Thai Airways reports FY2025 results, returns to profit above THB30 billion

Thai Airways International Public Company Limited and its subsidiaries have announced their operating results for the financial year ended December 31, 2025, with the Company reporting strong performance growth on Thursday (February 26).

Thai Airways turned around from a net loss in 2024 of THB26.933 billion to a net profit of THB30.940 billion, an improvement of THB57.841 billion, representing year-on-year growth of 215.0%.

Profit attributable to the parent was THB30.910 billion, equivalent to earnings per share of THB1.09.

In 2025, Thai Airways recorded total revenue (excluding one-off items) of THB190.277 billion, up THB2.288 billion, or 1.2%, from the previous year.

The main driver was expanded performance in the aviation business, as follows:

Passenger numbers: A total of 16.46 million passengers were carried, up 2.0% year-on-year.

Average Cabin Factor: 79.2%, higher than 78.8% the previous year.

Route network: Services covered 63 destinations in 27 countries worldwide, using a total operating fleet of 80 aircraft.

Passenger capacity (Available Seat Kilometres) rose 7.7%, and passenger traffic (Revenue Passenger Kilometres) increased 8.3% versus the previous year.

Cargo capacity (Available Dead Load Ton-Kilometres) rose 9.7%, and cargo traffic (Revenue Freight Ton-Kilometres) increased 8.3%, although the freight load factor (Freight Load Factor) fell to 51.3% from 52.0% the previous year.

The Company’s operating profit before finance costs (excluding one-off items) stood at THB40.839 billion, down only 1.6% year-on-year.

Total expenses (excluding one-off items) were THB149.438 billion, up THB2.964 billion, or 2.0%, in line with higher production and transport volumes.

However, the Company benefited from lower jet fuel costs in line with global oil prices.

In addition, Thai Airways recorded net one-off income of THB782 million, improving significantly from the previous year, when one-off expenses reached THB49.260 billion, mostly accounting for losses from debt restructuring under the rehabilitation plan.

At the same time, finance costs fell to THB13.154 billion, down 30.0%.

As of December 31, 2025, Thai Airways’ financial position improved clearly, with total assets of THB304.059 billion, up 3.9% from end-2024, while total liabilities fell to THB228.147 billion, down 7.6%.

As a result, shareholders’ equity rose to THB75.912 billion, up THB30.323 billion, or 66.5%, from the previous year, driven by continued improvement in operating performance.

Key events for Thai Airways in 2025

March 5, 2025: Reduced the Par Value of shares from THB10.00 to THB1.30 to offset accumulated losses.

June 16, 2025: The Central Bankruptcy Court ordered the termination of the business rehabilitation process after the Company successfully met the plan conditions.

August 4, 2025: “THAI” shares resumed trading on the Stock Exchange of Thailand.

Board adjustment: Increased the number of directors to 15 to enhance transparency and management efficiency.

For the next step in 2026, despite global economic challenges from policy and geopolitical uncertainty, Thai Airways plans to continue growing under its “Silk Hub” strategy.

In 2026, the Company plans to take delivery of 14 additional Airbus A321neo aircraft and four Boeing 787-9 aircraft, and is preparing to launch new routes to Amsterdam and Auckland to deliver stable, long-term profit growth.

The Company also reaffirmed its sustainability focus through initiatives such as promoting the use of sustainable aviation fuel (SAF) towards a net-zero carbon target in 2050, and installing a solar power generation system at its headquarters.