Thai Q2 earnings surge to 12.13 billion baht, market capitalization climbs to 370 billion baht
Thai Airways International (THAI) has announced its financial results for the second quarter (Q2) of 2025, showing a significant recovery following its re-listing on the Stock Exchange of Thailand (SET) in early August 2025. The airline reported a net profit of 12.13 billion baht, a dramatic increase from just 314 million baht in Q2 2024.
Total Revenue and Passenger Numbers
Total revenue (excluding one-off items) for Q2 2025 reached 44.82 billion baht, up 1.9% year-on-year, driven by strategic frequency expansions on high-demand routes like Shanghai, Hong Kong, and Denpasar. The airline carried a total of 3.97 million passengers in Q2 2025, marking a 4.2% year-on-year increase. The average cabin factor (load factor) also improved, reaching 77.0% from 73.2% during the same period last year.
Operating Expenses and EBIT
Operating expenses (excluding one-off items) in Q2 2025 amounted to 34.64 billion baht, a decrease of 9% year-on-year. This reduction was helped by lower jet fuel prices and reduced maintenance costs despite higher fuel consumption from increased flights. As a result, the airline's operating profit before finance costs (EBIT) rose 71.8% to 10.18 billion baht, with an EBIT margin of 22.7%.
Market Capitalisation and Share Price
The robust financial outcome has led to a surge in THAI's market capitalization, reaching approximately 407.5 billion baht, making THAI the 11th largest listed company on SET. The stock closed at 13.40 baht per share on August 7, 2025, reflecting an increase of 27.6% from the opening price of 10.50 baht on August 4.
Debt Restructuring and Cost Discipline
The successful financial performance is attributed to THAI's debt restructuring, cost discipline, fleet modernization, and expanded codeshare partnerships following a five-year rehabilitation process. The airline's total assets were 297.69 billion baht, an increase of 5.18 billion baht from December 31, 2024. Shareholders' equity reached 67.55 billion baht, an increase of 21.96 billion baht from the same period last year. The airline's total liabilities stood at 230.13 billion baht, a decrease of 16.78 billion baht from December 31, 2024.
In summary, Thai Airways’ Q2 2025 financial results reflect a strong post-rehabilitation recovery with increased profitability, controlled costs, and growing passenger demand, underscoring positive investor sentiment around its relisting on the SET. As of June 30, 2025, THAI operated a total of 78 aircraft.
[1] Thai Airways International PLC. (2025). Thai Airways International Reports Q2 2025 Financial Results. Retrieved from www.thaiairways.com/news
[2] Bangkok Post. (2025). Thai Airways' Q2 net profit surges 702.5%. Retrieved from www.bangkokpost.com
[3] Reuters. (2025). Thai Airways reports Q2 net profit of 12.13 billion baht. Retrieved from www.reuters.com
[4] SET. (2025). Stock Market Data. Retrieved from www.set.or.th
[5] Bloomberg. (2025). Thai Airways International Ltd. Retrieved from www.bloomberg.com
- The rise in Thai Airways International's net profit of 12.13 billion baht indicates a positive outlook for the airline's business, attracting potential investors in the international finance and investing sectors.
- The surge in Thai Airways International's market capitalization to approximately 407.5 billion baht, following its re-listing on the Stock Exchange of Thailand (SET), signifies potential opportunities for real-estate investors in the region.
- The improved total revenue, passenger numbers, and load factor in Q2 2025 suggest a strong recovery in the Thai economy, particularly the airline industries, as evidenced by Thai Airways International's financial results.
- In the wake of Thai Airways International's impressive Q2 2025 financial performance and strategic cost-cutting measures, analysts predict further advancements in the airline's expansion and modernization efforts, impacting both domestic and international business sectors.
