Capital A Berhad · MYX:CAPITALA
Capital A Berhad — AirAsia Group — Debt Investor Presentation (December 2025)
39 slides from Capital A Berhad's debt investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 2025
Slide 2: Important Notice and Disclaimer
81nidZpGqzkSDMpD Important Notice and Disclaimer This presentation (the “Presentation”) is provided solely for informational and discussion purposes in connection with exploratory talks regarding a potential bond issuance by AirAsia (the “Company”). The information contained herein is preliminary an
Slide 3: Key agenda
81nidZpGqzkSDMpD Key agenda 1. Aviation Industry Update 5 2. AirAsia at a Glance 8 3. Key Credit Highlights 16 4. Next Stage of Evolution 29 5. Financial Performance 35 I. Appendix 37
Slide 4: Aviation Industry Update
aviation group Aviation Industry Update
Slide 5: Global passenger traffic to fully recover in 2025, with APAC expected to lead growth
81nidZpGqzkSDMpD Global passenger traffic to fully recover in 2025, with APAC expected to lead future growth Global passenger traffic projection Passenger traffic growth by region 2025-44 16 8.0% 5% annualized growth from 1990 7.0% 7.0% 14 7.0% 6.0% 12 6.0% +45% growth 2018–2030 5.3% RPKs (trillions
Slide 6: Key themes in the aviation sector
81nidZpGqzkSDMpD Key themes in the aviation sector APAC represents the world’s largest travel market by scale, with real GDP growth meaningfully above global average; existing income gap with North America and Europe presents a long runway for first-time flyers The region is projected to lead global
Slide 7: AirAsia at a Glance
aviation group AirAsia at a Glance
Slide 8: Two distinct companies post corporate restructuring
81nidZpGqzkSDMpD Two distinct companies post corporate restructuring Post corporate restructuring, Capital A will focus on non-aviation businesses while holding 18% interest in AirAsia Group (“AirAsia”), the dedicated airline company AirAsia Group (“AirAsia”) + Full Control Unlock growth across ever
Slide 9: AirAsia at a glance
81nidZpGqzkSDMpD AirAsia at a glance World’s Best LCC 7 #1 Market Share c.US$5bn for 16 years Air Operator’s Certificates (“AOC”) Across Malaysia and Revenue in 2024 running across 5 countries Thailand 294 >900mn 253 377 Routes with 146 Passengers carried Aircraft as at Aircraft Destinations to date
Slide 10: Operating an extensive network, with leading market share across Asia
81nidZpGqzkSDMpD Operating an extensive network, with leading market share across Asia… AirAsia Group as of Nov 2025 AirAsia Market Share Bangkok-Don Mueang, 4 Bangkok-Suvarnabhumi, 2 Manila, Cebu Chiang Mai, Phuket 294 routes #1 49% #1 26% Thailand 27 markets Cambodia Philippines 1 Phnom Penh Malay
Slide 11: …and an all Airbus fleet at scale
81nidZpGqzkSDMpD …and an all Airbus fleet at scale Total fleet size of 253(a), with an average age of 12 years and remaining lease tenure of 6 years 169 40 15 29(b) A320 CEO A320 NEO A321 NEO A330 CEO Avg age 13 years Avg age 7 years Avg age 2 years Avg age 14 years Avg remaining Avg remaining Avg r
Slide 12: Delivering best in class financial performance
81nidZpGqzkSDMpD Delivering best in class financial performance 2024 Key Stats CASK Load Factor RASK (excl. fuel costs) Revenue 4.56 c.US$ 89% 3.18 5.0bn Industry-leading efficiency Highly competitive yield Lowest unit cost Sustained revenue growth ● Above average load factor ● Effective monetisatio
Slide 13: Led by a highly experienced leadership team
81nidZpGqzkSDMpD Led by a highly experienced leadership team A centralised leadership to be established under Bo Lingam as the Group Chief Executive Officer of the enlarged AirAsia Group, assisted by a team comprising of existing key senior management personnel of AirAsia X Berhad (“AAX”) Group, Air
Slide 14: Indicative timeline for corporate restructuring
81nidZpGqzkSDMpD Indicative timeline for corporate restructuring Early December Mid December End December End December ENTITLEMENT PRICE FIXING PLACEMENT THE DATE FOR OF AAX SHARES LAUNCH OF CAPITAL A PLACEMENT ALLOTMENT AIRASIA DISTRIBUTION SHARES AND LISTING AND AAX GROUP WARRANT Source: Company i
