Cebu Pacific booked a net loss in the first quarter as foreign exchange losses from a weaker peso and higher jet fuel prices weighed on the airline’s performance despite stronger passenger traffic and higher revenues.
The Gokongwei-led carrier reported a net loss of P400 million from January to March 2026, reversing the P466 million net income it posted in the same period last year.
The airline said the peso’s depreciation led to P1.8 billion in non-core foreign exchange losses during the quarter, significantly higher than the P250 million recorded a year earlier.
Cebu Pacific, however, said total revenues rose 10 percent year-on-year to P33.3 billion, driven by higher seat capacity and sustained demand in both domestic and international routes.
The airline carried 7.5 million passengers during the quarter, up eight percent from the previous year. Seat load factor remained healthy at 83.7 percent, which the company said reflected stable travel demand and effective deployment of capacity.
Passenger revenue grew six percent to P22.5 billion, while ancillary revenue climbed 19 percent to P9 billion on improved ancillary yields. Cargo revenue also increased 8 percent to P1.8 billion, supported by higher widebody aircraft capacity.
Cebu Pacific ended the quarter with 101 aircraft and maintained a strong liquidity position, closing March 2026 with more than P23 billion in cash. The airline said this gives it enough flexibility to manage short-term volatility while continuing its strategic initiatives.
“Our first-quarter performance reflects the strength of our network and disciplined capacity deployment,” Cebu Pacific chief executive officer Mike Szucs said.
“As we navigate a more volatile operating environment amid higher fuel prices, we are taking a more cautious and measured approach focused on margin protection, prudent capacity deployment, and liquidity preservation,” he added.
Szucs said Cebu Pacific’s scale, fleet efficiency, and strong domestic network would help the airline manage near-term uncertainty while supporting long-term growth.