Poland’s national carrier PLL LOT reported a 48% drop in net profit for 2025, falling to 346.2 million zloty from 688.5 million a year earlier. The decline came despite a record 11.7 million passengers, up 9.4% year-on-year, and near-flat revenues of 10.2 billion zloty. The company simultaneously revealed an aggressive fleet modernisation and rising personnel costs, with management compensation up over 10%.
The carrier’s operating profit (EBIT) also shrank, reaching 422 million zloty compared to 805.7 million in 2024. In its annual report published on Thursday, 9 July 2026, LOT’s board attributed the lower earnings to the general market situation for airlines in Central and Eastern Europe, but did not detail any specific internal setbacks. The company maintained an average load factor close to previous levels while expanding capacity.
Fleet modernisation accelerates
LOT is pushing ahead with one of the largest fleet overhauls in its history. By the end of 2026, it expects to operate around 95 aircraft. Between December 2025 and April 2026, the carrier took delivery of eight Boeing 737-8 MAX jets. – According to the expected delivery dates, as of the date of this report, a further five Boeing 737-8 MAX aircraft will be delivered by the end of 2026 – the management board informed. Two used Boeing 787-8s will join the long-haul fleet in the fourth quarter of 2026. Meanwhile, older Embraer 195, 175 and 170 models are being returned as leases expire.
– PLL LOT has started the transition programme to the Airbus A220 platform – said the board, describing a company-wide transformation covering flight operations, technical services, IT, HR and customer experience. The deal signed in June 2025 covers up to 84 A220s and marks the beginning of phasing out the current regional fleet.
Debt ratios improve as PFR loan paid down
The total debt ratio (liabilities and provisions to total assets) stood at 74.7% at end-2025, down from 80.5% a year earlier. Current liquidity remained solid at 1.8 (vs 2.0). The improvement partly reflects the repayment of a 450 million zloty instalment of the pandemic-era loan from the Polish Development Fund (PFR). The 1.8 billion zloty state aid package, approved by the European Commission in 2020, is due to be fully repaid by the end of 2026, with 450 million zloty still outstanding. – The third instalment of the PFR loan of 450 million zlotys was repaid – noted the board. At the same time, the company continues to make advance payments for the new regional fleet, which temporarily affects cash levels.
Executive pay rises
Despite the profit squeeze, LOT’s management board earned 3.94 million zloty in 2025, a 10% increase from the previous year. The carrier employed a similar headcount, focusing on retaining pilots and crew as it scales up operations. The state holds 69.3% of shares directly and the remaining stake indirectly via the fully state-owned Polish Aviation Group. – We are maintaining employment at the right level during the transition – the company stated in its report.
Źródło: WNP.PL, Fot. MS_Digital / Shutterstock
