Air Mauritius lifts full-year profit to €79m but warns of fuel headwinds
Carrier’s shareholders’ equity turns positive for the first time since the pandemic.Air Mauritius has reported a net profit of €78.6 million ($85.5 million) for the year to March 2026, helped by several one-off accounting gains as well as lower fuel prices and a strong euro.
The result, equivalent to MUR4.1 billion, has lifted the carrier’s shareholders’ equity back into positive territory at €26 million. Equity had been in deficit since the Covid-19 pandemic.
Air Mauritius’ profit figure reflects a number one-off items, including the reassessment of provisions it had set aside for returning leased aircraft, revenue from pandemic-era travel vouchers that expired unused, and unrealised gains from currency revaluations.
While the carrier does not specify a corresponding profit figure for the previous year, it posted a profit before exceptional items of €6.6 million and a net profit of €2 million for the year to March 2024.
The board “welcomed these encouraging results but urged caution”, pointing to persistently high fuel prices in 2026-27 that cannot be fully recovered through fares.
“Whilst the results give us hope, we cannot afford to relax,” says chief executive Andre Viljoen. “The caution urged by our board is justified, as the euro exchange rate and fuel prices in 2025/2026 worked for us. We certainly cannot count on this in 2026/2027.”
Viljoen says the airline is pursuing revenue recapture measures, including steps to address lower passenger demand, alongside tighter cost control under its “10 Future-Fit Game Changer Strategies”.
The airline’s board in July appointed global consultancy Kroll in 2025 to examine fleet changes made during and after its voluntary administration period in 2020-21.
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