AirAsia X Financial Results Fourth Quarter and Full Financial Year Ended 2025

AirAsia X Berhad reported its unaudited financial results for the fourth quarter of 2025 (“4Q25”) and the full financial year of 2025 (“FY25”) ended 31 December 2025, reporting a breakthrough year for its short-haul operations and sustained profitability for its long-haul business.

Group (Enlarged AirAsia X):
- Revenue: RM22.2 billion (flat YoY).
- EBITDA: RM4.6 billion.
- Net Operating Profit (NOP): RM1.3 billion, margin 5.9%.
- Passengers carried: 68.6 million (+2% YoY).
- Proforma Profit After Tax (PAT): RM1.96 billion.
- Shareholders’ equity: RM767 million.

Standalone AirAsia X:
- Revenue: RM3.3 billion.
- PAT: RM191.7 million.
- Passengers: 4.0 million, load factor 82%.
- Cost per ASK (CASK): 13.04 sen, improved 5% YoY.
- New routes: Karachi, Tashkent, Istanbul.

Q4 2025 Highlights
- Short-Haul Operations:
- NOP: RM500 million, margin 10%.
- Load factor: 84%.
- Thai AirAsia returned to profitability; TAAX had strongest revenue quarter.

Standalone AirAsia X:
- PAT: RM78.6 million (3x YoY).
- Average base fares: RM568 (+15% YoY).
- Ancillary revenue: RM299 million, spend per passenger RM302 (+13%).
- ASK increased 4% despite 6% seat capacity moderation.

Regional Performance
- AirAsia Cambodia: Profitable in first full year (7.5% NOP margin).
- Philippines: EBITDA improved, boosted by Cebu hub and partnerships.
- Indonesia: Resilient, profitable in Q3 despite seasonal weakness in Q4.

Operational & Strategic Notes
- Group reduced operating CASK by 9% YoY to 4.26 USc.
- Ancillary revenue contributed 19% of total revenue.
- Capital raise of RM1.0 billion strengthened balance sheet.
- Plans to expand fleet with up to 150 additional aircraft beyond existing 374 orders.
- Establishing Bahrain as first global hub to connect Asia with Europe and the Middle East.

FY26 Targets
- Revenue: RM25 billion.
- EBITDA: RM5 billion.
- NOP margin: 5%.
- Fleet size: 253 aircraft, including new A321LRs.

AirAsia X is positioning itself as the world’s first true low-cost network carrier, leveraging consolidation, cost discipline, and regional expansion to sustain profitability and growth.