Thai Airways International Public Co. Ltd. · SET:THAI
Thai Airways International Public — Q2 2026 Earnings Presentation
23 slides from Thai Airways International Public's earnings presentation, August 2026
Slide 1: 2Q 2026 Earnings Call
2Q 2026 Earnings Call August 2026
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 2026 at a Glance
THAI 1H 2026 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 84 Aircraft 1H’2026 Operating Revenue Passenger Business (1H2026) As of 30 June 2026 THB 80,915 mm THB 9,798 mm 58 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 2025 2Q 2026 1H 2025 1H 2026 YoY Quarter / Half No. of Aircraft 78 84 78 84 +6 / +6 Total Revenue from sales(1) 43,312 47,121 93,585 96,813 +9% / +3% (THB mm) Operating Profit(1) 10,180 3,691 24,589 17,437 -64% /
Slide 5: Geopolitical Headwinds — External Impact & THAI's 2026 Strategy
Geopolitical Headwinds — External Impact & THAI's 2026 Strategy IMPACT THAI'S RESPONSES Fuel Expenses and Operation Limitation Risk Mitigation Measures • Sharp increase in jet fuel price: Jet fuel price increased • Operational War Room: Established to closely monitor external/internal factors (jet f
Slide 6: 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 (mm persons) 4.5 3.9 3.8 3.9 4.3 4.0 3.9 4.3 4.2 3.5 3.6 3.7 3.4 3.3 Passenger 41,024 43,260 43,219 40,666 42
Slide 7: 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 Arrivals ✓ THAI Direct Flight Country in 6M26 Jan - Jun 2025 Ja
Slide 8: Key Business Updates
Key Business Updates Fleet Updates Commercial Updates A350-900 phase out : % O&D Passenger & Network -2 in Q4 2026 % of O&D/Network Passenger from Total Forward Booking (%) B787 Family delivery: -2 787-8 in Q4 2026 94% 85% 78% 80% +10 787-8 in Q2-Q4 2026 6% 15% 22% 20% +4 787-9 in Q2-Q3 2026 FY2023
Slide 9: Fleet Plan Updates
Fleet Plan Updates 128 111 102 79 80 70 The Long-Term Fleet Plan is proceeding as planned. Fleet planning remains on track — No changes due to the Middle East situation. 2023A 2024A 2025A 2026E 2027E 2028E As of Delivery Plan Model 2025 2026 2027 2028 B777-300ER 17 - - - A350-900 23 -2 - - Delivery
Slide 10: Historical Key Operating Statistics and Performance
Historical Key Operating Statistics and Performance 2Q 2025 2Q 2026 1H 2025 1H 2026 Overall Passenger Business for THAI Operating AC (Aircraft) 78 84 78 84 THAI demonstrated resilience amid a challenging operating 13.5 12.9 13.6 13.3 environment: Aircraft Utilization (hours/day) Despite softer trave
Slide 11: Historical Key Operating Statistics and Performance – By Regions
Historical Key Operating Statistics and Performance – By Regions Asia Europe Australia Domestic 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 Passenger Revenue and Excess Baggage 79,361 80,915 39,731 39,076 28,244 29,637 7,541 7,983 3,846 4,218 (THB mm) Revenue Cont
Slide 12: Historical Operating Expenses
Historical Operating Expenses Cost per Available Seat Kilometer (CASK) / Revenue from Sales and Services Fuel Expenses 2Q 2025 2Q 2026 1H 2025 1H 2026 ◼ Fuel expenses increased significantly YoY in both Unit: THB per ASK 2Q26 and 1H26, mainly driven by the sharp 2.068 2.775 2.154 2.498 increase in a
Slide 13: Operating Spread
Operating Spread Operating RASK(1) Unit: THB per ASK 2.833 2.836 2.858 2.808 2.695 2.468 2.429 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Operating CASK(2) Unit: THB per ASK 2.775 2.240 2.435 2.231 2.043 2.068 2.111 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Spread (Operati
Slide 14: 1H 2026 Net Profit Compared to 1H 2025
1H 2026 Net Profit Compared to 1H 2025 Unit: THB mm 1H 2025 Increase in Increase in Decrease in Add back Increase in Increase 1H 2026 Add 1H 2026 Decrease in 1H 2026 Net profit Revenue Operating Finance Cost 1H 2025 Loss Tax Expense in Non- Core Profit Gain from Net Loss from Net Profit Expense from
Slide 15: 1H 2026 Financial Position Compared to FY 2025
1H 2026 Financial Position Compared to FY 2025 Unit: THB mm 31 Dec 2025 Increase in Net Increase Net Cash Cash Paid Other Cash Cash Paid for Effects from Other Cash 30 Jun 2026 Net Cash Accounting in Lease Flows from for PPE Flow from Lease Unrealized FX Flow Items Net Cash (Debt) Debt Under Liabili
Slide 16: Key Financial Ratios
Key Financial Ratios 12M EPS (THB/share) IBD/E(2) (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 12.5x 1.15 0.95 … 0.76 1.09 0.98 0.72 … 0.75 0.55 0.35 2.8x 0.15 1.6x 1.4x 1.5x (0.05
Slide 17: Progress Report for Jump+ Plan : 6M2026
Progress Report for Jump+ Plan : 6M2026 BUSINESS PLAN ✓ On track Growth Plan / Increase Business Value Optimize its flight network by focusing on increasing destinations and frequencies om profitable routes, Enhance long-term competitiveness through appropriate capital along with adjusting aircraft
Slide 18: 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 19: Key Activities
Key Activities THAI to AMSTERDAM Boeing 787-9 Dreamliner HS-TWE THAI Inaugurates Direct Bangkok – Amsterdam Route THAI Strengthens Fleet with Boeing 787-9 to Enhance Operational Efficiency and Passenger Experience THAI launched an inaugural flight on the Bangkok – Amsterdam route on July 1, 2026, TH
Slide 20: Key Activities
Key Activities THAI X Air India Partner on Sustainable Aviation Fuel (SAF) THAI and Air India Partner to Expand Flight Networks THAI and Bangchak Group Supply Thailand-Produced SAF for the First Time, Advancing a Low-Carbon Aviation Industry THAI and Air India signed an MoU on June 7, 2026, at the I
Slide 21: Global Recognition: Celebrating Service Excellence and Business Turnaround
Global Recognition: Celebrating Service Excellence and Business Turnaround Global Awards Reflecting Our Commitment to Exceptional Hospitality, Inflight Product Excellence, and Sustainable Business Growth World’s Best Cellars in the Sky Best Comeback Award International Airlines 2026 THAI Honored wit
Slide 22: THAI Mobile App & THAI Contact Center
THAI Mobile App & THAI Contact Center Simplify Every Journey with THAI Mobile App Download THAI Mobile App and travel with greater ease, confidence, and peace of mind Thai Airways on the App Store, Google Play Store, and Huawei AppGallery. THAI Contact Center: +66 2 356 1111, available 24 hours. 21
Slide 23: For queries, please contact us at
For queries, please contact us at Email irtg@thaiairways.com
Thai Airways International Public Company — Q2 2026 Earnings Presentation on 6ix