AAV Announces Financial Results for the Full Year 2025

• Core profit of Baht 302.7 million. Including gain from foreign exchange, net profit stands at Baht 2,336.2 million. 

• Total revenue from sales and services was Baht 45,690.9 million, a decrease of 8%, amid challenges from the contraction of the Chinese and ASEAN tourist markets.

• Achieved a record-high domestic market share of 41%, transporting 14.3 million passengers out of a total of 21.0 million passengers for the full year 2025.

Bangkok, 25 February 2026 – Asia Aviation PLC (AAV), the majority shareholder of Thai AirAsia (TAA), reported operating results for the year 2025 with total revenue from sales and services of Baht 45,690.9 million, an 8% decrease compared to the previous year. This was primarily due to a 9% decrease in average fares amid a tourism situation challenged by the slowdown of the Chinese tourist markets. 

However, due to efficient cost management—particularly a 10% reduction in fuel costs following global oil prices—the cost per available seat kilometre (CASK) decreased by 5% to Baht 1.76. Consequently, the company reported Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Baht 7,835.1 million and a net profit of Baht 2,336.2 million. This was significantly supported by a foreign exchange gain of Baht 2,541.9 million due to the appreciation of the Thai Baht throughout the year. Excluding this item, the company's core profit was Baht 302.7 million. 

In 2025, TAA transported a total of 21.0 million passengers, a 1% increase, with an average load factor of 83% from 25.2 million available seats, a 10% increase. At year-end, the total fleet consisted of 62 aircraft, with 59 aircraft in operations. 

In the fourth quarter of 2025, TAA had total revenue of Baht 14,259.1 million, a 6% increase compared to the previous year, and a net profit of Baht 1,609.5 million, a 351% growth. Core profit was Baht 1,087.5 million, a 25% decrease. TAA held a record-high domestic market share of 43% in the final quarter, with positive signs from the Chinese market stabilising as the load factor for Chinese routes rose to 85%. During the quarter, the airline launched new routes from Suvarnabhumi to Nakhon Si Thammarat and Chiang Rai, as well as a cross-regional route from Chiang Mai to Udon Thani. Routes from Phuket to Khon Kaen and Phuket to Udon Thani were also reopened for the travel season. 

Mr. Phairat Pornpathananangoon, CEO of AAV and TAA, stated: “2025 was an extremely challenging year due to external factors, particularly the slowdown in the overall Chinese market. However, the airline adjusted its strategy to focus on domestic market leadership, achieving a record-high market share of 41%. We also continued expanding routes to South Asia, particularly India, which reached a new passenger record of 1.2 million, an increase of 22 percent. Additionally, we expanded our operations base at Suvarnabhumi Airport to connect quality tourists from Europe and America to our flight network.” 

Regarding the international market, although the airline reduced seat capacity by 5% to match travel demand, routes in the CLMV market (Cambodia, Laos, Myanmar, Vietnam) and Fifth Freedom routes—such as Don Mueang-Taipei-Okinawa and Don Mueang-Luang Prabang-Hanoi—still performed well and received positive feedback. 

“For the outlook in 2026, we are confident that the tourism industry will begin to recover. We are targeting high-single-digit revenue growth from sales and services and passenger traffic of 23.5 million, supported by our strategy to expand the fleet by an additional five aircraft in the second half of the year.

Since the beginning of the year, we have also benefited from support by the Tourism Authority of Thailand (TAT) through the ‘Feel All the Feelings’ campaign, with Lisa as brand ambassador, which is expected to further stimulate domestic travel. At the same time, we remain committed to maintaining high sustainability standards. Most recently, the Company received the highest ‘AAA’ rating in the 2025 SET ESG Ratings assessment by the Stock Exchange of Thailand, reflecting our transparent operations and responsibility toward society and the environment,” Mr. Phairat said.