Airports of Thailand Public Company Limited (SET: AOT) reported a net profit attributable to equity holders of Baht 4,652.62 million for the first quarter of fiscal year 2026 (the three-month period ended December 31, 2025). This represents a 12.94% decrease from the Baht 5,344.30 million recorded during the same period in the previous year. Despite a 2.50% increase in total passengers to 34.47 million, the company faced significant headwinds from shifting revenue streams and rising operational costs.
Total revenues for the period reached Baht 17,332.42 million, declining 3.20% year-on-year. A closer look reveals a divergence between aeronautical and non-aeronautical sectors. Aeronautical revenue saw a marginal increase of 0.67% to Baht 8,863.27 million, supported by a 1.82% rise in flight volumes. Conversely, non-aeronautical revenue fell by 9.83% to Baht 7,988.73 million. This decline was primarily driven by a 15.72% drop in concession revenues, largely due to decreased duty-free income. To address this, AOT has amended concession contracts to better align with actual passenger spending, introducing a passenger-based minimum guarantee and higher potential revenue sharing of 35% on excess spending.
The bottom line was further pressured by a 4.33% increase in total expenses, which rose to Baht 10,801.84 million. A significant factor was a 30.22% surge in repairs and maintenance expenses, totalling Baht 1,089.13 million, mainly due to the upkeep of baggage handling and automated people mover systems. Additionally, employee benefit expenses grew by 5.44% following annual merit-based salary adjustments.
Despite the quarterly profit dip, AOT remains focused on long-term growth and service excellence. Suvarnabhumi Airport’s Skytrax ranking improved significantly to 39th in 2025, up from 58th in 2024. With ongoing master plans to expand capacity to 120 million passengers annually at Suvarnabhumi, AOT continues to position its six airports as a central aviation hub for Southeast Asia.
