BANGKOK, 17 November 2025: Asia Aviation Public Company Limited (AAV), major shareholder of Thai AirAsia (“TAA”), has declared its financial results for the third quarter of 2025 with revenue from sales and services of THB9,276 million, down 15% year-on-year, mainly due to a 3% decline in passengers carried, 12% lower average fare to THB 1,633, and the effect of the low travel season in the aviation industry.

Cost of sales and services decreased 2% YoY, supported by lower fuel prices and effective cost control, despite increased flight operations compared to the same period last year. Cost per ASK (CASK) declined 2% YoY. As a result, the company recorded EBITDA of THB361 million and a net loss of THB(875) million. Excluding foreign exchange impact, AAV reported a core operating loss of THB(1,238) million, compared to a core operating profit of THB57 million in the same period last year.

During the quarter, TAA operated 5.93 million seats, up 9% YoY, comprising 3.90 million domestic seats (up 19%) and 2.03 million international seats (down 6%). Passenger numbers totalled 4.73 million, a 3% decline, with a load factor of 80%. At the end of the quarter, TAA operated a fleet of 62 aircraft, of which 54 were in operations.

For the nine months of 2025, AAV reported revenue from sales and services of THB32,322 million, a decrease of 11% YoY. The company operated 18.24 million seats and achieved a load factor of 83%, down from 91% compared to the same period last year, reflecting a slowdown in the overall tourism industry. The company reported EBITDA of THB4,349 million, a 36% decrease, and a net profit of THB727 million, down 77%. Excluding foreign exchange impact, the company reported a core loss of THB(785) million, compared to a core profit of THB1,552 million reported in the same period last year.

AAV and TAA, Chief Executive Officer Santisuk Klongchaiya said: “Our third-quarter performance reflects the seasonal nature of the business and the economy that has yet to recover fully. Nevertheless, we continue to exercise strict cost discipline while enhancing flexibility in fleet and network management to capture the expected strong rebound in travel demand towards the year-end, in both domestic and international markets, such as Japan, which is benefiting from the weak yen, as well as the Indian market, where tourist numbers are expected to keep hitting new records this year.”

“In 3Q2025, we continued to perform well in the domestic market, increasing seat capacity by 19% YoY to meet sustained travel demand. During the quarter, we launched new routes from Suvarnabhumi to Buriram, Narathiwat and Surat Thani, helping lift our domestic load factor to 82% while maintaining a 39% market share.”

For international operations, routes within CLMV (Cambodia, Laos, Myanmar, Vietnam) and Fifth-Freedom routes continued to perform well, led by strong demand on the Taipei–Okinawa service. In contrast, capacity on China routes was reduced by 38% YoY to align with the slower return of Chinese travellers, helping maintain a healthy load factor of 80–85%. The Indian market continued its positive growth trajectory, with seat capacity up 17% YoY. TAA also introduced new product bundles, such as airfares with prepaid baggage options, to better suit the preferences of Indian travellers.

According to data from Thailand’s Ministry of Tourism and Sports, the total international visitors to Thailand in Q3 2025 declined 13% YoY to 7.43 million, partly due to weakened confidence following reports of regional tensions. Chinese visitor arrivals decreased by 37% to 1.15 million, while arrivals from South Asia and Europe increased by 17% and 8%, respectively.

“We are confident that performance will improve in the fourth quarter, which is the peak travel season. We are expanding opportunities to attract more international travellers through our Fly Thru connecting service, which links international routes to domestic destinations across all regions. In addition, the business is expected to gain further momentum from the government’s tourism stimulus measures, such as the ‘Travel and Get Cash Back’ campaign (Thiaew Dee Mee Khuen), tax deduction schemes for domestic travel expenses, and the ‘Khon La Khrueng Plus’ co-payment program to boost spending. These initiatives are anticipated to support domestic travel demand significantly,” said Santisuk.

(Source: AAV)

BANGKOK, 14 November 2025: Airline chief executives and senior leaders of the Association of Asia Pacific Airlines (AAPA) gather in Bangkok today, Friday 14 November, for the opening session of the association’s annual Assembly of Presidents, a two-day event, hosted by Bangkok Airways.

Themed “Bolstering Supply Chains and Manpower Resilience for a Sustainable Future,” the 69^th edition of the prestigious assembly provides a critical platform for airline leaders across the Asia Pacific region to review industry performance, exchange insights, and address key operational and strategic challenges shaping the sector’s trajectory.

Industry outlook

Since 2022, air travel demand in the Asia Pacific region has demonstrated continued resilience, with international passenger traffic expanding by 10%  during the first nine months of 2025. While the outlook for 2026 remains positive, growth is expected to align more closely with long-term historical trends. Passenger load factors remain elevated due to constrained capacity growth, as the industry continues to face an estimated global shortfall of more than 5,200 aircraft deliveries in 2025.

Maintenance and repair operations also face significant bottlenecks, with extended turnaround times driven by shortages of components and a skilled workforce. Meanwhile, the availability of sustainable aviation fuel (SAF) remains nascent, with production volumes far below the levels required to support the industry’s decarbonisation targets.

Global trade and supply chain pressures

For the second consecutive year, supply chain constraints and workforce resilience remain dominant themes at the assembly, compounded by renewed trade tensions and tariff measures that threaten to increase operational costs and disrupt the free flow of aviation goods and services.

Commenting ahead of the event, Association of Asia Pacific Airlines Director General Subhas Menon said: “The introduction of new tariffs at a time when global supply chains are still in recovery represents a setback for the aviation sector. Tariffs elevate supplier costs and undermine the principles of free trade on which global aviation supply chains are built. While passenger and cargo demand remains strong, persistent supply challenges could restrict airlines’ ability to meet the expectations of travellers and businesses alike. The air freight market, in particular, stands to be directly affected by escalating trade tensions in the months ahead.”

Sustainability and fleet modernisation

Menon further noted that supply chain disruptions also hinder the industry’s sustainability transition, as ongoing delays in new aircraft deliveries slow fleet renewal and extend the operational life of older, less fuel-efficient aircraft — potentially increasing the industry’s overall carbon emissions footprint.

“The Assembly serves as a vital forum for the region’s aviation leaders to discuss the current state of the industry and to chart a sustainable and resilient path forward,” Menon concluded. “Despite the challenging macroeconomic environment, the robust demand for air services, combined with the region’s strong economies and favourable demographics, continues to underpin optimism for the Asia Pacific aviation sector in the year ahead.”

(Source: AAPA)