BANGKOK, THAILAND – Thai Airways reported a strong return to profit for the 2025 financial year, reversing a deep loss from 2024 into a multi‑billion‑baht surplus while pursuing growth, fleet expansion and long-term sustainability.
Strong reversal in profit and loss
The Thai Airways International Public Company Limited group posted a net profit of 30.940 billion baht in 2025, after recording a loss of 26.933 billion baht in 2024. This meant the result improved by 57.841 billion baht within one year, an increase of 215 percent compared with 2024.
Profit attributable to the parent company came to 30.910 billion baht, equivalent to 1.09 baht per share. Revenue from ongoing operations excluding special items in 2025 inched up to 190.277 billion baht, a year-on-year increase of 1.2 percent, or 2.288 billion baht.
Operating performance and passenger business
In the passenger segment, the airline carried 16.46 million travellers, 2 percent more than in 2024. Average cabin load factor was 79.2 percent, slightly higher than the previous year’s 78.8 percent.
The route network covered 63 destinations in 27 countries with an operating fleet of 80 aircraft. Passenger capacity measured in Available Seat Kilometres rose by 7.7 percent, while passenger traffic in Revenue Passenger Kilometres increased by 8.3 percent.
Capacity, cargo and cost structure
In cargo, capacity in Available Dead Load Ton-Kilometres grew by 9.7 percent, and traffic in Revenue Freight Ton-Kilometres rose by 8.3 percent. The freight load factor, however, slipped from 52.0 to 51.3 percent.
Operating profit before financing costs and excluding special items stood at 40.839 billion baht, only 1.6 percent below the prior-year level. Total operating expenses excluding special items climbed to 149.438 billion baht, an increase of 2.0 percent, mainly due to higher production and transport volumes, partly offset by lower jet fuel costs following weaker oil prices.
One-off effects and debt reduction
Overall, Thai Airways booked net special income of 782 million baht in 2025. In the previous year it had recorded special expenses of 49.260 billion baht, largely from losses on debt restructuring under its rehabilitation plan.
In parallel, financing costs fell sharply to 13.154 billion baht, a decrease of 30 percent year-on-year. At 31 December 2025, the company reported total assets of 304.059 billion baht, up 3.9 percent compared with the end of 2024.
Balance sheet at end of 2025
Liabilities in the same period declined to 228.147 billion baht, down 7.6 percent. As a result, equity rose by 30.323 billion baht to 75.912 billion baht, representing growth of 66.5 percent.
On 5 March 2025, the airline reduced the par value of its shares from 10.00 baht to 1.30 baht to offset accumulated losses on its balance sheet. On 16 June 2025, the Central Bankruptcy Court ordered the termination of the judicial rehabilitation process after the company fulfilled the conditions of the rehabilitation plan.
Milestones in the 2025 rehabilitation year
On 4 August 2025, THAI shares resumed trading on the Stock Exchange of Bangkok. Trading recommenced alongside an expansion of the board of directors to 15 members in order to strengthen transparency and efficiency in management.
For 2026, Thai Airways announced that it would continue its development despite economic risks from global political and geopolitical uncertainties under its “Silk Hub” strategy. The plan includes taking delivery of 14 Airbus A321neo and four Boeing 787-9 aircraft.
Growth plans and fleet expansion for 2026
The new aircraft orders were tied to preparations for new long-haul connections to Amsterdam and Auckland, aimed at achieving stable, long-term profit growth. In parallel with expansion, the airline reaffirmed its focus on sustainability, including promotion of Sustainable Aviation Fuel (SAF).
The company set a goal of reaching net-zero emissions by 2050. It is also installing a solar power system at its headquarters to make its own energy consumption more climate-friendly.