• Revenue from sales and services was Baht 13,529.8 million, up 2% compared to the same period last year
• EBITDA margin surges to 28%; Core profit was Baht 1,651.7 million, up 27%
• Passenger carried reached 6.2 million, up 11%; strong overall load factor at 88%
• Sustains #1 position in Thailand with 42% domestic market share
• Proactive 20% capacity optimisation for Q2 to safeguard margins against fuel volatility

BANGKOK, 14 May 2026 – Asia Aviation Public Company Limited (AAV), the majority shareholder of Thai AirAsia (TAA), reported operating results for the first quarter of 2026 with total revenue from sales and service of Baht 13,529.8 million, increasing by 2% compared to the same period last year. This was supported by a 6.2 million passenger carried, up 11%, which offset a 6% normalisation in average fare, aligned with the tourism recovery momentum in the first quarter, despite the emergence of geopolitical tensions in the Middle East in late February.

With effective cost management, Cost per Available Seat Kilometre (“CASK”) was down by 2% to Baht 1.69. This was driven by optimised fuel and maintenance cycle management, alongside lower international airport fees resulting from a strategic shift toward domestic routes. The airline maintained high operational efficiency with an average aircraft utilisation of 12.5 hours per day across its operating fleet of 58 aircraft this quarter. Consequently, the company reported an EBITDA of Baht 3,733.9 million, representing a 28% margin. While the company delivered a strong core profit of Baht 1,651.7 million, a non-cash foreign exchange loss of Baht (1,013.8) million caused by currency volatility moderated the reported net profit to Baht 840.6 million.

Mr. Phairat Pornpathananangoon, Chief Executive Officer of AAV and TAA, stated: “Our Q1 performance demonstrates the inherent strength of the AirAsia brand. The company continued to deliver an outstanding operational performance, with a high overall load factor of 88%. The domestic market, in particular, recorded a high load factor of 89% and captured the highest domestic market share at 42%, while the international market saw a load factor of 85%. This aligns with the strategy to adjust the business plan by actively focusing on providing services in markets with high travel demand and profitability, such as Vietnam, ASEAN, and Fifth Freedom routes, including the newly launched Hanoi–Luang Prabang, as well as the Chinese market, which featured the Lunar New Year holiday during the quarter.

“We anticipate minimal impact from the surge in oil prices in Q1, as the geopolitical conflicts emerged toward the end of the quarter while the peak travel season from year-end persisted. The impact of rising fuel costs will become more evident in Q2, presenting greater management challenges. Consequently, we have adapted our operational model to emphasize rigorous cost management and stringent risk mitigation to ensure readiness for all scenarios, while simultaneously maintaining profit margins and financial resilience,” said Mr. Phairat.

For the second quarter, the company anticipates continued challenges in the global aviation industry, stemming from international geopolitical situations and aviation fuel costs that have surged more than threefold. In response, AAV has strategically restructured its pricing to better reflect actual operational costs and preserve financial liquidity. Seat capacity for May and June have been optimised and reduced by 20% compared to the same period last year to align with the low seasonal and softening travel demand.

Separately, AAV was awarded a 'AAA' rating with a score of 93 for the 2025 SET ESG Ratings, which is the highest among airlines in Thailand, along with an outstanding ESG assessment score from FTSE Russell of 3.9 out of 5.0. This reinforces the company's commitment and sustainability strategies, which are concrete and measurable.