Capital A Financial Results Second Quarter 2025
PAT for the Group hit RM1.5 billion
Aviation EBITDA up 32% YoY to RM931 million and a 21% margin
Capital A Companies recorded a 3rd straight quarter of PAT at RM39 million
KUALA LUMPUR, 28 August 2025 - Capital A Berhad (“Capital A or the “Group”) today reported its unaudited financial results for the second quarter ended 30 June 2025 (“2Q2025”).
Despite Q2 being a seasonally weak quarter, the Group recorded a revenue of RM4.8 billion, RM1.1 billion in EBITDA and Net Operating Profit (“NOP”) of RM671 million. Profit After Tax (“PAT”) for the quarter was RM1.5 billion—a substantial turnaround from the RM543 million loss after tax in 2Q2024—boosted by a RM0.9 billion foreign exchange gain.
Highlights of the AirAsia Group
Aviation revenue declined 3% Year-on-Year (“YoY”) to RM 4.5 billion, largely due to weaker tourism and safety concerns in Thailand. Excluding Thailand, revenue would have increased 2% YoY. Nonetheless, EBITDA rose 32% from a year ago to RM931 million, achieving a 21% margin, driven by lower fuel prices, stronger Asean currencies and ongoing cost optimisation. PAT swung to RM884 million from a RM552 million loss in 2Q2024.
Load factor held steady at 82% as 8% capacity was added YoY, while passengers carried dipped marginally by 1% YoY to 15.5 million due to softness in Thailand
Average fare declined 4% YoY to RM229, largely due to Thailand and the change of capacity mix to more domestic (excluding Thailand, average fare is up 3% YoY)
Ancillary per passenger improved by 2% YoY to RM51, while ancillary revenue grew 3% YoY—making up 19% of aviation revenue—driven by 49% higher cargo revenue on improved belly utilisation and better data personalisation
Overall CASK fell 8% YoY to USc4.50, largely driven by lower fuel prices and returning to a normal maintenance profile
Fleet size grew by one aircraft to 226 aircraft, with 206 active aircraft
Group CEO of AirAsia Aviation Group Bo Lingam on the business outlook:
“This quarter demonstrated the resilience of our aviation business. We offset slower demand in Thailand and lower fares from returning capacity with disciplined cost management and strong ancillary growth, supported by favourable fuel and forex trends. Load factor remains high as we bring capacity back online and align supply with market needs. Core short-haul demand held firm, boosted by the summer peak in North Asia, regional festivities and long weekends in Malaysia and other key markets. We are confident that this momentum will carry into the second half, with the fourth quarter historically being our strongest. Thailand remains an important market for us, and we intend to hold our market share, especially domestically, at 40% through targeted capacity redeployment into domestic and to India, as well as refined pricing strategies. We are expecting Thailand to see a rebound from the fourth quarter onwards.”
Highlights of Capital A Companies
On a pre-elimination basis, the Capital A companies generated more than RM741 million in revenue in 2Q2025, an increase of 10% YoY. EBITDA surged 79% to RM117 million, lifting NOP by 821% YoY to RM44 million, for a PAT of RM39 million.
ADE
ADE posted revenue of RM219 million, up 26% YoY on a higher number of base maintenance checks and more over-and-above and ad hoc line maintenance services in the Philippines and Indonesia. EBITDA grew by 45% YoY to RM56 million, with the margin expanding 3ppts from a year ago to 25%, after previously being compressed by advanced staff costs tied to pre-operational hiring for the hangar. PAT margin improved to 16%, attributable to higher foreign exchange gain as well as lower depreciation and interest expenses, in particular, those related to leases.
CEO of ADE Mahesh Kumar on the business outlook:
“This was another solid quarter for ADE, fuelled by stronger engineering and maintenance services across the region. To capture the next wave of demand, we are securing RM250 million in debt financing. Partly will be used for a new four-line hangar at KLIA, expanding our total capacity to 20 by 2027 as demand for aircraft maintenance ramps up. Alongside progress on additional workshops, we are scaling rapidly to cement our lead as the MRO of choice for Asean.”
AirAsia MOVE
Revenue for 2Q2025 declined by 16% YoY. Share of AirAsia seats sold was low at 43% but will improve by year-end. The Stays segment, however, continued to grow—bookings rose 38% YoY—ensuring GBV held steady at RM2.25 billion compared to a year ago. EBITDA margin was also stable at 11% owing to rigorous cost discipline.
CEO of AirAsia MOVE Nadia Zahir Omer on the business outlook:
“We’re disrupting the hotel-first OTA market with a value-first platform for budget travellers. The second quarter proved the strength of our model—users, hotels and ancillary revenue all grew despite tougher flight transactions. With ongoing improvements in UX, personalisation, content and payments efficiency, we’re well-positioned to capture demand at lower cost and expand margins. We will also look to grow the share of AirAsia seats sold to 50% by year-end. Together, these initiatives are designed to deliver scalable, high-quality growth while keeping profitability at the core.”
Teleport
Teleport delivered RM255 million in revenue in 2Q2025, a 13% YoY increase, driven by a 52% YoY growth in eCommerce revenue to RM87 million. Operationally, the company moved 31.6 million eCommerce parcels (+62% YoY) and 77,213 tonnes of cargo (+21% YoY). Growth was enabled by a 2.8x increase in air partner network capacity to capture more eCommerce demand, while leveraging the three airport infrastructure investments made in the last quarter for faster eCommerce processing. This performance translated to RM24.6 million in EBITDA (+39% YoY), while greater adoption of value-added services expanded EBITDA margins to 9.8% - an improvement of 1.8ppts YoY. This led to Teleport’s second consecutive quarter of positive NOP at RM4 million, a RM12 million YoY positive turnaround.
CEO of Teleport Pete Chareonwongsak on the business outlook:
“In Q2, we proved the resilience of our hybrid asset-light model. Our partner network was instrumental in delivering a profitable quarter despite our freighter fleet operating at only 40% availability due to maintenance planning and unscheduled disruptions. With our full fleet now back online, we are doubling down on what works. We will combine our fully restored fleet with an even stronger third-party network, including new long-haul 747 capacity along high-yield routes to Europe, Oceania, and the Middle East, a strategy that will be fully unlocked by the planned close of our capital raise this quarter. We expect a strong Q3, fuelled by early peak season commitments from eCommerce clients and a continued improvement in value-added service adoption across our 900-plus customer base.”
CEO of Capital A Tony Fernandes on the business outlook:
“Strong results, delivered in what is usually our weakest quarter. Aviation’s back on track, and we’re close to returning to our full fleet strength. Add to that, almost all our Capital A Companies are profitable at PAT level, and we have strong earnings potential. Now that we’ve steadied the ship, it’s all about growth.
“My goal for the next six months—get all our aircraft back, grow Philippines and Indonesia, and return the share of AirAsia on MOVE to 60%, which will grow ancillary revenue. We are currently working on a rated bond and securing local debt to restructure our COVID-era financing, which has dragged our profits.
“On the aviation disposal, we are on the last leg of restructuring. At the moment, we’re in the process of responding to some feedback from the Thai SEC, and we hope to resolve any outstanding matters soon.”
For further information please contact:
Investor Relations: Communications:
Joanna Ibrahim Maryanna Kim
Email: joannaibrahim@airasia.com Email : maryannakim@airasia.com
For further information on Capital A, please visit the Company’s website: www.capitala.com