Bangkok Airways Public Company (BA) Q3 2025 earnings summary

Executive summary

• Passenger revenue for 9M2025 was 14,014 MB, with Samui contributing 4,460 MB (32%) and domestic routes 79% of total revenue.

• Total revenues for 9M2025 were 19,990 MB, nearly flat year-over-year, while total expenses were 15,340 MB, also stable.

• Net profit for 9M2025 was 750 MB, up from 629 MB in 9M2024, with EBITDA margin at 30%.

• Q3 2025 revenue was THB 6,460.1 million (down 0.5%), with net profit up 55.5% to THB 1,046.9 million due to lower expenses.

• Passenger volume at Samui International Airport grew 10% year-over-year for 9M2025, with record visitor numbers.

Financial highlights

• RASK for 9M2025 was 5.78 THB/ASK, up from 5.72 THB/ASK in 9M2024; CASK (excl. fuel) was 4.91 THB/ASK.

• EBITDA for 9M2025 reached 1,864 MB, with net profit at 750 MB, a 19% increase year-over-year.

• Q3 2025 operating profit rose 11.4% to THB 1,526.9 million; net profit increased 55.5% to THB 1,046.9 million.

• For the nine months, operating profit was THB 4,765.5 million (up 0.6%), net profit THB 3,138.8 million (down 3.9%), EPS at 1.48 baht.

• Dividend payment for 2025 was 2.5 THB/share, including an interim dividend of 0.50 THB/share.

Outlook and guidance

• Advanced bookings for December 2025–March 2026 show a 5% increase for Samui and 2% for 1Q2026 overall.

• International bookings for early 2026 are up 7%, while domestic bookings are down 9%.

• The company plans to receive 2 new ATR 72-600 aircraft in Q4 2026 and 8-10 more by 2028 to expand and renew its fleet.