Thai Airways posts 30.9 billion baht profit in 2025

2026-02-27 - 05:53

Thai Airways International reported a net profit of 30.94 billion baht for 2025, marking a sharp turnaround from the previous year’s loss and underscoring a sustained recovery in the aviation sector. Chief Executive Officer Chai Eamsiri said total revenue, excluding one-off items, reached 190.28 billion baht, up 1.2% year-on-year and exceeding pre-pandemic 2019 levels. Operating expenses, excluding special items, rose 2% to 149.44 billion baht in line with higher flight frequencies and passenger volumes, despite lower average jet fuel prices. Earnings before interest and tax (EBIT) stood at 40.84 billion baht, while EBITDA totalled 53.88 billion baht. Including special items, the airline posted a net gain of 782 million baht, mainly from aircraft lease terminations and foreign exchange gains, partly offset by asset impairments, derivative losses and financial costs under TFRS 9 amounting to 13.15 billion baht. As a result, Thai Airways recorded a net profit of 30.94 billion baht, equivalent to earnings per share of 1.09 baht, compared with a loss per share of 6.26 baht in 2024. As of 31 December 2025, total assets rose 3.9% to 304.06 billion baht, while total liabilities fell 7.6% to 228.15 billion baht. Shareholders’ equity increased significantly to 75.91 billion baht, up more than 30 billion baht from a year earlier. Cash and cash equivalents, including short-term investments, stood at 123.56 billion baht, reflecting strengthened liquidity. Passenger revenue remained the core driver, with revenue passenger kilometres (RPK) rising 8.3% and average cabin factor improving to 79.2%. The airline carried 16.46 million passengers, up 2% year-on-year, while air cargo volumes expanded by 8–9%. Looking ahead, the carrier said it will continue its “Network Line” strategy to diversify revenue across regions and reduce exposure to geopolitical risks. The company has hedged about 50% of its fuel consumption to manage cost volatility. In 2026, Thai Airways plans to take delivery of 14 Airbus A321neo and four Boeing 787-9 aircraft, operate 62 routes globally, launch a Bangkok–Amsterdam service in July and increase frequencies to Auckland, China and India.