Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a joint stock limited company incorporated in the People ’s Republic of China with limited liabili ty) (Stock Code: 1055) THIRD QUARTERLY REPORT OF 2025 Summary The quarterly financial report for the third quarter of 2025 (i.e. the three months ended 30 September 2025, the “reporting period”) of China Southern Airlines Company Limited (the “Company”, together with its subsidiaries, the “Group”) was prepared in accordance with the PRC Accounting Standards and was unaudited. This announcement is published pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. IMPORTANT NOTICE: The board of directors (the “Board”) and the supervisory committee of China Southern Airlines Company Limited (the “Company”) and its directors (the “Directors”), supervisors and senior management warrant the truthfulness, accuracy and completeness of the content contained in this quarterly report, and the report does not contain inaccurate or misleading statements or material omission, and jointly and severally accept full legal responsibility. The responsible person of the Company, Mr. Ma Xu Lun (Chairman), the responsible person of the accounting of the Company, Mr. Chen Dong (Executive Vice President, Chief Accountant and Chief Financial Officer of the Company), and the responsible person of the accounting department, Ms. Mao Juan (General Manager of Finance Department) warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report. Whether the Third Quarterly Financial Statements have been audited ½ Yes ✓ No
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– 2 – I. MAJOR ACCOUNTING DATA (I) Principal accounting data and financial indicators Unit: Million Currency: RMB Items The reporting period Increase/ (decrease) as compared with the corresponding period last year (%) Nine months ended 30 September 2025 Increase/ (decrease) as compared with the corresponding period last year (%) Operating revenue 51,374 3.01 137,665 2.23 Profit before income tax 5,497 14.62 6,093 22.97 Net profit attributable to shareholders of the Company 3,840 20.26 2,307 17.40 Net profit attributable to shareholders of the Company after deducting non-recurring gains and losses 3,456 19.79 1,423 N/A Net cash flows generated from operating activities N/A N/A 32,387 20.59 Basic earnings per share (RMB/share) 0.21 16.67 0.13 18.18 Diluted earnings per share (RMB/share) 0.20 11.11 0.12 9.09 Weighted average return on net assets (%) 10.70 An increase of 2.11 percentage points 6.43 An increase of 1.14 percentage points As at the end of the reporting period As at the end of last year Increase/ (decrease) as compared with that of the end of last year (%) Total assets 340,579 329,738 3.29 Equity attributable to shareholders of the Company 37,035 34,729 6.64 Note : The “reporting period” and the same expressions hereafter mentioned refer to the three-months period from the beginning to the end of the third quarter of 2025.
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– 3 – (II) Non-recurring gains and losses Unit: Million Currency: RMB Items Amount for the reporting period Amount for the period from the beginning of the year to the end of the reporting period Gains or losses on disposal of non-current assets, including the write-off of previously accrued asset impairment provisions 64 65 Government grants recorded in profit or loss for the current period, but exclusive of government grants which are closely related to the normal business of the company, compliant with national policy regulations, received in accordance with established standards, and having a continuous impact on the company’s profit or loss 7 15 In addition to valid hedging business related to the company’s normal operating business, the fair value change gains and losses arising from the holding of financial assets and financial liabilities, as well as the gains and losses from the disposal of financial assets and financial liabilities, by non-financial enterprises 5 381 Other non-operating income and expenses other than the above 364 585 Less: Effect of income tax 21 103 Effect on non-controlling interests after taxation 35 59 Total 384 884
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– 4 – The Company shall explain the reasons for recognizing items not listed in “The No.1 Explanatory Announcement Regarding Information Disclosure for Companies Issuing Securities Publically – Non-Recurring Gains and Losses” as non-recurring gains and losses items with significant amounts, as well as the reasons for defining any non-recurring gains and losses items as listed in the “The No.1 Explanatory Announcement Regarding Information Disclosure for Companies Issuing Securities Publically – Non-Recurring Gains and Losses” as recurring gains and losses items. ½ Applicable ✓ Not applicable (III) Changes to major accounting data and financial indicators and reasons ✓ Applicable ½ Not applicable Items Percentage of change (%) Main reason(s) Net profit attributable to shareholders of the Company after deducting non-recurring gains and losses_Nine months ended 30 September 2025 N/A The Company has experienced continued improvement in its operational performance, a significant increase in profitability, and successfully realized a shift from loss to profit during the nine months ended 30 September 2025 as compared with the same period last year.
