BANGKOK, 27 February 2026: Asia Aviation PLC (AAV), the majority shareholder of Thai AirAsia (TAA), reported operating results for 2025, with total revenue from sales and services of THB45,690.9 million, a 8% decrease from the previous year.
The decline was primarily due to a 9% decrease in average fares amid a tourism environment challenged by the slowdown in Chinese tourist markets.
However, due to efficient cost management — particularly a 10% reduction in fuel costs following global oil prices — the cost per available seat kilometre (CASK) decreased by 5% to THB1.76.
Consequently, the company reported Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of THB7,835.1 million and a net profit of THB2,336.2 million. This was significantly supported by a foreign exchange gain of THB2,541.9 million due to the appreciation of the Thai Baht throughout the year. Excluding this item, the company’s core profit was THB302.7 million.
In 2025, TAA transported 21 million passengers, a 1% increase, with an average load factor of 83% from 25.2 million available seats, a 10% increase. At year-end, the total fleet consisted of 62 aircraft, of which 59 were in operation.
In the fourth quarter of 2025, TAA recorded total revenue of THB14,259.1 million, a 6% increase from the previous year, and net profit of THB1,609.5 million, a 351% increase. Core profit was THB 1,087.5 million, down 25%. TAA held a record-high domestic market share of 43% in the final quarter, with positive signs from the
Chinese market stabilising, with load factor for Chinese routes rising to 85%. During the quarter, the airline launched new routes from Suvarnabhumi to Nakhon Si Thammarat and Chiang Rai, as well as a cross-regional route from Chiang Mai to Udon Thani. Routes from Phuket to Khon Kaen and Phuket to Udon Thani were also reopened for the travel season.
AAV and TAA CEO Phairat Pornpathananangoon stated: “2025 was an extremely challenging year due to external factors, particularly the slowdown in the overall Chinese market. However, the airline adjusted its strategy to focus on domestic market leadership, achieving a record-high market share of 41%.
“We also continued expanding routes to South Asia, particularly India, which reached a new passenger record of 1.2 million, an increase of 22%. Additionally, we expanded our operations base at Suvarnabhumi Airport to connect quality tourists from Europe and America to our flight network.”
Regarding the international market, although the airline reduced seat capacity by 5% to match travel demand, routes in the CLMV market (Cambodia, Laos, Myanmar, Vietnam) and Fifth Freedom routes — such as Don Mueang-Taipei-Okinawa and Don Mueang-Luang Prabang-Hanoi — still performed well and received positive feedback.
“For the outlook in 2026, we are confident that the tourism industry will begin to recover. We are targeting high-single-digit revenue growth from sales and services and passenger traffic of 23.5 million, supported by our strategy to expand the fleet by an additional five aircraft in the second half of the year.”
(Source: Asia Aviation PLC (AAV)
