Thai Airways reported Q2 2025 net profit of 1.54 billion baht, down 87.3% year-over-year, crushed primarily by a 72.6% surge in jet fuel costs due to Middle East tensions. While revenue rose 8.5% to 48.6 billion baht, operating expenses jumped 29.7%, and passenger load factor fell to 71.5% from 77%, reflecting demand weakness linked to regional instability. The airline is maintaining strict cost discipline and liquidity management.