Revenue rises but Air Tahiti Nui posts loss for FY2025

By Andrew Curran.

Air Tahiti Nui has posted a loss of CFP2.413 billion (USD23.2 million) for the 2025 financial year despite an increase in revenue. CEO Lionel Guérin described the year, which aligns with the calendar year, as a “pivotal” one for the carrier, but warned that 2026 presents a challenging operating environment.

The state-owned airline generated revenue of CFP36.014 billion (USD334.3 million) last year, up 4.9% on the CFP34.26 billion (USD318.2 million) recorded in 2024.

The bulk of that revenue came from scheduled passenger flights. Air Tahiti Nui’s four B787-9s link Papeete (PPT) with Los Angeles (LAX), Paris (CDG), Tokyo (NRT), Auckland (AKL) and, from December 2026, Sydney (SYD). Last year, Air Tahiti Nui carried 457,005 passengers.

Those passengers contributed CFP32.621 billion (USD303 million) to the airline’s 2025 earnings. Cargo contributed CFP2.455 billion (USD22.8 million), while charter flights generated CFP151 million (USD1.4 million).

Passenger numbers increased by 1.5% last year, but capacity rose by 5.9% to 623,838 seats. As a result, average load factors fell from 76.5% in 2024 to 73% in 2025.

The additional capacity was a competitive response to Air France and Delta Air Lines operating extra frequencies to Papeete from the United States. To “remain competitive in an increasingly challenging market environment”, Air Tahiti Nui operated up to 11 flights per week to the United States during 2025.

Cargo up, but charters down at Air Tahiti Nui

Cargo tonnage and cargo revenue grew slightly last year, but Air Tahiti Nui said the operating environment remained intensely competitive. Around one-third of all cargo carried in the airline’s belly holds originates in Los Angeles. The remainder is relatively evenly split between Paris (21.6%), Auckland (16.7%), Papeete (16.4%) and Tokyo (12.7%).

While only a small part of the business, Air Tahiti Nui’s charter operations declined significantly in 2025 compared with 2024. Revenue fell from CFP280 million (USD2.6 million) in 2024 to CFP151 million in 2025. Charter flying hours dropped from 126 hours in 2024 to 79 hours last year.

The airline says this was largely due to the non-renewal of the Las Vegas charter programme previously operated in connection with the Consumer Electronics Show. Poor loads on earlier flights prompted the customer to discontinue the charters in 2025.

Also weighing on Air Tahiti Nui’s financial results was a late-2024 court decision ordering the airline to rectify a “clerical error” relating to employee entitlements. While an appeal was partially upheld last year, the airline paid CFP528 million (USD4.9 million) in compensation and enforceable undertakings.

There was also a change in accounting methodology between 2024 and 2025, which resulted in certain expenses being accounted for differently.

New CEO clear-eyed about Air Tahiti Nui’s challenges

“The year 2025 will stand as a pivotal year for Air Tahiti Nui,” said Guérin. “Despite intensified competition, profound transformations in the global air transport industry, and challenging economic conditions, our airline remained steadfast in its essential mission: connecting French Polynesia to the world.”

Guérin only became Air Tahiti Nui’s CEO in February 2026. He says the airline enters 2026 “with determination and clear-eyed realism”.

“The airline will operate in a particularly challenging environment shaped by geopolitical tensions, fuel price volatility and intensifying competition across several of its strategic markets,” the annual report states.

“In response to these challenges, Air Tahiti Nui will continue to adapt its business model, strengthen its operational performance, and pursue new commercial development opportunities.”

“The year will also be devoted to preparing the strategic decisions that will shape the airline’s long-term future, particularly with regard to fleet development and the continued modernisation of the customer experience.”

The Government of French Polynesia holds 84.82% of Air Tahiti Nui’s share capital. The remaining 15.18% is held by Air Tahiti (3.42%), SEGC Carrefour (3.03%), OCI (3.87%), Tahiti Tourisme (1.58%), Tahiti Nui Travel (0.57%) and other shareholders (2.07%).

Photo: AI-Generated.

Contact the writer: andrew@aerosouthpacific.com