Capital A Financial Results Second Quarter 2026
Posts RM809M revenue and RM38.5M NOP for 2Q26; 1H26 revenue up 4% YoY to RM1.58B
ADE and Teleport drive strong expansion, accounting for over 70% of total 1H26 Group revenue
Delivers second consecutive profitable quarter post-aviation disposal with 2Q26 PAT at RM25M and 1H26 PAT at RM50M
Core Group NOP up 6% YoY for 1H26 after adjusting for aviation interest income loss
Maintains healthy balance sheet with equity above RM0.5B and RM150M operating cash flow
KUALA LUMPUR, 27 August 2026 – Capital A Berhad (“Capital A” or the “Group”) today announced its unaudited financial results for the second quarter ended 30 June 2026 (“2Q26”) and the first half of financial year 2026 (“1H26”). Building on a fresh start to 2026 following the successful disposal of its airline business and official exit from PN17, the Group demonstrated strong operational resilience, outperforming broader benchmarks despite industry-wide operating constraints.
For 2Q26, revenue grew 9% YoY to RM809 million, driven by rapid expansion in maintenance, repair, and overhaul (“MRO”) services alongside strong cross-border logistics volume. Scaled operational leverage delivered quarterly EBITDA of RM108 million and Net Operating Profit (“NOP”) of RM38.5 million. NOP reduced marginally YoY stemming from the post-disposal absence of aviation interest income. Tailwinds were also seen as debt refinancing reduced interest expenses. Profit After Tax (“PAT”) closed at RM25 million for the quarter, reflecting bottom-line stability while absorbing a RM5.6 million forex loss (versus a gain in the prior-year) and increased tax expenses. The Group’s balance sheet has stabilised, with shareholders' equity settling comfortably above RM0.5 billion.
On a cumulative basis, 1H26 performance exceeded RM1.58 billion in revenue (+4% YoY), propelled by performances from Teleport (+21% YoY) and ADE (+19% YoY), which together generated over 70% of total Group revenue. This was partially offset by softness in AirAsia MOVE, AirAsia Next, and Santan due to airline capacity moderation. Group EBITDA declined 5% YoY, but was cushioned by ADE and Teleport’s RM112 million and RM48 million contribution respectively. AirAsia MOVE, AirAsia Next, and Santan faced margin compression due to rising operational overheads against narrowed top-line bases. Although overall Group NOP contracted 21% YoY to RM67 million, Capital A maintained a positive bottom line, delivering a PAT of RM50 million for the first half of the year. If we adjust for the impact of the aviation interest income, core Group NOP rose by 6% YoY.
Highlights of ADE
ADE delivered a record quarterly performance, as revenue rose to RM284 million - a 29% YoY increase from the corresponding quarter in 2025. The strong momentum was fueled by higher-value base maintenance checks and a surge in workshop orders, driven by an increase in component repair and refurbishment, aligned with the induction of heavier base maintenance checks. EBITDA rose to RM69 million while maintaining a high 22% margin. Profitability remained strong with a 14% PAT margin, supported by strategic debt refinancing, successfully offsetting increased depreciation from new tools acquisition.
On a cumulative basis, ADE achieved over half a billion revenue for the 1H2026, marking a 19% YoY increase. Operational efficiency drove significant growth, with EBITDA and NOP rising by 16% and 52% , respectively, to RM112 million and RM62 million.
Highlights of Teleport
Teleport delivered strong 2Q26 performance, with revenue up 22% YoY to RM311 million (+37% YoY in constant currency terms) despite broader market headwinds. This continued growth was driven by higher total volume moved in 2Q26 to 85,877 tonnes (+11% YoY) and 56.6 million parcels (+79% YoY). Dedicated freighter utilisation climbed 89% YoY, while third-party capacity grew 7% YoY across Teleport’s 55+ partner airlines. EBITDA grew 9% YoY to RM26.8 million (+26% YoY in constant currency terms), marking Teleport’s strongest 2Q EBITDA to date through eCommerce margin expansion and cost discipline. NOP rose to RM7.6 million from RM3.6 million in 2Q25 as scale benefits materialised. PAT stood at RM4.4 million in 2Q26, representing its fourth consecutive profitable quarter.
On a year-to-date basis, revenue recorded growth of 21% YoY to RM620 million (+35% YoY in constant currency terms) and EBITDA improved 2% YoY to RM48.2 million (+15% YoY in constant currency terms). NOP more than doubled to RM10.7 million from RM4 million in 1H2025, and PAT turned positive at RM12.2 million against a loss of RM1.5 million in 1H2025 supported by a 18% YoY increase in total volume moved to 182,660 tonnes — a meaningful milestone that reflects Teleport’s sustained scale.
