubai
Delhi
Goa
Male
Colombo
Bangkok
Phu Quoc
Phuket
Sanya
Beijing
Seoul
Bishkek
Issyk-Kul
Atyrau
Aktau
Uralsk
Aktobe
Astana
Almaty
Antalya
Gazipasha
Bodrum
Da Nang
Cam Ranh
Mumbai
Yining
Kyzylorda
A
Kostanay
Karaganda
ktobe
Atyrau
Shymkent
Turkistan
Aktau
Oskemen
Semey
Pavlodar
Uralsk
Kostanay
Karaganda
Guangzhou
KAZ AKH S T A N
Sharm El Sheikh
London
Amsterdam
Frankfurt
Podgorica
Medina
Doha
Bahrain
Jeddah
Astana
Almaty
Tashkent
Shymkent
Kyzylorda
Dushanbe
Urumqi
Istanbul
Batumi
Kutaisi
Tbilisi
Baku
Osh
Dubai
Delhi
Goa
Male
Colombo
Bangkok
Phu Quoc
Phuket
Sanya
Beijing
Seoul
Bishkek
Issyk-Kul
Atyrau
Aktau
Uralsk
Aktobe
Astana
Almaty
Antalya
Gazipasha
Bodrum
Da Nang
Cam Ranh
Mumbai
Yining
Kyzylorda
A
Kostanay
Karaganda
ktobe
Atyrau
Shymkent
Turkistan
Aktau
Oskemen
Semey
Pavlodar
Uralsk
Kostanay
Karaganda
Guangzhou
AT A GLANCE CONTINUED
Where we operate
GRI 2-1
132
Domestic and international
routes
54
Destinations
66%
Domestic market share
36%
International market share
1
Air Astana
FlyArystan
Air Astana/FlyArystan
1 Total departing seats from Kazakhstan to international
destinations (excl.Russia and Belarus).
Other informationStrategic report Governance Financial statements
05AIR ASTANA GROUP INTEGRATED REPORT 2025
Overview
INVESTMENT CASE
Delivering value
for shareholders
We have a proven track record of delivering
strong, consistent growth. Our efficient
operating model and robust financial position
enable us to continually invest in our brand
and proposition – an approach that has already
generated substantial returns. Looking ahead,
the market presents a significant opportunity
that underpins our ambitious growth plans.
KZT 9.92
Proposed dividend (per share) for 2025
Commitment to sustainability
Modern, fuel efficient fleet
Supporting local SAF production
Industry leading training programme
Women represent 53% of management positions
Financial resilience
Cost leadership CASK: 6.20 US cents
Robust balance sheet
Robust liquidity position: USD 512k average
tradedperday (September 2025-November 2025)
Strong management and governance
Experienced management team with 30 years average
experience in the industry
Five Independent NEDs on the Board of Directors
Operational efficiency
Young, fuel-efficient, Airbus fleet
Ability to dynamically allocate to most profitable routes
Advanced in-house Engineering, Training and Ground
Services capability. Unrivalled in Central Asia
70% of fuel uplift sourced domestically
A clear market leader
Strong position in the fastest-growing aviation market
inthe World (IATA)
66% market share in our home (Kazakhstan) market
where air travel penetration has tripled in 5 years
Uniquely positioned to connect India, China, Gulf
andEurope
Read more in Market overview on page 10 Read more in Financial review on page 71
Read more in Corporate governance on page 84
Read more in Sustainability on page 39
Read more in Strategy in action on page 24
Other informationStrategic report Governance Financial statements
06AIR ASTANA GROUP INTEGRATED REPORT 2025
Overview
Strategic report
08 Chairman’s statement
10 Market overview
14 Business model
16 CEO’s statement
19 Q&A with Peter Foster and Ibrahim Canliel
21 Strategy
30 Key performance indicators
32 Operating review
36 Stakeholder engagement
39 Sustainability
71 Financial review
74 Risk management
I am proud to have led the team that has
taken a post-start-up airline and created
the pre-eminent airline in the region
and a globally recognised brand.”
Peter Foster
CHIEF EXECUTIVE OFFICER
OF THE AIR ASTANA GROUP
(until 31 March 2026)
Overview Other informationGovernance Financial statements
07AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
CHAIRMAN’S STATEMENT
A culture of
excellence
During the year, we carried nearly 10 million passengers, an
increase of 7.9% over 2024 and achieved revenue growth of 11.4%
1
to USD 1,454 million. We signed two major codeshare agreements
with China Southern Airlines and Air India, a significant step for
our‘Going Global’ ambitions and push into these burgeoning
megamarkets. We expanded our network, boththrough the
addition of new destinations and increased frequency of flights.
Demonstrating resilience
However, as 2026 unfolds, we are facing a very different situation.
The current conflict in the Middle East has forced us to cancel all
flights into the region. Despite the ongoing uncertainty as at the
date of this report, the Group remains focused on adapting to
evolving external conditions, and I have no doubt, that we will
demonstrate our mettle in these uncertain times and continue
onour chosen trajectory as soon as the circumstances allow.
Engine defects affecting capacity
As you will read in detail elsewhere in this report, it is now three years
since Pratt & Whitney issued a product recall of PW1100G engines due
to contamination, with major implications for the Group since our
Airbus A320 fleet are powered by these engines. In recognition of this,
in March 2025, we reached an agreement for compensation with Pratt
& Whitney and are seeking further recompense for unscheduled
engine replacements caused by additional defective engines.
Fleet expansion plans
Already the leading airline group in Central Asia and the Caucasus
regions by revenue and fleet size, we have consolidated our
position through the two largest aircraft orders in the Group’s
history. The first set us on course for a major long-haul fleet
expansion with a new order for up to 15 Boeing 787-9 Dreamliners.
We have since topped this with an even larger order for up to
50Airbus A320neo family aircraft.
Efficiency an imperative to success
The expansion of our fleet, allied with the simplified fleet profile
wenow hold – operating with just two aircraft types: the Airbus A320
family and Boeing 767 – brings its own efficiencies. We have one of
the youngest fleets within the global airline industry with an average
age of 6.4 years, vastly reducing maintenance requirements and
costs but also significantly lowering our CO
2
emissions with their
fuel-efficient engines. At the same time, we continue to invest in
ourinfrastructure and are keenly focused on advancing the Group’s
digital transformation across every aspect of the business.
Committed to excellence
Excellence is the byword on which the Air Astana Group has built
its reputation and captures the fundamental principle of how we
operate our business. This translates into award-winning customer
service – once again gaining international recognition from Skytrax,
APEX and our industry peers in 2025. It is demonstrated in our
day-to-day commitment to safety: with certification through IATA’s
Operational Safety Audits and an accident-free record of carrying
92 million passengers since 2002.
The Air Astana Group finished 2025 in a strong
position, having completed its second year as
alisted company on three stock exchanges
withaflourishing retail shareholder base.”
Nurlan Zhakupov
CHAIRMAN OF THE BOARD OF DIRECTORS
1 Excluding non-recurring revenue items (USD 4.2 million).
Overview Other informationGovernance Financial statements
08AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
CHAIRMAN’S STATEMENT CONTINUED
Our sustainable development trajectory looks to the future and,
in2025, we revised the net-zero commitment in our Low-Carbon
Development Programme from 2060 to 2050. This aligns with the
global aviation industry’s targets and has a verified decarbonisation
roadmap with clear near-term milestones.
Our people – our most valuable asset
As one of the major employers in Kazakhstan, we pride ourselves
on attracting and retaining some of the best talent, but we also
recognise that it is their dedication and loyalty thatunderpin our
continued success in providing best-in-class services. And I would,
therefore, like to take this opportunity to thank everyoneacross
the Group for the contribution they have played.
Changes to shareholdings and the Board
During 2025 and early 2026, BAE Systems, one of Air Astana’s
founding shareholders, completed its exit from the Company’s
share capital, selling 10.1% in December and its remaining 6.9%
inMarch. Following the December sale, Simon Wood resigned
from the Board as planned. We thank BAE Systems and Simon
fortheir longstanding contribution to the Company’s development
and welcome the increased free float. At the Extraordinary General
Meeting of Shareholders held in February 2026, Bakhytzhan Taubayev
was elected to the Board of Directors as a representative of Samruk-
Kazyna JSC, where he serves as Co-Managing Director for Strategy and
Asset Management.
In another change to the Board, Diyas Assanov, who was appointed
in May 2024, has now taken on the role of a Workforce Engagement
Designated Independent Non-Executive Director, with the remit
ofstrengthening the Board’s engagement with employees and
stakeholder groups.
A new leadership era
2026 heralds a change in leadership within the Group following
theannouncement of Peter Foster’s retirement from the position of
Chief Executive Officer of Air Astana from the end of March. He also
steps down from the Group Board of Directors, but we are delighted
that he will retain his connection as a Senior Advisor to the Board.
Peter has been at the helm since 2005, overseeing the development
of what was then a young and ambitious airline and turning it into
one which is now fully formed but still ambitious for the future.
Weare eternally grateful for his unstinting commitment to exceeding
expectations and I would like to formally thank him, both personally
and on behalf of the Board, his own management team and
colleagues – and ultimately our flying passengers – for his hard
workand belief in creating a world-class airline.
Ibrahim Canliel has been transitioning into the role of Chief Executive
Officer in recent months, having worked very closely with Peter over
the last seven years as Chief Financial Officer and formally assumed
the position of Chief Executive Officer of Air Astana JSC on 1 April
2026. He was also the driving force behind our successful IPO
process. During his 22-year tenure at Air Astana, Ibrahim has held
anumber of positions, gaining an in-depth knowledge of the
business, which will hold him in good stead. Ibrahim was joined,
inthe role of new Chief Financial Officer, by Gonçalo Pires.
Gonçalopreviously served as CFO of TAP Air Portugal, where he
has been involved with restructure and digitalisation initiatives.
Confidence in the future
So as we say our farewells to Peter and wish him well, he knows
that he leaves behind an ongoing legacy. My Board and I have
every confidence in the skills and experience that Ibrahim brings
to his new role. He has already proved his mettle – not only in his
staying power but in his work ethos and strategic problem solving.
We look forward to working closely with him and his new team as
Air Astana Group continues its upward trajectory as one of the
finest global airlines of the 21st century.
As a listed company, we would not be able to achieve our ambitions
without our shareholders. So I would also like to say a big thank you
to all of you for your support as you join us on this epic journey.
Nurlan Zhakupov
CHAIRMAN OF THE BOARD OF DIRECTORS
Stock exchange events
During the year, the Air Astana Group hosted two key investor
events: Issuer Day on 6 August at the Astana International
Exchange and its first Capital Markets Day at the London Stock
Exchange on 15 September. At both sessions, management
made presentations to institutional investors, analysts, and
representatives of leading banks about the Group’s successful
progress since IPO. These prompted the largest uptick in stock
trading on all listings since immediately after the IPO.
Enhanced Dividend Policy
Under the new Enhanced Dividend Policy, approved by the
Board of Directors in March 2025, dividend payments of 30% to
50% ofannual consolidated net income will be recommended.
Thiswas a change to the previous guidance of up to 20%
announced at the IPO but still subject to all the conditions
setout in the Dividend Policy on page 72 of this report.
For the financial year ended 31 December 2025, the Board
isrecommending a dividend of KZT 9.92 per one common
share(KZT 39.68 per GDR – equivalent to four shares).
This is subject to approval at the Annual General Meeting of
Shareholders, which will take place no later than 31May 2026
and will then be payable in mid-2026.
Overview Other informationGovernance Financial statements
09AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
MARKET OVERVIEW
Kazakhstan
Continuing to stimulate air travel in our home market
International
Located at the intersection of global megamarkets;
AirAstana is driving expansion of the Group’s
international route network
Central Asia & Caucasus
Our near-home markets, the most underserved
aviation region globally
Positioned to
capitalise on
significant growth
opportunities
The Air Astana Group, through its differentiated but complementary
brands – Air Astana and FlyArystan, boosted its market share by
providing connectivity throughout the COVID period and has built
on this to become today’s clear market leader, commanding
66%of the domestic market. While there are still distinct growth
opportunities across Kazakhstan, the Group is also keen to extend
its horizons beyond the country’s borders and the ability of its
citizens to travel visa-free to more than 70 countries
1
(increasing
year-on-year) is helping to drive up passenger numbers. It is
thelargest airline group and Air Astana is the only international
full-service airline within the Central Asia and Caucasus region.
TheGroup is also uniquely positioned to expand its wider
international network given its proximity to neighbouring
megamarkets.
Air Astana 19%
FlyArystan 10%
Others 71%
Air Astana 26%
FlyArystan 40%
Others 34%
Air Astana 30%
FlyArystan 6%
Others 64%
11.8m
Total seats
2
3.3m
Total seats
3
9.5m
Total seats
4
1 The number includes destinations offering visa-free entry andthose
providing an e-visa and/or visa on arrival for Kazakhstan citizens.
2 Total departing seats within Kazakhstan.
3 Total departing seats within the intra-Central Asia & Caucasus region.
4 Total departing seats from Kazakhstan to international destinations (excl. Russia
and Belarus).
Overview Other informationGovernance Financial statements
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MARKET OVERVIEW CONTINUED
Long-term growth drivers
Underserved domestic market
Kazakhstan’s vast land mass covers 2.725 million km
2
with
itspopulation of more than 20 million people inhabiting
conurbations across the length and breadth of the country.
Travel by road and rail between destinations can take many
hours or even days. Against this backdrop, the expansion of
domestic, low-cost airline services is fuelling the rapid rise in
air passenger traffic, with some 10.5 million projected by
2028, upfrom 8.2 million in 2023 – representing 28% growth.
While air travel is increasingly becoming the preferred choice
for many passengers, the aviation market of Kazakhstan
remains substantially underserved, with air travel penetration
low relative to the country’s GDP per capita. Compared with
Malaysia, Turkey and Chile, which all have similar GDP per
capita levels, Kazakhstan’s total air travel penetration
remains considerably lower (0.8 compared with 1.7, 1.5
and1.4, respectively).
Based on Economist Intelligence Unit forecasts and
Kazakhstan’s strong economic growth (5.6% in the first half
of the most recent reporting period), the domestic market is
projected to at least triple by 2030 if travel propensity trends
translate into the levels seen in comparable economies.
The broader Central Asian region has attracted attention with
approximately 20 new airlines entering over the past two
years. However, although the wealthiest country in the
region, Kazakhstan still operates at comparatively low travel
penetration levels. The gap between current uptake and
social/cultural demand continues to present significant
growth opportunities within the domestic market.
Significant growth potential in the
CARECregion
Kazakhstan is a signatory to the Central Asia Regional Economic
Cooperation (CAREC) Program; one of 11 countries working with
development partners to capitalise on the region’s unique
geographical position to connect to the vast potential of global
markets. This creates strong real demand for more efficient
andreliable transport connections for both people and trade.
Central Asia and the Caucasus region represents the fastest-
growing air travel market in the world today and is predicted
to continue into 2026. According to IATA data, Central Asia
ledglobal aviation growth in 2024, with this momentum
continuing through the first nine months of 2025, when
theregion recorded 23% growth on international routes
compared with the same period in the prior year.
The region’s economic fundamentals support sustained aviation
expansion. Central Asia and the Caucasus boast a fast-growing
economy driven by abundant oil, gas and mineral resources, and
complemented by a rapidly developing service sector, including
tourism. The region is home to 95 million people, featuring
alarge, well-educated, youthful population and a rising
aspirationalmiddle class with increasing purchasing power.
Despite these favourable demographics and economic trends,
the region remains a highly underserved aviation market with
atraditionally low propensity to fly. While there has been
substantial growth in the past decade, the aviation market within
the Caucasus region presents significant opportunities for greater
intra-regional connectivity. Comparative figures, for example,
pinpoint the gap with 79% for Europe against only 8% for the
Central Asia and the Caucasus region. As incomes rise and
low-cost carriers expand accessibility, the potential for
sustained double-digit growth remains substantial, making
Central Asia and Caucasus region one of the most compelling
aviation markets globally.
Proximity to global megamarkets
Kazakhstan occupies a uniquely advantageous geographic
position at the crossroads of the world’s largest and
fastest-growing markets. Within a seven-hour flight radius
from Kazakhstan, airlines can reach nearly four billion people
– almost half the world’s population – including the
megamarkets of China, India, Europe and the Middle East.
Kazakhstan sits directly between major Asian emerging
economies and Europe, creating natural transit opportunities
that few other carriers can exploit as effectively.
Based on its intra-regional network and international route
structure, Air Astana is the leading provider of connectivity
from the region to these megamarkets. No other airline
offers comparable connectivity, combined with Air Astana’s
product quality and service standards. This positions the
Group as the preferred carrier for passengers travelling
between Kazakhstan and neighbouring countries to the
world’s major economic centres.
While Air Astana has already demonstrated strong growth
oninternational routes, significant expansion opportunities
remain. Connecting underserved regional passengers to
megamarkets represents a substantial growth driver for
thefuture and this international expansion is a cornerstone
of Air Astana’s strategic growth plans.
The Group has been systematically investing in these
megamarket opportunities, establishing codeshare
partnerships with leading carriers in both China and India to
deepen market penetration and offer seamless connectivity.
These partnerships enhance Air Astana’s competitive position
as the primary bridge between the region and the world’s
most dynamic economies.
Further details on international route development and strategic
partnerships can be found ion page 22
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MARKET OVERVIEW CONTINUED
Supply chain pressures
The industry continues to be adversely
impacted by supply chain challenges arising
from Original Equipment Manufacturers (OEM),
including Pratt & Whitney, and the impact of
the contaminated powdered metal problems
of PW1100G engines. Although Pratt & Whitney
has been delivering new engines unaffected
by powdered metal from production for the
past 27 months, the backlog of affected
engines requiring workshop remedial work
isnow expected to persist through to 2028.
Challenges within the aerospace supply chain
have impacted the airline industry throughout
2025, prompting Willie Walsh, IATA’s Director
General, to comment: “The new year’s
resolution for the manufacturing sector must
be to increase production to meet the needs
of their airline customers. The backlog of
more than 17,000 aircraft orders that we
reached in 2025 must be reduced in 2026”.
How we are responding
Air Astana implemented a mitigation plan at
an early stage focused on dynamic capacity
management and a proactive engine resting
programme to maximise deployment during
peak operational periods. The Group also took
decisive, early action to secure additional
spare engines, lease five additional A320
family aircraft and has performed a total of
208 engine swaps at its in-house MRO
facilities since January 2024. While
operationally intensive, this has successfully
mitigated the impact of the powdered metal
issue on the Group.
During the summer peak, the Group was
forced to make 14 Unscheduled Engine
Removals (UERs) due to Pratt & Whitney
engine design defects additional to the
powdered metal issue, bringing the year-to-
date number to 22. This compares to three
UERs in Q1 2025 and five in Q2 2025. The
nature of these UERs required engines to be
removed earlier than under the scheduled
removal plan, grounding up to 13 aircraft in
the peak season and reducing the capacity
that had been preserved for deployment
during that period.
There have, however, been some positive
developments: although the Group’s working
assumption for average off-wing time remains
18 months, mitigation of the Pratt & Whitney
engine issues is expected to accelerate ahead
of the peak season, supported by earlier
engine inductions in H12026, including a
number of shorter-duration ‘pit stop’ shop
visits. This will be further reinforced by the
addition of four more spare engines.
Our agile supply chain processes enabled
usto reroute major supplies in compliance
with UK, EU and US sanctions, ensuring
uninterrupted operations. Logistics teams
closely monitor internal processes, freight
forwarders, optimal routes and delivery
methods to maintain a lean and agile supply
chain, reducing overheads and improving
profitability.
Key challenges in the aviation market
Jet fuel prices
Fuel is one of the largest costs airlines face
and remains inherently volatile. While
average jet fuel prices declined by 9%
1
year-on-year in 2025, fuel still accounted for
24% of the Group’s total operating costs, and
the price increase seen in March following
unrest in the Gulf served as a reminder of the
market’s sensitivity to geopolitical disruption.
How we are responding
We take a different approach to managing
this significant cost than many in our industry.
We purchase some 70% of our fuel
domestically, negotiating with and sourcing
directly from local refineries. Other airlines
inKazakhstan and, indeed, the airports also
purchase in this way. However, our cost
differential comes from managing the
logistics, transportation and storage of fuel
ourselves, eliminating several intermediaries
between those points. Aswell as reducing
the impact of market fluctuations and
providing a more stable fuel price, this also
enables us to achieve a price point that is
roughly 20% lower than that paid at our
international stations.
1 Source: IATA
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MARKET OVERVIEW CONTINUED
Competition
Kazakhstan’s Open Skies programme has
been extended until 2027. Open-skies
agreements foster competition and flexibility
in international air travel by allowing airlines
from different countries the right to fly in and
out of each other’s airspace.
This has significantly increased flights to
Kazakhstan and Central Asia by the major
sixth-freedom airlines based in the Middle
East and in Turkey, filling the vacuum created
by the absence of Russian and Ukrainian
airlines. These sixth-freedom airlines offer
attractive prices to destinations situated to
the west of Kazakhstan.
How we are responding
This could be perceived as a challenge to
theGroup; however, the strongest growth in
demand has actually been for flights between
Kazakhstan and locations to the east and
south of the country. Including many leisure
destinations, there has been a significant
uptick in travel from Central Asia to the
Middle East, East and Southeast Asia,
particularly to the UAE, China, Egypt,
SaudiArabia, Qatar, Thailand and Vietnam.
Combined with our focus on operational
efficiency and low cost per ASK, this has
enabled the Group to deliver strong margins.
This places both our brands in a very
competitive position in the overall
marketplace when compared to that
ofitspeers.
Seasonality of demand
Aviation demand is highly seasonal, driven
byleisure travel, school breaks and major
holidays, leading to predictable peaks (summer,
December holidays) and troughs (winter off-
season), creating seasonal variability in airline
revenue, management, pricing
andoperations, althoughhybrid working
models are beginning to smooth some
traditional patterns.
At the same time, the Group’s quarterly
performance in 2025 remained broadly stable:
despite moderate fluctuations in passenger
volumes, the load factor stayed at a
consistently high level in the range of 81.5%
to 85.0%, reflecting resilient demand
throughout the year.
How we are responding
Our approach combines dynamic route
management with flexible deployment of
aircraft. Both airlines continue to proactively
manage their networks and allocate capacity
to maximise yield, particularly in favour of
higher-margin international routes on
AirAstana.
We have naturally responded to our customers
yearning for winter sunshine, with increased
services from both Almaty and Astana to
popular tourist destinations, including Male
inthe Maldives, Phu Quoc in Vietnam and to
Bangkok and Phuket in Thailand. There has
been growing interest in passengers travelling
from South Korea to Central Asia and Georgia.
While a number of new entrant airlines have
taken up these routes, they have reduced
capacity over the winter months. In contrast,
to meet the needs of this burgeoning group
of passengers, Air Astana has both increased
the frequency of flights from Almaty to Seoul
and upgraded its aircraft from narrow-body
A321LR to wide-body B767-300.
Air Astana further expanded its international
network for autumn 2025 with service
resumptions and increased frequencies across
the Gulf, where demand has recovered
strongly following the temporary disruption
caused by geopolitical events. In all, the Group
launched 25 new routes during the year to
improve connectivity within Kazakhstan and
across its regional and international network.
Key challenges in the aviation market continued
Overview Other informationGovernance Financial statements
13AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
R
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Full-service airline
Low-cost airline
BUSINESS MODEL
GRI 2-6
Agile and resilient
RESOURCES AND INPUTS
Brand and reputation
With over 20 years’ experience and major
investment in both our reputation and brands,
Air Astana and FlyArystan, the Air Astana
Group has established positive brand
recognition. This translates into significant
commercial value and helps foster good
relationships with our stakeholders.
Financial resources
We have demonstrated operational and
financial resilience throughout COVID, the
Russia-Ukraine war, industry challenges
withPratt & Whitney engine issues, and
supply chain constraints. Through proactive
management and financial discipline, we
have built an efficient cost structure that
enables our airlines to outperform most
oftheir peers.
People and culture
Our focus on equal opportunities, training
anddevelopment helps retain and attract
new employees. Through our corporate
values and promotion of a culture of
recognition, we have created a positive work
environment for our 7,211 employees.
Modern fleet
The Group is now operating its simplest fleet
profile in more than 20 years after formally
redelivering the final Embraer E2 in September
2025. The fleet currently comprises just two
aircraft types – the modern, fuel-efficient Airbus
A320 family aircraft and Boeing 767 aircraft for
longer international routes flown by Air Astana
– with an average fleet age of 6.4 years at
theend of 2025. We benefit from reduced
maintenance costs, optimised fuel consumption
and reduced CO
2
emission levels, which position
us competitively among comparable
international networks and low-cost carriers.
Service excellence
We are known for outstanding excellence
incustomer service. In 2025, the Air Astana
airline was, for the fourteenth year running,
acknowledged as the Best Airline in Central
Asia& CIS in the Skytrax World Airline Awards,
and FlyArystan was awarded Best Low-Cost
Airline in Central Asia & CIS for the third time.
Partnerships
Our partnership strategy is to expand
co-operation through codeshare and interline
arrangements, to extend the reach of our airlines
and enrich our passenger offering through
reciprocal initiatives, such as loyalty programmes
and benefits, and enhanced airport services.
OUR PROVEN OPERATING MODEL
The Air Astana Group is the largest airline group in Central Asia and the Caucasus by revenue and
fleet size. We provide scheduled, point-to-point and transit, short-haul and long-haul air travel and
cargo ondomestic, intra-regional and international routes across Central Asia, the Caucasus, the Gulf,
Europe (including Turkey), the Middle East and Asia (including India and China). Targeting different
regions andcustomer markets, our two differentiated but complementary brands – Air Astana and
FlyArystan – together have a domestic market share of 66% and international market share of 36%.
Overview Other informationGovernance Financial statements
14AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
BUSINESS MODEL CONTINUED
WHAT SETS US APART
1
Low unit cost
2
Dual-brand strategy
3
Service quality recognition
4
Modern fuel-efficient fleet
5
Strategic geographic position
6
Market dominance in Central Asia
7
Consistent profitability
HOW WE DO IT
Consistent strategy to achieve our vision
Our ambition is for the Air Astana Group to establish a position as
one of the finest airline groups in the world. Our strategy to achieve
this is built on three key pillars:
Growth
Excellence
Efficiency
Positioned to capitalise on significant growth opportunities
Air Astana Group is the clear leader in its home market, well
positioned to capture untapped growth opportunities. Beyond
Kazakhstan’s borders, the Central Asia and Caucasus region remains
deeply underserved, presenting significant potential for connecting
one of the world’s fastest-growing aviation markets with the world’s
most populated countries. As the largest airline group in the region
by seat capacity, Air Astana is ideally placed to capitalise on these
strong growth opportunities and the Group’s location at the
intersection of major global markets – India, China, the Gulf,
andSaudi Arabia.
Strong financial discipline
With operational efficiency and excellence at its heart, we maintain
rigorous financial management, which is key to maintaining one
ofthe lowest unit-cost performances (measured by CASK) among
both of our airlines’ international competitors. This enables us to
compete effectively on air fares, stimulating market demand and
supporting growth in market share. Our strong balance sheet is a
source of confidence and provides assurance to weather any crisis.
DELIVERING VALUE FOR OUR…
…Shareholders
KZT 9.92
Dividend per share
proposedfor 2025
…Passengers
80
Air Astana
CSAT Rating
for 2025
82
FlyArystan
CSAT Rating
for 2025
Whether flying on our full-service
orlow-cost carrier, our passengers
receive the award-winning standards
ofhospitality, comfort and safety we
are renowned for.
…People
USD 5.4m
Investment in
trainingin2025
Our employees are central to the
Group’s success, and we reward their
loyalty and dedication by offering
competitive salary packages and
professional development, as well
asproviding for their well-being.
…Suppliers and partners
31%
Percentage of purchases
from local suppliers in 2025
Mutual respect for our suppliers and
business partners is key to developing
positive, long-term relationships, with
beneficial outcomes for all parties.
…Government, regulators and local authorities
USD 87.7m
Taxes paid in 2025
We create employment and support
thedevelopment of local social and
economic infrastructures in Kazakhstan,
while ensuring we meet all relevant
legislative and regulatory requirements.
Factors that determine our long-term growth
Market trends and
opportunities
Read more on page 10
Sustainability
Read more on page 39
Risk management
Read more on page 74
Governance
Read more on page 83
Overview Other informationGovernance Financial statements
15AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
CEO’S STATEMENT
Looking to
newhorizons
2025 marks Air Astana Group’s second year as a
public company and my 20th year as CEO. Amid
industry-wide challenges, we have once again
shown resilience, significantly increasing our
passenger numbers to nearly 10 million.”
Peter Foster
CHIEF EXECUTIVE OFFICER
Revenue grew by 11.4% to USD 1,453.9 million and ASKs increased
by 14% to 22 billion. Wealso continued to earn international
commendations, reflectingthe strength of our customer service.
Resilience against the odds
The debacle with Pratt & Whitney continued into its third year
andwas among the challenges we faced in 2025. As previously
reported, there was a product recall for PW1100G engines due to
contamination of powdered metal, with ensuing disruption across
the global airline industry. This was also particularly galling for us
given that our fleet of mainly Airbus 320 aircraft is powered by
these engines. Decisive measures were taken immediately to
secure 13 spare engines and lease five additional A320 family
aircraft; this year, we have had to acquire another four engines.
However, despite the swift steps taken to mitigate groundings,
theknock-on effect – operationally and financially – has been
substantial. Since January 2024, our in-house MRO teams have
been forced to carry out 208 engine replacements to alleviate
theoverall impact on operations.
Despite proactive interventions, further engine defects forced22
unscheduled engine removals and reduced our capacity during the
summer peak in 2025. This negatively affected profitability and
increased unit costs at our busiest time, compressing the margin
between RASK and CASK throughout the year.
Other circumstances affected our performance over the period.
The Kazakh Tenge – the currency in which we earn a large amount
of our revenue – had a difficult year, before recovering in the final
quarter. Airport closures and the rerouting required due to conflict
in the Middle East also created additional disruption. Given the
evolving nature of the current situation, the duration and full
implications remain uncertain, and we will continue to monitor
developments closely, adjusting our operations as required.
World-class product offering
Despite external challenges, the Group continues to demonstrate
strong operational performance and reliability. In September 2025,
Air Astana successfully renewed its IATA Operational Safety Audit
(IOSA) certification for the tenth time; since January 2025, FlyArystan
has been operating under an independent AOC and IATA code and
completed its first full IATA IOSA certification in September 2025
with an accepted corrective action plan.
Our commitment to excellence is reflected in the Group’s service
recognition. At the Skytrax World Airline Awards 2025, Air Astana
was named ‘Best Airline in Central Asia & CIS’ for the fourteenth
consecutive year and received ‘Best Airline Staff Service in Central
Asia & CIS’ for the ninth time. FlyArystan was awarded ‘Best
Low-Cost Airline in Central Asia & CIS’ for the third consecutive
year. Air Astana also received a Five-Star rating from the Airline
Passenger Experience Association (APEX) in the ‘Major Airlines’
category for the sixth consecutive year.
Overview Other informationGovernance Financial statements
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CEO’S STATEMENT CONTINUED
Driving operational efficiency
We have now completed our plans for fleet simplification and have
the most streamlined fleet profile we have had for more than
20years, comprising two aircraft types: the modern Airbus A320
family aircraft alongside Boeing 767 aircraft used for longer
international routes flown by Air Astana. Our Group fleet had
expanded to 62 by the end of 2025 with an average aircraft age
of6.4 years. With a young, fuel-efficient fleet, we benefit from
lowermaintenance costs, optimised fuel consumption and reduced
CO
2
emissions. In addition, we are now deploying a comprehensive
set of fuel-efficiency and aircraft performance monitoring systems to
both improve operational efficiency and optimise fuel consumption.
Alongside this, we are making extensive investment in digital
transformation in order to integrate next-generation systems into
our day-to-day activities. We launched our AI Lab in early 2025
andare already seeing tangible progress with a rapidly expanding
pipeline of AI applications, pivotal to enhancing operational
performance, crew productivity and our customer experience.
On the ground, our longer-term infrastructure plans are taking
shape, including the expansion of our Technical Centre atAstana
and construction of new hangars in Almaty and Astana. These will
not only add to the maintenance capacity across the Group but will
further reduce costs, with the aim of also offering specialist and
high-value heavy maintenance to external customers.
Success founded on our people
The public, visible manifestation of the Group is encapsulated inour
brands, the net promoter score, the customer satisfaction ratings, the
reliability, on-time performance, our safety record, the partnerships,
our presence in global markets, and our international reputation.
Thisiswhat the outside world sees, but it is really justthe tip of
theiceberg, as this all happens because of the incredible collective
effort of the 7,211 people who work for theAir Astana Group.
This industry is fundamentally people-intensive and depends on
the professionalism of individuals across the business. Ultimately,
itis our people – across flight operations, engineering, ground
services and customer-facing teams – who deliver the standards
our passengers experience every day.
A changing market scenario
The Kazakh Government’s open skies policy and expanded visa
access have opened up the country, which we heartily support,
butthe liberalisation of the economy inevitably intensifies
competition. Kazakhstan has become an increasingly attractive
destination, and demand from international travellers continues to
rise. However, while this presents us with increased opportunities,
we also face challenges from the low-cost sector.
We are now facing a new reality: a more difficult and very
different market environment to that which we have experienced
during most of my tenure. Over the course of the last two years,
some 20 new airlines have entered the Kazakhstan market, most
of which are low-cost carriers. They are expanding their networks
into Kazakhstan and the wider region with a structurally lower cost
base, which increases competitive pressure. While the longer-term
sustainability of some entrants remains uncertain, in the near term
they are reshaping the competitive landscape.
Strategic global alliances
History has shown us the inevitable downside of going it alone;
that success comes from making alliances. In 2025, we added two
outstanding codeshare agreements to our portfolio. Firstly, with
Asia’s oldest airline, Air India, a very well-managed business which
operates a comprehensive network of flights to, from and across
India, the world’s most populous country and one of the fastest
growing travel markets. And, also, with China Southern Airlines,
the biggest airline in the world, with 968 aircraft.
These boost our existing codeshare agreements with Lufthansa,
Asiana and Turkish Airlines, cementing our ‘Going Global’ strategy
for the future, enabling us to take full advantage of our fantastic
global position and presence in these markets. And, by so doing,
we will enhance our position as the powerhouse airline of this
entire region.
Moving forward with confidence
Our strategy for growth over the next decade is predicated upon
widening our network from Central Asia and the Caucasus to Asia,
Europe and the rest of the world. Achieving this requires expanding
our long-haul capabilities allied with the overall modernisation of
our fleet. The arrival of the first Boeing 787-9 Dreamliner in 2026
marks the start of this – our next exciting phase of development.
And we have made our long-term intentions very clear with the
two largest orders in our history, with a value totalling up to
USD10billion. This will see the delivery of up to 15 Boeing 787-9
Dreamliners and 50 Airbus A320neo family aircraft from 2031
to2035, which willenable us to take our operations to yet
anotherlevel.
A smooth transition
By the time this report is published, I will have retired from my
role as Chief Executive Officer for the Air Astana Group. I would
therefore like to take this opportunity to thank our employees,
colleagues and friends for their support and loyalty over the last
20years. It has been a great honour and I’m looking forward to
remaining involved as Senior Advisor to the Board.
It is also a great honour to be handing over the leadership reins to
Ibrahim Canliel, who already has 22 years at Air Astana under his
belt and for the last seven of these as Group Chief Financial Officer,
integral to the success we have enjoyed, including masterminding
the whole IPO process. Gonçalo Pires will be joining him as his
new CFO; he has been the CFO of TAP Air Portugal for several years
and responsible for implementing its restructuring and digitalisation
initiatives. I have every confidence in the ability of Ibrahim, Gonçalo
and the management team to drive the next phase of development
for this business – the one that we have all envisioned and know
we can achieve.
Peter Foster
CHIEF EXECUTIVE OFFICER
Overview Other informationGovernance Financial statements
17AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
20 years of growth
2002
Foundation and
strategicvision
– Air Astana was established as
a joint venture between the
Government of Kazakhstan
and BAE Systems, with a
clear mandate to build a
world-class national carrier
– First commercial flight
operated in May 2002,
connecting Almaty and Astana
– Focus from inception on the
highest standards of safety,
service and corporate
governance
2005
Building credibility
andearly expansion
– Rapid expansion of the
routenetwork across
CentralAsia and key
international destinations
– Introduction of modern
Airbus fleet, reinforcing
commitment to efficiency
and passenger comfort
– Early positioning as a reliable
full-service carrier in a
developing aviation market
2011
Strengthening
internationalpresence
– Continued network
expansion into Europe
andAsia, enhancing
Kazakhstan’s connectivity
– Recognition for service
quality begins to build
globally
– Investment in operational
excellence and training
infrastructure
2019
Launch of
FlyArystan
– Successful launch of
FlyArystan, the Group’s
low-cost carrier
– Opened air travel to
abroader population
segment and stimulated
domestic demand
– Established a dual-brand
model supporting both
yieldand volume growth
2020
Resilience
through crisis
– Demonstrated agility
duringCOVID, maintaining
operations and adapting
capacity dynamically
– Accelerated digitalisation
andcost discipline measures
– Positioned the Group for
recovery through a flexible
operating model
2024
Successful IPO and
newgrowth chapter
– Landmark IPO with listings
on KASE, AIX, and the
London Stock Exchange
– Strengthened capital
structure and increased
international investor base
– Entered a new phase of
disciplined growth, focused
on returns, fleet expansion,
and network development
Over more than two decades, Air Astana has evolved
from a start-up carrier into Central Asia’s leading
airline group – defined by operational resilience,
disciplined growth and the ability to adapt to an
increasingly dynamic aviation market.”
CEO’S STATEMENT CONTINUED
Overview Other informationGovernance Financial statements
18AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
Q&A WITH PETER FOSTER
AND IBRAHIM CANLIEL
Moving forward
with confidence
What are your reflections on the last 20 years?
PF: Looking back, the last 20 years have been a remarkable
journey. When I arrived, Air Astana was still a fragile, post-start-
upairline, and our first priority was simply to build operational
integrity and stability into the business. Over time, that developed
into something much bigger: a strong, resilient and internationally
recognised airline group.
What stands out most to me is the scale of that evolution, without
sacrificing safety, customer service and financial strength. The
company has grown not only in size, but in maturity, capability and
confidence. Above all, it has shown a consistent ability to meet
challenge with focus and resilience, and I think that has been one
of the defining features of its development.
IC: For me, the last 20 years reflect an extraordinary period of
growth and transformation. What began as a young airline with
clear potential has become a strong and respected aviation group
with a distinct position in the region and beyond.
What I reflect on most is the consistency of the journey – the fact
that the company has grown while remaining anchored in the
same core principles: strong governance, high standards and a
culture that encourages people to contribute and develop. That is
what has shaped the business over time and created such a strong
foundation for the future.
Why has Air Astana been able to succeed in
what has often been a challenging operating
environment?
PF: I think there are several reasons. One is that the Group was
built on very clear principles from the outset – high operational
standards, strong governance and a clear sense of commercial
discipline. Those things matter in any market, but they matter
even more in a challenging one.
The other factor is resilience. Over the years, the business has
faced a number of external shocks and periods of uncertainty,
butthe organisation has decisively responded with focus and calm
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19AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
Q&A WITH PETER AND IBRAHIM CONTINUED
rather than overreaction. That ability to stay agile, while keeping
sight of long-term direction, has been an important part of the
Group’s development.
IC: Part of the answer lies in the market itself, which hasoffered
asignificant long-term opportunity, but opportunity onitsown
isnever enough. The Group has been able to benefit fromthat
environment because it has remained disciplined inhowit
hasgrown and adapted.
A strong operating model, the ability to allocate capacity
dynamically, and a willingness to evolve as market conditions
changed have all played an important role. Just as importantly,
thebusiness has developed a culture where people stay engaged,
contribute ideas and respond quickly to change, and that has
helped support growth through different phases of the journey.
What are you most proud of?
PF: What I am most proud of is the fact that we built a serious
airline in every sense of the word. In the early days, not many
people in the industry looked at Air Astana and imagined that
itwould become what it is today. To have helped build an airline
that is now recognised internationally, and respected for its
standards and quality, is something I take great pride in.
What makes it particularly meaningful is that it reflects the work
ofmany people over many years.
IC: What I am most proud of is having helped build not only
asuccessful airline, but a distinctive culture grounded in
professionalism, operational excellence, agility and resilience.
Having worked across different roles in the business over many
years, Ihave seen how that culture has enabled the Group to
maintain high standards, respond effectively in challenging
circumstances and continue delivering for customers. It is reflected
in the ownership people take, the way teams work together, and
the strong focus on safety, reliability and service quality that has
shaped Air Astana’s progress.
How are you feeling taking over the reins?
IC: I feel both excited and privileged. It is a significant responsibility,
but also a very natural transition, given how closely we have
worked over many years. For me, it is about building on the
strongfoundations that are already in place, while preparing
theorganisation for its next phase of development.
What is foremost in my mind is ensuring continuity, while also
strengthening our ability to execute as the business grows in
scaleand complexity. It is an exciting moment for the Group,
andIam confident we are well positioned for what comes next.
PF: I am delighted to be handing over to Ibrahim. Having worked
closely with him over many years, I know the strength of his
leadership and his deep understanding of the business. He has
played an important role in shaping the Group we are today and is
exceptionally well placed to lead Air Astana into its next chapter.
How do you see Air Astana’s strategy
developing?
IC: The direction itself does not change, but the next phase will
require a different level of readiness across the organisation. We are
becoming more ambitious in our international focus, entering new
markets and competing in a much more complex environment.
Thatmeans the strategy will be shaped not only by growth, but
byhow well we prepare for that growth – in our systems, in our
people and in the competencies the business will need.
What gives me confidence is the strength of the platform we
already have, together with the continuity that comes from Peter
remaining involved as Senior Advisor to the Board. This is a
business with a clear sense of identity, astrong culture and people
who have shown time and again thatthey are capable of adapting,
contributing and delivering. Weare entering this next phase from a
position of strength, and that matters. The core values and
principles remain exactly as they are, but the focus will
increasingly be on building the capabilities required to scale
effectively and capture the opportunities ahead.
Looking back, the last 20 years have been a
remarkable journey. What stands out most to me is
the scale of the Group’s evolution, without sacrificing
safety, customer service and financial strength.”
Peter Foster
Having worked across different roles in the business
over many years, I have seen how a distinctive
culture grounded in professionalism, operational
excellence, agility and resilience, has enabled
theGroup to maintain high standards, respond
effectively in challenging circumstances and
continue delivering for customers.”
Ibrahim Canliel
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20AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
STRATEGY
GRI 3.3
The Air Astana Group strategy is built
on three pillars – growth, efficiency and
excellence. Together, these are driving
our ambition tobe recognised as one
ofthe finest airline groups in the world.
Alongside this, we have shown our resilience
inthe face of industry-related and geopolitical
challenges, and consolidated ourposition
through our agile and flexible
responses, fulfilling our promises to
our shareholder base.
Strong passenger and revenue growth
Improved connectivity to nearby megamarkets,
particularly India and China
Fleet expansion on track
Dividends paid ahead of guidance
Read more on page 72
Well-controlled CASK due to efficiency measures
Fleet simplification
Proactive execution of Pratt & Whitney mitigation plan
Dynamic capacity allocation to highest yielding routes
Continued investments in infrastructure improving
operational efficiency
Implementation of digital transformation strategy
Renewal of IATA Operational Safety Audit (IOSA)
Category winners at Skytrax World Airline Awards
and upgrades to customer experience
Enhanced Strategic Partnerships, including recent
codeshare agreement with China Southern Airlines
Updated Low-Carbon Development Programme
Highlights
Strategy for
sustainable growth
Growth
Excellence
Efficiency
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STRATEGY IN ACTION | Growth
GRI 3.3
Resilient growth delivering improved operatingprofitability
Enhanced strategic partnerships
Our location at the intersection of global megamarkets is a key
competitive advantage, offering significant scope for our strategic
plans for international expansion. During the second half of 2025,
Air Astana signed codeshare agreements with China Southern
Airlines and Air India to accelerate this growth opportunity by
expanding access to the megamarkets of China and India.
China has always been a strategically important market for the
Group and the agreement with China Southern Airlines will boost
trade, tourism and cultural links. The codeshare covers 50 weekly
flights between Kazakhstan and China, providing passengers
withmore travel options and improved connectivity between
both countries.
India is of key strategic importance to the Air Astana Group as
weincrease flights from Kazakhstan to Delhi, Mumbai and Goa.
AirIndia operates a comprehensive network of flights to, from
and across India, the world’s most populous country and one of
the fastest growing travel markets. The first codeshared flight
took off on 4 November 2025 and this comprehensive agreement
will accelerate the increasingly strong business, tourist and
student traffic flows between the two countries.
Alongside our existing codeshare agreements, with Japan Airlines
for the Japanese market and existing commercial relationships
across Europe and Asia with carriers such as Lufthansa and
Turkish Airlines, these new arrangements are integral to our
plans to expand our international reach. We received increased
passenger traffic from other codeshare partners over the winter
as airlines with higher cost bases reallocated winter capacity on
two key international routes, Frankfurt and Seoul.
In recognition of this crucial aspect of our ‘Going Global’ campaign,
Richard Ledger has transitioned from his role as FlyArystan
President to that of Vice President, Partnerships and Alliances.
Hisbrief is to further develop and increase our Enhanced
StrategicPartnerships – a central pillar of our growth strategy.
62
Aircraft in the fleet
9.7m
Passengers in 2025
25
New routes added in 2025
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STRATEGY IN ACTION | Growth
Focus for 2026
We are scheduled to take delivery of three
Boeing 787-9 aircraft in 2026/27 as part of
ourprogramme to increase the Group fleet
to86aircraft by the end of 2030.
We will further capitalise on our proximity to
megamarkets and their potential by increasing
the frequency of flights, particularly to China
andIndia.
We will continue developing our network,
bothwith flights in Central Asia, the Caucasus
and China – including Shanghai (Pudong) and
Guangzhou in China, as well leisure destinations
– including Larnaca in Cyprus and Samarkand in
Uzbekistan.
We plan to grow our fleet from 62 aircraft today
to 86 by 2030, with the Airbus A320 family as
our backbone. Adding three 787s to replace 767s
will reduce fuel, crew and maintenance costs
and increase flexibility.”
Filippos Siakkas
CHIEF OPERATING OFFICER
2025 progress
We continue to deliver on, or exceed, our growth
guidance. This is reflected in higher passenger volumes
and revenue, fleet expansion, and improved connectivity
through new destinations and increased frequencies.
Strong passenger and revenue growth
We increased our passenger numbers to 9.7 million during 2025,
asignificant rise of 7.9% and up from 9 million last year, continuing
the rising trajectory post-COVID era. Both our airlines continue to
proactively manage their networks and allocate capacity to
maximise yield, particularly in favour of the higher margins on
AirAstana’s international routes. ASK – a measurement of airline
capacity – followed a positive trend throughout the year, with
overall growth of 19.8% on international and 6.9% on domestic
routes, the majority of this determined byAir Astana.
Improved connectivity to nearby megamarkets
We continued making progress with the Group’s strategy to
improve connectivity within Kazakhstan and across its regional and
international network, with flights to new destinations and great
frequency across the board. During 2025, we launched 25 new
routes across the megamarkets of China and India, Southeast Asia
and the Gulf, as well as to seasonal tourist destinations, and
introduced direct flights from Almaty to Frankfurt to complement
the existing daily flights to the city from Astana.
We accelerated our expansion into the Chinese market, steadily
increasing flights from 16 weekly flights in 2024 to 24 across six
destinations. Two of these destinations, including Guangzhou,
were added in 2025. Additional flights to Beijing and Shanghai
began in early 2026, and seats on these routes remain in high
demand. We have also supplemented our weekly flight to India,
upfrom 12 to 16 – to Delhi and to Mumbai towards the second
halfof the year. During the autumn, we resumed our services
andfrequency of flights to the Middle East – to Jeddah, Medina
andDubai – following the disruption caused by geopolitical events.
Ourwinter schedule to popular tourist destinations across Asia
included Male in the Maldives and Phu Quoc in Vietnam. We also
expanded our services to Thailand with seven weekly flights to
Bangkok and Phuket.
Fleet expansion on track
During 2025 and as we entered 2026, we also made major strides
with our planned fleet expansion, a fundamental element to
achieving our growth strategy and underpinning our operational
resilience.
In November 2025, we placed a substantial new order of up to
15Boeing 787-9 Dreamliners to augment our long-haul fleet and
boost its service capabilities from Central Asia and the Caucasus to
Asia, Europe and the rest of the world over the next decade. The
order of five firm positions, five options and five purchase rights is
in addition to the three Boeing 787-9 aircraft scheduled for delivery
in 2026/27, and will increase the wide-body fleet size to up to 18
aircraft. The newly ordered aircraft will be delivered between 2032
and 2035. The total value of the of the order for 18 Boeing 787-9
aircraft fleet, including engines, is USD 7 billion (based on
manufacturer list prices). We secured shareholder approval in
January 2026 and the agreement was signed on 9 February 2026.
We have also signed a Memorandum of Understanding for the
largest order in the airline’s history for up to an additional 50
Airbus aircraft – a mix of Airbus A320neo and A321neo models –
comprising of 25 firm aircraft and 25 purchase options with first
deliveries starting in 2031. The majority of the aircraft will be
allocated to the Airbus A321LR; Air Astana was one of the first
airlines to install this deluxe configuration for deployment on its
pioneering long-haul services to Asia and Europe, and over the
past five years has set the standard for new operators of the type
around the world. Shareholder approval for the order has been
received, and the purchase agreement was signed on
26February2026.
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23AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
STRATEGY IN ACTION | Efficiency
GRI 3-3
Proactive cost management and strategic investments
Proactive Pratt & Whitney mitigation
In July 2023, Pratt & Whitney issued a product recall of PW1100G
engines due to contamination of powdered metal, causing
industry-wide disruption for global airlines. The Group’s fleet
largely comprises Airbus A320 family aircraft, powered by these
Pratt & Whitney engines, and we put in place a mitigation plan
at an early stage. The plan focused on dynamic capacity
management and aproactive engine resting programme
tomaximise deployment during peak operational periods.
The Group also took decisive, early action to secure 13 spare engines,
lease five additional A320 family aircraft and has performed 115
PW1100G engine replacements at its in-house MRO facilities
during this year alone to manage the engine life and maximise
capacity. While operationally intensive, this has successfully
mitigated the impact of the powdered metal issue on the Group.
Although Pratt & Whitney has been delivering new engines
unaffected by powdered metal from production for the past
27months, the backlog of affected engines requiring workshop
remedial work is now expected to persist through to 2028.
In addition to the powdered metal issue, we were forced to
undertake 22 UERs, caused by additional Pratt & Whitney
defects, during the course of 2025; 14 of these were during
thesummer peak, grounding aircraft and reducing thecapacity
preserved for deployment at this busy time. In 2025, the Group
took additional mitigation action by bringing in four additional
spare engines (two arriving late in the year) and accelerating
engine shop visits (SVs) despite industry-wide capacity constraints,
completing 11 inductions during 2025 and scheduling a further
10inductions for January–May 2026, including five ‘pit stop’ quick
turnaround SVs, with additional slots under discussion.
In March 2025, an agreement was reached with Pratt & Whitney
forcompensation and other support in recognition of the impact
onthe Group’s operations arising from the lack of availability of
engines for our Airbus fleet. Further discussions are ongoing about
recompense for the UERs caused by additional defective engines.
6.4 years
Average aircraft age
16
C-checks performed in 2025
50th
C-check completed
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24AIR ASTANA GROUP INTEGRATED REPORT 2025
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STRATEGY IN ACTION | Efficiency
2025 progress
We have made significant investment in simplifying
our fleet, upgrading our maintenance infrastructure
and accelerating our digital transformation to reinforce
our business efficiency and, ultimately, our long-term
resilience.
Fleet simplification progresses
After formally redelivering the final Embraer E2 in September 2025,
we now operate with the simplest fleet profile we have had for
more than 20 years. The fleet currently comprises just two aircraft
types: the modern, fuel-efficient Airbus A320 family aircraft
alongside Boeing 767 aircraft used for longer international routes
flown by AirAstana. At the end of 2025, the fleet had expanded
to62 aircraft (from 57 in 2024): Air Astana 34 and FlyArystan 28
with the average aircraft age of 6.4 years at the end of the year.
This positions our fleet as one of the youngest within the global
airline industry. Operating ayoung, fuel-efficient fleet brings
multiple benefits, including reduced maintenance, optimised fuel
consumption and reduced CO
2
emission levels. Alongside this,
weare now deploying comprehensive fuel efficiency and
aircraftperformance monitoring systems to both improve
operational efficiency and optimise fuel consumption.
Continued investment in infrastructure
We have made further investments in our Technical Centre at
Astana, where we employ more than 234 certified, specialist
engineers in our in-house Maintenance, Repair and Overhaul
(MRO) department. Alongside their day-to-day remit, during 2025
they performed 115 PW1100 engine replacements (asdetailed
above), made an early redelivery of three Embraer E2 190-300
tothelessor and took delivery of eight A320 family aircraft.
In early 2026, we completed our milestone 50th C-check on an
Airbus A321 at our in-house Technical Centre inAstana. This reflects
years of systematic work to strengthen engineering capabilities:
since 2019, we have developed a highly qualified team of certified
engineers and mechanics holding international EASA Part-66
licences, in line with global civil aviationbest practice.
We have now expanded the service capabilities to enable
simultaneous C-checks to be performed, thereby expanding
capacity to three lines, which in turn has accelerated the servicing
speed to reduce aircraft downtime and enable earlier return to
service for production. A major undertaking during the year
involved teams of 40 engineers and technicians, each working
ontwo heavy C-checks in parallel: a 6-Year C-check and 12-Year
C-check, requiring 12-hour working days for an average of 24 and
54 days, respectively. These extensive mandatory checks on
aircraft in good working order prevent faults occurring that could
lead to cancellations and unsafe events in flight.
Our plans for the construction of new hangars in Almaty and
Astana are well underway. These will add to the maintenance
capacity across the Group’s two main hubs, further reducing costs
and, at the same time, allowing us to also offer scarce and high-
value heavy maintenance to external customers. Designs for the
hangars are in place, pre-build site inspections have been carried
out and construction is scheduled to start in 2026.
The de-icing infrastructure in Astana and Almaty has been
modernised with new vehicles and expanded fluid storage,
enhancing operational readiness for the winter and flight safety.
Additional upgrades are planned for 2026.
Following on from the success of pilot training using the L3 Harris
A320 Full Flight Simulator at our Flight Training Centre in Astana,
we have now purchased and installed a second simulator. This
became fully operational in April 2026. We are adding a second
building to the Flight Training Centre to house all the current
evacuation and fire-fighting simulators, and construction is already
underway. This enlarged facility will significantly increase training
capacity, improve efficiency and, potentially, generate revenue
from external pilot training.
Read more about pilot training in the Sustainability section on page 68
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25AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
Focus for 2026
The second L3Harris A320 Full Flight Simulator
atour Flight Training Centre in Astana became
operational in April 2026 and will significantly
enhance training capacity, improve operational
efficiency and support revenue generation from
external pilot training.
The construction of new hangars in Almaty
andAstana began in early 2026, adding
maintenance capacity across the Group’s two
main hubs and further reducing costs, with the
possibility of allowing us to offer maintenance
services to external customers.
The building extension to the Flight Training
Centre is scheduled for completion and will
significantly increase training capacity, improve
efficiency and, potentially, generate revenue
fromexternal pilot training.
Our AI Lab will continue to develop new
applications to enhance our operational
performance, crew productivity and the customer
experience as part of our digital transformation
programme.
STRATEGY IN ACTION | Efficiency
Digital transformation strategy
Advancing our digital transformation by integrating next-
generation systems into our day-to-day activities is pivotal to
enhancing operational performance, crew productivity and our
customer experience. We launched our AI Lab in early 2025 to
escalate this process and are already seeing tangible progress
witha rapidly expanding pipeline of AI applications, from workflow
assistants and data analysis to transcription and translation. In July,
Air Astana rolled out its Automated Customer Communication
Agent, which automates routine customer service tasks with
real-time information and greater employee productivity; a
FlyArystan version is currently under development.
We are also using advanced optimisation tools to lower the
costofplanning and improving pilot utilisation. These are already
contributing positively to on-time performance, while lowering
total cost and improving airline efficiency. We successfully
deployed the Jeppesen Crew Pairing system since April 2025 and,
during the peak season, successfully reduced crew duty days
by16% and released 17% of seats for commercial sale through
optimised crew positioning. We also introduced the Jeppesen’s
Crew Rostering Optimiser in September 2025 and have plans to
add Jeppesen’s Crew Bidding in Q1 2026, both of which will provide
more more flexibility and engagement for crew members.
In order to optimise fuel consumption, Air Astana has partnered
with StorkJet to implement an AI-driven fuel efficiency and
performance monitoring platform.
Read more about our jet fuel policies in the Market overview section on
page 12.
Air Astana Terminal Services
In June 2025, we registered our wholly owned Ground Services
subsidiary as Air Astana Terminal Services LLP (AATS). It will
provide ground handling and related services to support both
airline brands, improve operational efficiency and create potential
third-party revenue opportunities. Over time, it is expected to
strengthen control over key costs and support the development
ofground handling services in Kazakhstan.
Upgrades in airport facilities
We continue to co-operate closely with airport authorities, partners
and local communities to ensure the most modern and efficient
airport services are available to our passengers. For domestic
flights, new terminals were opened during the year at Kyzylorda
and Shymkent, with major upgrades completed in Aktau, Uralsk
and Ust-Kamenogorsk, increasing capacity and offering improved
technology and operational standards. For international flights,
thetransition to new terminals at Urumqi Tianshan International
Airport in China and Male Velana International Airport in the
Maldives has strengthened partnerships with airport operators
andenabled seamless integration into global aviation networks.
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26AIR ASTANA GROUP INTEGRATED REPORT 2025
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STRATEGY IN ACTION | Excellence
GRI 3.3
Enhancing the customer experience
International recognition for the Group
Skytrax winners – the Skytrax World Airline Awards are
considered one of the most authoritative measures of passenger
satisfaction in global aviation and are often referred to as the
‘Oscars of the aviation industry’. At the 2025 Skytrax World
Airline Awards ceremony, the Air Astana Group once again
wona number of eminent awards.
For the fourteenth year in succession, Air Astana received
theprestigious ‘Best Airline in Central Asia & CIS’ award,
together with ‘Best Airline Staff Service in Central Asia & CIS’,
awarded for the ninth time.
FlyArystan also confirmed its regional leadership by receiving
the ‘Best Low-Cost Airline in Central Asia & CIS’ award for
thethird consecutive year.
APEX awards – Airline Passenger Experience Association (APEX)
ratings are based entirely on verified passenger feedback, who
evaluate over one million flights operated bynearly 600 airlines
worldwide. During 2025, Air Astana was awarded a Five-Star
rating in the ‘Major Airlines’ category for the sixth consecutive
year and in the Best Overall Airline Award APEX 2026 named the
‘Best Airline in Central Asia’. These awards areconfirmation of
Air Astana’s consistently high standards ofservice. In its own
surveys, passengers praise the airline for comfortable seating,
attentive onboard service, diverse diningoptions and modern
in-flight entertainment systems.
We are proud that our relentless efforts to
deliver the very highest standards of service
have once again achieved international
recognition. These awards are the result
ofthe dedicated work of our teams at both
AirAstana and FlyArystan and reflect our
unwavering commitment to safety, service
and operational excellence.”
Peter Foster
CHIEF EXECUTIVE OFFICER
OF THE AIRASTANAGROUP
(until 31 March 2026)
48
Net promoter score
+17% year-on-year
80
Customer satisfaction score
+7% year-on-year
70
Employees took part in
theSummer Task Force
Volunteers Programme
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27AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
STRATEGY IN ACTION | Excellence
2025 progress
Whether ensuring the safety of our aircraft, improving
the sustainability of air travel or upgrading in-flight
services, we are focused on enhancing the experience
ofour customers from the first moment of engagement
with our airlines until they are safely delivered to their
destination.
Customer experience equals customer satisfaction
During 2025, we continued to evolve the overall customer
experience into a strategically managed, end-to-end capability,
which reflects our clear understanding that customer experience
isnot shaped by isolated touchpoints, but by the alignment of
people, product, processes and data working together at scale,
with defined ownership at key stages of the journey.
Product excellence is central to delivering a consistent and
emotionally engaging customer experience. Our product
development strategy allows us to adapt seamlessly to market
andcustomer needs by focusing on six areas: sustainability, ‘Going
Global’ activities, enhancing the dining and total experience, brand
awareness and leveraging technology. This year, our sustainability
initiatives focused on waste reduction and the introduction of
eco-friendly materials across services. ‘Going Global’ activities,
including culturally relevant dining elements and language
adaptations, have been designed to support engagement with
international customers. We collaborated with Kazakhstani
restaurants to both enhance and tailor the dining experience
topersonal tastes. Digital initiatives, including developments
supported by the 15below platform, contributed to improved
communication and functionality within the mobile application.
Brand awareness was reinforced through signature elements such
as exclusive audio tracks and culturally resonant touchpoints across
the customer journey.
Process excellence is a vital component in continually improving
the customer experience by reviewing operational simplicity,
friction reduction and cross-functional coordination between
Ground Services, Inflight Services and Operations. Initiatives in
2025 to support this included:
– The customer experience team assessed the effectiveness of
processes and the systems across the entire customer journey,
from ticket purchase through to passenger arrival at the final
destination. This assessment considered different passenger
profiles, recognising that each may have a distinct requirement
at specific touchpoints and, consequently, a different
experience, which supports the ongoing goal of improving
personalisation.
– To support independent assessment of service consistency
andalignment with established standards, we continued the
Mystery Shopper programme for the third consecutive year.
Theprogramme provides an objective view of service delivery
across key touchpoints and complements other customer
feedback mechanisms.
Customer experience insights, obtained through a diversified
ecosystem of feedback sources both inform and help us manage
the customer experience. Over 23,000 passengers responded to
our post-flight survey during 2025, providing us with a reliable
andrepresentative dataset of customer insights, enabling more
detailed analysis of customer expectations, service perception
andexperience consistency across their journey.
To gain qualitative insights to complement this quantitative
feedback, we held the Voice of the Customer Forum for the second
time. We invited passengers to share their experiences directly
with members of the management team, supporting open
dialogue and a deeper understanding of customer perspectives,
emotions and priorities.
Our use of artificial intelligence (AI) is increasingly important in
substantiating customer-experience analytics, enabling deeper
interpretation of large volumes of open-text customer feedback.
AI-powered text analysis supports the identification of recurring
themes, emotional patterns and priority areas for improvement,
complementing survey results, mystery shopper assessments and
direct customer dialogue. Insights are translated into prioritised
actions and monitored through ongoing feedback and quality
assurance mechanisms.
Key performance indicators determine the excellence of our
customer experience. Passenger satisfaction, their willingness
tocontinue using our services and their readiness to recommend
us are all prerequisites for the continued success and growth of the
business.
Our continued focus on consistency and reliability within delivering
an excellent customer experience was reflected in stable and
improved performance indicators. We achieved an average net
promoter score (NPS) of 48 – exceeding the target level of 42 and
asubstantial improvement on our 2024 score of 41. Our customer
satisfaction score (CSAT) also increased: up to 80 from 75in 2024.
We recognise that on-time performance (OTP) is a key criterion
inpassenger airline choice and we endeavour to meet their
expectations by putting in place measures to mitigate potential
disruptions to OTP. However, we are also dependent on airport
restrictions, Airbus requirements under certain weather conditions
and, in 2025, the ongoing issues with Pratt & Whitney engines.
These external factors all contributed to a dip in OTP to 78% in
2025, slightly below the target level of 80%, with delays caused
byGround Services accounting for 6.86% of the total.
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28AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
STRATEGY IN ACTION | Excellence
Focus for 2026
We aim to return to a high-scoring OTP – a key
criterion in passenger airline choice – with an
overall target of 85% and a focus on reducing
Ground Handling–related delays to 2%.
We have a number of projects in the pipeline
forupgrading our award-winning product and
customer experience, including new onboard
safety videos, improving connectivity on the
A321neo LR and Boeing 787 and 3D moving
mapfeaturing destination guides as well as a
turndown service for business class travellers
onlong-haul routes, and new toiletry bottles
withUlyDala fragrance.
Priorities for the Strategic Partnerships & Alliances
during 2026 will focus on joint venture development,
optimising the global partnership portfolio,
disciplined expansion of high-value codeshares and
building a world-class partnership management
capability.
Rewarding our frequent flyers
We carried out extensive marketing activities in 2025, aimed at
increasing awareness of the frequent flyer programme. As a result,
the membership base grew to 730,000 registered members.
Inaddition to the changes implemented in 2024 to boost member
engagement and customer satisfaction, redemption options were
further expanded. Members can now use their points not only for
award tickets and upgrades from economy to business class, but
also to purchase MySEAT and additional baggage using their points.
Our partnership network has also been positively received
byfrequent travellers, with strong adoption and usage; our
co-operation with Halyk Bank proving one of the most successful
examples. We also implemented initiatives aimed at increasing
loyalty among top-tier members and building closer emotional
relationships.
Summer Task Force Volunteers Programme
For the third consecutive year, we ran our Summer Task Force
Volunteers Programme during the 2025 peak season. Some 70
employees from various non-operational departments supported
Ground Services teams in managing increased passenger flows
and operational complexity. In addition to providing operational
assistance, the programme enhanced cross-functional understanding
and enabled participants to experience the customer journey first
hand, strengthening empathy and awareness of passenger
expectations and service challenges. This initiative continues
toreinforce collaboration and shared ownership of the customer
experience across the organisation.
IATA Operational Safety Audit endorsement
Since 2007, every two years, Air Astana has undergone the IATA
Operational Safety Audit (IOSA) to verify its compliance with
international safety standards. In 2025, the airline successfully
passed the audit for the tenth time.
IOSA is an internationally recognised evaluation system designed
to assess the operational management and control systems of
anairline, in line with applicable ICAO safety requirements from
the Annexes to the Convention on International Civil Aviation.
AirAstana’s compliance with these standards and recommended
best practice were all confirmed, including corporate management
systems, flight execution and dispatching, aircraft maintenance,
onboard and on-the-ground maintenance, cargo operations and
aviation security.
Updated Low-Carbon Development Programme
We previously developed a Low-Carbon Development Programme
(LCDP) for 2023–2032, setting goals to reduce greenhouse gas
emissions and consistent with Kazakhstan’s goal to achieve carbon
neutrality by 2060. In 2025, we updated our LCDP with a
commitment to reach net zero by 2050, in line with the long-term
global aspirational goal adopted by the International Civil Aviation
Organization (ICAO) Assembly in 2022. A clear implementation
roadmap has been developed, delivering emissions reductions
through near-term milestones on the path to net zero. Independent
verification of the LCDP confirmed its alignment with the Transition
Pathway Initiative’s rigorous methodology, which benchmarks
emissions pathways across sectors.
Pivotal role in sustainability framework
IATA has acknowledged the Group’s valuable contribution to the
development of the IATA Integrated Sustainability Programme (ISP)
and this is an affirmation of our ongoing commitment to sustainability
and responsible practices. As one of the pilot organisations
assisting with the refinement of the ISP Sustainable Procurement
Standards, our insights about Central Asia and the CIS region were
pivotal in helping to shape a framework that reflects diverse
operational environments and challenges.
The IATA ISP’s comprehensive framework will enable airlines to
manage and assess sustainability effectively. It integrates the
monitoring of ESG performance, giving stakeholders, regulators
and customers a clear and transparent view of an airline’s progress
and commitment to sustainable practices.
Overview Other informationGovernance Financial statements
29AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
KEY PERFORMANCE INDICATORS
Link to strategy
Growth Efficiency Excellence
Tracking our performance
Total revenue
(USDm)
1,454
1,305
1
1,164
1,016
2025
2024
2023
2022
The Group delivered strong growth from total revenue and other
income, increasing 11.4% from USD 1,304.9 million in 2024 through
resilient demand, disciplined capacity and revenue management.
RASK
(US cents)
6.60
6.75
1
6.58
6.38
2025
2024
2023
2022
Overall, RASK decreased by 2.3%, down from 6.75¢ in 2024, and
areflection of the negative growth in early 2025; a turnaround
increase of 9.8% in Q4 heralds margin improvement driven by
production increases, particularly during the 2026 summer peak.
EBITDAR margin
2
(%)
22.1
24.4
1
25.1
25 .6
2025
2024
2023
2022
The Group’s EBITDAR margin was 2.3 pp lower than that of 2024
at24.4%, impacted by engine-related constraints, foreign
exchange movements and cost pressures, particularly during the
second half of the year and is on track to meet medium-term
expectation of amid-to-high 20s EBITDAR margin.
CASK
(US cents)
6.20
6.10
1
5.86
5.63
2025
2024
2023
2022
The implementation of new initiatives and technologies to deliver
operational cost efficiencies once again saw a moderate increase
in CASK, up by 1.6% from 6.10¢ in 2024.
EBITDAR
2
(USDm)
321.2
318.7
1
291.6
260.1
2025
2024
2023
2022
EBITDAR increased 0.8% from USD 318.7 million in 2024, with
top-line performance partly offset by operational and cost
pressures during the year. The Group estimates that cumulative
lost production from Pratt & Whitney-related UERs had a negative
effect on EBITDAR of USD 42.3 million.
Financial KPIs
The Group delivered a resilient financial performance
in 2025 despite substantial operational and external
headwinds. Although revenue growth remained
robust, profit margins were pressured by engine-
related constraints, foreign exchange volatility
andcost inflation.
1 Excluding non-recurring revenue items (USD 4.2 million).
2 Operating profit + Depreciation + Aircraft leases + Property lease of USD 1.1 million).
Overview Other informationGovernance Financial statements
30AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
KEY PERFORMANCE INDICATORS CONTINUED
Fleet size
62
57
49
43
2025
2024
2023
2022
We once again increased the size of our fleet, up from 57 in 2024,
in support of our growth and operational efficiency strategies:
34operated by Air Astana and 28 by FlyArystan.
Passengers
(m)
9.7
9.0
8.1
7.3
2025
2024
2023
2022
Group passengers carried increased by 7.9%, up from 9.0 million
transported in 2024, across our domestic, regional and
international networks and seasonal destinations.
Load factor
(%)
82.7
83.5
82.8
82.7
2025
2024
2023
2022
The Group maintained a stable average load factor compared
withthat of 83.5% in 2024.
ASK
(bn)
22.0
19.3
17.7
15.9
2025
2024
2023
2022
Group ASKs were up 14.0% compared with 19.3 billion in 2024,
driven by a 19.8% increase in international ASKs together with
a6.9% growth on domestic routes.
RPK
(bn)
18.2
16.1
14.6
13.2
2025
2024
2023
2022
RPK was up 13.0% from 16.1 billion in 2024 with our continued
focus on strengthening connectivity with 25 new routes launched
across our networks during the year.
Non-financial KPIs
Accelerating growth through network expansion,
megamarket connectivity and disciplined capacity
deployment.
Link to strategy
Growth Efficiency Excellence
Overview Other informationGovernance Financial statements
31AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
OPERATING REVIEW | Air Astana
Strategic shift towards higher-margin
international routes
With our full-service airline, Air Astana, the
majority of our flights are operated on point-
to-point business and ‘lifestyle’ destinations,
with a deliberate shift in capacity towards
higher-margin international routes. Customer
engagement and feedback remain central to
continuous improvement across the service
proposition, supporting a consistently high-
quality passenger experience.
Operational highlights
9.1%
Passenger growth
2025: 5.2m
81.4%
Load factor
Air Astana delivered strong growth in 2025, with ASKs increasing
by 15.9% to 15.5billion and RPKs rising by 15.4% to 12.7billion.
Theload factor decreased slightly by 0.4 percentage points to
81.4%, reflecting capacity growth broadly in line with demand.
Unit revenues improved, with RASK increasing by 0.8% to
7.78UScents, supported by the continued rebalancing of the
network towards higher-margin international routes, while CASK
increased by 4.7% to 7.39US cents as inflationary and operational
cost pressures persisted. Overall, the revenue performance outpaced
cost growth, resulting in a modest improvement in unit margin.
Fleet
At the end of 2025, Air Astana operated a modern, fuel-efficient
fleet of 34 Airbus A320 family and Boeing 767 aircraft. The airline
fleet had an average age of 5.9 years, with aircraft utilisation
remaining high compared with peers.
Expanding network
In 2025, Air Astana launched 17 new routes, bringing the total
network to 78, with a particular focus on seasonal leisure destinations,
high demand nearby markets in China and India, and growth
opportunities in Southeast Asia and the Gulf.
The Chinese market performed particularly well, delivering strong
growth in both business and leisure traffic. In March, Air Astana
increased the frequencies on the Astana–Beijing route and launched
its inaugural flight from Almaty to Guangzhou, which is performing
particularly well, with more flights added to the schedule.
In India, Air Astana expanded services in response to strong
demand. In late April, the airline launched a new route between
Almaty and Mumbai and increased services from three to five
flights per week, with plans to expand to daily flights as capacity
became available. This complements the existing Almaty–Delhi
service, which operates nine weekly flights.
In Europe, Air Astana commenced direct flights from Almaty to
Frankfurt in codeshare, alongside existing services from Astana
and Uralsk, while new routes from Atyrau to Baku and Atyrau
toTbilisi strengthened connectivity with the Caucasus.
Seasonal services to key leisure destinations resumed in late
October, including Almaty–Male (Maldives) and Almaty/Astana–
PhuQuoc (Vietnam), and services to Thailand were expanded,
withAlmaty–Bangkok increasing from four to seven weekly flights
andAlmaty–Phuket rising from four to seven weekly flights.
Following a recovery in demand across the Gulf, services were
resumed and frequencies increased during the autumn. Flights
toJeddah from Almaty and Shymkent resumed in September and
in October, flights to Medina restarted from Almaty (six times per
week) and from Astana and Shymkent (twice weekly), alongside
the introduction of weekly flights from Aktau. Services between
Almaty and Dubai increased from seven to 12 flights per week and
Astana–Dubai from seven to ten. However, hostilities in the Middle
East since early March have required the suspension of flights to
the region, including Dubai, Doha, Jeddah and Medina. Capacity
has been reallocated to Southeast Asia in response to a spike in
demand, supported by Air Astana’s dynamic capacity allocation
model. The airline continues to monitor developments closely,
with the safety of passengers, crew and aircraft remaining the
highest priority.
Overview Other informationGovernance Financial statements
32AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
OPERATING REVIEW | Air Astana
In-flight Excellence Awards
At the Aircraft Interiors Expo 2025, held in Hamburg in April
2025, Air Astana received multiple international awards for
in-flight excellence. The airline was presented with the Travel
Plus Gold Award for its Economy Class amenity kit, bedding
collection and infant kit. Air Astana scored top marks in the
Onboard Hospitality Awards for its baby kits for children
under two, Economy Class amenity kits and its digital menu
as well as being named a winner in the PAX Readership
Awards in several categories: Best Inflight Entertainment,
Best Onboard Catering, Best Economy and Premium Economy
Amenity Kits, and Best Kids’ Kit.
In part, these awards were due to the upgrades introduced
onboard during the year. The capacity of in-seat monitors
was doubled from 256 to 512GB, allowing for an expanded
selection of movies, local content, TV and music library,
audiobooks, podcasts, fairy tales and more. In Q3 2025, Air
Astana enhanced its in-flight entertainment system with an
updated interface, additional functionality and integration
with the new mobile app launched earlier in the year.
Passengers are now able to access movies and other in-flight
entertainment content directly on personal devices via the
Air Astana app, alongside an integrated notifications inbox.
The Cabin Crew Excellence Programme
As part of the ‘Going Global’ strategy, we launched a Cabin Crew
Excellence Programme (CCEP) in 2025. A thorough review of all
aspects of Air Astana’s in-flight services was conducted, including
organisational structure, leadership, training, personnel and
individual and collective performance. Its key focus was to
ensurethat when a passenger enters an Air Astana cabin,
theyconsistently encounter an atmosphere of commitment to
excellence, procedural compliance and a positively engaged and
friendly attitude. The development of onboard leadership is also
fundamental and the newly introduced Service Leadership training
will continue throughout 2026.
Sustainable aviation
As part of our commitment to the long-term sustainability of the
airline industry, in 2024, with the European Bank for Reconstruction
and Development and KazMunayGas (KMG), Air Astana co-financed
a pre-feasibility study on Sustainable Aviation Fuel (SAF) production
in Kazakhstan. This confirmed technical feasibility but highlighted
the need for greater industry and regulatory collaboration.
Key priorities for 2026
Continue to expand connectivity to China and India,
including leveraging recently signed codeshare
partnerships
Continue dynamic capacity allocation in response
togeopolitical developments
Support growth through ongoing management
ofPratt & Whitney engine constraints and fleet
expansion execution
Overview Other informationGovernance Financial statements
33AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
OPERATING REVIEW | FlyArystan
Stimulating demand in home
andnear-home markets
FlyArystan is positioned as a low-cost carrier
offering high-quality service at affordable
fares, balancing cost and comfort. The airline
continues to play an important role in
stimulating demand in Kazakhstan while
alsobuilding a growing presence across
near-home regional markets in Central Asia
and the Caucasus.
It now commands approximately 40% market share domestically,
while its market share across Central Asia and the Caucasus has
reached 10%. Historically, around 10% of passengers were
first-time flyers; in 2025, this had reduced to an average of 7%,
reflecting a maturing customer base, while still indicating a
meaningful opportunity to stimulate further demand.
Capacity expanded strongly during the year, with ASKs increasing
by 9.7% to 6.5 billion and RPKs rising by 7.8% to 5.6 billion. As
capacity growth outpaced demand, the load factor decreased by
1.5 percentage points to 85.8%, while RASK declined by 1.9% to
6.02 US cents, reflecting a more competitive revenue environment.
Cost pressures intensified, with CASK increasing by 7.1% to 5.77 US
cents and CASK ex fuel rising by 11.6% to 4.43 US cents, resulting
inmargin compression. Performance was also affected by Kazakh
Tenge depreciation and temporary airport closures in Q3 2025
(seeFinancial review on page 71).
Fleet
FlyArystan operates a uniform fleet of 28 Airbus A320 family
aircraft, with an airline average age of 7.1 years. The airline offers
high-density, single-class seating and achieves high aircraft
utilisation relative to its peers.
Network expansion
FlyArystan continues to expand its network, focusing on quick-
turnaround routes in domestic and near-home markets to support
high aircraft utilisation. Internationally, the airline targets destinations
within a 4- to 5-hour flight time from Kazakhstan. In 2025, FlyArystan
operated flights to 14 cities across Kazakhstan, while its international
network included destinations in China, Uzbekistan, Kyrgyzstan,
Azerbaijan, Turkey and Georgia. New regular and seasonal routes
launched during the year included Karaganda–Istanbul, Astana–
Gazipasa, Atyrau–Tashkent, Almaty–Tamchy (Issyk Kul) and, from
November, Aktau–Dubai. In May, FlyArystan launched direct flights
from Almaty to Yining (Kuldja) inXinjiang, providing a one-hour air
corridor between China and Kazakhstan.
In December 2025, FlyArystan, in partnership with Kazakhstan’s
leading tour operators, launched several charter programmes from
Almaty and Astana to Manohar International Airport (North Goa).
Timed to coincide with the New Year and winter holiday season,
these flights provided passengers with additional leisure travel
options.
Operational highlights
6.7%
Passenger growth (4.5m)
89.2%
Load factor
1
1 Based on the tickets sold.
Overview Other informationGovernance Financial statements
34AIR ASTANA GROUP INTEGRATED REPORT 2025
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OPERATING REVIEW | FlyArystan
Independent certification
Since January 2025, FlyArystan has operated under an independent
AOC and IATA code. It completed its first full IATA Operational
Safety Audit (IOSA) in September 2025 with an accepted corrective
action plan.
Appointment of new CEO
Richard Ledger transitioned from his role as President of FlyArystan
to Vice President, Partnerships and Alliances of the Air Astana
Group. Johan Eidhagen was appointed President of FlyArystan
effective 1March 2026. He joined from Wizz Air, where he held
several senior roles, most recently Managing Director of Wizz Air
Abu Dhabi.
Key priorities for 2026
Maintain disciplined capacity growth across domestic
and near-home regional markets
Further strengthen FlyArystan’s role in stimulating
demand in Kazakhstan’s underserved air travel market
Support operational efficiency, aircraft utilisation and
cost discipline
Advance the next phase of development underthe
leadership of Johan Eidhagen
20 millionth passenger
In October 2025, FlyArystan marked an important milestone,
carrying its 20 millionth passenger.
Twenty million passengers in six years – that’s
anumber comparable to the population of
Kazakhstan. It reflects our contribution to the
development of domestic and international
airconnectivity, the expansion of our regional
route network and the growing mobility of
citizens. Notably, one-third of these passengers
purchased their tickets for up to 15,000 Tenge.
For millions of people, this made it possible to
fly for the first time. This fact reinforces our
vision – we inspire people to explore new
horizons by creating safe and easy travel.”
Richard Ledger
PRESIDENT OF FLYARYSTAN
(until 28 February 2026)
Overview Other informationGovernance Financial statements
35AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
STAKEHOLDER ENGAGEMENT
GRI 2-7; 2-29; 3-1; 3-2; 3-3
Engaging
withimpact
Maintaining the confidence and co-operation
of our diverse range of stakeholders is vital to
retaining our licence to operate and reinforcing
our ambitions for the long-term growth of the
business. Regular communication via various
feedback channels enables us to identify their
concerns, understand their needs and, more
importantly, respond proactively. This, in turn,
informs our decision-making about future
operations and ensures the continued
goodwill of our stakeholders.
Passengers
While expanding our network and operations through our ‘Going
Global’ strategy, our customers remain at the heart of our ambition.
We operate to the highest international service standards, offering
anexemplary travel experience for our passengers that embodies
Kazakhstan’s unique identity. Every customer touchpoint – on the
ground, in the air and via digital platforms – is a testament to the
safety, comfort and seamless service we provide.
Material needs
Our passengers seek a travel experience that:
– ensures safety and on-time performance
– delivers high-quality, affordable services
– provides accessible booking through ticketing offices and
enhanced digital platforms
– offers a revamped, spend-based Nomad Club frequent
flyerprogramme
– supports sustainability and includes valued ancillary services
How we engaged in 2025
– 24/7 call centre
– Digital channels like Web Chat with live-consultant options
– Customer Help Centre
– KOMEK, FlyArystan’s dedicated passenger support program,
providing preferential travel conditions, personalised assistance,
and support in complex or operationally sensitive situations to
passengers from vulnerable categories
– WhatsApp as a customer support and notification channel
(chatbot with live agents and proactive communications
duringdisruptions)
– Mobile app notifications across key stages of the passenger
journey
– Email communications across disruption notifications and direct
passenger engagement (updates, confirmations, feedback)
– Customer experience evaluation surveys
– Voice of the Customer Forum 2.0, where passengers engaged directly
with management to share feedback and discuss their experiences
– Third consecutive year of the Summer Task Force Volunteers
Programme, supporting passengers at Almaty airport and
enhancing the overall customer experience during peak operations
– Nomad Club Diamond Appreciation Event engaging our most
loyalcustomers
– Social media
– Tengri in-flight magazine
– Whistleblowing hotline for reporting violations of legislation
andtheCode of Conduct
Outcomes of our engagement
– Successfully completed IATA Operational Safety Audit (IOSA),
confirming full compliance with international safety standards
– Launched a new mobile app enabling passengers to seamlessly
book and manage flights, while providing Nomad Club members
with convenient access to their accounts and benefits
– Further enhanced the in-flight entertainment system with an
updated interface, additional functionality and integration with the
new mobile app
– Collaborated with Kazakhstani artists on the Y-class amenity kits project.
– Partnered with Auyl Restaurant to launch a signature menu during
Nauryz holidays
– Renewed soft inventory to upgrade cabin comfort
– Expanded the loyalty programme, enhanced redemption options
and introduced initiatives to deepen engagement and loyalty
among top-tier members
– Accelerated and enhanced ground services by introducing digital
solutions, streamlining check-in and boarding processes to deliver
safer, faster and more seamless passenger journeys
– Launched Cabin Crew Excellence Programme to ensure consistently
excellent service
Link to strategy
Link to strategy
Growth Efficiency Excellence
Overview Other informationGovernance Financial statements
36AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
STAKEHOLDER ENGAGEMENT CONTINUED
Our people
Our workforce is the foundation of operational
resilience and the long-term efficiency of the
business. We have created a safe, equitable and
supportive working environment where fair pay
and respectful treatment are ensured. By investing
in continuous learning and structured development
programmes, we strengthen professional
competencies and build a culture based on ethics,
responsibility and shared corporate values.
Material needs
A working environment for our people that:
– provides competitive remuneration
– is safe, healthy and supports mental
healthandwell-being
– offers equal opportunities for all genders,
agesand nationalities
– enables growth through training
anddevelopment opportunities
– upholds business ethics and corporate values
How we engaged in 2025
– Employee engagement surveys
– Departmental forums
– Focus group on corporate culture
– Line managers’ forums
– Management conference
– Employee Recognition Programme
– Talents Programme
– Internal mobile app
– Corporate magazine
– Performance reviews
– Whistleblowing hotline for reporting violations
of legislation and the Code of Conduct
Outcomes of our engagement
– In 2025, our employee engagement reached
itshighest level since measurements began in
2016, scoring 4.2 out of 5, with 3,791 employees
participating in the annual survey
– The engagement ratio, which is the second-
most important indicator, was 7.5 engaged
employees for each actively disengaged
employee
– An internal AI Portal was launched to provide
employees with access to AI assistants and
digital tools that support daily work processes
Link to strategy
Shareholders
Our ambitions to increase the Group’s value –
whileremaining mindful of environmental,
socialand human factors – could not be achieved
without thesupport of our shareholders and their
confidence in the sustainable, incremental growth
of the business. We maintain the highest standards
of disclosure and transparency, as befits a company
listed on three stock exchanges: London, Kazakhstan
and Astana International. This ensures our
shareholders have equal and easy access to
theGroup’s information, reinforcing a relationship
built on trust and long-term collaboration.
Material needs
Our shareholders want to invest in a business that:
– delivers strong financial performance and
sustainable growth
– operates with transparency and upholds
corporate values and business ethics
– demonstrates strong ESG performance
How we engaged in 2025
– Shareholders’ meeting
– Attendance at industry conferences and forums
– Quarterly earnings reports and publications
– Announcements on stock exchanges
– Presentations to existing investors
– Conference calls and webcasts
– Direct communication
– Issuer Day at Astana International Exchange
– Capital Markets Day at the London Stock Exchange
Outcomes of our engagement
– One General Meeting of Shareholders was
heldin 2025. For more information, please
referto page 94.
– Numerous engagements with capital market
participants, including existing investors and
analysts, enabled us to keep the market
updatedon recent Group developments
Link to strategy
Link to strategy
Growth Efficiency Excellence
Overview Other informationGovernance Financial statements
37AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
STAKEHOLDER ENGAGEMENT CONTINUED
Suppliers and business partners
We operate an open and efficient procurement
process that considers our network of diverse
suppliers and business partners, ranging from
innovative start-ups and small enterprises to large
multinational organisations. This approach supports
the development of mutually beneficial agreements
and fosters strong, sustainable, long-term working
relationships.
Material needs
Our suppliers and business partners value a
partnership that:
– fosters long-term, mutually beneficial relationships
– operates with strong ethics and regulatory
compliance
– ensures transparent and fair procurement practices
How we engaged in 2025
– Direct correspondence
– Social media
– Website
– Whistleblowing line for reporting violations
oflegislation and the Code of Conduct
– Participation in Maintenance, Repair, Overhaul
(MRO) conferences and industry exhibitions
– Feedback surveys
– Open house day for suppliers
– ESG Awards initiative
– Inviting core suppliers to Group events
Outcomes of our engagement
– Supply chain flexibility continued to support
adjustments to sourcing routes in response to
UK, EU and US sanctions, ensuring operational
stability
– Sustained control of supply chain costs and
oversight of logistics partners support efficiency
and profitability
– Continuous monitoring of internal and freight
forwarder processes supports a lean and
well-controlled supply chain
– Ongoing engagement with service suppliers
supports awareness of evolving industry trends
and developments
– Second ESG Awards ceremony was held,
recognising partner contributions and further
raising awareness of the Group’s sustainability
initiatives
– The Group is progressing with the
implementation of the IATA Sustainable
Procurement Standard (IATA ISP) and suppliers
were informed about the initiative and the
potential introduction of ESG criteria in
procurement processes
– A new digital procurement platform was
launched, providing suppliers with transparent,
standardised and user-friendly access to all
stages of procurement
Link to strategy
Government, regulators and
local authorities
We maintain disciplined, transparent and strategically
aligned engagement with government bodies,
regulators and local authorities – a critical foundation
for operational continuity and long-term value
creation.
Our approach goes beyond compliance. We contribute
to national economic development through fiscal
discipline, job creation and targeted infrastructure
investment, strengthening the ecosystems in which
we operate.
Material needs
We consistently deliver against key institutional
expectations:
– Full and uncompromised compliance with
allapplicable laws and regulations, including
anti-corruption frameworks of the Republic
ofKazakhstan
– Zero-compromise safety culture across flight
operations and workforce well-being
– Strict adherence to corporate governance
standards, business ethics and environmental
responsibility
How we engaged in 2025
– Executive-level meetings and direct
stakeholderalignment
– Participation in regulatory and industry
workinggroups
– Formal correspondence and structured
communication channels
– Continuous dialogue via calls and consultations
– Representation at key industry platforms
andforums
– Independent audits and regulatory inspections
– Timely, transparent and comprehensive reporting
Outcomes of our engagement
– The ongoing implementation of the Strategic
Concept for the Development of the Republic
ofKazakhstan’s Transport and Logistics Potential
to 2030 was supported through participation
inthe Interdepartmental Working Group under
the Aviation Administration of Kazakhstan
– Updates to legislation and industry standards
were supported, aligning regulatory frameworks
with evolving international best practice. Within
the Working Group on Facilitation under the
Aviation Administration of Kazakhstan, work
hasbeen initiated on improving border control
procedures for international flights
– The Group’s interests were protected through
active dialogue on aviation and airport
infrastructure matters at both national
andEurasian levels.
– Achieved successful results in negotiations
withChina, Uzbekistan and other countries,
enabling further expansion of our international
route network
– Signed codeshare partnerships with Air India
and China Southern Airlines to strengthen
co-operation on key routes and boost trade,
tourism and cultural links with India and China
– Simplified legislative procedures related to the
requirement for sanitary certificates for the entry
of new aircraft into service
Link to strategy
Link to strategy
Growth Efficiency Excellence
Overview Other informationGovernance Financial statements
38AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
SUSTAINABILITY
Sustainability overview
Approach to sustainability
As the demand for air connectivity continues to grow, so too
doesthe imperative to decarbonise aviation in a way that is
bothenvironmentally responsible and economically sustainable.
For AirAstana Group, sustainability is integral to long-term value
creation, operational resilience and responsible growth.
Decarbonisation of the airline industry is widely recognised as
oneof the most complex transitions in the global energy landscape.
With limited near-term alternatives to conventional jet fuel,
meaningful progress requires a pragmatic, multi-pathway approach.
This includes continuous improvements in fleet efficiency and
operations, participation in internationally aligned market-based
mechanisms, such as the Carbon Offsetting and Reduction
Schemefor International Aviation (CORSIA), and the gradual
introduction of lower-carbon fuels.
Sustainable Aviation Fuel (SAF) represents the most credible long-
term solution for reducing lifecycle carbon emissions for the airline
industry. Looking to the immediate future, we have identified a
significant challenge due to the limited availability and high cost
ofSAF, as well as the lack of developed SAF supply infrastructure in
the region, which places a constraint on the pace of decarbonisation
for the airline industry. Navigating these developments requires
disciplined capital allocation, regulatory alignment and close
collaboration across the aviation value chain.
In response, we aim to explore partnerships, advocacy initiatives
and pilot projects related to SAF, while continuing to improve fuel
efficiency, optimise operations and enhance overall environmental
performance.
This is not an easy journey. Progress will be incremental rather
than immediate, shaped by technological readiness, infrastructure
development and policy frameworks. However, Air Astana Group
views this transition as an opportunity to strengthen its business
for the long term, enhancing efficiency, managing risk and aligning
with the evolving expectations of investors, customers and
regulators.
By taking a measured, transparent and forward-looking approach,
we are dedicated to becoming the leading environmentally
sustainable and socially responsible airline within the CIS and
Central Asian regions while continuing to deliver sustainable
returns and preserve the strategic connectivity that underpins
economic growth across our markets.
Alignment with global sustainability standards
In preparing this Annual Report, we have adhered to internationally
recognised frameworks and standards to ensure the quality
andconsistency of our disclosures. Our reporting is in accordance
with the Global Reporting Initiative (GRI 2021) Standards, the
Sustainability Accounting Standards Board (SASB) framework, and
the United Nations Sustainable Development Goals, demonstrating
our commitment to transparent and standardised sustainability
reporting that meets global best practices.
ESG Strategy overview
As the leading airline operator in the Republic of Kazakhstan,
werecognise sustainable development as a strategic priority and
an integral part of our long-term business success. The Board of
Directors and Executive Management fully support the Group’s ESG
Strategy for 2023–2032, which defines our approach to managing
environmental, social and governance impacts while creating
long-term value for shareholders, employees, customers and society.
The ESG Strategy reflects our vision for sustainable development
and serves as a structured action plan to embed ESG principles
across our operations, decision-making processes and business
relationships. By focusing on ESG topics that are material to our
stakeholders, we aim to ensure transparency, accountability and
effective communication of ESG performance both internally
andexternally.
Our ESG Strategy outlines short-, medium-, and long-term
initiatives formanaging the Group’s impacts on the economy,
environment and people, including human rights, across all
operational and corporate activities. In the short term, we are
focused on strengthening governance frameworks, data quality
andinternal ESG processes. Inthe medium term, we aim to scale
sustainability initiatives across operations, procurement and
workforce development. In the long term, our vision is to transition
towards a more resilient, low-carbon, inclusive and responsible
airline business model.
Our business model and strategy are designed to prevent and
mitigate negative impacts, such as environmental emissions
andoperational safety risks, while maximising positive impacts
through job creation, skills development, connectivity and
economic growth. We are increasingly factoring ESG into all
aspects of our fleet planning, training systems, procurement
practices and corporate governance to support responsible growth.
Overview Other informationGovernance Financial statements
39AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
SUSTAINABILITY CONTINUED
Key sustainability developments in 2025 and alignment with the UN SDGs
While we recognise the vital importance of all 17
Sustainable Development Goals (SDGs), we have
identified six priority goals that address the unique
challenges and opportunities within the airline industry.
Building on this strategic focus, we have translated our ESG
commitments into concrete actions and measurable outcomes, which
align with our priority SDGs. The following statements outline our key
activities and achievements, demonstrating tangible progress in
embedding sustainability into our operations, workforce development
and environmental performance:
1. Air Astana Group has updated its Low-Carbon Development
Programme (LCDP), advancing its net-zero commitment from 2060
to 2050 to align with global airline industry targets. The revised
LCDP includes a structured decarbonisation roadmap with clear
near-term milestones and has been independently verified,
confirming its alignment with the Transition Pathway Initiative
methodology and the mitigation objectives of the Paris Agreement.
Material topics: emissions, environmental compliance
Our priority UN SDG:
2. Air Astana Group has initiated the calculation of its Scope 3
greenhouse gas (GHG) emissions, which cover indirect emissions
across its value chain, including emissions from fuel production,
third-party services and supply chain activities. By measuring Scope
3 emissions, the Group aims to gain a comprehensive understanding
of its total carbon footprint, identify key sources of indirect emissions
and develop targeted strategies to reduce environmental impact
inalignment with its Low-Carbon Development Programme and
global airline decarbonisation goals. See the disclosure on page 53.
Material topics: emissions, environmental compliance
Our priority UN SDG:
3. Air Astana Group has joined the IATA Integrated Sustainability
Programme (ISP) – Sustainable Procurement module, aiming to
embed environmental responsibility and social impact into its core
procurement practices. We have also been recognised by the
International Air Transport Association (IATA) for our instrumental
role as a pilot organisation in the development of theISP
Sustainable Procurement Standards. By contributing vital regional
insights from Central Asia and the CIS, we have helped refine a
comprehensive global framework that enables transparent
monitoring of ESG performance. This participation underscores our
commitment to driving industry-wide standards while ensuring that
sustainability remains fundamentally integrated into our operational
and economic framework.
Material topics: emissions, environmental compliance, stakeholder
engagement, procurement practices
Our priority UN SDGs:
4. Air Astana has enrolled in the IATA Environmental Assessment
(IEnvA) programme, a globally recognised environmental management
system for the air transport industry. Through IEnvA, we will adopt
astructured environmental management framework across both
operational and corporate activities.
Material topics: emissions, environmental compliance, energy,
waste management
Our priority UN SDGs:
5. Air Astana Group launched second L3Harris A320 Full Flight
Simulator in Astana. Since L3Harris A320 Full Flight Simulator
Training was launched in the summer of 2023 at the Flight Training
Centre in Astana, all our pilots have attended training and checking,
and completed 7,242 simulator hours during 1,979 simulator
sessions. Additionally, a second L3Harris A320 Full Flight Simulator
was installed at Nur Sultan Nazarbayev International Airport (NQZ)
in autumn 2025 andbecame fully operational in the beginning of
April 2026.
Material topics: employment, aviation safety management
systems, training and development, service quality
Our priority UN SDGs:
6. Air Astana Group employs 20 female pilots. In a sector where
women typically represent only 4% to 5% of pilots, we have
emerged as a leader in Kazakhstan, employing 20 of the country’s
approximately 34 female pilots. Our Ab-Initio pilot cadet programme
has been key to this success: 50% of our current female flight crew
are Ab-Initio graduates. By proactively removing barriers to entry
and promoting equal access to technical careers, we are not only
addressing a global talent gap but also demonstrating the tangible
impact of our early-career initiatives in fostering a more inclusive
and diverse workforce.
Material topics: employment, training and development
Our priority UN SDGs:
GRI 2-6; 2-22; 2-28
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40AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
SUSTAINABILITY CONTINUED
Sustainability governance
The Board of Directors maintains ultimate accountability for the Group’s
sustainable development trajectory, delegating the specialised oversight
of ESG-related risks and strategic issues to the ESG Committee. Toensure
a cohesive approach to multifaceted challenges, the ESG Committee
maintains active cross-functional collaboration with other Board-level
bodies, specifically aligning with the Audit Committee on the mitigation
of ESG risks and with the Nomination and Remuneration Committee
onmatters of governance and human capital.
At an executive level, day-to-day accountability falls under the remit
of the Chief Executive Officer, while the Sustainability Department
serves as the primary engine for the formulation and execution of
our sustainability framework. The operational integration of specific
initiatives is further decentralised to department heads, ensuring that
sustainability objectives are embedded within the functional fabric
ofour organisation.
Our strategic evolution and decision-making framework are anchored
incore sustainability principles, including transparency, accountability,
ethical conduct and meaningful stakeholder engagement. By upholding
fairness, respect for human rights and a rigorous zero-tolerance policy
towards corruption, we ensure these values are systematically integrated
into risk management, strategic planning, investment appraisal and
corporate reporting. This holistic integration reinforces a responsible
business model dedicated to long-term value creation.
Sustainability risks
The ESG Committee maintains oversight of the Group’s sustainability
risk landscape, governed by a Risk Management Policy aligned with
international best practice and the COSO Enterprise Risk Management
Framework. This strategic alignment ensures ESG considerations are
integrated with corporate performance and long-term strategy.
The policy is implemented through the Corporate Risk Management
System (CRMS), a key pillar for governance, internal controls and
organisational resilience. By fostering agility and minimising
disruptions to sustainability goals, the CRMS enables effective
navigation of volatile market conditions and mitigation of adverse
outcomes.
GRI 2-14
Divisional heads of business areas
Develop and implement initiatives.
Board of Directors of Air Astana
The Board takes ultimate responsibility and provides oversight of management actions.
The Board receives quarterly updates on ESG matters.
ESG Committee
The Committee oversees all
ESG-related matters; makes
recommendations to the Board
onthedevelopment and approval
oftheCompany’s ESG Strategy
aswellas analysis and evaluation
of itsimplementation.
Audit Committee
The Committee is responsible for
reviewing ESG-related financial
information and disclosures,
ensuring ESG-related risks are
effectively embedded in the
Corporate Risk Management System,
and overseeing a whistleblower
mechanism for anyviolations or
concerns related toESG practices.
Nomination and
Remuneration Committee
The Committee oversees that the
Remuneration Policy and practices
aredesigned to support the ESG
Strategy and promote long-term
sustainable success.
Senior Management Team
Drives the implementation of sustainability principles as well as ensuring plans are in place for stakeholder engagement
andprogressing initiatives.
Sustainability Department
Oversees development and implementation of sustainability objectives, with the roll-out of initiatives delegated to department heads.
Sustainability governance structure
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SUSTAINABILITY CONTINUED
Materiality
Our materiality assessment practice is based on a structured and
consistent approach, aligned with GRI guidance. We collaborate
with internal teams and independent experts to define the scope
of the assessment, identify key stakeholder groups, and determine
relevant ESG- and business-related issues across our operations.
We engage with key stakeholder groups through a questionnaire
to identify and better understand the issues they consider most
significant. This engagement informs the development of a list of
potentially material topics. These topics are subsequently evaluated
based on the severity and likelihood of their actual and potential
impacts on the economy, environment and people, including
human rights, as well as their relevance to our long-term business
performance as an airline. In assessing impacts, we consider their
scale, scope and irremediability, alongside stakeholder concern
and potential financial implications.
Based on this analysis, topics are prioritised and a shortlist of
material topics is developed. The final set of material topics is
reviewed and validated by the ESG Committee to ensure alignment
with our strategy, risk management processes and ESG priorities.
In the reporting year, we undertook a review of our material
topics. The review evaluated the relevance and completeness of
the previously identified 19 material impacts on the economy,
environment and people, including human rights, across our
operations and business relationships. Based on the outcomes of this
review and consideration of stakeholder perspectives, no changes
were made to the list of material topics, as these continue to
accurately reflect our significant impacts and sustainability priorities.
The management of material topics is embedded within our
governance framework and business processes. Oversight
isprovided by the ESG Committee of the Board of Directors,
withclear responsibilities assigned to executive management
andoperational functions. Each material topic is supported by
relevant policies, management systems and internal controls,
andmonitored through defined targets. Progress is reviewed
regularly, and corrective actions are implemented where necessary
to ensure continuous improvement, regulatory compliance and
alignment with our strategic objectives.
GRI 3-1; 3-2; 3-3
Materiality matrix
1
5
6
7
1
2
3
4
8
12
13
14
15
16
17
18
19
9
10
11
Influence on stakeholder assessments and decisions
Significance of economic, environmental & social impacts
Material topics
Corporate Governance
1 Strategy
2 Ethics and compliance
3 Corporate Governance
4 Stakeholder engagement
Economic
5 Economic performance
6 Innovations and digitisation
7 Procurement practices
Environmental
8 Energy
9 Emissions
10 Waste management
11 Environmental compliance
Social
12 Employment
13 Occupational health and safety
14 Training and development
15 Customer privacy
Specific
16 Service quality
17 Passenger turnover
18 On-time flight performance
19 Aviation safety management systems
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42AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUSTAINABILITY CONTINUED
Responsible business practices
Ethics and compliance
The sustainable development of Air Astana Group operations is
based on openness, accountability, transparency, ethical behaviour,
fairness, respect for human rights and zero tolerance for
corruption. We conduct our operations with integrity and promote
a culture of ethical behaviour and compliance through our
corporate values: HEART (Hospitable, Efficient, Active, Reliable,
Trustworthy) at Air Astana and CHARM (Creative, Happy, Agile,
Reliable, Modern) at FlyArystan. Through these principles, we
support long-term, trusted relationships with our customers,
business partners and stakeholders.
Following our listing on the London, Kazakhstan and Astana
International stock exchanges in 2024, we took the decision to
further strengthen our governance and risk management protocols.
The ensuing independent Compliance Service function was set up
to support the Board of Directors and Executive Management in
fostering a strong compliance culture and helping to mitigate risks
related to ethical conduct and regulatory requirements. We have
continued to enhance our compliance framework throughout the
2025 reporting period.
Our ethics and compliance framework includes these key policies:
– Code of Conduct
– SpeakUp Policy
– Whistleblowing Handbook
– Anti-Corruption Policy
– Policy for Prevention and Resolution of Conflicts of Interest
– Corporate Fraud Prevention Policy
– Data Privacy Policy
GRI 2-23; 2-24; 2-27; 3-1; 3-2; 3-3
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SUSTAINABILITY CONTINUED
Together, these policies set out our expectations for responsible
business conduct, ethical decision-making and compliance with
applicable laws and internationally recognised standards. They
reinforce our zero-tolerance approach to corruption, fraud, conflicts
of interest and other unethical practices, and are aligned with the
principles of fairness, transparency, honesty and accountability.
The policies also reference internationally recognised human rights
and anti-corruption principles and affirm respect for human and
labour rights, including non-discrimination and the prohibition of
forced labour, child labour, human trafficking and other serious
humanrights violations.
The policies set clear expectations for conducting business with
integrity and due care. They include requirements for due diligence
and risk-based assessments, particularly in relation to suppliers,
business partners and other third parties, to prevent corruption,
fraud and conflicts of interest. These commitments apply across
allour activities and extend to our business relationships, with
suppliers, contractors, agents and other partners, including
throughthe inclusion of compliance clauses in contracts.
We actively communicate our policy commitments to employees
and other relevant stakeholders through our corporate website,
internal systems and training programmes. We ensure the
governance and oversight of these through Board-level approval and
clear allocation of responsibilities across the Group. The Compliance
Service provides the Audit Committee and the Board of Directors
with quarterly reports on all activities related to these policies.
Our online Code of Conduct training is an integral part of the
mandatory induction course for all new employees. In 2025, 913
employees successfully completed this training, which included
sections on anti-corruption practices. Of these participants, 903
were based in Kazakhstan, while ten were stationed at
international locations.
During the reporting period, we conducted numerous online
andoffline compliance training sessions for 457 of our employees.
Thetraining activities were tailored to regional specifics and
employees’ working requirements:
– Online training sessions for 70 employees at Aktau, 136
employees at Astana and ten employees at Almaty stations
– Offline training sessions for 234 employees at Almaty
andsevenemployees at Astana stations
The sessions covered the following topics:
– Code of Conduct
– Anti-corruption compliance, including adherence to internal
rulesand applicable legislation
– Reporting violations and whistleblowing channels
– Giving and receiving gifts
– Management of conflicts of interest
– Personal data protection and liability for violations
Through all these measures, we seek to embed responsible
business conduct throughout our operations and relationships,
andto foster a culture of integrity and accountability.
Sanctions compliance
In light of UK, EU, US and UN sanctions related to Russia, we have
implemented and maintain a multifaceted approach to compliance.
This involves continuous monitoring of sanctions updates and
screening of counterparties, beneficial owners and associated
financial institutions for potential exposure. The Sanctions Policy
provides detailed guidance for Air Astana Group functions and
employees for identifying sanctioned entities and restricted goods.
The Compliance Service role has expanded beyond sanctions to
include broader third-party due diligence, covering anti-corruption,
conflict of interest, sanctions exposure and, where applicable,
