KUALA LUMPUR (Feb 26): AirAsia X Bhd (KL:AAX) posted a fourth-quarter net profit of RM78.6 million, up from RM22.6 million a year ago, driven by higher ticket fares and stronger ancillary revenue. Revenue rose 6% to RM920.8 million.

AirAsia X benefited from average base fares up 15% to RM568 and ancillary revenue of RM299 million for the quarter ended Dec 31, 2025. 

Spend per passenger was up 13% to RM302 and seat capacity down 6% due to network realignment, with Available Seat Kilometres (ASK) up 4% with the focus on longer-haul services.

The group aims for RM25 billion in revenue, RM5 billion earnings before interest (Ebit), and a 5% net operating profit (NOP) margin in 2026, building on RM4.6 billion Ebitda in FY2025 on 5.9% NOP margin. It expects a 15% rise in passengers, from 68.6 million to 79 million in FY2026.

For the full year, net profit was RM191.7 million, slightly down from RM229.1 million, while total revenue increased to RM3.3 billion. 

The airline carried over 4 million passengers with an 82% load factor, and kept costs per ASK disciplined at 13.04 sen despite higher maintenance and new routes to Karachi, Tashkent, and Istanbul for the year.

AirAsia X, now unified under an enlarged group with the acquisition of AirAsia Bhd and AirAsia Aviation Group Limited, posted a RM500 million 4Q net operating profit in short-haul operations, helped by an 84% load factor and the Thai market recovery. Thai AirAsia returned to profit, and Thai AirAsia X achieved its highest revenue quarter.

On a pro-forma basis, the group met its profitability targets, posting Ebitda of RM4.6 billion and a net operating profit of RM1.3 billion with a 5.9% margin, exceeding internal goals.

Annual revenue was RM22.2 billion, flat year-on-year, as passenger numbers grew 2% to 68.6 million despite weak Thailand tourism in 2Q–3Q and fewer operational aircraft than expected.

AirAsia X group CEO Bo Lingam in his commentary on the results said in 2026, AirAsia X aims to reassert itself as a leading low-cost airline and build the world’s first true low-cost network carrier. 

Supported by a stronger balance sheet from a RM1 billion capital raise and refinancing, the airline plans to expand its network in Asean and high-growth regions, with Bahrain as its first global hub connecting Asia, Europe, and the Middle East.

The airline is moving from fleet reactivation to optimising a world-class, fuel-efficient fleet, maintaining 253 aircraft with four new A321LRs replacing older planes. 

He said discussions are ongoing to add up to 150 more aircraft to the existing 374-plane orderbook.

AirAsia X’s share price was down 4.21% to RM2.05 a share, valuing the group at RM6.89 billion. Year to date the stock is up by 14.53%.