BANGKOK, 3 March 2026: Thai Airways International’s total revenues for the fiscal year ending 31 December 2025 accounted for 103.4% of the 2019 pre-COVID pandemic financial performance.
When compared with total revenue excluding one-time items of THB 190,277 million, it represented a 1.2% increase over the 2024 performance, Thai Airways International Public Company Limited (THAI) reported last week.
The growth was mainly driven by passenger revenue, which expanded by 0.5%.
In 2025, expenses excluding one-time items totalled THB149,438 million, increasing 2% from 2024 in line with higher production and traffic volumes, including increased flights and passengers. This was despite lower jet fuel expenses following a decline in the average fuel price. As a result, THAI and its subsidiaries recorded EBIT (excluding one-off items) of THB40,839 million, a decrease of THB676 million from the previous year, while EBITDA amounted to THB53,880 million.
THAI and its subsidiaries recorded net one-time items as income totalling THB782 million. These were mainly attributable to gains on the termination of aircraft lease agreements, gains on foreign exchange rates-net, impairment losses on assets, losses on the measurement of derivatives, revisions to the estimate of expiring miles, and losses on impairment in accordance with TFRS 9. In addition, finance costs recognised under TFRS 9 amounted to THB13,154 million. Consequently, THAI and its subsidiaries reported a net profit of THB30,940 million, equivalent to earnings per share of THB1.09, compared with a loss per share of THB6.26 in 2024.
As of 31 December 2025, compared with as of 31 December 2024, THAI and its subsidiaries reported total assets of THB304,059 million, an increase of 3.9%. Total liabilities amounted to THB228,147 million, down 7.6%, while shareholders’ equity totalled THB75,912 million, up THB30,323 million. Supported by improved operating performance and profitability, THAI held cash and cash equivalents, including bills of exchange with the right to be redeemed and fixed deposits with a maturity period of more than three months and not over 1 year, totalling THB123,560 million, an increase of THB8,571 million.
THAI and its subsidiaries recorded an 8.3% increase in Revenue Passenger Kilometres (RPK) compared with the previous year. The average cabin factor was 79.2%, up from 78.8% in 2024. Total passengers carried reached 16.46 million, representing an increase of 2% from the previous year. Cargo production, measured in Available Dead Tonne Kilometres (ADTK), increased by 9.7% from the previous year, while Revenue Freight Tonne Kilometres (RFTK) rose by 8.3%, with an average freight load factor of 51.3%.
Currently, THAI operates 80 aircraft, comprising 59 wide-body aircraft and 21 narrow-body aircraft, including one Airbus A321neo aircraft equipped with next-generation engines that enhance sustainability by reducing carbon dioxide emissions and supporting the use of Sustainable Aviation Fuel (SAF).
For the Summer 2026 schedule (April to October), THAI will operate flights to 62 destinations worldwide, including
the resumption of the Bangkok–Amsterdam route, starting from July 2026. THAI also plans to increase flights to destinations in China and India to accommodate growing passenger demand and support future business growth.
(Source: Thai Airways International)
