Thai Airways International Public Co. Ltd. · SET:THAI
Thai Airways International Public — Investor Presentation (July 2025)
40 slides from Thai Airways International Public's investor presentation, July 2025
Slide 1: Company Presentation July 2025
Strictly Private And Confidential July 2025 Company Presentation
Slide 2: Disclaimer
Disclaimer • The information contained herein is intended to represent the operating result and financial position as of 31 December 2019, 31 December 2023, 31 December 2024, and 31 March 2025 (as stated in each page) of Thai Airways International Public Company Limited (the "Company" or "THAI") and
Slide 3: Successfully Completed the Rehabilitation Process and Ready to Resume Trading
Successfully Completed the Rehabilitation Process and Ready to Resume Trading on the Stock Exchange of Thailand Since 2021, THAI has executed a comprehensive rehabilitation plan, transforming its business through fleet and organizational restructuring Now Thai Government Co-founded the • Established
Slide 4: THAI at a Glance
THAI at a Glance (Data as of 31 December 2024) A high-quality full-service airline with strong Thai brand connecting the world with a legacy of service excellence, spanning over six decades in the skies 78 Aircraft As of 31 March 2025 THB 154,967 mm Passenger Business No. 1 in BKK (4) With 26% Marke
Slide 5: THAI Has Transformed its Business during Rehabilitation
THAI has Transformed its Business during Rehabilitation and Now Demonstrates Strong Operational Performance Pre-Rehabilitation Revenues from Sales and Rendering of Services Period Rehabilitation Period (Excl. One-Time Items(3)) Unit: THB mm 2019 2023 2024 Q1 2024 Q1 2025 181,042 183,112 Operating AC
Slide 6: THAI Achieves Strong Profitability, Outperforming Global Peers
THAI Achieves Strong Profitability, Outperforming Global Peers 22.8% Operating Profit Margin – 12-Month Trailing as of Q1 2025 (EBIT excludes finance costs, gain/loss on foreign currency exchange and one-time items) 18.1% Strictly Private And Confidential 13.3% 13.7% Average 11.1% 10.1% 9.8% 9.4% 9.
Slide 7: THAI's Transformation and Growth Readiness
Strictly Private And Confidential THAI's Transformation and Growth Readiness
Slide 8: THAI's Transformation and Growth Readiness
THAI’s Transformation and Growth Readiness Organizational Restructuring, Enhanced Transparency, and 1 Strengthened Governance Strictly Private And Confidential Fleet Rationalization, Network Strategies, and Service 2 Enhancements 3 Capital Restructuring and Financial Stability 7
Slide 9: Organizational Restructuring, Enhanced Transparency, and Strengthened Governance
Strictly Private And Confidential 1 Organizational Restructuring, Enhanced Transparency, and Strengthened Governance
Slide 10: Organizational Restructuring, Enhanced Transparency, and Strengthened Governance
Organizational Restructuring, Enhanced Transparency, and Strengthened Governance Reorganizational A Good Corporate Fostering a Culture of Structure to Foster Governance Structure Transparency Agility and Efficiency for Long-term Oversight Continuity from 2 of 3 plan Streamlined organization Centrali
Slide 11: Right-Size Organization to Foster Agility And Efficiency
Right-Size Organization to Foster Agility And Efficiency ▪ Post-rehabilitation plan, compensation will be slightly adjusted to industry Employee Expenses to Revenue from Air Services (%) (FY2024) level, with long-term target for employee expenses capped at 13% of revenue Decrease in employee expense
Slide 12: A Visionary Board Steering THAI toward Sustainable Growth
A Visionary Board Steering THAI toward Sustainable Growth The new Board combines institutional continuity with additional strategic expertise, while maintaining a strong commitment to corporate governance and transparency Previous Plan Administrators, Directors, and CEO — who successfully navigated
Slide 13: Visionary Management Team
Visionary Management Team Revitalizing and Steering THAI towards Future Success Years of experience at THAI Mr. Chai Mr. Cherdphan Mr. Chawan Mrs. Chuntarica Mrs.Varangkana Eamsiri Chotikhun Ratanawaraha Jotikasthira Luerojvong Chief Executive Chief, Technical Chief, Operations Chief, Human Chief, A
Slide 14: Fleets, Networks, Services Transformation and Enhancement
Strictly Private And Confidential 2 Fleets, Networks, Services Transformation and Enhancement
Slide 15: Fleet Transformation and Roadmap for Future Growth
