Thai Airways International Public Co. Ltd. · SET:THAI
Thai Airways International Public — Q2 2025 Earnings Presentation
16 slides from Thai Airways International Public's earnings presentation, August 2025
Slide 1: 2Q 2025 Performance Update
Strictly Private And Confidential 2Q 2025 Performance Update August 2025
Slide 2: Disclaimer
Disclaimer • The information contained herein is intended to represent the operating result and financial position for the period as state d in each page of Thai Airways International Public Company Limited (the "Company" or "THAI") and may also contain forward looking information which only reflect
Slide 3: THAI 1H 2025 at a Glance
THAI 1H 2025 at a Glance 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 77 Aircraft 1H 2025 Operating Revenue Passenger Business (1H2025) As of 30 June 2025 THB 79,361 mm THB 8,598 mm 57 Pass
Slide 4: Summary of 2nd Quarter and 1st Half Financial Performance
Summary of 2nd Quarter and 1st Half Financial Performance THAI and its Subsidiaries 2Q 2024 2Q 2025 1H 2024 1H 2025 YoY Quarter / Half No. of Aircraft 77 77 77 77 -/- Total Revenue from sales(1) 42,947 43,311 87,828 93,585 +1% / +7% (THB mm) Strictly Private And Confidential Operating Profit(1) 5,92
Slide 5: Q2–Q3 Softness In Line With Established Seasonal Travel Trends
Q2–Q3 Softness In Line With Established Seasonal Travel Trends THAI Passenger and Passenger Revenue Contribution by Quarter Q1 Q2 Q3 Q4 No. of passenger No. of THAI Passenger 6.3 5.7 6.1 6.4 3.9 3.9 4.5 4.3 4.0 3.5 3.4 3.3 3.6 3.8 (mm persons) Strictly Private And Confidential Passenger 41,024 43,26
Slide 6: Key Business Updates
Key Business Updates Fleet Updates Commercial Updates % O&D Passenger & Network A330-300 delivery: % of O&D/Network Passenger from Total Forward Booking (%) +1 in August 2025 B787-9 delivery: 94% 85% 79% +1 in Q4 2025 6% 15% 21% Strictly Private And Confidential FY2023 FY2024 6M 2025 B777-200ER phas
Slide 7: Historical Key Operating Statistics and Performance
Historical Key Operating Statistics and Performance 2Q 2024 2Q 2025 1H 2024 1H 2025 Overall Passenger Business for THAI Operating AC (Aircraft) 77 77 77 77 THAI has shown strong improvement YoY: 13.1 13.5 13.0 13.6 Despite a similar fleet size, most Aircraft Utilization (hours/day) operating metrics
Slide 8: Historical Key Operating Statistics and Performance – By Regions
Historical Key Operating Statistics and Performance – By Regions Asia Europe Australia Domestic 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 Passenger Revenue (1) and Excess Baggage 74,605 79,361 39,735 39,731 24,296 28,244 6,320 7,541 4,255 3,846 (THB mm) Strictly
Slide 9: Historical Operating Expenses
Historical Operating Expenses Cost per Available Seat Kilometer (CASK) / Revenue from Sales and Services 2Q 2024 2Q 2025 1H 2024 1H 2025 Fuel Expenses Unit: THB per ASK ◼ Fuel expenses in 1H 2025 decreased 2.493 2.493 compared to 1H 2024, mainly due to a decline in 2.068 2.154 Total CASK average fue
Slide 10: Operating Spread
Operating Spread Operating RASK(1) Unit: THB per ASK 3.064 2.833 2.836 2.685 2.597 2.468 (2) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Strictly Private And Confidential Operating CASK(3) Unit: THB per ASK 2.494 2.493 2.456 2.240 2.043 2.068 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Sprea
Slide 11: 1H 2025 Net Profit Compared to 1H 2024
1H 2025 Net Profit Compared to 1H 2024 Unit: THB mm 1H 2024 Increase in Decrease in Decrease in Add back Decrease in Decrease in 1H 2025 Add 1H 2025 Increase in 1H 2025 Net profit Revenue Operating Finance Cost 1H 2024 Loss Tax Expense Non- Core Profit Gain from Net Gain from Net Profit Expense from
Slide 12: 2Q 2025 Financial Position Compared to FY 2024
2Q 2025 Financial Position Compared to FY 2024 Unit: THB mm 31 Dec 2024 Increase in Net Decrease Net Cash Cash Paid Other Cash Cash Paid for Effects from Other Cash 30 June 2025 Net Cash Accounting in Lease Flows from for PPE Flow from Lease Unrealized FX Flow Items Net Cash (Debt) Debt Under Liabil
Slide 13: Key Financial Ratios
Key Financial Ratios EPS (THB/share) IBD/E(3) (times) EPS is calculated from previous 12 months adjusted net profit attributable to THAI (excl. one-time items) divided by no. of shares at the end of each period (except for 2023 using no. of shares at the end of 2024 for comparability; 12.5x 2.00 1.0
Slide 14: Business & Financial Outlook
Business & Financial Outlook Outlook on Key Items ASK 2H 2025 : expected to increase ~1% - 3% YoY and HoH Strictly Private And Confidential Yield 2H 2025 : slightly improve from 1H 2025 Cabin factor 2H 2025 : target to maintain ~78% - 80% Operating Margin for FY 2025 : target at 21% - 24% 13
Slide 15: Focusing Sustainability Strategies, Considering Growth Alongside Society and Environment
Focusing Sustainability Strategies, Considering Growth Alongside Society and Environment We are Committed to Achieving the 2050 Net Zero Emission Goal by Integrating Sustainable Developments Goals into Our Sustainability Strategy, Considering Growth alongside Society and Environment Sustainability D
Slide 16: For queries, please contact us
Strictly Private And Confidential For queries, please contact us at Email Call irtg@thaiairways.com +66 (0)2-545-2424
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