Thai Airways reports Q2 2026 net profit of 1.537 billion baht, down 87.3%, with total revenue of 48.621 billion baht, up 8.5%, while total expenses surge 29.7% to 44.930 billion baht. Total passengers stand at 3.66 million, down 7.8%. Unrest in the Middle East drives jet fuel prices up 104.6%, dragging first-half net profit down 47% to 11.621 billion baht.
On 11 August 2026, Thai Airways Public Company Limited announced its operating results for the second quarter of 2026 (April–June 2026). Total revenue (excluding one-time items) amounted to 48.621 billion baht, an increase of 3.793 billion baht, or 8.5%, from the same period of the previous year. The increase was driven by average passenger revenue per unit (including fuel surcharge and insurance premium surcharge, but excluding excess baggage charges), which rose 20.3% year-on-year, in line with the company's review of fuel surcharge rates to reflect trends in jet fuel prices and the competitive environment.
Total expenses (excluding one-time items) were 44.930 billion baht, up 29.7% from the same period of the previous year, driven by higher jet fuel prices resulting from unrest in the Middle East. Average fuel prices rose by as much as 104.6% year-on-year. As a result, the company recorded operating profit before financial costs (excluding one-time items) of 3.691 billion baht, with an operating profit margin before financial costs (excluding one-time items) (EBIT Margin) of 17.5%, reflecting the company's ability to manage its operations and maintain an appropriate level of performance and liquidity.
The company had financial costs of 3.165 billion baht and net one-time income of 335 million baht. Consequently, in Q2 2026, the company posted a net profit of 1.537 billion baht, a decrease of 87.3% compared with the previous year's net profit of 12.134 billion baht, and EBITDA of 8.182 billion baht.
As of 30 June 2026, the company had total assets of 322.085 billion baht, an increase of 18.026 billion baht, or 5.9%, from 31 December 2025. Total liabilities stood at 240.252 billion baht, an increase of 12.105 billion baht, or 5.3%, from 31 December 2025. Shareholders' equity was 81.833 billion baht, an increase of 5.921 billion baht, or 7.8%, from 31 December 2025.
As of 30 June 2026, the company held total cash and cash equivalents, including other current financial assets, of 123.757 billion baht in aggregate.
On the operational side, as of 30 June 2026, the company operated a fleet of 84 aircraft with an average aircraft utilisation rate of 12.9 hours per aircraft per day. Total passengers carried amounted to 3.66 million, down 7.8%. Available Seat Kilometres (ASK) were 16.778 billion seat-kilometres, down 4.4% from the same period of the previous year, owing to flight reductions resulting from Middle East unrest, which affected passenger travel demand. Revenue Passenger Kilometres (RPK) were 11.993 billion passenger-kilometres, down 11.3%, resulting in an average Cabin Factor of 71.5%, declining from 77.0% in the same period of the previous year.
For the first six months of 2026, the company recorded total revenue (excluding one-time items) of 99.650 billion baht, an increase of 3.198 billion baht, or 3.3%, from the same period of the previous year. Total expenses (excluding one-time items) were 82.213 billion baht, up 14.4% year-on-year. Operating profit before financial costs (excluding one-time items) stood at 17.437 billion baht, and financial costs amounted to 6.152 billion baht. The company recorded net one-time income of 1.424 billion baht, primarily from gains on cancellation and modification of aircraft lease agreements. As a result, the company's net profit for the first six months of 2026 was 11.645 billion baht, compared with a net profit of 21,955.97 million baht in the first six months of the previous year.
During the first half of 2026, the company took delivery of five narrow-body Airbus A321neo aircraft, three wide-body Boeing 787-8 aircraft, and one Boeing 787-9 aircraft, to strengthen its fleet and support future route expansion. The company continues to closely monitor the situation of unrest in the Middle East and is adjusting its operational plans with a focus on cost management discipline and liquidity preservation, in order to enhance its competitiveness and support sustainable growth in the second half of 2026.
