BANGKOK EXPRESSWAY AND METRO PLC Analyst Meeting Q3/2025
17 Nov 2025
AGENDA
Average Traffic & Ridership Financial Highlights Company Updates
Q & A
AVERAGE DAILY TRAFFIC VOLUME
(Thousand Trips/Day)
1,200
1,100
1,000
2025
2023
2022
2024
2021
900
800
700
600
500
Q3/2025 Average Traffic Volume
1.104 Million Trips/Day (-1.2% YoY)
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | AVERAGE | %YoY | |||
2025 | 1,103.2 | 1,125.3 | 1,103.8 | 1,067.5 | 1,086.8 | 1,095.6 | 1,098.2 | 1,110.9 | 1,102.9 | 1,099.6 | -1.4% | |||||
2024 | 1,111.6 | 1,131.8 | 1,131.1 | 1,090.3 | 1,100.2 | 1,110.8 | 1,111.2 | 1,130.1 | 1,111.5 | 1,106.5 | 1,138.2 | 1,118.0 | 1,116.2 | -0.1% | ||
2023 | 1,104.7 | 1,129.6 | 1,152.5 | 1,088.9 | 1,095.0 | 1,114.2 | 1,101.6 | 1,125.3 | 1,112.5 | 1,105.6 | 1,139.1 | 1,133.1 | 1,117.0 | 7.4% | ||
2022 | 937.0 | 981.3 | 968.7 | 976.3 | 1,039.6 | 1,062.5 | 1,036.0 | 1,078.8 | 1,090.7 | 1,078.0 | 1,097.9 | 1,128.5 | 1,039.9 | 22.4% | ||
2021 | 799.5 | 1,001.3 | 1,115.5 | 837.8 | 668.0 | 807.8 | 628.0 | 593.9 | 783.9 | 898.5 | 1,000.6 | 1,054.7 | 849.7 | -19.1% | ||
%YoY 25/24 | -0.8% | -0.6% | -2.4% | -2.1% | -1.2% | -1.4% | -1.2% | -1.7% | -0.8% |
AVERAGE DAILY TOLL REVENUE
(Million Baht/Day)
28
26 2025
24
22
2023
2022
2024
2021
20
18
16
14
12 Q3/2025 Average Toll Revenue
10 25.3 Million Baht/Day (-1.5% YoY)
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | AVERAGE | %YoY | |||
2025 | 25.2 | 25.7 | 25.4 | 24.3 | 24.9 | 25.1 | 25.2 | 25.5 | 25.2 | 25.2 | -1.4% | |||||
2024 | 25.4 | 25.9 | 25.9 | 24.8 | 25.1 | 25.4 | 25.4 | 26.0 | 25.6 | 25.4 | 26.2 | 25.5 | 25.6 | 0.2% | ||
2023 | 25.2 | 25.8 | 26.3 | 24.8 | 24.9 | 25.5 | 25.2 | 25.7 | 25.4 | 25.3 | 26.1 | 25.9 | 25.5 | 8.6% | ||
2022 | 21.1 | 22.1 | 21.7 | 21.8 | 23.4 | 24.0 | 23.3 | 24.5 | 24.8 | 24.4 | 25.0 | 25.8 | 23.5 | 26.8% | ||
2021 | 17.3 | 21.9 | 24.5 | 18.3 | 14.5 | 17.5 | 13.5 | 12.8 | 17.0 | 19.6 | 21.9 | 23.5 | 18.5 | -20.3% | ||
%YoY 25/24 | -0.9% | -0.7% | -1.9% | -2.0% | -1.0% | -1.3% | -1.0% | -2.0% | -1.3% |
AVERAGE DAILY RIDERSHIP VOLUME
(Thousand Trips/Day)
500
450
400
350
2025
2024
2023
2022
300
250
200
2021
150
100
50
Q3/2025 Average Ridership Volume
434.8 Thousand Trips/Day (-0.7% YoY)
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | AVERAGE | %YoY | |||
2025 | 481.5* | 461.2 | 411.1 | 373.9 | 378.1 | 405.8 | 417.9 | 439.9 | 447.1 | 423.8 | 0.8% | |||||
2024 | 422.9 | 448.5 | 422.4 | 380.4 | 387.4 | 411.9 | 424.9 | 450.4 | 437.8 | 444.4 | 462.7 | 429.7 | 426.9 | 9.4% | ||
2023 | 374.0 | 395.3 | 376.2 | 329.0 | 345.0 | 381.1 | 390.8 | 420.4 | 420.9 | 414.8 | 432.0 | 404.2 | 390.3 | 44.2% | ||
2022 | 174.6 | 199.4 | 190.5 | 179.3 | 229.7 | 283.3 | 274.6 | 320.2 | 344.2 | 341.8 | 354.4 | 351.1 | 270.6 | 84.5% | ||
2021 | 151.2 | 217.6 | 272.6 | 146.9 | 90.3 | 120.9 | 77.2 | 62.4 | 100.1 | 135.9 | 186.8 | 203.7 | 146.7 | -43.7% | ||
