Thai Airways Posts 30.9bn Baht Profit in 2025

Thai Airways International has reported a net profit of 30.94 billion baht for 2025, marking a sharp turnaround from the previous year’s loss and signalling sustained recovery in the aviation sector. Chief Executive Officer Chai Eamsiri said total revenue, excluding one-off items, reached 190.28 billion baht, up 1.2% year-on-year and above pre-pandemic 2019 levels. The results reflect continued growth in passenger traffic and improved operational performance.

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Operating expenses, excluding special items, rose 2% to 149.44 billion baht, in line with higher flight frequencies and passenger volumes despite lower average jet fuel prices. Earnings before interest and tax stood at 40.84 billion baht, while EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) totalled 53.88 billion baht. Including special items, the airline recorded a net gain of 782 million baht, mainly from aircraft lease terminations and foreign exchange gains, partly offset by asset impairments, derivative losses and financial costs under TFRS 9 (Thai Financial Reporting Standard No. 9: Financial Instruments) amounting to 13.15 billion baht.

The company posted earnings per share of 1.09 baht, compared with a loss per share of 6.26 baht in 2024. As of 31 December 2025, total assets increased 3.9% to 304.06 billion baht, while total liabilities declined 7.6% to 228.15 billion baht. Shareholders’ equity rose to 75.91 billion baht, up more than 30 billion baht from a year earlier, and cash and cash equivalents, including short-term investments, stood at 123.56 billion baht.

Passenger revenue remained the primary driver of growth. Revenue passenger kilometres rose 8.3%, the average cabin factor improved to 79.2%, and the airline carried 16.46 million passengers, up 2% year-on-year. Air cargo volumes also expanded by between 8% and 9%.

Chai Eamsiri said the airline would continue its “Network Line” strategy to diversify revenue across regions and reduce exposure to geopolitical risks. The company has hedged around 50% of its fuel consumption to manage cost volatility.

Khaosod reported that in 2026, Thai Airways plans to take delivery of 14 Airbus A321neo and four Boeing 787-9 aircraft, operate 62 routes worldwide, and launch a Bangkok–Amsterdam service in July. The carrier also intends to increase flight frequencies to Auckland, China and India as part of its expansion strategy.

Key Takeaways

• Thai Airways recorded a net profit of 30.94 billion baht in 2025, reversing a loss in 2024.

• Revenue reached 190.28 billion baht, surpassing pre-pandemic 2019 levels.

• The airline plans fleet expansion and new routes in 2026, including Bangkok–Amsterdam.

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Adapted by ASEAN Now Khaosod 28 Feb 2026

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