Guangzhou Baiyun International Airport Company (600004) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 8.78% YoY, while profit declined as operating costs increased following the start of operations at Terminal 3 and other Phase III expansion projects.

• Total assets reached RMB 29.82bn at quarter-end, up 0.49% from year-end 2025; equity attributable to shareholders was RMB 20.97bn, down 0.28%.

Financial highlights

• Q3 revenue was RMB 2.138bn, up 8.45% YoY; attributable net income was RMB 264.2m, down 23.59%.

• 9M revenue was RMB 6.197bn, up 8.78%; total profit was RMB 900.9m, down 36.97%, and attributable net income was RMB 690.7m, down 36.96%.

• Adjusted for non-recurring items, Q3 attributable net income was RMB 258.2m, down 12.04% YoY; 9M was RMB 667.4m, down 21.98%.

• 9M operating cash flow was RMB 2.228bn, down 19.34% YoY.

Key financial ratios and metrics

• Basic and diluted EPS were RMB 0.10 for Q3, down 33.33% YoY, and RMB 0.27 for 9M, down 41.30%.

• Weighted average ROE was 1.18% for Q3, down 0.64 percentage points, and 3.20% for 9M, down 2.64 percentage points YoY.