Air Asia (2630) Q4 2025 earnings summary

Executive summary

• Net revenue increased to NT$5,454,110 thousand in 2025, up NT$254,054 thousand or 4.9% year-over-year.

• Net income rose to NT$209,725 thousand in 2025, a year-over-year increase of NT$69,116 thousand.

• EPS improved to NT$1.00 from NT$0.67 year-over-year.

• Gross profit margin improved to 10.4% in 2025 from 8.9% in 2024.

• The company maintained a stable capital structure, with a debt-to-equity ratio of 35.36% at year-end 2025.

Financial highlights

• Operating profit grew to $290,890 thousand NTD in 2025, a 47% increase year-over-year.

• Net profit margin improved to 3.8% from 2.7% year-over-year.

• ROE increased to 6.0% from 4.1% year-over-year.

• Cash and cash equivalents increased to $226,727 thousand NTD at year-end 2025.

• Net cash generated from operating activities was $288,064 thousand NTD in 2025, up from $91,660 thousand NTD in 2024.

Segment performance

• Spare parts and accessory repair (self-repair) accounted for 43% of 2025 revenue, up from 42% in 2024.

• Aircraft maintenance contributed 25% of 2025 revenue, up from 24% in 2024.

• Fleet maintenance and repair made up 10% of 2025 revenue, down from 11% in 2024.

• Outsourcing repair and sale of aviation materials contributed 22% in 2025, down from 23% in 2024.

• 86% of revenue in 2025 was generated in Taiwan, with the remainder from Asia and other regions.