Malaysia and Southeast Asia Power Capital A Q2 2026 Growth as Revenue Jumps and Teleport ADE Accelerate

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Capital A Berhad delivered a stronger second quarter in 2026 as expansion across aircraft engineering, logistics and digital travel helped the Malaysian group strengthen its financial position following the disposal of its aviation business.

For the three months ended 30 June 2026, Capital A generated RM809 million in revenue, representing growth of 9% year on year. Quarterly EBITDA reached RM108 million, while net operating profit stood at RM38.5 million. Profit after tax reached RM25 million, giving the group its second consecutive profitable quarter following its aviation restructuring.

The performance provides an important indication of how Capital A is evolving beyond its former airline-centred structure. Engineering specialist Asia Digital Engineering, or ADE, and logistics company Teleport have emerged as major growth engines, while AirAsia MOVE, AirAsia Next and Santan continue to broaden the group’s exposure to travel technology, loyalty, licensing and food services.

Key Q2 financial points

• Revenue reached RM809 million
• Revenue increased 9% year on year
• EBITDA stood at RM108 million
• Net operating profit reached RM38.5 million
• Profit after tax totalled RM25 million
• Capital A recorded its second consecutive profitable quarter after the aviation disposal

Capital A Builds a New Growth Model After Aviation Restructuring

Capital A entered 2026 with a significantly different corporate structure. The company completed the disposal of its aviation businesses, AirAsia Berhad and AirAsia Aviation Group Limited, to AirAsia Group Berhad in January. It also officially exited PN17 status.

This means Capital A’s latest earnings increasingly reflect the performance of businesses outside direct airline operations.

During the first six months of 2026, group revenue surpassed RM1.58 billion, an increase of 4% from the corresponding period a year earlier. Teleport and ADE together generated more than 70% of total group revenue during the period.

Capital A reported first-half profit after tax of RM50 million, while net operating profit reached RM67 million. The company said core group net operating profit increased 6% year on year when adjusted for the loss of aviation-related interest income following the disposal.

First-half highlights

• Revenue exceeded RM1.58 billion
• First-half revenue grew 4% year on year
• Profit after tax reached RM50 million
• ADE and Teleport contributed more than 70% of group revenue
• Core NOP increased 6% after adjusting for aviation interest income
• Shareholders’ equity remained above RM500 million

Asia Digital Engineering Becomes a Major Earnings Driver

ADE was one of Capital A’s standout businesses during the quarter.

Revenue at the aircraft maintenance and engineering company increased 29% year on year to RM284 million. Demand for higher-value base maintenance work and component repair and refurbishment supported the expansion.

ADE generated EBITDA of RM69 million, maintaining an EBITDA margin of approximately 22%. Its profit-after-tax margin remained strong at 14%.

Operational indicators also showed growing workshop activity. Completed workshop orders increased 23% year on year during the quarter. ADE completed 13 base maintenance checks, although this was lower than the previous year because heavier maintenance checks required aircraft to remain in hangars for longer periods.

The engineering business generated more than half a billion ringgit in revenue during the first six months of 2026.

ADE Q2 performance

• Revenue reached RM284 million
• Revenue increased 29% year on year
• EBITDA reached RM69 million
• EBITDA margin remained around 22%
• Workshop orders completed increased 23%
• Higher-value maintenance activity supported earnings

Teleport Expands Across Southeast Asias Logistics Market

Teleport also delivered strong growth as cross-border e-commerce continued to support demand for air logistics services.

Second-quarter revenue increased 22% year on year to RM311 million. On a constant-currency basis, growth was even stronger at 37%.

The logistics company transported 85,877 tonnes of cargo, an increase of 11% from a year earlier. Parcel volumes climbed sharply, with approximately 56.6 million parcels handled during the quarter, representing growth of 79%.

Dedicated freighter utilisation increased substantially, while Teleport also expanded activity through third-party airline capacity. Its network includes more than 55 partner airlines.

Quarterly EBITDA rose 9% to RM26.8 million, while net operating profit increased to RM7.6 million from RM3.6 million in the corresponding quarter of 2025.

