Major Estimate Revision • May 25
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ฿0.805 to ฿0.72 per share. Revenue forecast steady at ฿193.0b. Net income forecast to shrink 26% next year vs 21% decline forecast for Airlines industry in Thailand. Consensus price target of ฿7.93 unchanged from last update. Share price rose 11% to ฿6.60 over the past week. Reported Earnings • May 17
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: ฿0.36 (up from ฿0.35 in 1Q 2025). Revenue: ฿51.7b (flat on 1Q 2025). Net income: ฿10.1b (up 2.7% from 1Q 2025). Profit margin: 20% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Airlines industry in Asia. Major Estimate Revision • May 11
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ฿0.895 to ฿0.805 per share. Revenue forecast steady at ฿192.6b. Net income forecast to shrink 26% next year vs 13% decline forecast for Airlines industry in Thailand. Consensus price target down from ฿8.33 to ฿7.93. Share price was steady at ฿5.95 over the past week. Announcement • May 07
Thai Airways International Public Company Limited to Report Q1, 2026 Results on May 14, 2026 Thai Airways International Public Company Limited announced that they will report Q1, 2026 results on May 14, 2026 Upcoming Dividend • Apr 17
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 24 April 2026. Payment date: 18 May 2026. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (3.4%). New Risk • Mar 04
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 3.6% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (8.9% average weekly change). Reported Earnings • Mar 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿1.09 (up from ฿6.26 loss in FY 2024). Revenue: ฿183.6b (down 1.9% from FY 2024). Net income: ฿30.9b (up ฿57.8b from FY 2024). Profit margin: 17% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Airlines industry in Asia. Announcement • Feb 27
Thai Airways International Public Company Limited announces Annual dividend, payable on May 18, 2026 Thai Airways International Public Company Limited announced Annual dividend of THB 0.1600 per share payable on May 18, 2026, ex-date on April 24, 2026 and record date on April 27, 2026. Announcement • Jan 14
Thai Airways International Public Company Limited Announces Committee Appointments, Effective 8 January 2026 As the Board of Directors of Thai Airways International Public Company Limited held the special meeting of Board of Directors of the Company No. 1/2026 on 8 January 2026 and approved the appointment of Subcommittees and the determination of the list of authorized directors as detailed in the referenced document, the Company would like to provide the following additional information: 1. Since Mr. Vachara Tuntariyanond and Mr. Yol Phokasub were appointed as members of the Executive Committee effective 8 January 2026, both directors no longer qualify as independent directors and their independence has ceased in accordance with the Notification of the Capital Market Supervisory Board No. TorJor. 39/2559 Re: Application for and Approval of the Offer for Sale of Newly Issued Shares ("Notification No. TorJor. 39/2559") from 8 January 2026. 2. Mr. Sumrid Sumneing who previously served as a member of the Audit Committee ceased to hold such position effective 8 January 2026. Furthermore, since Mr. Sumrid Sumneing was appointed as a member of the Executive Committee and an authorized signatory of the Company effective 8 January 2026, Mr. Sumrid Sumneing no longer qualifies as an independent director and his independence has ceased in accordance with the Notification No. TorJor. 39/2559 from 8 January 2026. 3. Air Chief Marshal Amnart Jeeramaneemai previously served as a member of the Audit Committee. Effective 8 January 2026, Air Chief Marshal Amnart Jeeramaneemai ceased to hold such position and was appointed as a member of the Nomination and Remuneration Committee, which does not affect his qualifications as an independent director and his independence in accordance with the Notification No. TorJor. 39/2559. 4. 5. Accordingly, the list of directors, independent directors, and members of the Company's Subcommittees can be summarized as follows: 1. Mr. Lavaron Sangsnit (Director and Chairman of Board) 2. Mr. Vachara Tuntariyanond (Director and Chairman of Executive Committee) 3. Mr. Yol Phokasub (Director and Member of Executive Committee) Mr. Sumrid Sumneing (Director and Member of Executive Committee) Mr. Yanyong Detpiratmongkol (Independent Director and Chairman of Audit Committee) 6. Mrs. Charita Leelayudth (Independent Director and Member of Audit Committee) 7. Mr. Plakorn Wanglee (Independent Director and Member of Audit Committee) 8. Dr. Kulaya Tantitemit (Director and Chairman of Nomination and Remuneration Committee) 9. Air Chief Marshal Amnart Jeeramaneemai (Independent Director and Member of Nomination and Remuneration Committee) 10. Police General Dr. Thatchai Pitaneelaboot (Director and Member of Nomination and Remuneration Committee) 11. Mrs. Chananyarak Phetcharat (Independent Director, Member of Nomination and Remuneration Committee and Member of Risk Management and Environmental, Social, and Governance Oversight Committee) 12. Mr. Rapee Sucharitakul (Independent Director and Chairman of Risk Management and Environmental, Social, and Governance Oversight Committee) 13. Dr. Veerathai Santiprabhob (Independent Director and Member of Risk Management and Environmental, Social, and Governance Oversight Committee) 14. Mr. Chakree Bamrungwong (Director and Member of Risk Management and Environmental, Social, and Governance Oversight Committee) 15. Mr. Chai Eamsiri (Director). New Risk • Jan 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ฿0.16 (down from ฿5.72 in 3Q 2024). Revenue: ฿44.4b (flat on 3Q 2024). Net income: ฿4.41b (down 65% from 3Q 2024). Profit margin: 9.9% (down from 28% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.9%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Airlines industry in Asia. Announcement • Nov 07
Thai Airways International Public Company Limited, Annual General Meeting, Dec 19, 2025 Thai Airways International Public Company Limited, Annual General Meeting, Dec 19, 2025, at 13:00 SE Asia Standard Time. Board Change • Aug 14
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Sumrid Sumneing was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Aug 07
Thai Airways International Public Company Limited to Report Q2, 2025 Results on Aug 08, 2025 Thai Airways International Public Company Limited announced that they will report Q2, 2025 results at 9:30 AM, US Eastern Standard Time on Aug 08, 2025 
