BANGKOK, THAILAND – Thai Airways reported a 64.6 percent fall in third‑quarter net profit for 2025, while nine‑month results showed a strong rebound driven by cost reductions and lower fuel prices.
Thai Airways’ Quarterly Results Show Major Swing
Thai Airways International PCL in Bangkok released Q3 2025 financial data showing net profit at 4.42 billion baht, a decline from 10.12 billion baht in the same quarter of 2024. Thai Airways International PCL stated that one-off currency gains in the previous year had inflated past results.
“The decrease is mainly due to extraordinary income in the previous year.”
said Thai Airways International PCL, Airline
Thai Airways International PCL reported 44.40 billion baht in Q3 revenue excluding special items, noting pressure from a stronger baht and competition in Bangkok.
Nine-Month Earnings Rose Sharply
Thai Airways International PCL confirmed that nine‑month net profit reached 26.39 billion baht, an increase of 73.4 percent compared with 2024. Thai Airways International PCL recorded EBITDA of 43.30 billion baht, a rise of 13 percent, while total revenue increased 3.7 percent during the period.
Passenger and Cargo Revenue Declined
Thai Airways International PCL reported that passenger revenue dropped 3.8 percent and cargo revenue fell 5.9 percent over the first nine months of 2025. Thai Airways International PCL cut operating expenses by 7.2 percent, supported by a 15.1 percent fall in fuel costs linked to an 8.4 percent decrease in average fuel prices.
Operational Expansion Across Routes
Thai Airways International PCL increased the seat load factor from 76.1 to 76.8 percent across routes serving Bangkok, Shanghai and Denpasar. The airline reopened its Brussels route on 1 December 2024.
“We have taken delivery of an Airbus A330-300 aircraft.”
said Thai Airways International PCL, Airline
Thai Airways International PCL stated that its fleet reached 78 aircraft after the addition.
Return to the Stock Market
Thai Airways International PCL returned to the Stock Exchange of Thailand on 4 August 2025, following a ruling by the Central Bankruptcy Court on 16 June 2025 concluding its rehabilitation process in Bangkok. Thai Airways International PCL invested 10.57 billion baht in aircraft-related projects, including four Boeing 777-300ER jets.
Digital and Maintenance Projects Advance
Thai Airways International PCL in Bangkok began a digital programme with Samsung during 2025 and expanded maintenance partnerships across its fleet. Thai Airways International PCL continued restructuring efforts aimed at stabilising performance after the end of rehabilitation.