Thai Airways International Public Company Limited (THAI) reported the operating results for the second quarter of 2026, recording total revenues (excluding one-time items) of 48,621 million Baht, an increase of 3,793 million Baht, or 8.5%, from the same period of last year. The increase was primarily driven by a 20.3% year-on-year rise in average passenger yield (including fuel and insurance surcharge, excluding excess baggage revenue), following THAI’s review of its fuel surcharges to align with prevailing jet fuel price trends, as well as competitive market conditions.
THAI recorded total expenses (excluding one-time items) of 44,930 million Baht, an increase of 29.7% from the same period last year, mainly due to higher jet fuel prices arising from unrest in the Middle East. Average fuel prices increased by 104.6% year-on-year. Consequently, THAI recorded operating profit before finance costs (excluding one-time items) of 3,691 million Baht, with an operating profit margin before finance costs (excluding one-time items) (EBIT Margin) of 17.5%. This reflects THAI’s ability to manage its operations and liquidity at an appropriate level.
THAI recorded finance costs of 3,165 million Baht, together with net one-time items as revenue of 335 million Baht. As a result, for the second quarter of 2026, THAI reported a net profit of 1,537 million Baht, compared with a net profit of 12,134 million Baht in the same period of last year, and EBITDA of 8,182 million Baht.
As of 30 June 2026, THAI had total assets of 322,085 million Baht, an increase of 18,026 million Baht, or 5.9%, from 31 December 2025. Total liabilities amounted to 240,252 million Baht, increasing by 12,105 million Baht, or 5.3%, from 31 December 2025. The shareholders’ equity amounted to 81,833 million Baht, an increase of 5,921 million Baht, or 7.8%, from 31 December 2025.
As of 30 June 2026, THAI’s cash and cash equivalents, together with other current financial assets, totaled 123,757 million Baht.
In terms of operations, as of 30 June 2026, THAI operated a fleet of 84 aircraft, with an average aircraft utilization of 12.9 hours per aircraft per day. THAI carried a total of 3.66 million passengers. Available Seat Kilometers (ASK) amounted to 16,778 million seat-kilometers, decreasing by 4.4% from the same period of last year due to flight reductions resulting from unrest in the Middle East, which affected passenger travel demand. Revenue Passenger Kilometers (RPK) totaled 11,993 million passenger-kilometers, a decrease of 11.3%. As a result, the average Cabin Factor stood at 71.5%, compared with 77.0% in the same period of last year.
For the first 6 months of 2026, THAI recorded total revenue (excluding one-time items) of 99,650 million Baht, an increase of 3,198 million, or 3.3%, from the same period of last year. Total expenses (excluding one-time items) amounted to 82,213 million Baht, an increase of 14.4% year-on-year. Operating profit before finance costs (excluding one-time items) amounted to 17,437 million Baht, while finance costs amounted to 6,152 million. THAI also recorded net one-time items as revenue of 1,424 million Baht, mainly attributable to gains on termination and modification of aircraft lease agreements. As a result, THAI reported a net profit of 11,645 million for the first 6 months of 2026.
In the first 6 months of 2026, THAI took delivery of narrow-body, 5 Airbus A321neo aircraft, wide-body, 3 Boeing 787-8 aircraft, and 1 Boeing 787-9 aircraft to strengthen the fleet capabilities and route expansion in the future. THAI also continues to closely monitor the unrest in the Middle East and adjust its operating plans accordingly, with a focus on disciplined cost management and maintaining liquidity to enhance competitiveness and support sustainable growth during the second half of 2026.
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