We refer to the following matters:-

1. News article entitled “AirAsia X targets up to US$600m debt restructuring after combining airlines" featured in The Edge Malaysia on 22 January 2026; 

2. News article entitled “AirAsia X targets up to US$600mil debt restructuring after  combining airlines” featured in The Star on 22 January 2026; and 

3. News article entitled  “AirAsia X targets up to US$600 million debt restructuring after combining airlines” featured in New Straits Times on 22 January 2026. 

The Company wishes to clarify that the revenue and EBITDA targets are on a combined basis where long haul aviation business is as per the internal target announcement released by the Company in note 29 of its quarterly report on consolidated results for the financial period ended 31 December 2024 (“Q4 2024 Results”) on 28 February 2025 whilst AirAsia Aviation’s short haul aviation business internal targets were released by Capital A Berhad in note 29 of their Q4 2024 Results on 28 February 2025.

With regards to the debt restructuring, the Company continuously explores various opportunities to refinance the high interest cost United States Dollar (“USD”) borrowings of approximately USD600 million in order to optimise the group’s cost of capital, while ensuring alignment with its balance sheet strength and cash flow profile.

The Company will make the requisite announcement(s) on any developments of said internal targets, as and when necessary.

This announcement is dated 23 January 2026.