Slide 15: Key Credit Highlights
aviation group Key Credit Highlights
Slide 16: Key credit highlights
81nidZpGqzkSDMpD Key credit highlights 1 Market-leading LCC airline with dominant market shares and extremely well recognised brand 2 Unbeatable MOAT from an extensive network built over 24 years 3 Best in class operational metrics and unmatched customer experience 4 Strategic fleet management and o
Slide 17: World's best low-cost airline with leading market share in key Asian markets
81nidZpGqzkSDMpD 1 World’s best low-cost airline with leading market share in key Asian markets and unmatched brand value Market Share (as of Q2 2025) World’s Best Low-Cost Airline Overall International Domestic 16 years in a row #1 49% #1 38% #1 60% Malaysia World’s Leading Low-Cost Airline (12th c
Slide 18: Dominant presence at Kuala Lumpur International Airport (KLIA)
81nidZpGqzkSDMpD 1 Dominant presence at Kuala Lumpur International Airport (“KLIA”), the world’s #1 LCC airport megahub Leader at KLIA megahub Fly-Thru passengers driving megahub growth #1 KUL 2019 #4 #2 1 4,000 Fly-Thru routes available Dominant LCC Carrier ICN AirAsia #6 Dominant LCC Carrier Share
Slide 19: Unbeatable MOAT from an extensive network built over 24 years
81nidZpGqzkSDMpD 2 Unbeatable MOAT from an extensive network built over 24 Years Greater China(c) South Asia(c) 294 Routes 19 Destinations 21 Destinations 27 markets Japan / Korea ASEAN (excl. Malaysia) 8 Destinations 73 Destinations 16 Hubs Malaysia Australia/ ANZ 588 15 Destinations 5 Destinations
Slide 20: Best in class operational metrics, outperforming key Asian and global LCC peers
81nidZpGqzkSDMpD 3 Best in class operational metrics, outperforming key Asian and global LCC peers CASK (excl. fuel costs) Load factor Highly efficient cost structure supported by continuous cost reduction initiatives Effective utilisation of seat capacity with one of the highest load factors US$c 2
Slide 21: Proven track record of unmatched customer experience
81nidZpGqzkSDMpD 3 Proven track record of unmatched customer experience Delivering standout customer journey Among APAC’s lowest cancellation rates(a) 2.50% Fastest turnaround time in Southeast Asia 25 mins - Narrowbody 2.4% 75 mins - Widebody 2.00% 2.2% 1.50% 1.0% 0.6% ● Online booking via AirAsia.
Slide 22: Secured orderbook of next generation aircraft to underpin growth
81nidZpGqzkSDMpD 4 Secured orderbook of next generation aircraft to underpin growth Existing fleet Target fleet composition 2030 Total: 253 Total: 309 224 283 15 40 125 169 29 96 (a) (b) Narrowbody Widebody A320 CEO A320 NEO A321 A330 CEO/NEO Existing Orderbook 26 62 377 357 20 Narrowbody A321 NEO(c
Slide 23: Swift response to overcome pandemic challenges with strong support from lessors
81nidZpGqzkSDMpD 5 Swift response to overcome pandemic challenges with strong support from lessors… 2024 2020 2021 2022 2023 onwards Pandemic Post-Pandemic ● Salary cut for Top 10% earners ● Reactivation of aircraft on ground, redeploying capacity to key routes / markets ● Workforce furlough Corpora
Slide 24: …that drove a strong rebound in operations
81nidZpGqzkSDMpD 5 …that drove a strong rebound in operations Consistent RPK growth since 2023 Recovery of passengers carried since 2023 ~11% CAGR ~8% CAGR 125,027 82 72 102,949 69 98,112 61 83,360 Pax carried (million) RPK (million) 2019 2023 2024 2025E 2019 2023 2024 2025E Note: Operational figure
Slide 25: Broad ecosystem synergies across digital, logistics and aviation service
81nidZpGqzkSDMpD 6 Broad ecosystem synergies across digital, logistics and aviation service Enlarged Aviation Group to be supported by integrated ecosystem held under Capital A Leading provider with Largest air logistics AI-powered platform with Asean’s hottest brand Redefining culinary brand new, s
Slide 26: Growth in ancillary revenue to unlock additional value
