Dusit Thani Public Company Limited returns to profit in Q2 2026 as revenue rises 113.8% and EBITDA increases 550.4%
Strong hotel performance and revenue recognition from residential unit transfers within The Residences at Dusit Central Park drive second-quarter growth
Bangkok, Thailand, 17 August 2026 – Dusit Thani Public Company Limited (DUSIT) has announced its financial results for the second quarter and first half of 2026, reporting a return to profitability, with strong hotel performance and revenue recognition from unit transfers within The Residences at Dusit Central Park – the residential component of DUSIT’s landmark mixed-use development in central Bangkok – driving substantial growth in revenue and EBITDA.
For the second quarter of 2026 (April–June), DUSIT recorded total revenue of THB 3,633 million, up 113.8% year-on-year (YoY). The company reported a net profit of THB 97 million, compared with a net loss of THB 291 million in the same period of 2025. Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached THB 761 million, an increase of 550.4% YoY.
For the first six months of 2026 (January–June), total revenue rose 69.5% YoY to THB 6,903 million. The company recorded a net profit of THB 347 million, compared with a net loss of THB 243 million in the first half of 2025, while EBITDA increased 156.1% to THB 1,621 million.
The improved results were driven primarily by growth in the hotel business, led by the flagship Dusit Thani Bangkok, and revenue recognition from residential unit transfers within The Residences at Dusit Central Park. Disciplined cost and expense management also supported stronger operating margins.
Mr Chanin Donavanik, Group Chief Executive Officer, DUSIT, said the first-half performance demonstrated the strength and resilience of DUSIT’s diversified portfolio despite pressure on Thailand’s tourism sector and continued geopolitical uncertainty.
“Although Thailand experienced slower growth in international visitor arrivals during the first half of the year, DUSIT maintained its momentum through disciplined portfolio management, a diversified customer base, and growth across our hotel and property development businesses,” said Mr Donavanik.
“Our strong second-quarter performance was supported by revenue recognition from residential unit transfers within The Residences at Dusit Central Park, together with continued growth in our hotel business. RevPAR at our owned hotels increased 21.5%, reflecting improvements in both occupancy and average room rate, with Dusit Thani Bangkok making a particularly strong contribution.
“While geopolitical developments continue to create uncertainty in some markets, the breadth of our portfolio, effective revenue management, and rigorous control of fixed costs and operating expenses have strengthened our ability to navigate volatility while continuing to pursue sustainable, long-term growth.”
The conflict in the Middle East affected the performance of DUSIT’s managed hotels in the region, as well as its hotels in the Maldives, during the first half of the year. These effects were partly offset by strong results from the company’s hotel portfolio in Thailand and elsewhere in the Asia-Pacific region.
Mr Donavanik said DUSIT would continue to monitor developments closely and adapt its commercial and operating strategies where necessary.
“We are placing particular emphasis on domestic travel and short-haul international markets to help mitigate potential pressure on our Asia-Pacific hotel operations,” said Mr Donavanik. “Alongside continued cost discipline, we are also advancing our long-term strategy of diversifying revenue and risk through the expansion of our property development and food businesses.”
As of the second quarter of 2026, DUSIT managed 290 hotels and villas across 19 countries.
In the company’s food business, Bonjour Bakery, DUSIT’s bakery franchise operation, recorded a net increase of seven outlets, bringing its network to 118 locations.
In real estate development, work on The Residences at Dusit Central Park continued to advance. The development comprises two branded residential concepts: Dusit Residences and Dusit Parkside. Approximately 97% of the saleable residential area has been sold, with unit handovers ongoing.
Additionally, DUSIT successfully issued debentures No. 1/2026, valued at THB 1,500 million. The offering attracted strong investor demand, reflecting confidence in the company and its business prospects. The proceeds were used to redeem maturing debentures.
Looking ahead, DUSIT maintains its forecast for total revenue growth of 5–8% in 2026, excluding revenue from residential unit transfers within The Residences at Dusit Central Park, and continues to target an EBITDA margin of 18–20% of total revenue.
The company’s revenue and EBITDA projections for its hotel, food, and property development businesses remain unchanged. For its education business, DUSIT has revised its revenue growth target to 5–7%, with an anticipated EBITDA margin of approximately 8–10%, reflecting increased competition and slower demand amid modest economic growth in Thailand.