supply chain transparency obligations, including alignment with
the principles of the UK Modern Slavery Act 2015.
Whistleblowing channels and remediation processes
Given the importance of proactive prevention and early detection,
we maintain a comprehensive whistleblowing facility (Hotline)
open to employees, customers, business partners and other
stakeholders. The Hotline serves as a key mechanism for reporting
potential instances of fraud, corruption, discrimination, unethical
behaviour and other breaches related to our operations. To ensure
confidentiality and anonymity, all reports submitted through
multiple reporting channels are processed by an independent
external operator. The operation of the Hotline is supported by the
Speak Up Policy and the Whistleblowing Handbook, which include
safeguards to protect whistleblowers from retaliation and foster
asafe and trusted environment for raising concerns. Reports may
be submitted in Kazakh, English and Russian languages 24/7.
Relevant reports are referred to the Compliance Service for
assessment and investigation, with corrective actions taken where
misconduct or non-compliance is identified. We are committed
toproviding for or co-operating in the remediation of negative
impacts that it identifies. Where appropriate, this may include
investigations, disciplinary measures, process improvements
andother corrective actions.
The effectiveness of the whistleblowing mechanism is monitored
through case tracking, analysis of trends and oversight by the
Board of Directors. During 2025, the whistleblowing channels
functioned effectively, supporting the reporting and resolution
ofconcerns and reinforcing a culture of transparency and ethical
conduct.
Critical concerns identified through the whistleblowing mechanism
are escalated by the Compliance Service to senior management
and communicated to the Audit Committee and the Board of
Directors to ensure appropriate oversight and decision-making.
Inthe reporting period, all reported concerns were reviewed
andassessed in line with internal procedures. No concerns were
classified as critical during 2025.
GRI 2-25; 2-26
Overview Other informationGovernance Financial statements
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SUSTAINABILITY CONTINUED
To promote awareness and accessibility of whistleblowing channels,
the Compliance Service conducted an ongoing internal awareness
campaign during 2025. This included the use of computer
screensavers displaying Hotline contact details and posters across
Group premises. Hotline contact information emphasising the
availability of anonymous reporting on a 24/7 basis is also available
on the Company’s corporate website to ensure accessibility
foremployees, business partners and other stakeholders.
Thewhistleblowing framework, including the use of an
independent external operator, is periodically reviewed to ensure
itremains effective, trusted and aligned with stakeholder needs.
Seeking advice
In addition to mechanisms for raising concerns, we provide channels
through which employees may seek advice on implementing our
policies and practices for responsible business conduct. Individuals
may confidentially consult the Compliance Service for guidance on
ethical dilemmas, conflicts of interest, anti-corruption requirements
or other compliance-related matters before taking action. Thisadvisory
function supports preventive decision-making, helps mitigate risks
at an early stage and reinforces a culture of integrity by encouraging
employees to seek clarification and guidance when faced with
uncertain or sensitive situations.
Annual assessment of corruption risks
During September and October 2025, a corruption risk assessment
was conducted in FlyArystan JSC in accordance with the requirements
of the anti-corruption legislation of the Republic of Kazakhstan and
the internal regulatory documents. The assessment covered all
structural divisions and included the analysis of key operational
andmanagerial processes exposed to potential corruption risks.
As a result of the assessment, it was determined that most
identified risks fall within the very low or low categories, confirming
the effectiveness of existing control and preventive measures.
The assessment process also included awareness-raising activities
among 29 top and middle managers on applicable anti-corruption
legislation and internal policies, contributing to the strengthening
of an anti-corruption culture and consistent application of
requirements across all levels of management.
In 2025, there were no confirmed incidents of corruption within
AirAstana Group.
The next annual assessment of corruption risks in Air Astana JSC
isplanned for Q1 2026.
Declaration of conflict of interest
As part of our commitment to effective risk management and
ethical governance, we have established formal processes to
prevent, identify, disclose and mitigate conflicts of interest,
including at the Board of Directors level. All employees are
required to declare potential, actual or perceived conflicts of
interest at the recruitment stage, when changing roles, when
personal circumstances change as well as on an annual basis.
Thisprocess is automated to ensure consistency, accessibility and
efficiency. Disclosures are reviewed by the Compliance Service
and, where relevant, escalated to senior management and the
Board of Directors to ensure that conflicts are appropriately
assessed, mitigated or resolved and do not influence independent
decision-making.
In 2025, in line with the Policy for Prevention and Resolution of
Conflicts of Interest, the Compliance Service introduced a
requirement for all employees to submit an annual declaration of
conflict of interest. 5,603 Air Astana employees and 673 FlyArystan
employees completed their declarations. The declaration format
allows individuals to report any potential or actual conflict of
interest, including but not limited to cross-board memberships,
cross-shareholdings with suppliers or other stakeholders, the
existence of controlling or significant shareholding interests and
relationships with related parties or other circumstances that could
affect objectivity.
Data privacy and customer protection
We are committed to safeguarding customer privacy and recognise
that robust data protection is essential within the airline industry.
Our Data Privacy Policy is based on the Law of the Republic of
Kazakhstan on Personal Data and Its Protection and applicable
international privacy requirements, including the European Union
General Data Protection Regulation (EU GDPR). It sets out the
principles governing how we collect, use, store and protect
personal data, reflecting the importance of data protection in
theairline industry. We process personal data only for specific,
legitimate purposes, including ticket booking and payment
processing, baggage handling, delivery of benefits and services
forNomad Club members, customer support, operational
communications and compliance with applicable regulatory
andsecurity requirements.
We inform customers about our data-processing activities through
Privacy Notices published on the Air Astana and FlyArystan
corporate websites. Where required, we use consent mechanisms
in line with the Law of the Republic of Kazakhstan On Personal
Data and Its Protection and applicable international privacy
requirements.
In line with our Data Privacy Policy, we apply the principle of data
minimisation by collecting and using only the information
necessary for the stated purposes, ensuring personal data is
relevant and not excessive. We also seek to maintain data accuracy
and retain personal data only for as long as needed for
operational, contractual or legal purposes.
To protect customer information against unauthorised access,
misuse, loss, or disclosure, we maintain a layered security
approach, including encryption, role-based access controls, secure
systems and networks, and regular information security reviews
and audits. Access to personal data is restricted to authorised
personnel and service providers acting under appropriate
contractual safeguards.
GRI 2-25; 2-26
GRI 205-1; 205-2; 205-3
GRI 2-15
GRI 3-1; 3-2; 3-3; 418-1
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SUSTAINABILITY CONTINUED
During 2025, we continued to strengthen our privacy governance
and controls, including privacy management practices and the
extension of contractual compliance clauses covering privacy
obligations. Based on internal monitoring and assurance activities,
there was no evidence of customer privacy being compromised
across the Air Astana Group during the reporting period.
Procurement practices
Our relationships with suppliers and contractors are governed by
applicable laws and regulatory requirements, contractual terms,
internal procurement rules, compliance policies and our internal
control system, as well as the Code of Conduct applicable to all
business partners. In addition, we have a Supplier Code of Conduct
in place, which sets out the key principles and standards expected
of our partners. When selecting and assessing suppliers, we take
into account reputational, legal and compliance risks, including
compliance with applicable sanctions regimes and business ethics
requirements.
ESG-related requirements are being established using a risk-based
approach, taking into account the procurement category. Where
necessary, relevant sustainability criteria are integrated into
technical specifications or tender documentation.
To meet our operational need for high-quality goods and services
delivered in a timely manner, we maintained and further developed
a diversified and resilient supply chain in 2025. We strengthened
long-term relationships with suppliers of all sizes, from local small
and medium-sized enterprises to global multinational companies,
ensuring alignment with our sustainability, ethical and compliance
requirements.
Our procurement processes remain aligned with international best
practice, ensuring transparency, fairness and equal opportunity for
all potential suppliers. The framework is governed by approved
procurement procedures, management standards and strict
compliance requirements, including ethical, social and
environmental criteria. In support of human rights, diversity and
inclusion, our Supplier Code of Conduct requires compliance with
labour laws, prohibition of forced and child labour, non-
discrimination and ethical business practices. Where relevant,
human rights-related requirements are incorporated into contracts.
The launch of our Procurement Portal was a key milestone in 2025,
providing a single digital access point for suppliers and reinforcing
transparent, efficient and fair procurement processes. We are
nowparticipating in the IATA ISP Sustainable Procurement module,
supporting alignment with international airline industry best practice.
We remain committed to sourcing goods and services from local
suppliers within Kazakhstan. By prioritising co-operation with local
businesses, we support socio-economic development while
maintaining cost-effective and reliable procurement.
Our supply-chain and logistics teams demonstrated agility and
resilience throughout 2025, ensuring uninterrupted operations
amid ongoing geopolitical and regulatory challenges. Supply
routes, logistics processes and freight solutions were closely
monitored to ensure compliance with applicable UK, EU, US and UN
sanctions regimes, while maintaining operational efficiency.
Table 1: Proportion of spending on local suppliers
2025 2024 2023
Percentage of the procurement budget used for
significant locations of operation
1
that is spent
on suppliers local to operations (percentage
ofproducts and services purchased locally) 31% 32% 31%
1 The territory of the Republic of Kazakhstan.
Service quality
Service quality at Air Astana is governed through a structured
framework of internal policies, operational standards, and
continuous monitoring processes designed to ensure consistency
and compliance with international aviation requirements. Oversight
of service quality is typically led by the Service Standards/
Performance and Customer Experience functions, with
accountability shared across operational departments and frontline
leadership to ensure standards are embedded in daily operations.
Performance is closely tracked through a combination of audits,
service checks, and real-time customer experience data, including
passenger feedback and satisfaction metrics. This integrated
approach enables continuous improvement by directly linking
customer insights to frontline service delivery.
During 2025, we continued to evolve the overall customer
experience into a strategically managed, end-to-end capability.
Building on the foundations established in previous years, we
focused on delivering a consistent, human-centred and data-driven
experience across the entire customer journey. This approach
reflects our clear understanding that customer experience is not
shaped by isolated touchpoints, but by the alignment of people,
product, processes and data working together at scale, with
defined ownership at key stages of the journey.
Customer experience remains subject to established governance
processes, including oversight by the Customer Experience Group
chaired by the Chief Executive Officer. This framework supports
ongoing visibility at senior management level and reinforces
customer experience as an area of sustained management attention.
Looking ahead, we will continue to strengthen customer
experience-driven excellence through further alignment of people,
product, processes and data. We are determined to deliver a
resilient, consistent and human-centred customer experience
thatadapts to evolving customer expectations and operational
requirements, reinforcing trust in the Air Astana brand and
supporting sustainable long-term growth.
Read more on Service quality on page 27
GRI 3-1; 3-2; 3-3; 204-1
GRI 3-1; 3-2; 3-3
Recognising our suppliers
and business partners
In October 2025, we hosted the second annual ESG Awards
ceremony alongside an Open Day for partners and suppliers,
recognising contributions to sustainable development and
ESG practices. The ceremony celebrated partners supporting
the implementation of our ESG principles and helped raise
awareness of our ESG initiatives.
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46AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
SUSTAINABILITY CONTINUED
2025 highlights
Completed IOSA renewal audit with new Risk-Based
Approach (RBI) for Air Astana
Continued applying standardised operational and
management systems for both Air Operator
Certificates (AOCs)
Completed annual on-site EASA Part 145 audit at
Almaty and Astana bases
Renewed EASA Part 147 (Maintenance Training
Organisation) certification
Implemented Peer Support Programme for crew
members
Completed ISO 45001:2018 audits: supervisory audit
for Air Astana and certification audit for FlyArystan
Material issues
Safety Management System (SMS); Occupational health and safety
Policies and guidelines
Internal Policies: Health, Safety and Environmental Protection
Policy; Certificate of Registration for Occupational Health and
Safety Management System; Safety Management Manual;
Compliance Monitoring Manual; Medical Provision in Aviation
Workplace Manual
External regulations and guidelines: ISO 45001:2018; ICAO
Annex 19 and Doc 9859; EASA Part TCO, Part 145/147; Part
CAMO; IOSA ISARPS; Aviation Safety Compliance Policy
Safety Management System (SMS)
Maintaining the highest safety standards is vital and our approach
goes beyond simple compliance with requirements: we cultivate a
culture of safety and look to continuously improve and embrace
international best practice. Our SMS aims to identify the potential
hazards connected with airline operations and mitigate these
risksto acceptable levels. It covers all levels of the organisation
with specific safety programmes for flight operations, cabin
operations, engineering and maintenance, and ground services.
Since operations began in May 2002, we have carried 92 million
passengers safely, with no accidents during passenger or cargo
operations.
Compliance monitoring programme
We have had the EASA Part 145 approval to maintain our fleet
inaccordance with EASA requirements since 2003. The on-site
renewal audit of Line and Base Maintenance took place in Almaty
and Astana in March 2025. As a holder of an EASA Part 145
certificate, we carry out full maintenance services on our own
aircraft and, additionally, provide line maintenance services to
41other air carriers.
We have also been certified as an EASA Part 147 Maintenance
Training Organisation since 2015; the renewal audit was carried
outin December 2025. In December 2015, we became the first
operator audited under the EASA Third Country Operations (TCO)
certification. The authorisation complies with EASA Part-TCO, as
well as with UK TCO authorisation, obtained in 2022. FlyArystan
obtained TCO authorisation in October 2025.
Safety management
GRI 3-1; 3-2; 3-3 SASB TR-AL-540a.1; TR-AL-540a.2; TR-AL-540a.3
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47AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUSTAINABILITY CONTINUED
Our operations comply with appropriate standards of safety and
security regulated by the Aviation Administration of Kazakhstan
(AAK) as state of operator and, under International Civil Aviation
Organization (ICAO) Article 83bis agreement, and the Irish Aviation
Authority (IAA) as state of registry responsible for overseeing
airworthiness.
During 2025, Air Astana underwent a number of external
regulatory inspections and renewals:
– AAK – Certification inspection of Maintenance Repair
Organisation, inspection of Continuing Airworthiness
Management Organisation (CAMO), scheduled and unscheduled
inspections of Maintenance Organisation
– Air Astana underwent AMO renewal approvals from six external
aviation authorities
– Irish Aviation Authorities – conducted Aircraft Certificate of
Airworthiness renewals for 60 aircraft
– EASA – Part 145 and Part 147 renewals audits
– Ramp Inspections – Air Astana Group operations and aircraft
underwent 22 European Civil Aviation Conference (ECAC) SAFA
(Safety Assessment of Foreign Aircraft) and nine ramp
(non-ECAC) inspections
In 2025, Air Astana successfully completed the International Air
Transport Association’s Operational Safety Audit (IOSA) for the tenth
time. The airline was first audited in 2007 and has reaffirmed its
commitment to IOSA safety standards every two years since then.
During the 2025 audit, the documentation and implementation
ofIOSA standards were verified across all aspects of the airline’s
activities. These included organisation and management, flight
operations, operational control and flight dispatch, engineering
andmaintenance, cabin operations, ground handling, cargo
operation and security. The next audit is scheduled in 2027.
Within the internal compliance monitoring programme, we
conducted nearly 250 compliance audits based on IOSA SARPS
andnational regulations. Compliance monitoring is also supported
by membership of the IATA Fuel Quality Pool (IFQP).
Safety programmes
In 2025, our flight-data monitoring analysed more than 99% of
flights. This helps us identify and assess existing operational risks
and take relevant action based on trends and root causes. We have
incorporated elements of evidence-based training (i.e. data and
lessons learnt from both the flight management system and safety
investigation reports) into the training system for pilots, with
positive results.
We continue to encourage operational staff to report hazards and
errors as an important element of our safety culture. Over the year,
more than 4,000 safety reports were registered, enabling us to
maintain an accurate perception of risk.
The Prevention of Use of Unauthorised Substances programme for
safety-sensitive airline activity staff (SSAA) continued during 2025.
The Group’s Fatigue Risk Management (FRM) programme enables
Crew Planning & Control to estimate the alertness of crews and
make necessary adjustments to rostering based on trends.
Inaddition, flight and cabin crew increasingly used the self-
assessment tool, Crew Strain Application (CSA) to provide feedback
on fatigue levels, workload, roster and rest conditions, particularly
during the busy summer months. Pairing Optimiser was
implemented in April and Roster Optimiser was introduced in
October. In 2025, we renewed our participation in the IATA Fatigue
Management Task Force to gain international exposure and
contribute to standardised fatigue solutions for the airline industry.
We continued to promote efficient communication between
departments and stakeholders on the management of change
(MoC) and relevant risk assessment (RA). We adopted a new MoC
module in May to enhance functionality and address the
limitations of the previous software module. The most common
RAs carried out in 2025 related to new destinations, changes in
operational processes (including lithium batteries and body
cameras), production risks (including a B767 C-check in Astana),
aerodrome changes, a new line maintenance provider, conflict
zones and Global Navigation Satellite System (GNSS) signal loss.
Overview Other informationGovernance Financial statements
48AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUSTAINABILITY CONTINUED
We continued enhancing the Wildlife Hazard Management Plan in
2025, focusing on Almaty, Astana and Shymkent airports. The
expert reports made recommendations for each airport on habitat
control and data management.
However, the bird strike rate increased by 21% compared with
2024 and although the season is over, the high incident rate
remains a concern. The project involving contracted UK experts
aims to increase the effectiveness of prevention programmes
atKazakhstan airports and is planned to continue in 2026 with
particular focus on western Kazakhstan, where the most significant
increase in bird strikes was recorded.
We are a major contributor to a number of international safety
organisations and programmes, set up to enhance safety and
operational efficiency, including IATA Global Aviation Data
Management. Through our membership of the Association of Asia
Pacific Airlines, we participate in safety and security workgroups,
which allows us to stay abreast of the latest technology,
innovations and processes, while also ensuring our safety
programme managers interact with leading professionals.
Similarly, membership of Flight Safety Foundation (since 2004)
stimulates an environment conducive to improvement.
In September 2025, we launched the Peer Support Programme
(PSP) for our crews. The PSP is a structured system that allows a
flight or cabin crew member to seek confidential help for issues
related to mental health, well-being or life stress. Fundamental to
the programme are pilot and cabin peer volunteers – fellow crew
members who have been trained in basic listening and coaching
skills to assist their colleagues. The programme has been structured
and is supported by an international network coordinated by
HFHuman Factor GmbH and Stiftung Mayday (Germany). Following
the selection and specialised training of our peers inDecember
2025, the programme will be fully integrated and available to all
crew members in 2026, marking a significant milestone in our
commitment to crew welfare and safety culture.
In October 2025, we hosted our 9th Regional Safety Seminar,
titled‘Safety Leadership: Enhancing Performance’ to promote
andencourage safety within the region. The seminar focused
onavariety of topics, including positive safety implementation,
proactive measures, investigation updates, leadership issues and a
robust safety culture. It was attended by representatives from nine
countries, with 19 speakers and more than 225 participants from
other airlines, aircraft manufacturers, international organisations
and regulators.
Table 2: Accident and safety management
2025 2024 2023
Aviation accidents 0 0 0
Governmental
enforcement actions
ofaviation safety
regulations 0 0 0
Occupational health and safety
Safety is a key objective for the Group, and we adhere to high
standards and aim for continuous improvement in all our daily
business activities. Our Occupational Health and Safety (OHS)
system is based on best practices and international standards,
andcomplies with all provisions/applicable legislative requirements
of the Labour Code of the Republic of Kazakhstan and other
legislative documents.
In August 2025, Air Astana passed the supervisory audit conducted
by the Intertek International Kazakhstan certification body. The audit
team concluded that the top management processes are generally
working well in compliance with ISO 45001:2018. FlyArystan received
a separate certificate of compliance with the requirements of the
ISO 45001 standard.
We carried out a range of other health and safety activities during
the year: 146 employees undertook certified online training in
health and safety; 1,266 employees were trained in industrial
safety; 16 line managers were trained in the NEBOSH leadership
excellence course. We organised annual professional health
check-ups for employees working in harmful or hazardous
conditions and updated health and safety instructions by
occupation and type of activity.
In accordance with Order No. 20 dated 31 January 2024 of the
Ministry of Labour and Social Protection of the Population of the
Republic of Kazakhstan, Eurasia Insurance Company reimbursed
approximately USD 24,000 (6% of total insurance payouts) for
preventive and rehabilitation measures. The funds were allocated
to occupational health and safety, industrial safety, and first aid
training for employees.
GRI 3-1; 3-2; 3-3; 403-1; 403-2; 403-3; 403-4; 403-5; 403-6; 403-9
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49AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUSTAINABILITY CONTINUED
We continue to work on the continuous improvement of special
clothing quality. In 2025, we began issuing demi-season boots
(safety shoes) with reinforced toe caps to all employees in
operational departments, as well as caps with the updated design.
We also issued updated summer suits to all operational employees,
improving the fabric wear resistance and ergonomic design.
We conducted alcohol and drug testing aimed at preventing the
use of unauthorised substances in the workplace among
operational personnel, including flight and cabin crew members,
engineering and maintenance, and ground operations staff across
all Kazakhstan regions and at international stations. In 2025, our
team conducted a total of 6,268 tests across the Group: 5,026 for
AirAstana (alcohol tests – 4,115; drug tests – 911) and 1,242 for
FlyArystan (alcohol tests – 988; drug tests – 254). The programme
covered all safety-sensitive operational roles across the Group.
Fire safety
All newly hired employees complete an introductory fire-safety
briefing, followed by an initial workplace-specific session. These
briefings are repeated annually and supplemented with targeted
ad hoc briefings as needed.
This year, we conducted a basic fire-safety training course and
issued three-year certificates to 157 employees. We also carried
out 14 fire evacuation drills across our facilities. All our facilities are
equipped with automatic fire alarms and primary fire extinguishing
equipment, including powder and carbon dioxide portable fire
extinguishers, fire shields and hydrants. Automatic fire-
extinguishing systems – such as gas, foam, deluge, sprinkler and
powder – are installed in key areas like hangars, server rooms,
archives and warehouses. We ensure that contractors who perform
maintenance of primary fire-extinguishing equipment and
automatic fire-safety systems doso in accordance with approved
schedules. We passed external fire-safety audits in Astana in May
and in Almaty in October.
We continue our commitment to the global Vision Zero initiative,
which focuses on employee safety, health, and well-being through
seven guiding principles:
1. Take leadership – demonstrate commitment
2. Identify hazards – control risks
3. Define targets – develop programmes
4. Ensure a safe and healthy system – be well organised
5. Ensure safety and health in machines, equipment
andworkplaces
6. Improve qualifications – develop competence
7. Invest in people – motivate by participation
Over the past two years, we surveyed managers to verify
compliance and the effective application of Vision Zero practices,
ensuring high occupational safety standards.
In December 2025, we launched online training modules on
occupational safety culture for all employees, covering workplace and
transport safety. Developed by our Health, Safety and Environment
(HSE) and Transport departments, these modules are available in
Kazakh, Russian and English for both office and operational staff.
OHS leadership is demonstrated through discussions on health
andsafety issues at monthly management meetings chaired by
the Chief Executive Officer. A representative from the HSE
Department regularly participates in SMS training for line
managers and responsible supervisors.
Overview Other informationGovernance Financial statements
50AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUSTAINABILITY CONTINUED
We manage risk control through regular updates of the hazard
register and risk assessments, reflecting changes in procedures,
work processes and the introduction of new or modernisation of
old equipment. An important part of identifying risk is to analyse
incidents and accidents at workplaces. The risk assessment is carried
out according to the approved procedure, which prescribes the
riskassessment methodology. After an update by the responsible
department, the hazard register and risk assessment are co-ordinated
by the HSE Department. The quality of the assessment and
approval is confirmed during external and internal audits.
Our annual safety awards, including the OHS Recognition Award,
celebrate employees who have made outstanding contributions
toour safety culture, knowledge and skills. At the end of 2025,
13nominees were honoured for their exceptional commitment.
We held safety forums for the Ground Services and Maintenance
departments, featuring cross-departmental speakers to broaden
employee understanding and competency. In addition, we held
meetings for motor transport drivers to raise awareness of safety
in different weather conditions and to increase employee motivation
through participation. We organised an online forum for the Inflight
Services Department, with presentations on priority issues delivered
by the HSE Department.
During 2025, FlyArystan JSC implemented a comprehensive set of
measures aimed at improving working conditions and workspaces.
Office areas were expanded and modernised; furniture, office
equipment, and engineering systems were upgraded; and
additional areas for dining and meetings were created. In both
theInflight and Ground Services departments, systematic efforts
continued to enhance employee comfort, support staff
development, and incorporate employee feedback, including
updates to uniforms, the introduction of electronic task
assignments, and the implementation of training programmes.
Employee engagement at FlyArystan from autumn 2022 to spring
2025 has remained consistently high, ranging between 3.99 and
4.26. After a temporary decline in 2023, the indicator recovered
and has remained above 4.2, while the spring 2025 score (4.18)
continues to reflect a high level of employee trust and engagement.
Overall, the trend confirms the stability of employee engagement
and the effectiveness of the company’s management and
HRinitiatives.
Reported accidents
In 2025, the HSE Department received 259 OHS reports summarising
incidents, hazardous working conditions, dangerous actions and near
misses. The most common types of work-related injuries reported
were occupational bruises and physical traumas. These incidents
primarily occurred during core operational activities, including
ground handling, aircraft maintenance and in-flight cabin services.
Table 3: Reported accidents
2025 2024 2023
Number of incidents 47 47 41
Number of accidents 29 30 29
Number of employees 7,211 6,546 6,499
Total accident rate (TAR) 4.02 4.58 4.46
Lost time injury
frequencyrate (LTIFR) 2.86 3.27 3.24
Fatal injury rate (FIFR) – – –
Accident severity ratio 34.14 39.39 4 0.17
Occupational morbidityratio – – –
Our OHS Committee includes all employees at Chief Executive
Officer-1, -2, -3 levels due to their high level of responsibility in
decision-making. Employees at other levels contribute to the decisions
made by the Committee by completing health and safety surveys.
In addition, they take part in internal audit procedures required
within the occupational health and safety management system.
We have implemented an Integrated Quality & Safety Management
System (IQSMS) to process occupational health and safety requests
promptly, while more significant issues are discussed at OHS
Committee meetings. The Committee holds monthly sessions with
a primary focus on working conditions. Our management places
strong emphasis on improving employees’ working conditions.
However, the increased number of OHS reports in theIQSMS
indicates the need for enhanced employee communication and
training. In addition, the Company currently does not maintain
records of the number ofcases of severe reprimands and dismissals
for violations ofoccupational safety andhealth requirements.
Mental health
In 2021, we launched mental health support services for our
employees, which have been greatly appreciated. Sessions are
conducted by practising analytical psychologists and psychotherapists.
In 2025 alone, more than 1,200 sessions were held. Providing
access to psychological support helps employees manage stress,
conflict and other emotional challenges, directly benefiting their
productivity, motivation and overall well-being. Recognising
thatwork can be demanding, our approach fosters a healthy
andsupportive environment where employees can achieve
theirprofessional goals. This reflects our commitment as a
caringemployer and helps strengthen our bond with employees.
We actively promote these services, ensuring employees are
guaranteed confidentiality. Managers recommend the services
andemphasise their importance for well-being and professional
development.
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51AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUSTAINABILITY CONTINUED
2025 highlights
Conducted analysis of physical climate risks and
transitional climate risks in accordance with IFRS S2
(Climate-related Disclosures) standards
Ensured compliance with the requirements of the
Ecological Code of the Republic of Kazakhstan
Provided training for internal auditors on the ISO 14001
Environmental Management Systems standard for
occupational health and safety
Material issues
Emissions; Energy; Waste management; Environmental
compliance
Policies and guidelines
Internal policies: Health, Safety and Environmental
ProtectionPolicy
External regulations and guidelines: ICAO Annex 16,
VolumeIV CORSIA
Approach
We are steadfast in our commitment to minimising our
environmental footprint and advancing initiatives that mitigate
anthropogenic climate change. To this end, we have made
substantial investments in our environmental protection
management system, which adheres to rigorous local and
international standards. This robust framework facilitates the
optimised use of natural resources and ensures continuous
monitoring and control of our operational impacts.
Central to our climate strategy is the Low-Carbon Development
Programme (LCDP) 2023–2032, a core component of the Group’s
broader ESG Strategy. We are committed to achieving net zero by
2050. This realignment is in accordance with the International Civil
Aviation Organization (ICAO) Assembly goals.
Operational efficiency remains a cornerstone of our environmental
agenda. In the air, our advanced fuel-efficiency procedures optimise
jet fuel consumption to significantly minimise greenhouse gas (GHG)
emissions, while on the ground, we promote resource-efficient
practices throughout our corporate offices. We maintain aculture
of transparency and accountability by regularly disclosing our
operational and emissions data, reinforcing the strategic importance
of environmental responsibility across the organisation. In addition,
we actively engage our workforce through specialised ESG training,
ESG communications on our internal channels and environmental
initiatives, fostering a high level of awareness and ensuring that
sustainability is integrated into our corporate DNA.
Environmental impact management
GRI 3-3; 302-1; 302-2; 305-1; 305-4; 305-5; 305-7; 306-2; 306-5
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52AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUSTAINABILITY CONTINUED
Emissions reduction
Air travel contributes to accelerating climate change by releasing
GHGs. We aim to reduce carbon emissions classified as either
direct (Scope 1) and indirect (Scopes 2 and 3) under the Greenhouse
Gas Protocol. Scope 1 are GHG emissions from sources we own or
operate. Indirect emissions are emissions that result from our
activities but are emitted from sources owned or controlled by
another company.
In addition to continuously monitoring our GHG emissions, our
efforts to reduce them include safely increasing fuel efficiency,
making technological improvements and using fuel-efficient
aircraft that emit less CO
2
.
We also use operational methods such as route planning, reducing
aircraft weight and training pilots in fuel-efficient flying. Scope 1
direct emissions constitute the majority of our total GHG emissions,
mainly from the combustion of jet fuel.
To ensure transparency and accuracy, we have developed CO
2
Emissions Monitoring and Reporting Instructions that prescribe
how these emissions are accounted for. All emissions data are
verified by independent accredited bodies specialising in
environmental verification, certification and auditing:
– EU ETS – European Union Emissions Trading System
(includesallflights within the European Union)
– UK ETS – the United Kingdom Emissions Trading Scheme
(includes all flights within the UK)
– CORSIA – Carbon Offsetting and Reduction Scheme for
International Aviation (includes international flights)
– GHG Protocol – a comprehensive global standardized
frameworks to measure and manage greenhouse gas
(GHG)emissions
Emission factors and global warming potential (GWP) rates
areapplied from methodologies of the EU ETS, UK ETS, CORSIA
andGHG Protocol. We apply the operational control approach
toconsolidate GHG emissions.
Currently, we account for Scope 1, Scope 2 and Scope 3 GHG
emissions. Our Low-Carbon Development Programme (LCDP)
for2023–2032 sets targets to minimise CO
2
emissions from our
operations; these targets were updated in 2025, and support our
goal of achieving net-zero emissions by 2050. These include a
commitment to achieving at least 5% Sustainable Aviation Fuel
(SAF) usage by 2030, subject to market availability. The Group’s
strategy ensures that its emission intensity remains aligned with
the 1.5°C global warming pathway through to 2030.
We are proactively monitoring evolving regulatory landscapes,
specifically the ReFuelEU Aviation and UK SAF mandates, which
require minimum sustainable fuel blends for departures, starting
at2% in 2025 and rising significantly towards 2030. To ensure
operational compliance and mitigate the risks of non-compliance
in these key markets, we have aligned our strategy with the
Association of Asia Pacific Airlines (AAPA) resolution. This
commitment has been integrated into our updated LCDP, ensuring
that our fleet remains prepared for shifting international standards
while supporting the industry’s long-term transition to net zero.
GRI 3-1; 3-2; 3-3; 305-1; 305-5 SASB TR-AL-110a.2
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53AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUSTAINABILITY CONTINUED
GHG emissions
An increase in both domestic and international flights in 2025
inevitably led to an overall increase in our CO
2
emissions – by 13%.
This increase was mainly driven by higher fuel consumption
associated with increased operational activity.
Scope 3 indirect emissions from value chain
Air Astana Group calculates and reports its Scope 3 greenhouse
gas emissions in accordance with the GHG Protocol Corporate Value
Chain (Scope 3) Accounting and Reporting Standard. Scope 3
emissions comprise indirect greenhouse gas emissions occurring
inthe upstream and downstream value chain from sources not
owned or controlled by the Group.
The Scope 3 greenhouse gas inventory covers the same
organisational boundary as the Group’s consolidated financial
statements. The Group applies the operational control approach in
accordance with the Greenhouse Gas Protocol. The reporting
boundary includes all operations under the operational control of
Air Astana Group, including its 100% owned low-cost subsidiary
FlyArystan. Scope 3 emissions are calculated for activities across
the value chain associated with these operations.
Table 4: Emissions
2025 2024 2023
CO
2
emissions intensity
(tonnes CO
2
per RPK)
1
0.078 0.078 0.076
CO
2
emissions intensity
(tonnes CO
2
per ASK)
1
0.064 0.065 0.063
Revenue tonne-kilometres
(RTK) 1,735,900 1,547,614 1,405,009
Scope 1 GHG emissions
(tonnes of CO
2
) 1,414,911 1,252,773 1,115,142
Scope 2 GHG indirect
emissions (tonnes of CO
2
) 5,169 5,120 5,660
Scope 3 GHG indirect
emissions (tonnes of CO
2
) 368,936 352,399 –
Company-specific metric
(seat kilometres)
22,032,718 19,322,854 17,689,651
Company-specific metric
(revenue kilometres)
18,225,196 16,128,485 14,646, 227
Passenger load factor (%) 82.72 83.47 82.80
Number of departures 65,676 60,387 55,068
Average age of fleet 6.4 5.9 5.3
1 CO₂ emissions intensity (tonnes CO₂ per RPK and per ASK) is calculated based
on Scope 1 greenhouse gas emissions.
Table 5: Nitrogen oxides (NOx), sulphur oxides (SOx),
andothersignificant air emissions
Pollutants 2025 2024 2023
Sulphur oxides, tonnes 5.15 4.39 3.96
Nitrogen oxides, tonnes
11.60 10.58 9.68
Carbon oxides, tonnes
15.05 13.03 11.63
Particulate matter
0.57 0.82 0.44
Other substances, tonnes
3.44 2.96 3.61
Emissions of greenhouse gases and other pollutants are
categorised and reported in line with the Ecological Code of the
Republic of Kazakhstan, using nationally approved calculation and
reporting methodologies.
No leaks or emissions to the environment were recorded in 2025.
Therefore, the number and total volume of leaks or emissions are zero,
and there were no environmental impacts from accidental releases.
Energy management and efficiency
In 2025, our total energy consumption amounted to 19,455 thousand GJ,
encompassing aviation fuel, diesel, heating, electricity and other
auxiliary sources. To ensure the highest level of accuracy and
cross-border comparability, we calculate consumption data using
methodologies aligned with the Intergovernmental Panel on Climate
Change (IPCC) Guidelines, with conversion factors derived from IPCC and
other internationally recognised standards. Although the current energy
mix does not yet include renewable sources, we are actively evaluating
alternative energy solutions and fuel-switching opportunities.
Table 6: Energy consumption
2025 2024 2023
Electricity (GJ) 16,164 15,473 14,958
Heating (GJ) 6,525 6,803 28,615
Energy intensity
(thousandGJ) 2,698 2,625 2,367
Total fuel consumed
(thousand GJ) 19,432 17,159 15,358
Alternative fuel
consumed(%) 0 0 0
Sustainable fuel
consumed(%) 0 0 0
In 2025, our indirect greenhouse gas emissions classified as
Scope2 totalled 5,169 tonnes of CO
2
. These emissions are primarily
driven by the consumption of purchased electricity and heating
across our ground facilities. Given the carbon-intensive nature of
airline operations, Scope 2 emissions represent a non-material
portion of our total carbon footprint; however, we continue to
monitor and report these figures to ensure comprehensive
transparency and to identify further opportunities for energy
efficiency within our administrative and technical infrastructure.
GRI 305-1; 305-2; 305-3; 305-4; 305-7
SASB TR-AL-110a.1; TR-AL-000.A; TR-AL-000.B;
TR-AL-000.C;TR-AL-000.D;TR-AL-000.E; TR-AL-000.F
GRI 3-3; 302-1; 302-3; 302-4 SASB TR-AL-110a.3
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SUSTAINABILITY CONTINUED
Waste management
Waste management is governed by the Company’s internal Waste
Management Procedure, reflecting our commitment to responsible
waste handling and continuous reduction of waste generation. The
Company operates a certified management system aligned with
ISO 45001, which also incorporates environmental aspects within
operational processes. Operational departments are responsible for
proper waste segregation and handling, while oversight, monitoring
and reporting are coordinated by the Health and Safety
Department in accordance with applicable environmental
regulations and internal procedures.
Our waste-management programme is based on reduction,
recycling and disposal, using third parties as necessary. By involving
employees and customers in initiatives to reduce and recycle waste,
we have helped raise awareness and increase such activity, both
on our aircraft and in our offices.
Our waste-related impacts arise from operational activities including
aircraft operations, onboard services, aircraft maintenance, office
work and ground handling. Key inputs include paper products,
PETplastics, packaging materials, catering supplies and technical
consumables.
These activities generate:
– Non-hazardous waste: paper, plastics, municipal waste
– Hazardous waste: maintenance-related residues and technical
consumables
Through employee-driven initiatives and expanded recycling across
stations and offices, we increased engagement and awareness
while recycling waste in 2025. This initiative reduced usage of
small plastic items that are difficult to sort and often end up
inlandfill.
When waste generated by our own operations is managed by
athird party, we evaluate the service provider through formal
selection and monitoring processes. These processes include
reviewing the contractor’s licences, certifications, environmental
compliance records and operational procedures. Contracts include
clear requirements for proper collection, transportation, treatment
and reporting of waste. We periodically request documentation
from the third party to verify compliance with contractual
obligations and national legislation.
Table 7: Waste directed to disposal
Waste disposal in Group’s
sites (Almaty, Astana, Aktau)
1
2025 2024 2023
Hazardous waste, tonnes 64.02 17.86 11.79
Incineration
(with energy recovery) – – –
Incineration
(without energy recovery) 42.54 5.34 –
Landfilling 21.48 12.52 –
Other disposal operations – – –
Non-hazardous waste, tonnes 2,832.08 2,924.69 2,984.23
Incineration
(with energy recovery) – – –
Incineration
(without energy recovery) – – –
Landfilling 2,790.06 2,887.85 2,944.78
Other disposal operations 42.02 36.84 39.45
Total, tonnes
2
2,896.10 2,942.55 2,996.02
1 The increase in hazardous waste is driven by a higher number of C-checks
conducted in Astana, as well as an increased disposal rate per kilogram.
Disposal of hazardous and non-hazardous waste is carried out by licensed
third-party contractors off-site, in accordance with applicable environmental
regulations.
2 Waste data is compiled in line with the Group’s internal procedures and
accounting principles. Volumes are recorded based on contractors’ weight
tickets, consolidated at the station level, and verified by responsible
departments, ensuring completeness and consistency of data.
GRI 3-1; 3-2; 3-3; 306-1; 306-2; 306-4; 306-5
The Cap Collection Challenge
inAirAstana Group
The Cap Collection Challenge was a flagship employee-driven
sustainability initiative in 2025, engaging teams across ten
stations nationwide: Aktau, Atyrau, Uralsk, Aktobe, Almaty,
Shymkent, Astana, Kyzylorda, Ust-Kamenogorsk and Semey.
By December, employees had collected 437 kg of plastic
caps, with Aktau, Almaty and Astana leading the effort.
Overtime, the initiative became a regular habit, integrated
into team-building activities and supported by employees
bringing caps from homes, offices and public spaces. All
collected caps were consolidated in Aktau andofficially
weighed by a recycling partner, ensuring transparency and
traceability. The challenge demonstrated how a simple action
can unite employees and help embed sustainability into our
corporate culture.
In recognition of their engagement, the most active stations
were awarded letters of appreciation, diplomas and
commemorative prizes.
The caps were transferred to Taza Likee in Aktau, which has
collected more than 5 tonnes of plastic caps and donated a
charitable cheque to the Ana Mahabbat Foundation.
Overview Other informationGovernance Financial statements
55AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
SUSTAINABILITY CONTINUED
Table 8: Waste diverted from disposal
Waste type
Tonnes
diverted Recovery operation
Hazardous 42.54 Third-party recycling/recovery
Non-hazardous 44.95 Recycling (batteries, tyres, paper, PET)
Environmental compliance
We comply with all relevant environmental laws and regulations.
The requirements of the Ecological Code came into force in 2021,
and we incorporated them into our environmental protection
management system. No significant fines or penalties were issued
for non-compliance with environmental laws and regulations over
the past five years.
Table 9: Total expenses for environmental protection
Expenses (USD) 2025 2024 2023
Environmental
protection 128,238 142,734 129,178
Negative impact
ontheenvironment 260,564 2,166 379,925
Hazardous waste
disposal 18,112 11,981 1,951
Transfer of household
waste 81,451 90,011 86,831
GRI 3-1; 3-2; 3-3
‘Art Above the Clouds’ Travel Kits
Air Astana has introduced a new collection of economy-class
travel kits, created in collaboration with Kazakhstani artists.
Combining comfort, cultural identity and sustainability, the kits
are designed to enhance passengers’ journeys while reflecting
the airline’s commitment to excellence and care.
Five artists contributed to 14 unique designs, each capturing
their vision of Kazakhstan’s landscapes, traditions and folklore.
The kits are made from eco-friendly materials, including RPET
fabric derived from recycled plastic bottles, and contain a
bamboo toothbrush, a kraft-paper pen, a sleep mask and socks
made from recycled fibres. Inflatable neck pillows included in
the kits are provided on flights departing from Kazakhstan and
may be kept for use on the flight back.
These kits are offered on international flights longer than three
hours, underscoring Air Astana’s dedication not only to
passenger comfort but also to environmental responsibility.
Overview Other informationGovernance Financial statements
56AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
2025 highlights
As part of the IPO launch, management developed
anemployee share option programme. All employees
who met the programme’s criteria became
shareholders in February 2025
In 2025, our employee engagement reached its
highest level since measurements began in 2016,
scoring 4.2 out of 5, with 3,791 employees
participating in the annual survey
Established a comprehensive internal communications
framework to enhance employee engagement with
our business strategy
Material issues
Employment; Training and development
Policies and guidelines
Internal policies: Group strategy; corporate goals and
values;employment terms and conditions; Code of Ethics;
anti-corruption policies; Conflict of Interest Prevention and
Management Policy; Internal Labour Regulations;
RemunerationPolicy
External regulations and guidance: labour and tax codes
ofthe countries where our employees are based; collective
agreements with trade unions; legislation on social security,
occupational health and safety, and personal data protection;
IATA standards; EASA regulations; national standards; ICAO
regulations
As one of the major employers in Kazakhstan,
wepride ourselves on attracting and retaining
someofthe best talent, thanks to our strong focus
onrecognition, development and equality. In 2025,
wecontinued to improve operational excellence
through investing in our people – particularly in our
training programmes and employee engagement,
underpinning our continued success in providing
best-in-class services.
Employees
Approach
The long-term sustainable success of our business depends on
theexpertise, skills and motivation of our employees. As a socially
responsible organisation, we recruit, appraise and reward employees
based on merit and help them develop to their maximum potential.
Our workplace environment – based on our corporate HEART
(AirAstana) and CHARM (FlyArystan) values – isone where recognition,
development and equality all thrive toensure that we attract and
retain talented people. We operate our business with the highest
standards of integrity and ethics, which is also reflected in the
transparency and fairness of our recruitment process.
Responsible employer
GRI 2-7; 2-8; 3-1; 3-2; 3-3; 401-1; 401-2; 401-3
SUSTAINABILITY CONTINUED
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57AIR ASTANA GROUP INTEGRATED REPORT 2025
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Employment
In 2025, we maintained a strong focus on recruiting for key
operational roles, including pilots, engineering, cabin crew and
ground service staff. We continued recruiting cadets for Ab-Initio
pilot and apprentice aviation technician programmes and resumed
the selection process for flight attendant candidates.
As part of our employer brand enhancement efforts, an internship
programme was successfully continued in 2025, welcoming over
630 interns across a wide range of departments. The largest
number of interns joined Ground Services, with additional
placements in Finance, IT, HR, Marketing, Procurement, Flight
Operations, Logistics and other business functions. The programme
provided participants with valuable hands-on experience and
supported the development of a strong pipeline of future talent,
with approximately 67% of interns successfully transitioning into
employment with us.
To raise awareness of aviation careers and attract talent, we
partnered with educational institutions across Kazakhstan’s major
regions. In 2025, we organised more than 300 online and in-person
engagement activities, including career days, university lectures,
information sessions and site visits. These initiatives led to a
significant increase in applications for pilot and aviation technician
training programmes, while also supporting a sustainable
long-term talent pipeline for other operational and corporate roles.
Following President Tokayev’s declaration of 2025 as the Year of
Working Professions, we participated in the City of Working
Professions festival in February at Astana’s Expo Centre. Our
‘Aviation House’ pavilion offered masterclasses and flight simulator
experiences, introducing visitors to careers as pilots, cabin crew
and maintenance specialists.
In July, we co-organised the Tugan Elge Sayakhat children’s camp
with the Samruk-Kazyna Trust Foundation to promote working and
engineering professions among the younger generation. Over 400
children – including those from socially vulnerable backgrounds
– participated in guided tours and introductory sessions at the Air
Astana Academy.
Our global pilot recruitment strategy continued in 2025, attracting
candidates from Kazakhstan, the CIS, Europe, Latin America and
other regions.
At the same time, the low representation of women in aviation
remains a global challenge. Worldwide, women account for only
around 4% to 5% of pilots and approximately 3% of aircraft
maintenance engineers, reflecting long-standing industry-wide
barriers to entry rather than company-specific factors. This is a
challenge that we face alongside the rest of the global aviation
market.
This global context is also reflected at a national level, although
we are making progress in addressing it. In Kazakhstan, there are
approximately 34 female pilots, 20 of whom are employed by Air
Astana. Notably, ten of our pilots are graduates of our Ab-Initio
pilot cadet programme, demonstrating the tangible impact of
early-career development initiatives on improving access to the
profession. In response, we actively promote equal access to the
profession, raising awareness of careers in aviation.
We currently have a number of female cadets undergoing training
with us, reflecting our commitment to equal opportunities. Three
cadets are enrolled in the Ab-Initio programme’s flight school and
will be joined by a further two candidates this year. In our
apprentice programme, one new cadet started in 2025, joining
three female colleagues who are continuing their training.
Outreach and engagement activities
100+
Total educational institutions attended
17
Online open sessions
22
Open houses in Kazakhstani regions
(including Almaty andAstana)
11
Regions visited
(Atyrau (2x), Shymkent (2x), Aktau (2x),
Kostanay, Oral/Uralsk, Ust-Kamenogorsk,
Karaganda,Kyzylorda,Pavlodar, Aktobe, and Semey)
GRI 3-3; 401-1
SUSTAINABILITY CONTINUED
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58AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
During these sessions, participants are introduced to the profession
of a pilot and engineers, the Ab-Initio and apprentice selection
process, training requirements and career development opportunities.
The events are open to all candidates and focus on providing a
clear and realistic understanding of the professions.
These efforts reflect our ongoing commitment to attracting and
developing top talent, ensuring our continued growth and success.
In 2025, the Group employed 7,211 people (2024: 6,546). We hired
a total of 1,556 new employees during the year: 1,054 at Almaty;
495 across other Kazakhstan cities; and seven at international
stations. The gender split across new employees was 922 women
and 634men.
In addition to permanent employees and interns, the Group
engages 280 specialist contractors who work in close co-operation
with the HR Department and provide services including cleaning,
security, transportation services (shuttle drivers), as well as
editorial and photography services.
The Group’s workforce remains relatively young, with more
than70% of employees younger than 40. In 2025, employees
weredistributed as follows:
– Under 30 – 3,026
– 30–50 – 3,642
– over50 – 543
The turnover rate from the total number of employees was 12.30%
(2024: 12.31%), which is within the normal range. A total of 887
employees left the company during the year (2024: 806).
Table 10: Turnover rate
By location 2025 2024
Almaty 611 529
Other Kazakhstan cities 274 271
International stations 2 6
By gender 2025 2024
Women 508 449
Men 379
357
By age 2025 2024
Under 30 444 413
30–50 370 326
Over 50 73 67
Diversity and equal opportunities
We promote diversity and equal opportunity in the workplace,
believing that every employee should be able to fulfil their
potential, regardless of gender, age, nationality, religion or physical
characteristics. We consider that cultural diversity and success go
hand in hand: different nationalities bring different perspectives
and experiences, broadening our thinking and ideas, which are
valuable assets to the Group.
We provide equal opportunities for men and women regardless
ofage or nationality, creating a truly diverse workforce of highly
skilled people across many countries and continents. We employ
4,291 women and 2,920 men, from different nationalities and
ethnic groups, with diverse backgrounds, faiths and beliefs.
Thisprovides a stimulating and fair working environment for
everyone. We believe strongly that gender and diversity should
not be barriers to career progression within the Group. At the
senior management level, comprising 47 people, the gender
splitcurrently is 49% female and 51% male.
Remuneration for each category of employees is set regardless
ofgender. All employees, regardless of gender, are entitled to
parental leave in accordance with the Labour Code of the Republic
of Kazakhstan.
GRI 3-3; 401-3; 406-1
SUSTAINABILITY CONTINUED
Highlights
Pilot training programme
296
Graduates since the start
ofthe programme
50
Cadets in 2025
23
Cadets sent to flight school
in 2025
+40
Planned growth in 2026
Apprentice programme
58
Apprentices since the start
of the programme (in 2017)
18
Significant growth in the
number of cadets in 2025
21
Graduates as of 2025
Сabin crew
395
Flight attendants
hiredin2025
Ground Services
265
Ground Services
cadetshired in 2025
Overview Other informationGovernance Financial statements
59AIR ASTANA GROUP INTEGRATED REPORT 2025
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Parental leave is available to all employees regardless of gender;
however, in practice, more women than men take this leave.
Thetables below summarise parental leave take-up, as well
asreturn-to-work and 12-month retention outcomes following
parental leave.
Table 11: Parental leave take-up
2025 2024
Men 16 15
Women 179 241
Total 195 256
Table 12: Employee return and retention after parental leave
2025 2024
Men Women Total Men Women Total
Returned to work 8 174 182 20 187 207
Return-to-work
rate(%)
36 67 65 67 75 74
Retained after
12months
14 133 147 14 156 170
Retention rate (%) 70 71 71 93 91 91
We continue to look for opportunities, and in June 2023, a person
with a disability joined us as an intern and continues to work
successfully.
We are proud to have created an inclusive and friendly work
environment, which has also led to improved team productivity
and provided equal opportunities now and in the future.
In 2025, there were no registered cases of discrimination.
Freedom of association
The Group acknowledges the right of employees to join trade
unions, which protect and support their interests, and conducts
negotiations with three trade unions:
– Non-governmental organisation (NGO) ‘Local Labour Union
ofAviation Workers of Kazakhstan’
– ‘Local Air Astana Pilot Labour Union’
– ‘AVIATOR Pilot’ Labour Union of Air Astana JSC
We always aim to prevent labour disputes before they arise.
Ourinternal labour regulations outline the procedures for
employees to address grievances about working conditions,
makerecommendations or address other issues within the Group.
Direct supervisors, department heads and overseeing business
partners are involved in resolving problems.
Additionally, we engage internal mediators to facilitate the
resolution of employee problems. Trade unions exist to balance
the opinions of employee representatives and participate in
committees within the framework of labour legislation. We inform
every employee of their right to join a trade union at any time.
A collective three-year term agreement, covering 100% of
employees, was signed in 2023 between employee and employer
representatives and remained in effect in 2025. The Agreement on
the Conciliation Commission for the Resolution of Individual Labour
Disputes was also signed in 2023 and continues to govern the
resolution of individual labour disputes.
Competitive salaries and benefits
In accordance with our internal policies, employees who meet the
established eligibility criteria undergo an annual performance
appraisal. The outcomes of the appraisal serve as the basis for the
subsequent review of remuneration.
In 2025, more than 70% of employees were eligible to participate
in the performance appraisal process, of whom 60% were women
and 40% were men. Following the appraisal cycle, salary increases
were implemented in March 2025 for eligible employees.
Following the principles of responsible management, we closely
monitor the economic dynamics of the market and support the
welfare of our employees. To enhance competitiveness and
improve working conditions, in 2025, the Group undertook a
comprehensive review of remuneration and implemented salary
increases for the majority of employees.
In addition, Air Astana provides opportunities for career growth
within the Group. During 2025, more than 1,000 employees were
promoted to higher positions, of whom 87% were operational
personnel, with the remaining promotions granted to
administrative staff.
Air Astana’s IPO in February 2024 was a landmark event in
theCompany’s history, made possible by the commitment and
dedication of our employees. Their hard work and focus on high
standards played a significant role in the IPO’s success. As part of
the IPO launch, management developed an employee share option
plan for Air Astana. All employees became shareholders of the
Company in February 2025. This initiative, the first of its kind in
Kazakhstan, is a special gift on behalf of the first shareholders of
the Company, and reflects the efforts of the Company’s management
to enable employees to participate in the Company’s capital.
GRI 2-30 GRI 3-3; 401-2
SUSTAINABILITY CONTINUED
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Our benefits package is available to all employees, whether
permanent, temporary or part-time. However, some benefits are
only available after passing the probation period. Our employee
benefits package includes:
– Corporate pension plan
– Health and medical insurance
– Loss-of-licence insurance for pilots
– Peer support program for crew members
– Mental health support through the services of psychologists
– Special tariffs on flights with Group or partner airlines
– Shuttle bus for commuting to and from work
– Special tariffs for gym membership and in restaurants, bars and
hotels
– Support for various sporting activities (football and volleyball
teams, etc)
To promote employee well-being and engagement, FlyArystan
supported participation in four national marathon events across
Kazakhstan, encouraging an active lifestyle, teamwork and a
strong sense of community. The Company provided branded
sportswear for all participants and fully covered round-trip airfares
for employees travelling from other cities.
In line with national labour legislation, we pay compensation to
employees when they reach retirement age and their contract is
terminated, with the amount depending on the length of service:
– Two months’ salary for up to ten years’ uninterrupted service
– Three months’ salary for more than ten years’ uninterrupted
service
If an employee participates in the corporate pension plan and
reaches pension age in accordance with the labour legislation of
the Republic of Kazakhstan, they receive the full payment provided
under the terms of the plan upon dismissal at the age of 58 or
above. In 2025, the interest rate on deposits under the plan was
13.0% per annum; the annual effective interest rate (AER) was 14.0%.
People and culture
Employee engagement
Employee engagement contributes to our business development
by strengthening alignment with our values and goals.
We have measured employee engagement annually since
2016.The 2025 survey was the 13th and recorded the highest
engagement level since measurement began, reaching
4.2outof5. The engagement index shows that 60% of
employeesareengaged in their work and in the business.
We have achieved these positive outcomes through regular
communication with employees about the business, and by
creating platforms where they can ask the leadership team
questions and share suggestions for improving internal processes.
We also post updates on day-to-day activities on our mobile
applications and internal social platforms, enabling everyone to
stay connected even while in the air or on international routes.
Our line managers play a critical role in fostering an engaging
workenvironment and receive ongoing support from the Training
Academy. Through leadership development programmes, they
continue to strengthen their leadership competencies and their ability
to build a culture of trust and open dialogue within their teams.
Recognition culture
Air Astana continues to foster a culture of recognition and
appreciation through a range of long-standing initiatives.
Eachyear, we acknowledge outstanding performance through
ourannual employee HEART Awards programme, celebrating
achievements across different functions and levels.
Ongoing recognition is also supported through our KC Recognition
and KC Feedback platforms, enabling employees to share public
messages of appreciation and provide private feedback in a
transparent and developmental way.
SUSTAINABILITY CONTINUED
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In addition, the annual Breakfast with the Chief Executive Officer
ofthe Air Astana Group remains an important tradition, honouring
employees for their years of service and recognising long-term
contributions and loyalty.
Human rights
We promote and uphold human rights, including the eradication
ofslavery in all its forms. We truly believe that slavery, forced or
compulsory labour, and human trafficking, are serious violations
ofhuman rights that have no place in our operations. We operate
in aresponsible and ethical manner and ensure our business practices
do not contribute to any form of modern slavery. We have not
identified any instances of slavery, forced or compulsory labour
orhuman trafficking, in our operations. No child labour is used
atany of our operations.
We comply strictly with the requirements of labour legislation,
including timely notification to employees about upcoming
changesin working conditions, as well as the reasons necessitating
such changes. In the event of changes to working conditions,
therelevant additions and amendments are duly made to
employment and/or collective agreements in accordance with
established procedure.
Based on the results of the risk assessment, none of our activities or
that of our contractors fall within high-risk areas for the occurrence
of forced or compulsory labour. We conduct our operations exclusively
within the framework of formal employment relationships and
comply fully with labour law requirements. Prior to the conclusion
of civil law contracts, all contractors undergo a preliminary review
by the Compliance Department.
Talent management
Talent management is a strategic and systematic process of
identifying, attracting and planning for employees with high
potential and leadership aspirations. Developing and improving
their skills is a prerequisite for the Group’s sustainable development.
Our talent management programme is built around talent search
and selection, development and retention, people performance
management, succession planning, leadership development and
strengthening our culture and values.
KC Talents Programme: Developing future leaders
Since its launch in 2010, the KC Talents Programme has been one
of the key initiatives for identifying and developing future leaders
within the Group. Designed to identify and nurture high-potential
employees, the programme prepares participants for broader
leadership roles through mentorship, coaching and an extensive
leadership development programme.
The mid-term development programme is run by Air Astana
TrainingAcademy jointly with a leading business school,
DeMontfort University Kazakhstan. It includes leadership
development modules, covering topics such as Strategic Planning,
Marketing andCustomer Relationship Management, Financial
Intelligence and Fintech Innovations, Talent Management, IT,
andAIFundamentals and Managing Change, workshops,
masterclasses and mentorship withthe Group’s leaders, coaching,
practical assignments and business simulation.
Since 2010, up to 2025, 70% of the programme’s graduates have
beenpromoted within the Air Astana Group. In 2025, 12 employees
successfully enrolled in the programme and are currently participating
in a comprehensive leadership development programme.
Table 13: Labour practices
2025 2024 2023
Active workforce employed under
collectiveagreements (%) 100 100 100
Work stoppages 0 0 0
Days idle 0 0 0
SASB TR-AL-310a.1; TR-AL-310a.2
SUSTAINABILITY CONTINUED
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Training and development
People development – corporate training
During 2025, we focused on developing our management teams,
in particular as they move into supervisory or managerial roles.
Inlate summer 2025, to build on the new supervisory onboarding
orientation workshop for newly promoted supervisors, we launched
a newly designed follow-up programme to the successful
Leadership Essentials course, which has been running for several
years; 245 employees joined Leadership Essentials in 2025. Thenew
Managing People & Performance course consists of three key
modules, supported by inter-module webinars and online role-
specific learning programmes. The approach is designed to
equipnewly promoted leaders with continuous learning to build
foundational people management skills and practical strategies
toenable success in their new roles, help them navigate emerging
challenges and ensure team goals are aligned with organisational
objectives. A total of 86 participants are currently enrolled.
The Academy continued to run our popular skill-development
modules for employees at all levels. These were Conflict
Management, Stress Management, Peer Feedback and Building
High-Performing Teams: 180 employees attended. In addition,
fourgroups (45 participants) completed our Selection Skills training
to strengthen the capability of the recruitment team to assess
candidates more effectively and consistently, in line with
Company-wide standards and quality requirements. In 2025,
sevenTrain-the-Trainer (TTT) sessions were delivered, with a
totalof 76 trainers successfully certified.
To support new joiners to the Group, we ran our Orientation
Welcome Day on 42 occasions in 2025, covering 1,127 newcomers.
We also designed and launched the Welcome 2.0 programme for
employees who have been with the Group for six to nine months.
The programme includes a mandatory ‘Welcome 2.0’ webinar for
all new joiners within this tenure. The objective of Welcome 2.0
isto support employees beyond their initial onboarding and to
reinforce their engagement at a critical stage of adaptation.
Thesix-to-nine-month period is a key milestone in the employee
journey, when individuals have already gained practical experience
and adeeper understanding of our corporate culture and processes.
Welcome 2.0 provides a structured space for feedback, experience
sharing and inspiration, supporting employees in their continued
integration and development within the Group.
Finally, to improve language proficiency, we offered language
training in English (333 employees completed in 2025) and Kazakh
(38 employees completed in 2025).
In 2025, total training time amounted to 448,939 hours (2024:
330,124), of which 359,513 were delivered in person and 89,427
online. Of this total, 244,003 hours (54%) focused on initial training,
while the remaining 204,936 hours (46%) were dedicated to
recurrent, refresher, conversion/upgrade, continuation and
skill-enhancement programmes.
The average number of training hours per employee across the
Group increased to 62 hours (2024: 50 hours), primarily reflecting
workforce expansion and higher training intensity for operational
roles, particularly flight attendants and pilots.
We also significantly expanded our use of e-learning. Online
training hours almost tripled year-on-year, reflecting the increasing
integration of online learning into our overall training framework.
Administrative personnel continued to follow a blended learning
approach combining classroom-based and online training. See the
table below for the breakdown of average training hours per
employee by gender and employee category.
Table 14: Training hours breakdown
2025 2024
Per employee 62h 50h
Per female employee 56h
37h
Per male employee 71h
70h
Per employee from operational category 69h
58h
Per employee from administrative
category 19h
15h
As part of its approach to employee training and skills development,
the Company cooperates with De Montfort University (Kazakhstan),
Henley Business School (United Kingdom) and the International
Business Coaching University (Kazakhstan) to provide employees
with access to professional development and upskilling programmes.
We do not provide transition assistance programmes.
E-learning – corporate training
During the reporting year, we continued to develop our digital
learning solutions aimed at improving training efficiency and
accessibility. The primary focus was on strengthening the e-learning
ecosystem, enhancing the Learning Management System (LMS)
andthe Training Resources Management System (TRMS).
As part of digital initiatives, a self-enrolment training module
wasdeveloped and adapted for mobile use. In addition, certificate-
tracking and automated certificate-generation functionalities were
implemented, together with the automation of training reporting
within the TRMS. These improvements, alongside enhancements
to the LMS user interface, streamlined the administration of
training programmes, improved data transparency and supported
higher employee engagement in online learning.
As an enhancement of learner engagement and knowledge
retention, gamification elements were introduced to online training
courses. These included interactive scenarios, speech recognition,
quizzes and achievement-based mechanisms.
GRI 404-1; 404-2
SUSTAINABILITY CONTINUED
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63AIR ASTANA GROUP INTEGRATED REPORT 2025
Strategic report
By the year-end, employee engagement in online learning had
reached 92%, compared with 73% in 2024, demonstrating a
significant increase in participation and the effectiveness of digital
training formats. The LMS was actively used to deliver mandatory
training programmes covering Occupational Safety Culture,
Information Security, AI Awareness, and Aviation Security
Awareness, enabling centralised monitoring of course completion.
Online training formats reduced the need for in-person sessions,
business travel,and printed materials, contributing to lower
resource consumption. Overall, digital learning solutions have
proven to be an effective tool in supporting a culture of continuous
learning and consistent knowledge transfer across the organisation.
Operational training
Cabin and Ground Services safety training
In 2025, the Safety Training System demonstrated a high level of
maturity, resilience and regulatory compliance. Both Cabin Safety
Training and Ground Services Safety Training ensured uninterrupted
delivery of training programmes while successfully adapting to
organisational changes, peak operational demands and evolving
regulatory expectations.
A key achievement of the year was the successful completion of
all mandatory audits by both departments:
– IOSA Operational Audit – completed with zero findings and zero
recommendations
– National audit for renewal of the Aircraft Operator Certificate (AOC)
– National audit for renewal of the Approved Training Organisation
(ATO)
These results confirm robust training governance, effective
integration with the Safety Management System and strong
alignment with international and national standards.
During the reporting period, Cabin Safety Training delivered
37initial training courses and 209 recurrent training courses.
Thedepartment underwent a structural reorganisation aimed
atstrengthening operational oversight and enhancing training
effectiveness. In addition to theoretical and practical training, the
department assumed responsibility for cabin crew familiarisation
flights and in-flight checks, improving alignment between training
outcomes and real operational performance.
Staffing capacity was significantly reinforced through the
recruitment of 18 instructor-examiners. All candidates successfully
completed an intensive qualification process and are currently
undergoing approval by the aviation authority.
As part of the restructuring, a Training Quality and Standards
Department was established. Its responsibilities include the
development of training standards and programmes in line with
regulatory and international requirements, continuous monitoring
of training quality and implementation of improvement measures.
Oversight areas include cabin safety, CRM, first aid, aviation security,
dangerous goods, passenger handling, ramp handling and load
control.
Ground Services Safety Training delivered 44 initial and 174
recurrent training courses in 2025. The team demonstrated strong
flexibility and readiness to support seasonal traffic growth, holiday
peak periods, workforce onboarding and operational changes,
while maintaining full compliance with safety and regulatory
requirements.
Following organisational changes, instructional capacity was
preserved through the recruitment of qualified replacement
instructors and line instructors with solid operational backgrounds
in passenger services, load control and ramp operations. Training
programmes remained closely aligned with safety performance
data, incident reports and internal hazard identification processes,
ensuring that recurrent training continued to address actual
operational trends and risk areas.
The department also demonstrated sufficient stability and quality
to provide approved training to external organisations under the
ATO framework and in accordance with national regulatory
requirements. Through consistently high-quality delivery and strict
adherence to standards, Ground Services Safety Training has
established a strong reputation as a recognised centre of training
excellence among external clients and industry partners.
The 2025 results confirm the Safety Training System’s
effectiveness, readiness to manage operational complexity and
ability to sustain regulatory compliance under changing conditions.
Organisational development, enhanced quality governance and
strong operational integration provide a solid foundation for
continued improvement and safe operations in 2026 and beyond.
SUSTAINABILITY CONTINUED
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Engineering and training standards
In 2025, Engineering & Maintenance continued to operate in a
highly regulated environment under key authority bodies, including
EASA Part-147/145, ICAO, and AAK, and remained subject to regular
audits in line with all operational departments. In addition to
routine regulatory oversight, internal compliance monitoring
activities continued under the Air Astana SC M&CA Audit Program.
For AAK ATC, five audits were scheduled, with four audits closed
and one audit in progress. For Part-147, six audits were performed/
scheduled, with five audits closed and one audit performed/
ongoing. Several audits were closed with zero findings, confirming
overall system stability and effective compliance control.
During the year, we delivered a broad programme of classroom-
based (instructor-led) training across multiple course categories,
coordinated by the Maintenance Training & Standards team,
including courses delivered by external training providers.
See the table below for a breakdown of instructor-led training
delivered by course category, including the number of courses,
training days and participants.
Table 15: Instructor-led training by course category
Course category
Number
ofcourses
delivered
Number of
training days Participants
Part-145 27 71 280
Part-147 12 122 171
ATC 85 131 890
External customer courses 27 150 279
Total 151 474 1,620
Part-145 training delivery focused on continuation training and
induction programmes for technical staff, including Safety
Management System training. Part-147 delivery included key A320
type training programmes such as A320 V2500 Type Training
(theory and practice), PW1100 (theory and practice), and A320
LEAP-1A difference training (theory and practice), ensuring
continued competence development and fleet readiness. ATC
training covered critical operational and regulatory topics, including
ETOPS, EWIS (Groups 1/2 and 4/5), FTS, Human Factors (Initial),
Module 10, and SAFA, supporting continued compliance and
operational safety performance.
In 2025, we continued the development of the Part-66 training
pathway by launching two new cadet groups in NQZ: Group Delta
(16 cadets) and Group Echo (11 cadets). This further strengthened
the internal pipeline for future EASA Part-66 B1.1/B2 licence
progression and supported long-term workforce sustainability.
In 2025, externally sourced training remained a key pillar of the
team’s training delivery strategy, ensuring timely competence
development and supporting operational readiness. During the
year, the team procured and coordinated 27 externally delivered
training courses totalling 150 training days, with 279 participants.
These were delivered by external supplier instructors, while Air
Astana’s Maintenance Training & Standards team ensured full
end-to-end organisation and governance, including supplier
coordination, agreement/contract preparation, scheduling and
complete logistics support (tickets, accommodation, local transport
and operational arrangements). The externally delivered training
portfolio covered a broad range of technical and regulatory
programmes, including Approved EASA Stores Inspector Training,
Borescope Inspection, A320 CFM56 Difference Training (theory
andpractice), A320 LEAP-1A Difference Training (practical), and
compliance-focused courses such as EASA Part-147 Regulatory
Training, Logistics and Stores Inspection Procedures – EASA
Intensive, and Part-145 Stores Tooling Control, Inspection Procedures
and Best Practice. Type training capability was further strengthened
through delivery of B747 Type Training (theory and practice) and
B767 Type Training (theory and practice). The portfolio also included
Train-the-Trainer continuation, supporting competence and
standardisation of instructor resources.
In addition, online LMS-based training continued to expand in 2025
and was used as a key standardisation and compliance tool across
Air Astana maintenance operations. A total of 156 online trainings
were managed via the LMS, covering Air Astana internal
documentation and procedure training, as well as mandatory
procedure familiarisation for engineering personnel working
underAir Astana/FlyArystan requirements.
The LMS supported two operational needs. Firstly, it ensured
consistent procedure compliance for Air Astana maintenance
personnel at the main maintenance stations in Almaty, Astana,
Atyrau and Aktau where the team provides maintenance support
to multiple customer operators, including Air Arabia, Airzeta,
AJetAirlines, Asiana Airlines, China Southern Airlines, DHL,
EgyptAir, FlyArystan, Flydubai, Galistair, Hong Kong Air Cargo,
IndiGo, Loong Air, Qatar Airways, SalamAir, Silk Way Airlines,
Tamga Jet, Turkish Airlines and VietJet. Secondly, it enabled
controlled online procedure training for engineers at Air Astana
and FlyArystan international outstations (destinations), including
India, Netherlands, Turkey, Bahrain, Thailand, China, Vietnam,
Qatar, United Arab Emirates, Saudi Arabia, Germany, Azerbaijan,
Greece, South Korea, Georgia, UK, Maldives and Egypt where
maintenance is performed by contracted local providers. In 2025,
this online procedure training was implemented across 33
international outstations, ensuring consistent compliance
withAirAstana/FlyArystan procedures.
The largest LMS enrolments were recorded for Air Astana Company
Procedure Training with 361 enrolled engineers, and FlyArystan
Company Procedure Training with 632 enrolled engineers,
confirming the effectiveness of LMS delivery in maintaining
consistent competence and procedural compliance across both
internal teams and outstation maintenance support.
SUSTAINABILITY CONTINUED
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Flight operations training
The Flight Operations Training Department continued to provide
training programmes in accordance with Kazakhstan regulatory
requirements and ICAO standards, as well as IATA requirements.
All650 current pilots completed their annual ground and simulator
training in accordance with the Operational Manual Part D (OM-D).
During 2025, we recruited and trained 110 new pilots, as well as
two new type rating examiners and six type rating instructors,
while nine line training instructors successfully completed
qualifying training courses. In addition, in 2025, 20 Ab-Initio cadets
graduated, 21 First Officers attended Command Upgrade Training
(promotion from First Officer to Captain) and 68 pilots completed
initial type rating courses on the A320 and B767. A total of 300
cadets have graduated since the start of the programme. In 2025,
23 new cadets joined the Ab-Initio programme with a planned
increase of 40 more cadets in 2026.
Since we launched the L3Harris A320 Full Flight Simulator training
at the Flight Training Centre in Astana in summer 2023, all pilots
have attended training and checking, completing 7,242 simulator
hours during 1,979 simulator sessions. Additionally, a second
L3Harris A320 Full Flight Simulator was installed at the Astana
basein autumn and became fully operational at the beginning
ofApril 2026.
Customer Service Training
Our long-standing focus on safety is complemented by an equally
strong commitment to service. Alongside operational excellence,
customer service remains one of our strategic priorities and key
competitive advantages. In 2025, Customer Service Training played
a central role in ensuring workforce readiness and consistent
service delivery across both Air Astana and FlyArystan.
Service training was treated as an integrated mechanism
supporting frontline capability and leadership development.
Fromthe customer’s perspective, Air Astana represents one brand,
and training initiatives were designed to ensure consistent service
behaviours across all customer-facing functions and across both
ofthe Group’s airlines.
Learning approaches
Customer Service Training continued to leverage a blended learning
approach, combining classroom-based training and digital learning
solutions, to support a diverse and geographically distributed
workforce and ensure consistent delivery of service standards.
Webinars were used to provide broad and timely coverage of
service standards, grooming requirements, communication skills
and customer interaction scenarios, with a particular focus on
supporting outstations and maintaining alignment with brand
expectations.
As part of our ‘Going Global’ strategy, training initiatives
emphasised cultural awareness and understanding customer
expectations across international markets. The Kazakh Hospitality
for Korean Customers CBT programme focused on cultural nuances,
service preferences and communication styles relevant to Korean
passengers, enabling frontline employees to apply cultural
sensitivity in daily operations.
SUSTAINABILITY CONTINUED
Ticketing and Reservations training
Nomad Club training: Awaken the Spirit of Nomad Club
In 2025, the Nomad Club training programme, ‘Awaken the Spirit
ofNomad Club’, was one of the key focus areas for the Ticketing &
Reservation Training team. This need was identified through quality
statistics, which showed that Nomad-related cases were among
the most frequent error topics within Ticketing & Reservations.
While these errors did not result in financial losses, their volume
highlighted the need for structured and consistent training.
This was further reinforced by the significant transformation
oftheNomad Club programme in May 2024, which included
changes to the platform, programme structure and the principles
of points accrual. These updates required agents to develop a
deeper and more accurate understanding of the revised rules
and processes.
The training was developed by the Ticketing & Reservation
Training team in close collaboration with Nomad Club, Finance
and Quality Ticketing & Reservation, ensuring a comprehensive
and practical approach to the content.
During 2025, a total of three training sessions were delivered,
covering approximately 11.3% of the Ticketing & Reservations
workforce. Based on post-training survey results, the programme
received an average CSAT score of 4.95 out of 5, reflecting strong
engagement and high participant satisfaction.
Looking ahead to 2026, 14 training sessions are scheduled
inAlmaty and Astana, with the objective of covering the
remaining Ticketing & Reservations workforce and ensuring
aconsistent levelof knowledge across all agents regarding
theNomad Club programme.
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Training statistics
In 2025, Customer Service Training covered 1,594 employees across
the Air Astana Group. Training participation percentages reflect the
share of employees trained across different training categories.
Initial training accounted for 64.4% of all training participation in
2025, based on the number of employees trained, covering 1,026
employees. These programmes were delivered for newly hired
frontline employees, including cabin crew, ground services agents,
cadets, ticketing and reservations, and contact centre staff. Initial
training covered 802 employees for Air Astana and 224 employees
for FlyArystan, supporting consistent service readiness from the
start of operational activity.
In 2025, Air Astana also marked the graduation of the 300th
cabincrew training group, reflecting the scale and continuity of the
Company’s training operations and its long-term commitment to
frontline readiness.
Promotion training accounted for 21.8% of all training participation,
based on the number of employees trained, covering 348
employees and focusing on the upskilling of staff progressing into
supervisory and senior operational roles.
Training for specialised roles accounted for the remaining 13.8% of
training participation, based on the number of employees trained,
covering 220 employees in supporting and operational functions.
This included Customer Service training for I’m unable to find
reference to this on the website, but I believe this is intended
tobesentence case. Please confirm and the Summer Task Force
Volunteers Programme, involving non-operational employees
supporting frontline teams during peak operational periods.
Overall, the 2025 Customer Service Training programme reinforced
service excellence through behaviour, leadership and modern
learning practices. By focusing on frontline readiness, leadership
continuity and specialised operational support, Customer Service
Training contributed to a consistent, reliable and customer-focused
service culture across the Air Astana Group.
SUSTAINABILITY CONTINUED
Training Academy – in summary
The Academy continues to focus on aligning customer
experience and training with our core business objectives of
efficiency, excellence and growth. Our blended training approach
continues to promote efficiency and productivity through the
growth of self-paced learning. In addition, our continued focus
on benchmarking our training in technical skills, operational
safety and customer service, as well as our leadership
development, improves excellence and supports growth.
Our brand is further enhanced by our training for external clients,
including, but not limited, to Prime Aviation, Comlux, Lufthansa,
Kazaviaspas, Global Express Limited, JSC Almaty International
Airport and MED Invest Group. Our E&M, Operational and
Customer Service teams were involved in delivering programmes,
both to airline and non-airline clients. The ability to train external
clients inboth commercial and other sectors demonstrates our
credibility as a training leader beyond aviation and makes the
unit a fully-fledged revenue-generating department.
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SUSTAINABILITY CONTINUED
Our commitment to local communities
We believe that strong and lasting relationships with local
communities are essential to our operations. Our initiatives
aredesigned to create meaningful and sustainable community
impact, with a focus on inclusivity and long-term positive
outcomes.
Our approach and methodology have remained consistent since
the establishment of a formal social projects framework in 2022
and are based on the following principles:
– Sustainable corporate social and environmental initiatives
– Partnerships with local and national non-profit, charitable,
cultural and educational organisations
– Targeted support for vulnerable groups of community, including
children with serious illnesses, persons with disabilities and
veterans of the Great Patriotic War
– Employee engagement through fundraising and volunteering
opportunities
Communities
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SUSTAINABILITY CONTINUED
Community projects
Our criteria for selecting charitable and
funding projects focus on the value they create
for communities, as well as their alignment
with our ESG priorities and corporate values.
Zhas Kyran Programme
In 2025, the Zhas Kyran Programme continued supporting young
talent by expanding access to international educational, sporting
and creative opportunities. Out of 141 applications, 46 gifted
children from across Kazakhstan were selected through a
competitive, transparent process. The programme provided
complimentary air travel for children and their guardians,
enabling them to represent Kazakhstan at competitions and
Olympiads in Europe, the US, the UAE, Thailand, China and
beyond. By removing logistical and financial barriers, it promotes
human capital development and showcases Kazakhstan’s young
talent globally.
World Knowledge Day –
promotingchildren’sreading
As part of its ongoing support for education and youth
development, Air Astana donated 1,000 children’s books in
Kazakh to the Almaty Centralised Library System for World
Knowledge Day and the International Day of Charity. The first
setwas presented during a meeting with young readers at a
district library named after I. Krylov, with remaining collections
distributed across city children’s libraries, fostering reading
andsupporting children’s development.
Technovation Girls
Air Astana further demonstrated its commitment to STEM
education and gender equality by supporting the Technovation
Girls programme. Employees served as experts and jury
members, providing guidance to girls aged 8–18 developing
technology-based solutions to social challenges. The Company
also awarded air tickets to recognise the programme’s mentors.
International Children’s Day
Ahead of International Children’s Day, Air Astana organised a
special event for young patients at the Aksai Children’s Hospital
in Almaty, offering emotional support and care. The initiative
included an off-site theatrical performance based on a classic
children’s story, creating a positive environment for children
undergoing medical treatment. Employees participated in the
celebration, presenting gifts to each child, with special attention
given to bedridden patients, who received gifts in their
hospitalrooms.
Autism Awareness Month initiative
In April 2025, in partnership with the Bulat Utemuratov
Foundation, Air Astana marked Autism Awareness Month with
initiatives to promote social inclusion, accessibility and equal
passenger experience. Passengers received special edition
colouring books featuring artwork by children from Asyl Miras
autism centres, raising awareness and fostering inclusion. The
Company also delivered ‘Autism Friendly’ training to employees,
equipping them with practical communication skills to support
passengers with Autism Spectrum Disorder and create a more
inclusive travel environment.
Medical transport for critically ill children
Providing air transport for critically ill patients remains a key
priority for the Company. In 2025, Air Astana provided ten
complimentary tickets to support critically ill children requiring
medical treatment and arranged an upgrade to Business Class
for a severely ill passenger who was unable to travel under
standard conditions.
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SUSTAINABILITY CONTINUED
Supporting healthcare innovation
atExpo2025
In 2025, Air Astana provided complimentary air travel to a team
of cardiac surgeons from the UMC Heart Center to support their
participation in Expo 2025 in Osaka, Japan. At the international
exhibition, Kazakhstan presented ALEM, an innovative medical
technology for donor organ preservation, developed with the
support of the Heart Centrer Foundation and showcased in the
Connecting Lives thematic zone, allowing AirAstana to
contribute to the advancement of healthcare, science and global
knowledge exchange as part of its ESG and social responsibility
commitments.
Support to the public association ‘Territory
of Success’ for the implementation of the
social project ‘Umit’
FlyArystan provided financial support to the public association
‘Territory of Success’ for the implementation of the social project
‘Umit’. The project focuses on the comprehensive rehabilitation
of children with cerebral palsy. As part of the initiative, ten
children with cerebral palsy who have been left without parental
care received comprehensive rehabilitation. This initiative also
offers children access to rehabilitative treatment, along with
opportunities for social adaptation, basic education and
integration into society.
New Year charity event: support for
childrenwith special educational needs
Since 2021, Air Astana has provided ongoing support to children
with special educational needs in the Turksib district of Almaty
through long-term co-operation with psychological, medical and
pedagogical consultation, and psychology-pedagogical correction
rooms. In December 2025, the Company supported a carefully
designed New Year event and provided developmental gifts,
ensuring a calm and inclusive environment tailored to children’s
individual needs, reflecting Air Astana’s sustained, needs-based
approach to social responsibility focused on inclusion and
support for vulnerable groups.
Project Komek
FlyArystan’s corporate social responsibility project Komek
officially launched on 1 February 2024. The project’s main goal
isto support vulnerable segments of the population by providing
discounts on commercial flights. In 2025, a total of 825
passengers benefited from the project.
Support for the organisation of training
sessions in Aktau and Almaty with the
UMC Heart Center Foundation
In 2025, FlyArystan supported the organisation of educational
cardiothoracic surgery events in Aktau and Almaty as part of
itspartnership with the Heart Center Foundation. FlyArystan
provided air transportation forpaediatric cardiologists and
cardiac surgeons from Astana to conduct off-site training
sessions under the ‘Patient School’ project, involving specialists
from the UMC Heart Center (University Medical Center) for
doctors and parents of children with congenital heart defects.
Organisation of a hangar tour at Astana
Airportfor children with disabilities
FlyArystan, together with Nursultan Nazarbayev International
Airport, organised a tour of the technical hangar in Astana for
children with disabilities who are beneficiaries of the ‘Special
Holidays’ Public Foundation. The event, held in celebration of
Capital City Day, took place in the technical hangar. A total of
15children and their parents took part in the tour.
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70AIR ASTANA GROUP INTEGRATED REPORT 2025
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FINANCIAL REVIEW
Strong revenue
growth despite
operational and
external challenges
The Group delivered a resilient financial performance in 2025,
which was particularly gratifying given the significant operational
and external challenges experienced throughout the year. Revenue
growth remained strong, but margin performance was hampered
by engine-related constraints, foreign exchange movements and
cost pressures, mostly during the second half of the year.
Revenue
The Group continued to deliver strong growth in 2025, with total
revenue and other income up 11.4% to USD 1,453.9 million (2024:
USD 1,304.9 million).
1
This was achieved through disciplined capacity
and revenue management in an environment of resilient demand.
EBITDAR
2
increased 0.8% to USD 321.2 million (2024: USD 318.7 million),
1
reflecting robust top-line performance offset by operational and
cost pressures during the year. EBITDAR margin was 2.3 pp lower
at 22.1% (2024: 24.4%).
1
Profit after tax decreased USD 35.9 million
to USD 13.6 million (FY 2024: USD 49.4 million),
1
reflecting margin
pressure in the second half of 2025.
During 2025, the Group had 22 Unplanned Engine Removals (UERs)
due to Pratt & Whitney engine design defects in addition to the
powdered metal issue, which is reported in detail on page 24
ofthis report. The nature of these UERs required engines to be
removed earlier than under the scheduled removal plan, grounding
up to 13 aircraft in the peak season and reducing the capacity that
had been preserved for deployment during that time.
The Group estimates that cumulative lost production from UERs
had a negative effect on EBITDAR of USD 42.3 million in 2025.
While the Group agreed – and continues to receive – compensation
and support arrangements with Pratt & Whitney at an early stage,
discussions are still ongoing to establish appropriate mitigation for
this additional operational and financial impact.
During the year, the depreciation of the Kazakh Tenge against
theUS Dollar had a disproportionate impact on FlyArystan due to
its higher exposure to the domestic market, partially offset by a
smaller positive impact on Air Astana with an estimated negative
effect on Group EBITDAR of USD 18.4 million. While FlyArystan
implemented fare adjustments to mitigate the currency impact,
these took effect after the peak season, whereas Air Astana had
already mitigated part of the impact through earlier pricing actions
with the full effect reflected in Q4 performance.
In addition, temporary airport closures, including Astana
International, in Q3 2025 had a negative effect on EBITDAR; all
major airports, bar one regional exception, have since resumed
normal operations.
These factors primarily affected performance during the peak
operating period and contributed to cost and margin pressure
inthe second half of the year, although the impact was partially
mitigated by revenue growth, fare adjustments and continued
expansion of international operations, supporting overall financial
performance for the full year.
The Group delivered a resilient financial
performance in 2025, which was particularly
gratifying given the significant operational
andexternal challenges experienced
throughoutthe year.”
Ibrahim Canliel
CHIEF FINANCIAL OFFICER
1 Excluding non-recurring revenue items (USD 4.2 million).
2 Operating profit + Depreciation + Aircraft leases + Property lease
ofUSD1.1million.
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FINANCIAL REVIEW CONTINUED
Notwithstanding the above, customer demand once again boosted
the number of passengers carried by the Group, increasing by 7.9%
to 9.7 million (2024: 9.0 million) with a stable average load factor
of82.7% (2024: 83.5%) and largely reflecting continued expansion
ofthe Group’s international network. Through our continued
commitment to dynamically managing capacity allocation,
ASKsareup 14.0% to 22.0 billion (2024: 19.3 billion), driven by
a19.8%increase in international ASKs, compared with 6.9%
growthondomestic routes.
Unit revenue, costs and margins
CASK increased 1.6% to 6.20 US cents (2024: 6.10 US cents),
reflecting a challenging operating environment. While RASK
decreased 2.3% to 6.60 US cents (2024: 6.75 US cents), the
resulting narrowing of the RASK–CASK differential was partially
mitigated by dynamic capacity management, fare adjustments
andoperational efficiency measures.
RASK growth had been negative in earlier quarters of 2025, but
increased 9.8% to 7.18 US cents in Q4 (Q4 2024: USD 6.54 US cents)
as a result ofdomestic fare adjustments and reflecting focus
onhigh margin international destinations. International capacity
grew 11.2% while domestic capacity decreased 1.4% in Q4.
Theturnaround in RASK provides confidence that we will see
margin improvement driven by production increases going
forward, especially during the summer peak.
Continued challenges in relation to Pratt & Whitney engine issues
remain a significant factor affecting the Group’s results. This was
still evident in Q4 when CASK increased 17.3% to 7.23 US cents
(Q42024: 6.16 US cents), primarily due to underutilisation of
planned operational staff during the peak season as a result
ofUER-related aircraft groundings and fixed maintenance costs
being spread over a lower than expected ASK production base.
Fuel hedging and currency
In common with rest of the global airline industry, fuel is our
biggest single cost, accounting for around 24% of total operating
expenditure. Approximately 70% of the Group’s fuel uplift is from
Kazakhstan where it sources primarily direct from the refineries.
Here, we differentiate ourselves from our competitors by managing
the logistics ourselves, including transportation, enabling us to
achieve a generally lower price point than that paid at our
international stations.
In line with the Group’s policy to hedge fuel price risk, it hedged
allvolumes in 2025 using call options enabling the Group to hedge
the upside risk without an associated downside risk. For the
remaining 30% of international uplift, the Group is hedged at
100%of international uplift for the first quarter of 2026 and 25%
for the secondquarter of 2026 with caps of USD 70 and USD 65
perbarrel, with no downside risk.
Balance sheet and leverage ratio
Our strong balance sheet enables us to have a flexible approach to
capital allocation. Significantly, our capital expenditure investments
not only provide operational efficiency but also have the potential
of becoming future profit centres.
As at 31 December 2025, the Group maintained a strong liquidity
position with cash and cash equivalents of USD 472.9 million
(2024:USD 488.7 million) with a cash-to-sales ratio of 32.5%
(2024:37.3%) before available facilities. The leverage ratio stood
at1.80x Group Net Debt/EBITDAR compared with 1.24x in 2024,
remaining comfortably within medium-term guidance.
Dividends
The Board of Directors approved a new Enhanced Dividend Policy
in March 2025. This increased the dividend payment from up to
20% annual consolidated net income to a new base of 30% to 50%
of the same.
For the financial year ended 31 December 2025, the Board is
recommending a dividend of KZT 9.92 per one common share
(KZT39.68 per GDR – equivalent to four shares), a total dividend
ofKZT 3.5 billion.
This is subject to approval at the Annual General Meeting of
Shareholders, which will take place no later than 31 May 2026
andwill then be payable in mid-2026.
Buyback programme
On 30 April 2024, the Company commenced a buyback programme
to purchase ordinary shares and global depositary receipts in order
to satisfy the Company’s obligations arising from its employee
incentive programmes whilse not diluting shareholders. The first
phase of the programme concluded on 31 December 2024,
amounting to a total consideration of USD 8.2 million, and
firstvesting of shares and GDRs to employees took place
on17February 2025.
The Employee Share Ownership Plan (ESOP) was granted to
eligible employees who had worked for the company for at least
one year prior to the IPO. The ESOP would vest one year after the
IPO with no further performance conditions except for continuous
service. The programme was completed during the first quarter
of2025, and the value of distributed ordinary shares was
USD5.3million.
In March 2025, the next phase of the programme was approved
with a total consideration of up to USD 5.0 million.
As at 31 December 2025, the Company had purchased a total
of2,578,062 shares for a total consideration of USD 2.6 million.
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FINANCIAL REVIEW CONTINUED
In March 2026, the Company’s Board of Directors approved a
further phase of the programme, which commenced on 16 March
2026. Under this phase, the Company intends to purchase up to
1,506,583 shares (in the form of shares and/or GDRs) for a
maximum consideration of up to USD 4.0 million to satisfy its
obligations under its long-term employee incentive programmes.
Maintaining medium-term guidance
The Group remains on course to deliver growth in 2026, in line
with its medium-term guidance:
– Dynamically re-allocate capacity to ensure highest margin
delivery and mitigate inflationary cost pressures, while retaining
a load factor in the low-to-mid 80s
– Total fleet to expand to 86 aircraft by the end of 2030
– Medium-term expectation of an EBITDAR margin in the
mid-to-high 20s with liquidity ratio above 25% and leverage
below 3.0x Net Debt/EBITDAR
Economic performance
The Group serves as a vital catalyst for economic development
atthe regional, local and national levels, leveraging its core
operations and strategic socio-economic initiatives to drive
sustainable growth. Guided by the principles of responsible
corporate citizenship, we ensure our business model is not
onlyprofitable and efficient but also deeply integrated with
thelong-term prosperity of the regions in which we operate.
Thiscommitment to shared value creation is realised through
thecontinuous enhancement of operational productivity and
asteadfast adherence to fiscal responsibility through the payment
oftaxes. We also generate significant economic multipliers by
providing both directand indirect employment opportunities
andfostering regional resilience through the prioritisation of
localprocurement and the robustdevelopment ofdomestic
supplychains.
Comprehensive details regarding the economic performance of Air Astana
Group are available in the audited financial statements of this Integrated
Report, on pages 111 to 120.
The direct economic value generated and distributed table
hasbeen prepared based on the Group’s consolidated financial
statements. The calculation is performed on an accrual basis
andincludes operating cash costs, employee wages and benefits,
payments to providers of capital, taxes paid, and community
investments in line with GRI 201-1 requirements. Community
investments are not directly reflected in the financial statements
and are disclosed based on internal management data.
Direct economic value generated and distributed data is reported
only for Kazakhstan, as it represents our significant market based on
operational scale and impact; no other country, region, or market
meets the criteria for separate reporting.
Table 16: Direct economic value generated and distributed
USD ’000 2025 2024 2023
Direct economic
valuegenerated 1,476,197 1,331,227 1,189,320
Economic value
distributed
Operating cash costs 869,256 756,600 679,396
Employee wages
andbenefits 260,896 226,659 193,067
Payments to providers
ofcapital 106,677 54,619 62,769
Taxes paid 45,785 33,990 43,137
Community investments
1
255 2,277 15
Total of economic
valuedistributed 1,282,869 1,074,145 978,384
Economic value retained
193,328 257,082 210,936
1 These line items are not directly presented in the audited financial
statements.
GRI 3-3; 201-1
As I move over to take up my new role as Chief
Executive Officer, I am delighted to welcome Gonçalo
Pires asthe Chief Financial Officer for the Group.
Hejoins us from the Portuguese flagcarrier,
TAPAirPortugal, where he has been the CFO
since2021. Withover two decades in the finance
andinvestment sector, his recent experience in
implementing restructuring and digitalisation
initiatives will be crucial to the future direction of
the business. I have very much enjoyed my working
relationship with our retiring CEO, PeterFoster, and
look forward to building on his legacy as the Group
continues on its growth strategy.”
Ibrahim Canliel
CHIEF FINANCIAL OFFICER,
CHIEF EXECUTIVE OFFICER
(from 1 April 2026)
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RISK MANAGEMENT
Integral to
business resilience
and sustainability
Our risk management processes help to
promote a corporate culture that is
underpinned by risk-averse behaviours.
As well as providing a platform that enables us to respond agilely
to changing circumstances, our Corporate Risk Management
System (CRMS) is key to safeguarding the long-term resilience
andsustainability of our business. Our daily operational activities
– encompassing governance, performance management and
internal control practices – all fall within the scope of our CRMS.
Forthe Board of Directors and Management, it is a valuable tool
for evaluating the options available for creating, enhancing and
realising value for our shareholders.
We developed the CRMS to reflect and incorporate international
best practice in risk management. This is further consolidated
through our adoption of the ‘COSO Enterprise Risk Management
Framework – Integrating with Strategy and Performance’, which
isthe basis of our Risk Management Policy. In line with this policy,
risk management is integrated across all our internal processes
and functions, and we take risk into account whether driving
current performance or making decisions.
Risk management framework
The CRMS defines clear roles and responsibilities for the Board of Directors, Audit Committee, Risk Committee, Management and each
employee, which in turn drives the development and implementation of efficient risk management practices and procedures. In addition,
this helps to reinforce a culture that is underpinned by risk-averse behaviours.
BOARD OF DIRECTORS
Primary responsibility for risk oversight
in our operational and risk management
functions.
– Sets short- and long-term goals/objectives
– Approves the Risk Management Policy
– Approves other policies for managing specific risks
– Analyses the external auditor’s reports for improving internal control and risk management
– Reviews and approves the quarterly Risk Register and Risk Map
– Approves the Group’s risk appetite and tolerance to risk
– Reviews reports from the head of the structural unit responsible for risk management
withdescription and analysis of the Group’s risks
– Reviews reports on the efficiency of the CRMS
AUDIT COMMITTEE
Acts in the interests of shareholders
andprovides oversight support to the
Board on the reliability and efficiency
ofthe CRMS.
– Reviews quarterly reports on changes to the Risk Map
– Reviews changes to the Risk Register
– Reviews reports on risks
– Reviews risk appetite annually
– Reviews quarterly reports on realised risks
– Reviews reports on any significant deviations from standard risk management processes
– Reviews reports on non-compliance with regulatory risk management requirements
asnecessary
RISK COMMITTEE
An advisory-consultative body to
theChief Executive Officer, the Risk
Committee provides preliminary
reviewsand makes recommendations
fordecision-making on risk
managementissues.
It is responsible for the integrity and
efficient functioning of the CRMS and the
development of a risk control structure
that ensures the performance of and
compliance with the Group’s policies.
– Approves the annual strategic plan for the CRMS
– Organises an efficient CRMS to enable the identification and assessment of potential risks
– Reviews and approves the quarterly Risk Register and Risk Map
– Reviews and provides preliminary approval of the annual risk appetite
– Reviews quarterly reports on realised risks
– Reviews and approves the Key Risk Indicator (KRI) panel annually and considers the status
ofKRIs
– Reviews and approves risk management action plans on the effectiveness levels of certain
risks annually
– Reviews risk management reports and whether adequate measures have been adopted
– Improves internal risk management procedures
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RISK MANAGEMENT CONTINUED
Risk responsibilities
In order to provide a balanced approach to managing risk, the Company has adopted the Three Lines of Accountability model within its operating structure.
The Three Lines collaborate and communicate regularly to ensure a comprehensive understanding of risks and controls.
First Line
Air Astana Group structural
unitsand all employees
Structural units and each employee participates in
riskidentification and management within their areas
ofresponsibility.
– Risk identification – Identifying and assessing risks
within their area of responsibility
– Control implementation – Designing, implementing and
maintaining day-to-day internal controls to manage risks
within the scope of supervised/performed operations
– Monitoring and reporting – Continuously monitoring
operational performance and reporting risk-related
issuesand control failures to the Risk Management unit
– Issue resolution – Taking corrective action to address
controldeficiencies and mitigate risk
Second Line
Risk management, internal
control and compliance functions,
including corporate safety
compliance and aviation security
The Second Line provides oversight and support to
theFirst Line. It includes specialised risk management
and compliance functions that oversee and facilitate
effective risk management practices.
The main functions of the Risk Management Unit include,
butare not limited to:
– Policy development – Establishing risk management
policies, regulations, manuals and procedures
– Guidance and training – Providing guidance and training
tothe First Line on risk management and compliance
requirements. Developing risk culture within the Group
– Risk oversight – Coordinating corporate risk management
activities and ensuring First Line adherence to policies
andprocedures
– Compliance and effectiveness monitoring – Assessing
compliance with regulatory requirements and internal
policies and the effectiveness of risk management actions
– Reporting – Providing independent risk management
andcompliance reporting to the Risk Committee,
AuditCommittee and Board of Directors
Third Line
Internal Audit Department
Internal audit assesses the adequacy and effectiveness
of the Group’s risk management system and develops
recommendations (including involvement of external
independent consultant).
– Risk-based audits – Conducting independent
assessments ofrisk management, control processes
andgovernance practices
– Evaluation of controls – Reviewing the adequacy
andeffectiveness of the CRMS implemented by the
FirstandSecond Lines.
– Reporting and recommendations – Providing findings,
insights and recommendations to improve the control
environment and risk management practices.
– Follow-up – Monitoring the implementation of
auditrecommendations and corrective actions.
2
1
3
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PRINCIPAL RISKS AND UNCERTAINTIES
Effective risk
management
We categorise risks depending on their possible level of impact
onour ability to successfully meet our strategic objectives.
Theseare classified from ‘low’ to ‘very high’ risk; certain risks,
ifrealised, could have severe consequences for the business.
The table below outlines the potential risks facing the
Groupalongwith any mitigating actions. It also highlights the
assessment of and any changes in risk exposure during 2025.
We are really pleased to have delivered on the
promises we made at the end of 2023. By responding
to industry challenges with agility and resilience,
we have fulfilled every commitment we set out.”
Ibrahim Canliel
CHIEF FINANCIAL OFFICER,
CHIEF EXECUTIVE OFFICER
(from 1 April 2026)
Risk name and description Mitigation Impact
SAFETY RISK
Effective safety management is critical to minimise
the potential for incidents or accidents. The
resulting effects of such events could have a
significant adverse impact on the Group.
For the purpose of mitigating risks related to flight safety, we have established a safety management and compliance monitoring
system, through which we conduct compliance and performance-monitoring audits, and set and monitor safety performance
indicators. We have an employee training programme in place with an emphasis on procedural compliance. Specifically in the
areaof flight operations training, the Group has made a significant investment in training its own instructors to ensure consistently
high standards.
There are regular independent assessments by regulatory authorities, EASA and CAC Kazakhstan as well as industry
assessments (IOSA).
Risk level:
Risk exposure trend:
Link to strategy:
AVIATION SECURITY RISK
Consequences of aviation security risk could
adversely affect any airline’s performance and
reputation. Effective aviation security risk
management is, therefore, essential to the Group.
Air Astana Group has all required aviation security management policies and procedures in place. The Aviation Security Division
reviews these policies regularly. We provide training on aviation security to all required employees and for those whose duties
require access to airport restricted areas. Airport audits are performed on a regular basis for compliance ensuring aviation security.
However, the Group is committed to ensuring resilience on all operational fronts with safety and security being the top priority at
all times.
Risk level:
Risk exposure trend:
Link to strategy:
Link to strategy
Growth Efficiency Excellence
Risk exposure
No change Increase Decrease
New risk
Risk impact level
Low Moderate High Very high
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PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Risk name and description Mitigation Impact
COMMERCIAL RISK
The factors such as intensive market competition,
government intervention, operational limitation,
geopolitical tensions, and rising costs can create
challenges for the Group.
In 2025, the Air Astana Group operated amid continued pressure within the global aviation industry, including engine availability
constraints, supply chain disruptions, cost inflation, geopolitical uncertainty and the depreciation of the Kazakhstani Tenge.
The Group focused on flexibility and financial discipline, dynamically adjusting network capacity and fleet deployment to match
demand and operational realities, while prioritising reliability and resilience. Continuous monitoring of market developments
supported timely decisions, helping mitigate aircraft on ground (AOG) and currency risks and sustain stable operations in a challenging
year. A commercial focus on achieving a high load factor, dynamic sales actions and the right resource allocation also helped
maintain stability. One of the tools that helped diversify revenue sources was stimulation of inbound and transit passenger traffic.
Risk level:
Risk exposure trend:
Link to strategy:
HUMAN RESOURCES RISK part of ESG risks
The Group’s Human Resources Policy is designed to
ensure the retaining and recruiting of qualified
personnel who are capable of performing their
duties effectively and productively in line with its
strategic goals and values and in compliance with
professional and ethical regulations. TheGroup
considers its employees to be one ofits main
assets.
The Group fosters equality in the workplace, ensuring a discrimination-free environment for people to thrive regardless of gender,
age, ethnicity, religion or cultural background. Human resources risk management covers key areas, including recruitment,
retention of key personnel, elevation of employee experience, provision of seamless access to resources and facilitation of talent
development. We provide training and self-development to ensure employee satisfaction. Air Astana’s HEART and FlyArystan’s
CHARM values remain a priority as vectors of the working environment.
Risk level:
Risk exposure trend:
Link to strategy:
HEALTH, SAFETY AND ENVIRONMENT (HSE) RISK part of ESG risks
The Group understands its moral and ethical
responsibility to ensure the health and safety of
employees and thus consistently makes an effort
to protect their physical and mental well-being. In
the area of occupational health and safety, we act
in compliance with national, legal and other
regulatory requirements and international rules of
the aviation industry.
We have all the procedures in place to provide a high level of occupational safety. Employees are aware of all the procedures
andare kept informed of any changes in instructions, which are regularly updated in line with government guidelines.
For reducing and recycling waste, we conduct educational work with employees via developing instructions, posters and
environmental protection-oriented events. In line with the Ecological Code of the Republic of Kazakhstan, the Group issues
anenvironmental impact declaration for quantity of solid, hazardous and non-hazardous waste. We collect and sort waste
fortransferfor:
– third-party disposal by specialised companies (hazardous – waste oil, used filters, rechargeable batteries, worn tyres,
scrapmetal, residues of solvents, paintwork materials, aggressive liquids, used mercury-containing lamps etc.)
– waste dumping (solid waste)
– scrap metal, paper waste and PET recycling
Risk level:
Risk exposure trend:
Link to strategy:
Link to strategy
Growth Efficiency Excellence
Risk exposure
No change Increase Decrease
New risk
Risk impact level
Low Moderate High Very high
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Risk name and description Mitigation Impact
SERVICE QUALITY RISK
A high level of service standards is at the core of
our activities. Failure to provide high-quality
services could lead to damage to our business
reputation along with the loss of customers and a
reduction in the Air Astana and FlyArystan Skytrax
ratings.
We are committed to delivering an exceptional customer experience across the end-to-end travel journey. The Group offers
extensive training programmes to ensure that all employees who communicate and interact with clients are fully trained and
maintain their skills at a high level and in line with our standards. Through data analysis, the Group is able to efficiently analyse
customer feedback and determine how customer satisfaction scores are impacted by product and service changes across different
stages of travel.
Risk level:
Risk exposure trend:
Link to strategy:
CLIMATE-RELATED RISKS
The aviation industry faces a complex array
ofclimate-related risks that require proactive
management as part of its ESG strategy.
Addressing both chronic and acute risks will
require significant investment in infrastructure,
technology, and operational changes, as well
asincreased transparency and stakeholder
engagement. Together with the transition
toalow-carbon economy.
The Group promotes sustainable and resilient growth through committed sustainability stewardship and adherence to evolving
environmental regulatory requirements.
Operational procedures and сommercial and crew planning are adjusted to account for high-temperature conditions, including
enhanced take-off and landing performance calculations, weight management measures and schedule optimisation, in order
tominimise weather-related disruptions and associated costs.
Risk level:
Risk exposure trend:
Link to strategy:
EXTERNAL COMMUNICATION RISK
A positive reputation and the brand loyalty it
generates can serve as a major advantage. The
roles of brand image, price, service quality, brand
preference and brand loyalty reflect differentiated
competitiveness and are intangible assets.
Maintaining a positive and consistent corporate persona with customers, suppliers, business partners, employees and the broader
community. Reputation issues with media/press and regulators. Managing reputation and credibility – improving investor sentiment