81nidZpGqzkSDMpD 6 Growth in ancillary revenue to unlock additional value AirAsia continues to demonstrate strong ancillary income generation, utilising data analytics to improve ancillary target marketing to its customers Diversified revenue stream to boost profitability % of AirAsia revenue 12% 2%
Slide 27: Singular focus on developing talent and building a unique AirAsia culture
81nidZpGqzkSDMpD 7 Singular focus on developing talent and building a unique AirAsia culture Connecting everyone with everything, everywhere. In doing so, AirAsia serves the underserved, builds communities and transforms lives to unite ASEAN Now Everyone Can Fly 24K+ Kugan Hazriq Suwapich Catherine
Slide 28: Next Stage of Evolution
aviation group Next Stage of Evolution
Slide 29: Expanding and optimizing fleet to position for future growth
81nidZpGqzkSDMpD Expanding and optimizing fleet to position for future growth Adoption of the A321 family aircraft, including NEO, LR and XLR variants, are at the center of AirAsia’s fleet strategy 309 A320 family ● Aging A320CEO aircraft will be replaced 283 26 by new A320NEO deliveries, and 272 co
Slide 30: Fleet right-sizing strategy for affordable, further travel
81nidZpGqzkSDMpD Fleet right-sizing strategy for affordable, further travel Nearly all the existing fleet is financed through operating lease and standardisation of Airbus fleet drives cost efficiencies A321NEO (240 seats) A321LR (236 seats) A321XLR (218 seats) HIGH VOLUME Bangkok - Phuket DEMAND KL
Slide 31: Building a new kind of global network, making ASEAN the next Dubai
81nidZpGqzkSDMpD Building a new kind of global network, making ASEAN the next Dubai A321XLR achieves Asia-US connectivity via two stops on a narrow-body aircraft 1. Exploring Bahrain as a key hub in the Middle East enabling connectivity to Europe and the East Coast of USA 2. Establishing Kuala Lumpu
Slide 32: Scaling our homegrown strength in ASEAN
81nidZpGqzkSDMpD Scaling our homegrown strength in ASEAN ASEAN domestic capacity is projected to grow by 70% with inter-ASEAN routes expanding by 67% Potential new AOC: Vietnam Core ASEAN: ● Exploring new AOCs in Vietnam to strengthen Malaysia, Singapore, Thailand presence and tap into fast-growing
Slide 33: Building new gateways to Central Asia and Europe
81nidZpGqzkSDMpD Building new gateways to Central Asia and Europe Pushing the boundaries of low-cost travel by opening up new markets like Central Asia and Turkey Almaty Istanbul Launched KUL-Almaty Launched KUL - route in March 2024 Türkiye in November 2025 • 5x weekly • 5x weekly • Current average
Slide 34: Financial Performance
aviation group Financial Performance
Slide 35: Financial highlights
81nidZpGqzkSDMpD Financial highlights Revenue EBITDA 6,000 1200 1,049 – 1,247 30% 5,023 5,000 1000 25% 20% 4,000 800 20% 631 US$m US$m 3,000 2,505 600 498 15% 2,000 400 13% 10% 1,000 200 5% 0 0 0% FY2024 H1 2025 FY2024 H1 2025 FY2025 guidance (a) EBITDA Margin Debt Deposits, Bank & Cash Balances 6,0
Slide 36: Appendix
aviation group Appendix
Slide 37: Comprehensive restructuring to create one of Asia's largest airline groups
81nidZpGqzkSDMpD Comprehensive restructuring to create one of Asia’s largest airline groups Pre-Transaction Capital A Pre-Transaction AAX Capital A Shareholders AAX Shareholders Existing subsidiaries and associates AirAsia X AAX Aviation AAX TAAX AAX Services Intellectual Capital Mauritius One MOVE
Slide 38: Simplified corporate structure
81nidZpGqzkSDMpD Simplified corporate structure Simplified corporate structure Capital A and PACs Placees / New Investors AirAsia X Shareholders AirAsia X (“AAX”) AirAsia Berhad (“AAB”) AirAsia Aviation Group (“AAAGL”) Other Subsidiaries and Associates AirAsia (Mauritius) Ltd AAV CAA AAX Mauritius O
Slide 39: Experienced management team with strong track record of success
81nidZpGqzkSDMpD Experienced management team with strong track record of success Name Biography Name Biography ● Co-Founder of AirAsia ● Concurrently the Director of Corporate Safety and Quality, has ~30 years of industry experience ● Previously Warner Music Group’s Vice President for Southeast Asia
AirAsia Group — Debt Investor Presentation (December 2025) on 6ix