BANGKOK, 13 August 2025: A robust flight expansion on key high-demand routes such as Shanghai, Hong Kong, and Denpasar delivered a healthy financial performance for Thai Airways International PCL during the second quarter of 2025.
Total revenue during Q2 closed with THB44,828 million, a 1.9% increase from THB43,981 million during Q2 2024.
Passengers carried in Q2 2025 reached 3.97 million, up 4.2 % year-on-year, with an average cabin factor rising to 77.0% from 73.2% during the same period last year. This improvement reflects the company’s ongoing route network optimisation and expanded codeshare partnerships.
Operating expenses amounted to THB34,648 million, a 9% decrease from Q2 2024, primarily due to lower average jet fuel prices, despite the airline experiencing higher fuel consumption as flights increased.
Other contributing factors included lower maintenance costs and other operational efficiencies.
THAI reported an operating profit before finance costs of THB10,180 million, an increase of 71.8% from THB5,925 million in Q2 2024, with an EBIT margin of 22.7%.
THAI and its subsidiaries’ financial costs, recognised by THAI Financial Reporting Standard 9 (TFRS9), were THB3,392 million, a decrease of THB1,404 million from the same period last year.
One-time gain items net amounted to THB5,347 million, primarily driven by accounting adjustments related to the transition from lease to ownership of four Boeing 777-300ER aircraft. As a result, the company reported a net profit of THB12,134 million in Q2 2025, up from THB314 million a year earlier. EBITDA stood at THB13,408 million.
As of 30 June 2025, THAI operated 78 aircraft. For the first half of 2025, THAI achieved revenue of THB96,452 million, an increase of 7.2% compared to the same period last year.
Average aircraft utilisation was 13.6 hours per day. Available seat kilometres (ASK) rose to 35,281 million, up 15.2%, and revenue passenger kilometres (RPK) increased by 18.3% to 28,297 million.
The average cabin factor improved to 80.2% from 78.1%, and the total number of passengers reached 8.30 million, an increase of 0.62 million or 8.1%.
Operating expenses totalled THB71,863 million, a 1.5% reduction year-on-year. Operating profit before finance costs was THB24,589 million, with finance costs under TFRS 9 totalling THB6,873 million. Net one-time items contributed income of THB4,259 million. This led to a net profit of THB21,973 million, up 702.5% from THB2,738 million in the same period last year. EBITDA stood at THB30,887 million.
As of 30 June 2025, THAI’s assets stood at THB297,691 million, increasing by THB5,183 million from 31 December 2024. Total liabilities stood at THB230,134 million, a decrease of THB16,785 million from 31 December 2024. Shareholders’ equity reached THB67,557 million, increasing by THB21,968 million from 31 December 2024.
Cash equivalents and other current financial assets as of 30 June 2025 totalled THB120,010 million, representing an increase of THB5,021 million from 31 December 2024.
On 4 August 2025, THAI officially re-listed and resumed trading on the Stock Exchange of Thailand, marking a significant milestone following the company’s successful business rehabilitation.
During the first four trading days post-relisting, THAI shares recorded an average daily trading value of approximately THB4,400 million. As of 7 August 2025, the stock closed at THB13.40 per share, reflecting an increase of 27.6% from the opening price of THB10.50 on 4 August.
*All financials reported exclude one-time items unless otherwise stated.