and reputation with other stakeholders (e.g. improved corporate image and reputation).
Risk level:
Risk exposure trend:
Link to strategy:
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Link to strategy
Growth Efficiency Excellence
Risk exposure
No change Increase Decrease
New risk
Risk impact level
Low Moderate High Very high
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Risk name and description Mitigation Impact
SUPPLY CHAIN RISK
Supply chain risk at the Group covers both technical
and non-technical aspects and spans multiple
departments across the organisation. Itrelates
totheend-to-end flow of goods, services and
counterparties involved in aircraft operations,
maintenance, and supporting activities. Disruptions
or misalignment at anystage of this chain may affect
operational continuity, efficiency or service delivery.
The Group manages supply chain risk through coordinated cross-functional processes, clear roles and responsibilities, and close
interaction between involved departments. Particular focus is placed on the technical challenges of the industry-wide Pratt &
Whitney issue in the supply chain, which requires enhanced coordination between engineering, operations, fleet planning and
procurement teams.
Risk level:
Risk exposure trend:
Link to strategy:
CREDIT RISK
The Group is exposed to credit risk, that of a
counterparty causing a financial loss to the business
by failing to fulfil its obligation. TheGroup’s credit
risk mainly arises from deposits with banks and
otherfinancial institutions, held by counterparties,
receivables from agents selling commercial air
transportation as well as other receivables. We use
external ratings such as S&PGlobal Ratings or its
equivalent in order to measure and monitor our
credit risk exposures towards financial institutions.
The default of a bank counterparty may adversely
affect our financial performance andstability.
Our Cash Management Policy sets the limits and criteria for counterparty banks. It also establishes standard procedures, such
asmonitoring bank limit utilisation, actual or forecasted exposure to accredited banks and reporting to the Chief Accountant,
ChiefFinancial Officer, and the Board of Directors as applicable. The new limits for each bank are reviewed internally before
beingsubmitted to the Board of Directors. The policy is reviewed annually to ensure that it is fit for purpose. To manage credit
riskfrom other counterparties, we have policies and stringent procedures in place, which are regularly implemented and updated
as necessary.
Our Travel Agent Ticketing Authority Policy establishes guidelines and criteria for authorising travel agents to issue tickets.
Havingthis robust policy in place, we are able to ensure that authorised agents have a sound financial standing and adhere
tospecific standards, reducing the likelihood of defaults.
Requiring prepayments and cash deposits from direct agents adds an additional layer of security. It ensures that we have a
financial guarantee in place, reducing the impact of defaults or delayed payments.
Risk level:
Risk exposure trend:
Link to strategy:
LIQUIDITY RISK
The liquidity risk is that the Group may not be able
to meet its present and future short-term obligations
when they fall due. The Group retains financial
flexibility to pursue business opportunities and
adequate access to liquidity to mitigate the effect
of unforeseen events on cash flows.
The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Group’s reputation. Ultimate responsibility for liquidity risk management rests with the Group’s Management. The Group manages
liquidity risk by maintaining adequate reserves, continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities; and closely monitors its liquidity position via different ratios (current ratio, cash-to-sales
ratio).
Risk level:
Risk exposure trend:
Link to strategy:
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Link to strategy
Growth Efficiency Excellence
Risk exposure
No change Increase Decrease
New risk
Risk impact level
Low Moderate High Very high
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Risk name and description Mitigation Impact
JET FUEL RISK
Fuel expenses remain one of the major costs for
the Group. Jet fuel risk is classified both as the risk
of rising jet fuel prices on local and international
markets, and as the risk of limited availability of
jet fuel in the domestic market due to general
supply constraints in Kazakhstan.
For locally sourced fuel, the Group negotiates prices on a competitive basis with Kazakhstani suppliers with agreed and stable
contracts. We also maintain ongoing negotiations with suppliers regarding price reductions. Another important aspect is our
monitoring of alternative suppliers for domestic and international stations. Where there are no restrictions, Air Astana also applies
a fuel surcharge on international routes as an additional tool for reducing risk.
To reduce its overall consumption of fuel, we have added new, more fuel-efficient aircraft to our fleet in recent years, including the
Airbus A320neo, Airbus A321neo and Airbus A321LR (with a new engine option). Additionally, our pilot training programmes include
skills for efficient fuel management.
We have hedged most of our international fuel uplift exposure for 2025 and continue to hedge 2026 volumes. This is aimed at
reducing fluctuations in fuel prices.
Risk level:
Risk exposure trend:
Link to strategy:
OPERATIONAL RISKS
Risks that the Group could incur losses as aresult
of ineffective operation activities (e.g.excess or
shortage of operating aircraft, low on-time
performance or pilot shortage).
The risk of not being able to carry out regular flight operations on time due to technical or external reasons can lead to significant
costs and reputational damage. We undertake regular delay analysis and delay-related meetings.
The Group employs the required number of qualified pilots in accordance with the annual plan. An effective recruitment
processhas been put in place. Relevant training is provided to ensure the highest professional standards are maintained.
Due to external engine issues, we pay particular attention to the fleet size risk. To manage the risks, the we deliver andredeliver
aircraft in accordance with an approved fleet plan and based on market situation.
Risk level:
Risk exposure trend:
Link to strategy:
CYBER AND INFORMATION SECURITY RISK
Cyber risks are a top priority in the airline sector
asthe use of technology is increasingly integrated
into business processes. With the increased reliance
on technology, companies are now more exposed
to cyberattacks that could lead to data leakage
and significant reputational and financial losses.
To manage these risks, we have put robust cybersecurity measures in place and developed processes to comply with the
bestindustry practices and standards in information security. Employees undergo regular training on information security
andfamiliarisation with the Information Security Policy to enhance their awareness of information security.
Risk level:
Risk exposure trend:
Link to strategy:
Link to strategy
Growth Efficiency Excellence
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Risk exposure
No change Increase Decrease
New risk
Risk impact level
Low Moderate High Very high
Overview Other informationGovernance Financial statements
80AIR ASTANA GROUP INTEGRATED REPORT 2025
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Link to strategy
Growth Efficiency Excellence
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Risk exposure
No change Increase Decrease
New risk
Risk impact level
Low Moderate High Very high
Risk name and description Mitigation Impact
THE RISK OF THE FAILURE OR SEVERE DEGRADATION OF MISSION-CRITICAL IT INFRASTRUCTURE
Our core processes are dependent on IT services
and infrastructure.
Therefore, effective and resilient IT management
isessential to the business.
To mitigate this risk, we utilise a variety of required systems and equipment. Regular updates of operational systems and firewall
software are conducted. All critical data is stored appropriately, and online and offline backups are created and monitored. In order
to decrease the risk of virus and/or hacker attacks, we use antivirus systems and firewalls, limit access to local and internet
resources and regularly update security systems and applications. Regular external audits increase the Group’s resilience tointernal
and external risk factors.
IT infrastructure is fully geared to support business continuity within the best possible limits with redundancy and backup systems
in place.
Risk level:
Risk exposure trend:
Link to strategy:
COMPLIANCE RISKS part of ESG risks
Facing regulatory non-compliance, including
sanctions breaches, alongside risks of corruption,
fraud and unethical behaviour, represents a risk
forthe Group. These issues can result in legal
penalties, financial losses and reputational harm,
underscoring the need for stringent compliance
frameworks and ethical governance.
We manage risks related to non-compliance, sanctions breaches and unethical behaviour effectively through a robust Compliance
Management System. This includes vigilant monitoring of legislative updates, rigorous due diligence and sanctions screening of
allcounterparties to ensure adherence to legal and ethical standards. The system is bolstered by transparent reporting mechanisms,
such as whistleblowing lines. Comprehensive training is provided to employees, focusing on corporate ethics and the prevention of
conflicts of interest, sanctions and compliance issues. Through these measures, along with continuous monitoring and improvement
processes, we not only address potential and actual compliance risks, but also reinforce our commitment to upholding high
standards of integrity and ethical conduct to safeguard our reputation and operational success.
Risk level:
Risk exposure trend:
Link to strategy:
Insurance
We remain committed to enhancing the Group’s risk management
framework by continuously evaluating its insurance strategies in
response to evolving industry challenges. While maintaining strong
compliance with regulations and our own policies, we aim to
ensure sustainable operations by obtaining financial protection of
the Group’s employees, liabilities, and assets through insurance.
We purchase financially sound insurance coverage through a
transparent process and review this annually.
Aviation insurance
Our aviation risks are placed in the world’s leading insurance
markets through internationally reputable brokers. We cover
ouraviation risks through the following policies:
– Aviation Hull, Total Loss Only, Spares All Risks and Airline
Liability Cover
– Aircraft Repair and Operational Support (Hull deductible) Cover
– Aviation Hull and Spares ‘War and Allied Perils’ Cover
– Aviation War, Hijacking and Other Perils Excess Liability Cover
Non-aviation insurance
We also purchase a range of non-aviation insurance policies.
Theserange from providing cover for our employees against
accidents and medical expenses to reducing the financial risk
ofdamage to our property, interruptions to our business and
general liability.
The programme is complemented by specialist coverages,
including cyber insurance to mitigate financial and operational
disruption arising from cyber incidents, and directors’ and officers’
liability insurance to protect management against personal liability
in the discharge of their duties.
Together, these coverages reduce the Company’s exposure to
unforeseen losses, support strong governance and help ensure
operational resilience and continuity.
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Governance
83 Introduction to Corporate Governance
84 Board of Directors
88 Senior Management team
90 Corporate Governance report:
90 Corporate Governance framework
91 Division of responsibilities
92 Board leadership and Company purpose
98 Composition, succession and evaluation
100 Board committee reports:
100 Nomination and Remuneration Committee report
102 Strategic Planning Committee report
104 Audit Committee report
108 ESG Committee report
110 Responsibility statement
It’s a privilege to take on the leadership
role but also to offer continuity to both
the Company and all our stakeholders
aswe set out to achieve this next
ambitious phase.”
Ibrahim Canliel
CHIEF FINANCIAL OFFICER,
CHIEF EXECUTIVE OFFICER
(from 1 April 2026)
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82AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
INTRODUCTION TO CORPORATE GOVERNANCE
Dear shareholders,
On behalf of the Board of Directors, I am pleased to present the
Corporate Governance report for the year ended 31 December
2025, which outlines the key governance developments during
theyear and how the Board has discharged its responsibilities.
The Board of Directors remains committed to maintaining high
standards of corporate governance, recognising that effective
governance is fundamental to accountability, transparency and
thecreation of long-term value for shareholders.
During the year, the Board of Directors continued to support the
Group’s strategic development while maintaining robust oversight
of financial performance, risk management and regulatory
compliance. Reflecting the Group’s strong performance, a total
dividend of KZT 19.1 billion was declared and paid for 2024.
The Board also continued to oversee the strengthening of the
Group’s risk management and internal control environment to
ensure that governance and control processes remain effective
asthe Group grows. Further details of the work undertaken in
thisarea are provided in the Audit Committee report.
Statement of compliance with
relevant corporate governance codes
Air Astana’s Corporate Governance Code was developed
inaccordance with Kazakhstan law, the rules of the Astana
International Financial Centre and the Company’s own Charter.
Italso aligns with best international practice, including the
principles of the OECD and elements of the 2024 UK Corporate
Governance Code. It was approved by the Company’s shareholders
in February 2024. The Company is required to comply with the
Code – or, where the provisions of the Code have not been
complied with – to provide appropriate explanations.
Throughout 2025, the Company applied all the principles set out
in the Code and has complied with almost all of its provisions,
with the exception of Principle 2.5, concerning the independence
of the Chairman, and the appropriate explanations can be found
on page 98 of this Annual Report.
The Company keeps the principles of the UK Corporate
Governance Code requirements under review, and in 2025,
commissioned an external review of compliance against the
2024 UK Corporate Governance Code. This review identified
opportunities, including engagement mechanisms with the
workforce, that the Company has subsequently adopted, with
the appointment of Diyas Assanov as the designated
Non-Executive director for workforce engagement.
The AIX corporate governance principles
AIX has Corporate Governance Principles and Corporate
Governance Best Practice Standards in place for listed
companies. Air Astana’s Corporate Governance Code is
largelyconsistent with these principles and standards.
Throughout 2025, the Company was in full compliance
withtheCorporate Governance Principles, whereas some of
thestandards were not adopted by the Group. You can find
explanations as to why certain standards were not adopted
onpage 98 of this report.
During 2025, the Board of Directors reviewed its governance
structures to ensure they remain efficient and aligned with
bestpractice. Following this review, the Treasury Committee
wasdissolved and its responsibilities transferred to the Audit
Committee, streamlining oversight at Board level.
Our people remain central to the Group’s success. During 2025,
wecontinued to strengthen the leadership pipeline and succession
planning framework, attracting experienced international leaders
to key senior roles. This work proved its value in practice, supporting
and enabling a confident transition at the Chief Executive level,
more information on which can be found in this report.
Inaddition, a designated Non-Executive Director has been
appointed to oversee workforce engagement, ensuring that the
perspectives of employees are considered in Board discussions.
Further details of the work undertaken in this area are provided
inthe Nomination and Remuneration Committee report.
Promoting a culture of integrity, accountability and ethical conduct
remains a priority for the Board of Directors. During the year, several
key compliance policies were updated, including the Speak Up
Policy, the Group Anti-Corruption Policy and the Group Corporate
Fraud Prevention Policy, reinforcing the Group’s commitment to
maintaining high standards of ethical behaviour.
On behalf of the Board of Directors, I would like to thank the
management team and employees across the Group for their
continued dedication and contribution to the Company’s
performance during the year.
As we progress through 2026, the Board of Directors will continue to
focus on maintaining robust governance frameworks, strengthening
risk and compliance capabilities and supporting the execution of
the Group’s strategy. The Board remains confident that the Group
iswellpositioned to deliver sustainable growth and long-term
value for its shareholders.
Nurlan Zhakupov
CHAIRMAN OF THE BOARD OF DIRECTORS
Overview Other informationStrategic report Financial statements
83AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD OF DIRECTORS
GRI 2-9; 2-11
An experienced
Board of Directors
At the heart of the Company’s achievements
is a robust corporate structure that enables
reliable operations and sound strategic
decision-making. Our industry-leading
operational performance across the region
and beyond reflects the enduring values and
mission that define our corporate identity.
Nurlan Zhakupov
Chairman of the Board of Directors
Non-Executive Director
Representative of the shareholder – Samruk-Kazyna JSC
Appointed: December 2023
Qualifications and experience
Nurlan Zhakupov is a graduate of the Moscow State Institute of
International Relations (MGIMO) of the Ministry of Foreign Affairs of
the Russian Federation. He holds a Candidate of Economic Sciences
degree, as well as a Master’s and Bachelor’s degrees in Economics
from the International Economic Relations Department.
Mr Zhakupov has built a significant part of his professional career in
international banking and financial institutions, holding senior and
managerial roles at leading global banks. His experience includes
positions at Royal Bank of Scotland, UBS and Credit Suisse, where he
worked in finance, investment and research functions. He also served
as the Head of the Astana office of UBS, further strengthening his
leadership profile in international financial markets.
In addition, Mr Zhakupov represented Rothschild & Co in Kazakhstan,
advising on investment, development and strategic financial matters.
His private-sector experience also includes roles with international
andinvestment-focused organisations such as Chambishi Metals Plc
and the Eurasian Industrial Association.
In April 2023, Mr Zhakupov was appointed Chief Executive Officer of
National Welfare Fund Samruk-Kazyna JSC, following a career that
combined deep expertise in international banking, investment and
corporate finance with senior leadership experience.
Other appointments
– Chairman of the Management Board of Samruk-Kazyna JSC
– Member of the Board of Directors of Samruk-Kazyna JSC
– Chairman of the Board of Directors of NC KazMunayGas JSC
– Chairman of the Board of Directors of KEGOC JSC
– President of Kazakhstan Aquatics Federation
Aidar Ryskulov
Non-Executive Director
Representative of the shareholder – Samruk-Kazyna JSC
Appointed: September 2023
Qualifications and experience
Aidar Ryskulov holds a Master of Business Administration degree from
Nazarbayev University (Executive MBA). He is a graduate of Karaganda
State University (named after E.A. Buketov) majoring in finance and
credit. He has held senior positions in finance for more than 20 years.
He was a member of the Board of Directors in various companies
andbanks, including Sekerbank T.A.S. (Turkey), Development
BankofKazakhstan JSC, Investment Fund of Kazakhstan JSC,
KazExportGarant IC JSC, Alliance Bank JSC and Samruk-Kazyna
FinanceLLP.
Other appointments
– Managing Director for Economics and Finance of Samruk-Kazyna JSC
– Member of the Management Board of Samruk-Kazyna JSC
– Member of the Board of Directors of NAC Kazatomprom JSC
– Member of the Board of Directors of NC Kazakhstan Temir Zholy JSC
Chair
A
Audit Committee
E
ESG Committee
N
Nomination and Remuneration Committee
S
Strategic Planning Committee
N S
Overview Other informationStrategic report Financial statements
84AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD OF DIRECTORS CONTINUED
Simon Wood
Non-Executive Director
Representative of the shareholder
BAE Systems (Kazakhstan) Limited
Appointed: January 2019
Stepped down: February 2026
Qualifications and experience
Simon Wood joined BAE Systems PLC in 1996 and has held a number of
senior finance positions across multiple sectors of the Group, including
Military Aircraft, Maritime, Land and Commercial Aircraft.
In addition to his functional role, Mr Wood has also had responsibility
for Strategy and Planning, Business Transformation and Improvement,
Systems Implementation, Customer Relationship Management and
Operational Business Delivery.
Other appointments
– Finance Director of BAE Systems Maritime and Land Sector
– Member of the Chartered Institute of Management Accountants
Bakhytzhan Taubayev
Non-Executive Director
Representative of the shareholder – Samruk-Kazyna JSC
Appointed: February 2026
Qualifications and experience
Bakhytzhan Taubayev graduated from the Kazakh-British Technical
University and the Polytechnic University of Turin. He holds a Master’s
degree in Petroleum Engineering.
He has more than 17 years’ experience in the oil and gas industry,
including both engineering and managerial positions. Over the course of
his career, he has held positions ranging from Drilling Engineer toHead
of the Production Unit, First Deputy General Director and Director of
Production in operating and production companies.
From 2023 to 2025, Mr Taubayev held the position of Director of the
Gas Industry Department at the Ministry of Energy of the Republic
ofKazakhstan.
Since April 2025, he has been Co-Managing Director for Strategy and
Asset Management at National Welfare Fund Samruk-Kazyna JSC.
He is a recipient of ministerial and industry awards.
Other appointments
– Co-Managing Director for Strategy and Asset Management
ofSamruk-Kazyna JSC
– Member of the Management Board of Samruk-Kazyna JSC
– Member of the Board of Directors of NC QazaqGaz JSC
Keith Gaebel
Independent Non-Executive Director
Appointed: March 2020
Qualifications and experience
Keith Gaebel is a leading expert in financial reporting and corporate
governance. During his 25 years’ experience with large international
chartered accounting firms, Mr Gaebel held various positions
including the Head of the Financial Reporting Group (FRG) for the
Commonwealth of Independent States (PricewaterhouseCoopers
– 2000 to 2004; Ernst & Young – 2004 to 2008) and was a Global
Authority on various International Financial Reporting Standards.
Inaddition, as a recognised world-class expert, he was involved
inthe development of various international financial reporting
standards. As Head of the FRG, he supported clients’ public
offerings by reviewing for compliance with financial reporting and
corporate governance. Mr Gaebel was the Ernst & Young Managing
Partner for Central Asia and Caucasus from 2008 to 2013.
Other appointments
– Independent Non-Executive Director in National Payment
Corporation of the National Bank of the Republic of Kazakhstan JSC
(until 18 December 2025)
Chair
A
Audit Committee
E
ESG Committee
N
Nomination and Remuneration Committee
S
Strategic Planning Committee
E
A
Overview Other informationStrategic report Financial statements
85AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD OF DIRECTORS CONTINUED
Janet Heckman
Independent Non-Executive Director
Appointed: January 2019
Qualifications and experience
Janet Heckman holds a Master of Science in Foreign Service from
Georgetown University in Washington, DC. Between 1980 and 2012,
sheheld various positions at Citi with a focus on corporate banking.
She was the Managing Director for Citi’s corporate and investment
banking activities in Algeria from 2008 to 2012. Ms Heckman joined
European Bank for Reconstruction and Development (EBRD) in 2012
asaCountry Director for Kazakhstan. She was a Managing Director
forSouthern and Eastern Mediterranean (SEMED) for EBRD from
January 2017 to December 2019.
Other appointments
– Independent Non-Executive Director – Member of the Board
ofDirectors of Astana International Exchange (AIX)
– Independent Non-Executive Director – Member of the Board
ofDirectors of Citibank Kazakhstan JSC
– Independent Non-Executive Director – Member of the Board
ofDirectors of TBC Bank Group PLC
Yeldar Abdrazakov
Independent Non-Executive Director
Appointed: March 2020
Qualifications and experience
Yeldar Abdrazakov holds a BA and MSc in International Economic
Relations from Yassawi University, Turkistan and has also finished
theGeneral Management Program at Harvard Business School, Boston,
US. Mr Abdrazakov has held senior roles in commercial and investment
banking for over 30 years. He was Managing Director from 1995
to2003 at Kazkommertsbank JSC; CEO from 2002 to 2004 at
KazkommertsSecurities, founder & CEO at the Centras Group since
2004. Mr Abdrazakov is a chartered director at the UK’s International
Institute of Directors (IoD) and Chairman of the Kazakhstan
Competitiveness Council.
Other appointments
– Founder & CEO of the Centras Group
– Member of the Board of Directors of Kazakhstan Stock Exchange JSC
Diyas Assanov
Independent Non-Executive Director
Workforce Engagement Designated INED
Appointed: May 2024
Qualifications and experience
Diyas Assanov holds a Bachelor’s degree in International Relations
andEngineering Systems Management from the United States Military
Academy at West Point and a Bachelor’s degree in International Law
from the Kazakh State Law University, Kazakhstan.
During the last five years, Mr Assanov has served in the role of the
General Director of Siemens in Kazakhstan & Central Asia, as well as
the Head of its Digital Industries and Smart Infrastructure businesses
inthe region. Prior to that, he was the General Counsel of Siemens
Energy in Russia, Eastern Europe and Central Asia.
Other appointments
– Chief Executive Officer of Siemens Kazakhstan & Central Asia
– Deputy Chairman of the Board of Directors of European Business
Association of Kazakhstan
– Chairman of the Association of German Economy in Kazakhstan
Chair
A
Audit Committee
E
ESG Committee
N
Nomination and Remuneration Committee
S
Strategic Planning Committee
N E
SEA
A NSEA
Overview Other informationStrategic report Financial statements
86AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD OF DIRECTORS CONTINUED
Garry Kingshott
Independent Non-Executive Director
Appointed: August 2019
Qualifications and experience
Garry Kingshott completed studies at the University of New South
Walesin Sydney (Marketing Planning) in 1975 and The Wharton School,
University of Pennsylvania (Strategic Thinking and Management) in 1999.
After a successful early career in various FMCG businesses from 1974
to1990, Mr Kingshott transitioned into aviation, joining Ansett Airlines
(Australia) in 1990. He now has 35 years’ experience in the aviation,
travel and tourism, and airline industries, spanning three continents.
Most recently, Mr Kingshott served Cebu Air Inc. as Chief Executive
from 2008 to 2016, overseeing a successful IPO in 2010, and served as
a member of the Advisory Board at Cebu Air Inc. until June 2022.
Mr Kingshott has been an active Company Director for a variety of
businesses since 1996, including airlines and aviation-related businesses,
travel agencies, tourism and financial services. Mr Kingshott is a
member of the Australian Institute of Company Directors (MAICD).
Other appointments
None
Peter Foster
Executive Director
Chief Executive Officer
(from 1 October 2005 until 31 March 2026)
Appointed: August 2019
Qualifications and experience
Peter Foster served as Chief Executive Officer of Air Astana JSC since
October 2005. He entered the airline industry immediately after
graduating from Cambridge University in 1982, as a management
trainee of John Swire and Sons (HK) Ltd, the owners of Cathay Pacific
Airways Ltd. From 1982 to 1999 he served in a variety of management
and senior management positions with Cathay Pacific Airways in Hong
Kong, Asia, Australia and Europe, and underwent business
management training at INSEAD, France. Mr Foster left Cathay Pacific
Airways in 1999 to head up the rehabilitation team of Philippine
Airlines Inc. He subsequently served as Chief Executive Officer of Royal
Brunei Airlines from 2002 to 2005 prior to his appointment as the CEO
of Air Astana. In the 2015 UK New Year’s Honours List, Peter Foster was
awarded Officer of the Order of the British Empire (OBE) for his services
to British aviation in Kazakhstan.
Other appointments
– Chairman of the Board of Directors of FlyArystan JSC
(until31March2026)
– Chairman of the Supervisory Board of Air Astana Terminal Services LLP
Ibrahim Canliel
Executive Director
Chief Financial Officer
Chief Executive Officer (from 1 April 2026)
Appointed: April 2026
Qualifications and experience
Ibrahim Canliel has been with Air Astana since its early stages in 2003
and has served in a range of roles across the Company. Prior to his
current role of Chief Financial Officer since 2017, he served as Senior
Vice President Commercial Group, Vice President and Senior Vice
President Marketing and Sales and Director Commercial Planning.
Mr Canliel started his career over 35 years ago in the travel industry
and has 26 years of aviation management experience. Prior to joining
Air Astana JSC, he worked for KLM Royal Dutch Airlines, briefly in the
UAE and thereafter based in Kazakhstan in charge of the Central Asia
and Caucasus region. He is currently serving his eighth term as a Board
member at EUROBAK.
Mr Canliel holds a Bachelor’s degree in Economics from Marmara
University, an MBA of the Bosphorus University and more recently
completed the Directors’ Programme at Cranfield University.
Other appointments
– Member of the Supervisory Board of Air Astana Terminal Services LLP
– Member of the Board of Directors of European Business Association
of Kazakhstan
– Chairman of the Board of Directors of FlyArystan JSC (from 1 April 2026)
S
N
Chair
A
Audit Committee
E
ESG Committee
N
Nomination and Remuneration Committee
S
Strategic Planning Committee
Overview Other informationStrategic report Financial statements
87AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
SENIOR MANAGEMENT TEAM
Peter Foster
Chief Executive Officer (until 31 March 2026)
See page 87
Filippos Siakkas
Chief Operating Officer
Years in the Company: 12
Filippos studied Business Management & Accounting before undergoing
Ab-Initio pilot training in the US in 1988. He has 20 years of experience
in airline management and held senior positions in flight operations
and training for Olympic Airways, which he joined in 1989. Heleft
Olympic in 2013 to join Air Astana. At Air Astana, Filippos has focused
on transforming flight crew training with innovative solutions such as
world-leading practical crew resource management, post-command
upgrade training, self-learning in low level training devices and
standardising the pilot selection process. More recently, he managed
the procurement ofa new Airbus A320 full flight simulator in Astana,
the first of its kind in Kazakhstan, which will increase pilot productivity
and raise operational and training standards. Since 2020, he has been
involved in decision-making and management of key operational and
business aspects, projects and targets. In November 2022, he was
appointed to the role of Chief Operating Officer.
Gerhard Coetzee
Chief Safety Compliance Officer
Years in the Company: 20
Gerhard started his career as a South African Air Force navigator,
completing his service in the position of Staff Officer Flight Safety
responsible for Accident Prevention and Aviation Safety, including CRM,
programmes. He has practised and held formal appointments in aviation
safety and flight operations management for the past 35 years, including
as managing consultant with BAE Systems for seven years and with
AirAstana the past 16 years. Gerhard helped establish the Safety
Management System in Air Astana at start-up and, since 2006, isalso
responsible for the Compliance Monitoring programme, managing an
extended team of dedicated staff. Gerhard’s contribution to safety
andoperational performance has been formally acknowledged by
various organisations, including the SAAF, FAA and NIMA as well as BAE
Systems. Heholds an honours degree in transport economics from
theUniversity of South Africa, is a qualified Air Accident Investigator
with qualifications in Aviation Safety Programme Management,
CrewResource Management and Flight Procedure Design.
Yevgeniya Ni
Chief Human Resources Officer
Years in the Company: 24
Yevgeniya graduated from Karaganda State University with a degree
inforeign languages and adegree in law. She started her career at
AirAstana as an Executive Assistant to the President in 2002, and since
2005, heads the Human Resources and Administration Department,
responsible for overall HR function and services, including Recruitment,
Training, HSE,and Facilities Management. Under her leadership, the
Company introduced a transparent system of recruitment and corporate
training, aswell as an employee performance appraisal and remuneration
system. The Company holds the following HR awards: ‘WOW HR’ in
2018–2019, ‘Best HR Brand in Central Asia’ in 2017–2020 (Headhunter),
‘Best HR Director’ in 2018–2019 (Growth Forum Kazakhstan), ‘Best
Employer’ in 2016–2020 by Universum and ‘Best Employer in Transport
and Logistics’ in 2020–2021 (Randstad Employer Brand Research).
Yevgeniya is a certified Senior Professional in Human Resources –
International, member of Airline People Directors Council (APDC) and
regularly takes part in professional conferences as an expert and speaker.
Ibrahim Canliel
Chief Financial Officer
Chief Executive Officer (from 1 April 2026)
See page 87
Overview Other informationStrategic report Financial statements
88AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
SENIOR MANAGEMENT TEAM CONTINUED
Gonçalo Pires
Chief Financial Officer
Years in the Company: from 1 March 2026
Gonçalo Pires joined the Air Astana Group asChief Financial Officer,
effective 1March2026.
Since 2021, Gonçalo has served as CFO of TAP AirPortugal, where he
led the redesign and implementation ofthe airline’s restructuring plan
and launched several digitalisation initiatives to strengthen financial
performance and operational efficiency.
Prior to TAP, his career spanned nearly two decades in the finance
sector, including senior roles within investment banking. He brings
extensive experience in corporate finance, structuring, capital markets
andfinancial transformation.
Gonçalo holds a degree in Economics from NOVA University Lisbon
andwill be based in Almaty, where AirAstana is headquartered.
Yerdaulet Shamshiyev
Chief Government Relations Officer
Years in the Company: 23
Yerdaulet was one of Air Astana’s first employees and has over
20years’ experience in aviation. Hejoined the airline as Chief
Representative in the Beijing office in 2002. In 2009, he was appointed
Regional General Manager China and Mongolia of Air Astana.
Hecurrently holds the position of Chief Government Relations Officer.
Prior to joining Air Astana, Yerdaulet worked at the Almaty International
Airport and Air Kazakhstan airline. Hegraduated from the Beijing
Language University and Academy of Civil Aviation, Almaty.
Piyush Taori
Chief Digital and Information Officer
Years in the Company: 3
Piyush has a Bachelor’s degree in Electronics Engineering and a Master’s
degree in Software Systems from Birla Institute of Technology & Science,
Pilani in India. He joined Air Astana group as CIO forFlyArystan in
August 2023 and was subsequently appointed Chief Digital and
Information Officer for the Air Astana Group. Prior to joining Air Astana,
Piyush worked in the Middle East for Emirates Airlines, Qatar Airways
and Gulf Air for well over two decades. He held different IT management
and senior management roles in these airlines, heading IT at Gulf Air
just before joining Air Astana. Piyush has substantial experience of
leading large teams and managing large-scale in-house software
development, including large product development. In his previous
roles, he also led large-scale digital transformation programmes,
driving core modernisation of IT infrastructure and cloud migration.
Overview Other informationStrategic report Financial statements
89AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
CORPORATE GOVERNANCE REPORT
Corporate governance framework
Air Astana JSC recognises that sound governance enables responsible,
accountable and effective management capable of delivering
sustainable stakeholder value. Our corporate governance framework
is founded on the core principles of integrity, fairness, equality,
transparency, accountability and commitment to our values.
We have established a corporate governance framework that
ensures robust board governance procedures, strong internal
control systems, and clear accountability and transparency
mechanisms. We have adopted various codes and policies to
embed best practice corporate governance throughout all
organisational levels. Through these practices, we aim to create
and foster an efficient and sustainable operating environment that
serves our stakeholders’ long-term interests. Through continuous
enhancement of our governance practices, the Group is committed
to securing ongoing growth and financial stability.
The roles and competencies of the Company’s management and
executive bodies are clearly set out in the Charter, Corporate
Governance Code and internal documents of the Company
available at ir.airastana.com.
GRI 2-12
Board of Directors of Air Astana JSC
For more, see page 84
ESG Committee
For more, see
pages108–109
Audit
Committee
For more, see
pages 104–107
Strategic
Planning
Committee
For more, see pages
102–103
Nomination and
Remuneration
Committee
For more, see
pages100–101
CEO
General Shareholders Meeting
Corporate Secretary
Internal Audit Service
Compliance Service
Overview Other informationStrategic report Financial statements
90AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
Division of
responsibilities
Air Astana JSC is committed to maintaining
high standards of corporate governance.
The aims of its corporate governance framework are to:
– manage with due responsibility, accountability and
effectiveness in order to maximise Group and shareholder value
– provide transparency and due disclosure of information
– ensure the effectiveness of risk management and its internal
control system
The nine members of the Board of Directors – three Non-Executive
Directors, five Independent Non-Executive Directors and the
ChiefExecutive Officer of the Company representing the Senior
Management Team – uphold corporate governance principles and,
in doing so, ensure the Company generates long-term shareholder
value through its safe, sustainable and successful operations.
GRI 2-13; 2-16
CORPORATE GOVERNANCE REPORT CONTINUED
Board roles and responsibilities
Role of the Chairman
The Chairman, who is a Non-Executive Director, is responsible
forboth the leadership, and the effectiveness, of all the functions
ofthe Board. In this role, he is supported by the Independent
Non-Executive Directors. The Chairman oversees the work of
theBoard of Directors, ensures the Board’s effective performance
across its areas of responsibility and that all Directors make a
contribution to the Board’s activities, including interaction with
theCompany’s Chief Executive Officer.
Role of Non-Executive Directors
Any shareholder can nominate Non-Executive Directors
tobeelected by the General Meeting of Shareholders, subject
tocompliance with the Company’s Charter. These nominees bring
diverse financial and operational experience and expertise to the
Board and its Committees, as well as adding an external perspective
and objectivity to the Board’s decision-making. In addition to their
involvement with the development, approval and review of Group
strategy, the Non-Executive Directors are able to provide constructive
appraisals of the performance of the Executive team.
Role of Independent Non-Executive Directors
The Board is balanced by the selection of Independent Non-Executive
Directors, who complement the composition of the Board through
their skills, valuable experience and diversity. Independent Directors
provide a fresh perspective and objectively assess the Group’s
strategy, goals and situation. They provide an independent, external
perspective, offering guidance, oversight and strategic input.
Role of the Chief Executive Officer
The Chief Executive Officer sits on the Board of Directors, has
responsibility for the day-to-day activity of the Company, and
hasalegal mandate to make decisions on any matters relating to
the activity of the Company that are not, under the JSC Law, other
legislative acts of Kazakhstan or the Charter, within the competence
of other bodies or officers of the Company.
Supporting roles
Role of the Corporate Secretary
The Corporate Secretary plays a major role in enabling open dialogue
across the business, while also ensuring all the Company’s various
governing bodies uphold both legislative and Company requirements.
The Corporate Secretary’s role is also to safeguard the rights of
allshareholders and ensure shareholder communications are
consideredby the relevant body, and resolve any disputes involving
shareholders’ rights.
Role of the Internal Audit Service
The Internal Audit Service provides risk-based and objective assurance,
advice and insight to protect and enhance the value of the Company.
Role of the Compliance Service
The mission of the Compliance Service is to assist the Company in
achieving its strategic goals in accordance with the requirements of
legislative, ethical and social norms. It ensures the Company meets
itsregulatory obligations across multiple jurisdictions and frameworks.
Overview Other informationStrategic report Financial statements
91AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
Board leadership and
Company purpose
The role of the Board of Directors
The principles of the Air Astana’s Corporate Governance Code form
thebasis on which the Company operates – as a safe, sustainable and
successful business, to generate long-term value for its shareholders.
Responsibility for upholding these principles, allied with a watching
brief over all risks and internal controls, lies with the Board of
Directors. Day-to-day management of the business is delegated
totheCEO, whose activity is supported by the Executive team.
The Company’s Board of Directors is guided by the Company’s
Charter, Corporate Governance Code and follows an annual activity
plan and meeting schedule. The Board of Directors can also review
matters beyond its activity plan, if necessary.
Conflicts of interest
The Company’s Code of Conduct requires employees to report
conflicts of interest through established procedures. All potential
oractual conflicts of interest are carefully analysed and mitigation
measures are implemented to minimise any risks arising from
them. A dedicated policy for preventing and resolving conflicts
ofinterest is also in place, which outlines the types and causes
ofconflicts of interest, and prevention procedures, as well as
regulating conflict settlement actions of the Company’s bodies.
There are no material conflicts of interest between any Director
orsenior management’s duties to the Company in their private
interests, except for those disclosed elsewhere in this report.
Noarrangements or understandings with the shareholders,
customers, suppliers or other parties influence Director or
seniormanagement selection. There are no family relationships
between any of the Directors or Senior Managers.
The Board of Directors has a statutory duty to act in good faith,
serve the best interests of the Company and its shareholders,
andmaintain confidentiality of all information on the Company’s
activities, for a minimum of three years after termination of
authorities. Members are required to monitor and, to the extent
possible, eliminate potential conflicts of interest, including
preventing theunlawful use of Company assets in interested
partytransactions.
Directors of the Board are obliged to disclose information on
persons they are affiliated with. Under the JSC Law, related party
transactions require Board or shareholder approval, with conflicted
members excluded from voting.
Our purpose, values and culture
For over two decades, Air Astana has been instrumental in
connecting Kazakhstan to the world and vice versa, through its
flight connections with major neighbouring regions. Since launching
FlyArystan in 2019 to promote flights across the world’s largest
landlocked country, we have increased mobility by significantly
reducing travelling times and created stronger links between
communities.
This has, in turn, bolstered economic growth by enabling new
employment opportunities through emerging small businesses,
and infrastructure development through the opening and
expansion of local airports. With a strong position in Kazakhstan’s
domestic market and in the neighbouring Central Asia and
Caucasus regions, the Group continues to extend its coverage
withinternational flights within megamarkets.
We believe our focus on excellence will be the major influence
inpositioning ourselves as one of the finest airline groups in the
world. It is one of the pillars on which we have built our status
asasignificant economic and social enabler within Kazakhstan.
This is equally true for our employees, for whom we have created
a positive work environment through our corporate values and a
culture of recognition. Our business ethos is embedded throughout,
with our commitment to our HEART and CHARM values, which
reward and provide equal opportunities at every level. Leading by
example, our senior management promote our strategy, values
and beliefs across the business to ensure our employees are fully
engaged with, and enthusiastic about, the Group’s vision for
thefuture.
CORPORATE GOVERNANCE REPORT CONTINUED
Our culture
Our corporate culture reflects our core values and ambitions, as well as our commitment to all our stakeholders.
Excellence lies at the centre of all we do and, by embedding it into our culture, we build an engaged and satisfied
workforce that is fully invested in our core values.
Connecting Kazakhstan and
the rest of Eurasia with true
Kazakh hospitality
Growth
Excellence
Efficiency
Our purpose Our strategy Our values
Air Astana’s HEART values:
Hospitable, Efficient, Active,
Reliable,Trustworthy
FlyArystan’s CHARM values:
Creative, Happy, Agile,
Reliable,Modern
Overview Other informationStrategic report Financial statements
92AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
How the Board considers stakeholders’ interests
The Board recognises that understanding and considering
stakeholder interests is fundamental to effective decision-making
and the Group’s long-term success. When setting strategy and
overseeing business performance, the Board evaluates how its
decisions may impact different stakeholder groups. This
consideration informs the Board’s approach to strategic direction,
management oversight, and sustainability planning, ensuring that
stakeholder perspectives shape the decisions that drive the
business forward.
Relations with shareholders
Strong investor relations are fundamental to delivery on our
commitments to shareholders. The Chair of the Board has effective
channels in place to ensure shareholder concerns or issues are
appropriately addressed.
Shareholders play a vital role in safeguarding corporate governance
standards through their participation in key decisions. This includes
the re-election of directors, where shareholders can assess each
director’s continued suitability and contribution to board
effectiveness. Shareholders also exercise oversight through
votingon remuneration policies and practices. These governance
mechanisms provide shareholders with direct influence over board
composition and accountability frameworks.
Share ownership
Air Astana JSC was founded by the Government of the Republic of
Kazakhstan and BAE Systems plc, with initial shareholdings of 51%
and 49%, respectively. Their partnership supported the Group’s
development over more than two decades. The Air Astana Group
floated on three stock exchanges in February 2024, with both
founding shareholders reducing their shareholdings as part
oftheIPO to 41% and 16.95% accordingly and a public free float
being established.
During 2025, BAE Systems (Kazakhstan) Limited (a subsidiary of
BAE Systems plc, a British organisation involved in the development,
delivery and support of advanced defence, security and aerospace
systems) sold 9,000,000 Global Depositary Receipts (GDRs),
representing 10.1% of the Company’s issued share capital,
aspartof an accelerated bookbuilding process. In March 2026,
BAESystems disposed of its remaining 6.9% stake, thereby fully
exitingfrom Air Astana JSC’s share capital.
In March 2026, BAE Systems announced the disposal of its
remaining holding in the Company, completing its exit from the
share register. This transaction has increased the Group’s free float
and is expected to support improved market liquidity over time.
The Group sees this as a positive development in the evolution of
its shareholder base and intends to continue broadening
engagement with investors both domestically and internationally.
Management continues to pursue an investor relations campaign
to build awareness among investors seeking exposure to the
Central Asian aviation sector. The Company views the current
liquidity profile as an opportunity to attract long-term strategic
shareholders who appreciate the fundamental value proposition,
rather than purely as a limitation to address.
Shareholder evolution
Air Astana – Free float evolution (%)
1
52.5
41.041.041.0
6.5
6.5
6.5
17.0
35.5
45.6
6.9
1 December 2025 Post-BAE Transaction
Post-Final BAE Transaction
Samruk-Kazyna JSC BAE Systems UAPF Free Float
Major shareholders
As of 31 December 2025, the Company had been notified under
Rule 5 of the Disclosure and Transparency Rules of the Financial
Conduct Authority of the following interests of 5% or more in its
total voting rights:
Shareholder
% of voting
rights
No. of voting
rights
Samruk-Kazyna National Welfare Fund JSC 41 146,175,791
BAE Systems (Kazakhstan) Limited
1
6.85 6,10 9,982
Unified Accumulative Pension Fund JSC 6.5 23,218,330
1 In 2026 BAE Systems disposed of remaining holding in the Company and
exited from the share register.
Current and future regulatory filings by shareholders will be
available on the Group’s website at ir.airastana.com.
Dialogue with shareholders
The Company engages with shareholders to engender dialogue
and feedback. The Independent Directors on the Board are asked
to ensure all stakeholder interests are taken into account in
decision-making, having ascertained any concerns or queries
independent of the major shareholders and Executive team.
Following the announcement of Peter Foster’s intention to resign
as Chief Executive Officer, the Board proactively engaged with the
shareholder base to provide assurance regarding business continuity
and succession planning. All shareholders were contacted to
communicate the planned and orderly transition arrangements,
with major investors receiving briefings on the recruitment
process. Feedback from shareholders was uniformly positive,
particularly regarding the extended handover period that will allow
for comprehensive knowledge transfer, and the decision to retain
Peter Foster as a Board advisor to preserve his deep institutional
expertise. Ibrahim Canliel’s appointment was well received by
investors, who valued both his familiarity with the Company as
Chief Financial Officer, and his strong commercial background,
which together position him to maintain strategic momentum
while bringing fresh perspective to the role.
CORPORATE GOVERNANCE REPORT CONTINUED
1 The chart does not reflect other small and variable stock holding.
Overview Other informationStrategic report Financial statements
93AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
CORPORATE GOVERNANCE REPORT CONTINUED
Constructive use of the General Meeting of Shareholders
The General Meeting of Shareholders is the highest governing
body of the Company, and has the authority to make decisions
onmajor issues concerning the Company’s activities. Its functions
and activities are defined by the legislation of the Republic of
Kazakhstan, the provisions of the Charter and internal documents.
The General Meeting of Shareholders can be convened by the
Board of Directors, which forms the agenda for consideration
bythe General Meeting of Shareholders, subject to approval by
theGeneral Meeting of Shareholders. If the General Meeting of
Shareholders is convened upon request of a Major Shareholder,
theBoard of Directors cannot of its own initiative introduce any
changes to the agenda or propose a procedure for the conduct
ofan Extraordinary General Meeting of Shareholders. However,
theBoard of Directors may propose inclusion of additional items
onto the agenda at its own discretion, subject to further approval
of the General Meeting of Shareholders.
The Annual General Meeting of Shareholders is held once a year,
within five months of the end of the financial year, and considers
the annual financial statements of the Company, the audit report
on the annual financial statements, proposals from the Board of
Directors concerning the procedure for distribution of the
consolidated net income of the Company for the past financial
year, and the amount of the annual and/or special dividend per
one common share, the information on appeals of Shareholders
about acts of the Company and its officials, and the results of
handling them; and other documents at the discretion of the
initiator of the Annual General Meeting of Shareholders.
In 2025, Air Astana held one General Meeting of Shareholders. The
Annual General Meeting of Shareholders held on 29 April 2025:
– approved the consolidated and separate annual financial
statements for the year ended 31 December 2024
– took note of the Board of Directors’ approval of the restated
Dividend Policy Regulations of Air Astana JSC
– approved the dividend payment for 2024
– appointed Ernst & Young LLP as the audit organisation to
perform the audit (review) of the financial statements for
theyears ending 31 December 2025, 31 December 2026
and31December 2027
– considered information on shareholders’ appeals against the
actions of the Company and its officers
– considered information on the amount and composition of
remuneration for members of the Board of Directors and the
Executive Body
– elected the Counting Commission for the term from 1 June 2025
to 1 June 2026
Additionally, in 2026, Air Astana held two Extraordinary General
Meetings of Shareholders, which addressed the following matters:
1. On 15 January 2026, the Extraordinary General Meeting of
Shareholders approved the conclusion of a major transaction
forthe acquisition of Boeing 787-9 type aircraft for the amount
constituting fifty per cent ormore ofthetotal amount of the
balance sheet value of the assets oftheCompany.
2. On 9 February 2026, the Extraordinary General Meeting of
Shareholders approved the following matters: the conclusion of
a major transaction for the acquisition of Airbus А320neo family
aircraft for the amount constituting fifty per cent or more of the
total amount of the balance sheet value of the Company’s
assets; the restated Policy of Remuneration of the Members
ofthe Board ofDirectors; the election and re-election of the
members of the Board of Directors and determination of
theterm of office of theBoard of Directors; theelection of the
Chairman of the Board ofDirectors; and theamount and terms
of remuneration and compensations tothe Independent
Directors.
Bringing the employee voice
intothe boardroom
As part of its efforts to ensure alignment with the UK
Corporate Governance Code 2024 where appropriate, in 2025,
the Board appointed independent Non-Executive Director,
Dias Assanov, to act as a designated non-executive director
for workforce engagement. Mr Assanov’s role will be to
assist the Board in ensuring a deep understanding of the
workforce of Air Astana.
During 2025, Mr Assanov had the opportunity to attend a
number of engagements, including Air Astana’s ‘Heart of
Words’ gala dinner for the top employees as identified by
employee surveys and reviews, which afforded him time
with employees across all levels of the business, where
theculture of Air Astana was truly celebrated. Mr Assanov
also attended the Long Service Awards, where alongside
Independent Non-Executive Director Yeldar Abdrazakov,
hepresented awards to some of the 100 employees
celebrating long tenures with the business.
A comprehensive engagement programme is being
drawnupfor 2026 onwards, to include opportunities to meet
withmanagement at the annual management conference,
collaboration with HR to discuss the employee survey
resultsand site visits to the recruitment and training offices.
These engagements are designed to ensure that the employee
voice is recognised in the boardroom, and that the Board
cantake informed decisions with the additional insight into
employee culture and business practices. It is hoped that
thisfeedback loop will bring reassurance and transparency
todecision-making practices.
Overview Other informationStrategic report Financial statements
94AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
Employee engagement
The Air Astana Group is the leading employer in Kazakhstan,
employing 7,211 people across all our operations. We recognise
that the success of our business relies on the dedication and skill
of our employees.
The Group continually engages with employees through various
initiatives, including employee pulse surveys, measures of health,
safety and well-being, diversity indicators, regular communications
from the Chief Executive Officer and conferences held offline and
streamed via YouTube. The Group was the first business in
Kazakhstan to introduce an internal pension programme, and
hasalso introduced long-term incentive programmes. To measure
labour relations, the Air Astana Group works with Gallup to conduct
Employee Social Stability Index surveys bi-annually, and the Board
plays an important role in monitoring the results of engagement
surveys and regular compliance reviews as part of its remit.
The employees of the Company form various professional unions
for representing their interests on various matters: one union
represents the Air Astana Group’s cabin crew, engineers and other
employees, while two other unions represent pilots. The Air
Astana Group recognises the importance of engaging with the
labour unions and other representative bodies across its operations
to promote the success of the business. The Air Astana Group
executes separate standard employment agreements with its
pilots, cabin crew members and other personnel.
The Air Astana Group believes that, by pursuing its corporate
HEART values for Air Astana and CHARM values for FlyArystan,
ithas created a positive work environment for its employees.
Itpromotes a culture of recognition, with a focus on training
anddevelopment, and provides equal opportunities to ensure
itretains its employees and attracts new talent.
The Board of Directors, through its ESG Committee, regularly
considers the reports of the management of the Company on
theresults of Employee Social Stability Index surveys as well
asconsideration of appeals coming from the unions or employees,
if any.
The Chairmen of the Board Committees, meet regularly with
management prior to meetings and at regular intervals throughout
the year.
CORPORATE GOVERNANCE REPORT CONTINUED
Overview Other informationStrategic report Financial statements
95AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
Board activities in 2025
In 2025, the Board of Directors held 15 meetings, including four meetings in person. The attendance by Board members was 100%.
Areas of focus Matters considered Principal risks
Strategy
– Approval of the Annual Budget for 2026 and Business Plan for 2026–2030
– Preliminary consideration of major transactions for the acquisition of Boeing 787-9 type aircraft and Airbus A320 NEO family aircraft
– Approval of the updated Low-Carbon Development Programme
– Commercial risk
– Climate-related risk
– Supply chain risk
– External communication risk
Risk management
Link to strategy
– Approval of the risk appetite and risk capacity
– Quarterly approval of the updated Risk Map and Risk Register and consideration of the reports on realised risks
– Operational safety review at each in-person meeting
– All risks
Operations and finance
Link to strategy
– Quarterly review of the report on the results of financial and operational activity
– Quarterly review of the cash forecast updates and treasury reports
– Banks overview for 2025
– Preliminary approval of the annual consolidated and separate financial statements for 2024
– Amendment of the Dividend Policy Regulations
– Proposals on the procedure for distribution of the net income for 2024 and the amount of the 2024 annual dividend per one common share
– Approval of the Treasury Policy of Air Astana Group
– Consideration of the Investor Relations updates
– Deciding on share repurchase in the secondary market for the Long-Term Incentive Plan
– Amendment of major transactions for extension and novation of aircraft operating leases
– Deciding on the entering into interested party transactions
– Deciding on increasing the Company’s liabilities by an amount constituting ten (10) per cent or more of the equity capital
– Termination of operating lease agreements for two Airbus A320neo aircraft
– Deciding on the outright sale of three (3) Boeing 767-300ER type aircraft
– Liquidity risk
– Credit risk
– Jet fuel risk
– Commercial risk
– Operational risks
CORPORATE GOVERNANCE REPORT CONTINUED
Link to strategy
Growth Efficiency Excellence
Overview Other informationStrategic report Financial statements
96AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
Areas of focus Matters considered Principal risks
Governance, audit
andcompliance
Link to strategy
– Oversight of compliance with applicable corporate governance frameworks and listing requirements
– Consideration of shareholder appeals and results of consideration
– Matters relating to remuneration of the Board of Directors and Executive Body
– Approval of the Annual Report for 2024
– Amendments to Audit, ESG, and Strategic Planning Committee Regulations
– Consideration of results of the Board Self-Evaluation report
– Appointment of the Workforce Engagement Designated Independent Non-Executive Director of the Company and approval of the Terms
ofReference thereof
– Appointment of the Senior Advisor to the Board of Directors
– Selection and fee determination for audit organisations and appraisers
– Consideration of the information on the participation of the Company’s External Auditor in the Company’s selection process of a provider
ofadvisory services
– Abolition of the Treasury Committee
– Internal Audit Service: activity reports (quarterly), Strategic Plan 2025–2029, performance evaluation, Annual Audit Plans, budget approvals,
KPIsettings, staffing changes, remuneration reviews, and amended regulations and procedures
– Compliance Service: quarterly reports, approval of restated policies (Speak Up Policy, Corporate Fraud Prevention Policy, Anti-Corruption Policy,
Policy on the Engagement of Audit Organisations)
– Compliance risks
– External communication risk
People
Link to strategy
– Approval of eligible employee lists for ESOP, IPO bonus (second tranche vesting), and Long-Term Incentive grants (2025-2027)
– Determination of Company Performance Bonus for 2024 and Year-End Bonus for 2025
– Approval of Performance Bonus KPIs for 2026 and Long-Term Incentive KPIs for 2026–2028
– Approval of Total Shareholder Return (TSR) calculation approach for LTIP
– Remuneration reviews for Internal Audit Service and Corporate Secretary
– СEO succession, appointment and contractual matters
– Human resources risk
Matters related to
subsidiaries (FlyArystan
JSC and AATS LLP)
Link to strategy
– Establishment of Air Astana Terminal Services Limited Liability Partnership with 100% participation interest of the Company in the charter
capital
– Approval of Group policies for FlyArystan JSC and AATS LLP
– Subsidiary governance and remuneration matters
– Selection of audit organisation for financial statement reviews (2025–2027) for FlyArystan JSC
– Approval of Annual Budget for 2026 and Business Plan for 2026–2030 of FlyArystan JSC
– Approval of the audited annual financial statements for 2024 and decision on the non-payment of dividends by FlyArystan JSC
– Commercial risk
– Operational risk
– Compliance risk
– Human resources risk
CORPORATE GOVERNANCE REPORT CONTINUED
Link to strategy
Growth Efficiency Excellence
Overview Other informationStrategic report Financial statements
97AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
Composition, succession
and evaluation
The process for Board nominations is led
bythe Nomination and Remuneration
Committee, which also ensures the Company
has succession plans in place for both Board
and senior management.
Board composition and independence
The Board is elected by cumulative voting at the General Meeting
of Shareholders, unless one candidate is proposed to be elected
tofill one vacancy.
Mr Nurlan Zhakupov, Chairman of the Board since December 2023,
is nominated by the shareholder National Welfare Fund Samruk-
Kazyna JSC. To mitigate any concerns about independence, we
have five Independent Non-Executive Directors on the Board.
Air Astana acknowledges that Standard 20 of the AIFC Market
Rules recommends the Chairman of a Board of Directors meet the
criteria for independence. However, as set out in the Charter and
as adopted by principle 2.5 of the Code, the Chairman of the Board
of Directors shall be elected from among the members of the
Board of Directors being representatives of the shareholder who
owns the largest number of shares at the relevant time, provided
this shareholder owns more than 30% voting shares. In accordance
with these provisions, Samruk-Kazyna, as the largest shareholder
at the date of this report, and holding on that date 41% of
theshare capital of the Company, has appointed Mr Zhakupov,
arepresentative of Samruk-Kazyna, as Chairman. Mr Zhakupov
doesnot therefore meet the criteria of independence.
According to the Standard 26A of the AIFC Market Rules, the Board
should include the Chief Executive Officer and the Chief Financial
Officer. The Company has partly adopted the standard.
Following the decision of Peter Foster to retire from the role
ofChief Executive Officer in March 2026, the Board, supported
bytheNomination and Remuneration Committee, oversaw the
searchprocess that resulted in the appointment of Ibrahim Canliel
(current Chief Financial Officer) as Chief Executive Officer, effective
1 April 2026, and ensured a stable and orderly transition plan was
in place to navigate the leadership changes. The Board further
recommended to the General Meeting of Shareholders the
appointment of Bakhytzhan Taubayev as a shareholder
representative of Samruk-Kazyna JSC, following the sale of a
significant shareholding by BAE Systems (Kazakhstan) Limited
andsubsequent planned resignation of Simon Wood as a
representative of that shareholder.
When making appointments to the Board, the Nomination
andRemuneration Committee take into account a number of
considerations, including Board diversity, independence and the
combination of skills, knowledge and experience of the Directors.
More information on this process can be found in the Nomination
and Remuneration Committee report.
We believe the composition of the Board remains appropriate
and,in line with the Company’s corporate governance framework,
is well balanced and supports the Group’s strategic priorities, as
well as providing the appropriate representation of shareholders’
interests. The Nomination and Remuneration Committee keeps
theBoard composition under review to ensure the Company
hasthe appropriate balance of skills, competencies and diversity
inits leadership positions.
The Board is satisfied that each of its Directors is able to allocate
sufficient time, and discharge his or her duties effectively, as part
of Air Astana’s Board.
CORPORATE GOVERNANCE REPORT CONTINUED
Overview Other informationStrategic report Financial statements
98AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
CORPORATE GOVERNANCE REPORT CONTINUED
Board evaluation
As set out in its Corporate Governance Code, and in line with
international best practice, the activities of the Board of Directors
are subject to an external independent evaluation every three
years. In 2023, the external evaluation was undertaken by Nestor
Advisors Ltd (now Sodali & Co), a London-based specialist corporate
governance advisory firm, with subsequent supported self-
assessments in 2024 and 2025.
The supported self-assessment evaluation was conducted through
online questionnaires, using feedback and evidence from the
previous external evaluation as the basis for areas of focus and to
target any areas previously identified as requiring additional input
or oversight from the Board of Directors.
The findings from the 2025 evaluation reflected an ongoing
satisfaction with the Board’s collaborative functioning, which
wasseen as reassuringly stable. Constructive information flows
and interaction with management, as well as the focus on risk
governance and internal controls, was seen to provide a strong
foundation for the effective functioning of the Board. The Board
also identified areas and opportunities to further improve, noting
that the area of gender diversity remained a key consideration
forthe Board going forward, as well as ensuring that there was
acontinued focus on succession planning and maintaining the
rightbalance of skills and industry experience across the Board
ofDirectors.
In 2026, the Board will undertake an externally facilitated evaluation
that will also assist in monitoring the implementation of the
recommendations identified during previous assessments.
Board induction and training
Upon appointment, all Directors receive a tailored and thorough
induction programme, undertaken across the first six months of
their appointment and is based on each individual Director’s
previous experience and background. This programme is designed
to bring them up to speed quickly on the Group’s operations and
business strategies, and covers matters including key assets,
management bodies, policies and practices, the corporate
governance framework, as well as the wider industry sector and
other information necessary to perform their duties as members
ofthe Board of Directors.
During the year, all members of the Board received ongoing
training on the legal and regulatory obligations and governance
requirements of a listed company, including reporting and
ongoingobligations. Additional sessions were arranged to focus
onUKcorporate governance and industry best practice, covering
market abuse regulations, diversity reporting, directors’ duties and
horizon scanning of regulatory and legislative changes. The Board
demonstrates collective expertise in cybersecurity, including the
presence of a member who has completed specialised training in
this field.
A personalised induction programme was implemented for
Ibrahim Canliel following the announcement of his appointment
asChief Executive Officer, effective 1 April 2026, taking into
account his previous knowledge and experience of having
beenwith Air Astana for 22 years.
Information and support
The Chairman of the Board is responsible for ensuring the
timelyreceipt by the Directors of the accurate, clear and relevant
information needed to enable them to perform their duties.
The Senior Management Team and Internal Audit Service are
obliged to provide such information and the Directors may request
further clarifications and explanations as necessary. The Board of
Directors and its Committees are entitled to use the services of
external experts, consultants and additional resources to enable
them to carry out their duties in full. Financial provision for this is
made in the Company’s budget each year.
All Directors have access to the advice and services of the
Corporate Secretary, who is responsible to the Board on matters
ofcorporate governance and compliance with Board procedures.
The Corporate Secretary manages the information flow within
theBoard of Directors and its Committees, and also between the
Senior Management Team and the Board of Directors.
The Corporate Secretary has a key role in preparing and overseeing
the Board of Directors’ meetings and the General Meeting of
Shareholders, ensuring the disclosure and dissemination of
information comply with the rights and interests of shareholders.
Re-election
The term of office for each member of the Воаrd of Dirесtоrs is
determined by the Gеnеrаl Shагеhоldеrs’ Meeting but should not
be for less than two уеаrs. Once elected, there is no limit to the
number of times members may be re-elected to the Воаrd of
Dirесtогs. This is in line with the Company’s Charter and is subject
to satisfactory performance. The effectiveness and commitment
ofeach Board member are also reviewed regularly, to ensure the
interests of the shareholders are fairly and objectively represented.
Taking account of the other offices and interests held by the
current Independent Directors, the Board is satisfied with the
individual skills, relevant experience, contributions and time
commitment of each.
GRI 2-18 GRI 2-17
Overview Other informationStrategic report Financial statements
99AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS
Roles and responsibilities
The Nomination and Remuneration Committee develops
recommendations for the Board of Directors regarding the
recruitment and selection of members of the Board of Directors,
theExecutive Body, the head of the IAS, the head of Compliance
Service, the Corporate Secretary as well as other employees whose
appointment requires the approval of the Board of Directors or
shareholders according to the Company’s Charter and the legislation
of the Republic of Kazakhstan. The Nomination and Remuneration
Committee meets regularly and is responsible for the following:
– Developing of requirements for candidate qualifications and
recommendations on election or nomination for the roles of,
among others, the Independent Non-Executive Directors and
the Chief Executive Officer
– Ensuring the Board of Directors has the right balance of skills,
knowledge, independence and experience, having due
regard to diversity
– Development of a succession planning policy for the Board
ofDirectors and Executive Management
– Recommendations on the Remuneration Policy and structure
of remuneration
– Review of the Board’s performance evaluation process
Composition and attendance
Name Position
Meetings
attended
Janet Heckman Chair, Independent
Non-Executive Director 11/11
Garry Kingshott Independent Non-ExecutiveDirector 11/11
Yeldar Abdrazakov Non-Executive Director 11/11
Nurlan Zhakupov Non-Executive Director 11/11
Simon Wood
1
Independent Non-ExecutiveDirector 11/11
Main activities during 2025
Board and Committees
In 2025, the Committee spent considerable time overseeing the
recruitment process for a new Chief Executive Officer, which
resulted in the appointment of Ibrahim Canliel as Chief Executive
Officer, effective 1 April 2026. It was agreed that Mr Canliel brought
significant experience, both of Air Astana JSC and of the airline
sector generally, and would bring additional financial leadership
capabilities.
The Committee also managed the transition process,
recommending appropriate compensation terms for the outgoing
Chief Executive Officer and approving the employment contract
terms for Ibrahim Canliel. Additionally, the Committee
recommended the appointment of Peter Foster as a Senior Advisor
to the Board of Directors and approved the related Consultancy
Agreement.
The processes and procedures for the recruitment and appointment
of Directors remained thorough and transparent, designed to ensure
the right balance of skills, knowledge, diversity, independence and
experience on the Board of Directors. In consideration of potential
candidates for the role of Chief Executive Officer, the Committee
drew up a long list of potential candidates, with the support of
Korn Ferry, a global consulting firm, who were engaged to support
the Committee and who have no connection or affiliation with
theCompany or individual Directors. Candidates were carefully
considered against agreed skills and experience criteria, and a
shortlist of preferred candidates identified. Following meetings
andinterviews, and taking into consideration any potential conflicts
of interest and due diligence, the Committee recommended its
chosen candidates for consideration by the Board of Directors,
whosubsequently approved Mr Canliel’s appointment.
Nomination and Remuneration Committee report
GRI 2-10
1 Simon Wood resigned with effect from 9 February 2026 and
wasreplacedon this Committee by Diyas Assanov, Independent
Non-Executive Director.
Overview Other informationStrategic report Financial statements
100AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS | Nomination and Remuneration Committee
The Committee received presentations and updates from external
consultants on senior management leadership development and
recruitment matters, ensuring robust succession planning
frameworks were in place.
Committee also recommended the appointment of Diyas Assanov
as a Workforce Engagement Designated Independent Non-Executive
Director, strengthening the Board’s engagement withemployees
and stakeholder groups.
The Committee considered the Board’s Self-Evaluation report
andaction plan to improve areas of Board activity based on the
evaluation findings.
In early 2026, following the sale of a significant shareholding by
BAE Systems (Kazakhstan) Limited and the planned resignation
ofshareholder representative Simon Wood, the Committee
considered and subsequently recommended to the Board,
andultimately shareholders, approval of the appointment of
Bakhytzhan Taubayev as a representative of the shareholder
Samruk-Kazyna JSC.
Throughout the year, the Committee also kept under review the
overall composition of the Board of Directors and its various
Committees, and considered that the structure, size and
composition remained appropriate.
Remuneration, compensation and incentive plans
The Committee addressed several important matters related to
remuneration and incentive plans for both Board members and
senior employees of the Group. This included recommending
theamount and terms of remuneration and compensation
forIndependent Directors and the Chief Executive Officer.
TheCommittee also recommended the determination of
remuneration for the President of FlyArystan JSC and approved an
increase in remuneration for the Head of the Internal Audit Service.
The Committee recommended determining the Group Performance
Bonus and 2025 Year-End Bonus and terms for 2026 for employees
whose remuneration is set by the Board of Directors, as well as for
the President of FlyArystan JSC.
The Committee reviewed and updated the Long-Term Incentive
(LTI) and Employee Share Ownership Plan (ESOP) for eligible
employees in terms of the employee grades and lists. Additionally,
the Committee discussed the terms of payment of the 2026–2028
LTI for the Chief Executive Officer and other eligible employees by
establishing KPIs and the targets for 2026–2028 to ensure alignment
with the Group’s strategic objectives and performance goals.
The Committee recommended amendments to the Directors’
Remuneration Policy to reflect evolving corporate governance
practices and maintain competitive remuneration. The revised
Policy introduces additional fees for Independent Directors who
chair Board Committees or perform enhanced roles (e.g. Senior
Independent Non-Executive Director, Workforce Engagement
Designated Independent Non-Executive Director), alongside
theexisting base fee. These changes were informed by market
benchmarking in the aviation sector, regulatory expectations and
the increased scope of Board responsibilities, and are intended
toensure fair, transparent and market-aligned compensation that
supports effective oversight and the Group’s long-term sustainability.
In 2025, the total remuneration paid to Independent Directors
andthe executive body amounted to USD 1,599 thousand.
Priorities for 2026
The Nomination and Remuneration Committee will continue to
fulfil its general responsibilities and carry out its activities according
to the approved plan of work for 2026. The Committee will continue
its focus on ensuring that succession plans for the Senior Management
Team and other key executives within the Air Astana Group support
the Group’s longer-term strategic objectives, as well as ensuring
diversity remains a priority in all appointments and talent
development initiatives.
GRI 2-19; 2-20; 2-21
Overview Other informationStrategic report Financial statements
101AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS CONTINUED
Composition and attendance
Name Position
Meetings
attended
Garry Kingshott Committee Chair, Independent
Non-Executive Director 7/7
Diyas Assanov Independent Non-Executive Director 7/7
Janet Heckman Independent Non-Executive Director 7/7
Simon Wood
1
Non-Executive Director 7/7
Roles and responsibilities
The Strategic Planning Committee assists with the effective
performance of the Board of Directors and makes
recommendations to the Board for making decisions on the
following issues:
– Determining the Company’s priority areas of business activity
and development, ensuring the integration of climate-related
and sustainability issues into long-term strategy and business
plans, including emissions reduction, resource efficiency, and
sustainable development objectives
– Approving the long-term strategy of the development, the
medium-term and short-term business plans (development
planand annual budget) and major investment projects
– Reviewing the performance to budget, business plan and
ten-year strategy
– Corporate governance matters
– The Group’s strategy in view of changes in the economic,
political, social and competitive environment, including
climate-related considerations
– Improvements to the Group’s long-term performance and
competitiveness in the aviation transportation market
1 Simon Wood resigned from the Committee with effect from 9 February
2026 and was replaced by Aidar Ryskulov, Non-Executive Director.
Strategic Planning Committee report
Main activities during 2025
Throughout 2025, the Committee prioritised the strategic
management of executive leadership transition, ensuring that both
the resignation of Peter Foster as Chief Executive Officer and the
appointment of Ibrahim Canliel as his successor, effective 1 April
2026, were integral considerations in all strategic planning and
decision-making processes. This approach was designed to protect
and advance shareholder interests during this period of leadership
change.
As part of its role in considering long-term strategic development,
during the year, the Committee reviewed the Air Astana Group
fleet update and recommended the purchase of Boeing 787-9
aircraft and Airbus A320 NEO family aircraft. In addition to being
both fuel-efficient and having range efficiency, the order will allow
the Group further flexibility in meeting customer demand and
support the Group’s long-term priorities as it follows a ‘going
global’ strategy. The Committee also reviewed the Air Astana
Group fleet update and supported the proposed outright sale
ofthree Boeing 767-300ER aircraft.
Overview Other informationStrategic report Financial statements
102AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS | Strategic Planning Committee
The Committee continued its work supporting the implementation
of the proposal of the management on the creation of a new legal
entity for the provision of ground handling services wholly owned
by the Group, culminating in the announcement in June 2025 of the
registration of Air Astana Terminal Services LLP. The LLP will
support the growth of both Group brands and contribute to
improved operational efficiencies.
At each meeting, the Committee received updates from the
Investor Relations team and made recommendations to the Board
on various related matters arising from these updates, maintaining
the focus on the Company’s post-IPO performance and execution
of the business strategies the Company committed to investors.
The Committee also engaged in regular reviews of the Group’s
performance against the budget and cash forecast reports. It also
conducted provisional discussions regarding the 2024 dividend
andspecial dividend payment, recommended amendments to
theDividend Policy Regulations and advised on the distribution
procedure for the Company’s net income for 2024, including the
dividend amount per common share.
The Committee recommended approval of both Air Astana’s
Annual Budget for 2026 and the Business Plan for 2026–2030
andof FlyArystan’s Annual Budget for 2026 and the Business
Planfor 2026–2030.
The Committee assessed its own effectiveness based on the Board
Self-Evaluation report, reviewed its 2024 annual activity report and
approved the calendar of activities for 2026, reflecting a commitment
to continuous improvement and forward planning.
Priorities for 2026
The Strategic Planning Committee will continue to fulfil its general
responsibilities with a focus on monitoring new projects and
carrying out its activities in accordance with the approved plan
ofwork, which includes:
– considering the opportunities for improvements of the Group’s
long-term performance and competitiveness
– reviewing the Group’s performance against budget and
businessplan
– reviewing regular updates on the Group’s cash position
– reviewing regular updates on the investor relations
– considering the Annual Budget and Business Plan for the next
five-year cycle
Overview Other informationStrategic report Financial statements
103AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS CONTINUED
Composition and attendance
1
Name Position
Meetings
attended
Keith Gaebel Committee Chair, Independent
Non-Executive Director 16/16
Janet Heckman Independent Non-ExecutiveDirector 16/16
Yeldar Abdrazakov Independent Non-ExecutiveDirector 16/16
Diyas Assanov
2
Independent Non-ExecutiveDirector 7/7
Roles and responsibilities
The Audit Committee supports the Board of Directors in overseeing
theGroup’s financial and economic activities, treasury activities,
theeffectiveness of internal control and risk management systems,
the adherence to the corporate governance standards and compliance
with applicable laws and regulations. Its remit also includes monitoring
the independence of internal and external audit, aswellas overseeing
cybersecurity, data protection, privacy practices and related processes,
safeguards, resources and training.
Meetings of the Audit Committee are conducted at least once a
quarter. The Audit Committee is responsible for:
– Overseeing the effectiveness of the Group’s systems of risk
management and internal control, compliance and internal audit
through regular reports from the Risk Management Division, the
Internal Control Service, the Compliance Service and the Internal
Audit Service (IAS)
– Assessing the independence of both the external auditor and the
Internal Audit Service
– Recommending to the Company’s Board of Directors on the
appointment, reappointment or change of the external auditor,
remuneration of the external auditor and the evaluation of the
quality of its services, reviewing and approving the external
auditor’s participation in the selection process for non-audit
services, where appropriate
– Advising the Board of Directors on determining the number of
employees, appointing or terminating of employees, defining
the procedures for the work of the Internal Audit Service, and
determining the amount and terms of remuneration and
incentives of the employees for the Internal Audit Service
– Considering updates from the Information Technology and
e-Business Department regarding cybersecurity, data protection,
privacy issues and key initiatives and projects in these areas
– Reviewing reports from the Company’s management and
external auditor on material accounting matters and judgements
1 Detailed biographies are provided on page 84 of all members of
theAuditCommittee. The Chairman of the Committee has extensive
experience and expertise in financial reporting and isconsidered to have
recent and relevant financial experience. All members of the Committee
are Independent Non-Executive Directors and the Board is satisfied that
the Committee as a whole hasthe relevant financial experience and
competence in the sector in which the Company operates.
2 Member of Committee since 31 July 2025.
Audit Committee report
Main activities during 2025
Financial reporting
– Review of reports from the external auditor on the results
oftheaudit/review of the consolidated financial statements
forthe year ended 31 December 2024, and interim financial
information for the six months ended 30 June 2025
– Review of the financial statements of the Group to ensure
integrity and consideration of the process for confirming and
recommending to the Board that the 2024 Integrated Annual
Report and Accounts is fair, balanced and understandable
– Preliminary approval of audited annual consolidated and
separate financial statements for 2024
– Review of the external auditor’s views on significant accounting
matters and accounting policies applied in the financial
statements of the Group
– Consideration of External Auditor’s Audit Planning report for 2025
External auditor
– Determination of the auditing organisation performing the audit
(review) of the financial statements for the year ending 31 December
2025, 2026 and 2027, and determination of the fee for such services
– Deciding on uniting and conducting a single selection procedure
in respect of the selection of a single external auditor for the
audit of financial statements of Air Astana JSC and FlyArystan
JSC for the years 2025–2027. Deciding on the composition of the
unified commission on the selection of a single external auditor
– Preliminary approval of the amended Procedure for selection of
the audit organisation
– Consideration of the status of the selection of an external
auditor for 2025–2027
Overview Other informationStrategic report Financial statements
104AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS | Audit Committee
– Preliminary approval of participation of the external auditor
inthe process of selection of the supplier of advisory services
related to climate change and legal advisory support services
Internal Audit Service (IAS)
– Regular reports on the activities of the IAS
– Performance evaluation of the IAS for 2024
– Changes to the 2025 Annual Audit Plan
– Preliminary approval of the Strategy and the Strategic Plan
ofthe IAS for 2025–2029
– Preliminary approval of the Internal Audit Manual
– Preliminary approval of the amended Procedure for
performance evaluation of the IAS
– Preliminary approval of Policy on the Engagement of Audit
Organisations of the IAS
– Changes in the Regulations of the IAS
– Preliminary approval of Annual Audit Plan, budget of the
IASand Key Performance Indicators of the IAS for 2026
– IAS staff changes and remuneration issues
Compliance and ethical conduct
– Regular reports on the activities of Compliance Service including
internal analysis of corruption risks
– Preliminary approval of the restated Air Astana JSC Speak Up Policy
– Preliminary approval of the Group Anti-Corruption Policy
– Preliminary approval of the Group Corporate Fraud
PreventionPolicy
– Launch of the Annual Conflict of Interest Declaration among
AirAstana JSC employees and the Board of Directors
– Regular reports on compliance matters that cover revision of
compliance (corruption) risks at the corporate level, identification
of corruption risks at the business process level, whistleblowing
hotline, internal investigations, conflicts of interest, sanctions
compliance, review and assessment of direct purchases, and
third-party due diligence procedure
– Approval of the risk-oriented annual plan of the compliance
function for 2025
Risk management and internal control
– Quarterly update of Risk Map and Risk Register
– Quarterly reports on realised risks
– Preliminary approval of risk appetite and risk capacity
– Regular reports of the Internal Control Service on internal
controls enhancement project and the status of operating
effectiveness testing of controls
– Preliminary approval of the restated Policy on organisation of
insurance coverage of the Group
Treasury matters
– Quarterly consideration of the treasury reports on placed
deposits and bank exposure
– Regular consideration of cash forecast updates
– Consideration of the annual banks overview in 2025 and
approval of credit limits for the accredited banks
– Recommendations with regard to approval of the Treasury
Policy of Air Astana Group
Other matters
– FlyArystan JSC matters: annual financial statements
– Updates on cybersecurity, key IT initiatives and projects,
artificial intelligence and digitalisation progress, appointment
ofa new IT Security Manager and launch of the Cybersecurity
Committee chaired by the Chief Executive Officer
– Recommendations with regard to the repurchase by the
Company in the secondary market of the Company’s placed
shares and global depositary receipts for the realisation of the
Long-Term Incentive Plan
Risk management and internal control
Whilse the Board is ultimately responsible for evaluation of the
effectiveness of the Group’s risk management and internal control
systems, it has delegated oversight responsibilities to the Audit
Committee. During the year, the Board reviewed the effectiveness
of the internal control system in relation to finance and accounting
and the overall risk management framework through regular
reporting and reviews conducted under the auspices of the Audit
Committee.
In its role of oversight of the Group’s enterprise risk management
framework, the Audit Committee reviews risk reporting,
challenges management on the effectiveness of mitigation
measures and supports the Board in ensuring alignment between
the Group’s riskprofile, strategy and internal control environment.
The Audit Committee acts in the interests of shareholders by
supporting theBoard in ensuring the effectiveness of the risk
management, internal control and corporate governance systems.
Further information on the principal risks and uncertainties, and
mitigation measures, is available on pages 76 to 81 of this report.
Overview Other informationStrategic report Financial statements
105AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS | Audit Committee
In 2025, the Audit Committee continued to provide oversight of the
Group’s financial reporting processes, internal control environment
and risk management systems, and throughout the year, reviewed
management’s progress in strengthening the internal control
framework, including enhancements to key processes and the
implementation of automation initiatives. Building on the
externally facilitated review undertaken in 2024 by Ernst & Young
LLP, which assessed the effectiveness of the internal controls and
the Group’s internal control systems as a whole, the Committee
has continued to ensure reliable systems are in place and kept
under review to ensure they manage risk effectively and robustly.
The appointment of a dedicated internal controls expert has
supported the Committee’s commitment to a strong internal
control function.
The Committee also monitored management’s efforts to improve
information security governance, user-access management, and
segregation-of-duties controls, and received regular reports on the
adequacy and timeliness of remediation measures. As part of its
focus on ensuring the Group has an effective information security
system in place, during 2025, the Committee Chair undertook
additional training to enhance his expertise in information and
cybersecurity risks. The Committee as a whole received updates
from management on cybersecurity and information technology
initiatives, allowing it to maintain a focus on operational resilience
in these areas.
Treasury
In January 2025, as part of an initiative to enhance the
effectiveness of the Board of Directors, the structure of the Board’s
Committees was reviewed. Following this review, the Treasury
Committee was dissolved and its responsibilities were transferred
to the Audit Committee.
Within the scope of its authority, the Audit Committee supports the
Board of Directors in overseeing and strengthening the effectiveness
of risk management related to the Group’s treasury activities.
Itsresponsibilities include, inter alia, reviewing the effectiveness
ofinternal controls within the treasury function, ensuring that
treasury policies and procedures remain current andare subject to
continuous improvement, and overseeing treasury operations. The
Audit Committee also regularly reports to the Board of Directors on
key risks and opportunities arising from treasury activities.
Throughout 2025, the Audit Committee monitored the Group’s
treasury activities with regular reports from the Chief Financial
Officer. These reports covered, among other matters, theGroup’s
cash position, deposits placed, outstanding borrowings and finance
lease obligations, and available credit facilities.
Internal audit
Mission and role
The IAS organises and carries out internal audit engagements for
the Group and reports directly to the Board of Directors, with
oversight carried out by the Audit Committee in accordance with
internal documents governing its activities. The appointment and
dismissal of the IAS Head and employees is within the remit of the
Board of Directors, ensuring independence and objectivity of the
function.
The IAS provides independent, risk-based, and objective assurance
and advisory services, insight, and foresight to the Board of
Directors and the Chief Executive Officer designed to strengthen
the Group’s ability to create, protect and sustain value.
Audit process
The IAS continues to strengthen its professional capabilities,
including expanding IT expertise and enhancing its internal
auditmethodology and to keep the high quality of the results
oftheiractivities. Internal audit engagements are planned and
executed using a risk-based and agile approach to ensure timely
and effective delivery of assurance to the Board and senior
management. Inaddition to assurance engagements, the IAS
performs advisory engagements for management and integrates
the assessment of IT general controls into all relevant
engagements.
The IAS operates in accordance with the Internal Audit Manual and
other internal regulating documents which are regularly updated
and aligned with the Global Internal Audit Standards. Continuous
professional development of the IAS employees remains a priority,
recognising that high-performance results depend on strong
technical and analytical competencies.
During 2025, the IAS conducted all internal audit engagements
included into the Annual Audit Plan for 2025. In total, 21 internal
audit engagements were completed across the Group, including
three areas of continuous monitoring, two of which focused on IT.
In addition, a standalone review of artificial intelligence and
digitalisation applications was conducted. All the internal audit
engagements undertaken related to high-priority areas or were
performed at the request of the Board of Directors and the Group’s
management.
The IAS conducts systematic monitoring of the implementation of
audit recommendations issued as part of internal audit engagements.
Regular reports on the implementation of audit recommendations,
including overdue and high-priority recommendations, are provided
to the senior management, the Audit Committee and the Board of
Directors. This process helps ensure continuous improvement of
internal controls, timely mitigation of identified risks and
accountability across the Group.
To enhance audit efficiency, the IAS employs the internal audit
management software TeamMate+ throughout the entire audit
process.
Coordination with Internal Control Service,
RiskManagement Unit, Compliance Service
andExternal Audit
The IAS maintains effective coordination with other assurance and
control functions to ensure comprehensive oversight of the Group’s
governance, risk and control environment, and efficient use of
assurance resources. The IAS shares insights from internal audit
engagements with the Internal Control Service, the Risk Management
Unit and the Compliance Service. The IAS works closely with the
Internal Control Services to support the strengthening of internal
control systems and avoid duplication of control activities.
Overview Other informationStrategic report Financial statements
106AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS | Audit Committee
TheIASregularly exchanges the information with the Risk
Management Unit to ensure alignment on key strategic, financial,
compliance and operational risks.
The IAS collaborates with the Compliance Service on tasks
involvingregulatory requirements, ethical standards and corporate
governance matters. Also, the IAS periodically shares and discusses
IAS observations and recommendations with the external auditor.
Compliance with the Global Internal Audit Standards
In November 2022, the IAS successfully passed an external
independent assessment with a final result: ‘Fully conforms
withthe Code of Ethics and the Definition of Internal Audit of
theInstitute of Internal Auditors, as well as the requirements
ofthe Standards by 100%’.
At the end of 2024, the IAS transitioned to the new requirements
of the Global Internal Audit Standards, which became effective in
January 2025. The implementation of the new Global Internal Audit
Standards enhanced the governance and consistency of the Internal
Audit Function. Internal audit regulating documents and working
templates were updated, separate Internal Audit Strategy and
Strategic Plan documents were developed in line with the Standards,
and ongoing efforts continued to strengthen the quality and
consistency of internal audit engagements.
The IAS also initiated steps towards adopting the Institute of
Internal Auditors’ new Topical Requirements, which will be
implemented during 2026 as part of the update to the International
Professional Practices Framework.
External audit
The Air Astana Group’s external auditor, Ernst & Young LLP (EY), was
appointed by resolution of the General Meeting of Shareholders on
29 May 2025, following a competitive tender process conducted in
accordance with the Group’s internal policies for the appointment
of the external auditor. The tender process was overseen by a
Unified Commission for the selection of the auditor, chaired by
theChair of the Audit Committee and comprising members of
theAudit Committee and the Chief Financial Officer. Clear and
pre-defined evaluation criteria were approved in advance to
ensure a fair, transparent and objective assessment of the
auditorganisations participating in the tender.
Following a detailed evaluation of proposals received, meetings
with the participating audit organisations, and final consideration
and ranking of submissions, the Audit Committee recommended
the appointment of EY for a three-year term covering the financial
years ending 31 December 2025 to 31 December 2027. This is the
first time EY has been appointed as the Group’s external auditor.
The lead audit partner, Paul Cohn, has 26 years of assurance
experience and has been based in Kazakhstan since 2005,
providing relevant regional and professional expertise. The Group’s
financial statements for the year ended 31 December 2024 were
audited by KPMG.
Throughout the year, the Audit Committee met with the external
auditor regularly, including private sessions without management
present. The Audit Committee worked closely with EY during 2025
to review and approve the external audit plan, scope and approach,
monitor key risks and assess the effectiveness of the audit process.
The Audit Committee also oversees the audit quality, effectiveness,
independence and objectivity of the external auditor.
In 2025, the Group updated its Policy on the Engagement of Audit
Organisations, which establishes a unified approach across the Air
Astana Group to the engagement of audit organisations for both
audit and non-audit services. The Audit Committee reviews and
approves all proposed non-audit services to ensure they do not
impair independence according to the Group’s Policy on
Engagement of Audit Organisations, which also includes provisions
governing the hiring of former audit organisation employees. This
policy is available on the Group’s website at www.airastana.com.
Fees for non-audit services paid to the external auditor in 2025
amounted to KZT 18,587 thousand.
During 2025, EY provided the Audit Committee with formal
confirmations of its compliance with all relevant ethical standards
and professional independence requirements. These confirmations
included assurances that any identified threats to independence
had been eliminated or reduced to an acceptable level through
theapplication of appropriate safeguards.
Priorities for 2026
The Audit Committee will continue to focus on maintaining the
integrity and quality of financial statements and ensuring that the
Group prepares its financial and business reports based on the
principles of transparency and accountability, completeness and
reliability. In addition, the Committee will keep a sustained focus
on global sanctions developments and uphold a robust sanctions
framework, as mandated by the Board Sanctions Policy, which
requires compliance with UK, US, EU and UN regimes. Further
strengthening and testing of the effectiveness of the internal
control, risk management, compliance and internal audit systems
will remain a key priority, together with supporting continuous
improvement of governance practices across the Group. In
addition, in the coming year, the Audit Committee intends to place
particular emphasis on IT matters, with a focus on cybersecurity
and information security, and has requested the Internal Audit
Service to coordinate an external cybersecurity review in 2026.
Overview Other informationStrategic report Financial statements
107AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS CONTINUED
Composition and attendance
1
Name Position
Meetings
attended
Yeldar Abdrazakov Committee Chair, Independent
Non-Executive Director 7/7
Janet Heckman Independent Non-ExecutiveDirector 7/7
Simon Wood
1
Non-Executive Director 7/7
Aidar Ryskulov Non-Executive Director 7/7
Diyas Assanov Independent Non-ExecutiveDirector 7/7
Roles and responsibilities
The ESG Committee develops recommendations to the Board
onbuilding an effective ESG system across the Group. The ESG
Committee is responsible for:
– Overseeing the ESG-related goals, metrics and initiatives
– Monitoring the progress towards achieving its ESG objectives
– Review of and recommendations for approving ESG-related
policies
– Review and approval of ESG-related disclosures in the
Company’s Integrated Annual Report
1 Simon Wood resigned with effect from 9 February 2026.
ESG Committee report
Main activities during 2025
In 2025, the ESG Committee held seven meetings, including three
meetings in person.
Building on the work undertaken during the previous year, in 2025,
the Committee received updates on the Group’s Low-Carbon
Development Programme (LCDP) and the setting of public targets,
which includes a commitment to achieve net-zero carbon emissions
by 2050, in line with and in support of Kazakhstan’s aim to achieve
carbon neutrality by 2060 and an operational target of 5%
consumption of sustainable aviation fuel (SAF) by 2030.
TheCommittee also considered the results of the LCDP’s
independent verification, noting confirmation that the Company’s
decarbonisation targets are aligned with the Transition Pathway
Initiative’s rigorous methodology, which benchmarks emissions
pathways across sectors, and with the mitigation objectives of the
Paris Agreement. In line with commitments detailed in last year’s
Integrated Annual Report, the Committee supported management
in the work required in calculating the Scope 3 emissions and
preparing disclosures in accordance with IFRS SDS, with a focus on
climate-related disclosures under IFRS S2.
In 2025, the Committee monitored the evolution of the ICAO
Carbon Offsetting and Reduction Scheme for International Aviation
(CORSIA), a global market-based initiative developed by the
International Civil Aviation Organization and considered the
potential financial obligations for the Company arising from its
implementation. The Committee also reviewed the results of the
limited assurance of non-financial indicators presented in the
Sustainability section of the Company’s Integrated Annual Report
2024, supporting efforts to enhance data reliability and stakeholder
confidence. In addition, the Committee keeps abreast of regulatory
changes, and considers responses to consultations on matters
relating to its remit throughout the year.
Overview Other informationStrategic report Financial statements
108AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
BOARD COMMITTEE REPORTS | ESG Committee
During 2025, the Committee also reviewed management updates
on waste management initiatives and related operational
activities, assessing progress in strengthening waste reduction,
segregation and responsible disposal practices across the Company.
The Committee further considered management’s implementation
of the IATA Integrated Sustainable Procurement standards, focused
on embedding sustainability principles into procurement processes
and supplier engagement, and strengthening governance over
responsible sourcing.
For more information on our approach to sustainability, the
initiatives outlined in this report and our overall ESG Strategy,
please see pages 39 to 40 of this Integrated Annual Report.
In addition, the Committee considered the findings of the periodic
ESG Review, which included an analysis of relevant industry trends
and an internal assessment of the Group’s ESG performance. The
Committee also reviewed the Group’s ESG-related materials
published on external and internal communication platforms,
aimed at building awareness of the Group’s ESG initiatives and
projects. For more information on our other ESG initiatives, please
refer to the Communities section of this Integrated Annual Report
on pages 68 to 70.
The Committee also considered the HR Update, which provided
anoverview of key workforce metrics and dynamics, as well as
developments in talent management, training and employee
engagement, including initiatives aimed at strengthening a
cultureof recognition across the Company.
Priorities for 2026
In 2026, the ESG Committee will continue to support the building
of the Group’s waste management programme, and the development
of data collections systems to support statistical reporting and
measurement capabilities. There will remain a focus on involving
employees and customers in the initiatives to reduce and recycle
waste to raise and maintain awareness.
Key priorities for 2026 will also include review and approval of the
Company’s first report prepared in accordance with IFRS SDS, with a
focus on climate-related disclosures under IFRS S2, including updated
assessment of climate-related risks and opportunities, consideration
of the results of the Scope 3 emissions calculation, finalisation of
the implementation of the IATA Integrated Sustainable Procurement
standards and oversight of successful completion of the related
assessment, oversight of management’s preparation for the
implementation of IATA IEnvA (Environmental Assessment) and
successful completion of its assessment, review and approval of
necessary internal ESG policies.
As in previous years, social responsibility will remain central in
2026, with attention to employee engagement, health and safety,
well-being, diversity and ESG-focused training, both for the ESG
Committee and employees. Stakeholder engagement and
cross-industry collaboration will be encouraged, to reinforce
theGroup’s role as a responsible connector of people, cultures
andeconomies.
Overview Other informationStrategic report Financial statements
109AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
RESPONSIBILITY STATEMENT
The Board of Directors is responsible for preparing the annual
report and financial statements in accordance with applicable laws
and regulations, and consider the Integrated Annual Report and
Financial Statements, taken as a whole, to be fair, balanced and
understandable, and to provide the information necessary for
shareholders to assess the Group’s position, performance, business
model and strategy.
Each member of the Board of Directors confirms that to the best of
their knowledge:
– The financial statements, prepared in accordance with IFRS, give
a true and fair view of the assets, liabilities, financial position
and profit or loss of the Company, including the consolidated
statements of the Company and its subsidiary (Group as a
whole)
– The Strategic report, included in the Integrated Annual Report,
includes a fair review of the development and performance of
the business and the financial position of the Company and its
subsidiary (Group as a whole), together with a description of the
principal risks and uncertainties they face
Nurlan Zhakupov
CHAIRMAN OF THE BOARD OF DIRECTORS
Overview Other informationStrategic report Financial statements
110AIR ASTANA GROUP INTEGRATED REPORT 2025
Governance
Financial statements
112 Statement of management’s responsibilities for the preparation
andapproval of the consolidated financial statements
113 Independent auditor’s report
116 Consolidated Statement of profit or loss
117 Consolidated Statement of other comprehensive income
118 Consolidated Statement of financial position
119 Consolidated Statement of changes in equity
120 Consolidated Statement of cash flows
121 Notes to the consolidated financial statements
As we continue to expand our fleet
andglobal reach, scalability will be
important, in terms of getting both
systems and competencies right,
andalways putting safety first.”
Filippos Siakkas
CHIEF OPERATING OFFICER
Overview Other informationStrategic report Governance
111AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
STATEMENT OF MANAGEMENT’S RESPONSIBILITIES
FOR THE PREPARATION AND APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The management is responsible for the preparation of the consolidated financial statements that
present fairly the consolidated financial position of Joint Stock Company Air Astana and its subsidiary
(the “Group”) as at 31 December 2025, and the results of its consolidated operations, cash flows and
changes in equity for the year then ended in compliance with IFRS Accounting Standards as issued
bythe International Accounting Standards Board (“IFRS Accounting Standards”).
In preparing the consolidated financial statements, the management is responsible for:
– properly selecting and applying accounting policies;
– presenting information, including accounting policies, in a manner that provides relevant,
reliable, comparable and understandable information;
– providing additional disclosures when compliance with the specific requirements in IFRS
Accounting Standards are insufficient to enable users to understand the impact of particular
transactions, other events and conditions on the Group’s financial position and financial
performance; and
– making an assessment of the Group’s ability to continue as a going concern.
The management is also responsible for:
– designing, implementing and maintaining an effective and sound system of internal controls
throughout the Group;
– maintaining adequate accounting records that are sufficient to show and explain the Group’s transactions
and disclose with reasonable accuracy at any time the consolidated financial position of the Group,
and which enable them to ensure that the consolidated financial statements of the Group comply
with IFRS Accounting standards;
– maintaining statutory accounting records in compliance with the legislation of Kazakhstan and
IFRSAccounting Standards;
– taking such steps as are reasonably available to them to safeguard the assets of the Group; and
– preventing and detecting fraud and other irregularities.
The consolidated financial statements for the year ended 31 December 2025 were authorised for issue
on 13 March 2026 by the management of the Group.
On behalf of the management of the Group:
Peter Foster
CHIEF EXECUTIVE OFFICER
Almaty, Republic of Kazakhstan
Ibrahim Canliel
CHIEF FINANCIAL OFFICER
Almaty, Republic of Kazakhstan
Saule Khassenova
CHIEF ACCOUNTANT
Almaty, Republic of Kazakhstan
13 March 2026
Overview Other informationStrategic report Governance
112AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS, BOARD OF DIRECTORS AND MANAGEMENT OF AIR ASTANA JSC
Opinion
We have audited the consolidated financial statements of Air Astana JSC and its subsidiaries (hereinafter,
the ‘Group’), which comprise the consolidated statement of financial position as at 31 December 2025,
and the consolidated statement of profit and loss, consolidated statement of other comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flows for
theyear then ended, and notes to the consolidated financial statements, including material accounting
policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position of the Group as at 31 December 2025 and its consolidated
financial performance and its consolidated cash flows for the year then ended in accordance with IFRS
Accounting Standards.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards) (IESBA Code), as applicable to audits of
financial statements of public interest entities, together with the ethical requirements that are relevant
to our audit of the consolidated financial statements of public interest entities in the Republic of
Kazakhstan. We have also fulfilled our other ethical responsibilities in accordance with these requirements
and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the consolidated financial statements of the current period. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. For each matter below,
our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of
theconsolidated financial statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment
of the risks of material misstatement of the consolidated financial statements. The results of our
auditprocedures, including the procedures performed to address the matters below, provide the
basisfor our audit opinion on the accompanying consolidated financial statements.
Key audit matter How our audit addressed the key audit matter
Passenger revenue
The Group’s passenger revenue information
is generated in a significant number of
low-value transactions, sourced from
multiple systems, including the reservation
systems. The processing and recording of
revenue is highly automated and is based
onestablished tariff plans.
We identified this matter as a key audit matter
due to the complexity of information systems
involved in the revenue recognition process
and the risks associated with incorrect
recognition and measurement of revenue.
Theauditing of revenue required an increased
extent of audit effort, including the involvement
of professionals with expertise in information
technology (‘IT’) to identify relevant systems,
and evaluate and test automated controls.
The disclosure of information in respect of
theaccounting policies on revenue recognition
is included in Note 3 to the consolidated
financial statements, and disclosures by
typesof revenue are included in Note 7
totheconsolidated financial statements.
We assessed the design and tested the operating
effectiveness of IT general controls supporting the operation
of the reservation systems and other IT systems.
We tested IT application controls over the capturing and
recording of data, and IT application controls over the
calculation of amounts to be billed to customers in the
reservation systems.
We reconciled information in the reservation systems used
for the recording and recognition of passenger revenue with
revenue recorded in other IT systems.
We analysed correlation among revenue, deferred revenue,
trade receivables and cash recorded in the accounting system.
We analysed annual and monthly trends in revenue by
route/direction and compared these trends with changes
inpassenger volumes.
We analysed the key judgements used by management
inthe accounting for revenue.
We evaluated the Group’s accounting policy for revenue
recognition.
We analysed the disclosures in the consolidated financial
statements related to revenue recognition.
Overview Other informationStrategic report Governance
113AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
INDEPENDENT AUDITOR’S REPORT CONTINUED
Key audit matter How our audit addressed the key audit matter
Provision for aircraft maintenance
We considered this matter to be one of the
matters of most significance in our audit due
to materiality of the provision for aircraft
maintenance to the consolidated financial
statements, the high level of subjectivity in
respect of assumptions underlying calculation
of provision for aircraft maintenance and
significant judgement and estimates made
by management.
Significant assumptions included expected
cost and timing of maintenance activities.
Management has engaged an external expert
to assist in estimating the timing and cost of
expected engine maintenance activities.
The Group’s disclosure of information in
respect of the accounting policies on provision
for aircraft maintenance is included in Note 3
to the consolidated financial statements, and
disclosures by types of provision for aircraft
maintenance are included in Note 22 to the
consolidated financial statements.
We obtained an understanding of management’s process for
estimating the provision for aircraft maintenance, including
relevant controls over data collection, estimation, and review
of assumptions used.
We assessed the competence, capabilities, and objectivity
ofthe expert engaged by management, and obtained an
understanding of their work, including the scope, methods
and key assumptions.
We inspected results of the calculations provided by
management’s expert and evaluated the relevance and
reasonableness of the expert’s findings and conclusions
toensure they are appropriate and reliable.
We analysed the key assumptions adopted by management
in estimating the provision.
– We compared the expected cost of maintenance
activitieswith historical actual costs incurred and
existingmaintenance agreements.
– We compared the method of calculation of provisions in
the current year with the method used in the prior year.
We analysed the disclosures in the consolidated financial
statements related to the provision for aircraft maintenance.
Other matters
The consolidated financial statements of the Group for the year ended 31 December 2024 were audited
by another auditor who expressed an unmodified opinion on those statements on 13 March 2025.
Other information included in the Group’s 2025 Annual Report
Other information consists of the information included in the Group’s 2025 Annual Report, other than
the consolidated financial statements and our auditor’s report thereon. Management is responsible for
the other information. The Group’s 2025 Annual Report is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the
other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
Responsibilities of management and the Audit Committee for the consolidated
financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with IFRS Accounting Standards, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to
liquidatethe Group or to cease operations, or has no realistic alternative but to do so.
The Audit Committee is responsible for overseeing the Group’s financial reporting process.
Overview Other informationStrategic report Governance
114AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
theaggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Therisk ofnot detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of Group’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
– Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
– Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
– Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an
opinion on the consolidated financial statements. We are responsible for the direction, supervision
and review of the audit work performed for the purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with the Audit Committee, we determine those matters that were
ofmost significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing
sowould reasonably be expected to outweigh the public interest benefits of such communication.
The partner in charge of the audit resulting in this independent auditor’s report is Paul Cohn.
Paul Cohn
AUDIT PARTNER
Dinara Malayeva
AUDITOR
Auditor Qualification Certificate
No. МФ-0000323 dated 25 February 2016
A15E3H4, Republic of Kazakhstan, Almaty
Al-Farabi ave., 77/7, Esentai Tower
13 March 2026
Rustamzhan Sattarov
GENERAL DIRECTOR
ERNST & YOUNG LLP
State Audit License for audit activities on the
territory of the Republic of Kazakhstan: series
МФЮ–2, № 0000003, issued by the Ministry
ofFinance of the Republic of Kazakhstan on
15July 2005
INDEPENDENT AUDITOR’S REPORT CONTINUED
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
theaggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Therisk ofnot detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of Group’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
– Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
– Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
– Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an
opinion on the consolidated financial statements. We are responsible for the direction, supervision
and review of the audit work performed for the purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with the Audit Committee, we determine those matters that were
ofmost significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing
sowould reasonably be expected to outweigh the public interest benefits of such communication.
The partner in charge of the audit resulting in this independent auditor’s report is Paul Cohn.
Paul Cohn
AUDIT PARTNER
Dinara Malayeva
AUDITOR
Auditor Qualification Certificate
No. МФ-0000323 dated 25 February 2016
Rustamzhan Sattarov
GENERAL DIRECTOR
ERNST & YOUNG LLP
State Audit License for audit activities on the
territory of the Republic of Kazakhstan: series
МФЮ–2, № 0000003, issued by the Ministry
ofFinance of the Republic of Kazakhstan on
15July 2005
A15E3H4, Republic of Kazakhstan, Almaty
Al-Farabi ave., 77/7, Esentai Tower
13 March 2026
INDEPENDENT AUDITOR’S REPORT CONTINUED
Overview Other informationStrategic report Governance
115AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
theaggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Therisk ofnot detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of Group’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
– Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
– Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
– Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an
opinion on the consolidated financial statements. We are responsible for the direction, supervision
and review of the audit work performed for the purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with the Audit Committee, we determine those matters that were
ofmost significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing
sowould reasonably be expected to outweigh the public interest benefits of such communication.
The partner in charge of the audit resulting in this independent auditor’s report is Paul Cohn.
Paul Cohn
AUDIT PARTNER
Dinara Malayeva
AUDITOR
Auditor Qualification Certificate
No. МФ-0000323 dated 25 February 2016
Rustamzhan Sattarov
GENERAL DIRECTOR
ERNST & YOUNG LLP
State Audit License for audit activities on the
territory of the Republic of Kazakhstan: series
МФЮ–2, № 0000003, issued by the Ministry
ofFinance of the Republic of Kazakhstan on
15July 2005
A15E3H4, Republic of Kazakhstan, Almaty
Al-Farabi ave., 77/7, Esentai Tower
13 March 2026
INDEPENDENT AUDITOR’S REPORT CONTINUED
Overview Other informationStrategic report Governance
115AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
theaggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
– Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Therisk ofnot detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of Group’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
– Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
– Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
– Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an
opinion on the consolidated financial statements. We are responsible for the direction, supervision
and review of the audit work performed for the purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with the Audit Committee, we determine those matters that were
ofmost significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing
sowould reasonably be expected to outweigh the public interest benefits of such communication.
The partner in charge of the audit resulting in this independent auditor’s report is Paul Cohn.
Paul Cohn
AUDIT PARTNER
Dinara Malayeva
AUDITOR
Auditor Qualification Certificate
No. МФ-0000323 dated 25 February 2016
Rustamzhan Sattarov
GENERAL DIRECTOR
ERNST & YOUNG LLP
State Audit License for audit activities on the
territory of the Republic of Kazakhstan: series
МФЮ–2, № 0000003, issued by the Ministry
ofFinance of the Republic of Kazakhstan on
15July 2005
A15E3H4, Republic of Kazakhstan, Almaty
Al-Farabi ave., 77/7, Esentai Tower
13 March 2026
INDEPENDENT AUDITOR’S REPORT CONTINUED
Overview Other informationStrategic report Governance
115AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
Overview Other informationStrategic report Governance
115AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2025

