Airports of Thailand (AOT) Q4 2025 earnings summary

Executive summary

• Operates 6 major airports in Thailand, including Bangkok's Suvarnabhumi and Don Mueang, with a total of 39 airports nationwide under various authorities.

• Auditor issued an unqualified opinion, confirming fair presentation of financial statements in accordance with Thai Financial Reporting Standards.

• Fiscal year 2025 saw continued recovery in air traffic and passenger volumes, with both international and domestic segments growing year-over-year.

• Listed since 2004, with the Ministry of Finance holding a 70% stake; average daily market cap for FY2025 was 654,294 million Baht.

• Management is actively negotiating with a major concessionaire regarding duty-free operations at five airports, with solutions approved as a negotiation framework.

Financial highlights

• Total revenue for FY2025 reached 68,586.38 million Baht, up 1.12% year-over-year.

• Net profit for FY2025 was 18,125.20 million Baht, down 5.51% from FY2024.

• EBITDA for FY2025 was 36,644.14 million Baht, a 4.69% decrease year-over-year.

• Cash position at year-end was 19,401.08 million Baht.

• Total assets as of 30 September 2025 were Baht 209,932 million; total liabilities were Baht 77,091 million.

Outlook and guidance

• Ongoing airport expansion projects: Suvarnabhumi East Expansion (8 billion THB, completion 2030) and Don Mueang Phase III (36.83 billion THB, completion 2033).

• Focus on increasing capacity and improving service quality to accommodate rising passenger demand.

• Management is negotiating with a key concessionaire to resolve issues in duty-free operations, which may impact future concession revenues.

• The company continues to monitor and manage contingent liabilities from ongoing litigations and noise pollution claims.