Q1/2026 Highlights

  • In Q1/2026, total revenue reached 6.776 billion baht, an increase of 9.5% (YoY), with net profit at 1.986 billion baht, up 0.9% (YoY). Both revenue and net profit achieved record highs for the company, driven by growth in high-quality hotel and commercial business portfolios, alongside EBITDA expansion in both business segments.
  • The hotel and service business grew by 12.0% (YoY) due to strong demand from high-quality tourists at key destinations, with the average revenue per available room (RevPAR) for existing hotels reaching a new high of 5,230 baht per night. Meanwhile, the commercial business grew by 10.3% (YoY), propelled by AWC's Lifestyle Destination model and the continued growth of Asiatique The Riverfront Destination.
  • AWC continues to enhance its quality asset portfolio, now valued at 221.357 billion baht, a 5.7% (YoY) increase, while maintaining a strong financial structure with an IBD/E ratio of just 0.87, below the industry average, to support long-term growth. The company also provides consistent returns to shareholders with a dividend of 0.080 baht per share, up 6.7% (YoY).

Naowalapa Traisorat, CEO and Managing Director of Asset World Corp Public Company Limited (AWC), reported Q1/2026 results reflecting quality growth in the hotel and commercial business portfolios under the Sustainable Growth-Led Strategy. This strategy focuses on enhancing quality assets in key destinations nationwide while creating lifestyle, tourism, and living experiences that meet high-quality demand globally. The company recorded total revenue of 6.776 billion baht, a 9.5% (YoY) increase, and net profit of 1.986 billion baht, a 0.9% (YoY) increase, with EBITDA at 3.531 billion baht, up 3.3% (YoY), all achieving new highs for the company due to growth in the existing business portfolio, gradual revenue recognition from new assets, and operational efficiency improvements across all business segments.

AWC maintains a strong financial structure with a quality asset portfolio valued at 221.357 billion baht, a 5.7% (YoY) increase, and an IBD/E ratio of 0.87, reflecting readiness for disciplined long-term growth. Additionally, the 2026 Annual General Meeting approved a dividend payment from the 2025 operational results at a rate of 0.080 baht per share, up 6.7% (YoY).

Naowalapa Traisorat, CEO and Managing Director of AWC, stated, "This quarter's performance reflects AWC's direction under the Sustainable Growth-led Strategy, focusing on long-term growth by integrating the strengths of the hotel, commercial, and lifestyle businesses to enhance the quality real estate portfolio in a balanced and sustainable manner. The launch and development of new projects last year contributed to AWC's growth in revenue, asset value, and partnerships with global allies.

"AWC believes that people today seek meaningful, quality experiences connected to communities, society, and the environment, which is the concept AWC uses to design projects and landmarks to support Thailand's potential as a leading destination for quality tourism and lifestyle globally, while delivering sustainable value to shareholders, partners, and all stakeholders under the concept of Building Better Future For All."

The hotel and service business continues to grow, driven by high-quality demand and portfolio expansion in key destinations.

The hotel and service business generated total revenue of 4.078 billion baht, a 12.0% (YoY) increase, with operational profit (BU EBITDA) of 1.625 billion baht, up 8.6% (YoY), driven by growth in hotel portfolios at key destinations nationwide, alongside enhancing lifestyle and tourism experiences to boost revenue potential. This growth was supported by strong performance from existing hotels, particularly in Chiang Mai, where RevPAR grew by 26% (YoY) due to the recovery of high-quality tourist demand, as well as luxury resorts in Krabi and Koh Samui, which continue to maintain growth. Banyan Tree Samui achieved a maximum ADR of 33,000 baht per night in January 2026, resulting in the average revenue per available room (Same-store RevPAR) for the company reaching a new high of 5,230 baht per night, reflecting the potential of the existing hotel portfolio for stable growth.

The company is beginning to see the investment in new assets translate into continuous revenue and cash flow through gradual revenue recognition from new hotels opened in 2025, including Meliá Pattaya Hotel, Jubilee Prestige Ratchada, and Pattaya Marriott Resort and Spa, with Pattaya Marriott Resort and Spa achieving a maximum occupancy rate of 74% and Meliá Pattaya Hotel achieving 83% occupancy in Q1/2026, alongside RevPAR growth every quarter since opening, enhancing the long-term growth potential of the hotel portfolio.