%YoY 25/24 | 13.9% | 2.8% | -2.7% | -1.7% | -2.4% | -1.5% | -1.6% | -2.3% | 2.1% |
* Average ridership in January 2025 included ridership during the 7-day free public transport measure period (25 - 31 January 2025) 5
AVERAGE DAILY FAREBOX REVENUE
(Million Baht/Day)
15
2025
13
11
9
2024
2023
2022
7
2021
5
3 Q3/2025 Average Farebox Revenue
13.0 Million Baht/Day (+2.0% YoY)
1
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | AVERAGE | %YoY | |||
2025 | 13.2 | 13.7 | 12.3 | 11.3 | 11.3 | 12.1 | 12.5 | 13.2 | 13.4 | 12.5 | 6.5% | |||||
2024 | 11.5 | 12.2 | 11.5 | 10.5 | 10.6 | 11.2 | 12.0 | 13.2 | 13.1 | 13.3 | 13.8 | 12.8 | 12.2 | 13.8% | ||
2023 | 10.2 | 10.8 | 10.4 | 9.2 | 9.4 | 10.4 | 10.7 | 11.4 | 11.5 | 11.4 | 11.7 | 11.2 | 10.7 | 44.1% | ||
2022 | 4.8 | 5.5 | 5.2 | 5.0 | 6.3 | 7.7 | 7.5 | 8.8 | 9.4 | 9.4 | 9.6 | 9.6 | 7.4 | 81.3% | ||
2021 | 4.2 | 6.1 | 7.5 | 4.2 | 2.6 | 3.5 | 2.2 | 1.8 | 2.7 | 3.7 | 5.2 | 5.6 | 4.1 | -42.8% | ||
%YoY 25/24 | 14.4% | 12.3% | 6.8% | 6.9% | 6.5% | 7.8% | 4.3% | -0.2% | 2.3% |
* 25-31 Jan 2025, the company received farebox revenue compensation from the MRTA equivalent to the farebox revenue of the 7 days prior to the start of the free public transport measure. 6
AGENDA
Average Traffic & Ridership Financial Highlights Company Updates
Q & A
TOTAL REVENUE 4,563 MB
Expressway 49%
Q3/2025
Rail 39%
CD 7%
Others 5%
1% (YoY)
13,359
13,226
2% (YoY)
Total
Revenue
(MB)
4,633
4,563
Q3/2024
Q3/2025
9M/2024 9M/2025
NET PROFIT 1,079 MB
23.71%
Net Profit 23.16%
Margin (%)
21.98%
22.33%
1% (YoY)
1% (YoY)
2,917
2,944
Net Profit
(MB)
1,067
1,079
Q3/2024
Q3/2025
9M/2024 9M/2025
Revenue
1% (YoY)
EXPRESSWAY
Cost of Services
1% (YoY)
Gross Profit
3% (YoY)
2,275 2,242
1,504
1,465
771
777
Q3/24 Q3/25
Q3/24 Q3/25
Q3/24 Q3/25
COMMERCIAL DEVELOPMENT
1% (YoY)
6% (YoY)
4% (YoY)
308
306
109
115
199
191
Q3/24 Q3/25
Q3/24 Q3/25
Q3/24 Q3/25
RAIL
1% (YoY)
3% (YoY)
12% (YoY)
1,782
1,771
1,546
236
264
Q3/24 Q3/25
Q3/24 Q3/25
Q3/24 Q3/25
1,507
Unit: MB
THREE CORE BUSINESSES
Expressway 52%
Revenue
Breakdown
Rail 41%
CD 7%
Service Revenues
Cost of Services
Gross Profit
1% (YoY)
4,365
4,319
42.09% 42.18%
GPM (%)
1% (YoY)
2,426 2,399
1% (YoY)
1,939 1,920
Q3/24 Q3/25
Q3/24 Q3/25
Q3/24 Q3/25
FINANCIAL POSITION KEY FINANCIAL RATIOS
151,115
114,546 | ||
96,213 | ||
36,560 | 36,569 | |
Unit: MB
Earning per share | Dividend per share
132,773
Unit: Baht
Q1/2023 Q1/2024 Q1/2025
Total Assets
Total Liabilities
0.23 0.25
0.14 0.15
0.07 0.07
Shareholders'
Equity
2023 2024 Q3/2024 Q3/2025
2023 2024 Q3/2024 Q3/2025
Debt to Equity | Net Interest Bearing Debt to Equity
YE2024 Q3/2025
Total Assets
Total Liabilities
Shareholders' Equity
YE2024 Q3/2025
18,342 MB (+14%)
18,333 MB (+19%)
9 MB (0.02.%)
D/E
Net IBD/E
1.96x
1.69x
2.18x
1.87x
Unit: Times
2.52x
2.15x
Q3/2023 Q3/2024 Q3/2025