Bangkok Airways Public Company (BA) Q2 2026 earnings summary

Executive summary

• Passenger volumes and flights declined year-over-year in 2Q 2026, but load factor and yield improved due to capacity management amid uncertain demand.

• Global aviation growth moderated in 2Q 2026 due to economic uncertainty and volatile energy prices, with global RPK and ASK down 2.4% and 2.2% year-over-year.

• Samui and Trat airports saw increased travel demand, with Samui Airport passenger volume up 4-6.9% and flights up 5% in 2Q 2026.

• Advance bookings softened, especially for international routes, indicating changing booking behavior.

• Thailand's international tourist arrivals declined 4.0% year-over-year in 2Q 2026, impacting travel demand.

Financial highlights

• Total revenue for 2Q 2026 was THB 13,935 million, up from THB 13,530 million in 2Q 2025, and also reported as 6,052.5 million baht, up 5.5% year-over-year, driven by higher passenger revenue and dividend income.

• Consolidated net profit for 2Q 2026 was THB 333 million (332.6 million baht), down 18% year-over-year.

• EBITDA margin dropped to 12.7% in 2Q 2026, down 8.6 percentage points from the prior year; 2Q 2026 EBITDA was 707.0 million baht, down 39.0%.

• Fuel costs rose sharply, with average MOPS price at USD 159.03/barrel in 2Q 2026, nearly double the prior year, and overall fuel costs up 49.0%.

• 2Q 2026 operating profit was 543.1 million baht, down 39.3% year-over-year.

Outlook and guidance

• Asia Pacific travel demand is forecasted to grow 5.1% in 2026, driven by rerouting, visa-free policies, and rising domestic demand in India and China.

• Company targets for 2026 remain unchanged: 48,000 flights, 4.3 million passengers, 80% load factor, and average fare of THB 4,200.

• The company adjusted capacity and reduced frequencies on select routes in response to softer demand and geopolitical tensions.

• Focus remains on aligning capacity with demand and maintaining operational efficiency.