Airports of Thailand (AOT) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 saw continued recovery in air traffic, with both aircraft and passenger movements increasing year-over-year.

• Revenue and net profit declined year-over-year, with Q1 FY2026 net profit at THB 4,652.63 million and revenue at THB 16,852 million.

• Ongoing airport expansion and noise compensation projects reflect continued investment in infrastructure.

• Total assets as of 31 December 2025 stood at THB 206,924 million, with total equity of THB 137,572 million.

Financial highlights

• Total revenue from sales or services in Q1 FY2026 was THB 16,852 million, down from THB 17,664 million year-over-year.

• Net profit for Q1 FY2026 was THB 4,652.63 million, a 12.94% decrease year-over-year.

• EBITDA for Q1 FY2026 was THB 9,180.66 million, down 11.57% year-over-year.

• Total expenses increased by 3.82% year-over-year to THB 38,435.65 million.

• Operating profit for the quarter was THB 6,531 million, compared to THB 7,553 million in the prior year.

Outlook and guidance

• Major airport expansion projects are planned, including Suvarnabhumi East Expansion (completion 2030) and Don Mueang Phase III (completion 2033).

• Amendments to major concession agreements were approved to ensure service continuity and long-term benefits, with minimum guarantees and revenue-sharing retained.

• Dividend policy remains at not less than 25% of net profit, subject to board discretion.

• Dividend of THB 0.81 per share for FY2025, totaling THB 11,571 million, was approved and paid in February 2026.