Airport Services

Tisco Securities has upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, from "hold" to "buy" and raised its fair value from 64 baht to 75 baht per share, after lifting its earnings forecasts for 2026-2028 by 5-6% and expecting profit in 2027 to grow 58%, driven by an increase in the international passenger departure service fee, growth in both international and domestic passenger traffic, and higher minimum-guarantee revenue from the duty-free business. Management expects passenger numbers in 2027 to potentially expand by about 8.8%, as Thai Airways International Public Company Limited, or THAI, has confirmed plans to expand its routes and aircraft delivery delays are beginning to ease. Meanwhile, AOTGA, which has been approved as the third ground handling and cargo service provider at Suvarnabhumi Airport, is expected to generate about 500 million baht per year for AOT through revenue sharing and its share of profit from investments in associates. The resumption of inbound duty-free services is expected to add about 600 million baht per year to AOT's profit if approved.

Tisco Securities has upgraded its recommendation on AOT shares from Hold to Buy and raised its fair value to 75.00 baht, citing a stronger outlook for 2027 driven by passenger growth benefiting from tourism demand and more efficient slot utilisation, the potential for new profit sources from ground services and the cargo concession of AOTGA, and a more stable duty-free business. Management expects flight cancellations during the winter slot season from October 2026 to March 2027 to decline, even though slot bookings are currently up only 1%, as airlines face fewer aircraft delivery delays and THAI confirms plans to expand routes, which should accelerate passenger growth to 8.8%. The approval of AOTGA as the third ground handling and cargo operator at Suvarnabhumi Airport is expected to generate about 500 million baht per year for AOT through revenue sharing and income from its equity stake in the joint venture. Meanwhile, the possibility of reopening inbound duty-free is expected to add roughly 600 million baht per year to AOT's profit. Tisco has raised its 2026-2028 earnings forecasts by 5-6% and expects profit in 2027 to grow 58%, supported by the increase in international departure passenger service charges, growth in both international and domestic passenger numbers, and higher guaranteed minimum revenue from the duty-free business.

Tisco Securities upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, to "Buy" from "Hold," and raised its fair value to 75.00 baht from 64.00 baht, while lifting its 2026-2028 profit forecasts by 5-6%, supported by a stronger recovery trend in passenger numbers and expectations of higher concession revenue. Tisco's research team sees stronger profit momentum in 2028 driven by tourism demand, more efficient slot utilisation, opportunities for new profit sources from AOT's ground services and cargo concession business through AOTGA, as well as a more stable duty-free business. A significant upside point is the possibility of inbound duty-free services resuming, which is expected to add about 600 million baht per year to AOT's profit. Passenger surveys reflect strong support for bringing the service back, and if approved, AOT would benefit through a concession revenue-sharing model, another factor supporting non-aeronautical revenue. AOT shares today moved at 61.50 baht, up 1.00 baht, or 1.65%, with trading value of 368.38 million baht.

Jenkongklai Public Company Limited, or JPARK, has launched the GJ PARK project, a new full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of more than 590 million baht. It is the second large-scale lifestyle mall developed on a 30-year long-term lease. The project comprises parking space for 1,000 cars, excluding stacked parking, and 4,000 square meters of commercial rental space, which is already about 90% leased. Chief Executive Officer Santipol Jenwattanapaisal said the project will begin generating revenue from the third quarter of 2026 onward, with a target of at least 60 million baht per year, and is expected to repay about 300 million baht in loans from financial institutions within five years from now. The company estimates revenue in 2026 will grow 25-30% from the previous year's figure of about 575.95 million baht, after posting 349.04 million baht in revenue in the first half. JPARK currently manages more than 60 parking areas in total, with more than 90% in Bangkok and the rest in the provinces, such as Nakhon Si Thammarat Airport, Khon Kaen Airport, and Ubon Ratchathani Airport. JPARK also plans to establish additional real estate investment trusts, or REITs. Initially, it is considering including about three to four lifestyle mall projects as assets of the trust, and aims to have clarity on the details within five years from 2025, or around 2029. The GJ PARK project is estimated to have an internal rate of return, or IRR, of 12-15%, while the company's minimum threshold is set at more than 10%.