At the same time, AWC is also advancing its food and beverage business to connect tourism, leisure, and lifestyle experiences, resulting in the food and beverage portfolio generating total revenue of 1.222 billion baht, a 14.0% (YoY) increase, led by 'A-YA' Rooftop at The Empire, which generated over 158 million baht in revenue this quarter and remains one of Bangkok's key food and lifestyle destinations, alongside new restaurants and experiences that complement the company's lifestyle ecosystem.

The commercial business grows from AWC's Lifestyle Destination model and the development of Lifestyle Workplace.

The commercial business generated total revenue of 2.632 billion baht, a 10.3% (YoY) increase, with operational profit (BU EBITDA) of 2.239 billion baht, up 8.9% (YoY). Excluding profits from changes in fair value of investment properties, revenue grew by 16.3% (YoY) to 1.175 billion baht, and BU EBITDA grew by 15.0% (YoY) to 781 million baht, reflecting genuine growth in both the shopping center and office building segments.

One of the key drivers is the Asiatique The Riverfront Destination project, which continues to expand through the development of lifestyle and tourism experience models, with rental income growing by 15% (YoY) and operational profit (EBITDA) growing by 21% (YoY) due to a 4% (YoY) increase in occupancy rates to 81%, higher average rents up 5% (YoY), and a 16% (YoY) increase in average daily traffic from the success of the Jurassic World: The Experience and SkyFlyers: Wings of Garudapterus projects, attracting both Thai and international tourists.

In the shopping center segment overall, BU EBITDA grew by 35% (YoY), and occupancy rates increased by 4% (YoY) from 73% to 77%, with user traffic growing by 6% (YoY), while the office building segment maintained cash flow stability, with BU EBITDA growing by 2% (YoY) from the development of buildings under the Lifestyle Workplace concept, led by The Empire project under the concept "The Empire Reimagined," which remains one of the key landmarks enhancing the potential of the office portfolio, alongside revenue recognition from new office buildings, Jubilee Prestige Tower, in a prime location in Ratchada, supporting long-term portfolio growth.

Additionally, AWC launched the "Better World Better Future" landmark in Edutainment at Hatch Dome to promote Asiatique The Riverfront Destination as a world-class tourism and experience destination, integrating entertainment, technology, and sustainability learning to create meaningful experiences for visitors of all ages while supporting the long-term growth potential of the project.

Continuing to drive long-term growth alongside international sustainability standards.

AWC is committed to driving quality growth under the mission "Building Better Future For All" and the 3BETTERs framework, which includes Better Planet, Better People, and Better Prosperity, to create long-term value for the economy, society, and the environment. Recently, AWC was ranked in the Top 1% S&P CSA Score in the S&P Global Sustainability Yearbook 2026 for the fourth consecutive year, achieving the highest score in the hotel, resort, and cruise industry, reflecting its commitment to developing quality real estate according to global ESG standards.

Moreover, Meliá Pattaya Hotel has received WELL Certified™ Platinum level certification, making it the first hotel in Southeast Asia to achieve this standard. Both Meliá Pattaya Hotel and InterContinental Chiang Mai Mae Ping Hotel have also received the WELL Health-Safety Rating, while office buildings in the group, including The Empire Athenee Tower and Interlink Tower Bangna, have received WELL Core Certified™ Platinum level certification, becoming the first four office buildings in Thailand to achieve this certification. All six buildings have also received LEED Gold certification, reflecting a commitment to developing real estate that prioritizes the quality of life for people living, working, and visiting the projects, alongside environmental efficiency and creating sustainable long-term value for the company's real estate portfolio.

In 2026, the company plans to expand its portfolio through key projects in prime locations, such as the Fairmont Bangkok Sukhumvit Hotel and the Lanna Teak Gala Phase 1 project in Chiang Mai, to enhance the growth potential of the business portfolio and develop world-class tourism and lifestyle landmarks, while creating a positive impact on the economy, society, and the environment, aiming to support Thailand's tourism as a global destination.