AirAsia X Berhad's performance for the first nine months of 2025 is defined by a profit squeeze, where stable revenue of RM 2.40 billion was undermined by a sharp 45.2% drop in net profit to RM 113.2 million. Although the airline benefited from lower global fuel prices and strong growth in high-margin ancillary income, these gains were entirely erased by soaring maintenance costs and user charges as the fleet returned to full operational capacity. Financial health remains mixed; while shareholders' equity improved, liquidity is tight with cash being heavily utilized for lease repayments, resulting in no dividend payout. Ultimately, the investment narrative has shifted from immediate recovery to a longer-term restructuring play, heavily dependent on turning around the loss-making Thailand segment and successfully completing the acquisition of Capital A’s aviation assets.