’000 | USD | Notes | 2025 | 2024
Revenue and other income |  |  |  |
Passenger revenue |  | 7 | 1,380 ,306 | 1, 24 6 , 0 4 4
Gain from sale and leaseback transactions |  | 7 | 3 7, 76 4 | 25,016
Cargo and mail revenue |  | 7 | 2 7, 3 7 1 | 26,3 03
Other income |  | 7 | 8,449 | 11, 7 8 5
Total |  |  | 1, 45 3, 8 9 0 | 1 , 3 0 9,14 8
Operating expenses |  |  |  |
Fuel and oil costs |  |  | (3 3 1, 4 6 6) | (3 0 5 ,1 8 3)
Employee and crew costs |  | 8 | (26 0, 8 96) | (2 26,659)
Depreciation and amortisation |  | 12 | (2 2 9, 74 0) | (1 8 9,17 1)
Engineering and maintenance |  | 8 | (1 45,036) | (1 1 7, 8 7 4)
Handling, landing fees and route charges |  | 8 | (141, 0 0 3) | (120, 4 8 5)
Passenger service |  | 8 | (14 0, 5 8 5) | (1 18,677)
Selling costs |  | 8 | (51, 024) | (4 4 ,1 8 0)
Insurance |  |  | (13, 5 49) | (1 2 , 8 0 1)
Information technology |  |  | (8 , 0 61) | (6 , 8 3 1)
Consultancy, legal and professional services |  |  | (5,935) | (8,412)
Taxes, other than income tax |  |  | (5, 618) | (4,36 1)
Property and office costs |  |  | (4, 8 45) | (4,675)
Aircraft variable lease costs |  |  | (2 , 218) | (5 , 2 16)
Other |  |  | (2 5,7 8 9) | (14 , 61 7)
Total operating expenses |  |  | (1 ,365,7 65) | (1 ,1 7 9,1 4 2)

