• Core profit rises 6% YoY to THB 1.299 billion, driven by efficient cost management and lower fuel costs while revenue from sales and services declined by 4% compared to the same period last year
• Net profit of Baht 1,387 million, with EBITDA of Baht 3,353 million
• Passenger load factor stood at 87%, with a record-high domestic market share of 42%. Meanwhile, the international market remains in a recovery phase.
• Fleet expanded to 61 aircraft by the end of the quarter, with the target of reaching 66 aircraft by year-end

BANGKOK, 15 May 2025 - Asia Aviation Plc (“AAV”), the sole shareholder of Thai AirAsia (“TAA”), reported a resilient performance in 1Q2025, posting a core profit (excluding foreign exchange impacts) of THB 1.299 billion, up 6 percent year-on-year (“YoY”). Revenues from sales and services came in at THB 13.225 billion, down 4 percent YoY, largely due to a decrease in international tourist demand.

In line with Thai AirAsia’s cost leadership focus, operating costs improved during the quarter, with Cost per Available Seat Kilometre (CASK) down 12 percent YoY to THB 1.73. CASK excluding fuel declined 3 percent to THB 1.13. Revenue per Available Seat Kilometre (RASK) stood at THB 1.97, down 10 percent YoY.

As a result of disciplined operational execution, TAA carried 5.6 million guests in the first quarter of 2025, up 2 percent YoY, with a robust load factor of 87 percent. Seat capacity increased by 9 percent to 6.4 million seats, driven by additional flights and frequency enhancements. The airline also expanded its fleet with the addition of one Airbus A321neo during the quarter, bringing the total to 61 aircraft, 55 of which were in operation. TAA received one aircraft in April and remains on track to receive four more aircraft in the latter part of 2025 reaching a total of 66 aircraft to support its future growth plans.

Mr. Santisuk Klongchaiya, Chief Executive Officer of AAV and TAA, stated “Thai AirAsia’s performance in the first quarter of 2025 highlights the company’s adaptability and resilience toward long-term financial sustainability. We are proud to have achieved a record high 42 percent share of the domestic market, the highest in the country as of the end of March 2025. This milestone is largely driven by our dual airport strategy, which enables us to serve domestic routes from both Suvarnabhumi (BKK) and Don Mueang (DMK) airports. As the only carrier to fully leverage Bangkok airports, we offer unmatched convenience, capacity and connectivity for Thai travellers - a unique competitive advantage that strengthens our market leadership.

Domestically, our operational momentum remains solid, having carried a total of 3.7 million passengers, marking a 9 percent increase YoY. This accounted for 67 percent of the airline’s total passengers for the quarter, with a high passenger load factor of 91 percent. During the quarter, TAA continued to expand its flight network from its Suvarnabhumi Airport hub, launching two new routes to the Northeast region—Khon Kaen and Udon Thani in February. In addition, the airline also opened ticket sales for three additional routes: Suvarnabhumi to Surat Thani, Buriram, and Narathiwat, with services set to commence this 1 July.

The international market is rebounding steadily, and we are actively tapping into new growth corridors. While some East Asian markets namely China, Hong Kong, and Macau remain soft, strong performance from South Asia and upcoming new fifth freedom routes like Chiang Mai–Taipei–Sapporo are set to balance the pace of recovery. In parallel, our collaboration with the Tourism Authority of Thailand through targeted campaigns in China market is expected to boost traveller confidence and stimulate inbound demand with the aim of positioning Thailand as the top destination of choice for Chinese tourists once again.

TAA maintains its confidence in the Company’s robust business fundamentals and effective management practices, which are instrumental in driving sustainable growth in both the short and long term. The Company continues to monitor key developments closely—such as government-led economic stimulus measures and potential global economic risks stemming from U.S. tax policy shifts—in order to ensure timely and strategic responsiveness to emerging challenges.

“We remain optimistic about meeting our 2025 passenger target of 23 to 24 million with a strong load factor at 90%, and our planned fleet expansion to 66 aircraft by year-end—strategic moves that will position us well for the peak season and beyond.” said Mr. Santisuk.

Thai AirAsia reaffirmed its commitment to sustainable operations in 1Q2025 through key initiatives, including its first comprehensive human rights risk assessment workshop with stakeholders, aimed at aligning operational practices with international standards. The airline also expanded its Journey D project to promote sustainable tourism in Lampang, supported by new direct flights from Bangkok. These efforts earned Thai AirAsia the “Leading ESG - Social Product Award” at the Future Trends Awards 2025 and contributed to the AirAsia Group receiving top marks in a global aviation environmental audit by 42kft.com, which evaluated 142 airlines on sustainability metrics such as fleet modernisation, fuel efficiency, and ESG transparency.

1View the Company’s human rights risk assessment results at https://www.aavplc.com/storage/document/cg/aav-humam-rights-risk-assessment-summary-report-en.pdf