Jenkongklai Public Company Limited, or JPARK, has launched GJ PARK, a new full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of over 590 million baht, to meet the parking demand of medical center visitors, staff, and members of the public who come to use services and take part in activities in the area, a group that has been continuously growing. The project can accommodate 1,000 cars and includes space for shops and various services within the development. Mr. Santipol Jenwattanapaisal, Chief Executive Officer of JPARK, said that GJ PARK is not merely a new parking building but a reflection of bringing expertise in Parking Management to develop infrastructure that meets the needs of users, creates benefits for the surrounding area, and creates business opportunities for the company. The project is equipped with technology including License Plate Recognition, a Parking Guidance system, and Cashless Payment, in order to reduce the time spent searching for parking spaces and increase the efficiency of vehicle turnover within the building. This project is in line with JPARK's business direction, which aims to expand from providing parking area management services toward developing and managing projects of increasingly diverse formats and sizes, while helping to increase opportunities to expand the company's revenue sources and business base over the long term.

Jenkongklai, or JPARK, has launched GJ PARK, a new comprehensive car park building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of over 590 million baht. Santipol Jenwattanapaisal, Chief Executive Officer of JPARK, said the project addresses the growing demand for parking space among medical center visitors, staff, and members of the public who come to use services and take part in activities in the area, a demand that has been rising steadily. The building is equipped with parking management systems, including automatic License Plate Recognition, a Parking Guidance system, and Cashless Payment, to reduce the steps and time needed to find a parking space. Beyond parking areas, the project also includes space for shops and various services to make things more convenient for visitors and to enhance the building's potential so that it generates more value than a facility that merely accommodates vehicles.

JPARK Public Company Limited, or JPARK, has launched the GJ PARK project, a full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with a total investment value of 590 million baht, comprising a 300 million baht loan from Kasikornbank, while the company has signed a 30-year long-term land lease. Santipol Jenwattanapaisal, Chief Executive Officer of JPARK, said the project is expected to deliver a return on investment, or IRR, of 12-15% and to pay back within 5 years, even though the loan agreement sets loan repayment within 7 years. It is expected to generate revenue of no less than 60 million baht per year and to begin recognizing revenue from the third quarter of 2026 onward. The project comprises parking space for at least 1,000 cars and a further 4,000 square meters of commercial rental space, which currently has a rental occupancy rate of more than 80%. The company plans to develop 3-4 more projects of this type, focusing on areas with high traffic volume, and aims to raise funds by injecting this group of project assets into a real estate investment trust, or REIT, within the next 5 years, or in 2029. As for the business outlook for the remainder of the year, the company will open a project to manage a medium-sized parking area of 400-500 parking spaces under a 3-year contract in the Bangkok area this December, and is confident that revenue this year will grow 20-30% and reach 1 billion baht in 2028 in line with its target. Meanwhile, the company is still studying opportunities to expand its business into neighboring countries in the service and technology business categories together with the public sector.

Jenkongklai Public Company Limited, or JPARK, has opened GJ PARK, a full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with a construction investment value of 590 million baht under a 30-year long-term lease. Chief Executive Officer Santipol Jenwattanapaisal said the building has a total area of 40,000 square meters, comprising at least 1,000 parking spaces and approximately 4,000 square meters of commercial space, of which more than 80% has already been leased. The internal rate of return, or IRR, is expected to be 12-15%, above the minimum target of 10%. Minimum revenue is projected at no less than 60 million baht per year, with revenue recognition beginning in the third-quarter 2026 financial statements, and the investment is expected to pay back within five years. Part of the investment is a 300 million baht loan from Kasikornbank, which under the agreement must be repaid within seven years. For the second-half outlook, the company expects operating results to grow from the first half, driven by new projects: the Nakhon Si Thammarat project, whose first phase of 400 spaces out of a total of 1,000 spaces opened on August 12, and a medium-sized project of approximately 400-500 parking spaces in the Bangkok area expected to begin operations and recognize revenue in December 2026. The company is maintaining its target of roughly 20-30% total revenue growth in 2026 from the previous year, and expects continued growth to reach 1 billion baht in 2028. It has set a total investment budget of approximately 300 million baht for this year. Meanwhile, the company plans to develop approximately three to four additional Lifestyle Mall projects over the next five years in Bangkok and its vicinity, as well as at large state hospitals and airports in Ubon Ratchathani, Khon Kaen, and Nakhon Si Thammarat provinces. It also plans to raise funds by injecting this group of project assets into a real estate investment trust, or REIT, within the next five years, to serve as a funding source for future project expansion.