’000 | USD | Notes | 2025 | 2024
Operating profit |  |  | 8 8 ,1 2 5 | 13 0, 0 0 6
Finance income |  | 9 | 22, 3 07 | 2 2, 079
Finance costs |  | 9 | (82 , 4 0 6) | (6 4 , 6 5 6)
Foreign exchange loss, net |  |  | (7 ,906) | (2 0 , 74 3)
Profit before tax |  |  | 20, 120 | 66 ,686
Income tax expense |  | 10 | (6 , 5 6 8) | (13, 9 10)
Profit for the year |  |  | 13, 5 5 2 | 5 2 , 7 76
Basic and diluted earnings per share (in USD) |  | 19 | 0.038 | 0 .1 5 1

On behalf of the Group’s management:
Peter Foster
CHIEF EXECUTIVE OFFICER
Almaty, Republic of Kazakhstan
Ibrahim Canliel
CHIEF FINANCIAL OFFICER
Almaty, Republic of Kazakhstan
Saule Khassenova
CHIEF ACCOUNTANT
Almaty, Republic of Kazakhstan
13 March 2026
The consolidated statement of profit or loss is to be read in conjunction with the notes to, and forming
part of, the consolidated financial statements set out on pages 121 to 161.
Overview Other informationStrategic report Governance
116AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025

