Malaysia Aviation Group: Fourth Year of Profitability

Malaysia Aviation Group Achieves Fourth Consecutive Year of Operational Profitability, with Net Profit After Tax of 137 Million RM (≈ €27.4 M) in 2025 / AeroMorning Analysis

Strong Performance Acceleration: EBITDA doubled to 1.6 billion RM (≈ €320 M) (+104%), while revenue increased to 14.5 billion RM (≈ €2.9 B) (+6%). Driven by higher capacity (+16%), the airline improved its load factor, which reached 81%.

Thursday, April 9, 2026 – Malaysia Aviation Group maintained its positive momentum for the fiscal year ending December 31, 2025, recording a net profit after interest and tax of 137 million RM (≈ €27.4 M), more than double the 54 million RM (≈ €10.8 M) achieved in 2024. This performance marks the fourth consecutive year of operating profit for the group, reflecting the discipline of its execution as well as its ongoing commitment to cost control and operational efficiency.

MAG reported an EBITDA of 1.6 billion RM (≈ €320 M), a strong increase compared to 788 million RM (≈ €157.6 M) in 2024. This performance was supported by the appreciation of the ringgit (RM), favorable fuel prices, and increased capacity in key markets. Total group revenue reached 14.5 billion RM (≈ €2.9 B), up 6% year-on-year, driven by sustained demand, network optimization, and rigorous commercial management.

The group also continues to invest in fleet renewal and strengthening operational resilience. Capacity, measured in available seat-kilometers (ASK), grew by 16%, while the total number of passengers carried increased by 12% to 18.6 million, with a load factor of 81%, reflecting strong demand in both domestic and international segments. Despite challenges faced in the first quarter of 2025 related to capacity constraints and technical issues, MAG gradually restored passenger confidence. Despite the increased flight volumes, ongoing operational discipline resulted in continuous performance improvements, with three consecutive strong quarters culminating in an 81% punctuality rate at year-end.

Malaysia Aviation Group (MAG) unveiled its 2025 annual performance during a presentation led by Captain Nasaruddin A. Bakar, Group President and CEO.

MAG 2025 Year-on-Year Results

a – Air Segment

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

MAB resumed services to Paris and Brisbane, while increasing frequencies to key markets such as Australia, India, the Maldives, and Bangladesh, reinforcing its commitment to strengthening Malaysia’s global connectivity.

Firefly improved its net profit after tax (NIAT) year-on-year, despite ongoing pressures from 4Q 2024 capacity reductions and competition. As part of its operations, Firefly launched new international routes to Krabi, Siem Reap, and Cebu, along with additional domestic routes, expanding its network.

AMAL by Malaysia Airlines recorded revenue growth in 2025, mainly driven by increased passenger numbers and improved yields.

b – Non-Air Segment

The Group’s cargo division, MAB Kargo, recorded improved operating results, supported by additional capacity and a more favorable fuel and exchange rate environment.

AeroDarat Services, a ground handling service provider, maintained profitability, with double-digit revenue growth driven by increased flight volumes for the Group and third-party airlines.

The maintenance, repair, and overhaul branch, MAB Engineering Services, achieved a strong recovery, moving from a loss the previous year to a profitable result, thanks to higher maintenance activity, both internal and for third-party clients.

Additionally, MAB Academy, the Group’s primary training and development entity, remained profitable despite continued investments in skills enhancement and rising operational costs.

In 2025, MAG and its subsidiaries continued to receive global recognition for the quality of their products and services, reflecting ongoing improvements in customer experience. Malaysia Airlines rose to 27th place in the 2025 Skytrax World Airline Rankings (up from 39th previously) and is among the top 10 airlines globally for cabin crew service. The Group’s loyalty program, Enrich, was recognized as the best loyalty program in the Asia-Pacific region by Business Traveller, highlighting its strength in member engagement and accessibility.

MAG also strengthened operational and training capabilities with the inauguration of the MAB Academy Simulation Center, consolidating its position as a leading aviation training provider in the region. Meanwhile, the Group advanced its fleet modernization program, ordering 30 new short- and medium-haul aircraft, including additional Boeing 737-10 and Boeing 737-8, and exercising options for 20 additional Airbus A330neo to support future growth and competitiveness of its product offering.

Statement from MAG President and CEO, Captain Nasaruddin A. Bakar

2025 was a year of consolidation and disciplined execution for MAG. The Group focused on restoring operational reliability and rebuilding customer confidence, while strengthening strategic partnerships to expand its network and consolidate connectivity in key markets. These efforts reinforced customer trust and improved scalability, resulting in ongoing recognition of the Group’s products and services, confirming its credibility and resilience.

The year also marked the completion of MAG’s Long-Term Business Plan 2.0 (LTBP 2.0). Building on the strong foundations from the successful 2020-2021 financial restructuring, this phase was crucial to stabilize operations and strengthen core capabilities. MAG now enters the LTBP 3.0 phase, its roadmap through 2030, with a stronger base and clarified strategic priorities.

The Group’s commitment to the future remains firm. Fleet modernization continues to be a major growth driver; long-haul fleet renewal is progressing as planned. At the same time, MAG is integrating its value chain with the creation of MAG Culinary Solutions (MAGCS). The development of a new dedicated in-flight catering unit, with construction starting in Q2 2026 and commissioning in Q2 2029, will enhance long-term efficiency and stimulate service innovation.

However, the Group remains attentive to an increasingly volatile operational environment. Market fluctuations and geopolitical uncertainties continue to affect capacity, supply chains, and cost structures, potentially impacting 2026 financial performance despite a solid operational base. Managing these conditions required close coordination and ongoing support within and beyond the Group.

In this context, resilience is only possible thanks to the collective strength of teams and partners. Progress reflects the commitment of MAG employees and the continued support of the government and industrial partners throughout 2025. Their involvement was essential in enabling the Group to maintain momentum under these conditions.

The Group’s priority is to remain agile, strengthening financial resilience and operational sustainability in an evolving geopolitical and macroeconomic environment, while placing safety at the core of every decision. Moving forward, MAG aims to pursue disciplined growth and sustainable value creation, strengthening Malaysia’s connectivity as a global aviation hub and contributing to the country’s economic development.

AeroMorning Analysis:
Malaysia Aviation Group shows high revenue (≈ €2.9 B) and solid EBITDA (≈ €320 M), but net profit remains marginal (≈ €27.4 M), revealing structurally low profitability. Fleet and diversification investments are positive, but the Group remains vulnerable to fuel, exchange rate, and international demand fluctuations, limiting short-term shareholder value creation.