BANGKOK EXPRESSWAY AND METRO PLC
Opportunity Day YE2025
5 Mar 2026
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
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | AVERAGE | %YoY | |
2025 | 1,103.2 | 1,125.4 | 1,104.0 | 1,067.5 | 1,087.0 | 1,095.8 | 1,098.2 | 1,110.9 | 1,103.1 | 1,116.0 | 1,135.5 | 1,133.6 | 1,106.9 | -0.8% |
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% | 0.9% | -0.2% | 1.4% |
AVERAGE DAILY TOLL REVENUE(Million Baht/Day)
28
2025
26 2023
2022
2024
24 2021
22
20
18
16
14
12
10
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 | 25.5 | 26.0 | 25.9 | 25.3 | -0.9% |
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% | 0.4% | -0.7% | 1.4% |
AVERAGE DAILY RIDERSHIP VOLUME(Thousand Trips/Day)
500
450
400
350
2024
2025
2023
2022
300
250
200
2021
150
100
50
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | AVERAGE | %YoY | |
2025 | 442.6* | 461.2 | 411.1 | 373.9 | 378.1 | 405.8 | 417.9 | 439.9 | 447.1 | 447.0 | 456.7 | 425.8 | 425.3 | -0.4% |
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 | 4.7% | 2.8% | -2.7% | -1.7% | -2.4% | -1.5% | -1.6% | -2.3% | 2.1% | 0.6% | -1.3% | -0.9% | ||
* Average ridership in January 2025 excludingadditional ridership during the 7-day free public transport measure period (25 - 31 January 2025) Average ridership during the 7-day free public transport measure (25 - 31 January 2025) was 624.7 thousand trips per day. | ||||||||||||||
AVERAGE DAILY FAREBOX REVENUE(Million Baht/Day)
15
2025
13 2024
11 2023
2022
9
7
2021
5
3
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 | 13.4 | 13.6 | 12.8 | 12.7 | 4.7% |
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% | 1.0% | -0.8% | -0.3% | ||
* 25-31 January 2025, BEM 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. | ||||||||||||||
AGENDA
Average Traffic & Ridership Financial Highlights Company Updates
Q & A
TOTAL REVENUE 17,591 MB
Expressway 50%
YE2025
Rail 39%
CD 7%
Others 4%
1% (YoY)
17,139
17,766
17,591
Total
Revenue (MB)
YE2023
YE2024
YE2025
NET PROFIT 3,781 MB
20.48%
21.34%
21.56%
Net Profit
Margin (%)
0.3% (YoY)
3,479
3,768
3,781
Net Profit
(MB)
YE2023
YE2024
YE2025
Revenue
1% (YoY)
EXPRESSWAY
Cost of Service
2% (YoY)
Gross Profit
3% (YoY)
YE24
YE25
YE24
YE25
YE24
YE25
3,082
3,014
5,751
5,927
8,833
8,941
THREE CORE BUSINESSES
Expressway 52%
Revenue
Breakdown
Rail 41%
CD 7%
Service Revenues
Cost of Services
Gross Profit
1% (YoY)
44.15% 44.09%
17,004 16,916
GPM (%)
0.4% (YoY)
1% (YoY)
9,497 9,458
7,507 7,458
YE24 YE25
YE24 YE25
YE24 YE25
COMMERCIAL DEVELOPMENT
5% (YoY)
0.5% (YoY)
7% (YoY)
RAIL
1% (YoY)
2% (YoY)
24% (YoY)
6,051
5,942
779
964
YE24
YE25
YE24
YE25
YE24
YE25
6,906
6,830
Unit: MB
1,233 | 1,177 | 432 | 434 | 801 | 743 | |
YE24 | YE25 | YE24 | YE25 | YE24 | YE25 |
FINANCIAL POSITION KEY FINANCIAL RATIOS
160,510
132,773
96,213 | 123,507 | |
36,560 | 37,003 |
Unit: MB
Earning per share | Dividend per share
EPS
DPS
0.23 0.25 0.25
Unit: Baht
Total Liabilities
0.14 0.15 0.15*
Total Assets
Shareholders'
Equity
YE2023 YE2024 YE2025
2023 2024 2025
*Subject to AGM approval
Debt to Equity | Net Interest Bearing Debt to Equity
YE2024 YE2025
Total Assets
YE2024 YE2025
27,737 MB (+21%)
D/E
Net IBD/E
1.88
2.27
Unit: Times
2.58
Total Liabilities | 27,294 MB | (+28%) | 1.64 | ||
Shareholders' Equity | 443 MB | (+1%) | YE2023 | YE2024 | YE2025 |
1.94 2.19
AGENDA
Average Traffic & Ridership Financial Highlights Company Updates
Q & A
Strategic Investment:
Increase its future cash flow as the project runs from East to West, passing through key areas i.e.
