Airports of Thailand (AOT) Q3 2025 earnings summary

Executive summary

• Total revenues for 9M FY2025 reached THB 52,324.21 million, up 3.07% year-over-year, with net profit at THB 14,632 million, down from the prior year.

• Passenger movements grew 7.87% year-over-year to 97.24 million, while aircraft movements increased 9.79% to 602,195.

• Total assets as of 30 June 2025 stood at Baht 203,676 million, with total liabilities at Baht 74,401 million.

• Market share at major airports remains concentrated among leading Thai and regional airlines.

Financial highlights

• Revenues from sales or services rose 1.12% year-over-year to THB 50,913.10 million.

• Other incomes surged 237.58% to THB 1,411.11 million.

• Operating profit for the nine months was Baht 20,335 million, down from Baht 21,185 million year-over-year.

• Total expenses increased 6.99% to THB 33,879.35 million.

• EBITDA for 9M FY2025 was THB 28,323.57 million, down 4.01% year-over-year.

Outlook and guidance

• Future airport development includes Suvarnabhumi East Expansion (THB 8 billion, completion 2030) and Don Mueang Phase III (THB 36.83 billion, completion 2033).

• The company is awaiting the outcome of a study on alternative solutions for duty-free concession agreements at five airports, which may impact future concession revenues.

• Two major customers contributed 27.61% of total revenue from sales or services for the nine-month period.