- In the third quarter of 2026, THAI recorded an operating profit (before finance costs and excluding one-time items) of 3,842 million baht, representing an EBIT margin of 7.7%, with EBITDA of 7,475 million baht. Despite elevated jet fuel prices, THAI managed its exposure through partial fuel hedging, and maintained disciplined cost management.
- Total revenue (excluding one-time items) amounted to 50,128 million baht, an increase of 12.9% year-on-year, primarily driven by higher transportation revenue. Total expenses (excluding one-time items) amounted to 46,286 million baht, up 29.1% from the same period last year, mainly due to higher jet fuel costs amid the ongoing geopolitical tensions in the Middle East.
- THAI carried 3.97 million passengers, with a cabin factor of 76.5%.
- THAI remained profitable in the first nine months of 2026, recording an operating profit (before finance costs and excluding one-time items) of 21,281 million baht and a net profit of 11,226 million baht.
Thai Airways International Public Company Limited (SET: THAI) reported its financial results for the third quarter of 2026, recording total revenue (excluding one-time items) of 50,128 million baht, an increase of 5,730 million baht or 12.9% year-on-year from 44,398 million baht in the same period last year. The increase was primarily attributable to higher transportation revenue, with a total of 3.97 million passengers carried and a cabin factor of 76.5%, broadly in line with 76.8% recorded in the same period last year.
Total expenses (excluding one-time items) amounted to 46,286 million baht, representing an increase of 29.1% year-on-year, primarily due to a sharp rise in fuel costs, with average fuel prices increasing by 59.8% compared with the same period last year. As a result, THAI recorded operating profit before finance costs (excluding one-time items) of 3,842 million baht, a decrease of 55.1% year-on-year, with an EBIT margin of 7.7%. Finance costs amounted to 3,362 million baht, an increase of 225 million baht from the same period last year.
THAI recorded net one-time expenses of 1,126 million baht, primarily attributable to the impact of flooding, loss on foreign exchange rates-net, and gain on measurement of derivatives. Consequently, THAI reported a net loss of 418 million baht for 3Q26, with EBITDA of 7,475 million baht.
As of 30 September 2026, THAI operated a total of 91 aircraft. For the first nine months of 2026, the average aircraft utilization stood at 13.2 hours per aircraft per day. Passenger capacity measured in Available Seat-Kilometers (ASK), reached 52,003 million seat-kilometers, a decrease of 1.8%, while revenue passenger-kilometers (RPK) totalled to 40,095 million, down 4.2% from the same period last year. As a result, the average cabin factor stood at 77.1%, compared with 79.1% in the same period last year. THAI carried a total of 11.81 million passengers, a decrease of 0.38 million passengers or 3.1% year-on-year. The Company recorded total revenue (excluding one-time items) of 149,779 million baht, an increase of 6.3% year-on-year, while total expenses (excluding one-time items) amounted to 128,498 million baht, up 19.3% from the same period last year.
Consequently, THAI reported an operating profit before finance costs (excluding one-time items) of 21,281 million baht, down 35.8% year-on-year. Finance costs amounted to 9,514 million baht, while net one-time items resulted in income of 296 million baht. As a result, THAI recorded a net profit of 11,226 million baht for the first nine months, compared with a net profit of 26,394 million baht in the same period last year. EBITDA amounted to 33,204 million baht.
As of 30 September 2026, THAI reported total assets of 355,165 million baht, an increase of 51,106 million baht or 16.8% from 31 December 2025. Total liabilities amounted to 272,590 million baht, an increase of 44,443 million baht or 19.5% compared with year-end 2025. The shareholders’ equity of THAI stood at 82,575 million baht, improving by 6,663 million baht from 31 December 2025.
THAI held cash and cash equivalents, together with other current financial assets, totaling 135,487 million baht as of 30 September 2026, an increase of 11,927 million baht from year-end 2025, reflecting THAI’s strong liquidity position and its ability to withstand external uncertainties.
THAI is determined to continuously elevate its products and services to meet the passengers’ needs. The passengers advance booking remains satisfactory, reflecting high traveling demands at the end of 2026.
