Bangkok Airways Public Company (BA) Q1 2025 earnings summary

Executive summary

• Total revenues for 1Q25 were THB 7,821 million, nearly flat year-over-year, with passenger revenue comprising 72% of the total.

• Net profit for 1Q25 was THB 1,686 million, down 10% year-over-year.

• Passenger numbers declined 2.2% year-over-year to 1.3 million, with Samui routes up 4.7% but domestic and Indo-China routes down 13.5%.

• EBITDA margin remained strong at 37% in 1Q25.

• Passenger demand grew slower than operated capacity, with a 5% increase in Samui passengers but a 4-point drop in load factor.

Financial highlights

• Passenger yield decreased to THB 6.87 per RPK in 1Q25 from THB 7.12 in 1Q24.

• Total expenses rose 2% year-over-year, mainly due to higher selling, admin, and service costs.

• RASK was THB 6.79/ASK, while CASK (excluding fuel) was THB 4.84/ASK in 1Q25.

• EBITDA was 2,882.4 million baht, down 2.0% year-over-year.

• Earnings per share (EPS) was 0.80 baht, down 10.1% year-over-year.

Outlook and guidance

• Advanced bookings for Samui routes are up 12% year-over-year for June–December 2025, while domestic bookings are down 4% and CLMV+Maldives down 18%.

• Plan to resume daily Samui–Kuala Lumpur flights in 4Q2025.

• Signed commitment to re-fleet up to 12 ATR72-600 aircraft for delivery 2026–2028.

• Focus remains on Samui Airport connectivity and adjusting flight frequencies to match demand.

• Target markets in the UK and Germany showed strong inbound growth of 11.8% year-over-year.