Thai AirAsia Posts 3.85 Billion Baht Q3 Loss

Thai AirAsia swung to a 3.853 billion baht net loss in the third quarter of 2026 after passenger numbers plunged 82 percent. On November 12, 2026, Asia Aviation (AAV), the sole shareholder of Thai AirAsia (TAA), disclosed its third-quarter 2026 results. Total revenue from sales and services stood at 8.073 billion baht, down 13 percent from the same period last year, mainly due to a 29 percent drop in passengers as the airline reduced seat capacity to align with off-season travel demand.

Despite the quarter's challenges, the company managed to push average fares up 24 percent to 2,023 baht per passenger, lifting revenue per available seat kilometer (RASK) 29 percent to 1.96 baht to offset higher operating costs driven by surging global jet fuel prices.

On the cost side, TAA offered 4.41 million seats in the third quarter, down 26 percent year-on-year, which reduced cost of sales and services by only 2 percent. However, with average aviation fuel prices jumping to $137 per barrel, alongside aircraft maintenance and depreciation — fixed costs spread over fewer seats — cost per available seat kilometer (CASK) surged 40 percent to 2.50 baht, while CASK excluding fuel rose 36 percent to 1.68 baht.

The airline kept selling and service expenses at an efficient 8 percent of revenue. Nevertheless, cost pressures produced a negative EBITDA of 410 million baht and an operating loss of 2.255 billion baht. Adding a 141 million baht foreign-exchange loss brought the net loss to 2.368 billion baht. At quarter-end, TAA's fleet totaled 62 aircraft, with 42 in active service.

In the domestic market, TAA carried 2.38 million passengers, down 25 percent after a 22 percent capacity cut to 3.04 million seats, partly due to the temporary suspension of operations from its Suvarnabhumi base. The domestic load factor held at 78 percent. Internationally, the airline carried 987,000 passengers, down 37 percent on a 33 percent capacity reduction to 1.37 million seats, with a load factor of 72 percent. During the quarter, TAA resumed flights to Singapore and Indonesia after partially suspending them in the previous quarter.

For the first nine months of 2026, AAV posted revenue of 31.648 billion baht, down 2 percent year-on-year, with 16.57 million seats offered, down 9 percent, and an overall load factor of 82 percent, compared to 83 percent in the same period of 2025. The average fare stood at 1,969 baht per passenger, reflecting pricing management and capacity adjustments to match travel demand, while costs remained under pressure from rising expenses.