SEPANG: AirAsia X Bhd reported its unaudited financial results for the fourth quarter of 2025 (Q4’25) and the full financial year of 2025 (FY25) ended Dec 31, 2025, reporting a breakthrough year for its short-haul operations and sustained profit-ability for its long-haul business.
On a pro-forma basis, the group met its profitability commitments, delivering an ebitda of RM4.6 billion. The group’s net operating profit (NOP) of RM1.3 billion, with 5.9% margin exceeded internal targets. Revenue for the year was RM22.2 billion, flat YoY, supported by 2% growth in passengers carried to 68.6 million, despite weak sentiment toward Thailand tourism in Q2–Q3 and a lower-than-expected number of operational aircraft.
On a standalone basis, AirAsia X concluded FY25 with a profit after tax of RM191.7 million on RM3.3 billion in revenue. The company carried over 4 million passengers while maintaining a healthy 82% load factor for the year. Despite higher maintenance costs associated with fleet reactivation and new route launches to Karachi, Tashkent and Istanbul, the company maintained a disciplined Cost per ASK (CASK) of 13.04 sen, improving 5% YoY.
AirAsia’s short-haul operations delivered a stellar Q4’25, achieving a NOP of RM500 million, a significant turnaround from previous losses. This performance was anchored by a strong 84% load factor and a decisive recovery in the Thai market. Notably, Thai AirAsia achieved a significant turnaround to profitability in the final quarter, while associate TAAX delivered its strongest revenue quarter of the year.
AirAsia X standalone delivered a PAT of RM78.6 million. Performance was underpinned by a resilient fare environment, with average base fares rising 15% YoY to RM568, and forex gains. While seat capacity moderated by 6% due to network realignment, the company focused on longer-haul services, resulting in a 4% increase in Available Seat Kilometres (ASK). Ancillary revenue grew to RM299 million, with spend per passenger rising 13% to RM302.
AirAsia Cambodia turned profitable in its first full year of operations since its May 2024 launch, achieving a 7.5% FY25 NOP margin. AirAsia Philippines demonstrated improved ebitda, with performance set to accelerate via the new Cebu hub and strategic airport partnerships. AirAsia Indonesia remains resilient despite a seasonal weakness in Q4’25, having already demonstrated its earnings potential with a profitable Q3’25.
On a pro-forma basis, the group reduced operating CASK by 9% YoY to 4.26 USc in FY25. This was driven by lower fuel costs, maintenance and user charges, alongside the strategic transition of shorter routes to the narrowbody fleet.
AirAsia X Group CEO Bo Lingam said, “The successful consolidation of our airlines under one platform is more than just a merger – it’s a homecoming. Our roots are deep in the AirAsia short-haul business that started it all, and we aren’t just continuing a legacy; we are evolving it.
“On behalf of the aviation team, I want to express my deepest gratitude to Tony Fernandes and Datuk Kamarudin Meranun for their visionary leadership and steadfast guidance over the years. We look forward to working even closer with Capital A as strategic partners.
“2025 was the ultimate litmus test. We said we would prove the scalability of our model, and the results speak for themselves. Despite the hurdles of fleet reactivation, we met our internal targets, and our Q4’25 performance – led by a stellar RM500 million net operating profit in short-haul – shows the incredible momentum we are carrying into the new year. I am especially proud of AirAsia Cambodia turning profitable in its first full year. I am also heartened by the turnaround in Thailand and the Philippines, where improving sentiment drove Thai AirAsia back to profitability in Q4’25 and achieving ebitda positive in the Philippines in the year is a huge win. Indonesia has already proven its ability to swing back to profit as seen in its Q3’25 results.”
Now in 2026, he added, they are doubling down on their efforts to re-establish their position among the world’s lowest-cost airlines to build the world’s first true low-cost network carrier. This is anchored by a stronger balance sheet following our recent RM1 billion capital raise and ongoing refinancing exercises.
In 2026, he said, they target to maintain their fleet size of 253 aircraft as four new A321LR will replace retiring fleet.
“We are currently in discussions with OEMs to expand our orderbook by up to 150 additional aircraft, on top of the existing 374 aircraft orderbook, to ensure we have the capacity to lead for the next decade. Our mission remains unchanged: democratising air travel and ensuring that now everyone can fly to more destinations than ever before, while delivering long-term value for our shareholders,” he added.
