Kuala lumpur: AirAsia X Bhd reported a net loss of RM154.88 million in the first quarter ended March 31, 2026. This loss is attributed to net foreign exchange losses of RM232.2 million resulting from the depreciation of local currencies, including the Thai baht, Indonesian rupiah, and the Philippine peso, against the US dollar during the quarter.
According to BERNAMA News Agency, the airline disclosed in a filing to Bursa Malaysia that it recorded revenue of RM5.95 billion in the quarter, alongside earnings before interest, taxes, depreciation, and amortisation (EBITDA) of RM1 billion. Due to a reverse acquisition by AirAsia Aviation Group Ltd (AAAGL) from Capital A Bhd, comparative figures were not presented as AAAGL, being a non-listed private limited company, had not prepared interim financial statements prior to the acquisition.
The airline noted that approximately 15 per cent of its fleet, out of 204 operating aircraft, was not in operation during the quarter. Despite this, the group's net operating profit stood at RM198.6 million, before accounting for depreciation and finance costs for non-operating aircraft. AirAsia X's operating cash flow remained positive, reflecting an overall improvement in business operations.
The company stated that its board remains cautiously optimistic. By maintaining a lean cost structure and focusing on robust cashflow management, the group aims to emerge from this period as a more resilient and efficient carrier. The group began 2026 with a transformative acquisition of AirAsia Bhd and AirAsia Aviation Group Ltd on January 16, consolidating these under a single enlarged platform, thereby creating a streamlined aviation business with seven airlines under one umbrella.
However, the first quarter presented challenges due to extreme jet fuel price volatility and geopolitical uncertainties. In response to the sharp increase in jet fuel prices that began in March 2026, the group has shifted its focus towards disciplined margin protection and cost neutrality. AirAsia X is prioritising balance sheet resilience and liquidity preservation to navigate the current high fuel environment. It successfully secured approximately US$300 million in funding in the first quarter, which was partially used to refinance existing debt at more favorable rates and reduce 2026 principal obligations.
AirAsia X continues to optimise working capital through active engagement with its vendor ecosystem and is collaborating with regional governments to mitigate cost burdens through reductions and other support measures. While the group's long-term strategy to build the world's first low-cost network carrier remains intact, supported by the recent delivery of its first A321LR and a newly announced order of 150 A220 aircraft, the immediate focus is on navigating current market fluctuations.
The company acknowledged that the outlook for jet fuel prices remains elevated compared to historical averages. As the situation remains fluid, AirAsia X will closely monitor market developments and has decided to temporarily withhold its previously communicated internal targets for 2026 until the operating environment stabilises.