Thai Airways International Public Company Limited (SET: THAI) and its subsidiaries reported their financial results for the third quarter of 2025, recording total revenue (excluding one-time items) of 44,398 million baht, and a decrease of 1,430 million baht from the same period last year, which reported total revenue of Baht 45,828 million baht, a decline of 3.1%. The lower revenue was primarily driven by intensified market competition and the appreciation of the Thai baht.
THAI carried a total of 3.89 million passengers during the quarter, with the cabin factor improving from 76.1% in the same period last year to 76.8%. Total expenses (excluding one-time items) amounted to 35,841 million baht, representing a decrease of 7.2% compared to the prior year. The improvement was mainly attributable to lower fuel expenses, reflecting a decline in average global fuel prices and the appreciation of the Thai baht, despite higher fuel consumption resulting from an increase in flight frequencies. Maintenance and overhaul expenses also decreased.
As a result, THAI and its subsidiaries recorded operating profit before finance costs (excluding one-time items) of 8,557 million baht, up 19% from the same period last year, with an EBIT margin of 19.3%. Finance costs recognized under Thai Financial Reporting Standard 9 (TFRS 9) totaled 3,137 million baht, a decrease of 1,692 million baht from the previous year. THAI and its subsidiaries also recorded net one-time expenses of 993 million baht, mainly stemming from asset impairment losses and net foreign-exchange losses.
Consequently, THAI and its subsidiaries posted a net profit of 4,421 million baht, compared with 12,483 million baht in the previous year, which reflected net one-time gains of 10,119 million baht from foreign-exchange gains and debt restructuring. EBITDA for the quarter stood at 12,408 million baht.
As of 30 September 2025, the Company operated a total of 78 aircraft. For the first nine months of 2025, total revenue (excluding one-time items) amounted to 140,850 million baht, representing an increase of 3.7% from the same period last year. The average aircraft utilization stood at 13.5 hours per aircraft per day. Passenger capacity (ASK) reached 52,954 million seat-kilometers, an increase of 10.8%, while revenue passenger-kilometers (RPK) rose to 41,870 million, up 13.2%. This resulted in an average cabin factor of 79.1%, compared with 77.4% in the previous year.
THAI carried a total of 12.19 million passengers during the period, an increase of 0.57 million or 4.9%. Total expenses (excluding one-time items) amounted to 107,704 million baht, a decrease of 3.5% year-on-year, contributing to an operating profit before finance costs (excluding one-time items) of 33,146 million baht, up 37.0% from the same period last year. Finance costs, recognized in accordance with Thai Financial Reporting Standard 9 (TFRS 9), totaled 10,010 million baht.
One-time items generated a net gain of 3,266 million baht. Consequently, THAI and its subsidiaries reported a net profit of 26,394 million baht, an increase of 73.4% compared with the net profit of 15,221 million baht in the prior year, and recorded EBITDA of 43,295 million baht.
As of 30 September 2025, THAI and its subsidiaries reported total assets of 299,730 million baht, an increase of 7,222 million baht or 2.5% from 31 December 2024. Total liabilities amounted to 227,753 million baht, a decrease of 19,166 million baht or 7.8% compared with year-end 2024.
The shareholders’ equity of THAI and its subsidiaries stood at 71,977 million baht, improving by 26,388 million baht from 31 December 2024. THAI held cash and cash equivalents, together with other current financial assets, totaling 123,189 million baht as of 30 September 2025, an increase of 8,200 million baht from year-end 2024.
