STARLUX Airlines Co Ltd (2646.TWO) Q2 2025 Earnings Report

STARLUX Airlines delivered a robust top-line in QQ2 2025 with revenue of 10,769.56 million TWD, marking a material year-over-year uplift and sequential growth per the dataset. The quarter shows a strong EBITDA contribution of 3,116.39 million TWD and an EBITDAR of 28.9% of revenue, underscoring that the business is generating meaningful operating cash flow at the earnings level despite a modest reported net income.

However, bottom-line profitability remains thin. Net income was 8.36 million TWD, with an implied net margin near zero, as depreciation and amortization (2,779.52 million) and interest expense (348.34 million) exert substantial non-cash and financing pressures. The company recorded an income-before-tax of -169.79 million TWD before tax effects, and income tax of 178.15 million TWD, suggesting a non-operating tax impact or one-off items influencing the tax line in this quarter.

Overall, STARLUX demonstrates solid revenue growth and a resilient EBITDA framework in QQ2 2025 but must translate its operating discipline into stronger bottom-line performance. The absence of explicit forward guidance in the provided materials adds an element of execution risk as macro conditions and fuel price volatility remain key internal and external risks. Investors should monitor unit economics (cost per available seat, load factor, yield), fleet investment cadence, and the sustainability of tax treatment that affected reported net income.