Capital A Berhad · MYX:CAPITALA
Capital A Berhad — Q3 2025 Earnings Presentation
33 slides from Capital A Berhad's earnings presentation, November 2025
Slide 1: 3Q2025 Financial Results
3Q2025 Financial Results © 2025 Capital A. All rights reserved.
Slide 2: Forward-Looking Statements and Non-MFRS Financial Information
FORWARD-LOOKING STATEMENTS AND NON-MFRS FINANCIAL INFORMATION This presentation includes forward-looking statements regarding future performance and events. These statements are based on various assumptions and expectations and may include projections of our future financial performance and anticipa
Slide 3: Notes
Notes For this presentation, Capital A results will be segmented into: ● Aviation business (AirAsia Aviation Group) ● Non-aviation businesses (Capital A Companies) The Bursa announcement follows MFRS 5 reporting, where the results are split between Continuing and Discontinuing Operations. However, f
Slide 4: The Group financial highlights
The Group financial highlights Improved profitability with margin expansion despite moderate top-line momentum Revenue EBITDA NOP 5,264 RM million 1,131 RM million 305 RM million ▼0.7% YoY ▲69% YoY ▲16x YoY 21% margin 6% margin +9ppts +2.2ppts 4
Slide 5: Final milestone in sight for corporate exercises
Final milestone in sight for corporate exercises Finalising aviation disposal to pave the way for PN17 upliftment Executing the final milestones Aviation disposal PN17 regularisation Entitlement date for AAX shares Lodgement of High Court order Final court order and lodgement Submission of upliftmen
Slide 6: Capital A will focus on non-aviation businesses while holding 18% interest in aviation
Illustrative structure post-aviation disposal Capital A will focus on non-aviation businesses while holding 18% interest in aviation Malaysia 100% 65.3% 100%* 100% 100% 49% AirAsia Aviation AirAsia Berhad Group Limited Thailand Malaysia Thailand 6% 100% 100% 18% JV 50% 14.2% Indonesia Malaysia Phili
Slide 7: AirAsia Aviation
AIRASIA AVIATION
Slide 8: Aviation Executive Summary
Aviation Executive Summary 3Q25 Revenue (RM mil) 4,448 -2% YoY The aviation business has stabilised, EBITDA (RM mil) with clear signs of recovery & 1,018+76% YoY restructuring behind us. 23% margin (+10 ppts) Starting 2026 with full fleet, NOP (RM mil) advancing our journey toward 264 Turned positiv
Slide 9: Aviation 3Q25 Key Highlights - Revenue
Aviation 3Q25 Key Highlights - Revenue Revenue robust; Group ex-TAA revenue grew 3% YoY Average Fare ◆ Group Average Fare (-2% YoY) was impacted by Thailand’s shift towards domestic 227 routes to mitigate softer international inbound traffic. Excluding this specific impact, RM pricing power remains
Slide 10: Aviation 3Q25 Key Highlights - EBITDA & Cost
Aviation 3Q25 Key Highlights - EBITDA & Cost Strong 23% EBITDA margin ahead of LCC peers Regional Global/ LCC Peers FSC Peers ◆ EBITDA of RM1 bn, up 76% YoY ◆ Despite Thailand’s performance & not operating our full fleet, AirAsia achieved a strong 23% EBITDA margin ahead of LCC peers, 10 ppts improv
Slide 11: Aviation 3Q25 Key Highlights - Profitability
Aviation 3Q25 Key Highlights - Profitability Group NOP margin of 6% 14% Excluding TAA which is impacted by weaker tourism 6% sentiments, NOP margin is 14% ⬥ NOP turned positive to RM264 mil1. Group NOP margin of 6% ⬥ Group ex-TAA achieved an NOP of RM460 mil, nearly double the headline profit, at a
Slide 12: Full Fleet Reactivation by Year-End
Full Fleet Reactivation by Year-End Unlocking full capacity potential and ensuring operational reliability New deliveries 1 1 0 0 ⬥ Redelivered 1 aircraft in 3Q25. Targeting 5 redeliveries in 4Q25 Redeliveries 0 0 1 5 ⬥ By year-end, we expect 100% fleet availability, closing 2025 with a total of Tot
Slide 13: Aviation Business Outlook
Aviation Business Outlook 4Q 2025 Anticipating a strong year-end due to ⬥ Peak travel and encouraging booking momentum ⬥ Thailand market has rebounded, with its first revenue increase YoY in October since January ⬥ Underlying demand remains robust, with China demand returning ⬥ Fly-Thru traffic is p
Slide 14: Capital A Companies
CAPITALACOMPANIES ,
Slide 15: Three headlines for Capital A Companies
Three headlines for Capital A Companies Four-quarter Young portfolio Ready to grow profit streak companies 14% EBITDA margin, Most established only On the runway, ready for 5% NOP margin 7 years ago takeoff Revenue ADE eyeing regional expansion 817 2025 This year Teleport is 9th in Asia, with global
Slide 16: Asia Digital Engineering (ADE) financial highlights
Asia Digital Engineering (ADE) financial highlights Operational efficiency drives higher revenue per hangar line Total Revenue (RM million) ● Revenue grew 20% YoY, notable growth in: 221 - Base maintenance - turnaround time reduced by 10% in average, 20% YoY boosted volume of checks completed - Work
Slide 17: Asia Digital Engineering (ADE) business outlook
