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

With that, I now hand over to Khun Siriphen, BTSGIF, to walk you through their performance and outlook. Thank you.

Thank you, Khun Sinatta. Good afternoon, everybody. My name is Siriphen. Today, I will present the financial performance of BTSGIF for fiscal year 2025/'26. For 12 months of fiscal year 2025/'26, total income of the fund was THB 4.71 billion, increasing 3.6% year-on-year from the increase in income from investment in NRTA, which totaled THB 4.69 billion, up 3.8% year-on-year. Total expenses of the fund were THB 50 million, declining 5.5% year-on-year, driven by a decline in other expenses resulting from a decrease in unitholder books closure expenses and a reduction in fund management fee and expense. Profit from net investment was THB 4.66 billion, increasing 3.7% year-on-year. In fiscal year '25/'26, the fund recorded loss on investment of THB 6.42 billion. This largely result from first, the shortened concession period; second, the decrease in forecast net revenue for fiscal year '26/'27 onwards, being partially offset by the decrease in discount rate from 4.9% in March 2025 to 4.4% in March 2026. And the change in net asset resulting from operation was minus THB 1.76 billion. Next slide is the income from investment in NRTA. For the full year of fiscal year '25/'26, Farebox revenue was THB 6.7 billion, decreasing 1.5% year-on-year from the decrease in ridership by 2.7% year-on-year to 200 million trips, mainly resulting from economic slowdown, high base ridership last year, and fewer weekdays, but was partially offset by the increase in average fare by 1.2% year-on-year due to a lower comparative baseline last year. O&M costs were THB 2 billion, decreasing 12% year-on-year, mainly from the decrease in maintenance expense for rolling stock refurbishment. And income from investment in NRTA was THB 4.7 billion, increasing 3.8% year-on-year. And income from investment in NRTA margin was 69.9%, increased from 66.3% last year. Next slide is the statement of financial position. As of 31st March 2026, total assets were THB 18.5 billion. The main component were investment in NRTA of THB 16.8 billion, decreased by THB 2.9 billion from 31st December 2025. Investment in security and cash of THB 1.7 billion and total liabilities stood at THB 152 million. Net asset value as of 31st March 2026 was THB 18.3 billion, equivalent to THB 3.1655 per unit. Next is the core network performance. May I skip the quarterly performance and go to the annual performance. For fiscal year '25/'26, ridership was 200 million trips, decreasing 2.7% year-on-year, mainly result from economic slowdown, high base ridership from free travel day under government policy last year and fewer weekdays. Average weekday ridership was 619,000 trips, decreasing 1.9% year-on-year and average fare was THB 33.5 per trip, increasing 1.2% year-on-year, largely due to a lower comparative baseline last year from free travel day. Next is the distribution. The fund announced the capital reduction for the fourth quarter of THB 0.2 per unit. Book closing date is on 11 June 2026 and payment date is on 25th June 2026. Total distribution for fiscal year '25/'26 is THB 0.808 per unit and total distribution since inception is THB 8.596 per unit. Next is the business update. First, regarding the travel promotion for the Rabbit Reward loyalty program in which passenger can earn points from their journey. This has expired in March 2026 and BTSC didn't extend this program. However, for the XTreme Saving Package, BTSC has introduced new trip package. For passenger under the XTreme Saving Program, offering a more cost-efficient commuting option for passenger on the BTS Green line route. First, for the long distance, there is new 10 trips within 7-day package. Second, for short distance, there is new package for short distance up to 4 stations. And there for Bangkok Bank Rabbit co-brand debit cardholder, there is special package of 10 trips within 30 days at THB 29 per trip. Next, this is the fare pie for XTreme Saving Package. The fare for long distance range from THB 34 to THB 40 per trip for adult and THB 27 to THB 32 per trip for student and the fare for short distance range from THB 25 to THB 27 per trip. For passenger using XTreme Saving to travel across the Core line together with the Extension-line, the additional fare for Extension-line are THB 17 to THB 25 per trip for adult and THB 12 to THB 17 per trip for student. Next slide, please. The fund has conducted a new FSO for March 2026 valuation. This slide might summarize the key factor that were seen in the valuation report among March '25, December '25 and March '26 report. Key factors that were shown in March '26 report were first impact from COVID-19. March '26 report reflect the current transportation situation after COVID-19 pandemic with new normal, while the previous report assumed slow recovery; second, lower economic growth rate; third, lower inflation rate; and fourth, discount rate increased to 4.4% from 3.7% in the December 2025 report. Next slide shows effect between current report and the previous report. The valuation as of 31st March 2026 was THB 16.8 billion, decreased from THB 19.7 billion as of 31st December 2025 by THB 2.9 billion. Mainly from first, a significant decrease in present value of revenue of THB 2.1 billion. Second, a shortened period of THB 0.6 billion. And third, a decrease in valuation from an increase in discount rate of THB 0.2 billion. The following page show the projected ridership, projected revenue, net cashflow and cost. You can see the detail in the slide. That's all for BTSGIF. Thank you.