Jenkongklai Public Company Limited, or JPARK, has launched GJ PARK, a new full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of over 590 million baht. Santiplo Jenwattanapaisal, the company's Chief Executive Officer, announced the launch. The project was developed under the concept of upgrading parking space into infrastructure that facilitates travel and access to medical services, serving the growing demand for parking among service users, personnel, and the general public. It also applies Parking Management technology, including an automatic license plate recognition system, or LPR, a parking space guidance system, and a cashless payment system. In addition, GJ PARK features space for shops and various services to enhance convenience for users and to increase the project's potential to generate value beyond serving as a place to park cars. Santiplo said the project aligns with JPARK's direction of expanding its business from parking space management into the development and management of projects of diverse formats and sizes, drawing on its strengths in knowledge, experience, personnel, and technology. GJ PARK will help increase opportunities to expand JPARK's revenue sources and business base over the long term, building on its core business and serving demand for parking space and infrastructure that tends to grow along with the expansion of cities, medical facilities, and public service areas. At the same time, JPARK continues to study opportunities to develop new projects and expand business channels, while applying technology to improve operational efficiency and create added value for its stakeholders.

Jenkongklai Public Company Limited, or JPARK, has launched GJ PARK, a new full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of over 590 million baht. Chief Executive Officer Santipol Jenwattanapaisal said the project addresses the continuously growing demand for parking space among medical center visitors, staff, and the general public. The project is equipped with an automatic License Plate Recognition system, a Parking Guidance system, and a Cashless Payment system to reduce the time spent searching for parking and improve vehicle turnover. The building also includes space for shops and various services to generate value beyond simply accommodating vehicles, in line with JPARK's direction of expanding from parking space management into the development and management of large-scale, full-service projects in order to increase revenue sources and its long-term business base.

KGI Securities (Thailand) has upgraded its investment weighting for the transport sector to "overweight" from "neutral," selecting Airports of Thailand, or AOT, as its top pick with a 2027 forecast DCF-based target price of 71.00 baht. The move follows discussions on economic stimulus measures between Deputy Prime Minister and Finance Minister Dr. Ekniti Nitithanprapas and Tourism and Sports Minister Surasak Phanchareonworakul, with the proposals expected to go before the Cabinet for consideration within one to two weeks. The program will offer 1 million entitlements, comprising a fixed accommodation subsidy of up to 1,500 baht per night per entitlement, capped at no more than 5 entitlements per person, and co-payment travel coupons worth 1,500 baht per entitlement in major cities and 2,000 baht in secondary cities. Registration opens from October 1 to 25, 2026, with usage permitted in two periods: November 1 to December 15, 2026, and January 15 to February 28, 2027. The scheme should boost domestic travel demand and benefit domestic airlines such as Thai AirAsia, Bangkok Airways, Nok Air, and Thai Airways. For AOT, the company is expected to enjoy a full quarter of benefit from the new increase in the international passenger service charge to 1,120 baht per person from the previous 730 baht per person, starting in the third quarter of 2026. Thai Airways is meanwhile expected to remain profitable in the third quarter of 2026 on high yields and an optimal cabin factor, with fourth-quarter 2026 profit forecast to grow strongly quarter-on-quarter in line with the tourism season.

Dao Securities maintains its "Buy" rating on AOT, or Airports of Thailand, with a target price of 73.00 baht based on a DCF method using a WACC of 7.0% and terminal growth of 3.0%. The broker is positive on the passenger trend, which is starting to show signs of recovery, especially international passengers, which should support results in the fourth quarter of fiscal year 2026 and in fiscal year 2027. Total passenger numbers for July to August 2026 improved to -1.6% year on year from -3.7% year on year in the third quarter of fiscal year 2026. July still fell 1.7% year on year, but August turned positive at +0.8% year on year, and September 1 to 5, 2026 rose 1.5% year on year, better than the -1.4% year on year decline in the third quarter of fiscal year 2026. The broker estimates passengers in the fourth quarter of fiscal year 2026 will decline slightly by about 1.5% to 2.0% year on year, better than the -3.7% year on year in the third quarter of fiscal year 2026, and will rise 1.5% to 2.0% quarter on quarter, bringing full-year fiscal 2026 passengers to 127 million, or +1.0% year on year, above the previous forecast of 126 million. For fiscal year 2027, it estimates total passengers of 130 to 131 million. It maintains its net profit forecasts of 19.4 billion baht for fiscal year 2026, or +7% year on year, and 26.2 billion baht for fiscal year 2027, or +35% year on year. Core profit in the fourth quarter of fiscal year 2026 should grow well both year on year and quarter on quarter, driven by recovering international passengers supporting PSC revenue and by the benefit of raising the international outbound passenger PSC to 1,120 baht from 730 baht effective June 20, 2026. Profit in fiscal year 2027 will grow strongly to a new record high from recognizing the full-year benefit of the new PSC rate. There is also upside from issues under study, namely collecting PSC on transfer and transit passengers, raising landing and parking fees, and reopening inbound duty-free.

