Thai Airways International (THAI) is poised to make a triumphant return to the Stock Exchange of Thailand (SET) on August 4, 2025, a move that solidifies one of the most remarkable turnarounds in recent aviation history.
The relisting, under its familiar ticker “THAI,” follows a Central Bankruptcy Court order on June 16, 2025, officially concluding a four-year business rehabilitation process that has transformed the national carrier from a debt-laden entity into a lean, profitable, and growth-focused private company.
The successful restructuring has not only restored the airline’s financial health but has positioned it to reclaim its status as a leader in the regional aviation market.
“Today, THAI is positioned at its strongest point in all aspects, including financial health, operational efficiency, and competitive capability,” stated Lavaron Sangsnit, THAI Chairman of the Board of Directors. He emphasized the new board’s commitment to steering the airline into an era defined by operational excellence and robust corporate governance.
The 11-member board strategically blends the experience of directors who guided the rehabilitation with new appointees selected for their expertise in aviation, finance, law, and digital technology.
The success of the rehabilitation is starkly reflected in the company’s financial performance. Dr. Piyasvasti Amranand, a THAI Director and former Chairman of the Plan Administrator, highlighted the airline’s exceptional results. “In 2024, the airline achieved an operating profit (before financial costs and excluding one-time items) of THB 41,515 million and has sustained that momentum,” he said.
This trend continued impressively into the first quarter of 2025, which saw an operating profit of THB 13,661 million, resulting in an EBIT margin of 26.5%—the highest among full-service carriers in Asia-Pacific and Europe, according to Airline Weekly.
Cherdchome Therdsteerasukdi, THAI Chief of Finance & Accounting, detailed the dramatic financial recovery. Shareholders’ equity has swung from a negative THB 43,142 million at the end of 2020 to a positive THB 55,439 million as of March 31, 2025.
This was achieved by converting THB 53,453 million of creditor debt into equity and raising an additional THB 22,987 million from existing shareholders and employees. Consequently, the interest-bearing debt to equity (IBD/E) ratio has plummeted from 12.5 times in 2019 to a healthy 2.2 times.
Crucially, Cherdchome said that this was accomplished “without imposing any principal reduction on our financial and commercial creditors,” a testament to the meticulous planning and execution of the rehabilitation plan, which builds significant trust with financial partners.
Looking ahead, THAI has a clear and aggressive growth strategy. Chai Eamsiri, THAI Chief Executive Officer, outlined a multi-pronged approach that goes beyond a simple post-pandemic rebound. Key pillars of the strategy include:
Strategic Fleet Optimization: The airline aims to expand its fleet to 150 aircraft by 2033 while streamlining from eight aircraft models to four and from nine engine types to five, drastically improving operational and maintenance cost efficiency.
Market Share Growth: THAI is targeting an increase in its market share from the current 26% to 35% by 2029.
Network Expansion: The carrier will expand routes and increase flight frequencies to solidify its role as a key network airline connecting Asia with Europe and Australia.
Enhanced Customer Experience: A focus on improving cabin services and integrating digital technology, including a revamped website and mobile application, aims to elevate the passenger journey and boost direct sales.
The airline is also committed to long-term sustainability, setting a clear target to achieve net-zero carbon emissions by 2065.
As Thai Airways prepares to open a new chapter, its leadership is confident that the airline is not just restored, but reborn—stronger, more agile, and ready to soar to new heights as a formidable force in the global aviation industry.
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