BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) Q3 FY2026 Earnings Call Transcript & Summary

Good afternoon, everybody. Today, I will present the financial performance of BTSGIF for the third quarter of fiscal year 2025/'26. In the third quarter, total income of the fund was THB 1.25 billion, up 0.7% year-on-year and 2.8% Q-on-Q. Income from investment in net farebox revenue was THB 1.25 billion, up 0.9% year-on-year and 2.8% Q-on-Q. Total expenses of the fund were THB 10.3 million, decreasing 4.4% year-on-year, largely due to lower fund management fee being partially offset by increased other expenses related to unitholder books closure. On a Q-on-Q basis, total expenses decreased 19.7%, mainly due to lower professional fee within the fund management fee and expenses category and a reduction in other expenses related to unitholder book closure. Profit from net investment was THB 1.24 billion, increasing 0.7% year-on-year and 3% Q-on-Q. In this quarter, the fund recorded loss from investment of THB 1.3 billion. This resulted largely from the decrease in the remaining period of the line in net revenue under concession agreement and the decrease in the forecast fiscal year '26/'27 net revenue, but was partially offset by the decrease in discount rate according to a decline in risk premium. Discount rate decreased to 3.7% as of December 2025 from 3.9% as of September 2025. Changes in net asset resulting from operation was minus THB 58.8 million. Next is the income from investment in NRTA. In the third quarter, farebox revenue was THB 1.76 billion, decreased 0.7% year-on-year, but increased 3.4% Q-on-Q. Year-on-year decrease came from the ridership decline of 1.5% year-on-year to 52.2 million trips due to economic slowdown and fewer weekdays, but was partially offset by fare increase of 0.8% year-on-year due to Khon La Khrueng Plus campaign. Q-on-Q increase came from the ridership increase of 2.6% Q-on-Q, mainly from seasonal year-end demand and Khon La Khrueng Plus campaign and fare increase of 0.8% Q-on-Q. O&M costs were THB 513 million, decreased 4.5% year-on-year, but increased 5% Q-on-Q. Year-on-year decrease was mainly due to lower maintenance expense following stock refurbishment. Q-on-Q increase was driven by employee expenses for bonus payment in this quarter. Income from investment in NRTA was THB 1.25 billion, increasing 0.9% year-on-year and 2.8% Q-on-Q. Next slide is the statement for financial position. As of 31st December 2025, total assets were THB 21.3 billion. The main component were investment in NRTA of THB 19.7 billion, decreased by THB 1.3 billion from 30 September 2025. Investment in security and cash of THB 1.4 billion and other assets of THB 201 million. Total liabilities stood at THB 9 billion and net asset value was THB 21.3 billion, equivalent to THB 3.6754 per unit. Next is the core network performance. In the third quarter, ridership was 52.2 million trips declined by 1.5% year-on-year due to economic slowdown and fewer weekdays. On a Q-on-Q basis, ridership increased by 2.6%, mainly supported by seasonal year-end demand and Khon La Khrueng Plus campaign. Average weekday ridership was 635,000 trips, down 1% year-on-year, but up 1.3% Q-on-Q. Average fare in the third quarter was THB 33.7 per trip, increased by 0.8% both year-on-year and Q-on-Q. This growth was supported by Khon La Khrueng Plus campaign, which incentivized some passengers to shift from discounted monthly pass to full fare trips subscribed by the government. Additionally, year-on-year growth was supported by an increased monthly packaged pricing. Next is the distribution summary. The fund announced the capital reduction for the third quarter of THB 0.20 per unit. Book closing date is on 27th February 2026 and payment date is on 13th March 2026. Total distribution since its inception is THB 8.396 per unit in the form of dividend of THB 4.342 per unit and capital reduction of THB 4.054 per unit. For the detail of the projection in the FSL report, you can see the detail in the appendix. That's all for BTSGIF. Thank you.