Teleport Q2 highlights

• Revenue increased 22% to RM311 million
• Cargo volume reached 85,877 tonnes
• Cargo tonnage increased 11%
• Parcel volume surged 79%
• EBITDA reached RM26.8 million
• Net operating profit rose to RM7.6 million
• Profit after tax reached RM4.4 million

AirAsia MOVE Records Higher Revenue and Digital Engagement

AirAsia MOVE remained another important part of Capital A’s diversified travel ecosystem.

The platform generated RM96 million in Q2 revenue, representing 5% year-on-year growth. Total transactions surpassed 11.8 million, up 8%, while the integration of the WANO business-to-business operation supported the revenue base.

Monthly active users climbed 22% year on year to approximately 16.3 million. App journey searches increased 14% to around 33 million.

Gross Booking Value reached approximately US$1.3 billion, an 8% increase compared with the previous year.

However, AirAsia flight sales through the platform declined 3% year on year as reduced airline capacity constrained available inventory.

AirAsia MOVE indicators

• Revenue increased 5% to RM96 million
• Monthly active users reached about 16.3 million
• User activity increased 22%
• Gross Booking Value reached US$1.3 billion
• Transactions exceeded 11.8 million
• EBITDA remained positive at RM7 million

AirAsia Next Strengthens Rewards and Brand Licensing

AirAsia Next generated RM78 million in revenue during Q2, an increase of 8% year on year. EBITDA reached RM26 million, while net operating profit stood at RM22 million.

The business is developing new sources of income through licensing and the wider AirAsia brand ecosystem.

AirAsia Rewards generated almost RM20 million in quarterly revenue, an increase of 20%. Points redemptions rose 34% to approximately 930.6 million points.

The rewards ecosystem has more than 37 million active members, giving Capital A a significant consumer base through which it can develop loyalty, travel and lifestyle products.

AirAsia Next highlights

• Revenue increased 8% to RM78 million
• EBITDA reached RM26 million
• Net operating profit stood at RM22 million
• Rewards revenue approached RM20 million
• Points redemption increased 34%
• Loyalty ecosystem exceeded 37 million active members

Santan Looks Beyond Inflight Food Sales

Santan faced greater pressure from airline capacity reductions. Passenger volumes affecting the business declined 14% year on year, while quarterly revenue remained around RM45 million on a normalised basis.

Capital A is increasingly attempting to reduce Santan’s dependence on passengers onboard aircraft by developing business-to-business and direct-to-consumer channels.

E-commerce revenue increased 30% quarter on quarter, while transaction volume through digital channels including TikTok and Shopee increased 58%.

Santan recorded quarterly EBITDA of RM2 million and net operating profit of approximately RM1 million.

Santan performance

• Q2 revenue stood at approximately RM45 million
• Passenger volume declined 14%
• E-commerce revenue increased 30% quarter on quarter
• E-commerce transaction volume rose 58%
• EBITDA reached RM2 million
• B2B and B2C expansion is reducing dependence on inflight sales

Capital A Prepares for a More Challenging Second Half

Capital A’s Q2 numbers demonstrate how its earnings profile is changing following the aviation disposal. Instead of relying primarily on airline operations, the company is building around engineering, logistics, digital travel, intellectual property, loyalty and consumer services.

Management has nevertheless warned that the second half of 2026 will require careful execution. Geopolitical uncertainty and broader travel trends could continue to affect demand, while the third quarter is traditionally a weaker travel period.

The company is therefore focusing capital on businesses capable of expanding their third-party customer bases. ADE is developing additional maintenance capacity, while Teleport is targeting high-yield logistics corridors connecting markets including China, the Middle East, Europe and Oceania.

The Q2 performance consequently represents more than a quarterly earnings improvement. It shows the early financial shape of the restructured Capital A. With RM809 million in quarterly revenue, RM108 million in EBITDA and RM25 million in profit after tax, the group is entering the second half of 2026 with ADE and Teleport firmly established as its principal growth engines.

Capital A Q2 2026 at a Glance