AirAsia X Third Quarter 2025 Financial Results

  • AirAsia X maintains profitable streak with Net Profit of RM27.8 million, as Net Operating Profit advanced 4x YoY to RM12.0 million from RM3.0 million 

  • Passenger Load Factor steady at 82% amidst favourable fare environment as Average Base Fare grew 5% YoY to RM466 despite a typically lower season

  • CASK reduced 9% YoY to 12.68 sen due to decline in jet fuel prices and firmer Malaysian Ringgit 

  • TAAX continued to be pressured by slower market rebound in 3Q25 amidst weak tourism sentiments, but already sees light at the end of the tunnel with revenue increasing in October

SEPANG, 28 November 2025 - AirAsia X Berhad (“AirAsia X” or the “Company”) today reported its unaudited financial results for the third quarter ended 30 September 2025 (“3Q25”).

The Company recorded turnover of RM803.5 million in 3Q25, marginally higher than the RM795.0 million achieved in the third quarter ended 30 September 2024 (“3Q24”), supported by a healthier fare environment and higher ancillary income. This quarter, Passenger Load Factor (“PLF”) was healthy at 82% against 84% in the preceding year. 

As part of a deliberate, group-wide network optimisation to prioritise longer-haul widebody flying, the Company redeployed selected shorter and medium-haul routes – including Bangkok, Hong Kong, Amritsar and Perth – to its sister airline, which operates more cost-efficient narrowbody aircraft on these sectors. As a result of this strategic realignment, passengers carried declined by 5%; nonetheless, available seat kilometres (“ASK”) increased 9% YoY as we lengthened average stage and improved daily aircraft utilisation to 16 hours, demonstrating the effectiveness of our focus on optimising asset productivity rather than chasing volume. Revenue Passenger Kilometres (“RPK”) increased 7% YoY to 4,570 million, buoyed by consistently high PLF on key routes in China and Japan. Average base fare increased 5% YoY to RM466 in 3Q25 as market demand built up towards the upcoming peak travel season. 

Ancillary income remained an important earnings driver, up by 5% YoY to RM280.6 million as ancillary revenue per passenger rose 11% YoY to RM273, with duty free sales showing significant improvements against last year. 

In 3Q25, net operating profit advanced to RM12.0 million versus RM3.0 million in 3Q24 driven by favourable fuel cost and stronger local currency. Consequently, cost per ASK (“CASK”) reduced 9% YoY to 12.68 sen while CASK ex-fuel saw a modest increase of 2% to 6.72 sen. Profit after tax stood at RM27.8 million compared to RM121.6 million in 3Q24, the latter of which benefited from substantial net foreign exchange gains. 

AirAsia X Thailand (“TAAX”), the Company’s associate, recorded revenue of RM235.4 million, a 22% YoY decrease, reflecting seasonal travel trends amidst a slower market rebound due to weaker tourism sentiments. Passenger traffic reduced 7% YoY to 319,129 passengers while seat 

capacity held at 429,502 seats. PLF during the quarter stood at 74%. TAAX recorded a net loss of RM128.4 million and is preparing for the year-end peak season demand, when performance is expected to regain traction as TAAX anticipates the launch of three new destinations in the fourth quarter, namely Sendai in Japan, Almaty in Kazakhstan and Riyadh in Saudi Arabia. 

As of 30 September 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 fully activated and operational A330 aircraft.

AirAsia X CEO Benyamin Ismail said, “The Company’s performance this quarter signals the resilience of our fare environment, driven by robust demand even during a typically softer travel period. Maintaining an 82% PLF was a feat and reflected the strength of our core markets and the effectiveness of the team’s continuous optimisation of our network strategy. 

“In terms of fleet, our final aircraft reactivation has been deferred to next year due to MRO backlogs and delays by Rolls-Royce on the induction of engines for reactivation works. Currently, we are working closely with them to ensure that the aircraft is reactivated in early 2026, whilst expecting induction of four new A321LRs next year. Above all, safety continues to guide every decision we make in line with the highest operational standards.

“On network, recovery in China gained more momentum as we continued to observe encouraging PLF and improving margins. We are pleased to also introduce inaugural services to Tashkent, Uzbekistan and Istanbul, Türkiye in October and November respectively. These routes, we are confident, will enhance our Fly-Thru network, which now contributes around 20% of our passenger traffic and connects over 140 destinations across the wider AirAsia network in this region and beyond.

“Once again, ancillary revenue bolstered our margins, steered by data-driven enhanced product personalisation, improved value-bundling initiatives and stronger duty free performance. Combined with disciplined cost management, we are well positioned as the Company gears up for the busiest quarter of the year. In addition, a firmer Malaysian Ringgit adds a positive swing as we look ahead in our future. 

“More significantly, on 29 October 2025, the Company announced that all conditions precedent for the proposed acquisitions of AirAsia Aviation Group Limited and AirAsia Berhad have been fulfilled, paving the way for the formation of the enlarged aviation group. This consolidation of medium- and short-haul operations positions us well to build the world’s first low-cost network carrier and advance Asean’s emergence as the region’s leading low-cost megahub. This will deliver affordable connectivity and stronger economic value across the region.” 


**ENDS**

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