Highlights of AirAsia MOVE Group (“MOVE”)
AirAsia MOVE demonstrated operational resilience in 2Q26 despite travel industry headwinds from geopolitical instability. MOVE expanded top-line revenue by 5% YoY to RM96 million in 2Q26. In the B2C segment, flight sales moderated by 3% YoY as an 11% capacity reduction by AirAsia limited seat availability. While lower flight volumes shrunk the cross-sell pool for Stays, Duty-Free GBV surged 36% YoY. Overall performance was further strengthened by the integration of the WANO B2B business, which contributed 11% to total revenue and pushed total transactions past 11.8 million (+8% YoY). MOVE remained EBITDA-positive, delivering RM7 million as margins absorbed headcount expansion for the Wano B2B rollout. Driven by 17% YoY decline in interest expense, NOP remained stable at RM2 million.
Overall, MOVE delivered a solid first-half financial performance, reaching RM194 million in revenue, RM14 million in EBITDA, and RM4.9 million in NOP.
Highlights of AirAsia Next
AirAsia Next delivered solid growth in 2Q26, with revenue rising 8% YoY to RM78 million and recording RM26 million in EBITDA and RM22 million in NOP. Growth was anchored by new non-aviation licensing fees and the loyalty program. AirAsia Rewards generated nearly RM20 million in revenue (+20% YoY) as points redemptions, at which stored points are recognised as revenue, surged 34% YoY to 930.6 million. While brand expansion staff costs and redemption expenses weighed on operating expenses, disciplined cost control and business optimisation in other areas equalised overall operational expenses.
Extending this strategic trend into the full first half, AirAsia Next generated a steady RM166 million in revenue. Given the staff cost reallocation, 1H26 EBITDA stood at RM63 million and NOP of RM53 million reflecting the cost increase - effectively, trading short-term margin for long-term capacity building to pursue future growth.
Highlights of Santan
Despite absorbing a 14% YoY decline in passenger volume from regional airline capacity constraints, Santan delivered steady 2Q26 revenue of RM45 million (flat YoY on a normalised basis). While regional capacity cuts created mild headwinds, performance was buffered by accelerating momentum across B2B and B2C retail channels, where e-commerce expanded 30% QoQ in revenue and 58% QoQ in transaction volume across TikTok and Shopee. EBITDA and NOP came in at RM2 million and RM1 million respectively.
For the first half of 2026, topline performance softened 2% YoY to RM95 million amid capacity moderation across the network. Leading to narrowing EBITDA and NOP at RM4 million and RM2 million, respectively.
CEO of Capital A, Tony Fernandes’ comments on first half performance and business outlook:
“We are happy to record these performances as we start fresh post PN17 exit. Despite an extremely challenging operating environment, we continue to trek in the right direction financially, and we have a clear mandate to aggressively expand our businesses and third-party customer base, directly reducing reliance on our related airline group. Our first-half performance highlights strong business momentum led by Teleport and ADE, which continue to anchor the Group's growth. Operational resilience across these core units successfully absorbed temporary top-line headwinds in consumer verticals, preserving solid underlying earnings and bottom-line profitability.
“This strong foundation enables disciplined execution across all business units. ADE is operating at full stretch with hangar slots booked through next year, alongside the construction of a new 4-line maintenance hangar. Teleport is expanding its asset-light hybrid network into high-yield corridors, including China to the Middle East via Bahrain, Penang to Europe via the Maldives, and Asia to Oceania, ahead of peak season. Simultaneously, AirAsia MOVE is pushing trip bundles and scaling its Wano B2B platform across China and India. AirAsia Next is expanding brand licensing into healthcare and hospitality, paired with an upgraded rewards ecosystem. Santan is decoupling earnings from flight volumes by scaling its B2B and B2C segments.
“We expect operating conditions in Q3 and Q4 to require continued agility as broader global and movement trends evolve. The third quarter of the year is generally a lean travel season; and management are actively prioritising our capital deployment and business plans to reflect that. Overall, while geopolitical issues remain ongoing, we are doing everything possible to keep our full-year performance close to last year's results. Once these global tensions resolve, we expect operations to normalise and we are confident we will deliver the strong growth we typically achieve.”
For further information please contact:
Investor Relations: Communications:
Joanna Ibrahim Maryanna Kim
Email: joannaibrahim@airasia.com Email : maryannakim@airasia.com
For further information on Capital A, please visit the Company’s website: www.capitala.com
Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialise, Capital A’s results could be materially affected. The risks and uncertainties include, but are not limited to, risks associated with the inherent uncertainty of airline travel, seasonality issues, volatile jet fuel prices, world terrorism, perceived safe destination for travel, Government regulation changes and approval, including but not limited to the expected landing rights into new destinations.
