- Asia Aviation Public Company Limited (“the Company”) is a holding company which currently invests only in Thai AirAsia. Thus, the business overview shall be deemed at the operating company Thai AirAsia.
- Thai AirAsia Company Limited ("TAA") caters to both leisure and business travellers by focusing on affordable airfares and reliable on-time performance. Thai AirAsia focuses on providing high-frequency service on short-haul international and domestic routes within five and a half hours' flight time from our hubs in Bangkok (Don Mueang International Airport), Bangkok (Suvarnabhumi Airport), Phuket, and Chiang Mai. This enables us to reach the population in ASEAN, South Asia, southern China, and Japan.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 49,402.03 | 50,873.71 | 42,983.01 | 18,319.94 |
| Expenses | 43,724.39 | 44,096.79 | 40,165.13 | 26,766.36 |
| Net Profit (Loss) | 2,336.22 | 3,477.94 | 465.82 | -8,030.00 |
| Assets | 76,337.68 | 75,373.32 | 67,793.88 | 64,685.52 |
| Liabilities | 62,781.37 | 63,993.85 | 59,381.54 | 56,731.12 |
| Shareholders' Equity | 13,556.31 | 11,379.48 | 8,412.34 | 7,954.41 |
| Operating | 9,704.49 | 7,463.11 | 6,239.12 | 564.02 |
| Investing | -764.24 | -842.27 | -926.33 | -589.72 |
| Financing | -6,645.46 | -5,663.39 | -4,820.85 | -4,530.71 |
| EPS (Baht) | 0.18 | 0.27 | 0.04 | -0.69 |
| GP Margin (%) | 12.51 | 17.31 | 10.74 | -34.07 |
| NP Margin (%) | 4.73 | 6.84 | 1.08 | -44.84 |
| D/E Ratio (x) | 4.63 | 5.62 | 7.06 | 7.13 |
| ROE (%) | 18.74 | 35.15 | 5.69 | -57.04 |
| ROA (%) | 7.48 | 9.47 | 4.25 | -12.43 |
In 2026, Thai AirAsia plans to add 5 new aircraft in the second half of the year. The primary focus will be on the domestic market, increasing its domestic capacity share to 70% (up from 66%). To sustain its leading 41% market share, the airline aims to maintain an on-time performance rate above 85%, enhancing passenger trust and service reliability. For the international market, while capacity share will adjust to 30%, TAA will actively expand in ASEAN and South Asia, alongside targeted capacity allocation to China and Fifth-freedom routes. To drive ancillary revenue, the airline will leverage the AirAsia MOVE platform. Additionally, the AirAsia Group is pushing for Interlining agreements to capture more Western travellers and promoting Fly-thru services for international tourists heading to CLMV countries, all while continuing to leverage its dual-hub strategy (DMK and BKK) for optimal network efficiency.
Thai AirAsia is committed to providing guests with excellent travel services while enhancing our value chain through responsible business practices. Through observance of our 3G (Good/Green/Growth) sustainability strategy, we address our stakeholders’ expectations in the three pillars of economy, society and the environment. We believe that the 3G approach can be applied to every action to ensure that we consistently deliver on our commitment to sustainable development. In 2026, we aligned Thai AirAsia’s Sustainability Policy with the Capital A group aspirations and commitments. [More]
In 2025, TAA operated 59 out of its 62-aircraft fleet and carried a total of 21.0 million passengers, reflecting a slight 1% YoY increase. The load factor stood at 83%, down from 91% in 2024. The domestic market served as the primary growth engine, successfully offsetting the decline in Chinese tourists. TAA boldly increased its domestic seat capacity by 19%, bringing its domestic capacity share to 66%. This strategic push propelled its domestic market share to a record high of 41%, underpinned by the most comprehensive flight network and industry-leading on-time performance. Conversely, in the international market, TAA reduced seat capacity by 5% YoY in response to the sluggish recovery of China, Hong Kong, and Macau (despite signs of stabilisation in Q4). To adapt, the airline strategically reallocated capacity to high-growth markets such as India, Vietnam, and Fifth-freedom routes, highlighted by the launch of ASEAN's first Fifth-freedom flight (Don Mueang-Luang Prabang-Hanoi).
In 2025, the Company reported revenue from sales and services of Baht 45,690.9 million, down 8 percent YoY, mainly due to a 9 percent decline in average fare to Baht 1,798. As a result, RASK fell 11 percent to Baht 1.77. The Company continued its cost control efforts, resulting in improved efficiency, with CASK at Baht 1.76, down 5 percent YoY, and CASK ex-fuel at Baht 1.19, stable from last year. EBITDA stood at Baht 7,835.1 million, representing a margin of 17.1 percent. A stronger Baht throughout the year contributed to an FX gain of Baht 2,541.9 million. Excluding the FX gain, core profit stood at Baht 302.7 million, underpinned by strong 4Q2025 performance, with quarterly core profit of Baht 1,087.5 million. [More]
In 4Q2025, TAA launched 5 new domestic routes: Suvarnabhumi–Nakhon Si Thammarat and Chiang Rai, Chiang Mai–Udon Thani, and seasonal routes from Phuket to Khon Kaen and Udon Thani. Additionally, TAA introduced 4 new international routes, including Don Mueang–Luang Prabang–Hanoi (its first Fifth Freedom route in ASEAN), along with seasonal services such as Don Mueang–Gaya (India), Don Mueang–Lumbini (Nepal), and Phuket–Siem Reap (Cambodia). TAA maintained its total fleet at 62 aircraft at the end of the quarter.
The Company discloses risk management in its Annual Report or Form 56-1 One Report. [More]
- AirAsia has been voted the World’s Best Low Cost Airline at the Skytrax World Airline Awards 2025 for the 16th consecutive year.
- Thai AirAsia was ranked the "Most on-time Airline in Thailand", honour for 2024, ranked 5th in "Most on-time Airline in Asia-Pacific", and ranked 10th in "Most on-time Low-Cost Airline in the World", as ranked by Cirium
- AirAsia received the World’s Leading Low-Cost Airline for 12th consecutive year and the World’s Leading Low-Cost Airline Cabin Crew for 8th straight year
- AirAsia has been recognised as the World’s Best Low-Cost Airline for 2025 by AirlineRatings.com
- Asia Aviation Plc. achieved the highest "AAA" SET ESG Rating for 2025. This top-tier recognition from the Stock Exchange of Thailand reflects our outstanding performance in Environmental, Social, and Governance (ESG) dimensions.
| as of 30/12/25 | AAV | TRANS | SET |
|---|---|---|---|
| P/E (X) | 13.29 | 37.57 | 15.44 |
| P/BV (X) | 1.19 | 2.18 | 1.19 |
| Dividend yield (%) | - | 2.08 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 14,392.00 | 35,466.00 | 25,571.50 |
| Price (B/Share) | 1.12 | 2.76 | 1.99 |
| P/E (X) | 13.29 | 5.98 | 33.36 |
| P/BV (X) | 1.19 | 3.07 | 3.76 |