The analyst at DAOL Securities (Thailand) Public Company Limited has upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, to "Buy" after the share price fell more than 11% below its estimated fair value of 69 baht. The analyst views AOT as the aviation-sector stock least affected by the recent sharp rise in oil prices. The main positive factor is fourth-quarter 2026 earnings, which will recognise revenue from the new international departure passenger service charge, or PSC, of 1,120 baht per person for a full quarter. Although international passenger numbers in the first two months of the quarter fell 0.5% from a year earlier, the new rate, 53% higher than before, will offset that impact. International passengers rose 0.8% in August and were up 2% year on year from September 1 to 5. Total passengers for fiscal year 2026, through September 5, reached 120 million, raising the possibility that full-year passenger numbers will exceed AOT's forecast of 125.95 million, and that net profit for fiscal year 2026 could beat the preliminary estimate of 19.654 billion baht. Fourth-quarter 2026 profit is preliminarily forecast at 4.8 billion baht, growing both year on year and quarter on quarter. Meanwhile, AOTGA has received cabinet approval to enter into a contract to manage warehousing, apron services, ground equipment and third-party ground passenger handling at Suvarnabhumi Airport, following the first operator, Thai Airways, and a subsidiary of BA. AOT holds a 49% stake in AOTGA, which is expected to add about 1-2% to AOT's profit through its share of investment income, with an indirect benefit of giving foreign airlines more opportunity to add flights to Thailand, supporting airport service revenue, landing and parking fees, and departure passenger service charges. In addition, the government's Thai Teaw Thai Plus measure is expected to stimulate travel during the high season from late 2026 to early 2027.

Pi Securities has upgraded its recommendation on AOT to "Buy" after the share price showed a gap of more than 11% versus the research team's fair value estimate of 69 baht. The brokerage views AOT as the aviation-sector stock least affected by the recent sharp rise in oil prices, since its business has relatively low direct exposure to oil prices. The main positive factor comes from fiscal fourth-quarter 2026 results, which will recognise revenue from the new international departure passenger service fee of 1,120 baht per person for a full quarter, 53% higher than before. Meanwhile, total passenger volume for fiscal year 2026 through September 5 stood at 120 million, giving it a good chance of coming in above AOT's own forecast of 125.95 million, and full-year 2026 net profit has a good chance of beating the research team's earlier forecast of 19,654 million baht. As for AOTGA, which received cabinet approval to enter into a contract to manage the third ground-handling operator's cargo terminal, apron services, ground equipment and ground passenger services at Suvarnabhumi Airport, it is expected to add roughly 1-2% to AOT's profit through its share of investment income, with AOT holding a 49% stake in AOTGA. There is also support from the Thai Tiew Thai Plus stimulus measure, which will boost travel during the high season from late 2026 to early 2027.

Pi Securities has upgraded shares of Airports of Thailand Public Company Limited, or AOT, to "Buy" after the stock fell more than 11% below the research team's fair value estimate of 69 baht. The brokerage views AOT as a stock with low exposure to the sharp rise in oil prices over the past month. The research team noted further upside from an expected surge in earnings in the fourth quarter of fiscal year 2026, driven by a full quarter of the new passenger service charge. Meanwhile, the benefit of AOTGA winning a concession as the third ground services provider at Suvarnabhumi Airport should provide support both directly, through recognition of its share of profit from the investment, and indirectly, by giving foreign airlines the opportunity to add more flights to Thailand.

KGI Securities (Thailand) stated that the Cabinet has approved Bangkok Flight Services Ground Company, or AOTGA, as the winner of the bidding for the cargo warehouse, aircraft parking, and ground services project at Suvarnabhumi Airport under the PPP Net Cost model. AOTGA will become the third service provider. The project comprises two main contracts: cargo warehouse services, and aircraft parking, ground support equipment, and passenger services, with a concession period of 25 years and a total value exceeding 67 billion baht. AOTGA is a joint venture between AOT, holding 49%, and Bangkok Flight Services Ground Company, or SAL, holding 51%. SAL is a subsidiary of Sky ICT, or SKY. KGI Securities estimates that AOTGA will manage approximately 400,000 to 600,000 tons of cargo per year, generating revenue of about 4 to 6 billion baht annually, and expects AOT to recognize profit sharing of approximately 400 to 600 million baht per year, representing an opportunity to increase its FY2027 net profit forecast by about 1.5% to 2.2%. KGI Securities maintains a "Buy" recommendation with a FY2027 target price of 71 baht.

