May 2026 – Triple i Logistics Public Company Limited

15May15/05/2026

‘Triple i’ Reports Q4/2025 Revenue Growth of 12.4% QoQ Targets 10–15% Growth in 2026, Launches Charter Flight Ahead of Cargo Airline Expansion

Triple i Logistics Public Company Limited (III), Thailand’s leading regional international logistics provider, announced strong operating results for Q4/2025, recording total revenue of THB 689.9 million, up 12.4% quarter-on-quarter (QoQ), and net profit of THB 110.2 million, increasing 8.9% QoQ. The growth was driven by the high season for air cargo transportation and the continued recovery of Thailand’s tourism sector.

For the full year 2025, the company generated total revenue of THB 2,477.9 million and net profit of THB 393.6 million. Looking ahead to 2026, III plans to strengthen its Aviation Ecosystem strategy to further enhance its air cargo logistics capabilities. The company has already launched its pilot Charter Flight service and is preparing to officially enter the market with its scheduled Cargo Airline business in Q4/2026.

Mr. Tipp Dalal, Chief Executive Officer of Triple i Logistics Public Company Limited (III), said the company continued to deliver solid growth in Q4/2025. Revenue rose to THB 689.9 million, increasing 12.4% QoQ, while net profit reached THB 110.2 million, up 8.9% from the previous quarter.

The key growth driver came from the increase in flight volumes during the high season, which significantly boosted the company’s core air freight business, including cargo handling services at Don Mueang Airport and operations at the Multimodal Warehouse located at Suvarnabhumi Airport. In addition, III recorded higher profit contributions from its investment in AOTGA, supported by the recovery of Thailand’s tourism industry.

For the overall performance in 2025, the company generated total revenue of THB 2,477.9 million, supported by continued expansion in its core air freight and logistics management businesses. Net profit totaled THB 393.6 million, slightly declining due to lower profit contributions from ANI as air freight rates softened, as well as temporary impacts on AOTGA from the slowdown in Chinese tourist arrivals during the middle of the year. However, the situation began to recover during Q4, which is expected to positively support business performance going forward.

In 2026, Triple i will focus on driving growth through three key strategies by fully integrating its Aviation Ecosystem:

Strengthening the connectivity of Thailand’s three major airports through the Airport Truck Link service connecting Suvarnabhumi, Don Mueang, and Phuket airports. The company is currently expanding the service network to China and Singapore following its successful expansion into Malaysia, alongside the continued development of its Multimodal Warehouse services.
Positioning Phuket Airport as a strategic air cargo gateway. Due to lower cargo traffic congestion, Phuket Airport offers greater available cargo capacity and significant business opportunities. Triple i plans to utilize its Airport Truck Link solution to transport cargo from Suvarnabhumi Airport for export via Phuket Airport, helping airline partners maximize cargo space efficiency.
Establishing a scheduled Cargo Airline business. The company is currently in the licensing process and expects operations to commence in Q4/2026. In the meantime, III has initiated system and operational testing through its Charter Flight service, which officially launched on February 21 on the Thailand–Myanmar route. The company plans to increase flight frequency and expand additional ASEAN routes throughout 2026.

“Our key strategy moving forward is to strengthen and expand the Aviation Ecosystem we have built, together with strategic partnerships with various airlines. Government policies supporting Thailand’s ambition to become a regional Aviation Hub, the development of the EEC Aerotropolis project, and related infrastructure investments are all aligned with our long-term strategy and will create significant business opportunities for the company. We are confident these factors will enable us to achieve our growth targets as planned,” said Mr. Tipp.

Meanwhile, AOTGA, in which Triple i invested through SAL Group (Thailand) Co., Ltd. (SAL), has been selected as the third ground handling and cargo warehouse service provider at Suvarnabhumi Airport. The project is expected to generate significant revenue growth for the group. Contract signing is anticipated shortly, with operations expected to commence around mid-2026.

At the same time, Asia Network International Public Company Limited (ANI) continues to expand its airline partnerships and service routes. The company is also in discussions regarding merger and acquisition (M&A) opportunities, with further clarity expected by mid-year.

