Thai Airways International Public Company Limited (THAI) reported the operating results for the first quarter of 2026, recording total revenue, excluding one-time items, of 51,029 million baht, a decrease from the same period last year of 596 million baht or 1.2%. This was mainly due to lower production volume and traffic volume compared with the same period last year. Nevertheless, average passenger yield per unit, including fuel surcharge and insurance surcharge but excluding excess baggage fees, remained close to last year’s level despite the impact of the appreciation of the Thai baht. This reflects THAI’s effectiveness in managing pricing and revenue structure. Total expenses, excluding one-time items, amounted to 37,282 million baht, a decrease of 1.8% from the same period last year from lower aircraft fuel expenses in line with the decrease in production volume compared with the same period last year and the appreciation of Thai baht, despite a slight increase in average fuel prices. In addition, expenses that vary with production and/or traffic volume, number of flights, and passenger volume also declined. As a result, THAI recorded operating profit before finance costs, excluding one-time items, of 13,747 million baht, an increase of 0.6% from the same period last year, with an EBIT Margin of 26.9%.
THAI recorded finance costs of 2,987 million baht, a decrease of 494 million baht from the same period last year. Net one-time items were recognized as income of 1,088 million baht, mainly from gain on termination of aircraft lease contracts, gain on measurement of derivatives, and loss on foreign exchange rates-net. Consequently, in the first quarter of 2026, THAI posted net profit of 10,107 million baht, compared with net profit of 9,839 million baht last year. EBITDA for the first quarter of 2026 amounted to 17,548 million baht.
As of 31 March 2026, THAI operated a total of 80 aircrafts, with an average aircraft utilization of 13.8 hours per aircraft per day. THAI carried a total of 4.18 million passengers. Available Seat Kilometers (ASK) amounted to 17,389 million seat-kilometers, a decrease of 1.9% from the same period last year. Revenue Passenger Kilometers (RPK) amounted to 14,453 million passenger-kilometers, a decrease of 2.2%, resulting in an average Cabin Factor of 83.1%, close to 83.3% recorded in the same period of last year.
As of 31 March 2026, THAI had total assets of 324,542 million baht, an increase of 20,483 million baht, or 6.7%, from 31 December 2025. Total liabilities amounted to 235,920 million baht, an increase of 7,773 million baht, or 3.4%, from 31 December 2025. Shareholders’ equity amounted to 88,622 million baht, an increase of 12,710 million baht, or 16.7%, from 31 December 2025. THAI had cash and cash equivalents, including other current financial assets, totalling 132,320 million baht as of 31 March 2026, an increase resulting from operations of 8,760 million baht from 31 December 2025.
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