AOT is moving forward with its cargo and ground handling services project after the cabinet approved AOTGA to become the third service provider at Suvarnabhumi Airport under a 25-year PPP Net Cost concession, with a total value exceeding 6.7 billion baht. The project comprises two main contracts: cargo handling and ramp handling services. AOTGA is a joint venture between AOT, holding 49%, and SAL, holding 51%, with SAL being a subsidiary of SKY. Broker KGI estimates that if operations reach full potential, this project could generate revenue of around 4.0-6.0 billion baht per year and boost AOT's profit by approximately 400-600 million baht per year, representing an upside to 2027 earnings of about 1.5-2.2%. KGI maintains a "Buy" recommendation with a target price of 71 baht.

The Cabinet has resolved to approve Airports of Thailand Ground Services Company Limited (AOTGA), a subsidiary of Airports of Thailand Public Company Limited (AOT), as the winner of the selection for the provision of warehouse services and the provision of apron, ground equipment, and ground passenger services (third operator) at Suvarnabhumi Airport. The warehouse project covers the management of five main categories of goods: inbound, outbound, transit, perishable, and express/e-commerce. Meanwhile, the apron project is divided into main service groups and other related service groups. The signing of the contract between AOT and AOTGA will enhance the capacity to handle cargo volume and air traffic, raise service standards, and promote Suvarnabhumi as a regional aviation hub.

The Cabinet has approved the results of the private sector selection and key conditions of the joint investment contract for the provision of aircraft parking and ground equipment services, passenger ground services, and other related activities at Suvarnabhumi Airport. This paves the way for Airports of Thailand Public Company Limited (AOT) to sign a contract with Thai Airport Ground Services Company Limited (AOTGA), which was the highest-ranked bidder, as endorsed by the Selection Committee at its 25/2568 meeting. The project is structured as a PPP Net Cost model and aims to accommodate the growth in air traffic, promote competition, and elevate service quality to international standards. The scope of services is divided into two main groups: core services, such as aircraft support equipment and baggage and cargo handling, and other related services, such as general ground management and crew services. The government expects the project to enhance Suvarnabhumi's flight capacity and support its goal of becoming a regional aviation hub.

Siam Aviation Solutions Public Company Limited (SAV) is expected to see a recovery in its performance during the second half of 2026, as flight volumes through Cambodian airspace begin to increase again. The company has opportunities to bid for new projects totaling over 3.2 billion baht. Meanwhile, two brokerages have turned positive and maintained a "Buy" recommendation, with a maximum target price of 18 baht. In the second quarter of 2026, SAV reported a net profit of 122 million baht, down 6% year-on-year, and revenue of 451 million baht, down 5% year-on-year, due to Middle East tensions reducing international flights. However, in July and August, flight volumes through Cambodian airspace increased, particularly from Vietnamese airlines that have adjusted routes to fly more through Cambodia, following Cambodia's reopening of charter flights with China. The company is preparing to bid for the installation of foreign object debris detection systems on runways at Airports of Thailand (AOT), valued at 1.3 billion baht, and the procurement of equipment for Aeronautical Radio of Thailand, valued at 1.9 billion baht, totaling over 3.2 billion baht in projects bid for. Krungsri Securities expects normalized profit for 2026 to be 550 million baht, flat from the previous year, rising to 615 million baht in 2027. Meanwhile, Pi Securities has cut its 2026 profit estimate by 3% to 584 million baht, but still representing 7% growth from the previous year.

AOT is moving forward with its plan to increase revenue and reduce costs, while controlling expenses and managing investments efficiently, in line with the continued recovery in passenger numbers. This is especially true in the second half of 2026, supported by the tourism high season and new flight routes in both Asia and Europe, including a direct route from Phuket to Israel. As a result, during August 1-15, 2026, passenger numbers grew by about 8% compared to the same period last year. Meanwhile, the fourth quarter of 2026 is expected to benefit from major global events such as the Tomorrowland music festival, K-pop concerts, and the World Bank meeting. AOT estimates total passenger numbers for the year at 126-129 million. However, risk factors such as high oil prices, which could affect airline costs and travelers' decisions, remain to be monitored.

