Thai Airways posts Q3 2025 profit of 4.42 billion baht as nine-month earnings surge 73%
Thai Airways International (THAI) reported a net profit of 4.42 billion baht for the third quarter of 2025, buoyed by tighter cost controls despite a sharp year-on-year decline attributed to exceptional gains recorded in 2024. The airline said the strong performance follows its return to trading on the Stock Exchange of Thailand.
- The Q3 2025 net profit of 4.42 billion baht marked a 64.6% decrease from the previous year, which was inflated by 10.12 billion baht in one-off income from foreign exchange and restructuring.
- For the first nine months of 2025, the airline's net profit surged by 73.4% year-on-year to 26.39 billion baht.
- Despite a 3.1% drop in quarterly revenue, underlying Q3 operating profit (excluding one-off items) increased 19% to 8.56 billion baht, driven by effective cost management.
- The improved operating performance was supported by a 7.2% reduction in total expenses, primarily due to a 15.1% decrease in fuel costs.
In a statement issued on Friday (November 14), THAI said Q3 net profit fell 64.6% from last year, when it booked 10.12 billion baht in one-off income, mainly from foreign-exchange gains and restructuring-related profits. Excluding extraordinary items, total revenue for THAI and its subsidiaries stood at 44.40 billion baht, down 3.1% from the same period last year due to softer passenger and cargo yields amid heightened price competition and the stronger baht.
For the first nine months of 2025, THAI posted a net profit of 26.39 billion baht, up 73.4% year-on-year. EBITDA rose 13% to 43.30 billion baht, reflecting a 3.7% increase in total revenue and continued cost optimisation. As a result, the airline’s return on assets improved from 6.06% last year to 8.91%.
THAI attributed the quarterly revenue drop mainly to a 3.8% fall in passenger revenue and a 5.9% decline in cargo income, both affected by the appreciating baht and competitive pricing pressures. However, the airline managed to trim total expenses (excluding one-off items) by 7.2%, driven largely by a 15.1% reduction in fuel costs. The drop came from an 8.4% fall in average fuel prices and a 7.2% appreciation of the baht against the US dollar.
Strict cost discipline helped THAI generate an EBITDA of 12.41 billion baht in Q3, a 13.4% year-on-year increase. Operating profit before finance costs (excluding one-off items) rose 19% to 8.56 billion baht, a performance the airline credited to effective cost management during its re-entry into the stock market.
Operationally, the passenger load factor improved to 76.8%, up from 76.1% a year earlier, while revenue passenger kilometres (RPK) increased 4%. THAI has also resumed European routes, including Brussels since December 1, 2024, and increased frequencies on high-demand services such as Shanghai and Denpasar(Indonesia).
Key operational highlights of Thai Airways in Q3 2025
1. Major corporate and financial milestones
- Thai Airways marked a significant organisational achievement with its return to trading on the Stock Exchange of Thailand on August 4, 2025. The relisting followed the Central Bankruptcy Court’s order on June 16, 2025, to terminate the company’s rehabilitation process, underscoring the success of its multi-year restructuring programme.
- Operational performance continued to strengthen, with THAI and its subsidiaries reporting operating profit before finance costs (excluding one-off items) of 8.56 billion baht, a 19% increase from a year earlier.
- Effective cost control also contributed to improved results, as total expenses (excluding one-offs) fell 7.2%. The reduction was driven primarily by a 15.1% drop in fuel costs, supported by an 8.4% decline in average fuel prices and a 7.2% appreciation of the baht against the US dollar.
2. Operational performance and network expansion
- Passenger capacity (ASK) expanded by 3.1% in the quarter, while passenger traffic (RPK) rose 4%. The cabin factor improved to 76.8%, up from 76.1% a year earlier, reflecting stable demand and better network optimisation.
- THAI resumed key European services, including flights to Brussels beginning December 1, 2024, and increased flight frequencies on high-demand routes such as Shanghai and Denpasar.
- To support fleet requirements, the airline took delivery of one Airbus A330-300 aircraft. As of September 30, 2025, THAI operated a total of 78 aircraft.
3. Business partnerships
- The airline advanced its digital innovation strategy through a partnership with Thai Samsung Electronics to develop a Digital Ecosystem. The initiative will introduce access to boarding passes and other privileges via Samsung Wallet.
- THAI also expanded its maintenance, repair and overhaul (MRO) collaboration by signing an MOU with AAR Component Services (Thailand). The agreement defines a framework for cooperation in aircraft structural components, joint resource utilisation, and broader support for aircraft maintenance capabilities.
4. Investment and asset management
- During the first nine months of 2025, THAI invested 10.57 billion baht in aircraft-related expenditures. A major component was the conversion of leasing contracts to purchase agreements for four Boeing 777-300ER aircraft, a move that contributed to a reduction in long-term liabilities.
- The airline also recognised impairment losses on two retired Boeing 777-200ER aircraft as part of ongoing asset management and fleet optimisation efforts.