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– 5 – II. INFORMATION OF SHAREHOLDERS (I) Total number of ordinary shareholders and number of preference shareholders with restored voting rights and shareholdings of the top ten shareholders Unit: Share Total number of ordinary shareholders as at the end of the reporting period 133,294 Total number of preference shareholders with restored voting rights as at the end of the reporting period (if any) Not applicable Shareholdings of the top ten shareholders Name of shareholder Capacity of shareholder Total number of shares held at the end of the reporting period Shareholding percentage at the end of the reporting period (%) Number of shares subject to trading restrictions at the end of the reporting period Status of pledged, marked or frozen shares Status of shares Number of shares China Southern Air Holding Company Limited State-owned legal entity 9,404,468,936 51.90 803,571,428 No 0 Nan Lung Holding Limited State-owned legal entity 2,612,124,036 14.41 0 No 0 HKSCC Nominees Limited Overseas legal entity 1,751,276,787 9.66 0 Not known – Hong Kong Securities Clearing Company Limited Overseas legal entity 586,162,825 3.23 0 No 0 China Securities Finance Corporation Limited State-owned legal entity 320,484,148 1.77 0 No 0 American Airlines, Inc Overseas legal entity 270,606,272 1.49 0 No 0 China National Aviation Fuel Group Limited State-owned legal entity 261,685,354 1.44 0 No 0 Spring Airlines Co., Ltd. Domestic non-State- owned legal entity 140,531,561 0.78 0 No 0 Industrial and Commercial Bank of China Limited – Huatai-pinebridge CSI 300 Traded Open-End Index Securities Investment Fund Other 91,973,849 0.51 0 No 0 China Merchants Bank Co., Ltd. – ICBC Credit Suisse Convertible Bond Securities Investment Fund Other 85,645,901 0.47 0 No 0
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– 6 – Particulars of the top ten shareholders not subject to trading restrictions Name of shareholder Number of tradable shares not subject to selling restrictions Type and number of shares Type of shares Number of shares China Southern Air Holding Company Limited 8,600,897,508 RMB ordinary shares 8,600,897,508 Nan Lung Holding Limited 2,612,124,036 Overseas-listed foreign shares 2,612,124,036 HKSCC Nominees Limited 1,751,276,787 Overseas-listed foreign shares 1,751,276,787 Hong Kong Securities Clearing Company Limited 586,162,825 RMB ordinary shares 586,162,825 China Securities Finance Corporation Limited 320,484,148 RMB ordinary shares 320,484,148 American Airlines, Inc. 270,606,272 Overseas-listed foreign shares 270,606,272 China National Aviation Fuel Group Limited 261,685,354 RMB ordinary shares 261,685,354 Spring Airlines Co., Ltd. 140,531,561 RMB ordinary shares 140,531,561 Industrial and Commercial Bank of China Limited – Huatai-pinebridge CSI 300 Traded Open-End Index Securities Investment Fund 91,973,849 RMB ordinary shares 91,973,849 China Merchants Bank Co., Ltd. – ICBC Credit Suisse Convertible Bond Securities Investment Fund 85,645,901 RMB ordinary shares 85,645,901 Explanation of the related party relationship or concert party relationship of the above shareholders China Southern Air Holding Company Limited held in aggregate 2,648,836,036 H shares of the Company through its wholly-owned subsidiaries in Hong Kong, namely Nan Lung Holding Limited and Perfect Lines (Hong Kong) Limited. The Company is not aware of any other related party relationship between other shareholders. Explanation on the top ten shareholders and the top ten shareholders not subject to trading restrictions who have participated in the business of margin financing and securities lending and margin refinancing (if any) Not applicable
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– 7 – III. IMPORTANT INFORMATION Other important information related to the Company’s business performance during the reporting period should be brought to the attention of the investors ✓Applicable ½ Not applicable Status on the guarantees provided for the SPVs of the Company as of the date of this report: No. Established SPVs Actually Provided (Yes/no) Guaranteed Amount (US$100 million) 1 China Southern Airlines No. 1 Yes 1.50 2 China Southern Airlines No. 2 Yes 1.40 3 China Southern Airlines No. 3 Yes 3.28 4 China Southern Airlines No. 5 Yes 0.92 5 China Southern Airlines No. 9 Yes 5.88 6 China Southern Airlines No. 10 Yes 5.17 7 China Southern Airlines No. 11 Yes 2.98 8 China Southern Airlines No. 15 Yes 3.11 9 China Southern Airlines No. 16 Yes 5.26 10 China Southern Airlines No. 18 Yes 2.50 11 China Southern Airlines No. 19 Yes 0.51 12 China Southern Airlines No. 20 Yes 0.51 13 China Southern Airlines No. 21 Yes 0.48 14 China Southern Airlines No. 22 Yes 0.48 15 China Southern Airlines No. 23 Yes 0.48 16 China Southern Airlines No. 25 Yes 2.04 17 China Southern Airlines No. 26 Yes 4.73
