BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) Q2 FY2026 Earnings Call Transcript & Summary

Good afternoon, everybody. Today, I will present the financial performance of BTSGIF for the second quarter of fiscal year 2025/'26. In the second quarter, total income of the fund was THB 1.22 billion, up 13.2% year-on-year and 11.9% Q-on-Q. Income from investment in net farebox revenue was THB 1.21 billion, up 13.5% year-on-year and 12.2% Q-on-Q. Total expenses of the fund were THB 12.8 million, decreasing 13.5% year-on-year, largely due to lower other expenses related to unitholder book closure expenses. Compared to the previous quarter, total expense increased slightly by 3.2%. Profit from net investment was THB 1.2 billion, increasing 13.5% year-on-year and 12% Q-on-Q. In this quarter, the fund recorded loss from investment of THB 1.59 billion. This resulted largely from the decrease in the remaining period of the right in net revenue under concession agreement and the decrease in the forecast farebox revenue in the second half of fiscal year '25/'26, but was partially offset by the decrease in the discount rate according to a decrease in risk-free rate. Discount rate decreased to 3.9% as of 30 September 2025 from 4.2% as of 30 of June 2025. Changes in net asset resulting from operation was minus THB 385 million. Next slide is the income from investment in NRTA. In the second quarter, farebox revenue was THB 1.7 billion, decreased 2.6% year-on-year, but increased 9.3% Q-on-Q. Year-on-year decrease came from the ridership decrease of 3.1% year-on-year to 50.9 million trips due to economic slowdown and fewer weekdays, but was partially offset by fare increase of 0.6% year-on-year. Q-on-Q increase came from the ridership increase of 9.7% Q-on-Q, mainly from seasonal factors, a gradual recovery from fare sensitivity and a rebound from the impact of the earthquake in the previous quarter, but partly offset by fare decrease of 0.3% Q-on-Q. O&M costs were THB 488 million, decreased 27.9% year-on-year, but increased 2.7% Q-on-Q. Year-on-year decrease was mainly due to lower maintenance expense for rolling stocks refurbishment and a reduced selling expense related to data analytics and marketing service fee. Income from investment in NRTA was THB 1.21 billion, increased 13.5% year-on-year and 12% (sic) [ 12.2% ] Q-on-Q. Next is the statement of financial position. As of 30 September 2025, total assets were THB 22.7 billion. The main component of investment in NRTA of THB 21 billion, decreased by THB 1.6 billion from 30 June 2025. Investment in security and cash of THB 1.6 billion and other asset of THB 153 million. Total liabilities stood at THB 173 million and net asset value as of 30 September 2025 was THB 22.5 billion, equivalent to THB 3.8935 per unit. Next is the core network performance. In the second quarter, ridership was 50.9 million trips, declined by 3.1% year-on-year due to economic slowdown and fewer weekdays. Ridership increased by 9.7% compared to the previous quarter, mainly supported by seasonal factors associated with a higher number of weekdays, a gradual recovery in ridership following the fare sensitivity from the increase in monthly pass by THB 1 per trip effective from 1st April 2025 and a rebound from the impact of the earthquake in the previous quarter. Average weekday ridership was 626,000 trips, down 1.1% year-on-year, but up 6.4% Q-on-Q. Average fare in the second quarter was THB 33.4 per trip, increased by 0.6% year-on-year due to the increase in monthly package price but slightly down by 0.3% Q-on-Q. Next is the distribution. The fund announced the capital reduction for the second quarter of THB 0.208 per unit. Book closing date is on 27 November 2025 and payment date is on 12 December 2025. Total distribution since inception is THB 8.196 per unit in the form of dividend of THB 4.342 per unit and capital reduction of THB 3.854 per unit. Next is the business update on the XTreme Savings Package. The Bangkok Metropolitan Administration or BMA announced the implementation of new fare adjustment for the Green Line extension effective from 1st November 2025 from THB 15 to THB 17 to THB 45 and kept the fare for core and extension line at THB 65. Following the Green Line extension fare structure, passenger using the XTreme Savings will travel across 26 eligible stations together with any of the extension section from Mo Chit to Khu Khot, from On Nut to Kheha and from Wongwian Yai to Bang Wa, you have 1 trip deduct from the package and additional fare automatically deduct from their Rabbit Card. The additional fare THB 17 to THB 25 per trip for adult and THB 12 to THB 17 per trip for students. That's all for BTSGIF. Thank you.