AirAsia X Second Quarter 2025 Financial Results

  • AirAsia X continues to be profitable with Net Profit of RM35.22 million due to favourable foreign exchange gains; Net Operating Profit improved 26% YoY to RM1.38 million

  • Passenger traffic tracks capacity growth at 6% YoY, Passenger Load Factor unchanged and sound at 83% - on track for Central Asia dominance and entry into Europe

  • CASK reduces by 13% YoY to 12.05 sen due to decline in jet fuel prices

  • TAAX performance weighed by softer travel demand amidst the earthquake incident in Bangkok and related security concerns

SEPANG, 26 August 2025 - AirAsia X Berhad (“AirAsia X” or the “Company”) today reported its unaudited financial results for the second quarter ended 30 June 2025 (“2Q25”). 

The Company recorded a turnover of RM660.8 million in 2Q25, marginally lower year-on-year (“YoY”) as capacity rose by 6% YoY to 1.12 million seats in a softer fare environment due to low season. Passenger traffic grew 6% YoY to 935,105 passengers, maintaining a sound Passenger Load Factor (“PLF”) of 83%, unchanged YoY despite the increased capacity.

This quarter, average base fare declined to RM405, impacted by historical seasonality and cautious travel sentiments following the concerns on earthquakes in Japan. In managing seasonality, the Company had also augmented its load-active, yield-passive strategy, leveraging on the advantageous fuel price environment. Ancillary revenue bolstered the Company’s performance with revenue per passenger up by 4% YoY to RM257 and total ancillary revenue rising by 10% YoY, driven by higher passenger volumes and enhanced product offerings particularly in the duty free and merchandise segments. 

Net profit rose sharply to RM35.22 million against last year’s RM4.82 million, boosted by favourable net foreign exchange gains. In 2Q25, the Company’s net operating profit improved 26% YoY to RM1.38 million supported by lower fuel prices. The Company’s cost per available-seat-kilometres (“ASK”) (“CASK”) reduced by 13% YoY to 12.05 sen while CASK ex-fuel stood at 6.38 sen, up by 9% YoY reflecting operational ramp-up and higher maintenance expenses over the last 12 months.

In terms of capacity and network, the Company’s ASK grew by 10% YoY to 4,851 millions as AirAsia X continued to observe strong PLF of beyond 85% from its East Asian routes in Japan, China and South Korea driven by the peak spring travel season during the quarter. 

AirAsia X Thailand (“TAAX”), the Company’s associate, posted a revenue of RM372.82 million and an operating loss of RM13.2 million in 2Q25. Passenger traffic during the quarter declined by 12% YoY to 318,257 passengers as seat capacity reduced by 5% YoY to 407,360 seats. TAAX’s PLF stood at 78% this quarter as performance was pressured by softened travel demand to Thailand overall following the earthquake incident in Bangkok and related security concerns. 

Average fare was firm at RM690 during the quarter under review, and TAAX posted a net profit of RM10.58 million, buoyed by net foreign exchange gains.

As of 30 June 2025, AirAsia X’s total fleet stood at 19 A330 aircraft, and of these, 18 aircraft were activated and operational. TAAX maintained a fleet of nine A330s after returning one aircraft to lessor during the quarter.

AirAsia X CEO Benyamin Ismail said: "AirAsia X delivered resilient performance this quarter with a sound PLF of 83%, in line with capacity growth despite the seasonally softer second quarter. The Group’s operations remained profitable even as one aircraft is pending reactivation and fares are softer as the market tries to boost demand taking advantage of the lower fuel price environment in 2Q25.

“The final aircraft reactivation, originally planned for June 2025, has been deferred to the second half of the year due to the well-documented global MRO backlogs and spare parts shortages. While we are eager to return the aircraft to service, the safety of our guests and crew is of paramount importance, and the Group is committed as ever to returning the aircraft to service without compromise. 

“In terms of network, the Group advanced its momentum, led by the long-awaited recovery in China, with routes recording PLF scaling 90%. During the quarter under review, the Group incorporated additional flights to Australia to capture winter demand, alongside the launch of services to Karachi, Pakistan. Following the success of Almaty, Kazakhstan, we continue our expansion into Central Asia with the launch to Tashkent, Uzbekistan set for October this year.

“Looking ahead, we have also announced the launch of the much-anticipated flights to Istanbul, Türkiye in 4Q25, marking our return to the western region after more than a decade. This milestone serves to strengthen the Group’s Fly-Thru connectivity across the wider AirAsia network, which as it is, contributes to about 20% of our passenger traffic and links over 140 destinations in Asean and beyond.

“For this quarter, ancillary revenue continued to drive the Group’s margins as we enhanced product personalisation and improved value bundling; the team is consistently reviewing our ancillary strategy to ensure maximised uptake. Combined with disciplined management of cost and operational efficiencies, we are confident that these efforts position us well for the busier quarter of the year. With recent favourable jet fuel prices and a stronger Malaysian Ringgit, the Company prepares to tap on the further tailwinds for the sustainable growth in the year ahead.”

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