Commercial Areas: Central World, Platinum, and
Rajamangala Stadium
Tourist Attractions: Grand Palace and Golden Mountain Temple),
Top Public Hospitals and Universities: Siriraj Hospital, Thammasat University, and Silpakorn University
ORL WEST Bang Khun Non - Thailand Cultural Centre | ORL EAST Thailand Cultural Centre - Minburi (Yaek Rom Klao Station) | ||
Distance | 13.4 km | 22.5 km | |
Station | 11 Stations (Underground) | 17 Stations (10 Underground + 7 Elevated) | |
Concession | PPP Net Cost | ||
Project Investment | Civil | Civil + IDC (Full Subsidized by MRTA) (≤ 96,012 MB) | Invested by MRTA |
M&E | 34,000 MB | ||
East Section
West
Section
31 Jan 2058
COD East
NTP
Civil and M&E works
End of the concession
M&E
COD West
3 years 6 months
Jul 2030
Jan 2028
31 Jul 2024
Operation : 30 years
Operation : 27 years 6 months
ORANGE LINE PROJECT
EAST SECTION
Civil Work
100%
M&E Work
39%
as of Jan 2026
WEST SECTION
Civil Work
25%
M&E Work
7%
as of Jan 2026
6 years
BLUE LINE - ADDITIONAL ROLLING STOCKProcurement of 21 additional rolling stock and upgrade electrical systems for the MRT Blue Line
Expected to be fully delivered and operational in 2028
To accommodate the increase in ridership from the MRT Orange Line (East section) opening
Alleviate passenger congestion and reduce waiting time during peak hours
Rolling Stock Procurement
Progress
36%
as of Dec 2025
13
ANNUAL DIVIDEND PAYMENT AND CREDIT RATINGSBEM Dividend Payment for the Year 2025
Dividend: 0.15 Baht / Share* Total Amount: 2,247 million Baht XD Date: 10 March 2026
Payment Date: 7 May 2026
*Subject to AGM 2026 approval on April 8, 2026
National Long-Term Rating
Stable Outlook
14
AWARDS AND RECOGNITIONSET ESG Ratings 2025 "AAA"
Selected as one of the sustainable stocks for the 9th consecutive year
ESG 100
From Thaipat Institute
Excellence CG Scoring From Thai Institute of Directors Association (IOD)
ASEAN CG Scorecard
Awarded the ASEAN Asset Class PLCs
Best Sustainability Bond Award 2025
For the successful issuance and offering of the Sustainability Bond 1/2024
Outstanding CEO and Outstanding IR
From IAA Awards for
Listed Companies 2025
Thailand Energy Award 2025
From the Ministry of Energy
National Green Office Award
"Excellent Level"
Sustainability Disclosure Award 2025 ASEAN Energy Awards 2025
From Thaipat Institute Second Runner-Up in the ASEAN Energy Efficiency and Conservation
Best Practices
Net Zero Pioneer Recognition
From the Thailand Greenhouse Gas Management Organization (TGO)
Climate Action Excellence
From the Climate Change Institute (CCI) of the Federation on Thai Industries
15
THE TRANSITION TO EMV CARD AND QR CODE TICKET1 Jun 2026 : MRT / MRT Plus >> Mangmoom EMV / Other EMV Cards
1 Jan 2027 : Token >> QR Code Ticket
16
Token
QR Code Ticket
Disclaimer
The information in this presentation has been prepared by Bangkok Expressway and Metro Public Company Limited (BEM) and is general background information about BEM's activities current as at date of this presentation. This presentation is not intended to provide the basis of any investment decision, nor to substitute your own analysis and investigation and should not be considered as a recommendation to any recipient of this presentation. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities or instrument transactions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or should be relied on as a promise or representation of BEM as to the future.
IR Contact
Telephone: (+66) 2 641 4611 ext. 6200, 6220
Email:
Website:
ir@bemplc.co.th
www.bemplc.co.th