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– 8 – No. Established SPVs Actually Provided (Yes/no) Guaranteed Amount (US$100 million) 18 Chongqing Airlines No.1 Yes 3.52 19 Xiamen Airlines No.2 Yes 0.10 20 Xiamen Airlines No.3 Yes 0.10 21 Xiamen Airlines No.4 Yes 0.19 22 Xiamen Airlines No.5 Yes 0.19 23 Xiamen Airlines No.8 Yes 0.19 24 Xiamen Airlines No.9 Yes 0.19 25 Xiamen Airlines No.10 Yes 0.19 26 Xiamen Airlines No.11 Yes 0.19 27 Xiamen Airlines No.12 Yes 0.08 28 Xiamen Airlines No.13 Yes 0.17 29 Xiamen Airlines No.14 Yes 0.14 Total / / 46.48 Note During the reporting period, the aircraft leasing model corresponding to Chongqing Airlines No.2 changed, and the corresponding guarantee liability of US$32 million was released, the aircraft leasing model corresponding to Xiamen Airlines No.1 changed, and the corresponding guarantee liability of US$64 million was released, the aircraft leasing model corresponding to Xiamen Airlines No.18 changed, and the corresponding guarantee liability of US$66 million was released. The total guarantee amounts actually provided for the aforementioned 29 SPVs by the Company and its subsidiaries, i.e. Xiamen Airlines and Chongqing Airlines, are US$4.648 billion (equivalent to approximately RMB33.026 billion, calculated based on the Renminbi central parity rate of US$1=RMB7.1055 published by the People’s Bank of China on 30 September 2025), which are within the scope of the authorized guarantee amount approved by the general meeting of the Company.
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– 9 – IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinion ½ Applicable ✓Not applicable (II) Financial statements Consolidated Balance Sheet As at 30 September 2025 Prepared by: China Southern Airlines Company Limited Unit: Million Currency: RMB Audit type: Unaudited Items 30 September 2025 31 December 2024 Current assets: Cash at bank and on hand 16,686 15,994 Settlement provisions Loans to banks and other financial institutions Held-for-trading financial assets 2,834 2,695 Derivative financial assets Bills receivable Accounts receivable 5,515 3,463 Receivables financing Prepayments 924 819 Premiums receivable Reinsurance accounts receivable Reinsurance contract reserves receivable Other receivables 3,981 3,095 Including: Interest receivable Dividends receivable 239 9 Financial assets purchased with agreement to resale Inventories 2,821 2,002 Including: Data resources Contract assets Assets held for sale Non-current assets due within one year 145 178 Other current assets 9,142 9,397 Total current assets 42,048 37,643
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– 10 – Items 30 September 2025 31 December 2024 Non-current assets: Loans and advances Debt investments Other debt investments Long-term receivables 209 381 Long-term equity investments 7,512 7,168 Other equity instrument investments 428 431 Other non-current financial assets 33 2,807 Investment properties 509 564 Fixed assets 108,391 100,691 Construction in progress 24,393 34,584 Productive biological assets Oil and gas assets Right-of-use assets 134,044 123,023 Intangible assets 7,606 7,341 Including: Data resources Development expenses Including: Data resources Goodwill Long-term deferred expenses 401 462 Deferred tax assets 12,107 12,873 Other non-current assets 2,898 1,770 Total non-current assets 298,531 292,095 Total assets 340,579 329,738 Current liabilities: Short-term loans 36,925 40,440 Borrowings from the central bank Loans from other banks Held-for-trading financial liabilities Derivative financial liabilities 626 908 Bills payable 2,212 1,089 Accounts payable 22,497 18,490 Advance payments received 9,049 9,295 Contract liabilities 1,988 1,749
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– 11 – Items 30 September 2025 31 December 2024 Funds from selling out and repurchasing financial assets Receipts of deposits and deposits from other banks Accounts payable to brokerage customers Proceeds from underwriting securities received on behalf of customers Employee benefits payable 4,891 4,716 Taxes payable 1,165 1,095 Other payables 8,130 8,644 Including: Interest payable Dividends payable 1 1 Fees and commissions payable Reinsurance accounts payable Liabilities held for sale Non-current liabilities due within one year 40,171 35,457 Other current liabilities 15,769 16,519 Total current liabilities 143,423 138,402 Non-current liabilities: Reserves for insurance contracts Long-term loans 18,731 35,985 Debentures payable 32,084 20,885 Including: Preferred shares Perpetual bonds Lease liabilities 82,556 74,154 Long-term payables – 7 Long-term salaries payable Accrued liabilities Deferred income 904 720 Deferred tax liabilities 22 7 Other non-current liabilities 6,277 6,983 Total non-current liabilities 140,574 138,741 Total liabilities 283,997 277,143
