Bangkok Airways Public Company (BA) Q4 2025 earnings summary

Executive summary

• Passenger volumes declined 2% year-over-year to 4.23 million, with international traffic down 14% and Samui routes down 6%.

• Total revenues were stable at THB 26,067 million, up 0.1% year-over-year.

• EBITDA margin improved slightly to 28.6% from 28.4% the previous year.

• Net profit decreased 17% year-over-year to THB 442 million.

Financial highlights

• Passenger revenue by route: Samui 72%, Domestic 19%, International 9%.

• Total expenses rose 0.4% to THB 20,716 million.

• Dividend payment of THB 2.53 per share approved, with interim dividend of THB 1.20 pending approval.

• RASK (revenue per available seat kilometer) was THB 5.58, CASK (cost per ASK) was THB 5.25.

Outlook and guidance

• 2026 passenger volume target is 4.3 million, with 48,000 flights and 80% load factor.

• Advanced bookings for Mar–Sep 2026 show growth in all route groups, with Samui up 22%.

• IATA projects Asia Pacific air travel demand to grow 7.3% in 2026.