’000 | USD | Notes | 2025 | 2024
Profit for the year |  |  | 13, 5 5 2 | 5 2 , 7 76
Other comprehensive income |  |  |  |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax): |  |  |  |
Cash flow hedges – effective portion of changes in fair value |  |  | 17 3 | 433
Corporate income tax related to cash flow hedges – effective portion of changes in fair value |  |  | (35) | (87)
Realised net loss from cash flow hedging instruments |  | 24 | 6,8 9 9 | 12, 7 14
Corporate income tax related to loss from hedging instruments |  | 24 | (1, 3 8 0) | (2 , 5 4 3)
Net other comprehensive loss that may be reclassified toprofit or loss in subsequent periods |  |  | 5,657 | 10 , 5 17
Other comprehensive income for the year, net of tax |  |  | 5,657 | 10 , 5 17
Total comprehensive income for the year |  |  | 19, 2 0 9 | 63, 293

The consolidated statement of other comprehensive income is to be read in conjunction with the notes
to, and forming part of, the consolidated financial statements set out on pages 121 to 161.
Overview Other informationStrategic report Governance
117AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER 2025

|  |  | 31 December | 31 December
’000 | USD | Notes | 2025 | 2024
ASSETS |  |  |  |
Non-current assets |  |  |  |
Property, plant and equipment |  | 11 | 1, 19 5, 7 7 5 | 1,0 6 3, 2 8 4
Intangible assets |  |  | 6, 502 | 6,018
Prepayments |  | 15 | 20, 326 | 1 9, 5 9 1
Guarantee deposits |  | 13 | 4 4,9 50 | 38 , 695
Trade and other receivables |  | 16 | 1, 6 61 | 630
Deferred tax assets |  | 10 | 80,92 5 | 4 8,6 03
|  |  | 1, 3 5 0 ,13 9 | 1 ,1 7 6 , 8 2 1
Current assets |  |  |  |
Inventories |  | 14 | 8 6 , 4 17 | 6 6 ,1 2 9
Prepayments |  | 15 | 3 1, 414 | 30,2 9 0
Income tax prepaid |  |  | 7,1 0 5 | 1 2, 999
Trade and other receivables |  | 16 | 25,9 97 | 20, 8 01
Other taxes prepaid |  | 17 | 31, 9 0 0 | 13 ,7 9 2
Guarantee deposits |  | 13 | 5 0, 49 0 | 3,2 3 9
Other financial assets |  |  | 243 | 302
Cash and cash equivalents |  | 18 | 4 7 2 , 8 76 | 488, 70 2
|  |  | 7 06,442 | 636,254
Total assets |  |  | 2,05 6, 581 | 1,813,075

|  |  | 31 December | 31 December
’000 | USD | Notes | 2025 | 2024
EQUITY AND LIABILITIES |  |  |  |
Equity |  |  |  |
Share capital |  |  | 13 8 ,11 2 | 13 8 ,11 2
Functional currency transition reserve |  |  | (9, 3 24) | (9, 3 2 4)
Other reserves |  |  | (1, 2 8 5) | 3,0 0 9
Treasury share |  |  | (5, 4 6 0) | (8 , 24 0)
Reserve on hedging instruments, net of tax |  |  | (118) | (5,7 75)
Retained earnings |  |  | 2 47 ,389 | 2 7 6 , 74 8
Total equity |  |  | 3 6 9, 3 1 4 | 394, 530
Non-current liabilities |  |  |  |
Loans |  | 24 | 4,9 65 | 5 21
Lease liabilities |  | 24 | 84 6,2 56 | 716 , 7 7 5
Provision for aircraft maintenance |  | 22 | 2 6 4 , 313 | 2 8 9, 8 6 6
Employee benefits |  |  | 1, 2 2 6 | 8 18
|  |  | 1 ,1 1 6 , 7 6 0 | 1, 0 0 7, 9 8 0
Current liabilities |  |  |  |
Trade and other payables |  | 23 | 1 2 3 , 4 11 | 116 , 8 2 2
Loans |  | 24 | 627 | 56
Lease liabilities |  | 24 | 19 8 ,111 | 17 1, 8 8 6
Deferred revenue |  | 21 | 9 9, 0 7 9 | 8 9, 8 0 1
Provision for aircraft maintenance |  | 22 | 13 6 , 817 | 25, 269
Income tax payable |  |  | 12,462 | 6,7 31
|  |  | 570, 5 07 | 410, 5 65
Total liabilities |  |  | 1,687 ,267 | 1, 418 , 5 4 5
Total equity and liabilities |  |  | 2,05 6, 581 | 1,813,075
Book value per ordinary share (in USD) 1 |  |  | 1.02 5 | 1. 104

1 Disclosure of the book value per common share is not covered by IFRS and is disclosed upon request and in accordance
with the rules of KASE.
The number of ordinary shares used in calculation as of 31 December 2025 and 31 December 2024
was353,948,253 and 351,887,760 respectively.
The consolidated statement of financial position is to be read in conjunction with the notes to,
andforming part of, the consolidated financial statements set out on pages 121 to 161.
Overview Other informationStrategic report Governance
118AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025

|  |  |  |  | Functional |  |  |
|  |  |  |  | currency | Reserve on |  |
|  |  |  |  | translation | hedging | Retained |
’000 | USD | Share capital | Treasury shares | Other reserves | reserve | instruments | earnings | Total equity
At 1 January 2024 |  | 1 7 ,000 | – | – | (9, 3 2 4) | (16 , 2 92) | 2 2 1,9 75 | 213,359
Profit for the year |  | – | – | – | – | – | 52 ,7 76 | 5 2 ,7 76
Other comprehensive income: Realised loss on cash flow hedging instruments and effective portion of changes |  |  |  |  |  |  |  |
infair value of fuel call options, net of tax |  | – | – | – | – | 10, 517 | – | 10 , 517
Total comprehensive income for the year |  | – | – | – | – | 1 0 , 5 17 | 5 2 , 7 76 | 63, 293
Issue of shares (Note 19) |  | 121, 112 | – | – | – | – | – | 121, 112
Issue costs, gross (Note 19) |  | – | – | (3 ,1 0 0) | – | – | – | (3 ,1 0 0)
Treasury shares (Note 19) |  | – | (8 , 24 0) | – | – | – | – | (8 , 24 0)
Equity-settled share-based program (Note 20) |  | – | – | 6 ,1 0 9 | – | – | – | 6 ,1 0 9
Other changes |  | – | – | – | – | – | 1,9 9 7 | 1, 9 9 7
At 31 December 2024 |  | 1 3 8 ,1 1 2 | (8, 2 4 0) | 3,00 9 | (9, 3 2 4) | (5,7 75) | 2 7 6 , 74 8 | 394, 530
At 1 January 2025 |  | 1 3 8 ,1 1 2 | (8, 2 4 0) | 3,00 9 | (9, 3 2 4) | (5,7 75) | 2 7 6 , 74 8 | 394, 530
Profit for the year |  | – | – | – | – | – | 13, 5 5 2 | 13, 5 5 2
Other comprehensive income: Realised loss on cash flow hedging instruments and effective portion of changes |  |  |  |  |  |  |  |
infair value of fuel call options, net of tax |  | – | – | – | – | 5, 65 7 | – | 5,6 57
Total comprehensive income for the year |  | – | – | – | – | 5,65 7 | 13 , 5 52 | 1 9, 2 0 9
Dividends declared (Note 19) |  | – | – | – | – | – | (3 7,1 5 0) | (3 7,15 0)
Transfer of rights to equity instruments for share-based payments (Note 20) |  | – | 5, 35 0 | (5,365) | – | – | – | (15)
Treasury shares (Note 19) |  | – | (2 , 57 0) | – | – | – | – | (2 , 5 7 0)
Equity settled share-based program (Note 20) |  | – | – | 1, 3 9 9 | – | – | – | 1, 39 9
Cancelled rights of share-based payments |  | – | – | (328) | – | – | – | (328)
Other changes |  | – | – | – | – | – | (5 , 76 1) | (5 , 761)
At 31 December 2025 |  | 1 3 8 ,11 2 | (5 , 4 6 0) | (1, 2 8 5) | (9, 3 2 4) | (11 8) | 2 4 7, 3 8 9 | 3 6 9, 3 1 4

The consolidated statement of changes in equity is to be read in conjunction with the notes to, and forming part of, the consolidated financial statements set out on pages 121 to 161.
Overview Other informationStrategic report Governance
119AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025

’000 | USD | Notes | 2025 | 2024
OPERATING ACTIVITIES: |  |  |  |
Profit before tax |  |  | 20, 120 | 66 ,686
Adjustments for: |  |  |  |
Depreciation and amortisation of property, plant and equipment and intangible assets |  | 12 | 2 2 9 , 74 0 | 1 8 9 ,1 7 1
Gain on disposal of property, plant and equipment and other assets and from sales and leaseback transaction |  |  | (3 8 ,74 8) | (2 5, 7 3 3)
Change in impairment allowance for trade receivables, prepayments, guarantee deposits and cash and cash |  |  |  |
equivalents |  | 13,15, 16,18 | 19 1 | (1 ,1 5 0)
Write-down of obsolete and slow-moving inventories |  | 14 | 1, 87 1 | 353
Change in vacation accrual |  | 23 | 1, 416 | 1 ,1 7 6
Accrual of provision for aircraft maintenance |  | 22 | 1 0 7, 4 0 9 | 9 5, 29 9
Change in customer loyalty program |  | 21 | (76 7) | 4,0 6 8
Foreign exchange loss, net |  |  | 7 ,906 | 2 0 , 74 3
Finance income |  |  | (2 2,281) | (21, 782)
Finance costs |  |  | 82,2 38 | 6 4, 592
Gain from early return of aircraft |  |  | – | (2,875)
Other change in equity |  |  | (5 , 76 1) | –
Equity-settled share-based payment |  | 20 | 933 | 6 ,1 0 9
Operating cash flow before movements in working capital |  |  | 38 4, 267 | 396,6 57
Change in trade and other receivables |  |  | (2 9, 9 0 3) | (1,7 9 4)
Change in prepaid expenses and prepayments |  |  | (2 0 ,1 8 8) | (1 0 , 2 0 1)
Change in inventories |  |  | (2 2 ,15 9) | 1,6 3 8
Change in trade and other payables and provision for aircraft |  |  |  |
maintenance |  |  | (6 8,40 9) | (17, 8 3 8)
Change in deferred revenue |  |  | 10,045 | 3, 4 15
Change in other financial instruments |  |  | 225 | 893
Cash generated from operations |  |  | 253,878 | 37 2 ,7 70
Income tax paid |  |  | (3 1,7 3 6) | (26,667)
Interest received |  |  | 2 2, 275 | 2 1 , 74 3
Net cash generated from operating activities |  |  | 244,41 7 | 3 6 7, 8 4 6

’000 | USD | Notes | 2025 | 2024
INVESTING ACTIVITIES: |  |  |  |
Purchase of property, plant and equipment |  |  | (53,930) | ( 9 7, 9 4 8)
Proceed from sale and leaseback transaction |  | 7 | 13 9, 74 1 | 90, 5 0 0
Proceeds from disposal of property, plant and equipment |  |  | 3,5 8 0 | 2,7 3 4
Purchase of intangible assets |  |  | (1, 43 6) | (3,6 8 7)
Guarantee deposits placed |  |  | (5 7, 0 4 6) | (12 ,7 2 3)
Guarantee deposits withdrawn |  |  | 2,804 | 3,0 4 4
Net cash generated from / (used) in investing activities |  |  | 33,713 | (18, 080)
FINANCING ACTIVITIES: |  |  |  |
Repayment of lease liabilities |  | 24 | (19 0, 76 2) | (19 0 , 3 3 1)
Interest paid |  | 24 | (66,66 1) | (5 4 , 4 3 1)
Repayment of borrowings and additional financing from sale |  |  |  |
and leaseback |  | 24 | (5 2 8) | (38,4 42)
Proceeds from borrowings |  | 7, 24 | 5, 533 | 3 8 ,19 3
Repurchase of treasury shares |  | 19 | (2 , 5 70) | (8, 24 0)
Treasury shares settled |  |  | (15) | –
Proceeds from share issuance |  | 19 | – | 121, 11 2
Dividends paid |  | 19 | (3 7,1 5 0) | –
Net cash used in financing activities |  |  | (2 9 2 ,15 3) | (132 , 13 9)
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS |  |  | (14 , 0 2 3) | 2 17, 6 2 7
Other comprehensive loss that may be reclassified to profit or loss in subsequent periods (net of tax): |  |  | (1 , 8 0 1) | (2 , 8 76)
Effects of movements in ECL on cash and cash equivalents |  |  | (2) | (2)
Foreign currency translation |  |  | – | (53)
CASH AND CASH EQUIVALENTS, at the beginning of the year |  | 18 | 4 8 8 ,702 | 2 74 , 0 0 6
CASH AND CASH EQUIVALENTS, at the end of the year |  | 18 | 47 2 , 8 76 | 4 8 8 ,702

The consolidated statement of cash flows is to be read in conjunction with the notes to, and forming
part of, the consolidated financial statements set out on pages 121 to 161.
Overview Other informationStrategic report Governance
120AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
1. Nature of activities
Joint Stock Company Air Astana is a joint stock company (the “Company”) as defined in the Civil Code
of the Republic of Kazakhstan.
The Company was established as a closed joint stock company on 14 September 2001 by Resolution
of the Government of the Republic of Kazakhstan #1118 dated 29 August 2001. Due to a change in
legislation introduced in 2003, the Parent Company was re-registered as a joint stock company on
27 May 2005.
The Company has a subsidiary JSC “FlyArystan” (formerly JSC “Aviation Company “Air Kazakhstan”)
(hereinafter – the “Subsidiary”) which was acquired in November 2019 by purchasing one hundred
percent of the shares and voting interests. Together the Company and the Subsidiary are referred
to as the “Group”.
In October 2024, the Subsidiary was assigned FS code by the International Air Transport Association
(IATA) and started tickets sales for passenger flights, scheduled after 31 December 2024. In December
2024, the Subsidiary operated its first charter flight. Before October 2024, the Subsidiary has not been
carrying out any operating activities of passenger and cargo transportation. Starting since January 2025,
the Subsidiary has commenced to carry out the activities of FlyArystan brand for provision of
passengers and cargo transportation by civil aviation aircraft services.
In June 2025, the Group established a subsidiary — LLP “Air Astana Terminal Services,” in which it holds
a 100% ownership interest. During the year ended 31 December 2025, the subsidiary did not conduct
any operating activities and, accordingly, did not have any significant assets, liabilities, or financial
results to be included in the consolidated financial statements
The Group’s principal activity is the provision of scheduled domestic and international air services
for passengers. Other business activities include freight and mail transportation.
As at 31 December 2025 and 31 December 2024, the Group operated 62 and 57 turbojet aircraft.
On 15 February 2024, the Company completed its initial public offering (“IPO”), raising KZT 54,256,673
thousand (USD 121,112 thousand). The Company listed simultaneously on three exchanges: Kazakhstan
Stock Exchange, Astana International Exchange, and London Stock Exchange. In addition to the primary
offering, existing shareholders JSC “National Welfare Fund “Samruk-Kazyna” (wholly owned by the
Government of the Republic of Kazakhstan), and BAE Systems Kazakhstan Limited both sold their
shares (or GDRs representing shares), reducing their shareholdings to 41% and 16.95%, respectively.
Other shareholders had less than 10% of shares post-IPO.
On December 18 2025, BAE Systems Kazakhstan Limited sold 9,000 thousand Global Depository
Receipts (GDRs), representing 10.1% of the Company’s issued share capital. As of 31 December 2025,
BAE Systems Kazakhstan Limited retained ownership of 6.85% of issued share capital. (They subsequently
exited their position entirely in March 2026.)
2. Basis of Accounting
Statement of compliance
These consolidated financial statements have been prepared in accordance with IFRS Accounting
Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”).
Functional and presentation currency
Even though the national currency of Kazakhstan is the Kazakhstani tenge (“tenge”), the Company’s
functional currency is determined as the US Dollar (“USD”). The USD reflects the economic substance of
the underlying events and circumstances of the Company and is the functional currency of the primary
economic environment in which the Company operates, as a significant portion of the Group’s revenues
(including international fares) and major operating costs such as aircraft leases, fuel purchases and
financing are predominantly denominated in or influenced by USD. The functional currency of the
Company’s subsidiary FlyArystan is determined as the US Dollar.
All currencies other than the currency selected for measuring items in the consolidated financial
information are treated as foreign currencies. Accordingly, transactions and balances not already
measured in USD have been remeasured in USD in accordance with the relevant accounting standard
requirements.
As requested by shareholders, the Group prepares two sets of financial statements with presentation
currency Kazakhstani tenge and USD as shareholders believe that both currencies are useful for the
users of the Group’s financial statements. This consolidated financial information for the year ended
31 December 2025 has been presented in USD. All financial information presented in USD has been
rounded to the nearest thousand.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Overview Other informationStrategic report Governance
121AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis except for certain
financial instruments that are measured at fair value, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange for assets
on the date of acquisition. The Group discloses other comprehensive income separately from its
consolidated statement of profit or loss. The principal accounting policies set out below have been
applied consistently to all periods presented in these consolidated financial statements. The consolidated
financial statements are presented in US dollars and all values are rounded to the nearest thousand
(’000 USD), except when otherwise indicated.
The Group has prepared the financial statements on the basis that it will continue to operate as
a going concern.
Basis of consolidation
(i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date,
which is the date on which control is transferred to the Group.
(ii) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity.
The financial statements of subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases. The accounting policies of subsidiaries
have been changed when necessary to align them with the policies adopted by the Group.
Revenue
Passenger revenue
The Group satisfies the performance obligations related to tickets sold and reports the sales as revenue
when the transportation service performance obligation has been satisfied. The value of tickets sold
and still valid but not used by the reporting date is reported as deferred (unearned) transportation
revenue. This item is reduced either when the Group satisfies the performance obligation by
completing the transportation service or when the passenger requests a refund. Based on historical
data of previous years, the Group recognizes passenger revenue in proportion to the pattern of rights
exercised by the customer in respect of a percentage of tickets sold that are expected not to be used
or refunded.
The Group conducts sales through agents that act as intermediaries distributing tickets among customers.
On average, accounts receivable are collected within a month from origination. The Group’s sales do
not contain significant finance components due to the short-term nature of airline tickets.
Passenger revenue includes revenue from code-share agreements with other airlines. Under these
agreements, the Group sells seats on these airlines’ flights and those other airlines sell seats on the
Group’s flights. Revenue from the sale of code-share seats on other airlines are recorded net in the
Group’s passenger revenue in profit or loss, since the Group acts as an agent in these agreements.
The revenue from other airlines’ sale of code-share seats on the Group’s flights is recorded in
passenger revenue in profit or loss.
Revenue related to airport charges, such as fees and taxes, are presented gross of the related costs.
This is due to the fact that the Group is exposed to changes in the actual costs, and these costs are
assessed by the Group based on the volume of its operations, such that the Group acts as a principal
in the transactions, not as an agent.
Cargo revenue
Cargo transport services are recognised as revenue at the time when the transportation service
is provided.
Customer loyalty program
Sales of tickets that result in award credits for customers, under the Group’s Nomad Club Loyalty
Programme, are accounted for as two separate performance obligations embedded into one contract,
the ticket. The transaction price is allocated between the transportation service and the award provided
based on their stand-alone selling prices. The transaction price of credit award is not recognised as
revenue at the time of the initial sale transaction but is deferred and recognised as revenue when
the award credits are redeemed and the Group’s performance obligations have been fulfilled.
Travel agents’ commissions
Travel agents’ commissions are recognised as an expense when the transportation service is provided.
Although such commissions represent incremental costs of obtaining a contract under IFRS 15.91,
the Group applies the practical expedient in IFRS 15.94 and expenses these costs as incurred,
as the expected amortisation period of the related asset does not exceed one year.
Overview Other informationStrategic report Governance
122AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
Reservation costs
Reservation costs are recognised as an expense when incurred, as the amortisation period of the asset
that the Group otherwise would have recognised does not exceed one year. Accordingly, the Group
applies the practical expedient in IFRS 15.94, which permits expensing incremental costs of obtaining
a contract when the expected amortisation period is one year or less.
Leasing
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for a consideration. To assess whether a contract conveys the right to control the
use of an identified asset, the Group uses the definition of a lease in IFRS 16.
(i) As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement date, plus any initial
direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to
restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the
underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects
that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated
over the useful life of the underlying asset, which is determined on the same basis as those of
property and equipment. In addition, the right-of-use asset is periodically reduced by impairment
losses, if any, and adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, and the Group’s incremental borrowing rate. Generally, the Group uses its
incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various external
financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset
leased.
Lease payments included in the measurement of the lease liability comprise the following:
– fixed payments, including in-substance fixed payments;
– variable lease payments that depend on an index or a rate, initially measured using the index or
rate as at the commencement date;
– amounts expected to be payable under a residual value guarantee; and
– the exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an optional renewal period if the Group is reasonably certain to exercise an extension
option, and penalties for early termination of a lease unless the Group is reasonably certain not to
terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is re-measured
when there is a change in future lease payments arising from a change in an index or rate, if there
is a change in the Group’s estimate of the amount expected to be payable under a residual value
guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension
or termination option or if there is a revised in-substance fixed lease payment.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-
use asset has been reduced to zero.
The Group presents right-of-use assets in ‘property, plant and equipment’ and lease liabilities
separately in the consolidated statement of financial position.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases. The Group recognises the lease payments associated with these leases
as an expense on a straight-line basis over the lease term.
Overview Other informationStrategic report Governance
123AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
(ii) Sale and leaseback transactions
If the Group transfers an asset to another entity and leases that asset back from this same entity,
the Group accounts for the transfer contract and the lease according to IFRS 16 Leases.
The Group applies the requirements for determining when a performance obligation is satisfied in IFRS
15 Revenue from contracts with customers to determine whether the transfer of an asset is accounted
for as a sale of that asset.
If the transfer of an asset by the Group satisfies the requirements of IFRS 15 to be accounted for as a
sale of the asset the Group measures the right-of-use asset arising from the leaseback at the proportion
of the previous carrying amount of the asset that relates to the right of use retained by the Group.
Accordingly, the Group recognises only the amount of any gain or loss that relates to the rights
transferred to the buyer-lessor. If the fair value of the consideration for the sale of an asset does
not equal the fair value of the asset, or if the payments for the lease are not at market rates,
the Group makes the following adjustments to measure the sale proceeds at fair value:
(a) any below-market terms shall be accounted for as a prepayment of lease payments; and
(b) any above-market terms shall be accounted for as additional financing provided by the buyer-
lessor to the seller-lessee.
Guarantee deposits
Guarantee deposits represent amounts paid to the lessors of aircraft, which are held as security
deposits by the lessors in accordance with the provisions of lease agreements without transfer of title.
These deposits are returned to the Group at the end of the lease period. Lease deposits relating to the
lease agreements without transfer of title are presented as assets in the consolidated statement of
financial position. At initial recognition the Group recognises a discount and a deferred asset (additional
lease payment) simultaneously. The discount is amortised over the lease term using the effective
interest method, and the deferred asset is amortised by equal amounts over the lease term.
Foreign currencies
In preparing the consolidated financial statements, transactions in currencies other than the functional
currency of the Group entities (foreign currencies) are recorded at the rates of exchange prevailing
at the dates of the transactions. At the end of each reporting period, monetary items denominated
in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that
are measured at historical cost in a foreign currency are not retranslated.
The following table summarises US Dollar exchange rates at 31 December 2025 and 31 December 2024
and for the years then ended:

|  | Average rate |  |  | Reporting date spot-rate
|  |  |  | 31 December | 31 December
USD |  | 2025 | 2024 | 2025 | 2024
1,000 | Tenge (KZT) | 1.92 | 2.13 | 1.98 | 1.9
Euro (EUR) |  | 1.13 | 1.08 | 1.17 | 1.04
British Pound (GBP) |  | 1.32 | 1.28 | 1.34 | 1.25

The following table summarises KZT exchange rates at 31 December 2025 and 31 December 2024 and
for the years then ended:

| Average rate |  |  | Reporting date spot-rate
|  |  | 31 December | 31 December
KZT | 2025 | 2024 | 2025 | 2024
US Dollar (USD) | 521.59 | 469.44 | 505.53 | 525.11
Euro (EUR) | 590.15 | 507.86 | 591.68 | 546.47
British Pound (GBP) | 6 87.92 | 600.27 | 679.37 | 659.08

Finance income and costs
Finance income comprises interest income on bank deposits and gain on financial instruments through
profit and loss. Interest income from a financial asset is recognised when it is probable that the economic
benefits will flow to the Group and the amount of income can be measured reliably. Interest income is
accrued on a time basis, by reference to the carrying value and at the effective interest rate applicable,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to that asset’s net carrying amount on initial recognition.
Finance costs comprise interest expense, bank commissions, losses on financial instruments through
profit and loss and other costs. Borrowing costs directly attributable to the acquisition, construction
or production of qualifying assets, which are assets that necessarily take a substantial period of time
to get ready for their intended use or sale, are added to the cost of those assets, until those assets
are substantially ready for their intended use or sale. All other borrowing costs are recognised in
profit or loss in the period in which they are incurred.
Investment income earned on the temporary investment of specific borrowings pending their
expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
Overview Other informationStrategic report Governance
124AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
Employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed
as the related service is provided. A provision is recognised for the amount expected to be paid under
cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay
this amount as a result of past service provided by the employee and the obligation can be estimated
reliably.
Taxation
Income tax expense represents the sum of the tax currently payable, tax paid for the current period
and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs
from profit as reported in the profit or loss because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the consolidated financial statements and the corresponding tax bases used in the
computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary
differences, and deferred tax assets are generally recognised for all deductible temporary differences
to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be realised. Such assets and liabilities are not recognised if the temporary
difference arises in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part
of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset recognised, based on tax rates (and tax laws)
that have been enacted or substantively enacted by the reporting date. The measurement of deferred
tax liabilities and assets reflects the tax consequences that would follow from the manner in which
the Group expects, at the reporting date, to recover or settle the carrying amount of its assets
and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current
tax assets against current tax liabilities and when they relate to income taxes levied by the same
taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Current and deferred taxes are recognised in profit or loss, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case, the current and deferred
taxes are also recognised in other comprehensive income or directly in equity, respectively.
Property, plant and equipment
Property, plant and equipment held for use in the supply of services, or for administrative purposes,
are stated in the consolidated statement of financial position at cost less accumulated depreciation
and impairment losses.
The financial interest attributed to pre-delivery payments made on account of aircraft and other
significant assets under construction is capitalised and added to the cost of the asset concerned.
Maintenance costs are recorded as expenses during the period when incurred, with the exception
of programs that extend the useful life of the asset or increase its value, which are then capitalised
(e.g. maintenance on airframes and engines).
Aircraft
The purchase price of aircraft is denominated in US dollar.
Aircraft are depreciated using a straight-line method over their average estimated useful life of 25 years
or over the lease terms, if the lease term is shorter than the 25-year period, assuming no residual value.
During the operating cycle, the Group reviews whether the depreciable base or the useful life should
be adjusted and, if necessary, determines whether a residual value should be recognised. The residual
value is measured as the estimated realizable value of the aircraft scrap metal.
Repairs for major airframes and engines of all aircraft are treated as a separate asset component
with the cost capitalised and depreciated over the period between the date of acquisition and the
next major overhaul.
Major overhaul expenditure, including replacement spares and labour costs, are capitalised and
amortised over the average expected life between major overhauls based on flight hours and cycles.
All other replacement spares and other costs relating to maintenance of an aircraft are charged to
profit or loss upon consumption or as incurred, respectively.
Overview Other informationStrategic report Governance
125AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
Rotable spare parts
Rotable spare parts are carried in property, plant and equipment.
The cost of replacing part of an item of property, plant and equipment is recognized in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part
will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing
of property, plant and equipment are recognised in profit or loss as incurred.
Other property, plant and equipment
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost
of self-constructed assets includes the cost of materials and direct labour, any other costs directly
attributable to bringing the asset to a working condition for its intended use, and the costs of
dismantling and removing the items and restoring the site on which they are located. Purchased
software that is integral to the functionality of the related equipment is capitalised as part of
that equipment.
Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives
of each part of an item of property, plant and equipment.
The estimated useful lives for the current and comparative periods are as follows:

– | Aircraft (excluding separate asset components) | 25 years;
– | Buildings and premises | 14-50 years;
– | Rotable spare parts | 3-15 years;
– | Office and training equipment | 4-20 years;
– | Vehicles | 7-9 years;
– | Other | 2-10 years.

Depreciation is recognised so as to write off the cost of assets (other than freehold land, properties
under construction and separate asset component of the aircraft) less their residual values over their
useful lives, using the straight-line method. Separate asset component of an aircraft is amortised over
the average expected life between major overhauls which is based on flight hours or cycles.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
An item of property, plant and equipment is de-recognised upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the
disposal or retirement of an item of property, plant and equipment is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
Intangible assets
Intangible assets acquired separately are reported at cost less accumulated amortisation and
impairment losses. Amortisation is charged on a straight-line basis over the estimated useful lives
of the assets. The estimated useful lives are reviewed at the end of each annual reporting period,
with the effect of any changes in estimate being accounted for on a prospective basis. The estimated
useful economic life of software for the current and comparative periods is from 7 to 10 years.
Impairment of tangible and intangible assets
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets
to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an
individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets
are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest
group of cash- generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted. The Group identifies the
recoverable amount as the higher of value in use and fair value less costs of disposal.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a
revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognised for the asset (or cash-generating unit) in prior years.
A reversal of an impairment loss is recognised immediately in profit or loss.
Overview Other informationStrategic report Governance
126AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
Contingent liabilities and contingent assets
Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed
in the notes to the consolidated financial statements, unless the possibility of an outflow of resources
embodying economic benefits is remote.
Contingent assets are not recognised in the consolidated financial statements. Where an inflow of
economic benefits is probable, they are disclosed in the notes to the consolidated financial statements.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined
on a first-in-first-out basis, except for fuel and de-icing liquid, which are determined on the weighted
average cost basis. Fuel and de-icing liquid are written off upon actual consumption. Net realizable
value represents the estimated selling price for inventories less all estimated costs of completion and
costs necessary to make the sale.
Expenditures incurred in acquiring the inventories such as customs duties, freight and broker’s services
are accumulated into a separate inventory account and allocated depending on use of relevant inventory.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that the Group will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the reporting date, taking into account the risks and uncertainties surrounding
the obligation. Where a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered
from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement
will be received and the amount of the receivable can be measured reliably.
Provision for aircraft maintenance under lease agreement without transfer of title
The Group is obligated to perform regular scheduled maintenance of aircraft under the terms of
its lease agreements without transfer of title and regulatory requirements relating to air safety.
The lease agreements also require the Group to return aircraft to lessors in a satisfactory condition
at the end of the lease term, which may require the performance of final return conditions.
The Group’s scheduled aircraft maintenance programs carried out through the lease periods are
designed to reduce the incidence of final return costs. Major aircraft maintenance relates to airframes
(referred to as the C- check, D-check and redelivery preparation program) and engines. The C-check is
heavy maintenance with approved performance intervals. It takes place the earliest of every 6,000 –
12,000 flight hours, 3,000 – 8,000 flight cycles and 18-36 months according to aircraft type.
The D-check (4С, 6YR, 12YR) is heavy maintenance connected with deep aircraft disassembly, structure
inspection and anticorrosion prevention program. It takes place with an interval of not more than
72 months. Engine overhaul occurs after specified flight hours or cycles occur. Some of the lease
agreements without transfer of title include a component of variable lease payments which is
generally reimbursable to the Group by lessors as a contribution to engine maintenance costs after
they are incurred.
The variable lease payments are recognised as an expense in profit or loss as incurred. In the case
of other lease agreements without transfer of title variable lease payments are replaced (subject to
certain conditions) by Letters of Credit as security for Lessors to cover any unfulfilled maintenance
liabilities on the return of the aircraft, and amounts corresponding to the applicable variable lease
amounts are included in provisions. For C-check maintenance, a provision is recorded on a progressive
basis based upon the Group’s estimate of future maintenance costs. For engine maintenance,
a provision is recorded on a progressive basis based upon the Group’s estimate of the excess of
maintenance costs over the amount reimbursable by the lessors. The Group’s aircraft maintenance
liabilities are due in US Dollars.
For scheduled maintenance events that are dependent on aircraft utilisation (flight hours or
flight cycles), the Group recognises a provision on a progressive basis as the aircraft is operated.
The expected cost of each major maintenance event is estimated and allocated over the relevant
maintenance interval (in flight hours, flight cycles or calendar time, as applicable). A cost rate per flight
hour or flight cycle is determined, and the provision is accrued based on actual utilisation accumulated
since the last maintenance event.
Overhaul and restoration works (not dependant on aircraft utilisation)
Costs resulting from restoration work required to be performed just before returning aircraft to the
lessors, such as painting of the shell or aircraft overhaul are recognized as provisions as of the inception
of the contract. The counterpart of these provisions is booked as a complement through the initial book
value of the aircraft right-of-use assets. This complement to the right-of-use asset is depreciated over
the lease term.
Overview Other informationStrategic report Governance
127AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
Financial instruments
Recognition and initial measurement
Trade receivables are initially recognised when they are originated. All other financial assets and
financial liabilities are initially recognised when the Group becomes a party to the contractual
provisions of the instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial
liability is initially measured at fair value plus, for an item not at fair value through profit or loss
(FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable
without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement
Financial assets
On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through
other comprehensive income (FVOCI) – debt investment; FVOCI – equity investment; or FVTPL.
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its
business model for managing financial assets, in which case all affected financial assets are reclassified
on the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at FVTPL:
– it is held within a business model whose objective is to hold assets to collect contractual cash flows;
and
– its contractual terms give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as at FVTPL:
– it is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and
– its contractual terms give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably
elect to present subsequent changes in the investment’s fair value in OCI. This election is made on
an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may
irrevocably designate a financial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting
mismatch that would otherwise arise.
Financial assets – Business model assessment
The Group makes an assessment of the objective of the business model in which a financial asset is
held at a portfolio level, because this best reflects the way the business is managed and information
is provided to the management. The information considered includes:
– the stated policies and objectives for the portfolio and the operation of those policies in practice.
These include whether the management’s strategy focuses on earning contractual interest income,
maintaining a particular interest rate profile, matching the duration of the financial assets to the
duration of any related liabilities or expected cash outflows or realising cash flows through the
sale of the assets;
– how the performance of the portfolio is evaluated and reported to the Group’s management;
– the risks that affect the performance of the business model (and the financial assets held within
that business model) and how those risks are managed;
– how managers of the business are compensated – e.g. whether compensation is based on the fair
value of the assets managed or the contractual cash flows collected; and
– the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such
sales and expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for de-recognition are
not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair
value basis are measured at FVTPL.
Overview Other informationStrategic report Governance
128AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
Financial assets – Assessment whether contractual cash flows are solely payments of principal
and interest
For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on
initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit
risk associated with the principal amount outstanding during a particular period of time and for other
basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the
Group considers the contractual terms of the instrument. This includes assessing whether the financial
asset contains a contractual term that could change the timing or amount of contractual cash flows
such that it would not meet this condition. In making this assessment, the Group considers:
– contingent events that would change the amount or timing of cash flows;
– terms that may adjust the contractual coupon rate, including variable-rate features;
– prepayment and extension features; and
– terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the
prepayment amount substantially represents unpaid amounts of principal and interest on the principal
amount outstanding, which may include reasonable additional compensation for early termination
of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual
par amount, a feature that permits or requires prepayment at an amount that substantially represents
the contractual par amount plus accrued (but unpaid) contractual interest (which may also include
reasonable additional compensation for early termination) is treated as consistent with this criterion
if the fair value of the prepayment feature is insignificant at initial recognition.
Financial assets – Subsequent measurement and gains and losses

Financial assets at FVTPL | These assets are subsequently measured at fair value. Net gains
| and losses, including any interest or dividend income, are recognised
| in profit or loss.
Financial assets at amortised cost | These assets are subsequently measured at amortised cost using the
| effective interest method. The amortised cost is reduced by impairment
| losses. Interest income, foreign exchange gains and losses and
| impairment are recognised in profit or loss. Any gain or loss on
| de-recognition is recognised in profit or loss.
Debt investments at FVOCI | These assets are subsequently measured at fair value. Interest income
| calculated using the effective interest method, foreign exchange gains
| and losses and impairment are recognised in profit or loss. Other net
| gains and losses are recognised in OCI. On de-recognition, gains and
| losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI | These assets are subsequently measured at fair value. Dividends
| are recognised as income in profit or loss unless the dividend clearly
| represents a recovery of part of the cost of the investment. Other net
| gains and losses are recognised in OCI and are never reclassified to
| profit or loss.