Fleet Transformation and Roadmap for Future Growth 2019 (Pre-Rehabilitation) Q1 2025 2026E(2) 2033E 103 83 20 78 58 20 93 150 98 52 Aircraft Wide-body Narrow-body Aircraft Wide-body Narrow-body Aircraft Aircraft(1) Wide-body Narrow-body 8 Aircraft Types 9 Engines 5 Pools Pilot 6 Aircraft Types 7 Eng
Slide 16: Strategic Fleet Transformation to Support Growth, Efficiency, and Customer Experience
Strategic Fleet Transformation to Support Growth, Efficiency, and Customer Experience 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Long-Term Fleet Plan Placed order Delivery of New Aircraft of new B787 Wide (45+35 aircrafts) Body Securing valuable and competitive long-term A direct ag
Slide 17: THAI's Network Captures Value Beyond Tourism and Serves Diverse Global Markets
THAI’s Network Captures Value Beyond Tourism and Serves Diverse Global Markets Thailand Top Tourist Arrivals THAI’s Top-10 Passenger Revenue by (‘000 person) Country of Destination in the Past 12 Months Top-10 Route of THAI % of Tourist THAI Direct ✓ THAI Direct Flight Country Flight Arrivals in 5M2
Slide 18: THAI is Committed to Becoming the Market Leader in Thailand's Aviation Hub
THAI is Committed to Becoming the Market Leader in Thailand's Aviation Hub and Expanding its Market Share Acquiring New Aircraft Restructuring Fleet to Enhance Restructuring Fleet to to Stabilize Current Agility and Improve Cost Unlock Greater Potential Market Share Management Efficiency and Driv
Slide 19: THAI is Well-positioned to Become a Leading Network Airline
THAI is Well-positioned to Become a Leading Network Airline by Leveraging Thailand’s Strategic Location Thailand’s central location offers natural advantage for both passenger connectivity and tourism, reinforcing its role as a leading regional aviation hub Europe THAI Current Networks Asia Pacific
Slide 20: Elevating Our Network and Connectivity to Drive Growth
Elevating Our Network and Connectivity to Drive Growth 1 Enhancing Network Profitability Through Strategic 2 Capturing Higher-Margin Opportunities Through Connectivity with Bangkok as the Core Hub an Enhanced Premium Mix % of O&D/Network Passenger from Total Forward Booking (%) ASK Growth Plan of Pr
Slide 21: Elevating Our Network and Connectivity to Drive Growth (Cont'd)
Elevating Our Network and Connectivity to Drive Growth (Cont’d) 3 Expanding Global Reach Through Strategic Alliances Airline Partnership First-ever Joint Business Agreement (JBA) with Turkish Airlines THAI have codeshare agreements with 19 partner airlines both within Star Alliance and JBA signed on
Slide 22: Direct Sale Expansion Supports Margin Improvement and Cost Reduction
Direct Sale Expansion Supports Margin Improvement and Cost Reduction … Resulting in Significant Cost Sales Channel Shifted … Reduction 2019 2024 % to passenger and excess baggage revenue, gross % to passenger revenue Agent sale decreased by 7% Commission / incentive Direct sale decreased by 1.3% Inc
Slide 23: Comfort at Every Touchpoint of the Inflight Journey
Comfort at Every Touchpoint of the Inflight Journey Cabin Seat Inflight Dining and Inflight Entertainment Inflight Wi-Fi Retrofit Upgrade Amenity Enhancement (IFE) Strictly Private And Confidential ◼ Plan to retrofit 14 B777-300ER ◼ Inflight dining features: ◼ THAI Vision Connect, a wireless IFE ◼ T
Slide 24: Capital Restructuring and Financial Stability
Strictly Private And Confidential 3 Capital Restructuring and Financial Stability
Slide 25: Capital Restructuring
Capital Restructuring THAI successfully completed the Following the capital restructuring, THAI now possesses a substantially capital restructuring under the improved capital structure — a clear sign that we are stronger today, and rehabilitation plan in December 2024 continue getting better for lon
Slide 26: Debt Obligation Under Rehabilitation Plan
Debt Obligation Under Rehabilitation Plan Creditor ~ 189 bn Determined by (1) ~ (53.5) bn Debt-to-Equity Conversion ~ 95 bn Debt Balance Including 10 bn debt ~ 410 bn Claim incl. interest Official Receiver ~ (19.1) bn Tax Benefit Condition Fulfilled obligations pending incl. interest as of 1Q 2025 r
Slide 27: Financial Performance
Financial Performance THAI has transformed its business through rehabilitation and emerged with significantly stronger performance Revenues from Sales and Rendering of Services (Excl. One-Time Items(1)) Operating EBITDA (Excl. One-Time Items(1) and FX Gain/Loss) Unit: THB mm Unit: THB mm Number of A
