Capital A Financial Results Fourth Quarter 2025 and Full Financial Year 2025

Capital A Berhad reported its unaudited financial results for the fourth quarter ended 31 December 2025 (“4Q2025”) as well as the full financial year 2025 (“FY2025”).

Q4 2025 (excl. aviation)
- Revenue: RM1.06 billion (+16% YoY)
- EBITDA: RM111 million (+7% YoY)
- Net Operating Profit (NOP): RM45 million (–12% YoY, due to lower interest income)
- Profit After Tax (PAT): RM9.82 billion (boosted by one-off aviation disposal gain)

FY2025 (full year)
- Revenue: RM3.39 billion
- EBITDA: RM443 million
- NOP: RM171 million
- Positive shareholder equity: RM937 million

ADE (Aircraft Maintenance & Engineering)
- Q4 revenue: RM247 million (+31% YoY)
- EBITDA: RM55 million (+79% YoY, margin 23%)
- FY2025 revenue: RM895 million (record high)
- Expansion plans: USD100m debt facility, growth into Thailand, Philippines, Bahrain, plus new training center.

AirAsia MOVE (Travel & Lifestyle Platform)
- Q4 revenue: RM300 million (tripled QoQ, nearly doubled YoY)
- EBITDA: RM45 million, NOP: RM40 million
- FY2025 revenue: RM641 million, EBITDA RM84 million, PAT RM54 million
- Growth drivers: B2B launch, partnerships with VietJet & IndiGo, strong ancillary strategy, duty-free expansion in Philippines & Indonesia.

Teleport (Logistics & Cargo)
- Q4 volume: 102,688 tonnes (+19% YoY), 63m parcels (+165% YoY)
- Q4 revenue: RM367 million (+10% YoY)
- FY2025 revenue: RM1.2 billion (+11% YoY), NOP RM18.6 million (turnaround from FY2024 loss)
- Outlook: USD50m pre-IPO growth capital to scale global eCommerce logistics.

AirAsia Next (Brand, Loyalty, Fintech, AI Ecosystem)
- Q4 revenue: RM63 million (seasonal uplift)
- FY2025 revenue: RM246 million (+540% YoY), EBITDA RM118 million, NOP RM95 million
- Strategy: Expanding brand licensing, fintech & loyalty integration, agentic AI investment.

CEO Commentary (Tony Fernandes)
- Aviation disposal marks a financial reset, restoring positive equity.
- Confident in PN17 uplift and future growth.
- Focus now on five tech-driven businesses (ADE, Teleport, AirAsia MOVE, Santan, AirAsia Next).
- Believes asset-light businesses (MOVE, Teleport, Next) have “hockey-stick growth” potential.

Big Picture
Capital A has successfully transitioned from an aviation-heavy group to a diversified, tech-driven portfolio. FY2025 shows:
- Restructured balance sheet with strong equity.
- Profitability restored across multiple segments.
- Clear roadmap for regional expansion, digital growth, and logistics scale-up.