Asia Digital Engineering (ADE) business outlook Accelerating regional footprint Third party growth ● Target to expand its third-party customer base, bolstered by recent long-term contracts with Air France Capacity Expansion ● Line Maintenance - Working closely to start Line Maintenance hub in 1 of t
Slide 18: AirAsia MOVE financial highlights
AirAsia MOVE financial highlights Prioritising the SNAP and hotels segment to leverage its accelerating growth momentum ● Flat revenue ○ Platform engagement remained healthy in 3Q25, supported by stable MAUs, steady installs, Total Revenue (RM million) and an NPS of 57 (+10pts YoY). 112 ○ 38% of sha
Slide 19: AirAsia MOVE business outlook
AirAsia MOVE business outlook Leading budget OTA market with flight-first, social-led platform Flights and Hotels ● Focus remains on securing competitive rates from AirAsia (target 39% share in 4Q and 50% in 2026) while driving a higher percentage of AirAsia inventory distribution through the platfo
Slide 20: Teleport financial highlights
Teleport financial highlights Strong growth to become #1 in Southeast Asia and #9 in Asia by volume moved by air Total Revenue (RM million) ● Revenue of RM312 mil (+9% YoY, +22% QoQ), or USD 72.1 mil (+17% YoY on a constant-currency basis) - best Q3 performance since inception 312 ○ eCommerce revenu
Slide 21: Teleport business outlook
Teleport business outlook Top-10 Asian cargo player targets global scale Maximising peak season in Q4 ● Maintaining focus to increase wallet share moved from China’s top five e-commerce marketplaces by 30% ● Continue to deepen collaboration to grow capacity and network reach with existing 50+ partne
Slide 22: Abc. (AirAsia Next) financial highlights and outlook
Abc. (AirAsia Next) financial highlights and outlook Expanding reach, realising brand value Total Revenue (RM million) ● Flattish revenue YoY, in line with airline revenue trend 49 ● 78% EBITDA and NOP margin, slipped slightly YoY due to rising staff, 2% YoY marketing and other operating cost ● Impr
Slide 23: Santan financial highlights and outlook
Santan financial highlights and outlook Expanding beyond airline Total Revenue (RM million) ● 17% YoY growth in revenue driven by; 59 ○ Improving take up rate (+3 ppts) ○ Alongside higher RPP for prebook segment reaching RM2.60 per pax 17% YoY ● Strong EBITDA and NOP margin of 17% underpinned by; To
Slide 24: Internal Targets
INTERNAL TARGETS
Slide 25: 2025 internal targets
2025 internal targets Capital A Companies AirAsia Aviation (Continuing Operations) (Discontinuing Operations) FY2025 9M25 Progress FY2025 9M25 Progress Target Actual Target Actual Revenue (RM bil) 3.5-4 2.3 Meeting 22-24 13.8 Trailing EBITDA (RM bil) 0.5-0.6 0.3 Meeting 4-4.8 2.9 Meeting NOP margin
Slide 26: Appendix
APPENDIX
Slide 27: Sticky Ancillary Demand: Spend per Pax Steady at RM50
Sticky Ancillary Demand: Spend per Pax Steady at RM50 Ancillary makes up 18% of revenue Ancillary Revenue (RM mil) Ancillary Revenue breakdown Fees & Others Cargo Insurance 1% Inflight meals 2% & duty free RM 814 Fly-Thru ⬥ Ancillary per pax held firm at RM50 (+0.2% YoY) ⬥ Despite lower pax traffic
Slide 28: Airline operating CASK decreased 12% YoY
Airline operating CASK decreased 12% YoY CASK to decline further once full fleet returns ⬥ Excluding non-operating aircraft costs, operating CASK Operating CASK was USc4.26, which was 12% lower YoY ⬥ On a per ASK basis, this is led by lower maintenance and overhaul costs (USc0.24/ -31%), followed by
Slide 29: Aviation Performance vs Internal Targets
Aviation Performance vs Internal Targets On track to meet EBITDA and NOP Margin internal targets AirAsia SH FY2025 9M25 Progress Targets The gap is mainly due to Revenue RM22 bn to RM13.8 bn Trailing delayed RM24 bn aircraft reactivation EBITDA RM4 bn to RM2.9 bn On track and Thailand weakness RM4.8
Slide 30: AirAsia Aviation Group Attributable Core NOP
AirAsia Aviation Group Attributable Core NOP RM ‘000 3Q25 2Q25 Var % NOP 263,726 195,898 35% Non-operating aircraft depreciation (113,722) (105,453) -8% Non-operating aircraft interest expense (46,630) (73,711) 37% NOP after non-operating aircraft costs 103,374 16,734 518% NOP share by MI (98,171) (
Slide 31: AirAsia Aviation operating statistics
AirAsia Aviation operating statistics Capital A Berhad Airlines - Malaysia, Thailand, Indonesia, Philippines & Cambodia 3rd Quarter 2025 Operating Statistics Capital A Berhad Jul - Sep 2025 Jul - Sep 2024 Change AOCs (MAA, IAA PAA, TAA & CAA) Passengers Carried¹ 15,720,568 15,855,155 -1% Capacity² 1
Slide 32: Capital A Companies operating statistics
Capital A Companies operating statistics Asia Digital Engineering July - Sept 2025 July - Sept 2024 Change Aviation Services 1) Number of approved hangar line No. of hangar line1 2) 16 12 4 Digital 3) No. of base maintenance check 26 13 100% 4) Number of unique users who visit a site within the mont
Slide 33: Thank You
h_c&a Thank You capital J