Financial liabilities – Classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified
as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including
any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign
exchange gains and losses are recognised in profit or loss. Any gain or loss on de-recognition is
also recognised in profit or loss.
Overview Other informationStrategic report Governance
129AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
Modification of financial assets and financial liabilities
Financial assets
If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the
modified asset are substantially different. If the cash flows are substantially different (referred to as
‘substantial modification’), then the contractual rights to cash flows from the original financial asset are
deemed to have expired. In this case, the original financial asset is de-recognised and a new financial
asset is recognised at fair value.
The Group performs a quantitative and qualitative evaluation of whether the modification is substantial,
i.e. whether the cash flows of the original financial asset and the modified or replaced financial asset
are substantially different. The Group assesses whether the modification is substantial based on
quantitative and qualitative factors in the following order: qualitative factors, quantitative factors,
combined effect of qualitative and quantitative factors. If the cash flows are substantially different,
then the contractual rights to cash flows from the original financial asset is deemed to have expired.
In making this evaluation the Group analogizes to the guidance on the de-recognition of financial
liabilities.
The Group concludes that the modification is substantial as a result of the following qualitative factors:
– change the currency of the financial asset;
– change in collateral or other credit enhancement.
If the cash flows of the modified asset carried at amortised cost are not substantially different, then the
modification does not result in de-recognition of the financial asset. In this case, the Group recalculates
the gross carrying amount of the financial asset and recognises the amount arising from adjusting the
gross carrying amount as a modification gain or loss in profit or loss. The gross carrying amount of the
financial asset is recalculated as the present value of the renegotiated or modified contractual cash
flows that are discounted at the financial asset’s original effective interest rate. Any costs or fees
incurred adjust the carrying amount of the modified financial asset and are amortised over the
remaining term of the modified financial asset.
Financial liabilities
The Group de-recognises a financial liability when its terms are modified and the cash flows of the
modified liability are substantially different. In this case, a new financial liability based on the modified
terms is recognised at fair value. The difference between the carrying amount of the financial liability
extinguished and the new financial liability with modified terms is recognised in profit or loss.
If a modification (or exchange) does not result in the de-recognition of the financial liability the Group
applies an accounting policy consistent with the requirements for adjusting the gross carrying amount
of a financial asset when a modification does not result in the de-recognition of the financial asset,
i.e. the Group recognises any adjustment to the amortised cost of the financial liability arising from
such a modification (or exchange) in profit or loss at the date of the modification (or exchange).
Changes in cash flows on existing financial liabilities are not considered as modification, if they result
from existing contractual terms, e.g. changes in fixed interest rates initiated by banks due to changes
in the Secured Overnight Financing Rate (SOFR), National Bank of Kazakhstan rates (NBRK) and other
key rates. The Group treats the modification of an interest rate to a current market rate using the
guidance on variable-rate financial instruments. This means that the effective interest rate is adjusted
prospectively.
The Group performs a quantitative and qualitative evaluation of whether the modification is substantial
considering qualitative factors, quantitative factors and combined effect of qualitative and quantitative
factors. The Group concludes that the modification is substantial as a result of the following qualitative
factors:
– change in the currency of the financial liability;
– change in collateral or other credit enhancement;
– inclusion of conversion option;
– change in the subordination of the financial liability.
For the quantitative assessment the terms are substantially different if the discounted present value of
the cash flows under the new terms, including any fees paid net of any fees received and discounted
using the original effective interest rate, is at least 10 per cent different from the discounted present
value of the remaining cash flows of the original financial liability. If an exchange of debt instruments
or modification of terms is accounted for as an extinguishment, any costs or fees incurred are
recognised as part of the gain or loss on the extinguishment. If the exchange or modification is
not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount
of the liability and are amortised over the remaining term of the modified liability.
Overview Other informationStrategic report Governance
130AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
De-recognition
Financial assets
The Group de-recognises a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards of ownership of the financial asset are transferred or
in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership
and it does not retain control of the financial asset.
The Group enters into transactions whereby it transfers assets recognised in its consolidated statement
of financial position, but retains either all or substantially all of the risks and rewards of the transferred
assets. In these cases, the transferred assets are not de-recognised.
Financial liabilities
The Group de-recognises a financial liability when its contractual obligations are discharged or
cancelled, or expire. The Group also de-recognises a financial liability when its terms are modified and
the cash flows of the modified liability are substantially different, in which case a new financial liability
based on the modified terms is recognised at fair value.
On de-recognition of a financial liability, the difference between the carrying amount extinguished and
the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised
in profit or loss.
Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the consolidated
statement of financial position when, and only when, the Group currently has a legally enforceable
right to set off the amounts and it intends either to settle them on a net basis or to realise the asset
and settle the liability simultaneously.
Derivatives and hedging activities
Initial recognition and subsequent measurement
The Group uses derivative financial instruments such as commodity derivatives to hedge its risks
associated with jet-fuel price fluctuations. Such derivative financial instruments are initially recognised
at fair value on the date on which the derivative contracts are entered into and are subsequently
re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive
and as financial liabilities when the fair value is negative.
The fair value of commodity derivatives are determined by reference to available market information
and swap/forward valuation methodology. Any gains or losses arising from changes in fair value of
derivatives are taken directly to consolidated statement of profit or loss, except for the effective portion
and cost of hedging for cash flow hedges, which are recognised in OCI.
For the purpose of hedge accounting, hedges are classified as:
– Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
liability or an unrecognised firm commitment;
– Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
to a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction or the foreign currency risk in an unrecognised firm commitment;
– Hedges of a net investment in a foreign operation.
The Group considers transactions with the probability of occurrence more than ninety percent highly
probable transactions.
At the inception of the hedge, the Group formally designates and documents the hedging relationship
to which the Group wishes to apply hedge accounting, and the risk management objective and
strategy for undertaking the hedge. That documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being hedged and how the entity will assess
whether the hedging relationship meets the hedge effectiveness requirements (including its analysis
of the sources of hedge ineffectiveness and how it determines the hedge ratio).
Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash
flows and are assessed on an ongoing basis at each reporting date or upon a significant change in the
circumstances affecting the hedge effectiveness requirements, whichever comes first. The assessment
relates to expectations about hedge effectiveness and is therefore only forward-looking.
Hedges that meet the strict criteria for hedge accounting are accounted for as described below:
Cash flow hedges
The effective portion of the gains or losses on the hedging instrument is recognised directly in OCI in
the cash flow hedge reserve, while any ineffective portion is recognised immediately in the consolidated
statement of profit or loss.
The Group uses fuel options contracts as hedges of its exposure to jet fuel price fluctuations in forecast
transactions and firm commitments. The ineffective portion relating to the ineffective portion relating
to commodity contracts is recognised in the consolidated statement of profit or loss.
Overview Other informationStrategic report Governance
131AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
Amounts recognised as OCI are transferred to the consolidated statement of profit or loss when the
hedged transaction affects the consolidated statement of profit or loss, such as when the hedged
financial expense is recognised or when a forecast transaction occurs. When the hedged item is the
cost of a non-financial asset or non-financial liability, the amounts recognised as OCI are transferred
to the initial carrying amount of the non-financial asset or liability.
If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or
loss previously recognised in equity is transferred to the consolidated statement of profit or loss. If the
hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its
designation as a hedge is revoked, any cumulative gain or loss previously recognised in OCI remains in
OCI until the forecast transaction or firm commitment affects consolidated statement of profit or loss.
If the hedge ratio for risk management purposes is no longer optimal but the risk management
objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge
relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume
of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes.
Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge
relationship rebalancing.
Cost of hedging
If the time value of a purchased option is separated and excluded from the designated hedging
instrument, then the excluded portion is separately accounted for as a cost of hedging. As such,
the change in fair value of the excluded portion is recognised in OCI and accumulated in a separate
component of equity to the extent that it relates to the hedged item.
As a result of the above accounting, fluctuations in the fair value of the time value element will be
accounted in OCI, both positive and negative. At the maturity date, the time value of option becomes
zero, the fair value is equal to the intrinsic value.
Crude oil commodity options
The Group has also entered into certain crude oil commodity options to mitigate the risk of variability
of future cash flows on jet fuel consumptions. These are just purely economic hedges and changes to
its value are directly charged to the consolidated statement of profit or loss within ‘Fuel and oil costs’.
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to issue of ordinary
shares and share options are recognised as a deduction from equity, net of any tax effects.
Dividends
Dividends are recognised as a liability in the period in which they are declared.
Impairment of financial assets
The Group recognises loss allowances for expected credit losses (ECLs) on:
– financial assets measured at amortised cost;
– debt investments measured at FVOCI.
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following,
which are measured at 12-month ECLs:
– guarantee deposits and bank balances that are determined to have low credit risk at the reporting
date; and
– other guarantee deposits and bank balances for which credit risk (i.e. the risk of default occurring
over the expected life of the financial instrument) has not increased significantly since initial
recognition.
Loss allowances for trade receivables and contract assets are always measured at an amount equal
to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECLs, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort.
This includes both quantitative and qualitative information and analysis, based on the Group’s
historical experience and informed credit assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than
30 days past due or if the external credit rating assigned to a financial asset by an international rating
agency falls by six notches according to Standard and Poor’s Global Ratings (S&P Global Ratings),
Moody’s or Fitch credit rating agencies.
Overview Other informationStrategic report Governance
132AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
3. Significant accounting policies continued
The Group considers a financial asset to be in default when:
– the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the
Group to actions such as realising security (if any is held); or
– the financial asset is more than 90 days past due.
The Group considers a debt security to have low credit risk when its credit risk rating is equivalent
to the globally understood definition of ‘investment grade’. The Group considers this to be Baa3 or
higher per Moody’s or BBB- or higher per S&P Global Ratings.
Lifetime ECLs are the ECLs that result from all possible default events over the contractual life of a
financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the
12 months after the reporting date (or a shorter period if the expected life of the instrument is less
than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance
with the contract and the cash flows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt
securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events
that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
– significant financial difficulty of the borrower or issuer;
– a breach of contract such as a default or being more than 90 days past due;
– the restructuring of a loan or advance by the Group on terms that the Group would not consider
otherwise;
– it is probable that the borrower will enter bankruptcy or other financial reorganisation;
– or the disappearance of an active market for a security because of financial difficulties.
Presentation of allowance for ECL in the consolidated statement of financial
position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying
amount of the assets.
For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognised in OCI.
Write-off
The gross carrying amount of a financial asset is written off when the Group has no reasonable
expectations of recovering a financial asset in its entirety or a portion thereof. The Group makes an
assessment with respect to the timing and amount of write-off based on whether there is a reasonable
expectation of recovery. The Group expects no significant recovery from the amount written off.
Overview Other informationStrategic report Governance
133AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
4. Application of new and revised international financial reporting
standards
New standards and interpretations not yet adopted
The new and amended standards and interpretations that are issued, but not yet effective, up to the
date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt
these new and amended standards and interpretations, if applicable, when they become effective.
(a) IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements for presentation within the statement of profit or loss, including specified
totals and subtotals. Furthermore, entities are required to classify all income and expenses within the
statement of profit or loss into one of five categories: operating, investing, financing, income taxes and
discontinued operations, whereof the first three are new.
The standard requires disclosure of newly defined management-defined performance measures,
subtotals of income and expenses, and it also includes new requirements for aggregation and
disaggregation of financial information based on the identified ‘roles’ of the primary financial
statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which
include changing the starting point for determining cash flows from operations under the indirect
method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around
classification of cash flows from dividends and interest. In addition, there are consequential
amendments to several other standards.
IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on
or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply
retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary
financial statements and notes to the financial statements. The initial expected material impacts
on Group’s financial statements are, as follows:
– New disclosures will be added: (a) management-defined performance measures; and (b) a
reconciliation for each line item in the statement of profit or loss between the restated amounts
presented applying IFRS 18 and the amounts previously presented applying IAS 1.
– Interest received and interest paid will be classified in the investing activities and financing
activities, respectively, on the statement of cash flows.
(b) Other accounting standards
The following new and amended standards are not expected to have a significant impact on the
Group’s consolidated financial statements.
– Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7).
– IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024).
– Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a
Hyperinflationary Presentation Currency (issued on 13 November 2025).
– Annual Improvements Volume 11 (issued on 18 July 2024).
– Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7
(issued on 18 December 2024).
As the Group’s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
New and amended standards and interpretations
The Group applied for the first-time certain standards and amendments, which are effective for annual
periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early
adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
(a) Lack of exchangeability – Amendments to IAS 21
For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability –
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should
assess whether a currency is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking. The amendments also require disclosure of information that enables users of
its financial statements to understand how the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity’s financial performance, financial position and cash flows.
The amendments did not have a material impact on the Group’s financial statements.
Overview Other informationStrategic report Governance
134AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
5. Critical accounting judgments and key sources of estimation
uncertainty
The preparation of consolidated financial statements in conformity with IFRS Accounting Standards
requires the management to make judgments, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results
may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only
that period or in the period of the revision and future periods if the revision affects both current and
future periods.
The following are the critical judgments and estimates that the management have made in the process
of applying the Group’s accounting policies and that have the most significant effect on the amounts
recognised in the consolidated financial statements.
Provisions
Provisions mainly consist of provision for aircraft maintenance (Note 22).
The maintenance provision is measured at the best estimate of expected future maintenance costs,
taking into account contractual pricing adjustments, including supplier credit notes that reduce the
unavoidable expenditure required to settle the obligation.
Determination of the functional currency
The functional currency of the Company is USD which, in the management’s view, reflects the economic
substance of the underlying events and circumstances of the Group at the reporting date. At each
reporting date the management of the Group reassesses factors that may affect the determination of
the functional currency based on circumstances at the reporting date. Significant judgment is required
from the management when analysing indicators of the primary economic environment including the
pricing policy, structure of revenues from international and domestic routes, costs structure as well as
continued development in the strategy of the Group for further development of international routes.
Future circumstances, therefore, may be different and may result in a different conclusion.
Useful lives of property, plant and equipment
In reporting intangible assets and tangible assets, an assessment is made of the useful economic life.
The Group reviews the useful lives of property, plant and equipment and intangible assets at least
annually and adjusts them if expectations differ from previous estimates.
The Group assesses at each reporting date whether there are indicators that an asset may be impaired.
If such indicators exist, the impairment test is made. Certain assets, such as goodwill, intangible assets
with indefinite useful lives and intangible assets not yet available for use, are tested for impairment at
least annually irrespective of whether impairment indicators exist.
Allowances
The Group accrues allowances for impairment of accounts receivable. The Group calculated the
probability of default of accounts receivable based on the lifetime approach. Changes in the economy
and specific customer conditions may require adjustments of the probability of default and loss given
default coefficient derived based on the historical information and thus adjustment for impairment of
accounts receivable recorded in the consolidated financial statements. As at 31 December 2025 and
2024, allowances for doubtful accounts were equal to USD 762 thousand, USD 882 thousand,
respectively (Note 16).
Other financial assets are mainly credit rated by one or more international credit rating agencies:
Moody’s, Fitch, and S&P Global Ratings. The estimated credit loss is calculated for the entire useful
life for those assets whose credit risk has increased significantly comparing to its level at the initial
recognition date. Once the instrument is impaired the Group calculates allowances for doubtful
accounts based on the expected future cash flows discounted at the original effective interest rate.
Interest on the impaired asset continues to be recognised through the unwinding of the discount.
When credit risk significantly decreases for those assets which previously have been classified in Stage
2, the Group performs an analysis to determine whether the current financial position of the borrower is
stable enough to reclassify such assets back to Stage 1. As at 31 December 2025 impairment allowances
were equal to USD 44,534 thousand as disclosed in Note 16 (31 December 2024: USD 44,357 thousand).
The Group annually estimates the necessity of write-down for obsolete and slow-moving inventories
based on annual stock count data conducted at the reporting date. As at 31 December 2025, the Group
recognised a write-down for obsolete and slow-moving inventories in the amount of USD 7,461 thousand
(2024: USD 5,590 thousand) (Note 14).
Overview Other informationStrategic report Governance
135AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
5. Critical accounting judgments and key sources of estimation
uncertainty continued
Customer loyalty program
The Group’s Nomad Club Loyalty program is an incentive program under which passengers are granted
points for each flight. Once a passenger accumulates a certain number of points he or she can convert
the points into a ticket. Loyalty points granted to customers represent a separate performance
obligation. Accordingly, a portion of the transaction price of the related ticket sales is allocated
to the loyalty points and recognised as a contract liability until the points are redeemed or expire.
While calculating the contract liability related to the customer loyalty program, the Group uses critical
judgements and estimates in regard to the expected redemption rate of points and the standalone
selling price (“SSP”) per point by Nomad Club members. The estimated redemption rate applied as
at 31 December 2025 and 31 December 2024 were 52.19% and 52.53%.
The Group uses estimated ticket values to calculate the program’s point value. Outstanding unutilized
points as of each reporting date are treated as a contract liability (deferred revenue). Points are valued
based on the weighted average standalone prices of tickets redeemed by route and class. The weighted
average standalone selling price per point as at 31 December 2025 and 31 December 2024 were
approximately USD 0.0122 and 0.0136 per point.
Based on historical statistics the Group determines the amount of breakage with regards to those
points whose usage is not probable. Breakage is recognised as revenue in proportion to the pattern
of point redemptions when it becomes highly probable that a significant reversal of revenue will not
occur. The estimated breakage rate applied as at 31 December 2025 and 31 December 2024 were
47.81% and 47.47%.
Lease term
Some property leases contain extension options exercisable by the Group up to one year before the
end of the non-cancellable contract period. Where practicable, the Group seeks to include extension
options in new leases to provide operational flexibility. The extension options held are exercisable only
by the Group and not by the lessors. The Group assesses at lease commencement date whether it is
reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably
certain to exercise the options if there is a significant event or significant changes in circumstances
within its control.
The Group has applied judgment to determine the lease term for some lease contracts in which it
is a lessee, based on the period for which the contract is enforceable. For certain property leases
the contractual term does not include enforceable renewal options. Although the parties may discuss
continuation of the lease at the end of the contractual term, the terms and conditions of any extension
(including lease payments and other key terms) are not predetermined and are subject to renegotiation
between the parties.
Accordingly, both the Group and the lessor have the practical ability not to continue the arrangement if
agreement on the new terms cannot be reached. In such cases the Group considers that the enforceable
period corresponds to the non-cancellable contractual period and therefore the lease term does not
extend beyond the original contract term.
Any continuation of the lease beyond the contractual term is treated as a new lease agreement once
the parties agree on revised terms and conditions.
Overview Other informationStrategic report Governance
136AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
5. Critical accounting judgments and key sources of estimation
uncertainty continued
Deferred tax asset recoverability and compliance with tax legislation
Tax legislation of Kazakhstan are subject to frequent changes and varying interpretations. The
management’s interpretation of such legislation in applying it to business transactions of the Group
may be challenged by the relevant regional authorities enabled by law to impose fines and penalties.
It is possible that the tax treatment of transactions that have not been challenged in the past may be
challenged. Fiscal periods remain open to review by the tax authorities in respect of taxes for the five
calendar years preceding the year of tax review.
Under certain circumstances reviews may cover longer periods. While the Group believes it has
provided adequately for all tax liabilities based on its understanding of the tax legislation, the above
facts may create additional financial risks for the Group.
Critical accounting judgements and key sources of estimation uncertainty in the
determination of the impact of climate change
As a result of climate change the Group has designed and approved its climate strategy, which commits
the Group to net zero emissions by 2050. While approved business plans currently have a duration of
five years, the climate strategy impacts both the short, medium and long-term operations of the Group.
The details regarding the inputs and assumptions used in the determination of the climate strategy
include, but are not limited to, the following that are within the control of the Group:
– With the introduction of SAF mandates in key international markets, we anticipate increased fuel
costs and potential infrastructure adaptation requirements. Although SAF is not yet widely available,
we recognise its importance in aviation decarbonisation and have taken proactive steps to prepare
for SAF integration.
– The cost of incurring an increase in the level of carbon offsetting and carbon capture schemes; and
– The impact of introducing more fuel-efficient aircraft and being able to operate these more
efficiently.
In addition to these inputs and measures within the control of management, Flightpath Net Zero
includes assumptions pertaining to consumers, governments and regulators regarding the following:
– The impact on passenger demand for air travel as a result of both passenger trends regarding
climate change and government policies;
– Investment and policy regarding the development of Sustainable Aviation Fuel (SAF) production
facilities;
– Investment and improvements in air traffic management; and
– The price of carbon through the EU and UK Emissions Trading Schemes (ETS) and the UN Carbon
Offsetting and Reduction Scheme for International Aviation (CORSIA).
The level of uncertainty regarding the impact of these factors increases over time. Accordingly,
the Group has applied estimation in the evaluation of the impact of climate change regarding
the recognition and measurement of assets and liabilities within the financial statements.
Overview Other informationStrategic report Governance
137AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
6. Segment reporting
For management purposes, the Group is organised into legal entities based on its services and has
two reportable segments, as follows:
– Full-service brand Air Astana, that provides scheduled and charter, point-to-point and transit,
short-haul and long-haul air travel and cargo on domestic, regional and international routes.
– Low-cost brand FlyArystan, that provides scheduled short haul and medium-haul, point-to-point
air travel across Kazakhstan and further into the Caucasus, Central Asia, Turkey and the Middle East.
No operating segments have been aggregated to form the above reportable operating segments.
The Group’s management makes decisions regarding resource allocation to segments based upon the
results and the activities of its full-service brand Air Astana and low-cost brand FlyArystan segments
for the purpose of segments’ performance evaluation. The Group management uses the operating
profit calculated according to IFRS accounting standards while evaluating the performance of the
segments adjusted for the impact of inter-segments leases.
The Group amended the treatment of intercompany leases costs between Air Astana and FlyArystan
in its segment reporting to consistently apply IFRS 16 Leases in both operating segments.
As a result of this change, the Group has recognized the depreciation of right-of-use assets arising from
these intercompany lease transactions with FlyArystan. These transactions are treated as inter segment
transactions and are reflected in elimination section of the segment report. The Group does not
conduct separate analyses of the financial position for each segment.
Operating results for the years ended 31 December 2025 and 2024:

’000 | USD | 2025 | 2025 | Inter-group |
Consolidated Profit or Loss statement |  | Air Astana | FlyArystan | elimination | Total
Revenue and other income |  |  |  |  |
Passenger revenue |  | 1,047,824 | 332,486 | (4) | 1,380,306
Other income |  | 74,346 | 2,264 | (6 8,161) | 8,449
Gain from sale and leaseback transactions |  | 37,76 4 | – | – | 37,764
Cargo and mail revenue |  | 27,376 | 1,989 | (1,994) | 27,371
Lease |  | 22,109 | 54,123 | (76,232) | –
Total revenue and other income |  | 1,209,419 | 390,862 | (146,391) | 1,453,890

’000 | USD | 2025 | 2025 | Inter-group |
Consolidated Profit or Loss statement |  | Air Astana | FlyArystan | elimination | Total
Operating expenses |  |  |  |  |
Fuel and oil costs |  | (244,633) | (87,153) | 320 | (331,466)
Employee and crew costs |  | (239,094) | (49,032) | 27,230 | (260,896)
Depreciation and amortisation |  | (163,226) | (76,486) | 9,972 | (229,740)
Passenger service |  | (122,166) | (19,389) | 970 | (140,585)
Engineering and maintenance |  | (117, 324) | (78,950) | 51,238 | (145,036)
Handling, landing fees and route charges |  | (116,367) | (29,796) | 5,160 | (141,003)
Selling costs |  | (48,521) | (2,503) | – | (51,024)
Aircraft operating lease costs |  | (36,253) | (6,405) | 40,440 | (2,218)
Insurance |  | (9,670) | (3,879) | – | (13,549)
Consultancy, legal and professional services |  | (7,50 8) | (17,870) | 19,443 | (5,935)
Information technology |  | (7,192) | (887) | 18 | (8,061)
Taxes, other than income |  | (5,189) | (429) | – | (5,618)
Property and office cost |  | (4,732) | (119) | 6 | (4,845)
Other |  | (26,840) | (1,727) | 2,778 | (25,789)
Total operating expenses |  | (1,148,715) | (374,625) | 157,575 | (1,365,765)
Operating profit |  | 60,704 | 16,237 | 11,184 | 88,125
Finance income |  | 20,831 | 12,829 | (11,353) | 22,307
Finance costs |  | (57,4 40) | (37,291) | 12,325 | (82,406)
Foreign exchange loss, net |  | (7,009) | (897) | – | (7,906)
Profit before tax |  | 17,086 | (9,122) | 12,156 | 20,120
Income tax expense |  | (6,861) | 293 | – | (6,568)
Profit for the period |  | 10,225 | (8,829) | 12,156 | 13,552

Finance income and finance costs presented above include interest income and interest expense
recognised by each segment.
No single customer represents more than 10% of revenue.
Overview Other informationStrategic report Governance
138AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
6. Segment reporting continued

|  | 31 December | 31 December |  |
|  | 2025 | 2025 | Inter-group |
’000 | USD | Air Astana | FlyArystan | elimination | Total
Other Segmental Information |  |  |  |  |
Total Assets |  | 1,581,132 | 711,508 | (236,059) | 2,056,581
Total Liabilities |  | 1,207,869 | 710,833 | (231,435) | 1,687,267

’000 | USD | 2024 | 2024 | Inter-group |
Consolidated Profit or Loss statement |  | Air Astana | FlyArystan | elimination | Total
Revenue and other income |  |  |  |  |
Passenger revenue |  | 917,187 | 328,867 | (10) | 1,246,044
Lease |  | 69,867 | 21,531 | (91,398) | –
Cargo and mail revenue |  | 23,891 | 2,412 | – | 26,303
Gain from sale and leaseback transactions |  | 12,063 | 12,953 | – | 25,016
Other income |  | 11,351 | 1,734 | (1,300) | 11,785
Total revenue and other income |  | 1,034,359 | 367,497 | (92,708) | 1,309,148
Operating expenses |  |  |  |  |
Fuel and oil costs |  | (220,897) | (84,286) | – | (305,183)
Employee and crew costs |  | (171,666) | (55,969) | 976 | (226,659)
Depreciation and amortisation |  | (157,903) | (61,133) | 29,865 | (189,171)
Passenger service |  | (102,857) | (15,820) | – | (118,677)
Engineering and maintenance |  | (97,572) | (57,60 0) | 37,298 | (117,874)
Handling, landing fees and route charges |  | (92,985) | (27,504) | 4 | (120,485)
Selling costs |  | (41,058) | (3,124) | 2 | (4 4,180)
Aircraft operating lease costs |  | (18,843) | (4,016) | 17,643 | (5,216)
Insurance |  | (8,870) | (3,931) | – | (12,801)
Consultancy, legal and professional services |  | (7,753) | (859) | 200 | (8,412)
Information technology |  | (4,640) | (2,191) | – | (6,831)
Taxes, other than income |  | (4,303) | (58) | – | (4,361)
Property and office cost |  | (4,185) | (490) | – | (4,675)
Other |  | (12,509) | (2,108) | – | (14,617)
Total operating expenses |  | (946,041) | (319,089) | 85,988 | (1,179,142)
Operating profit |  | 88,318 | 48,408 | (6,720) | 130,006

’000 | USD | 2024 | 2024 | Inter-group |
Consolidated Profit or Loss statement |  | Air Astana | FlyArystan | elimination | Total
Finance income |  | 17,774 | 6,093 | (1,788) | 22,079
Finance costs |  | (51,177) | (22,844) | 9,365 | (64,656)
Foreign exchange loss, net |  | (12,994) | (7,749) | – | (20,743)
Profit before tax |  | 41,921 | 23,908 | 857 | 66,686
Income tax expense |  | (9,041) | (4,869) | – | (13,910)
Profit for the period |  | 32,880 | 19,039 | 857 | 52,776

|  | 31 December | 31 December |  |
|  | 2024 | 2024 | Inter-group |
’000 | USD | Air Astana | FlyArystan | elimination | Total
Other Segmental Information |  |  |  |  |
Total Assets |  | 1,459,052 | 537,877 | (183,854) | 1,813,075
Total Liabilities |  | 1,057,244 | 528,392 | (167,091) | 1,418,545

7. Revenue and other income
The Group’s revenue from contracts with customers primarily comprises passenger transportation
services and cargo and mail transportation services. Passenger revenue and cargo and mail revenue
presented below represent revenue recognised from contracts with customers.

’000 | USD | 2025 | 2024
Passenger revenue |  |  |
Scheduled passenger flights including: |  | 1,276,827 | 1,151,415
Fuel surcharge |  | 117,916 | 96,636
Airport services |  | 71,186 | 59,984
Excess baggage |  | 6,701 | 6,000
Charter flights |  | 100,479 | 94,629
|  | 1,380,306 | 1,246,044

Passenger revenue increased by USD 134,262 thousand, or 10.78% increase, for the period ended
31 December 2025 as compared to the same period in 2024.
Overview Other informationStrategic report Governance
139AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
7. Revenue and other income continued

’000 | USD | 2025 | 2024
Cargo and mail revenue |  |  |
Cargo – Regular |  | 25,235 | 23,937
Mail |  | 2,136 | 2,366
|  | 27,371 | 26,303

’000 | USD | 2025 | 2024
Other income |  |  |
Incidental income |  | 1,856 | 7,582
Income from ground services |  | 1,841 | 1,738
Gain on disposal of property, plant and equipment and other assets |  | 984 | 717
Other |  | 3,768 | 1,748
|  | 8,449 | 11,785

Gain from sale and leaseback transactions
The Group sold six spare engines during 2025 for cash of USD 145,274 thousand. Immediately before
the transaction, the engines were carried at a cost of USD 73,610 thousand. At the same time, the
Group entered into the contracts with Buyer-lessors for the right to use the engines for eight years
with monthly payments. The terms and conditions of the transactions are such that the transfer of
the building by the Group satisfies the requirements of IFRS 15 Revenue from Contracts with Customers
to be accounted for as a sale of the engines. Accordingly, the Group and Buyer-lessor accounted for
the transaction as a sale and leaseback.
The fair value of the engines at the date of sale was USD 139,742 thousand. Because the consideration
for the sales of the engines was not at fair value, the Group and Buyer-lessor made adjustments to
measure the sale proceeds at fair value. Applying paragraph 101(b) of IFRS 16, the amount of the
excess sale price over the fair price of USD 5,533 thousand was recognised as additional financing
provided by Buyer-lessors to the Group. The present value of the annual payments was USD 68,466
thousand, of which USD 5,533 thousand related to the additional financing and USD 62,934 thousand
related to the lease-corresponding to annual payments.
Applying paragraph 100(a) of IFRS 16, at the commencement date, the Group measured the right-of-
use asset arising from the leaseback of the engines at the proportion of the previous carrying amount
of the engines that relates to the right-of-use retained by the Group, which is USD 34,566 thousand.
Accordingly, the Group recognized a net gain of USD 37,764 thousand which represents the excess
of the sale proceeds over lease liabilities and the changes in engines’ related assets.
The Group purchased three spare engines in 2024 which were immediately sold as part of a sale and
leaseback transaction. Additionally, one engine purchased in April 2024 was sold in December 2024
as a part of sale and leaseback transaction. The Group measured the right-of-use assets arising from
the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of -
use retained by the Group. Accordingly, the Group recognized a net gain of USD 25,016 thousand which
represents the excess of the sale proceeds over lease liabilities and the changes in engines’ related assets.
The Group has sold the spare engines for the total amount of USD 90,500 thousand and recognised
a right-of-use assets of USD 21,396 thousand and lease liabilities of USD 41,686 thousand. Under the
lease agreement the Group has leased back the spare engines for eight years with monthly payments.
The geographical analysis below represents the disaggregation of revenue from contracts with
customers during the periods ended 31 December 2025 and 2024:

|  |  |  | Operating segments |  | 2025 | Intergroup |
’000 | USD | 2025 | Air Astana | 2025 | FlyArystan |  | Eliminations | Total
Asia and Middle East |  |  | 509,014 |  | 11,999 |  | (5) | 521,008
Domestic |  |  | 250,763 |  | 271,538 |  | (1,973) | 520,328
Europe |  |  | 234,669 |  | 20,506 |  | (4) | 255,171
CIS |  |  | 80,754 |  | 30,432 |  | (16) | 111,170
Total Passenger and Cargo and mail revenue |  |  | 1,075,200 |  | 334,475 |  | (1,998) | 1,407,677

|  |  |  | Operating segments |  | 2024 | Intergroup |
’000 | USD | 2024 | Air Astana | 2024 | FlyArystan |  | Eliminations | Total
Asia and Middle East |  |  | 374,954 |  | 19,917 |  | – | 394,871
Europe |  |  | 250,152 |  | 17,576 |  | – | 267,7 28
Domestic |  |  | 241,222 |  | 264,970 |  | (10) | 5 0 6,182
CIS |  |  | 74,750 |  | 28,816 |  | – | 103,566
Total Passenger and Cargo and mail revenue |  |  | 941,078 |  | 331,279 |  | (10) | 1,272,347

Overview Other informationStrategic report Governance
140AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
8. Operating expenses

’000 | USD | 2025 | 2024
Employee and crew costs |  |  |
Wages and salaries |  | 198,508 | 174,886
Accommodation and allowance |  | 24,722 | 19,744
Social tax |  | 20,125 | 15,492
Training |  | 5,441 | 5,770
Other |  | 12,10 0 | 10,767
|  | 260,896 | 226,659

The average number of employees during the period ended 31 December 2025 was 6,381
(31 December 2024: 5,643).

’000 | USD | 2025 | 2024
Engineering and maintenance |  |  |
Maintenance, including components |  | 96,274 | 76,958
Maintenance – variable lease payments |  | 24,911 | 20,062
Spare parts |  | 19,888 | 17,0 41
Technical inspection |  | 3,963 | 3,813
|  | 145,036 | 117,874

’000 | USD | 2025 | 2024
Handling, landing fees and route charges |  |  |
Handling charge |  | 6 0,167 | 53,532
Aero navigation |  | 54,973 | 43,089
Landing fees |  | 23,227 | 21,638
Other |  | 2,636 | 2,226
|  | 141,003 | 120,485

’000 | USD | 2025 | 2024
Passenger service |  |  |
Airport charges |  | 66,464 | 54,614
Catering |  | 44,114 | 38,601
In-flight entertainment |  | 7,153 | 5,724
Security |  | 7,021 | 6,248
Other |  | 15,833 | 13,490
|  | 140,585 | 118,677

’000 | USD | 2025 | 2024
Selling costs |  |  |
Reservation costs |  | 28,169 | 24,646
Commissions |  | 12,915 | 10,253
Advertising |  | 9,159 | 8,546
Other |  | 781 | 735
|  | 51,024 | 44,180

9. Finance income and costs

’000 | USD | 2025 | 2024
Finance income |  |  |
Interest income on bank deposits |  | 21,894 | 21,414
Other |  | 413 | 665
|  | 22,307 | 22,079

’000 | USD | 2025 | 2024
Finance costs |  |  |
Interest expense on lease liabilities (Note 24) |  | 69,212 | 54,102
Unwinding of the discount of provision for aircraft maintenance (Note 22) |  | 12,538 | 9,772
Other |  | 655 | 782
|  | 82,406 | 64,656

10. Income tax expense
The Group’s income tax expense for the years ended 31 December was as follows:

’000 | USD | 2025 | 2024
Current income tax |  |  |
Current income tax |  | (45,283) | (32,391)
Adjustment recognised in the current year in relation to the current tax |  |  |
of prior years |  | 5,116 | 2,762
|  | (40,167) | (29,629)
Deferred tax expense |  |  |
Deferred income tax benefit |  | 33,599 | 15,719
|  | 33,599 | 15,719
|  | (6,568) | (13,910)

Overview Other informationStrategic report Governance
141AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
10. Income tax expense continued
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
In addition, as the Company has a functional currency that is different from the currency of the country
in which it is domiciled, it recognises temporary differences on changes in exchange rates which lead
to changes in the tax basis rather than the book basis.
The tax effect on the major temporary differences that give rise to the deferred income tax assets and
liabilities as at 31 December 2025 and 2024 is presented in the table below:

’000 | USD | 2025 | 2024
Deferred tax assets |  |  |
Lease liabilities |  | 215,745 | 182,814
Provision for aircraft maintenance |  | 83,142 | 64,061
Trade and other payables |  | 8,326 | 3,508
Trade Receivables |  | 3,314 | 3,583
Other |  | 1,492 | 1,118
Total deferred tax assets |  | 312,019 | 255,084
Deferred tax liabilities |  |  |
Right of use assets |  | (192,595) | (167,526)
Difference in depreciable value of property, plant and equipment and intangible assets |  | (33,141) | (31,953)
Inventories |  | (3,690) | (4,428)
Prepaid expenses |  | (1,615) | (2,410)
Other |  | (53) | (164)
Total deferred tax liabilities |  | (231,094) | (206,481)
Net deferred tax assets |  | 80,925 | 48,603

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when they relate to income taxes levied by the same
taxation authority on the same taxable entity.
Movements in deferred tax assets and liabilities presented above were recorded in profit or loss
accounts, except for USD 1,380 thousand related to carried forward corporate income tax movements,
which were recognised in equity relating to the realised portion of deferred tax on cash flows hedge
and effective portion of changes in fair value. (2024: USD 2,543 thousand).
In accordance with the local tax legislation both hedged and unhedged foreign currency losses are
treated as deductible expenses for the purpose of corporate income tax calculations. If such deductible
expenses cannot be fully utilized in the year of origination the tax code permits an entity to carry
forward the accumulated tax losses for the next ten years.
The Group does not have material temporary differences associated with investments in subsidiaries
for which deferred tax liabilities have not been recognised.
As at 31 December 2025 and 2024 the Group did not have unused tax losses, tax credits or deductible
temporary differences for which deferred tax assets were not recognised.
The income tax rate in the Republic of Kazakhstan, where the Group is located, in 2025 and 2024 was
20%. The taxation charge for the year is different from that which would be obtained by applying the
statutory income tax rate to profit or loss before income tax.
Below is a reconciliation of theoretical income tax at 20% (2024: 20%) to the actual income tax
expense recorded in the Group’s consolidated statement of profit or loss:

’000 | USD | 2025 | 2024
Profit before tax |  | 20,120 | 66,686
Corporate income tax, % |  | 20% | 20%
Income tax expense at applicable rate |  | (4,024) | (13,337)
USD forex effect |  | 832 | 138
Tax effect of non-deductible expenses |  | (5,807) | (882)
Other changes |  | 2,431 | 171
Income tax expense |  | (6,568) | (13,910)

Overview Other informationStrategic report Governance
142AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
11. Property, plant and equipment

|  |  |  |  |  |  | Equipment in |
|  |  | Office and | Building, |  |  | transit and |
|  | Rotable spare | training | premises and |  |  | construction in |
’000 | USD | parts | equipment | land | Vehicles | Aircraft | progress | Total
Cost |  |  |  |  |  |  |  |
At 1 January 2024 |  | 116,178 | 23,435 | 48,084 | 2,868 | 1,415,345 | 2,497 | 1,608,407
Additions |  | 46,904 | 3,846 | 9,770 | 4,147 | 345,593 | 4,612 | 414,872
Disposals |  | (14,967) | (594) | (1,384) | (123) | (53,548) | – | (70,616)
Other transfers |  | (9,532) | – | – | 9,027 | 505 | – | –
At 31 December 2024 |  | 138,583 | 26,687 | 56,470 | 15,919 | 1,707,895 | 7,109 | 1,952,663
Additions |  | 77,53 4 | 2,950 | 7,734 | 1,079 | 285,959 | 7,948 | 383,204
Disposals |  | (28,236) | (703) | (853) | (338) | (26,508) | – | (56,638)
At 31 December 2025 |  | 187,881 | 28,934 | 63,351 | 16,660 | 1,967,346 | 15,057 | 2,279,229
Accumulated depreciation |  |  |  |  |  |  |  |
At 1 January 2024 |  | 48,544 | 8,726 | 15,433 | 1,671 | 680,713 | – | 755,087
Charge for the year |  | 12,637 | 2,551 | 4,966 | 944 | 167,575 | – | 188,673
Disposals |  | (1,758) | (574) | (1,345) | (81) | (50,623) | – | (54,381)
Other transfers |  | (3,919) | – | – | 3,919 | – | – | –
At 31 December 2024 |  | 55,504 | 10,703 | 19,054 | 6,453 | 797,665 | – | 889,379
Charge for the year |  | 17,509 | 2,631 | 5,827 | 1,200 | 201,621 | – | 228,788
Disposals |  | (8,884) | (750) | (303) | (259) | (24,517) | – | (34,713)
At 31 December 2025 |  | 64,129 | 12,584 | 24,578 | 7,394 | 974,769 | – | 1,083,454
Net book value |  |  |  |  |  |  |  |
At 31 December 2024 |  | 83,079 | 15,984 | 37,416 | 9,466 | 910,230 | 7,109 | 1,063,284
At 31 December 2025 |  | 123,752 | 16,350 | 38,773 | 9,266 | 992,577 | 15,057 | 1,195,775

In determining the Group’s geographical information, assets, which consist principally of aircraft
and ground equipment, are mainly located in the Republic of Kazakhstan. Accordingly, there is no
reasonable basis for allocating the assets to geographical segments.
In 2024 the Group made full repayments on five finance lease obligations, resulting in the transfer
of title for these aircraft in amount of USD 66,562 thousand.
As at 31 December 2025, the Group made a repayment of finance lease obligation in accordance with
the lease schedule on two Boeing 767, resulting in the transfer of title for the aircraft. The book value
of the aircraft was USD 29,389 thousand (31 December 2024: nil).
Consequently, the right-of-use assets related to these aircraft are now classified as owned property.
As at 31 December 2025 technical equipment and vehicles includes highloader and five de-icing trucks
with the net book value USD 6,182 thousand (31 December 2024: USD 9,716 thousand), which were
purchased in 2023 and 2024.
Rotable spare parts include aircraft modification costs.
Overview Other informationStrategic report Governance
143AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
11. Property, plant and equipment continued
Right of use assets, included in property, plant and equipment, are as follows:

|  |  | Building, |  |
|  | Rotable | premises |  |
’000 | USD | spare parts | and land | Aircraft | Total
Cost |  |  |  |  |
At 1 January 2024 |  | 22,999 | 21,240 | 1,415,345 | 1,459,584
Additions and modifications |  | 23,568 | 8,413 | 345,807 | 377,78 8
Disposals |  | (574) | (1,384) | (53,544) | (55,502)
Transfer of title |  | – | – | (142,422) | (142,422)
At 31 December 2024 |  | 45,993 | 28,269 | 1,565,186 | 1,639,448
At 1 January 2025 |  | 45,993 | 28,269 | 1,565,186 | 1,639,448
Additions and modifications |  | 66,377 | 7,249 | 248,14 6 | 321,772
Disposals |  | – | – | (16,585) | (16,585)
Transfer of title |  | – | – | (108,454) | (108,454)
At 31 December 2025 |  | 112,370 | 35,518 | 1,688,293 | 1,836,181
Accumulated depreciation |  |  |  |  |
At 1 January 2024 |  | 13,263 | 11,288 | 680,713 | 705,264
Charge for the period |  | 2,921 | 4,335 | 165,927 | 173,183
Disposals |  | (554) | (1,345) | (50,569) | (52,468)
Transfer of title |  | – | – | (75,860) | (75,860)
At 31 December 2024 |  | 15,630 | 14,278 | 720,211 | 750,119
At 1 January 2025 |  | 15,630 | 14,278 | 720,211 | 750,119
Charge for the period |  | 9,276 | 5,145 | 174,007 | 188,428
Disposals |  | – | (296) | (14,108) | (14,404)
Transfer of title |  | – | – | (48,933) | (48,933)
At 31 December 2025 |  | 24,906 | 19,127 | 831,177 | 875,210
Net book value |  |  |  |  |
At 31 December 2024 |  | 30,363 | 13,991 | 844,975 | 889,329
At 31 December 2025 |  | 87,464 | 16,391 | 857,116 | 960,971

The Group’s obligations under leases for Aircraft have a carrying amount of USD 1,044,367 thousand
(2024: USD 888,661 thousand) (Note 24). The total amount of Aircraft Under Lease as at 31 December
2025 includes twenty-four Airbus aircraft under leases related to the FlyArystan brand with a net book
value of USD 367,512 thousand (2024: nineteen Airbus aircraft with a net book value of USD 340,451
thousand).
As per the loan agreement with JSC Halyk Bank of Kazakhstan, the Technical Center (Hangar) in Astana,
with a carrying amount of USD 17,561 thousand, is currently pledged in favor of JSC Halyk Bank of
Kazakhstan (31 December 2024: USD 18,028 thousand).
12. Depreciation and amortisation

’000 | USD | 2025 | 2024
Depreciation of property, plant and equipment (Note 11) |  | 228,788 | 188,673
Amortisation of intangible assets |  | 952 | 498
Total |  | 229,740 | 189,171

13. Guarantee deposits

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Non-current |  |  |
Guarantee deposits for leased aircraft |  | 41,238 | 36,742
Other guarantee deposits |  | 4,284 | 2,356
Impairment allowances |  | (572) | (403)
|  | 44,950 | 38,695
Current |  |  |
Guarantee deposits for leased aircraft |  | 47,017 | 1,269
Other guarantee deposits |  | 3,473 | 1,970
|  | 50,490 | 3,239
|  | 95,440 | 41,934

Guarantee deposits are interest-free and are recorded at amortised cost using an average market yield
of 1.75% per annum (2024: 3.06%).
Overview Other informationStrategic report Governance
144AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
13. Guarantee deposits continued
Guarantee deposits for leased aircraft comprise security deposits required by the lease agreements
as security for future lease payments to be made by the Group. Guarantee deposits are denominated
primarily in US Dollars. The Group assesses credit risk for such deposits as low mainly because almost
all lessors are rated from “AA” to “BBB” in accordance with S&P Global Ratings credit quality grades.
For those lessors who are not credit rated by international rating agencies, management calculates
the expected credit loss based on the assumption that such lessors are rated at “CCC” by S&P Global
Ratings. The amount of deposits with such lessors as of 31 December 2025 is USD 2,395 thousand
(2024: USD 2,535 thousand).
As at 31 December 2025, the Group had guarantees and stand-by letters of credit in JSC Halyk Bank
of Kazakhstan in the amount of USD 4,609 thousand, USD 12,455 thousand in JSC Altyn Bank and USD
22,693 thousand in JSC Citibank Kazakhstan.
As at 31 December 2024, the Group had guarantees and stand-by letters of credit in JSC Halyk Bank
of Kazakhstan in the amount of USD 10,043 thousand, USD 13,430 thousand in JSC Altyn Bank and
USD 19,122 thousand in JSC Citibank Kazakhstan.
Guarantee deposits for leased aircraft and maintenance liabilities are receivable as follows:

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Within one year |  | 47,017 | 1,269
After one year but not more than five years |  | 9,838 | 9,367
More than five years |  | 31,400 | 27,413
|  | 88,255 | 38,049
Fair value adjustment |  | – | (38)
|  | 88,255 | 38,011

The main driver for increases in guarantee deposits for leased aircraft in 2025 was the additional
20 aircraft committed for delivery in 2026-2028.
14. Inventories

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Spare parts |  | 48,901 | 44,874
Fuel |  | 23,036 | 8,147
Goods in transit |  | 6,669 | 4,369
Crockery |  | 3,685 | 4,189
Uniforms |  | 3,387 | 1,420
De-icing liquid |  | 2,829 | 1,790
Promotional materials |  | 1,285 | 2,640
Other |  | 4,086 | 4,290
|  | 93,878 | 71,719
Less: cumulative write-down for obsolete and slow-moving inventories |  | (7,461) | (5,590)
|  | 86,417 | 66,129

The movements in the cumulative write-down for obsolete and slow-moving inventories were as
follows for the years ended 31 December:

’000 | USD | 2025 | 2024
Cumulative write-down for obsolete and slow-moving inventories |  |  |
at the beginning of the year |  | (5,590) | (5,237)
Write-down for the year |  | (3,058) | (1,145)
Reversal of previous write-down for the year |  | 1,187 | 792
Cumulative write-down for obsolete and slow-moving inventories |  |  |
at the end of the year |  | (7,461) | (5,590)

Overview Other informationStrategic report Governance
145AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
15. Prepayments

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Non-current |  |  |
Advances for services |  | 11,406 | 10,366
Prepayments for long-term assets |  | 8,920 | 9,225
|  | 20,326 | 19,591
Current |  |  |
Advances for goods |  | 24,985 | 16,489
Prepayments of leases without transfer of legal title |  | 3,440 | 2,870
Advances for services |  | 2,962 | 11,074
|  | 31,387 | 30,433
Less: impairment allowance for prepayments |  | 27 | (143)
|  | 31,414 | 30,290

As at 31 December 2025, prepayments for long-term assets include prepayments to Boeing as pre
delivery payment for three aircraft (Note 27).
The movements in the impairment allowance for the years ended 31 December 2025 and 31 December
2024:

’000 | USD | 2025 | 2024
At the beginning of the year |  | (143) | (184)
Accrued during the year |  | (98) | (5)
Written-off against previously created allowance |  | – | 46
Reversed during the year |  | 268 | –
Impairment allowance at the end of the year |  | 27 | (143)

The impairment allowance includes advance payments made by the Group to suppliers which are
currently subject to legal claims for recovery due to the suppliers’ inability to complete the transactions.
16. Trade and other receivables

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Non-current |  |  |
Other financial assets |  | 44,534 | 44,357
Other receivables |  | 1,661 | 630
|  | 46,195 | 44,987
Less: impairment allowance |  | (44,534) | (44,357)
|  | 1,661 | 630
Current |  |  |
Trade receivables |  | 24,075 | 20,054
Other receivables |  | 2,684 | 1,629
|  | 26,759 | 21,683
Less: impairment allowance |  | (762) | (882)
|  | 25,997 | 20,801

In 2016, due to the significant credit quality deterioration, KazInvestBank JSC announced that its banking
license was recalled, and Delta Bank JSC experienced temporary suspension of its license for accepting
new deposits and opening new accounts on 22 May 2017. Consequently, the management reclassified
all funds held with these banks from the bank deposit line item to non-current trade and other
receivables and recognised an impairment allowance of approximately 90% of the funds as at
31 December 2016.
As at 31 December 2025 and 31 December 2024 the allowance for those banks comprises 100% of their
gross balances.
17. Other taxes prepaid

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Value-added tax recoverable |  | 31,404 | 13,273
Other taxes prepaid |  | 496 | 519
|  | 31,900 | 13,792

Overview Other informationStrategic report Governance
146AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
18. Cash and cash equivalents

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Term deposits with an initial maturity of less than 3 months |  | 406,208 | 335,904
Current accounts with foreign banks |  | 37,591 | 130,083
Current accounts with local banks |  | 28,472 | 13,077
Accrued interest |  | 527 | 565
Cash in hand |  | 92 | 77
US Treasury Bills with initial maturity of less than 3 months |  | – | 9,008
|  | 472,890 | 488,714
Impairment allowances |  | (14) | (12)
|  | 472,876 | 488,702

19. Equity
As at 31 December 2025 share capital was comprised of 353,948,253 authorised, issued and fully paid
ordinary shares (31 December 2024: 351,887,760 ordinary shares). The holders of ordinary shares are
entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Group.
The movement of shares outstanding for the years ended 31 December 2025 and 2024 as follows:

| Shares
| outstanding
At 1 January 2024 | 17,000,000
Share split | 289,000,000
Share issuance | 50,526,315
Treasury shares purchased | (4,638,555)
At 31 December 2024 | 351,887,760
At 1 January 2025 | 351,887,760
Equity settled share-based program | 4,638,555
Treasury shares purchased | (2,578,062)
At 31 December 2025 | 353,948,253

On 10 January 2024 existing shares were split to 306,000,000 shares and additional 60,000,000 shares
were authorised for issue.
On 15 February 2024, the Company completed its initial public offering (“IPO”), raising KZT 54,256,673
thousand (USD 121,112 thousand) through the issuance of new shares. The shares were simultaneously
listed on the Kazakhstan Stock Exchange, Astana International Exchange and London Stock Exchange.
Transaction costs directly attributable to the share issuance amounted to USD 3,100 thousand and
were recognised as a deduction from equity.
The number of authorised but not issued shares is 9,473,685 as at the date of approval of the
consolidated financial statements.
On 30 April 2024 the Company announced buyback programme to purchase ordinary shares of
the Company and global depositary receipts representing shares. The purpose of the programme
is to meet the Company’s obligations arising from its employee incentive programmes. The first
part of the programme was concluded in December 2024.
The total amount of treasury shares as at 31 December 2025 is 2,578,062 shares (31 December 2024:
4,638,555 shares). The Group repurchased its own shares on the open market in 2025 and 2024 for
a total consideration of USD 2,570 thousand and USD 8,240 thousand, respectively.
In accordance with Kazakhstan legislation the Company’s distributable reserves are limited to the
balance of retained earnings as recorded in the Company’s statutory financial statements prepared
in accordance with IFRS Accounting Standards. A distribution cannot be made when equity is negative
or if distribution would result in negative equity or the Company’s insolvency.
As at 31 December 2025 the Company had retained earnings, including the profit for the current year,
of USD 247,389 thousand (2024: USD 276,748 thousand).
On 31 May 2025, the Annual General Meeting of Shareholders approved the payment of ordinary and
special dividends in the total amount of KZT 53.7 per ordinary share and KZT 214.8 per global depositary
receipt (equal to four shares) in the amount of USD 37,306 thousand (KZT 19,100,000). During the year
ended on 31 December 2025, the Company accrued and paid out USD 37,150 thousand (KZT 19,070,084
thousand) of dividends payables.
No dividends were declared in 2024.
The calculation of basic earnings per share is based on profit or loss for the period and the weighted
average number of ordinary shares outstanding during the year ended 31 December 2025. Comparative
figures for the year ended 31 December 2024 is based on profit or loss for the period and the number
of ordinary shares outstanding. The Company has no instruments with potential dilutive effect.
Overview Other informationStrategic report Governance
147AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
19. Equity continued

’000 | USD | 2025 | 2024
Profit for the year |  | 13,552 | 52,776
Shares outstanding net of treasury shares |  | 354,271,002 | 348,878,155
Earnings per share – basic and diluted (USD) |  | 0.038 | 0.151

Employee share programs represent potential ordinary shares but were anti dilutive in 2025 (and 2024);
accordingly, diluted EPS equals basic EPS. These instruments could dilute EPS in future periods.
Book value per share (non-IFRS measure)
In accordance with the KASE decision dated 4 October 2010, financial statements must contain information
on the book value per share (common and preferred) as of the reporting date, calculated in accordance
with the rules approved by the KASE.

| 31 December | 31 December
| 2025 | 2024
Total assets | 2,056,581 | 1,813,075
Less: intangible assets | (6,502) | (6,018)
Less: total liabilities | (1,687,267) | (1,418,545)
Net Asset Value | 362,812 | 388,512
Number of ordinary shares | 353,948,253 | 351,887,76 0
Book value per ordinary share (in USD) | 1.025 | 1.104

20. Share-based payments
The Group operates share-based payment programs as part of the total remuneration package
provided to employees. These programs include share award plans in which shares are provided to
employees at no cost, subject to the Group achieving specified performance targets. All the programs
imply equity settlement.
IPO Award
The IPO Award plan is granted to key management personnel. The IPO Award plan vests after one year
from the IPO date, subject to continued service, with no further performance conditions. The fair value
of IPO Award was based on the market value of the share at the at the grant date. The programme was
completed during the first quarter of 2025.
Long-Term Incentive Plan
The Long-Term Incentive Plan (LTIP) is a recurring plan granted to the key management personnel,
following the announcement of full year results of each third IPO anniversary. The LTIP award is subject
to the achievement of performance conditions: 60% of the award is based on a range of net profit
margin targets for the 2026-2027 year-end, and 40% of the award is based on the Company’s total
shareholder return (“TSR”) performance against a peer group of other airlines. The total award amount
is determined by the fulfilment of these performance conditions. The plan terminates on the tenth
anniversary. The fair value of LTIP is based on the market value of the share at the grant date,
KZT 907.49 (USD 1.795).
The fair value of awards granted within LTIP was determined at reporting date using a binomial model
(The Cox-Ross-Rubinstein binomial model) for TSR and Monte Carlo model for EPS with the following
assumptions:

| Long-Term Incentive Plan | Long-Term Incentive Plan
Inputs into the Models | (2024-2026) | (2025-2027)
Market share price | 1.795 | 1.795
Expected volatility | 6.34% | 6.27%
Expected dividends | dividend payment | dividend payment
| does not have impact | does not have impact
Risk-free interest rate (based on US Treasury bonds) | 3.51% | 3.47%

The expected volatility of Group’s share return was determined as the median volatility of peer
companies’ share returns. As of 31 December 2025, the weighted average performance conditions
levels for EPS and TSR of the 2024-2026 and 2025-2027 programmes are 68.46% and 70.9%
(31 December 2024: 71.8%; nil).
Employee Share Ownership Plan
The Employee Share Ownership Plan (ESOP) was granted to eligible employees who had worked for
the company for at least 1 year prior to the IPO. The ESOP would vest one year after the IPO with no
further performance conditions except for continuous service. The programme was completed during
the first quarter of 2025 and the value of distributed ordinary shares was USD 5,350 thousand.
Total expense recognised during the year ended 31 December 2025 in respect to equity-settled
share-based payment was USD 1,749 thousand before income tax of USD 350 thousand (31 December
2024: USD 7,636 thousand before income tax of USD 1,527 thousand).
Overview Other informationStrategic report Governance
148AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
20. Share-based payments continued
The fair value of share rights at reporting date granted to employees is recognised as an expense,
within “Employee and crew costs” in profit or loss, over the vesting periods (1 and 3 years).
The corresponding entry is reflected in the column “Other reserves” of the consolidated statement
of changes in equity.
21. Deferred revenue

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Unearned passenger revenue |  | 83,850 | 73,805
Customer loyalty program |  | 15,229 | 15,996
|  | 99,079 | 89,801

The movement of deferred revenue for the year-ended 31 December 2025 and 2025 is as follows:

|  |  | 31 December 2025 |  | 31 December 2024
|  | Unearned |  | Unearned |
|  | transportation | Customer | transportation | Customer
’000 | USD | revenue | Loyalty program | revenue | Loyalty program
Balance at 1 January |  | 62,589 | 15,9963 | 72,440 | 11,928
Cash received from customers |  | – | 111 | – | 940
Revenue recognised in the Income Statement |  | (941,021) | (2,854) | (1,123,937) | 2,813
Operating expenses recognised in the Income |  |  |  |  |
Statement |  | 90 | 29 | 2,525 | 3
Loyalty points issued to customers |  | – | 1,947 | – | 312
Booking of the tickets |  | 947,917 | – | 1,111,561 | –
Balance at 31 December |  | 69,575 | 15,229 | 62,589 | 15,996

The amount of revenue recognised in the current period that was included in the opening deferred
revenue balance is USD 73,805 thousand.
Revenue recognised during the current period that was included in the opening balance of the
customer loyalty programme liability amounted to USD 1,793 thousand (2024: USD (970) thousand).
Unearned transportation revenue represents the value of tickets sold for which the transportation
service has not yet been provided. Passenger revenue is recognised when transportation is provided.
A portion of tickets sold is expected not to be used or refunded. The related revenue is recognised in
proportion to the pattern of rights exercised by passengers as flights occur, reflecting the expected
level of ticket breakage.
The Group applies the IFRS practical expedient under which it does not disclose the transaction price
allocated to remaining performance obligations for contracts with an original expected duration of
one year or less. The majority of the Group’s passenger ticket contracts fall within this exemption.
Deferred revenue attributable to the customer loyalty program refers to the Group’s Nomad Club
program.
22. Provision for aircraft maintenance

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Engines |  | 346,098 | 268,911
D-Check |  | 26,807 | 22,206
Landing gear |  | 8,398 | 6,328
Provision for redelivery of aircraft |  | 7,713 | 6,830
Auxiliary Power unit |  | 6,420 | 4,288
C-Check |  | 5,694 | 6,572
|  | 401,130 | 315,135

The movements in the provision for aircraft maintenance were as follows for the years ended
31 December:

’000 | USD | 2025 | 2024
At 1 January |  | 315,135 | 253,788
Accrued during the year (Note 8) |  | 111,753 | 96,536
Used during the year |  | (33,730) | (45,593)
Reversed during the year (Note 8) |  | (4,344) | (1,237)
Recognised in property, plant and equipment |  | (222) | 1,869
Unwinding of the discount (Note 9) |  | 12,538 | 9,772
At 31 December |  | 401,130 | 315,135

Overview Other informationStrategic report Governance
149AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
22. Provision for aircraft maintenance continued
The movements in provision for redelivery of aircraft were as follows for the years ended 31 December:

’000 | USD | 2025 | 2024
At 1 January |  | 6,830 | 7,102
Accrued during the year (Note 8) |  | 1,197 | 1,434
Used during the year |  | – | (468)
Reversed during the year (Note 8) |  | (314) | –
Recognised in property, plant and equipment |  | – | (1,238)
At 31 December |  | 7,713 | 6,830

Under the terms of its lease agreements without transfer of title for aircraft, the Group is obliged to
carry out and pay for maintenance based on use of the aircraft and to return aircraft to the lessors in a
satisfactory condition at the end of the lease term. The maintenance cost estimates used for calculating
the provisions are stated in US Dollars.
The planned utilisation of these provisions is as follows:

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Within one year |  | 136,817 | 25,269
During the second year |  | 98,046 | 105,778
During the third year |  | 99,577 | 60,658
After the third year |  | 66,690 | 123,430
Total provision for aircraft maintenance |  | 401,130 | 315,135
Less: current portion |  | 136,817 | 25,269
Non-current portion |  | 264,313 | 289,866

Significant judgment is involved in determining the provision for aircraft maintenance. The management
has engaged an independent specialist to assist in estimating the timing and cost of expected engine
maintenance activities. The estimate by the independent specialist is prepared based on the current
condition of aircraft, historical flight hours and cycles, expected future utilisation of the aircraft over the
remaining life of the leases without transfer of title as well as requirements for returnable condition
when the lease term is concluded. The estimates are based on the following key assumptions:
– expected utilisation rate for flight hours and cycles is based on historical data and actual usage;
– market prices are used for services and parts;
– aircraft will be operated within standard norms and conditions; and
– no provisions have been made for unscheduled maintenance.
23. Trade and other payables

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Financial liabilities |  |  |
Trade payables |  | 6 8,139 | 68,028
Accrued bonuses |  | 11,198 | 8,283
Deposits received from agents |  | 10,379 | 9,102
Due to employees |  | 8,764 | 6,744
Vacation pay accrual |  | 3,597 | 2,181
|  | 102,077 | 94,338
Non-financial liabilities |  |  |
Advances received |  | 16,541 | 11,314
Taxes payable |  | 2,846 | 9,832
Pension contribution |  | 1,721 | 1,214
Other |  | 226 | 124
|  | 21,334 | 22,484
|  | 123,411 | 116,822

The movement of advanced received for the year ended 31 December 2025 and 2024 is as follows:

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Balance at 1 January |  | 11,314 | 8,570
Additions |  | 250,587 | 655,627
Disposals |  | (245,360) | (652,883)
Balance 31 December |  | 16,541 | 11,314

The Group’s trade and other payables are denominated in the following currencies:

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Tenge |  | 52,156 | 56,425
US Dollar |  | 41,838 | 48,406
Euro |  | 7,669 | 6,105
British Pound |  | 1,201 | 773
Other |  | 20,547 | 5,113
|  | 123,411 | 116,822

Overview Other informationStrategic report Governance
150AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
24. Lease liabilities
As at 31 December 2025 the Group has one Boeing 767 aircraft under fixed interest lease agreements
with transfer of title (2024: three Boeing 767 aircraft). During 2025, the Group has repaid finance lease
with the transfer of title for two Boeing 767. In 2024, the Group fully repaid liabilities related to five
Airbus A320 family aircraft with transfer of title. The Group’s borrowings and lease liabilities do not
contain financial covenants that require compliance after the reporting date as a condition for
classifying the liabilities as non-current. Certain financing agreements include cross-default clauses;
however, these do not impose separate covenant compliance requirements within twelve months
after the reporting date. Accordingly, the classification of the Group’s liabilities as current or non-current
is not affected by covenant conditions.
These requirements have been met as at 31 December 2025 and 2024.
All other aircraft leases other than described above are contracted without the right for purchase at
the end of the lease term.
The Group’s lease liabilities are effectively secured by the lessors’ rights to the underlying leased
aircraft in the event of default under the lease agreements. The Group does not obtain legal title
to these assets during the lease term.
The Group’s obligations under leases are secured by the lessors’ title to the leased assets. These assets
have a carrying value of USD 960,971 thousand (2024: USD 889,329 thousand) (Note 11). The Group’s
lease obligations are mainly denominated in US Dollars.
Certain lease agreements may also require the Group to provide security deposits or guarantees
in favour of the lessors in accordance with the respective lease terms.
Reconciliation of movements of loans and lease liabilities to cash flows arising
from financing activities

’000 | USD | Loans | Lease liabilities | Total
Balance as at 1 January 2025 |  | 577 | 888,661 | 889,238
Proceeds from borrowings |  | 5,533 | – | 5,533
Repayment of lease liabilities |  | – | (190,762) | (190,762)
Interest paid |  | (305) | (66,356) | (66,661)
Repayment of additional financing |  | (528) | – | (528)
Total changes from financing cash flows |  | 4,700 | (257,118) | (252,418)
Effect of changes in foreign exchange rates |  | – | 525 | 525
Other changes |  |  |  |
New leases and modifications |  | – | 344,717 | 344,717
Non-cash settlement due to netting with guarantee deposits |  | – | (1,630) | (1,630)
Gain from early return of aircraft |  |  |  |
Interest expense (Note 9) |  | 315 | 69,212 | 69,527
Total other changes |  | 315 | 412,299 | 412,614
Balance as at 31 December 2025 |  | 5,592 | 1,044,367 | 1,049,959

’000 | USD | Loans | Lease liabilities | Total
Balance as at 1 January 2024 |  | 412 | 718,893 | 719,305
Repayment of borrowings |  | (38,016) | – | (38,016)
Proceeds from borrowings |  | 37,6 00 | – | 37,600
Additional financing from sale and leaseback |  | 593 | – | 593
Repayment of lease liabilities |  | – | (190,331) | (190,331)
Repayment of additional financing |  | (426) | – | (426)
Interest paid |  | (520) | (53,911) | (54,431)
Total changes from financing cash flows |  | (769) | (244,242) | (245,011)
Effect of changes in foreign exchange rates |  | 417 | (1,175) | (758)
Other changes |  |  |  |
New leases and modifications |  | – | 367,045 | 367,045
Non-cash settlement due to netting with guarantee deposits |  | – | (3,087) | (3,087)
Gain from early return of aircraft |  | – | (2,875) | (2,875)
Interest expense (Note 9) |  | 517 | 54,102 | 54,619
Total other changes |  | 517 | 415,185 | 415,702
Balance as at 31 December 2024 |  | 577 | 888,661 | 889,238

Overview Other informationStrategic report Governance
151AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
24. Lease liabilities continued
On 1 July 2015 the Group designated a portion of its US Dollar lease obligations with transfer of title as
hedges of highly probable future US Dollar revenue streams. The Group applied the cash flow hedge
accounting model to this hedging transaction in accordance with IAS 39.
In connection with the transition of the functional currency to US Dollar, this hedge ceased to be
economically effective from 31 December 2017. At 31 December 2025 a foreign currency hedge on
the lease liabilities with transfer of title was fully realized (31 December 2024: foreign currency loss
of USD 6,899 thousand before deferred income tax of USD 1,380 thousand). As a result of the change,
the hedge relationship has been discontinued so that starting from 1 January 2018 no further foreign
currency translation gains or losses are transferred from profit or loss to the hedge reserve, and the
hedge reserve recognised in equity as at 31 December 2017 shall remain in equity until the forecasted
revenue cash flows are received.
During 2025 the amount reclassified from the hedging reserve to foreign exchange loss in the
consolidated statement of comprehensive income was USD 6,899 thousand (before deferred income
tax of USD 1,380 thousand) (2024: USD 12,714 thousand before deferred income tax of USD 2,543
thousand).
25. Financial instruments
Exposure to credit, interest rate, currency and commodity price risk arises in the normal course of the
Group’s business. The Group does not hedge its exposure to such risks, other than commodity price risk
and interest rate risks arising from lease contractual obligations as discussed below.
Capital management
The Group manages its capital to ensure the Group will be able to continue as a going concern while
maximising the return to the shareholders through the optimisation of the debt and equity balance.
The Group’s current 10-year development Strategy was approved in 2017 and covers the years
2017-2026.
The capital structure of the Group consists of net debt (comprising loans and lease obligations in
Note 24) and equity of the Group (comprising issued capital, functional currency translation reserve,
reserve on hedging instruments and retained earnings as detailed in Note 19).
The Group is not subject to any externally imposed capital requirements.
The Group does not have a target gearing ratio.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting
in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy
counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk
of financial loss from defaults. Credit exposure is controlled by counterparty limits that are reviewed
and approved by the risk management committee annually.
The maximum exposure to credit risk related to financial instruments, such as cash, guarantee deposits
and accounts receivable, is calculated based on their book value.
Trade receivables consist of a large number of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts
receivable and, where appropriate, credit guarantee insurance cover is purchased.
As at 31 December 2025 and 31 December 2024 there was no significant concentration of credit risk
in respect of trade accounts receivable (Note 16).
The Group uses reputable banks and has established a cash investment policy which would limit the
credit risk related to bank accounts and deposits.
As a result of the increased credit risks on some of the banks, the management reconsidered its cash
management policy in 2017 and reviewed the credit ratings of the major banks in Kazakhstan and
placed its main amounts due from banks in banks with ratings of “BBB- or higher. The carrying
amounts of financial assets represent the maximum credit exposure. Impairment losses on financial
assets recognised in profit or loss were as follows:

’000 | USD | Note | 2025 | 2024
Reversal of impairment loss on trade and other receivables |  |  |  |
and prepayments |  | 15, 16 | 290 | 35
(Accrual)/reversal of impairment loss on guarantee deposits |  | 13 | (169) | 128
Accrual of impairment loss on cash and cash equivalents |  | 18 | (2) | (2)
|  |  | 119 | 161

Overview Other informationStrategic report Governance
152AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
25. Financial instruments continued
Trade and other receivables

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Default banks |  | 44,534 | 44,357
Trade receivables |  | 24,075 | 20,054
Amounts due from employees |  | 3,888 | 1,976
Receivable from lessors |  | 456 | 283
Total gross carrying amount |  | 72,953 | 66,670
Impairment allowance |  | (45,295) | (45,239)
Total net carrying amount |  | 27,658 | 21,431

Trade receivables
The sale of tickets is the main revenue source of the Group. The Group uses agents who sell tickets on
behalf of the Group to corporations and the general public for a certain commission that varies depending
on the geographical location and market conditions. As a result, agents amass significant amounts of
funds for tickets sold which are recorded as trade receivables by airlines. The International Air Transport
Association (hereinafter referred to as “IATA”) conducts monitoring of agents by establishing IATA
accreditation procedures designed to ensure the credit quality of agents. IATA also set Local Financial
Criteria for each market in accordance to which agents have to obtain a credit enhancement such as
bank guarantee or insurance from a financial institution of certain credit rating before they can be
accredited by IATA.
On a regular basis, the IATA notifies the airlines about the amount of debt from each agent in excess
of its guarantee or insurance protected amount. In addition, the IATA also informs about sharp and
unusual increases in sales which might signal an increase in risk. The Group then decides whether
to stop dealing with such agents until the negative factors are resolved.
The Group does not have trade receivables and contract assets for which no loss allowance is
recognised because of collateral.
The Group applies the simplified approach in measuring expected credit losses for trade receivables
recognizing lifetime expected credit losses from initial recognition.
Given the short-term nature of trade receivables and the low level of historical defaults, the loss
allowance is determined using a simplified provision matrix based on historical observed loss rates.
These rates are calculated based on long-term average default experience.
Due to the short contractual maturity of receivables, the Group does not consider the impact
of forward-looking macroeconomic factors to be significant.
At 31 December 2025, 7 debtors including IATA Billing Settlement Plans (BSPs) as collecting agencies
from the worldwide travel agencies comprised 63% of the Group’s trade and other receivables
excluding banks in default (at 31 December 2024: 5 debtors comprised 63%).
The following tables provide information about the exposure to credit risk for trade receivables
as at 31 December 2025, 31 December 2024.

|  |  | 31 December 2025 |  | 31 December 2024
|  | Gross carrying |  | Gross carrying |
’000 | USD | amount | Loss allowance | amount | Loss allowance
Current (not past due) |  | 23,193 | (80) | 13,383 | (19)
1–30 days past due |  | 390 | – | 6,305 | –
31-90 days past due |  | 369 | – | 29 | –
More than 90 days past due |  | 123 | (123) | 337 | (337)
|  | 24,075 | (203) | 20,054 | (356)

Amounts due from employees
In general, certain part of the Ab-initio pilot training costs is borne by the pilot trainees but are funded
by the Group through the provision of interest free loans to participants of the program. The Group
withholds the amounts due from pilots’ salary on a monthly basis. Those pilots or cadets who leave
the Group are fully provided with respect of the credit losses.
Movements in the allowance for impairment in respect of trade and other
receivables

’000 | USD | 2025 | 2024
Balance at 1 January |  | 45,239 | 46,222
Accrual of impairment allowance |  | 792 | 1,646
Foreign currency difference |  | 157 | (943)
Reversal of impairment allowance |  | (892) | (1,686)
Balance at 31 December |  | 45,296 | 45,239

Overview Other informationStrategic report Governance
153AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
25. Financial instruments continued
Guarantee Deposits
The main counterparties of the Group have a credit rating of at least “BBB-” S&P Global Ratings.
To determine whether published ratings remain up-to-date and to assess whether there has been a
significant increase in credit risk at the reporting date that has not been reflected in published ratings
the Group monitors changes in credit risk by tracking their financial stability.
12-month and lifetime probabilities of default are based on historical data supplied by S&P Global
Ratings for each credit rating. Loss given default (LGD) parameters generally reflect an assumed
recovery rate of 30% except when a security is credit-impaired, in which case the estimate of loss
is based on the instrument’s current market price and original effective interest rate.
The following table presents credit ratings of guarantee deposits each of which were classified in stage 1:

|  |  | 31 December 2025 |  |  | 31 December 2024 |
|  | Gross |  | Total net | Gross |  | Total net
|  | carrying | 12 month | carrying | carrying | 12 month | carrying
’000 | USD Credit rating | amount | ECL | amount | amount | ECL | amount
“BBB-” to “A+” |  | 80,159 | (113) | 80,046 | 37,085 | (58) | 37,027
“B+” to “BB+” |  | 4,340 | (127) | 4,213 | 2,535 | (72) | 2,463
Without ratings |  | 11,513 | (332) | 11,181 | 2,717 | (273) | 2,444
|  | 96,012 | (572) | 95,440 | 42,337 | (403) | 41,934

The loss allowance recognised on guarantee deposits relates primarily to deposits placed with
counterparties without external credit ratings and reflects the higher probability of default associated
with such counterparties.
The Group did not have any guarantee deposits that were either past due or impaired.

