AAV Announces Financial Results Second Quarter 2026

  • Revenues from sales and services rose 2% YoY to: Baht 10.0 billion, led by a 6% increase in ticket revenues despite intentional capacity reductions amid a seasonally low travel quarter,

  • First-mover pricing strategy and dynamic capacity management drove average fares up 27% YoY, maintaining strong demand with a 78% load factor.

  • On-Time Performance rebounded sharply to 88% from 85% YoY.

  • Strict cost control reduced SG&A expenses by 17% YoY and staff costs by 12% YoY.

  • Secured Baht 3,815 million in new debenture financing to bolster liquidity and keep net interest-bearing debt-to-equity low at 1.1x.

  • Positioned to capture Q4 high-season demand by restoring core international routes and tapping government tourism schemes.

  • Advanced tangible sustainability goals by launching a voluntary carbon offset feature for passengers.

Bangkok, 14 August 2026 – Asia Aviation Public Company Limited (“AAV”), the parent company of Thai AirAsia (“TAA”), released its financial and operational performance for the second quarter of 2026 (“2Q26”). Despite facing elevated global fuel price spikes and entering the regional , low travel season, the airline acted fast to protect margins by cutting excess capacity and raising ticket yields. 

Revenue from sales and services rose 2% year-on-year (“YoY”) to Baht 10,046 million while ticket revenue grew 6% YoY to Baht 8,575 million. TAA intentionally trimmed seat capacity by 13% YoY to 5.14 million seats, focusing on core markets. Average fares surged 27% YoY covering half of the fuel price inflation while keeping guest traffic steady at 4.03 million passengers.

An unprecedented 124% jump in jet fuel prices to USD183 per barrel pushed total fuel expenses up 43% YoY to Baht 5.0 billion. Even under this heavy cost pressure environment, TAA achieved an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) breakeven of 

Baht 25 million. Net loss was at Baht (2,326) million which included a foreign exchange loss of Baht (293) million. Core operating loss for the quarter was Baht (2,091) million. Overall, 1H2026 core loss was reported at Baht (440) million.

On cost control, TAA reinforced AirAsia’s low-cost DNA by delivering an absolute reduction in non-fuel operating expenses. Selling and administrative expenses reduced by 17% YoY and staff costs reduced by 12% YoY. While ex-fuel absolute costs went down 8% YoY through our cost discipline, the cost per unit excluding fuel ("CASK ex-fuel") was up 13% YoY to Baht 1.43.

Operational performance improved sharply with On-Time Performance (OTP) rebounded to 88%. TAA also retained its position as Thailand’s top domestic airline with a leading 37% market share and an 80% domestic load factor. To secure liquidity, TAA successfully raised Baht 3,815 million through a new debenture issuance in June 2026, keeping its net interest-bearing debt-to-equity ratio low at 1.1x.

Mr. Phairat Pornpathananangoon, Chief Executive Officer of AAV and Thai AirAsia, said “We made a decisive move in 2Q26 to prioritise yield quality and liquidity during a global fuel crisis. By focusing on profitable routes, we proved the power of our brand and pricing leadership, holding an 80% domestic load factor even as average fares increased.

"Looking ahead to 2H2026, TAA is set to rebound as fuel prices stabilise from their peak levels. The airline will keep tight capacity control through Q3 before ramping up operating fleet deployment to 52 aircraft in Q4 to capture peak year-end holiday demand. TAA will reopen suspended international routes, while strengthening flight frequencies across its Bangkok Don-Mueang, and Suvarnabhumi hubs. The airline will also tap into upcoming government tourism schemes and major international events to boost passenger traffic. Fuel risk remains managed with 13% of 3Q26 fuel needs locked in at USD 89 per barrel. TAA expects to return to profitability as peak travel season returns in the last quarter of the year.

On the sustainability front, TAA continues to drive actionable progress towards its Net Zero 2050 target. Passengers can now take direct environmental action by opting to offset 50% or 100% of their flight emissions through the new 'Voluntary Carbon Offsetting' feature on AirAsia MOVE, with proceeds funding certified global carbon reduction projects. TAA is also actively aligning with national decarbonisation efforts through the 'Aviation Thailand towards Net Zero 2050' initiative. Additionally, in partnership with the Tourism Authority of Thailand (TAT), the airline is expanding its 'Journey D' community tourism project under 'Village to the World Season 5' to Khlong Hoi Khong and Singhanakhon in Songkhla province, driving sustainable income directly to local communities.



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