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– 12 – Items 30 September 2025 31 December 2024 Owners’ equity (or shareholders’ equity): Share capital (or issued capital) 18,121 18,121 Other equity instruments Including: Preferred shares Perpetual bonds Capital reserve 52,444 52,444 Less: Inventory shares Other comprehensive income 168 169 Specific reserve Surplus reserve 2,579 2,579 General risk reserve Retained earnings -36,277 -38,584 Total equity attributable to shareholders of the Company 37,035 34,729 Non-controlling interests 19,547 17,866 Total owners’ equity (or shareholders’ equity) 56,582 52,595 Total liabilities and owners’ equity (or shareholders’ equity) 340,579 329,738 Responsible person of the Company: Ma Xu Lun Responsible person of the accounting of the Company: Chen Dong Responsible person of the accounting department: Mao Juan
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– 13 – Consolidated Income Statement For the nine months ended 30 September 2025 Prepared by: China Southern Airlines Company Limited Unit: Million Currency: RMB Audit type: Unaudited Items Nine months ended 30 September 2025 Nine months ended 30 September 2024 I. Total revenue 137,665 134,661 Including: Operating revenue 137,665 134,661 Interest income Premiums earned Fees and commissions income II. Total operating costs 135,113 134,048 Including: Cost of sales 121,562 120,738 Interest expense Fees and commissions expense Surrender payment Net payment for insurance claim Net provisions for insurance liability Expenditure for insurance policy dividend Reinsurance costs Taxes and surcharges 423 451 Selling and administrative expenses 5,535 5,173 General and administrative expenses 3,142 3,018 Research and development expenses 397 380 Financial expenses 4,054 4,288 Including: Interest expenses 3,918 4,337 Interest income 258 155 Add: Other income 2,619 2,420 Investment income (“–” for losses) -105 -833 Including: In come from investment in associates and joint ventures -107 -856 Derecognition of income from financial assets at amortised cost
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– 14 – Items Nine months ended 30 September 2025 Nine months ended 30 September 2024 Exchange gain (“–” for losses) Gain arising from net exposure hedge (“–” for losses) Gains from changes in fair value (“–” for losses) 381 201 Credit losses (“–” for losses) 3 2 Impairment losses on assets(“–” for losses) Gains from asset disposals (“–” for losses) 65 332 III. Operating profit (“–” for losses) 5,509 2,731 Add: Non-operating income 667 2,315 Less: Non-operating expenses 83 91 IV. Profit before income tax (“–” for losses) 6,093 4,955 Less: Income tax expenses 2,097 1,270 V. Net profit (“–” for net losses) 3,996 3,685 (I) Net profit classified by continuity of operations: 1. Net profit from continuing operations (“–” for net losses) 3,996 3,685 2. Ne t profit from discontinued operations (“–” for net losses) (II) Net profit classified by ownership: 1. Ne t profit attributable to shareholders of the Company (“–” for net losses) 2,307 1,965 2. Non-controlling interests (“–” for net losses) 1,689 1,720 VI. Other comprehensive income, net of tax -2 -130 (I) Ot her comprehensive income (net of tax) attributable to shareholders of the Company -1 -72 1. Items that will not be reclassified to profit or loss -1 -72 (1) Ch ange in defined benefit plans arising from re-measurement (2) Eq uity-accounted investees – share of other comprehensive income (non-recycling) (3) Changes in fair value of other equity instruments -1 -72 (4) Ch ange in fair value of the Company’s own credit risk
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– 15 – Items Nine months ended 30 September 2025 Nine months ended 30 September 2024 2. It ems that may be reclassified subsequently to profit or loss (1) Eq uity-accounted investees-share of other comprehensive income (recycling) (2) Change in fair value of other debt investments (3) Fi nancial assets reclassified into other comprehensive income (4) Pr ovision for credit impairment of other debt investments (5) Cash flow hedge (6) Tr anslation differences arising on translation of foreign currency financial statements (7) Others (II) Ot her comprehensive income (net of tax) attributable to non-controlling interests -1 -58 VII. Total comprehensive income 3,994 3,555 (I) Attributable to shareholders of the Company 2,306 1,893 (II) Attributable to non-controlling interests 1,688 1,662 VIII. Earnings per share: (I) Basic earnings per share (RMB/share) 0.13 0.11 (II) Diluted earnings per share (RMB/share) 0.12 0.11 Responsible person of the Company: Ma Xu Lun Responsible person of the accounting of the Company: Chen Dong Responsible person of the accounting department: Mao Juan
