Thai Airways International (THAI) demonstrated sustained and robust growth in the second quarter of 2025 following its successful re-listing on the Stock Exchange of Thailand (SET).
The airline and its subsidiaries reported strong financial results for Q2 2025, with total revenue (excluding one-off items) of 44.82 billion baht, reflecting a 1.9% increase from 43.98 billion baht in the same period last year. This growth was primarily driven by strategic route frequency expansion on high-demand routes such as Shanghai, Hong Kong, and Denpasar.
Passenger numbers in Q2 2025 reached 3.97 million, marking a 4.2% year-over-year increase, while the average cabin factor improved to 77.0% from 73.2%. These gains highlight successful route network optimization and expanded codeshare agreements.
Total operating expenses (excluding one-off items) amounted to 34.64 billion baht, representing a 9% decrease from the previous year, mainly due to falling average jet fuel prices despite increased fuel consumption from higher flight frequencies. Cost savings from lower maintenance and operational efficiencies also contributed to this reduction.
As a result, THAI reported an operating profit before finance costs (excluding one-off items) of 10.18 billion baht, a 71.8% increase from 5.92 billion baht in Q2 2024, with an EBIT margin of 22.7%. Financial costs, recognized under THAI’s financial reporting standards (TFRS 9), totaled 3.39 billion baht, down 1.40 billion baht from the previous year.
One-off gains of 5.34 billion baht, mainly from accounting adjustments related to transitioning four Boeing 777-300ER aircraft from lease to ownership, contributed significantly to the net profit of 12.13 billion baht in Q2 2025—a remarkable rise from 314 million baht a year earlier. EBITDA for the quarter stood at 13.40 billion baht.
As of June 30, 2025, THAI operated a fleet of 78 aircraft. For the first half of 2025, the airline achieved total revenue (excluding one-off items) of 96.45 billion baht, up 7.2% year-on-year. Average aircraft utilization reached 13.6 hours per day, while available seat kilometers (ASK) increased by 15.2% to 35.28 billion, and revenue passenger kilometers (RPK) grew by 18.3% to 28.29 billion. The average cabin factor improved to 80.2% from 78.1%, and passenger numbers increased by 8.1% to 8.30 million.