Airports of Thailand (AOT) Q2 2025 earnings summary

Executive summary

• Total revenue for 6M FY2025 rose 39.43% year-over-year to THB 67,121.30 million, with net profit up marginally by 0.48% to THB 10,397.57 million.

• Passenger movements increased 11.76% year-over-year to 68.42 million, and aircraft movements grew 12.90% to 414,377.

• Both aeronautical and non-aeronautical revenues contributed nearly equally to total revenue.

• The interim financial statements received an unqualified review conclusion from the independent auditor.

• Revenue for the six months ended 31 March 2025 was ฿35,569.8 million, up from ฿33,941.8 million year-over-year.

Financial highlights

• EBITDA for 6M FY2025 reached THB 20,603.70 million, up 1.37% year-over-year.

• Total expenses increased 7.73% year-over-year to THB 19,187.16 million.

• Cash at period end was THB 10,562.51 million, down from THB 18,486.84 million at the start of the period.

• Shareholder’s equity stood at THB 125,400.51 million as of March 31, 2025.

• Basic earnings per share for the six months was ฿0.73, compared to ฿0.72 year-over-year.

Outlook and guidance

• Major airport expansions are planned, including Suvarnabhumi East Expansion (THB 8 billion, completion 2027) and Don Mueang Phase III (THB 36.83 billion, completion 2030).

• Management expects no significant impact from new financial reporting standards effective from 2025.

• Commitments for capital expenditure and operating expenses remain substantial, with ongoing projects and service contracts.