’000 | USD | 2025 | 2024
Balance at 1 January |  | (403) | (531)
Net re-measurement of loss allowance |  | (169) | 128
Balance at 31 December |  | (572) | (403)

Cash and cash equivalents
The Group held cash and cash equivalents of USD 472,876 thousand at 31 December 2025
(2024: USD 488,702 thousand). The cash and cash equivalents are held with government, bank and
financial institution counterparties, most of which are rated “BBB” to “A+”, based on S&P Global ratings.
Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and
reflects the short maturities of the exposures. The Group believes that its cash and cash equivalents
have low credit risk based on the external credit ratings of the counterparties.
The Group uses a similar approach for assessment of ECLs for cash and cash equivalents to those used
for bank and guarantee deposits. The following table presents an analysis of the credit quality of cash
and cash equivalents measured at amortised cost:

|  |  | 31 December 2025 |  |  | 31 December 2024 |
|  | Gross |  |  | Gross |  |
|  | carrying | 12 month | Carrying | carrying | 12 month | Carrying
’000 | USD Credit rating | amount | ECL | amount | amount | ECL | amount
“BBB-” to “A+” |  | 472,483 | (14) | 472,469 | 474,122 | (12) | 474,110
“B+” to “BB+” |  | 407 | – | 407 | 14,592 | – | 14,592
|  | 472,890 | (14) | 472,876 | 488,714 | (12) | 488,702

Interest rate risk
The Group is not exposed to significant interest rate risk because the Group mainly borrows funds at
fixed interest rates.
Foreign currency risk
The Group is exposed to foreign currency risk on sales and purchases that are denominated in
currencies other than the US Dollar. The currencies giving rise to this risk are primarily Tenge and Euro.
For amounts of liabilities denominated in foreign currency refer to Note 18. The management believes
that it has taken appropriate measures to support the sustainability of the Group’s business under the
current circumstances.
Overview Other informationStrategic report Governance
154AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
25. Financial instruments continued
Foreign currency sensitivity analysis
The Group is mainly exposed to the risk of change of exchange rates of the US Dollar against Tenge
and Euro.
The carrying value of the Group’s monetary assets and liabilities in foreign currency as at the reporting
date has been provided below. This disclosure excludes assets and liabilities denominated in other
currencies as they do not have significant effect on the consolidated financial statements of the Group.

|  |  | 31 December 2025 |  | 31 December 2024 |
’000 | USD | Notes | Tenge | Euro | Tenge | Euro
Assets |  |  |  |  |  |
Other taxes prepaid |  | 17 | 31,900 | – | 13,792 | –
Trade and other receivables |  | 16 | 12,503 | 1,256 | 14,463 | 1,15 6
Income tax prepaid |  |  | 7,105 | – | 12,999 | –
Cash and cash equivalents |  | 18 | 25,557 | 2,634 | 12,879 | 5,978
Guarantee deposits |  |  | 540 | 333 | 323 | 295
Total |  |  | 77,605 | 4,223 | 54,456 | 7,429
Liabilities |  |  |  |  |  |
Trade and other payables |  | 23 | 52,156 | 7,669 | 63,156 | 6,105
Lease liabilities |  |  | 11,989 | – | 7,897 | –
Total |  |  | 64,145 | 7,669 | 71,053 | 6,105
Net position |  |  | 13,460 | (3,446) | (16,597) | 1,324
In 2025 the following table details the Group’s sensitivity of weakening of the US Dollar against the |  |  |  |  |  |

Tenge by 10% (2024:10%) and Euro by 10% (2024: 10%) and strengthening of the US Dollar against
the Tenge by 10% (2024: 10%) and Euro by 10% (2024: 10%).
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and
adjusts their translation at the period end for abovementioned sensitivity ratios.
The sensitivity analysis includes trade and other receivables, cash and cash equivalents, bank deposits,
guarantee deposits, trade and other payables, loans and lease liabilities.
A negative number below indicates a decrease in Profit or Loss and positive number would be an
opposite impact on the Profit or Loss:

|  | Weakening of US Dollar |  |  | Strengthening of US Dollar
’000 | USD | Tenge | Euro | Tenge | Euro
31 December 2025 |  | 10% | 10% | 10% | 10%
(Loss)/profit |  | (1,077) | 276 | 1,077 | (276)

|  | Weakening of US Dollar |  |  | Strengthening of US Dollar
’000 | USD | Tenge | Euro | Tenge | Euro
31 December 2024 |  | 10% | 10% | 10% | 10%
(Loss)/profit |  | (1,328) | 106 | 1,328 | (106)

The Group limits the currency risk by monitoring changes in exchange rates of foreign currencies in
which trade and other receivables, cash and cash equivalents, bank deposits, guarantee deposits,
trade and other payables and loans and lease liabilities are denominated.
Fuel price risk
The Group is exposed to fuel price risk. In order to mitigate such risk, under the Group’s fuel price risk
management strategy Asian Call Option contracts are entered into. The Group strategy is to hedge a
proportion of fuel consumption up to two years within the approved hedging profile.
The following table demonstrates the sensitivity of Asian Call Option contracts to a reasonable possible
change in fuel prices, based on current market volatility, with all other variables held constant, on the
result before tax and equity. The sensitivity analysis has been performed on fuel derivatives at the
reporting date only and is not reflective of the impact had the sensitivity rates been applied through
the duration of the years to 31 December 2025 and 2024:

’000 | USD | 31 December 2025 |  | 31 December 2024 |
Increase/(decrease) in fuel price per cent |  | 10% | (10%) | 10% | (10%)
Effect on equity |  | 437 | (92) | 640 | (158)

Effect of fuel price change on profit-before tax is estimated to be zero.
Overview Other informationStrategic report Governance
155AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
25. Financial instruments continued
Climate-related considerations
The Group monitors developments in climate-related regulation and industry initiatives aimed at
reducing greenhouse gas emissions in the aviation sector. The global aviation industry has committed
to achieving net-zero carbon emissions by 2050, which is also reflected in the Group’s long-term
sustainability ambitions. Alongside the assessment of climate related physical risks, the Group is
also assessing measures to support the transition of the aviation sector, including the potential use
of sustainable aviation fuel over time. Management has considered whether climate-related matters
could affect significant accounting estimates applied in the preparation of the consolidated financial
statements and concluded that, as at the reporting date, no material adjustments to the carrying
amounts of the Group’s assets and liabilities were required.
Liquidity risk management
Liquidity risk is the risk that a Group will encounter difficulty in meeting the obligations associated
with its liabilities that are settled by delivering cash or another financial asset. The Group’s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to
meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Group’s reputation.
Ultimate responsibility for liquidity risk management rests with the Group’s Management. The Group
manages liquidity risk by maintaining adequate reserves, continuously monitoring forecast and actual
cash flows and matching the maturity profiles of financial assets and liabilities.
Liquidity and interest risk tables
The following tables detail the Group’s remaining contractual maturity for its non-derivative financial
liabilities and assets. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Group can be required to pay.
The maturity analysis of lease liabilities presented below reflects the Group’s contractual undiscounted
lease payments. The total undiscounted lease payments differ from the carrying amount of lease
liabilities recognised in the statement of financial position because lease liabilities are measured
at the present value of future lease payments using the Group’s incremental borrowing rate.

|  |  | 3 months |  |  |
’000 | USD | Up to 3 months | to 1 year | 1-5 years | Over 5 years | Total
31 December 2025 |  |  |  |  |  |
Financial assets |  |  |  |  |  |
Trade and other receivables |  | 23,862 | 2,13 4 | 1,662 | – | 27,658
Guarantee deposits |  | 1,936 | 48,551 | 11,214 | 34,311 | 96,012
Cash and cash equivalents |  | 472,876 | – | – | – | 472,876
Financial liabilities |  |  |  |  |  |
Non-interest bearing |  |  |  |  |  |
Trade and other payables |  | 82,447 | 21,577 | – | – | 104,024
Fixed rate |  |  |  |  |  |
Loans |  | 134 | 475 | 3,889 | 1,094 | 5,592
Lease liabilities |  | 111,071 | 334,009 | 874,633 | 178,879 | 1,498,592

|  |  | 3 months |  |  |
’000 | USD | Up to 3 months | to 1 year | 1-5 years | Over 5 years | Total
31 December 2024 |  |  |  |  |  |
Financial assets |  |  |  |  |  |
Trade and other receivables |  | 19,377 | 1,424 | 630 | – | 21,431
Guarantee deposits |  | 616 | 2,623 | 10,536 | 28,197 | 41,972
Cash and cash equivalents |  | 488,702 | – | – | – | 488,702
Financial liabilities |  |  |  |  |  |
Non-interest bearing |  |  |  |  |  |
Trade and other payables |  | 7 7,064 | 9,102 | – | – | 86,16 6
Fixed rate |  |  |  |  |  |
Loans |  | 24 | 72 | 478 | 183 | 757
Lease liabilities |  | 58,312 | 168,276 | 675,020 | 170,589 | 1,072,197

Overview Other informationStrategic report Governance
156AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
25. Financial instruments continued
Fair values
Cash and cash equivalents
The carrying value of cash and cash equivalents approximates their fair value as they either have
short- term maturity or are interest-bearing and hence are not discounted.
Fuel call options
The Group uses options to hedge the risk of jet fuel price movement. The Group uses standard market
instruments for fuel hedging purposes, such as “call option” (where the premium is paid in advance
bу the Group to cover the risk of increases of commodity price above the predetermined level).
Since there is no possibility to hedge the risk of changes in jet fuel prices purchased from call option
suppliers, the Group hedges only the amount of fuel purchased outside the Republic of Kazakhstan
signing a general agreement with several international banks on the conclusion of derivative
transactions. The management of the Group determines the volume of jet fuel that will bе hedged
before executing the deal. Hedging is carried out according to the Fuel hedging policy approved bу
the directors and shareholders of the Group. The Group determines the economic relationship between
the hedge instrument and the hedge item by analyzing the historic price movement of aviation fuel
and Brent by performing a regression analysis. The resulting Beta coefficient is assessed for statistical
significance and used as a hedge ratio.
The hedge ineffectiveness comes from the probability that due to constantly changing economic
conditions the highly probable transaction, purchase of aviation fuel, might not occur.
The fair values (FV) of financial assets and financial liabilities of the Group are determined in accordance
with generally accepted pricing models based on discounted cash flow analysis using prices from
observable current market transactions and dealer quotes for similar instruments.
The Group applied discounted expected future cash flows method under income approach to reach
fair value of the instruments. The cash-flows represent payouts from the counterparties to the Group
in case of a floating price exceeding a strike price.
To estimate payouts the Group applied Monte Carlo method based on Geometric Brownian Motion
model. The following key inputs parameters were used by the Group in their model:
– Spot: Brent Crude Oil futures last price as at 31 December 2025 and 31 December 2024;
– Growth rate: futures curve for Crude Oil, Brent (ICE) according to Bloomberg;
– Volatility: Implied volatility for Brent Crude oil according to Bloomberg; and
These hedge items are highly probable future transactions planned for the first half of 2026.
International fuel uplift volumes partially hedged for the first half of 2026. The hedge instrument is
the crude oil call option with the strike prices of USD 70 and USD 65 per barrel. Based on the hedge
ratio of 1.439, the Group hedged 191,965 barrels of fuel as of 31 December 2025 (31 December 2024:
183,912 barrels). Due to the short-term maturity the Group does not expect significant changes in the
fair value of the instruments.
Level 2 fair values for financial assets and liabilities at fair value through profit or loss have been
generally derived using the fair value valuation reports provided bу the banks which participate in
hedging transactions. The most significant input into this valuation approach are time left to maturity
of the deal, forward and spot prices of crude oil.
The Group has no other financial and non-financial instruments that are measured subsequent to initial
recognition at fair value, grouped into Levels 1 to 3 of fair value hierarchy.
Guarantee Deposits
Guarantee Deposits are recognised at amortised cost. The management believes that their carrying
amounts approximate their fair value.
Trade and other receivables and payables
For receivables and payables with a maturity of less than six months fair value is not materially
different from the carrying amount because the effect of the time value of money is not material.
Ab- initio receivables are recorded at fair value at initial recognition and subsequently measured at
amortised cost. The management believes that their carrying amounts approximate their fair value.
Loans
Loans are recognised at amortised cost. The management believes that their carrying amounts
approximate their fair values.
Overview Other informationStrategic report Governance
157AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
26. Measurement of fair values
A number of the Group’s accounting policies and disclosures require the measurement of fair values
for financial assets and liabilities.
The Group has an established control framework with respect to the measurement of fair values.
This includes a finance department that has overall responsibility for overseeing all significant fair
value measurements, including Level 3 fair values.
The finance department regularly reviews significant unobservable inputs and valuation adjustments.
If third party information, such as broker quotes or pricing services, is used to measure fair values,
then the valuation team assesses the evidence obtained from the third parties to support the conclusion
that such valuations meet the requirements of IFRS Accounting Standards, including the level in the fair
value hierarchy in which such valuations should be classified.
If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels
of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level
of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting
period during which the change has occurred.
As at 31 December 2025 and 2024 all of the Group’s assets were measured at amortised cost except
for fuel call options.
When measuring the fair value of an asset or a liability, the Group uses market observable data as far
as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs
used in the valuation techniques as follows:
– Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
– Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
– Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or a liability might be categorised in different
levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the
same level of the fair value hierarchy as the lowest level input that is significant to the entire
measurement.
Further information about the assumptions made in measuring fair values is included in Note 25.
27. Commitments and contingencies
Lease commitments
Aircraft
Aircraft leases are for terms of between 4 to 12 years. All lease contracts contain market review clauses
in the event that the parties agree to renew the leases. Certain lease agreements with transfer of title
include an option to purchase the aircraft at the end of the lease term. Other aircraft lease agreements
do not include a purchase option at expiry of the lease period.
The fixed payments and in-substance fixed payments are denominated and settled in US Dollars.
This currency is routinely used in international commerce for aircraft leases.
The following table presents commitments for aircraft lease agreements that have been signed but
for which the lease term has not yet commenced. Accordingly, the related lease liabilities have not
yet been recognised in the statement of financial position.
The Group has commitments for aircraft leases not yet commenced, with deliveries expected from
2026 onwards.

|  | 31 December | 31 December
’000 | USD | 2025 | 2024
Within one year |  | 15,011 | 29,084
After one year but not more than five years |  | 669,932 | 772,349
More than five years |  | 843,828 | 941,398
|  | 1,528,771 | 1,742,831

During 2024 the Group has placed the orders and signed respective lease agreements for 40 aircraft
– Boeing 787, Airbus 321LR, A321Neo, A320Neo, A320ceo and A320neo in low-cost carrier configuration
with deliveries in period from 2023 to 2028.
During 2025, two Airbus A320neo, two Airbus A320ceo, one Airbus A321neo, and three additional
Airbus A320neo in LCC configuration were delivered, while three Embraer E190-E2 were redelivered.
In addition, during the year, two lease agreements were signed for the future delivery of two Airbus
A321neo LR.
Lease extensions were also executed in 2025 for two Airbus A321neo, one Airbus A320neo, and one
Airbus A320ceo.
Overview Other informationStrategic report Governance
158AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
27. Commitments and contingencies continued
Insurance
Aviation insurance
Air Astana puts substantial attention in contracting insurance coverage for its aircraft operations and
hence hedges aviation risks with major international insurance markets (e.g. Lloyd’s) with a high rating
of financial stability through the services of an international reputable broker. Types of insurance
coverage are stated below:
– Aviation Hull, Total Loss Only and Spares All risks and Airline Liability including Passenger Liability;
– Aircraft Hull and Spare Engine Deductible;
– Aviation Hull and Spares “War and Allied Perils”;
– Aviation War, Hi-Jacking and Other Perils Excess Liability.
Non – Aviation Insurance
Apart from aviation insurance coverage the Group constantly purchases non-aviation insurance policies
to reduce the financial risk of damage to property and general liability, as well as covering employees
from accidents and medical expenses, as follows:
– Medical insurance of employees;
– Directors, Officers and Corporate liability insurance;
– Property insurance;
– Comprehensive vehicle insurance;
– Compulsory insurance of employee from accidents during execution of labour (service) duties;
– Pilot’s loss of license insurance;
– Insurance of goods at warehouse;
– Cyber insurance.
Taxation contingencies
The taxation system in Kazakhstan is relatively new and is characterized by frequent changes in
legislation, official pronouncements and court decisions, which are often unclear, contradictory and
subject to varying interpretation by different tax authorities, including opinions with respect to IFRS
Accounting Standards treatment of revenues, expenses and other items in the consolidated financial
statements. Taxes are subject to review and investigation by various levels of authorities, which have
the authority to impose severe fines and interest charges. A tax year generally remains open for review
by the tax authorities for five subsequent calendar years; however, under certain circumstances a tax
year may remain open longer.
The management believes that it has provided adequately for tax liabilities based on its interpretations
of applicable tax legislation, official pronouncements and court decisions. However, the interpretations
of the relevant authorities could differ and the effect on these consolidated financial statements, if the
authorities were successful in enforcing their interpretations, could be significant.
The functional currency of the Company is US Dollar, as it best reflects the economic substance of
the underlying events and circumstances of the Company. The Tax Code of the Republic of Kazakhstan
does not contain provisions which would regulate questions arising from the application of functional
currency in accounting books different from tenge. However, the Tax Code requires all taxpayers in
Kazakhstan to maintain their tax records and to settle tax liabilities in tenge. Therefore, the Group also
maintains records and conducts calculations in tenge for the purpose of taxation and settlement of tax
liabilities and makes certain estimates in this respect. The management believes that such approach
is the most appropriate under the current legislation.
Operating Environment
The future economic direction of Kazakhstan is heavily influenced by the fiscal and monetary policies
adopted by the government, together with developments in the legal, regulatory, and political
environment. As Kazakhstan produces and exports large volumes of oil and gas, its economy is
particularly sensitive to the price of oil and gas on the world market.
Depreciation of the Kazakhstan Tenge, volatility in the global price of oil and geopolitical conflicts
have also increased the level of uncertainty in the business environment. The consolidated financial
statements reflect the management’s assessment of the impact of the Kazakhstan business
environment on the operations and the financial position of the Group. The future business
environment may differ from the management’s assessment.
Overview Other informationStrategic report Governance
159AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
28. Related party transactions
Management remuneration
Key management that have authority and responsibility regarding management, control and planning
of the Group’s activity received the following remuneration during the year, which is included in
employee costs (Note 8):

’000 | USD | 2025 | 2024
Wages and salaries |  | 11,263 | 7, 599
Share-based payment |  | 1,423 | 1,571
Social tax |  | 1,176 | 865
Termination benefits |  | 27 | 318
|  | 13,889 | 10,353

Transactions with related parties
For the purposes of these consolidated financial statements, related parties include:
– JSC “National Welfare Fund Samruk-Kazyna”, which holds 41% of the Group’s shares as at
31 December 2025 and exercises significant influence over the Group;
– entities controlled or significantly influenced by the Government of the Republic of Kazakhstan
(government-related entities);
– key management personnel of the Group and their close family members; and
– entities controlled or jointly controlled by such persons.
The Government of the Republic of Kazakhstan is the ultimate controlling party of JSC “National Welfare
Fund Samruk-Kazyna”.
Accordingly, entities controlled or significantly influenced by the Government of the Republic of
Kazakhstan are considered government-related entities for the purposes of IAS 24.
Until 18 December 2025, BAE Systems Kazakhstan Limited held 16.95% of the Group’s shares and was
considered a related party due to its significant influence.
On 18 December 2025, BAE Systems Kazakhstan Limited disposed of 10.1% of its shareholding, reducing
its ownership interest to 6.85%.
Following this transaction, BAE Systems Kazakhstan Limited no longer has significant influence over the
Group and therefore ceased to be a related party from that date.
Transactions with BAE Systems Kazakhstan Limited up to 18 December 2025 are disclosed as related
party transactions. Among shareholders and their subsidiaries, JSC NC KazMunayGas and its subsidiaries
represent the Group’s only individually significant supplier, primarily in respect of fuel purchases.
The following table represents the related party transactions:

|  | 2025 |  | 2024 |
’000 | USD | Transaction | Outstanding | Transaction | Outstanding
Services received |  | value | balance | value | balance
State-owned companies |  | 64,919 | (114) | 107,654 | 2,173
|  | 64,919 | (114) | 107,654 | 2,173
JSC NC KazMunayGas and its subsidiaries |  | 2 27,4 0 8 | (4,835) | 74,615 | (4,467)
Other shareholders and their subsidiaries |  | 629 | (38) | 670 | (12)
|  | 292,956 | (4,987) | 182,939 | (2,306)

Services from related parties are represented by airport, navigation, meteorological forecasting services
and fuel.
Among the shareholders and their subsidiaries, JSC NC Kazpost and its subsidiaries are the only
significant client of the Group.

|  | 2025 |  |  | 2024
’000 | USD | Transaction | Outstanding | Transaction | Outstanding
Services provided by the Group |  | value | balance | value | balance
JSC NC Kazpost and its subsidiaries |  | 940 | 196 | 1,168 | 186
Other shareholders and their subsidiaries |  | 329 | 9 | 167 | 3
|  | 1,269 | 205 | 1,335 | 186

All outstanding balances with related parties are to be settled in cash within six months of the
reporting date. None of the balances are secured.
Transactions with government-related entities
The Group transacts with a number of entities that are controlled by the Government of Kazakhstan.
The Group applies the exemption in IAS 24 Related Party Disclosures that allows to present reduced
related party disclosures regarding transactions with government-related entities.
These transactions are conducted in the ordinary course of the Group’s business on terms comparable
to those with other entities that are not government-related.
Overview Other informationStrategic report Governance
160AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
29. Fees for the services received from the independent auditors
The fees for the services received from the independent auditors including the statutory audit and
other non-audit fees as per the agreements for the year ended 31 December:

’000 | USD | 2025 | 2024
Audit fee |  | 519 | 547
Other non-audit fees |  | 54 | 36
|  | 573 | 583

30. Subsequent events
On January 15 2026, the General Meeting of Shareholders approved the agreement with the Boeing
Company for the acquisition of five (firm) Boeing 787-9 type of aircraft and secured five option rights
and five purchase rights for Boeing 787-9 with deliveries scheduled for 2032-2035.
On February 9 2026, the General Meeting of Shareholders approved the agreement with Airbus S.A.S
for the acquisition of five (firm) Airbus A320N type aircraft, twenty (firm) A321NX aircraft and secured
purchase rights for twenty-five additional A320neo aircraft family with deliveries scheduled for
2031-2034. As at December 31 2025, the Group paid USD 43,041 thousand as a secured deposit
recognised as current guarantee deposits for leased aircraft in Note 13.
On February 4 2026, Gonçalo Pires was appointed as the Chief Financial Officer (CFO), effective 1 March
2026 replacing the current CFO, Ibrahim Canliel who will serve as the Chief Executive Officer (CEO),
effective 1 April 2026.
On 28 February 2026, the United States and Israel carried out military strikes against the Islamic
Republic of Iran, which resulted in increased geopolitical risks and restrictions on flights through the
airspace of several Middle Eastern countries, including Bahrain, Qatar, Kuwait, Iraq, Iran, the United
Arab Emirates (“UAE”) and Syria.
As a result, the Group diverted all flights on 28 February 2026 and temporarily suspended scheduled
flights to Dubai (UAE), Medina and Jeddah (Saudi Arabia), and Doha (Qatar) until such time that the
relevant airspace is reopened and the Group considers it safe to resume normal operations.
As at the date of approval of these consolidated financial statements, the Group operated limited
repatriation flights to Jeddah and Medina in western Saudi Arabia and Muscat (Oman).
In view of the surge in demand on routes between Kazakhstan and Asia, Central Asia and the Caucasus
and Asia, and Asia and Europe, the Group reallocated part of its available aircraft capacity from the
suspended Gulf routes to Asian routes.
As a result of the above developments, the Group estimates a neutral impact on profit in March.
The Group continues to monitor developments in the affected regions and assess the potential impact
on its operations.
31. Approval of the consolidated financial statements
The consolidated financial statements were approved by the management of the Group and authorised
for issue on 13 March 2026.
Overview Other informationStrategic report Governance
161AIR ASTANA GROUP INTEGRATED REPORT 2025
Financial statements
163 Supplementary ESG data
167 GRI content index
173 SASB index
174 Independent practitioner’s assurance report
177 Glossary
Digital transformation is pivotal and
amajor investment in next-generation
systems for enhancing our operational
performance, crew productivity
andcustomer experience.”
Piyush Taori
CHIEF DIGITAL AND
INFORMATIONOFFICER
Other information
Overview Strategic report Governance Financial statements
162AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
SUPPLEMENTARY SUSTAINABILITY DATA
FOR THE YEAR ENDED 31 DECEMBER 2025
Environment
Table 1: Emissions
2025 2024 2023
Total GHG emissions within the Group
Scope 1 GHG emissions (tonnes of CO
2
e) 1,414,911 1,252,773 1,115,142
Scope 2 GHG emissions (tonnes of CO
2
e) 5,169 5,120 5,660
Scope 3 GHG emissions (tonnes of CO
2
e) 368,936 352,399 –
Total Scope 1 and 2 GHG Emissions (tonnes CO
2
e) 1,420,080 1,257,893 1,120,802
Total Scope 1, 2, and 3 GHG Emissions (tonnes CO
2
e) 1,789,016 1,610,292 –
GHG Emissions Intensity
CO
2
emissions (Scope 1) intensity (tonnes CO
2
per RPK) 0.078
0.078 0.076
CO
2
emissions (Scope 1) intensity (tonnes CO
2
per ASK) 0.064 0.065 0.063
Operational Activity Indicators
Company-specific metric (seat kilometres)
22,032,718 19,322,854 17,689,651
Company-specific metric (revenue kilometres)
18,225,196 16,128,485 14,646,227
Scope 3 Emissions (tonnes of CO
2
e)
Category 1: Purchased goods and services 59,424.22 74,477 –
Category 2: Capital goods 6,341 10,881 –
Category 3: Fuel and energy related activities 294,719 259,553 –
Category 4: Upstream transportation and distribution 1,070 1,121 –
Category 5: Waste generated in operations 1,952 2,023 –
Category 6: Business travel 710 488 –
Category 7: Employee commuting 2,118 1,919 –
Category 8: Upstream leased assets 2,601 1,938 –
Total Other Indirect (Scope 3) GHG Emissions (tonnes of CO
2
e) 368,936 352,399 –
Direct emissions of NOx, SOx and other significant air emissions
Sulphur oxides, tonnes
5.15 4.39 3.96
Nitrogen oxides, tonnes
11.6 10.58 9.68
Carbon oxides, tonnes
15.05 13.03 11.63
Other substances, tonnes
3.44 2.96 3.61
Particulate matter
0.57 0.81 0.44
Table 2: Energy
2025 2024 2023
Energy consumption (Group)
Electricity (GJ) 16,164
15,473 14,958
Heating (GJ)
6,525 6,803 28,615
Energy intensity (thousand GJ) 2,698 2,625 2,367
Total fuel consumed (thousand GJ)
19,432 17,159 15,358
Total energy consumption within Group (thousand GJ)
19,455
17,181 15,386
Alternative fuel consumed (%) 0% 0% 0%
Sustainable fuel consumed (%) 0% 0% 0%
Table 3: Waste
2025 2024 2023
Waste disposal in Group’s sites (Almaty, Astana, Aktau)
Hazardous waste
64.02 17.86 11.79
Incineration (with energy recovery) – – –
Incineration (without energy recovery)
42.54 5.34 –
Landfilling
21.48 12.52 –
Other disposal operations – – –
Non-hazardous waste, tonnes
2,832.08 2,924.69 2,984.23
Incineration (with energy recovery) – – –
Incineration (without energy recovery) – – –
Landfilling
2,790.06 2 , 8 87.85 2,944.78
Other disposal operations
42.02 36.84 39.45
Total, tonnes
2,896.10 2,942.55 2,996.02
Were subject to limited assurance by PwC.
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163AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUPPLEMENTARY SUSTAINABILITY DATA CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
Table 4: Waste by breakdown
2025 2024 2023
1. Oil and fuel waste (used oils and fuels) 39.75 4.22 0.98
2. Hazardous aqueous liquid waste 0.24 0.24 0.23
3. Contaminated absorbents, rags and filters 17.34 4.61 1.33
4. Paint/solvent waste and contaminated packaging 5.74 5.25 2.06
5. Expired chemicals and other hazardous products 0.81 0.81 3.25
6. Mercury-containing waste (fluorescent lamps) 0.14 2.73 –
7. Batteries and accumulators 0.24 0.26 0.98
8. End-of-life tires (rubber waste) 0.60 1.60 2.97
9. Metal waste 2.52 1.82 0.399
10. Paper and cardboard waste 37.27 32.92 36.00
11. Plastic waste 1.63 0.24 2.84
12. Mixed municipal solid waste 2,787.13 2,887.85 2,945
13. Other waste not otherwise specified 2.69 – –
Total, tonnes
2,896.10 2,942.55 2,996.02
2025 2024 2023
Hazardous waste diverted from disposal
Third-party recycling/recovery, tonnes 42.54 – –
Non-hazardous waste diverted from disposal
Recycling (batteries, tires, paper, PET) 44.95 – –
Total expenses for environmental protection (USD)
Environmental protection 128,238 142,734 129,178
Negative impact on the environment 260,564 2,16 6 379,925
Hazardous waste disposal 18,112 11,981 1,951
Transfer of household waste 81,451 90,011 86,831
Health and safety
Table 5: Occupational Health and Safety
2025 2024 2023
Reported Accidents
Number of incidents 47
47 41
Recordable work-related injuries
29 30 29
Number of employees
7,211 6,546 6,499
Total accident rate (TAR) 4.02
4.58 4.46
Lost time injury frequency rate (LTIFR)
2.86 3.27 3.24
Fatal injury rate (FIFR)
–
– –
Number of hours worked
10,140,511 9,138, 297 8,950,617
Accident severity ratio 34.14 39.39 40.17
High-consequence work-related injuries (excluding fatalities)
–
– –
Occupational morbidity ratio – – –
OHS reports received 259 243 185
Fire safety
Fire evacuation drills conducted 14 17 18
Employees trained in fire safety 157 141 165
Were subject to limited assurance by PwC.
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164AIR ASTANA GROUP INTEGRATED REPORT 2025
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Our people: Employee profile
Table 6: Employees by gender and by age group
2025 2024 2023
Total workforce 7,211 6,546 6,499
Employees, by gender
Female
4,291 3,882 3,884
Male
2,920 2,664 2,615
Employees, by age group
<30 y.o. 3,026 2,568 2,669
30-50 y.o. 3,642 3,455 3,257
>50 y.o. 543 523 573
Table 7: New hires
2025 2024 2023
New hires (Total)
1
1,556
818 1,077
New hires, by gender
Female
922 421 543
Male
634 397 534
New hires, by age group
<30 y.o.
1,176 582 742
30-50 y.o.
332 215 306
>50 y.o.
48 21 29
New hires, by region
Almaty
1,054 596 725
Other Kazakhstan cities
495 216 344
International stations
7 6 8
Rate of hire
22% 12% 17%
Table 8: Turnover
2025 2024 2023
Turnover (Total)
887 806 777
Turnover, by gender
Female
508 449 442
Male
379 357 335
Turnover, by age group
<30 y.o.
444
413 407
30-50 y.o.
370
326 311
>50 y.o.
73
67 59
Turnover, by region
Almaty
611
529 459
Other Kazakhstan cities
274
271 296
International stations
2
6 22
Turnover rate from the total number of employees
The turnover rate
12.30% 12.31% 11.96%
Table 9: Parental Leave Statistics
2025 2024 2023
Total number of employees who were entitled
toparentalleave
Female
4,291 3,882 3,884
Male
2,920 2,664 2,615
Total
7,211 6,546 6,499
Employees who took parental leave, by Gender
Female
179
241 214
Male
16 15 17
Total
195 256 231
Employees who returned to work in the reporting period
afterparental leave ended, by Gender 
Female
174 187 171
Male
8 20 15
Total
182 207 186
SUPPLEMENTARY SUSTAINABILITY DATA CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
Were subject to limited assurance by PwC.
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165AIR ASTANA GROUP INTEGRATED REPORT 2025
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SUPPLEMENTARY SUSTAINABILITY DATA CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024 2023
Return to work rate of employees who took parental leave,
byGender
Female
67% 75% 67%
Male
36% 67% 68%
Total
65% 74% 67%
Employees who returned to work after parental leave ended
and who werestillemployed 12 months after returning to
work, by Gender
Female
133 156 156
Male
14 14 14
Total
147 170 233
Retention rate
Female
71% 91% 69%
Male
70% 93% 67%
Total
71% 91% 69%
Table 10: Training and development of employees
2025 2024 2023
Total number of hours 448,939
330,124
Total average of training hours per employee
62.26 50.43 6.32
Average Training Hours by Gender
Female
56.46 37.34 –
Male
70.78 69.5 –
Average Training Hours by Category
Operational
69.05 57.96 8.5
Administrative
18.61 14.57 4.9
Governance
Table 11: Ethics and compliance within the Group
2025 2024 2023
Total employees completed Code of Conduct training,
bynumber and region 913 488 3,050
Kazakhstan 903 475 2,995
International locations 10 13 55
Table 12: Operations assessed for risks related to corruption
2025 2024 2023
Total number of structural units/business processes assessed
forrisks associated with corruption 2 2 2
Total number of structural units/business processes for
whichacorruption risk assessment was carried out
1 2 2
Percentage of structural units/business processes assessed
forrisks associated with corruption.
50% 100% 100%
Table 13: Confirmed incidents of corruption and actions taken
2025 2024 2023
Total number and nature of confirmed incidents of corruption – 2 4
Total number of confirmed incidents in which employees were
dismissed or disciplined for corruption.
– 2 4
Total number of confirmed incidents when contracts with business
partners were terminated or not renewed due to violations
related to corruption.
– – –
Total number of public legal cases regarding corruption brought
against the organization or its employees during the reporting period
– – –
Table 14: Customer Privacy
2025 2024 2023
Substantiated complaints concerning breaches of customer privacy 0 0 0
Total number of identified leaks, thefts, or losses of customerdata
0 0 0
Table 15: Non-discrimination
2025 2024 2023
Total number of incidents of discrimination – – –-
Table 16: Procurement practices
2025 2024 2023
Purchases from local suppliers 31% 32% 31%
Were subject to limited assurance by PwC.
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166AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
GRI CONTENT INDEX
The Air Astana Group has reported in accordance with the GRI Standards for the period from 1 January 2025 to 31 December 2025.
GRI Standard/Disclosure Location of disclosures
Omission
Requirement(s)
omitted Reason Explanation
GRI 2: General Disclosures 2021
2-1 Organisational details
– Name of the organisation Cover of the Annual Report 2025
– Ownership and legal form Notes to the consolidated financial statements, page 121
– Location of headquarters Almaty, Kazakhstan
– Location of operations At a glance, page 4
2-2 Entities included in the organisation’s sustainability reporting Air Astana Group
2-3 Reporting period, frequency and contact point
– Specify the reporting period for, and the frequency of,
itssustainabilityreporting
The reporting period is 1 January 2025 – 31 December 2025. The reporting
occurs once peryear.
– Specify the reporting period for its financial reporting and, if it does not
align with the period for its sustainability reporting, explain the reason
for this
The reporting period is 1 January 2025 – 31 December 2025. This is aligned
withthe period for sustainability reporting.
– Report the publication date of the report or reported information April 2026 (Annual)
– Specify the contact point for questions about the report or
reportedinformation
Contact points are: Corporate.governance@airastana.com;
Sustainability.issues@airastana.com
2-4 Restatements of information
a. Report restatements of information made from previous reporting
periods and explain:
i. the reasons for the restatements;
ii. the effect of the restatements.
N/A - no restatements of sustainability data in 2025
2-5 External assurance Independent practitioner’s assurance report, page 174
2-6 Activities, value chain and other business relationships Pages 14, 40
2-7 Employees Page 57
2-8 Workers who are not employees Page 57
2-9 Governance structure and composition Page 84
2-10 Nomination and selection of the highest governance body Page 100
2-11 Chair of the highest governance body Page 84
2-12 Role of the highest governance body in overseeing the
management of impacts Page 90
2-13 Delegation of responsibility for managing impacts Page 91
2-14 Role of the highest governance body in sustainability reporting Page 41
2-15 Conflicts of interest Page 45
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167AIR ASTANA GROUP INTEGRATED REPORT 2025
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GRI CONTENT INDEX CONTINUED
GRI Standard/Disclosure Location of disclosures
Omission
Requirement(s)
omitted Reason Explanation
2-16 Communication of critical concerns Page 91
2-17 Collective knowledge of the highest governance body Page 99
2-18 Evaluation of the performance of the highest governance body Page 91
2-19 Remuneration policies Page 101
2-20 Process to determine remuneration Page 101
2-21 Annual total compensation ratio Page 101
2-22 Statement on sustainable development strategy Page 40
2-23 Policy commitments Page 43
2-24 Embedding policy commitments Page 43
2-25 Processes to remediate negative impacts Page 44
2-26 Mechanisms for seeking advice and raising concerns Page 44
2-27 Compliance with laws and regulations Page 43
2-28 Membership associations Page 40
International Air Transport Association (IATA), Association of Asia Pacific
Airlines (AAPA), IATA Clearing House, Flight Safety Foundation, Airline
Passenger Experience Association (APEX), International Society of Air Safety
Investigators (ISASI)
2-29 Approach to stakeholder engagement Page 36
2-30 Collective bargaining agreements Page 60
GRI 3: Material Topics 2021
3-1 Process to determine material topics Page 42
3-2 List of material topics Page 42
3-3 Management of material topics Page 42
Strategy Page 21
Ethics and compliance Page 43
Corporate governance Page 82
Stakeholder engagement Page 36
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168AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
GRI Standard/Disclosure Location of disclosures
Omission
Requirement(s)
omitted Reason Explanation
GRI 201: Economic performance 2016
3-3 Management of material topics Page 73
201-1 Direct economic value generated and distributed Page 73
201-4 Financial assistance received from government No financial assistance has been received from government since the launch
of Air Astana
GRI 204: Procurement practices 2016
3-3 Management of material topics Page 46
204-1 Proportion of spending on local suppliers Page 46
GRI 205: Anti-corruption 2016
205-1 Operations assessed for risks related to corruption
Page 45
205-2 Communication and training about anti-corruption policies
andprocedures Page 45
205-3 Confirmed incidents of corruption and actions taken Page 45
GRI 302-3 Energy intensity
3-3 Management of material topics Page 54
302-1 Energy consumption within the organisation Page 54 – GRI 302-1-c- iii, iv are not
applicable, since there were
no cooling and steam
consumption.
– GRI 302-1-d- i, ii, iii, iv are not
applicable, as the Group does
not sell electricity, heating,
cooling, or steam.
302-3 Energy intensity Page 54
302-4 Reduction of energy consumption Page 54
GRI CONTENT INDEX CONTINUED
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169AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
GRI Standard/Disclosure Location of disclosures
Omission
Requirement(s)
omitted Reason Explanation
GRI 305: Emissions 2016
3-3 Management of material topics Page 53
305-1 Direct (Scope 1) GHG emissions Page 54 – GRI 305-1-c is not applicable,
as the Group does not
generate biogenic CO₂
emissions.
– GRI 305-1-d- i, ii, iii are not
applicable, as the Group has
not established a base year.
Emissions performance is
measured against a long-term
decarbonization trajectory
targeting net-zero by 2050,
rather than a fixed historical
baseline.
305-2 Energy indirect (Scope 2) GHG emissions Page 54
305-3 Other indirect (Scope 3) GHG emissions Page 54
305-4 GHG emissions intensity Page 54
305-5 Reduction of GHG emissions Page 53
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx),
and other significant air emissions Page 54
GRI 306: Waste 2020
3-3 Management of material topics Page 55
306-1 Waste generation and significant waste-related impacts Page 55
306-2 Management of significant waste-related impacts Page 55
306-4 Waste diverted from disposal Page 56
306-5 Waste directed to disposal Page 55
GRI CONTENT INDEX CONTINUED
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170AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
GRI Standard/Disclosure Location of disclosures
Omission
Requirement(s)
omitted Reason Explanation
Environmental compliance Page 56
GRI 401: Employment 2016
3-3 Management of material topics
Pages 57–62
401-1 New employee hires and employee turnover
Pages 58–59
401-2 Benefits provided to full-time employees that are not provided
totemporary or part-time employees Page 60
401-3 Parental leave
Page 60
GRI 403: Occupational health and safety 2018
3-3 Management of material topics
Pages 49–51
403-1 Occupational health and safety management system
Pages 49–51
403-2 Hazard identification, risk assessment, and incident investigation
Pages 49–51
403-3 Occupational health services
Pages 49–51
403-4 Worker participation, consultation, and communication
onoccupational health and safety Pages 49–51
403-5 Worker training on occupational health and safety
Pages 49–51
403-6 Promotion of worker health
Pages 49–51
403-9 Work-related injuries Pages 49–51
GRI 403-9-e rates have been calculated based on 1,000,000 hours worked.
GRI 403-9-b and f are not
applicable, as workers who are
not employees are not covered
by the Occupational Health and
Safety system and not controlled
by the Group.
GRI 404: Training and education 2016
3-3 Management of material topics
Pages 63–67
404-1 Average hours of training per year per employee
Pages 63–67
404-2 Programs for upgrading employee skills and transition
assistanceprograms Pages 63–67
GRI CONTENT INDEX CONTINUED
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171AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
GRI Standard/Disclosure Location of disclosures
Omission
Requirement(s)
omitted Reason Explanation
GRI 406: Non-discrimination 2016
406-1 Incidents of discrimination and corrective actions taken Page 59
GRI 418: Customer privacy 2016
3-3 Management of material topics Page 45
418-1 Substantiated complaints concerning breaches of customer
privacy and losses of customer data Page 45
Innovation and digitalisation Page 26
Service quality Pages 46, 27–29
Passenger turnover Page 4
On-time flight performance Page 28
Aviation safety management systems Pages 47–49
GRI CONTENT INDEX CONTINUED
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172AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
Topic SASB code Metric Air Astana group
Greenhouse Gas Emissions TR-AL-110a.1 Gross global Scope 1 emissions 1,414,911 (t) CO₂-e
Greenhouse Gas Emissions TR-AL-110a.2 Discussion of long- and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets,
and an analysis of performance against those targets
Please read our Integrated Annual Report 2025
Greenhouse Gas Emissions TR-AL-110a.3 (1) Total fuel consumed,
(2) percentage alternative and
(3) percentage sustainable
(1) 19,432 thousand GJ
(2) 0%
(3) 0%
Labour Practices TR-AL-310a.1 Percentage of active workforce employed under collective agreements 100%
Labour Practices TR-AL-310a.2 (1) Number of work stoppages and
(2) total days idle
(1) 0
(2) 0
Competitive Behaviour TR-AL-520a.1 Total amount of monetary losses as a result of legal proceedings associated with anti-competitive
behaviourregulations
In 2025, no fines were imposed on the Air Astana
Group in relation to anti-competitive behaviour
Accident & Safety Management TR-AL-540a.1 Description of implementation and outcomes of a Safety Management System Please read our Integrated Annual Report 2025
Accident & Safety Management TR-AL-540a.2 Number of aviation accidents 0
Accident & Safety Management TR-AL-540a.3 Number of governmental enforcement actions of aviation safety regulations 0
Activity metrics
Sasb code Activity metric Air Astana Group
TR-AL-000.A Available seat kilometres (ASK) 22,032,718
TR-AL-000.B Passenger load factor 82.72%
TR-AL-000.C Revenue passenger kilometres (RPK) 18,225,196
TR-AL-000.D Revenue tonne-kilometres (RTK) 1,735,900
TR-AL-000.E Number of departures 65.676
TR-AL-000.F Average age of fleet 6.4
SUSTAINABILITY ACCOUNTING STANDARDS BOARD (SASB) TOPICS AND METRICS
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INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT ON
AIR ASTANA JSC’S SELECTED CONSOLIDATED SUSTAINABILITY INFORMATION
TO THE BOARD OF DIRECTORS OF AIR ASTANA JSC
Limited assurance conclusion
We have conducted a limited assurance engagement on the selected consolidated sustainability
information of Air Astana JSC (the ‘Company’) and its subsidiary (the ‘Group’) as at 31 December 2025
and for the year then ended that is disclosed and marked with symbol
in Air Astana Integrated
Report 2025 and is summarised in the Appendix 1 to this report (the ‘Selected consolidated
sustainability information’ and the ‘Annual Report’ respectively).
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that the Selected consolidated sustainability information is
not prepared, in all material respects, in accordance with the Applicable Criteria as presented in the
Appendix 1 to this report (the ‘Applicable Criteria’).
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on
Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews
of historical financial information (‘ISAE 3000 (Revised)’), issued by the International Auditing and
Assurance Standards Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion. Our responsibilities under this standard are further described in the Practitioner’s
responsibilities section of our report.
Our independence and quality management
We have complied with the independence and other ethical requirements of the International Code of
Ethics for Professional Accountants (including International Independence Standards) issued by the
International Ethics Standards Board for Accountants (IESBA Code), which is founded on fundamental
principles of integrity, objectivity, professional competence and due care, confidentiality and
professional behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Responsibilities for the Selected consolidated sustainability information
Management of the Company is responsible for:
– the preparation of the Selected consolidated sustainability information in accordance with the
Applicable Criteria;
– designing, implementing and maintaining such internal control as management determines is
necessary to enable the preparation of the Selected consolidated sustainability information, in
accordance with the Applicable Criteria, that is free from material misstatement, whether due to
fraud or error; and
– the selection and application of appropriate sustainability reporting methods and making
assumptions and estimates that are reasonable in the circumstances.
Board of Directors is responsible for overseeing the Group’s sustainability reporting process.
Inherent limitations in preparing the Selected consolidated sustainability
information
Greenhouse gas emissions quantification is subject to inherent uncertainty because of incomplete
scientific knowledge used to determine emissions factors and the values needed to combine emissions
of different gases.
Practitioner’s responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about
whether the Selected consolidated sustainability information is free from material misstatement,
whether due to fraud or error, and to issue a limited assurance report that includes our conclusion.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the
Selected consolidated sustainability information.
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INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT ON
AIR ASTANA JSC’S SELECTED CONSOLIDATED SUSTAINABILITY INFORMATION CONTINUED
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise
professional judgement and maintain professional scepticism throughout the engagement. We also:
– determine the suitability in the circumstances of the Company’s use of the Applicable Criteria as the
basis for the preparation of the Selected consolidated sustainability information;
– perform risk assessment procedures, including obtaining an understanding of internal control
relevant to the engagement, to identify where material misstatements are likely to arise, whether
due to fraud or error, but not for the purpose of providing a conclusion on the effectiveness of the
Group’s internal control; and
– design and perform procedures responsive to where material misstatements are likely to arise in the
Selected consolidated sustainability information. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the
Selected consolidated sustainability information. The procedures in a limited assurance engagement
vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had a reasonable assurance engagement been
performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the
identification of where material misstatements are likely to arise in the Selected consolidated
sustainability information, whether due to fraud or error.
In conducting our limited assurance engagement, we:
– obtained an understanding of the Group’s reporting processes relevant to the preparation of its
Selected consolidated sustainability information;
– performed inquires of relevant personnel on the Selected consolidated sustainability information;
and
– conducted limited substantive testing on a sample basis on the Selected consolidated sustainability
information.
Restriction on distribution and use
Our report is intended solely for the Board of Directors of the Company in accordance with the
agreement between us, to assist the management of the Company in reporting on the Group’s
sustainability performance and activities and in responding to their governance responsibilities by
obtaining an independent limited assurance report in connection with the Selected consolidated
sustainability information. The Selected consolidated sustainability information therefore may not be
suitable, and is not to be used, for any other purpose.
We permit this report to be disclosed in the Annual Report, which will be published on the Group’s
website.
The maintenance and integrity of the Group’s website is the responsibility of management; the work
carried out by us does not involve consideration of these matters and, accordingly, we accept no
responsibility for any changes that may have occurred to the reported Selected consolidated
sustainability information when presented on the Group’s website.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company for our work or this report except where the respective terms are expressly agreed in
writing and our prior consent in writing is obtained.
28 April 2026
Almaty, Kazakhstan
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175AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
Appendix 1 to the Independent practitioner’s limited assurance report dated 28 April 2026
The Selected consolidated sustainability information for the year ended 31 December 2025 disclosed and marked with symbol in the Annual Report and subject to limited assurance procedures together with
theApplicable Criteria, comprising relevant GRI disclosure requirements of GRI Sustainability Reporting Standards published by the Global Reporting Initiative (GRI) (the ‘GRI Standards’) and where necessary
supplemented with management’s internally developed criteria are set out below:
# Performance measure Reference in the Annual Report for 2025 Applicable Criteria
1
1 Direct economic value generated and distributed Table 16, page 73 GRI 201-1 a
2 Percentage of local suppliers Table 1, page 46
Table 16, page 166
GRI 204-1 a
3 Operations assessed for risks related to corruption Table 12, page 166 GRI 205-1 a
4 Confirmed incidents of corruption Table 13, page 166 GRI 205-3 a-d
5 Total energy consumption within the Company Table 2, page 163 GRI 302-1 a-e
6 Direct (Scope 1) GHG emissions Table 1, Total GHG emissions within the Group, page 163
Table 4, page 54
GRI 305-1 a
7 GHG emissions intensity Table 4, page 54
Table 1, GHG Emissions Intensity, page 163
GRI 305-4 a
8 NOx, SOx and other significant air emissions Table 5, page 54
Table 1, Direct emissions of NOx, SOx and other significant air emissions, page 163
GRI 305-7 a
9 Waste directed to disposal Table 3, page 163
Table 4, page 164
GRI 306-5 a-c and management’s internally
developedcriteria described in Table 7, page 55
10 New employee hires Table 7, page 165 GRI 401-1 a
Employee turnover Table 8, page 165 GRI 401-1 b
11 Parental leave Table 9, page 165 GRI 401-3 a-e
12 The number and rate of fatalities Table 5, page 164 GRI 403-9 a.i
The number and rate of high-consequence
work-relatedinjuries
Table 5, page 164 GRI 403-9 a.ii
The number and rate of recordable work-related injuries Table 5, page 164 GRI 403-9 a.iii
The number of hours worked Table 5, page 164 GRI 403-9 a.v
13 Average hours of training per year per employee Table 10, page 166 GRI 404-1 a
14 Incidents of discrimination Table 15, page 166 GRI 406-1 a
15 Substantiated complaints concerning breaches of
customer privacy and losses of customer data
Table 14, page 166 GRI 418-1 a-b
1 In addition to the GRI disclosure requirements outlined in the table above, the Applicable Criteria also encompass reporting principles and additional recommendations for reporting as detailed in GRI 1.
INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT ON
AIR ASTANA JSC’S SELECTED CONSOLIDATED SUSTAINABILITY INFORMATION CONTINUED
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GLOSSARY
AAK Aviation Administration of Kazakhstan
AATS Air Astana Terminal Services
AIFC Astana International Financial Centre
Air Astana Group Air Astana and FlyArystan brands
AIX Astana International Exchange
AOC Air Operator Certificate
APEX Airline Passenger Experience Association
ASK Available-seat kilometres
ATC Air Traffic Control
CAMO Continuing Airworthiness Management Organisation
CASK Cost of Available Seat Kilometre
CIS Commonwealth of Independent States
CORSIA Carbon Offsetting and Reduction Schemefor International Aviation
CRMS Corporate Risk Management System
CSAT Customer Satisfaction Ratings
E&M Engineering and Maintenance
EASA European Aviation Safety Agency
EBITDAR
Earnings before interest, taxes, depreciation, amortisation, a
ndrestructuringor rent costs
EBRD European Bank for Reconstruction and Development
EPS Earnings Per Share
ESOP Employee Share Ownership Plan
ETOPS Extended-range Twin-engine Operations Performance Standards
EUROBAK European Business Association of Kazakhstan
GDP Gross Domestic Product
GDR Global Depository Receipts
GHG Greenhouse Gas
GRI Global Reporting Initiative
HEART Hospitable, Efficient, Active, Reliable, Trustworthy
HSE Health, Safety and Environment
IAS Internal Audit Service
IATA International Air Transport Association
ICAO International Civil Aviation Organisation
IFRS International Financial Reporting Standards
IOSA IATA Operational Safety Audit
IPO Initial Public Offering
ISA International Standards on Auditing
ISO International Organization for Standardization
ISP Integrated Sustainability Programme
KASE Kazakhstan Stock Exchange
KPI Key Performance Indicator
KRI Key Risk Indicator
LCC Low-cost carrier
LCDP Low-Carbon Development Programme
LMS Learning Management System
LSE London Stock Exchange
LTIP Long-Term Incentive Plan
MRO Maintenance, Repair, Overhaul
NPS Net Promoter Score
NRI Non-recurring item
OCI Other Comprehensive Income
OECD Organisation for Economic Co-operation and Development
OEM Original Equipment Manufacturers
OHS Occupational Health and Safety
Overview Strategic report Governance Financial statements
177AIR ASTANA GROUP INTEGRATED REPORT 2025
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GLOSSARY CONTINUED
OTP On-time Performance
PFS Primary Financial Statements
RA Risk Assessment
RASK Revenue per Available Seat Kilometer
RPK Revenue Passengers Kilometre
SAF Sustainable Aviation Fuel
SAFA Safety Assessment of Foreign Aircraft
SARPS IATA Standards and Recommended Practices
SASB Sustainability Accounting Standards Board
SMS Safety Management System
STEM Science, Technology, Engineering, and Mathematics
TCO Third Country Operations
TSR Total Shareholder Return
UER Unscheduled Engine Removals
UN SDG United Nations Sustainable Development Goals
Overview Strategic report Governance Financial statements
178AIR ASTANA GROUP INTEGRATED REPORT 2025
Other information
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