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.

The US Bankruptcy Court for the Southern District of New York has approved Gol's Chapter 11 plan of reorganisation. The Brazilian carrier says that with confirmation secured at a 20 May hearing at the US bankruptcy court, it "remains on track to emerge from its restructuring process in early June 2025". Gol on 25 January 2024 had filed for Chapter 11 bankruptcy protection in the USA. It disclosed on 16 May 2025 that it had secured the necessary binding commitments for its $1.9 billion in Chapter 11 exit financing. It said on 20 May that during its Chapter 11 restructuring process it has secured $1 billion in debtor-in-possession financing, negotiated concession packages totalling $1.1 billion from lessors covering all aircraft in its fleet, and reached an agreement with Boeing on modifications of purchase contracts, among other financing and cost-reduction moves. "Having secured confirmation of its plan, Gol is now focused on completing the final steps necessary to complete its exit from the Chapter 11 process, including its shareholders' meeting to approve the capital increase contemplated under the plan, which will take place on May 30 2025," Gol says. It adds that parent Abra Group will remain the carrier's largest indirect shareholder following implementation of the reorganisation plan. Abra and Brazil-based Azul on 15 January 2025 signed a non-binding memorandum of understanding that opened the door to a possible business combination of Gol and Azul. Abra told Cirium on 15 May that "the priority for the Abra Group has been Gol's financial restructuring and its exit from Chapter 11, as a well-capitalised, standalone company".

Thai Airways International and its subsidiaries reported an operating profit of Bt13.7 billion ($418 million) for the quarter ended 31 March, up 23% year on year amid “continued growth” in passenger demand. Its revenue was up 12% to Bt51.6 billion, as operating expenses rose almost 9% to Bt38 billion due to an increase in flights. Thai Airways recorded a first-quarter net profit of Bt9.8 billion, a fourfold increase from Bt2.4 billion a year before. As of 31 March, Thai’s cash and cash equivalents stood at Bt92.5 billion, up almost 10% from the end of last year. During the quarter, Thai carried 4.33 million passengers, up 11.6% year on year. ASKs were up 21%, with a similar increase in RPKs, while load factor was flat at 83.3%. Meanwhile, passenger yield fell 7.3% as it continues to moderate post-pandemic. The group ended the first quarter with a fleet of 78 aircraft – five more than at the same time last year. In its outlook, the carrier notes risks related to the uncertainty of US tariffs, even as the aviation industry continues to grapple with supply chain disruptions, rising costs in labour and maintenance and yield normalisation. Nevertheless, Thai remains confident in the long term growth of the industry, especially as the Asia Pacific region remains the largest market with a projected annual growth of 5.1% compared with the global average of 4%.