• EBITDA rose to RM1.6 billion, up 104% from the previous year

• Revenue rose 6% to RM14.5 billion

• ASK grew by 16%, with passenger load factor improving to 81%

Malaysia Aviation Group (“MAG” or “the Group”) maintained its positive momentum in the financial year ended 31 December 2025, recording a Net Profit After Interest and Tax (NIAT) of RM137 million, more than double the RM54 million achieved in 2024. This marks the Group's fourth consecutive year of operating profit, reflecting disciplined execution and continued focus on cost management, and operational efficiency.

The Group delivered an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of RM1.6 billion, marking a significant improvement from RM788 million in 2024. This was supported by a stronger ringgit, favourable fuel prices, and capacity expansion across key markets. Total Group revenue grew to RM14.5 billion, representing a 6% increase year-on-year, driven by sustained travel demand, network optimisation and disciplined commercial performance.

MAG continues to invest in fleet renewal and operational resilience. The Group's Available Seat Kilometres (ASK) rose by 16%, while total passengers carried increased by 12% to 18.6 million with a load factor of 81%, reflecting strong demand across international and domestic segments. Despite the challenges faced in Q1 2025 due to earlier capacity and technical constraints, the Group steadily restored consumer confidence. Even with higher flight volumes, a continued focus on operational discipline translated into sustained improvements, with three consecutive quarters of strong performance, culminating in an 81% on-time performance by year-end.

MAG FY 2025 Performance YoY  

Operational Highlights: Airline and non-Airline Business Segments  

Airlines Business Segment 

• Despite headwinds in the first half 2025 from residual effects of capacity cuts in 2024, Malaysia Airlines Berhad (MAB) recorded steady revenue growth with a 7% increase year-on-year, supported by a 17% increase in ASK as the airline continued to restore and expand its network. 

• MAB resumed services to Paris and Brisbane while increasing frequencies to key markets across Australia, India, Maldives, and Bangladesh, reinforcing its commitment to strengthening Malaysia's global connectivity. 

• Firefly saw an improvement in NIAT year-on-year, amid residual headwinds from the Q4 2024 capacity reductions and competition. 

• Through its jet operations, Firefly introduced new international services to Krabi, Siem Reap, and Cebu, alongside additional domestic routes, expanding its network footprint. 

• AMAL by Malaysia Airlines recorded higher revenue year-on-year in FY2025, primarily driven by higher passenger numbers and improved yield. 
• MAG also completed the divestment and ownership transfer of MASwings to the Sarawak Government in December 2025. 

Non-Airline Business Segment 

• The Group's cargo division, MAB Kargo, recorded stronger operating profit, supported by additional capacity as well as a more favourable fuel and currency environment. 

• AeroDarat Services, the ground handling solution provider, sustained its profitability streak, delivering a double-digit increase in revenue driven by higher flight volumes handled for both the Group and foreign carriers. 

• The maintenance, repair and overhaul (MRO) arm, MAB Engineering Services, delivered a strong turnaround, shifting from a loss in the previous year to a profit, supported by increased maintenance work for both internal and third-party customers. 

• Meanwhile, MAB Academy, the Group's premiere training and development arm, remained profitable amid continued investment capability building and increased operating expenses. 

In 2025, MAG and its subsidiaries continued to earn global recognition for their products and services, reflecting ongoing improvements in customer experience. Malaysia Airlines advanced to #27 in the 2025 Skytrax World Airline Rankings (from #39) and was recognised among the World's Top 10 Cabin Crew. The Group's loyalty programme, Enrich, was awarded Best Frequent Flyer Programme in Asia-Pacific by Business Traveller, underscoring its continued strength in member engagement and accessibility.  

MAG strengthened its operational and training capabilities with the launch of the MAB Academy Simulator Building, reinforcing its position as a premier aviation training provider in the region. In parallel, the Group made further progress in its fleet modernisation programme, securing 30 new narrowbody aircraft, including the Boeing 737-10 and additional Boeing 737-8, and exercising options for an additional 20 A330neo aircraft to support future growth and product competitiveness. 

Remarks by President and Group Chief Executive Officer of MAG, Captain Nasaruddin A. Bakar 

2025 was a year of consolidation and disciplined execution for MAG. We focused on restoring operational reliability and rebuilding customer trust, while deepening strategic partnerships to expand our network reach and strengthen connectivity across key markets. Together, these efforts have reinforced customer confidence and enabled us to scale more effectively, resulting in steady confidence and continued recognition of our products and services, reinforcing the Group's credibility and resilience.  

The year also marked the successful conclusion of MAG's Long-Term Business Plan 2.0 (LTBP2.0). Building on the foundation of the successful financial restructuring conducted in 2020-21, this phase has been critical in stabilising the business and reinforcing our core capabilities. We now transition into LTBP3.0, our roadmap to 2030, from a stronger base and clearer strategic priorities.  

Our commitment to the future remains firm. Fleet modernisation continues as a primary growth lever; we are on track with our long-haul fleet renewal. Simultaneously, we are integrating our value chain through the establishment of MAG Culinary Solutions (MAGCS). The development of a new purpose-built catering facility, with groundbreaking expected in Q2 2026 and targeted for operational readiness in Q2 2029, will drive long-term efficiency and service innovation. 

However, we remain mindful of an increasingly fluid operating environment. Market volatility and geopolitical uncertainties continue to affect capacity, supply chains, and cost structures, and may weigh on our 2026 financial performance despite our strong operational foundation. Navigating these conditions has required close coordination and steadfast support across the Group and beyond.  

At the same time, resilience in such an environment is only possible through the collective strength of our people and partners. The progress we have achieved reflects the dedication of our employees, and the continued support of the Government and our industry partners throughout 2025. Their commitment has been instrumental in enabling us to deliver and sustain momentum amid these conditions.  

Our priority is to remain agile, driving financial resilience and operational sustainability amid the fluid geopolitical and macroeconomic landscape while keeping safety at the core of every decision. As we move forward, we are focused on disciplined growth and sustained value creation, strengthening Malaysia's connectivity as a global aviation hub and supporting the nation's economic development.