‘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.