AirAsia Group (AAGB) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 increased 1% year-on-year to RM803.5 million, supported by a robust fare environment and strong ancillary revenue, which grew 5% YoY to RM280.6 million.

• Net operating profit rose fourfold to RM12.0 million, while net profit was RM27.8 million, down from RM121.6 million last year due to prior year gains.

• ASK capacity rose 9% YoY, with aircraft utilization at 16 hours per day and passenger load factor steady at 82%, despite a 5% YoY decline in passenger traffic.

• Ancillary revenue per passenger increased 11% YoY to RM273, with improvements in duty-free and onboard offerings.

Financial highlights

• Revenue: RM803.5 million in Q3 2025, up 1% YoY; net operating profit: RM12.0 million, up from RM3.0 million in Q3 2024.

• Net profit: RM27.8 million, down from RM121.6 million in Q3 2024 due to prior year gains.

• Ancillary revenue per passenger rose 11% to RM273, with total ancillary revenue at RM280.6 million (35% of total revenue).

• CASK reduced 9% YoY to 12.68 sen, reflecting lower fuel prices and currency appreciation.

• EBITDA for Q3 2025: RM91.7 million, up from RM76.2 million in Q2 2025.

Outlook and guidance

• Q4 2025 expected to be strong, with robust forward bookings, higher fares, and peak season demand.

• Focus on expanding frequencies, entering new markets, and reactivating the last aircraft by early 2026.

• Four A321LRs to be inducted in 2026 to support network growth.

• Fuel prices and FX expected to remain favorable; no plans for fuel hedging.

• Internal FY2025 targets: revenue RM3.5–4.0 billion, EBITDA RM0.5–0.55 billion, 4.4 million passengers, 18 operational aircraft by year-end.