Bangkok Aviation Fuel Services Public Company Limited, or BAFS, expects its third-quarter 2026 performance to recover due to increased traffic at Suvarnabhumi Airport following the easing of the Middle East crisis. Meanwhile, the fourth quarter will be supported by China's National Day holiday and government tourism stimulus measures, driving strong EBITDA growth. The company has extended its Into-Plane Services contract with Airports of Thailand for three years and six months to reduce uncertainty, and is expanding its clean energy portfolio with a total installed capacity of 52 megawatts. It also plans to commence commercial operation of additional solar rooftop projects, as well as the Surat Thani community waste-to-energy plant, in which it holds a 30% stake, with COD expected by the end of this year, bringing total capacity to 56 megawatts.

BAFS reported its Q2 2026 operating results with total revenue of 839 million baht and net profit of 61 million baht, up 9% from the same period last year. For the first six months, net profit was 212 million baht, up 7%. The company is advancing its JUMP+ strategy, aiming to increase total revenue to 4.3 billion baht by 2028, up from 3.669 billion baht in 2026. The Northern Oil Pipeline Phase 3 project, or "Link Line," is 93% complete and is expected to start operations by the end of 2026, adding 800 million liters of oil transport capacity and boosting market share to 62% by 2027. Meanwhile, the clean energy business has a total installed capacity of 55 megawatts, and the Surat Thani waste-to-energy plant project is 81% complete, with commercial operations expected in December 2026. Additionally, AOT has granted BAFS a temporary extension to operate refueling services at Suvarnabhumi Airport for up to 3 years and 6 months. The company also announced an interim dividend of 0.13 baht per share, an increase of 18%.

BAFS has unveiled its 2026 business plan, targeting total revenue of 3,669 million baht and aviation fuel volume of 5,400 million liters. The company is also proceeding with the third phase of the northern oil pipeline expansion project, or the Link Line from Saraburi to Ang Thong, which is 93% complete and expected to be operational by the end of 2026. This project will increase the volume of oil flowing through the system by 700-800 million liters per year and boost BAFS's market share from 40% to 62% in 2027. Meanwhile, the aviation fuel business continues to recover, with average fuel volume at Suvarnabhumi and Don Mueang airports in August at 13.9 million liters per day, up from the previous month. The company has also been granted temporary approval to continue its Into-plane Services business for no more than 3 years and 6 months to mitigate short-term risks.

Bangkok Aviation Fuel Services Public Company Limited (BAFS) revealed in its Earnings Call that the company has adjusted its total revenue target for this year to 3,670 million baht, close to last year's 3,700 million baht, impacted by the Middle East situation early in the year. Meanwhile, the trend for Q3/2026 is expected to be similar to last year but slightly better than the previous quarter. Average daily fuel uplift at Suvarnabhumi and Don Mueang airports in August increased to 13.9 million liters per day from 13.6 million liters per day the previous month, and airline load factor remains high at 80%. The company aims to boost EBITDA from energy and utility businesses to 40% of the group within five years, while increasing solar capacity by 5–10 megawatts per year. The Northern Oil Pipeline Project Phase 3, the Saraburi–Ang Thong route spanning 52 kilometers, is 93% complete and is expected to commence operations by the end of this year. The company also targets an increase in pipeline oil volume of 700–800 million liters per year, which would drive revenue of Big C Petroleum Transport Company Limited (BPT) to grow about 10% per year in the first three years, and increase market share from 40% in 2026 to 62% the following year. Meanwhile, the company is confident it will be selected to continue managing the fuel concession at Suvarnabhumi Airport for a 3-year 6-month term, based on its excellent service record over the past 20 years.

AOT has successfully resolved the issue of overbooked flight slots, resulting in a stronger aviation capacity for this winter season. Passenger numbers in the first half of August grew by 8% year-on-year, with the overall August figure up 4%. Meanwhile, Middle East routes surged by 100%, and the load factor for direct flights increased to 95-97% from the previous 89%. The increase in PSC fees did not impact passenger volumes. AOT is also preparing to propose to the Cabinet the approval of a third ground handler (Oscar) in September to address bottlenecks. Additionally, it will adjust the arrival area to sell regular duty-free goods alongside King Power, which is expected to generate an additional 100 million baht in revenue per year.

Volato Group has entered into a definitive agreement to merge with Alignment Engine in a deal valued at approximately $500 million. The transaction repositions Volato around advanced AI infrastructure, high-performance computing, and data center development through Alignment Engine's powered industrial campus in Ohio. Volato will remain a publicly traded parent company following the deal. Shares of Volato rose 66.24% to $0.26 on the news.