BTS Group Holdings Public Company Limited (SET: BTS) saw a complex first quarter for fiscal year 2026/27, reporting a consolidated revenue increase of 3.4% year-over-year to THB 7,492 million. Meanwhile, the company recorded a net loss of THB 388 million, compared to a THB 230 million loss in the same period last year. Revenue and recurring EBITDA showed growth, the results highlight the ongoing impact of elevated financing costs on the group’s performance.
Key Financial Highlights
- Total Revenue: THB 7,492 million (up 3.4% YoY)
- Net Loss: THB 388 million (widened from THB 230 million)
- Recurring EBITDA: THB 2,822 million (up 3.3% YoY)
- Cash Flow from Operations: THB 3.4 billion (up 910.4% YoY)
The company’s MOVE (mass transit) segment saw revenues contract 12.1% to THB 2,363 million, primarily due to the wind-down of construction activities on the Pink Line Extension. Conversely, the MATCH segment—which includes the European hotel portfolio—surged 26.3% to THB 2,610 million, driven by the re-transfer of hotel management back to the Rabbit Holdings subsidiary. The MIX segment (advertising and digital) remained resilient, growing 4.3% YoY.
Earnings were heavily impacted by a 55.9% drop in mass-transit-related interest income following the Bangkok Metropolitan Administration’s (BMA) repayment of outstanding debt in late 2025. Profitability remains under pressure from elevated finance costs, which reached THB 1.9 billion for the quarter. These operational headwinds were partially mitigated by a non-recurring THB 340 million gain on financial instrument investments and a 302.5% increase in profit sharing from associates.
Liquidity remains a pillar of strength, with cash and equivalents growing 26.9% to THB 25.1 billion. While the interest-bearing debt-to-equity ratio remains high at 1.88x, a massive surge in operational cash flow suggests improving underlying health. Basic loss per share for the quarter was THB (0.02).
Looking ahead, management is preparing for a strategic shift in 2027 following the Thai Cabinet’s approval of a common ticketing scheme. This integrated fare structure is projected to boost system ridership by up to 20%, potentially driving significant long-term growth for the group’s media and retail units.