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– 16 – Consolidated Cash Flow Statement For the nine months ended 30 September 2025 Prepared by: China Southern Airlines Company Limited Unit: Million Currency: RMB Audit type: Unaudited Items Nine months ended 30 September 2025 Nine months ended 30 September 2024 I. Cash flows from operating activities: Proceeds from sale of goods and rendering of services 148,101 147,577 Net increase in customer and interbank deposits Net increase in borrowings from the central bank Net cash increase in placements from other financial institutions Cash received from premiums under original insurance contracts Net cash received from reinsurance business Net increase in deposits of policy holders and investment funds Cash received from interest, fees and commissions Net increase in capital due to banks and other financial institutions Net increase in cash received from repurchase business Net cash received by agents for trading in securities Refund of taxes 276 187 Proceeds from other operating activities 3,588 4,376 Sub-total of cash inflows from operating activities 151,965 152,140
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– 17 – Items Nine months ended 30 September 2025 Nine months ended 30 September 2024 Payment for goods and services 92,030 98,731 Net increase in customer loans and advances to customers Net increase in deposits in the central bank and interbank deposits Cash paid for compensation payments under original insurance contracts Net increase in placements with banks and other financial institutions Cash paid for interest, fees and commissions Cash paid for insurance policy dividend Payment to and for employees 23,141 22,541 Payment of various taxes 3,436 3,380 Payment for other operating activities 971 631 Sub-total of cash outflows from operating activities 119,578 125,283 Net cash flows generated from operating activities 32,387 26,857 II. Cash flows from investment activities: Proceeds from disposal of investments 6,294 909 Investment returns received 289 388 Net proceeds from disposal of fixed assets, intangible assets and other long-term assets 351 731 Net cash received from disposal of subsidiaries and other operating units Proceeds from other investing activities 212 140 Sub-total of cash inflows from investing activities 7,146 2,168 Payment for acquisition of fixed assets, intangible assets and other long-term assets 8,235 10,076 Payment for acquisition of investments 3,891 2,704 Net increase in secured loans Net cash paid for acquisition of subsidiaries and other operating units Other cash paid relating to investing activities Sub-total of cash outflows from investment activities 12,126 12,780 Net cash flows used in investing activities -4,980 -10,612
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– 18 – Items Nine months ended 30 September 2025 Nine months ended 30 September 2024 III. Cash flows from financing activities: Proceeds from investors – 4 Including: Investment received from non-controlling interests – 4 Proceeds from borrowings 36,186 34,654 Proceeds from other financing activities 36,542 18,451 Sub-total of cash inflows from financing activities 72,728 53,109 Repayments of borrowings 94,546 64,961 Payment for dividends or interest 4,072 4,312 Including: Di vidends and profits paid to non-controlling shareholders of subsidiaries 11 – Payment for other financing activities 80 74 Sub-total of cash outflows from financing activities 98,698 69,347 Net cash flows used in financing activities -25,970 -16,238 IV. Ef fect of foreign exchange rate changes on cash and cash equivalents -7 -24 V. Net increase in cash and cash equivalents 1,430 -17 Add: Cash and cash equivalents at the beginning of the period 12,984 9,531 VI. Cash and cash equivalents at the end of the period 14,414 9,514 Responsible person of the Company: Ma Xu Lun Responsible person of the accounting of the Company: Chen Dong Responsible person of the accounting department: Mao Juan
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– 19 – (III) Adjustment to relevant items of the financial statements at the beginning of the first adoption year due to the first adoption of new accounting standard or interpretation of accounting standards in 2025 ½ Applicable ✓Not applicable By order of the Board China Southern Airlines Company Limited Chen Wei Hua and Liu Wei Joint Company Secretaries Guangzhou, the People’s Republic of China 27 October 2025 As at the date of this announcement, the Directors include Ma Xu Lun and Han Wen Sheng as executive Directors; and Pansy Catilina Chiu King Ho, Guo Wei, Zhang Jun Sheng and Zhu Hai Ping as independent non-executive Directors.