THAI Announces Results of Q1 Operational Performance in 2022 Increasing Flight Frequencies and Offering Full Services in Response to the Growing Travel Demand Worldwide

Thai Airways International Public Company Limited (THAI) announces results of its operational performance for the first quarter of 2022 of THAI and its subsidiaries with the total revenue excluding the one-time transactions at 11,181 million baht, higher than last year by 6,797 million baht or 155%, mainly due to an increase in both passenger and cargo revenue by 6,719 million baht or 255.7%. The total operating expenses excluding the one-time transactions amounted to 14,348 million baht which was 2,967 million baht higher than the previous year, mainly due to variable operating expenses and the rise in fuel price. This resulted in operating loss before the financial costs excluding the one-time transactions at 3,167 million baht, lower than last year by 3,830 million baht or 54.7%.

THAI and its subsidiaries reported 3,243 million baht of net loss in the Q1/ 2022, lower than the same period last year by 8,962 million baht. Loss attributable to owners of the parent company amounted to 3,247 million baht. Loss per share was 1.49 baht, while in Q1/2021 was 5.59 baht.

As of 31 March 2022, the total assets of THAI and its subsidiaries were 162,423 million baht, which increased by 1,204 million baht compared to the figure as of 31 December 2021. The total liabilities were 236,909 million baht, an increase by 4,439 million baht. Shareholders' equity amounted to -74,486 million baht, which is a decrease of 3,235 million baht, due to THAI and its subsidiaries' net loss.

From Q1/2022 to the first two months of Q2/2022, travel demand has significantly increased due to the Government's Test and Go entry requirements. THAI and THAI Smile reported an increase of international and domestic passengers in average per day from 4,929 and 269 in October 2021 to 10,238 and 10,870 respectively in the first ten days of May 2021. THAI Cargo also reported its operational service per day at 50% of 2019 before COVID-19 pandemic.

From Q2/2022, THAI and THAI Smile will increase flight frequencies for operations on international and domestic routes in response to the significantly higher demand for air travel due to decreasing rate of COVID-19 infections and travel restrictions loosening in many countries. As for Thailand's entry requirements, since 1 May 2022, the Government has cancelled COVID-19 testing measures for vaccinated travelers and required RT-PCR test from unvaccinated travelers on day 4-5 after their arrival date in the country. THAI increases flight frequencies and resumes flight services with details as follows:

Flight frequencies are increased in the following destinations:

• Chennai (India) from five weekly flights to daily flight, starting 1 April 2022

• Bengaluru (India) from five weekly flights to daily flight, starting 1 April 2022

• Delhi from daily flight to twice daily flights, starting 1 April 2022

• Mumbai from five weekly flights to daily flight, starting 1 April 2022

• Lahore (Pakistan) from three to four weekly flights, starting 1 May 2022

• Karachi from two to three weekly flights, starting 1 May 2022

• Islamabad from two to three weekly flights, starting 1 May 2022

• Hanoi from daily flight to twice daily flights, starting 1 May 2022

• Ho Chi Minh from daily flight to twice daily flights, starting 1 May 2022

• Phnom Penh from daily flight to twice daily flights, starting 1 May 2022

• Melbourne from four weekly flights to daily flight, starting 17 May 2022

• London from eleven weekly flights to twice daily flight, starting 29 May 2022

• Jakarta from three weekly flights to daily flight, starting 1 June 2022

• Dhaka (Bangladesh) from daily flight to ten weekly flights, starting 1 June 2022

• Frankfurt from ten weekly flights to twice daily flights, starting 25 June 2022

• Taipei from four weekly flights to daily flight, starting 1 July 2022

• Singapore from 10 weekly flights to twice daily flights, starting 1 July 2022

• Copenhagen from five weekly flights to daily flight, starting 1 July 2022

• Munich from five weekly flights to daily flight, starting 1 July 2022

• Zurich from five weekly flights to daily flight, starting 1 July 2022

Additional flight adjustments are as follows:

• Penang: four weekly flights, starting 1 May 2022

• Vientiane: three weekly flights, starting 1 May 2022

• Bali (Denpasar): four weekly flights, staring 1 May 2022

daily flight, starting 18 June 2022

• Hyderabad: daily flight, starting 13 May 2022

• Yangon: daily flight, starting 1 June 2022

• Tokyo (Haneda): daily flight, starting 1 July 2022

• Kaohsiung (Taiwan): daily flight, staring 1 July 2022

• Brussels: three weekly flights, during 2 July - 30 August 2022

In addition, THAI Smile will operate twice daily flights from Don Mueang airport to Phuket International airport starting 20 May 2022.

The Company continues to improve customer experiences through the Royal First Class cabin on flights TG910/911 in London route and TG600/601 in Hong Kong route utilizing new Boeing 777-300ERs, which were equipped with wider seats and entertainment screens offering over 1,000 programs inflight entertainment. During the flight, Royal First passengers can enjoy a range of international cuisines prepared with high quality ingredients and various beverages menu. Meanwhile, Royal Silk passengers can enjoy Amuse-bouche as appetizer, All Day Dining service, popular Thai street food such as Pad Thai and mango sticky rice served on the THAI's European routes, etc. Pre-Select Meal service on thaiairways.com is available for Royal First and Royal Silk passengers and ROP Platinum and Gold members.

THAI, as the national flag carrier, selects the local brand to encourage domestic employment especially for farmers by serving Doi Tung Development Project's coffee and internationally recognized Kan Vela Craft Chocolate in First and business classes.

In addition to THAI's new e-reading platform available onboard, in ticket offices, and check-in counters, the inflight Wi-Fi service will soon be resumed.

The recovery in travel demand and cargo delivery has contributed largely to a significant amount of revenue generation. As a result, the company's liquidity reached the maximum level since the Central Bankruptcy Court approved the rehabilitation plan on 15 June 2021.

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