BTS Group Holdings Public Company Limited (SET: BTS) has released its financial results for the first nine months of the 2025/26 fiscal year, revealing a complex landscape of rising operational revenue offset by significant shifts in interest income and financing costs.
The Group reported total consolidated revenue of THB 21,847 million for the nine-month period ending December 31, 2025, representing a 2.9% increase compared to the same period in 2024. This growth was primarily fueled by a surge in revenue from Rabbit Holdings PCL (RABBIT) and Roctec Global PCL (ROCTEC), which contributed a combined THB 5,013 million following their change in status to subsidiaries. However, this gain was largely tempered by the absence of a one-time gain of THB 3,368 million recorded in the previous year.
Despite a 26.6% rise in recurring EBITDA to THB 8,407 million, the Group’s bottom line turned to a net loss of THB 1,735 million. Several factors impacted this loss:
- Operating Expenses: Total expenses rose 20.6% YoY to THB 16,227 million, largely due to the consolidation of new subsidiaries.
- Interest Income Decline: A major headwind was the 52.9% drop in mass transit-related interest income in the third quarter alone. This followed the full repayment of THB 36.4 billion in O&M debt by the Bangkok Metropolitan Administration (BMA) in October 2025, which ended the recognition of related interest income.
- Financing and Taxes: The Group also faced higher finance costs and income tax expenses, contributing to the net loss attributable to shareholders of THB 1,085 million.
While the MOVE (transport) business saw a decline in construction revenue following the completion of the Pink Line Extension, its O&M revenue grew by 5%. Meanwhile, the MATCH segment now accounts for 44% of operating revenue, up from 28% last year. Looking ahead, BTS is pivoting toward regional connectivity with the M81 motorway and expanding into affordable housing with the Baan Chao Thai project to leverage its land bank.
