Azul has reaffirmed its view disclosed on 14 May in its first-quarter earnings release that it is making "significant progress" in improving its balance sheet. On 20 May, S&P Global Ratings downgraded Azul's issuer credit rating on the basis that the carrier's "very tight liquidity" increases the risk of default "within the next few months". Two weeks earlier, Fitch Ratings had downgraded its long-term foreign and local currency issuer default ratings (IDRs) for Azul, citing the carrier's "inability to effectively improve liquidity". Regarding S&P's ratings downgrade, Azul told Cirium on 21 May that as part of its usual financial management, it "constantly monitors alternatives that may contribute to strengthening its capital structure and preserving liquidity, with a focus on the long-term sustainability of its operations". It adds: "As previously mentioned in its quarterly earnings release issued on May 14, 2025, the company believes it has made significant progress in reducing its debt and leverage, and clarifies that it remains in ongoing discussions with its partners to optimise its capital structure and liquidity position." The Brazilian carrier says that it is "keeping a constructive dialogue with its key stakeholders" while conducting "its operations in the normal course of business". Azul ended the first quarter of 2025 with R6.7 billion ($1.19 billion) in total liquidity. Meanwhile, its gross debt rose by R987 million from the end of 2024's fourth quarter to R34.7 billion at 31 March 2025. It cites R3 billion raised through notes issued in January, in addition to an increase in lease liabilities related to new aircraft entering its fleet, for the rise in gross debt.

Norse Atlantic has posted sharply lower first-quarter losses as it booked one-off gains from the return of some aircraft to their lessor and the wet-lease out of another, as well as experiencing an upturn in demand for its own services. Operating losses shrank from $53.4 million to $5.2 million, resulting in a net loss of $14.9 million. Total revenue nearly doubled to $125 million, although passenger revenue only grew modestly from $58.2 million to $62.1 million. Norse returned three Boeing 787-8s early to AerCap in the period which had previously been dry-leased to Air Europa, resulting in a $28.7 million accounting gain. It also booked $28.8 million from a deal with P&O Cruises and a placement of one 787-9 on an ACMI contract with Indigo from March. Combined, the two one-off gains accounted for the bulk of the improvement in revenue. Following the return of the three 787-8s to their lessors, Norse is left with a fleet of 12 787-9s. It has agreements to place five more aircraft with Indigo through the second half of 2025 and into early 2026 as part of its "dual leg" business model designed to reduce market risk and complement its own scheduled operations. However, the carrier also recorded a 22-percentage-point increase in load factor to 95% and a 51% increase in passenger numbers to just over 300,000, with the number of flights operated rising by more than a fifth. The carrier operates services from several European destinations, principally London, Paris and Oslo, to US cities such as Miami and New York. Recently it has announced a move into Asian leisure routes with the start of winter Bangkok services for 2025/26. That means that for this year's peak summer season, Norse will operate 11 aircraft on its own routes, but that will shrink to just six aircraft for next summer. The year "has started on a positive note with a world leading load factor of 95%, significant volume growth and increased revenue per passenger compared to the first quarter of 2024", states chief executive and major shareholder Bjorn Tore Larsen. "The improvements across all key performance indicators are a function of Norse Atlantic Airways’ new commercial strategy implemented in 2024 and continuous focus on operational efficiencies. This is reflected in improved year-over-year financial performance during a seasonally low quarter for the airline industry." Norse retains pandemic-era lease terms for its aircraft with an average period remaining of 10.5 years. "The lease agreements are highly favourable compared to current market rates for the aircraft type and have no price or inflationary adjustments, providing Norse with a significant long-term cost advantage," it states. It adds that a new data-driven commercial strategy, introduced last year, has been a "key driver" of its higher load factor which is extending into the second quarter. It has also launched a series of cost-saving initiatives, including moving some operations from Norway to Latvia, which it expects will save it $40 million annually from 2026. Lacking a fuel-hedging strategy, the airline is also likely to benefit from a fall in global oil prices that has driven down fuel costs. "Shorter-term, pre-sales on routes out for sale is continuing to trend well above the pre-sales realised at the same time the previous year, supported by the improved marketing and sales model," the carrier explains. "Norse Atlantic is on track for building a sustainable and profitable airline. Supported by the commercial strategy, the dual-leg ACMI and own network model, and cost and efficiency initiatives, the company is aiming to deliver full-year 2025 profitability subject to no major shifts in customer demand and fuel prices."

IndiGo's net profit for its fiscal fourth quarter ended 31 March increased by 62% and the airline has received its first international investment-grade rating from Moody's. The Indian low-cost carrier's fourth-quarter profit rose to Rs30.7 billion ($359 million) from Rs18.9 billion in the same period a year earlier. Revenue increased by a quarter, to Rs222 billion, driven by strong demand. Expenses climbed to Rs199 billion from Rs167 billion. In the final quarter of its fiscal year, IndiGo's ASK capacity grew 21% while traffic, measured in RPKs, was up 22.5%. Load factor rose by 1.1 percentage points to 87.4%. Yield increased by Rs5.32 and EBITDAR rose 58%, to Rs69.5 billion. IndiGo was awarded its first international investment-grade rating on 21 May, with Moody's assigning the company a 'Baa3' long-term issuer rating. The rating reflects the IndiGo's "dominant market position in India's domestic airline sector, cost-competitive operations, strong financial metrics and excellent liquidity", says Moody's. The ratings agency expects IndiGo's revenue in FY2026 to increase by 9.5-9.5%, with the carrier facing "near-term headwinds from geopolitical developments", but it anticipates a more significant 12-14% revenue growth in FY2027-28. For the full year to 31 March, IndiGo's revenue rose 17.3% to Rs808 billion. Net profit dipped slightly to Rs72.6 billion, versus Rs81.7 billion the previous year, while EBITDAR increased to Rs213 billion from Rs175 billion. Full-year capacity and traffic grew 13.1%, with load factor remaining flat at 86%. "As we build on this momentum, we will continue to focus on cost leadership and further internationalisation with the start of our European operations," says IndiGo chief executive Pieter Elbers. "I am very pleased that the trust and continued support of our shareholders during the challenging Covid period and beyond can now be rewarded with a recommended dividend of 10 rupees per share." As of 31 March, IndiGo had a total cash balance of Rs482 billion, of which Rs332 billion was free cash and Rs150 billion was restricted. Total debt stood at Rs668 billion. IndiGo's fleet was comprised of 434 aircraft at the end of its fiscal year.