AAV FINANCIAL RESULTS FOR THE SECOND QUARTER OF THE FINANCIAL YEAR 2025

  • Delivers a net profit of Baht 214 million in 2Q25, marking a 155% YoY increase, supported by foreign exchange gain and lower fuel prices

  • High guest load factor at 82%, supported by proactive network adjustments and capacity shifts to stronger-performing markets

  • Maintains domestic market leadership, with 41% market share driven by strategic frequency increases and dual-airport operations

  • Fleet expands to 62 aircraft as of quarter-end, positioning the airline for growth in high-potential markets in the second half of 2025

Bangkok, 14 August 2025 - Asia Aviation Public Company Limited (AAV), the sole shareholder of Thai AirAsia (TAA), today announced its operational and financial results for 2Q2025 amid challenges stemming from continued pressure on tourism confidence among foreign tourists, the earthquake incident, and global economic headwinds, which weigh on overall purchasing power and travel sentiment. 

Revenue from sales and services dipped 14% year-on-year (YoY) to Baht 9,820 million, whilst EBITDA stood at Baht 634 million, down 67% YoY. Net profit amounted to Baht 214 million. Excluding the impact from foreign exchange gain of Baht 1,324 million, AAV would have recorded a core loss of Baht (845) million, compared to a core profit of Baht 265 million in the same period last year. 

Cost per available seat kilometre (CASK) decreased 3% YoY to Baht 1.83 due to lower fuel costs during the quarter. CASK excluding fuel grew 3% at Baht 1.26, due to a higher number of aircraft and selling and admin expenses. Meanwhile, revenue per available seat kilometre (RASK) dropped 17% YoY to Baht 1.63, impacted by a broad-based decline in demand.

In 2Q2025, TAA operated a total seat capacity of 5.9 million, up 8% YoY. The airline carried 4.8 million guests, marking a 3% YoY decline, whilst maintaining a healthy average load factor of 82%. TAA also expanded its fleet by receiving one additional Airbus A321neo, bringing the total to 62 aircraft. Some of the aircraft are based at Suvarnabhumi Airport, supporting domestic route expansion under TAA’s dual-airport strategy, reinforcing its leadership as Thailand’s airline with the most extensive network, operating out of both Don Mueang (DMK) and Suvarnabhumi (BKK).

During the quarter, TAA launched additional international routes, including Phuket-Kochi (India) and Phuket-Medan (Indonesia). It also commenced new Fifth Freedom routes such as Don Mueang-Hong Kong-Okinawa, marking the airline’s first Fifth Freedom service via Hong Kong, and Chiang Mai-Taipei-Sapporo, the fourth Fifth Freedom route to Japan and the first operated out of Chiang Mai. These routes have seen positive market response and highlight the continued success of TAA’s Fifth Freedom strategy.

For 1H2025, TAA carried 10.4 million guests, compared to the same period last year, with an average load factor of 84% from 12.3 million seats offered. As a result, AAV recorded revenue from sales and services of Baht 23,045 million, down 9% YoY. EBITDA was Baht 3,988 million, a 20% decline YoY. However, the Company achieved a net profit of Baht 1,601 million, compared to a net loss of Baht (325) million in the same period last year. Excluding foreign exchange impacts, AAV recorded a core profit of Baht 453 million, compared to a core profit of Baht 1,495 million in the same period last year.

Mr. Santisuk Klongchaiya, Chief Executive Officer of AAV and TAA, stated: “Thai AirAsia approached the second quarter with cautious optimism, mindful of the seasonally softer travel period and safety concerns, compounded by global economic uncertainties that weighed on overall demand. It is heartening that amid these challenges, TAA sustained a strong 41% domestic market share, driven by increased frequencies and the strength of our dual-airport strategy at Don Mueang and Suvarnabhumi.”

"While total arrivals to Thailand are expected to match last year, international recovery remains fragmented — particularly from China, Hong Kong, and Macau. To mitigate this, TAA is actively supporting government efforts to attract more travellers from this region, while also accelerating growth in stronger-performing regions. Sustained demand from India and ASEAN, along with continued expansion of our Fifth Freedom routes, has helped offset the softness in East Asia.

“Furthermore, in view of the gradual inbound recovery, TAA is taking measured steps for growth — reducing capacity on underperforming routes while shifting focus to domestic travel and high-potential Fifth Freedom routes. In line with this, TAA has launched new domestic services from Suvarnabhumi to Buriram, Surat Thani, and Narathiwat (effective 1 July), and plans to launch flights to Chiang Rai and Nakhon Si Thammarat from 1 October.

“As we look to the second half, we remain agile and ready to respond strategically to heightened competition — both from airlines and tourism-driven national policies across the region. At the same time, we are tracking global economic and policy risks. In terms of the outlook, it is expected that profitability in the second half of the year will be similar to that of the first half, while the fleet is set to expand to 64 aircraft by year-end, revised down from the previously planned 66.”