AirAsia X Reports 1Q2026 Operating Performance After Consolidation

AirAsia X Group Records Passenger Growth Across Consolidated Network

AirAsia X has released its preliminary operating statistics for the first quarter of 2026, marking its first consolidated report after integrating AirAsia’s aviation assets under a single listed entity.

The consolidation brings together multiple AirAsia-branded carriers under one structure, including operations in Malaysia, Thailand, Indonesia, the Philippines, Cambodia, and AirAsia X Malaysia.

During the quarter, the group carried approximately 18.9 million passengers, reflecting a 9% year-on-year increase. Capacity rose by 10% to 22.1 million seats, with overall capacity reaching 98% of pre-pandemic levels. The load factor stood at 85%, indicating stable demand across the network.

Domestic and International Demand Trends

Domestic travel remained a key contributor, with passenger numbers and capacity growing by double digits across Malaysia, Thailand, Indonesia, and the Philippines.

Internationally, North Asia routes continued to perform steadily. Services to China from Malaysia and Thailand maintained load factors of around 85%. The group continues to focus on the China–ASEAN corridor, where demand remains consistent across both major and secondary cities.

March Performance and External Pressures

March 2026, which saw increased geopolitical tensions and higher fuel costs, reflected continued demand resilience. The group carried 6.3 million passengers during the month, up 19% year-on-year, exceeding the 15% growth in capacity.

The increase was supported by seasonal travel demand during the Raya and Lebaran period. The load factor for March rose to 84%, up 2 percentage points from the previous year.

To manage rising fuel costs, the group adjusted fares and introduced fuel surcharges. Despite these changes, demand remained steady, supported by pricing and network connectivity.

The airline also saw increased traffic on Central Asia routes, benefiting from redirected travel flows between Europe and Asia and stronger connecting traffic across its ASEAN network.

AirAsia X Thailand Performance

AirAsia X Thailand (TAAX), an associate of the group, carried 599,198 passengers in the quarter, marking a 20% year-on-year increase. The airline reported a load factor of 84%, up by one percentage point.

The performance follows its hub relocation to Don Mueang International Airport in late 2024, along with adjustments to its long-haul network and increased frequencies to North Asia and India.

Fleet and Operations

The consolidated group increased its operating fleet to 203 aircraft during the quarter and ended the period with a total fleet of 240 aircraft. TAAX operated a fleet of 11 aircraft.

Outlook

According to Group CEO Bo Lingam, demand trends remained stable despite external cost pressures. Forward bookings into April indicate continued momentum across core routes.

The group plans to focus on improving fleet utilisation, maintaining cost discipline, and prioritising routes with stronger returns while adapting to market conditions in the months ahead.