Mega Lifesciences (MEGA) investor relations material

Executive summary

• FY 2025 operating revenue was THB 14.147 billion, down 7.8% YoY, with the decline narrowing in 2H25 due to improved sales momentum in Myanmar distribution and branded business.

• Branded business revenue grew 4.3% YoY to THB 8.729 billion, with double-digit growth in all markets except Myanmar, which was impacted by currency and market conditions.

• Distribution business decline narrowed to 18% YoY for FY 2025 after normalizing for dual currency effects in Myanmar.

• EBITDA increased 2.6% YoY to THB 2.74 billion, supported by branded business growth and Myanmar recovery.

• Net profit attributable to shareholders was THB 1.91 billion, down 5% YoY, mainly due to higher tax expenses after expiry of tax privileges.

Financial highlights

• Gross profit margin improved to 52.2% of operating revenue, up from 50.5% in FY 2024, mainly due to segmental mix changes.

• Operating cash flow was THB 2.77 billion, representing 145% of net profits, indicating strong cash generation.

• Q4 FY 2025 operating revenue was THB 3.66 billion, up 0.2% YoY reported, but up 9.3% YoY normalized for Myanmar currency effects.

• SG&A expenses increased 2.2% YoY, now 31.7% of operating revenue.

• Total assets as of 31 December 2025 were THB 15,759 million, up from THB 14,210 million in 2024.

Outlook and guidance

• Revenue growth for FY 2026 is targeted at 8-12%, with branded business expected to lead and distribution to grow 5-10%, mainly driven by Myanmar recovery.

• CapEx of THB 2.7 billion planned over the next three years for manufacturing expansion in Myanmar, Vietnam, Indonesia, and Thailand.

• Healthy product pipeline with over 110 products, including launches in 2026, expected to drive future sales.

• Management is monitoring the impact of new TFRS amendments effective 2026, particularly regarding foreign exchange rates.

• The Board approved a dividend of Baht 0.80 per share, subject to shareholder approval.