PETALING JAYA: Capital A Bhd
, which has completed its financial restructuring, is guiding for revenue of RM3.8bil, earnings before interest, taxes, depreciation and amortisation (ebitda) of RM600mil and net operating profit (NOP) of RM266mil for the financial year ending Dec 31, 2026 (FY26).
Following the disposal of its aviation business to AirAsia X Bhd, the group now comprises five core businesses — Asia Digital Engineering (ADE), Teleport, AirAsia MOVE, Santan and AirAsia Next — positioning it as a technology and services-focused group.
For FY25, Capital A said it “largely met” its internal performance targets despite operational headwinds.
Revenue from continuing operations came in at RM3.39bil, marginally below the guided range of RM3.5bil to RM4bil, while ebitda of RM443mil missed the RM500mil to RM600mil target.
Nevertheless, the group achieved its NOP margin target of 7% to 10%, registering 7% for the year.
In a filing with Bursa Malaysia, Capital A said the internal targets for FY26 are premised on a stable economic and political environment, as well as prevailing legislative and regulatory conditions.
It added that its performance is contingent on each of the Capital A companies delivering against their respective assumptions.
“The board remains confident in the company’s prospects and is committed to driving robust operational and financial performance to deliver durable long-term returns,” it noted.
However, Capital A said that the targets are management aspirations and do not constitute financial forecasts under Bursa Malaysia’s disclosure standards.
For the fourth quarter ended Dec 31, 2025 (4Q25), Capital A said it recorded revenue of RM1.06bil, compared with RM694.2mil in the corresponding period of the previous year.
Revenue from continuing operations was RM769.08mil, up 48.3% from RM518.51mil in 4Q24.
Segment-wise, the logistics sector under Teleport contributed 35% of revenue, maintenance, repair, and overhaul services under ADE 23%, and the online travel platform AirAsia MOVE 28%.
The remaining 14% came from the group’s brand, inflight, and other business segments.
Ebitda for 4Q25 was RM111.4mil, up from RM104mil, while profit before tax rose sharply to RM9.8bil from RM91.5mil a year earlier.
The jump was primarily due to a one-off gain of RM9.75bil from the aviation business disposal.
“Excluding this exceptional gain, the group achieved a profit before taxation of RM1bil for the quarter, a significant turnaround from the loss before taxation of RM1.7bil reported in 4Q24,” it said.
For FY25, revenue rose to RM3.4bil from RM3.03bil in FY24, Ebitda increased to RM443.1mil from RM341.7mil, and profit after tax surged to RM9.9bil from RM130.5mil, largely due to the one-off gain from the aviation disposal.
Capital A chief executive officer Tan Sri Tony Fernandes said the aviation disposal marks a turning point for the group.
“The gain from the disposal has restored the group to positive equity of RM937mil, marking a clear financial reset. Now we look forward to practising note 17 (PN17) uplift and drawing a firm line under the past few years,” he said.
Fernandes added that the group had met its internal targets for 2025 despite capacity constraints, underscoring improving cost discipline and operational traction.
“We’re now ready to turn the page and begin our next chapter of growth with renewed focus on the five tech-driven businesses we’ve built with AirAsia DNA — low-cost, efficient and designed to disrupt,” he said, adding that AirAsia MOVE, Teleport and AirAsia Next offer “hockey-stick growth potential” due to their asset-light nature.
During FY25, Capital A issued 99.76 million new shares worth RM50.9mil following the conversion of redeemable convertible unsecured Islamic debt securities (RCUIDS) and warrants, with RM41.3mil of RCUIDS and RM9.6mil of warrants converted into ordinary shares.
