Mitihoon – Bangkok, 26 February 2026 – Dusit Thani Public Company Limited (DUSIT) has reported a strong recovery in operating performance in the fourth quarter of 2025 (October–December), with total revenue reaching THB 3,121 million, increasing 78.9% quarter-on-quarter (QoQ). Net profit was THB 173 million, compared with a net loss of THB 384 million in the third quarter of 2025.
Earnings before interest, taxes, depreciation and amortisation (EBITDA), which reflects core operating performance, amounted to THB 749 million, rising significantly from THB 74 million in the previous quarter. At the bottom line, however, net profit declined by 44.2% compared with the same period last year (YoY).
Looking at year-on-year performance for the fourth quarter, total revenue declined by 48.8%, which was mainly attributable to the recognition of THB 3,805 million in Q4/2024 of one-time revenue from the handover of bare-shell retail spaces at the Dusit Central Park mixed-use development in Bangkok. No such one-off revenue was recorded in the fourth quarter of 2025.
In Q4/2025, DUSIT was also significantly impacted by the recognition of a foreign exchange loss resulting from the appreciation of the Thai baht. The share of profit from investment in DREIT declined due to exchange-rate impacts, contributing to a 31.4% YoY decline in EBITDA. Interest expenses increased as various components of Dusit Central Park were progressively completed and opened, meaning borrowing costs could no longer be capitalised as project costs. Taken together, these items were the main contributors to the 44.2% year-on-year decline in net profit, which stood at THB 173 million.
Operationally, however, performance in Q4/2025 improved significantly from the previous quarter, driven by the high tourism season and improved hotel operations. Revenue per available room (RevPAR) increased, supported by higher occupancy rates and improved average room rates. In addition, DUSIT began recognising revenue from certain residential projects towards the end of the year, contributing to the QoQ improvement in performance.
Annual results in focus
For the full-year 2025 results (January–December), DUSIT reported total revenue of THB 8,938 million, representing a decrease of 20.2% from THB 11,204 million in 2024. The decline was mainly attributable to the recognition in the previous year of one-time revenue from the handover of retail building space at Dusit Central Park.
On a comparable basis, excluding revenue from the handover of retail building construction work in 2024 and revenue from building system works for the retail space in 2025 – both of which were one-time items – total revenue in 2025 was THB 8,686 million, representing growth of 17.4%, driven by expansion across all business units. This underlying growth, however, was lower than projected due to a slowdown in the tourism industry and intensified competition in the food business.
During the year, DUSIT also recorded higher foreign exchange losses as a result of the appreciation of the Thai baht. In addition, the share of profit from investment in DREIT decreased significantly due to exchange-rate impacts, including changes in the fair value of investments. As a result, total EBITDA declined by 12.4%; however, EBITDA margin improved to 16.3% of total revenue, in line with projections.
Depreciation and interest expenses increased as borrowing costs could no longer be capitalised as part of the Dusit Central Park project following its partial commencement of operations. As a result, DUSIT reported a net loss of THB 453 million.
Notwithstanding these factors, DUSIT continued to unlock value from Dusit Central Park, recognising a full year of revenue from the new Dusit Thani Bangkok hotel alongside the progressive opening of other project components, including the office building, retail centre, and rooftop park. The residential component achieved sales of 95% of total saleable area, with the gradual transfer of certain units enabling revenue recognition towards the end of the year.
Looking ahead to 2026, DUSIT expects to enter a new phase of growth on a stronger business foundation. A key supporting factor is the forecast 3–4% growth in international tourism compared with 2025, based on assumptions of continued growth in the Asia-Pacific region and a supportive economic environment. Nevertheless, geopolitical tensions remain a key risk factor for the global tourism sector.
“This year, we have set a growth strategy focused on balance, business expansion, and risk diversification under the D.U.S.I.T. framework, which guides our operations and investments through five core pillars: diversified growth, long-term value creation, sustainability, innovation, and Thai-inspired lifestyle offerings that meet market needs,” said Mr Chanin Donavanik, Group Chief Executive Officer, Dusit Thani Public Company Limited. “Based on our guidance, we project total revenue growth of 5–8%, excluding residential transfers at Dusit Central Park, and have raised our EBITDA margin target to 18–20% of total revenue, supported by expansion across all business units.”
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