Ms. Paweena Jariyathitipong, President of Airports of Thailand Public Company Limited (SET: AOT), stated that for the fiscal year 2026 (October 2025 – September 2026), AOT estimates a total of 130-135 million passengers, representing a growth of about 3-6% from 2025, which recorded 125.99 million passengers.
In the first quarter of 2026 (October – December 2025), passenger numbers grew by 4% year-on-year. During the period, AOT recorded 3,000 charter flights from China, compared to 930 charter flights for the entire season last year. Travel volumes remain at satisfactory levels for the upcoming Chinese New Year. The company is set to periodically adjust its operational targets to best align with the actual circumstances.
AOT is planning to expand the proactive marketing strategies to boost Non-Aero (Non-Aeronautical) revenue, such as seeking more Non-Aero operators. At the same time, the company is revising commercial contract conditions within airport premises to make them more flexible and responsive.
Previously, operators had to pay both rent and a high profit-sharing rate to AOT, which was unsustainable during fluctuating passenger numbers. Under new terms, rent remains unchanged, but the profit-sharing structure is being adjusted for flexibility, allowing operators and AOT to achieve more stable, consistent revenue.
Currently, AOT is negotiating adjustments with around 2,000 contracts, including King Power Group’s commercial agreements, although King Power is to be handled separately due to its large scale.
Meanwhile, AOT plans to establish an aviation safety company. There are currently few such companies globally, but AOT already possesses relevant personnel who receive regular training. The company sees a business opportunity in providing this training to neighboring countries, which would increase AOT’s revenue.
Nevertheless, Ms. Paweena admits that the main concern for 2026 is the planned increase in the Passenger Service Charge (PSC) for international outbound flights, which was approved by the Civil Aviation Board on December 3, 2025.
The rate will rise from THB 730 per person to THB 1,120 per person, but it is still pending the signature of the Minister of Transport before it can be enacted. The proposal is currently being vetted by the Office of Transport and Traffic Policy and Planning (OTP) and is expected to be signed by February, taking effect four months later, around June 2026.
Therefore, although passenger numbers in 2026 are expected to grow by 3-6%, AOT’s revenue may not grow as strongly, since the PSC increase won’t cover the full year, and revisions to King Power Group’s contracts will slightly reduce income. The PSC hike will show full fiscal year effects in 2027, increasing AOT revenue by approximately THB 13 billion.
Ms. Paweena emphasized that raising the PSC will not impact tourism, contrary to what has been used as a political argument, as global surveys indicate that the PSC does not influence travel decisions.
Moreover, the new THB 1,120 rate is not excessive compared to other airports of similar scale: Changi Airport (Singapore) charges separate inbound and outbound PSCs, London Heathrow (UK) charges inbound, transit, and transfer fees. Major Japanese airports charge for all three categories, while around 5% of the world’s airports charge outbound PSC alone.
This PSC adjustment will alleviate the burden of investment required for airport development to enhance passenger convenience. For instance, Changi Airport previously raised its PSC five years in advance to fund Terminal 5 construction.
In contrast, AOT has had to invest upfront using three sources: PSC and Non-Aero revenue, cash flow, and loans. This incurs interest burdens and slows development. Proper PSC adjustment will strengthen PSC and cash flow sources, potentially reducing the need for additional loans and interest liabilities.