Slide 28: Historical Key Operating Statistics and Performance
Historical Key Operating Statistics and Performance Disciplined capacity deployment, optimized fleet utilization, and yield-driven strategy allows THAI to restore profitability with a leaner fleet platform Pre-Rehabilitation Period Rehabilitation Period Overall Air Transport Business 2024 Level 2019
Slide 29: Historical Key Operating Statistics and Performance (Cont'd)
Historical Key Operating Statistics and Performance (Cont’d) Key Operating Performance by Regions Asia Europe Australia Domestic 2019 2024 Q1 2025 2019 2024 Q1 2025 2019 2024 Q1 2025 2019 2024 Q1 2025 2019 2024 Q1 2025 Passenger revenue (1) and excess baggage 149,044 154,967 43,219 82,827 79,623 21,
Slide 30: Historical Operating Expenses
Historical Operating Expenses Cost per Available Seat Kilometer (CASK) Fuel Expenses ◼ Fuel cost remains above pre-COVID level due to higher jet Unit: THB per ASK fuel prices and THB depreciation, but has declined from 2.338 2.361 2.494 2.240 Total CASK 2023 to Q1 2025 driven by lower market prices
Slide 31: Operating Spread
Operating Spread Operating RASK(1) ✓ Significant Unit: THB per ASK 3.064 improvement in RASK 2.901 2.787 2.685 2.597 2.833 2.836 Continued improvement in 1.944 passenger yield and higher freight … Maintained strong cabin factor and freight load factor 2019 2023 2024 (2) Q1 2024 (2) Q2 2024 Q3 20
Slide 32: Strategic Cost Management Roadmap for Sustained Profitability
Strategic Cost Management Roadmap for Sustained Profitability ▪ Fuel-efficient aircraft with lower emissions FY2024 Operating Expense(1) ▪ Hedging on jet fuel price to manage fuel price volatility(3) Fuel Expenses ▪ Use of appropriate hedging strategies, matching natural hedge and hedging instrument
Slide 33: Financial Position
Financial Position Successful restructuring and strong operating performance restored equity and deleveraged balance sheet, positioning THAI for sustainable growth Pre-Rehabilitation Under Rehabilitation Liabilities ◼ Lease liabilities increased due to adoption of THB mm unless stated otherwise 2019
Slide 34: CAPEX Plan
CAPEX Plan ▪ THAI is modernizing its fleet with a focus on 4 5-Year CAPEX Plan to Support Long-term Growth aircraft families and 5 engines Aircraft and ▪ Orders include 45 Boeing 787s with rights for 35 Unit: THB bn Engine CAPEX more ▪ Plans to lease 32 Airbus A321NEOs 44.7 bn 41.2 bn 2.0 bn 2.3 bn
Slide 35: THAI Expects to Continue with this Growth Momentum into the Future
THAI Expects to Continue with this Growth Momentum into the Future Next 5 Years Target Strictly Private And Confidential Market Share Fleet Capacity (ASK) Passengers Destinations 35% 137 ~ 14 - 17% ~ 16 - 17% 94 Growth p.a. in 2029 Aircraft in 2029 Growth p.a. Destinations (from 2024) (from 26% in 2
Slide 36: Strictly Private And Confidential
Strictly Private And Confidential
Slide 37: Asia Pacific to Lead Global Air Travel Growth and Connecting
Asia Pacific to Lead Global Air Travel Growth and Connecting, Supported by Thailand’s Tourism Promotion Policies Global Air Traffic Continues to Expand, Led by Asia Pacific’s Strong Geographic Advantage and Proactive Tourism Policy Drive Thailand’s Emergence as Growth Momentum a Leading Regional Avi
Slide 38: One-time Transactions Related to the Business Rehabilitation Process
Over the Past Years THAI Recorded One-time Transactions Related to the Business Rehabilitation Process One-time transactions are primarily non-operational and accounting, and are not indicative of THAI’s core operating performance Unit: THB mm 2023 2024 Q1 2025 One-Time Net Profit Transaction, Adjus
Slide 39: Key Financial Ratios
Key Financial Ratios EPS(1) (THB/share) IBD/E(4) (times) 12.5x 2.00 0.88 0.76 1.08 … 1.00 - (1.00) … 2.8x (2.00) 2.2x n.a. (3) (3.00) (4.00) 0.0x (5.00) (4.12) 2019 - 2023 2024 1Q 2025 2019 - 2023 2024 1Q 2025 Strictly Private And Confidential EPS calculated based on current number of shares of 28,3
Slide 40: Current Shareholding Structure after Capital Restructuring
Current Shareholding Structure after Capital Restructuring under the Rehabilitation Plan State Owned Enterprises 4.04% Other Creditors(1) 33.09% Strictly Private And Confidential Bangkok Bank Ministry of Finance 8.51% 38.90% EGAT Saving and Credit Cooperative Limited 5.43% Other Shareholders(2) 4.76
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