Bangkok Airways Public Company (BA) Q2 2025 earnings summary

Executive summary

• Passenger demand softened in 1H2025, with a 3% year-over-year decline in total passengers and a 3% drop in flights, while load factor decreased by 7 percentage points to 76%.

• Global aviation RPKs grew 5.2% year-over-year in Q2 2025, but Thailand saw a 12% drop in international tourist arrivals, mainly due to a sharp decline in East Asian visitors, especially from China.

• The company carried 0.9 million passengers in Q2 2025, down 3% year-over-year, with a 5.1% increase in available seats and a passenger load factor of 69.6%, down 7.7 percentage points.

• Total revenues for 2Q2025 were THB 13,530 million, down 0.7% year-over-year, and 1H2025 revenues were THB 5,735 million, down 1%.

• Passenger revenue from Samui routes remained the largest contributor at 73% in 2Q2025.

Financial highlights

• EBITDA margin was 21% in 2Q2025 and 32% in 1H2025.

• Net profit for 2Q2025 was THB 406 million, down from THB 712 million in 2Q2024; 1H2025 net profit was THB 2,092 million, down from THB 2,592 million in 1H2024.

• Q2 2025 total expenses: 4,955.6 million baht (+3.5% YoY); EBIT: 761.1 million baht (-21.3% YoY); EBITDA: 1,159.2 million baht (-13.5% YoY).

• Total assets as of June 30, 2025, were THB 51,002 million, with total equity at THB 14,044 million.

• Debt-to-equity ratio increased to 2.6 times as of June 30, 2025.

Outlook and guidance

• 2025 passenger target maintained at 4.3 million, with 5.7 million seats (+3% year-over-year, subject to additional aircraft acquisition).

• Load factor guidance revised down by 2 percentage points to 78%.

• Average fare per sector maintained at THB 4,220.

• Targeted EBITDA margin to be maintained at 25%.

• Growth in airport-related and catering businesses partially offset airline revenue declines.