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‘Triple i’ Reports Q1/2026 Revenue Growth of 13.8% YoY Confident in Aviation Ecosystem Strategy to Drive Growth as Planned

Triple i Logistics Public Company Limited (III), Thailand’s leading regional international logistics provider, announced its Q1/2026 operating results, reporting strong growth in its core air freight and chemical logistics businesses. Total revenue reached THB 604.9 million, representing a 13.8% year-on-year (YoY) increase, while net profit stood at THB 95.1 million.

The decline in net profit was mainly attributable to lower profit contributions from associated companies. This was due to investments in personnel and equipment by AOTGA in preparation for the launch of its third ground handling operation at Suvarnabhumi Airport, as well as a one-time special item recorded by ANI.

The company remains confident in continued growth during Q2/2026, supported by stable high air freight rates, AOTGA’s planned ground handling service launch at Suvarnabhumi Airport in the second half of the year, and ANI’s continued airline network expansion. III continues to move forward with its Aviation Ecosystem strategy and maintains its full-year growth target of 10–15%.

Mr. Tipp Dalal, Chief Executive Officer of Triple i Logistics Public Company Limited (III), stated that the company generated total revenue of THB 604.9 million in Q1/2026, increasing 13.8% YoY. The growth was mainly driven by the air freight business, which expanded in both cargo transportation and warehouse services. In addition, the chemical logistics business benefited from a new partner specializing in ISO Tank Container services, attracting customers in the liquid product segment.

Net profit totaled THB 95.1 million, decreasing 12.5% YoY and 13.8% quarter-on-quarter, mainly due to a temporary decline in profit sharing from associated companies. AOTGA incurred significant expenses related to personnel and equipment investments in preparation for becoming the third ground handling service provider at Suvarnabhumi Airport. However, compared to the previous quarter, AOTGA continued to deliver solid growth, supported by the ongoing recovery of Thailand’s tourism industry.

Meanwhile, Asia Network International Public Company Limited (ANI) recorded a one-time tax-related special item. Excluding this item, ANI’s operating performance showed strong recovery, driven by higher air freight rates and increasing cargo volumes.

For Q2/2026, the company expects continued strong growth from the integrated Aviation Ecosystem among Triple i Group and its strategic partners, enabling efficient business connectivity and creating new opportunities across the logistics value chain. Persistently high air freight rates are also expected to remain a positive supporting factor.

The company is currently in discussions regarding a potential merger and acquisition (M&A) deal, which is expected to conclude by mid-year and help strengthen long-term revenue growth.

Although ongoing geopolitical conflicts in the Middle East have tightened sea freight capacity and significantly increased shipping costs, resulting in cargo congestion and a shift from sea freight to air freight among exporters, the company has successfully capitalized on opportunities through its strategic airline partnerships. These partnerships allow the company to secure priority cargo space allocations, enabling effective demand management, cost control, and profitability preservation.

Mr. Tipp added that the overall air freight business is expected to recover more clearly in the second half of the year. In particular, if tensions in the Middle East ease, delayed cargo shipments are expected to resume significantly, directly benefiting the company’s Aviation Ecosystem strategy.

The company continues to expand its Airport Truck Link service connecting Thailand’s three major airports — Suvarnabhumi, Don Mueang, and Phuket — with China and ASEAN countries. The Airport Truck Link also serves as a transportation solution connecting cargo from Suvarnabhumi and Don Mueang to Phuket Airport, where available cargo capacity presents strong business opportunities.

In addition, the company is preparing to launch its cargo airline business, which is expected to commence operations in Q4/2026. Since February, the pilot charter flight service between Bangkok and Yangon has received positive feedback and has operated as planned at an average of one flight per week. The company plans to increase flight frequency and expand additional ASEAN routes throughout the remainder of the year.

AOTGA, in which Triple i invested through SAL Group (Thailand) Co., Ltd. (SAL), the winning bidder for Suvarnabhumi Airport’s third ground handling and cargo warehouse concession, is expected to begin ground handling operations in the second half of 2026. Meanwhile, ANI continues to expand its airline partnerships and service routes.

“Despite geopolitical uncertainties, the company believes there will be no significant impact on overall business performance due to the strength of our Aviation Ecosystem and strategic partnerships. These strengths enable us to create new opportunities and diversify business potential without relying on any single business segment. We remain confident and reaffirm our 2026 growth target of 10–15% as planned,” Mr. Tipp concluded.