Bangkok Airways results impacted by Cambodia tensions, reduced tourist demand in 2025

Bangkok Airways reported (26-Feb-2026) the following highlights:

• 4Q2025:
  • Increased frequency on tourist routes such as Bangkok-Samui, Bangkok-Krabi and Bangkok-Trat;
  • Returned one Airbus due to the end of the agreement for the aircraft, resulting in the need to optimise seat capacity with demand, focusing on routes that aligned with the airline's network strategy and profitability. Discontinued Bangkok-Lampang service in Oct-2025, following the termination of Lampang-Mae Hong Son service in Jul-2025. As a result, seat capacity decreased 5.1% year-on-year;
  • Revenue decreased 0.6% to THB6077 million (USD195.21 million), primarily due to lower passenger revenue, which decreased 3.3%. The decrease in passenger revenue was mainly due to a 3.1% decline in passenger numbers to one million and a 0.5% decrease in the average fare to THB4048.9 (USD130.06). International passengers decreased 32%, primarily due to a reduction in Bangkok-Phnom Penh frequency and adjustments to the Bangkok-Maldives route to match demand;
  • Revenue from airport related businesses increased 12.7% to THB1563.7 million (USD50.23 million), mainly driven by improved performance of Bangkok Air Catering, which increased 20.4% in line with a 9.7% increase in the number of meals served;
  • Passenger service charges increased 6.6% to THB120.8 million (USD3.88 million), primarily driven by an increase in the number of departing passengers during the high season at Koh Samui Airport;
• 2025:
  • Passenger numbers decreased 2.5% to 4.2 million, in line with the decline of tourist travel demand to Thailand. Domestic routes accounted for 88.7% of passengers. International passengers declined due to tensions between Thailand and Cambodia;
  • Revenue increased 0.1% to THB26,067.2 million (USD837.37 million), mainly driven by airport related businesses (+11.6%) and airport operations (+10.9%). Passenger revenue decreased 3% to THB543 million (USD17.44 million), primarily due to an 18% decrease in international revenue following a reduction in services to Phnom Penh and capacity adjustments to align with demand. [more - original PR]