BANGKOK, 15 August 2025: Asia Aviation Public Company Limited (AAV), the sole shareholder of Thai AirAsia (TAA), announced on Thursday its operational and financial results for 2Q2025 amid dramatic external challenges.
The airline reported that during its 2Q2025, it faced continued pressure on tourism confidence among foreign tourists, the earthquake incident that caused a building to collapse in Bangkok and global economic headwinds all weighed on overall purchasing power and travel sentiments.
Revenue from sales and services dipped 14% year-on-year (YoY) to THB 9,820 million, whilst EBITDA stood at THB634 million, down 67% YoY. Net profit amounted to THB214 million. Excluding the impact from foreign exchange gain of THB1,324 million, AAV would have recorded a core loss of THB845 million, compared to a core profit of THB 265 million in the same period last year.
Cost per available seat kilometre (CASK) decreased 3% YoY to THB1.83 due to lower fuel costs during the quarter. CASK excluding fuel grew 3% at THB1.26, due to a higher number of aircraft and selling and admin expenses. Meanwhile, revenue per available seat kilometre (RASK) dropped 17% YoY to THB1.63, impacted by a broad-based decline in demand.
In 2Q2025, TAA operated a seat capacity of 5.9 million, up 8% YoY. The airline carried 4.8 million guests, marking a 3% YoY decline, whilst maintaining a healthy average load factor of 82%.
TAA also expanded its fleet by receiving one additional Airbus A321neo, raising the fleet to 62 aircraft. Some of the aircraft are based at Suvarnabhumi Airport, supporting domestic route expansion under TAA’s dual-airport strategy, reinforcing its leadership as Thailand’s airline with the most extensive network, operating out of both Don Mueang (DMK) and Suvarnabhumi (BKK).
During the 2Q2025, TAA launched additional international routes, such as Phuket-Kochi (India) and Phuket-Medan (Indonesia). It also commenced new fifth freedom routes such as Don Mueang-Hong Kong-Okinawa, marking the airline’s first fifth freedom service via Hong Kong, and Chiang Mai-Taipei-Sapporo, the fourth fifth freedom route to Japan and the first operated out of Chiang Mai. These routes have seen positive market response and highlight the continued success of TAA’s fifth freedom strategy.
For the 1H2025, TAA carried 10.4 million passengers, compared to the same period last year, with an average load factor of 84% from 12.3 million seats offered. As a result, AAV recorded revenue from sales and services of Baht 23,045 million, down 9% YoY. EBITDA was THB3,988 million, a 20% decline YoY. However, the company achieved a net profit of THB1,601 million, compared to a net loss of THB325 million in the same period last year. Excluding foreign exchange impacts, AAV recorded a core profit of THB453 million, compared to a core profit of THB1,495 million in the same period the previous year.
AAV and TAA Chief Executive Officer Santisuk Klongchaiya stated: “Thai AirAsia approached the second quarter with cautious optimism, mindful of the seasonally softer travel period and safety concerns, compounded by global economic uncertainties that weighed on overall demand. It is heartening that amid these challenges, TAA sustained a strong 41% domestic market share, driven by increased frequencies and the strength of our dual-airport strategy at Don Mueang and Suvarnabhumi.”
“While total arrivals to Thailand are expected to match last year, international recovery remains fragmented — particularly from China, Hong Kong, and Macau. To mitigate this, TAA is actively supporting government efforts to attract more travellers from this region, while also accelerating growth in the stronger-performing areas. Sustained demand from India and ASEAN, along with continued expansion of our Fifth Freedom routes, has helped offset the softness in East Asia.
“Furthermore, given the gradual inbound recovery, TAA is taking measured steps for growth — reducing capacity on underperforming routes while shifting focus to domestic travel and high-potential fifth freedom routes. In line with this, TAA has launched new domestic services from Suvarnabhumi to Buriram, Surat Thani, and Narathiwat (since 1 July). (WE) plan to launch flights (from BKK) to Chiang Rai and Nakhon Si Thammarat from 1 October.”
