In a Bursa Malaysia filing today, the airline said it recorded revenue of RM5.95 billion during the quarter as well as earnings before interest, taxes, depreciation, and amortisation of RM1 billion.
No comparative figures were presented due to the reverse acquisition of AirAsia X by AirAsia Aviation Group Ltd (AAAGL) from Capital A Bhd. As a non-listed private limited company, AAAGL was neither required to prepare nor had it prepared interim financial statements prior to the reverse acquisition.
It noted that about 15% of the fleet, out of 204 operating aircraft at the end of the quarter, was not in operation. The group’s net operating profit was RM198.6 million before accounting for depreciation and finance costs related to non-operating aircraft.
AirAsia X said operating cash flow remained positive due to improved business performance.
“The board remains cautiously optimistic, ensuring that by maintaining a lean cost structure and prioritising robust cash flow management, the group is well-positioned to emerge from this period of volatility as a more resilient and efficient carrier,” it said.
AirAsia X said that as the first quarter presented a challenging macro environment, characterised by extreme jet fuel price volatility and geopolitical uncertainties, the group has shifted its focus towards protecting margins and maintaining cost neutrality.
The group said it drew down approximately US$300 million (RM1.18 billion) in funding in the first quarter of 2026, which was partially used to refinance existing debt at more favourable rates and reduce 2026 principal obligations.
“We continue to optimise working capital through active engagement with our vendors, and are working closely with regional governments to mitigate cost burdens through cost reductions and other support measures,” said AirAsia X.
AirAsia X said as the outlook for jet fuel prices remains elevated compared to historical averages and the situation continues to be fluid, the group will temporarily withhold its previously communicated internal targets for 2026 until the operating environment stabilises.