Thai Union Group Public Company (TU) investor relations material

Executive summary

• Q3 2026 sales rose 3.4% YoY to THB 35.679bn; gross margin reached 20.4%, operating profit increased 16.2%, and attributable profit rose 3.2% to THB 1.346bn.

• 9M revenue rose 4.0% YoY to Baht 101,578m; attributable profit was Baht 3,723m versus Baht 3,596m, and EPS increased 7.8% to Baht 0.97.

• Ambient, PetCare and Value-added growth offset weaker Frozen performance; elevated input, freight and energy costs remained headwinds.

Financial highlights

• Q3 revenue was Baht 35,679m, up from Baht 34,501m YoY; organic growth was 2.1%, with FX contributing 1.3%.

• Q3 gross profit was Baht 7,292m versus Baht 6,549m; gross margin increased to 20.4% from 19.0%.

• Q3 operating profit rose 16.2% to Baht 2.087bn; profit was Baht 1,574m, including Baht 1,346m attributable to owners, with EPS of Baht 0.35.

• 9M gross profit was Baht 20,354m versus Baht 18,727m; total profit was Baht 4,507m and attributable profit was Baht 3,723m.

• 9M net cash from operating activities was Baht 7,354m, compared with Baht 6,111m in 9M 2025.

Outlook and guidance

• FY 2026 targets: sales growth of 4%–6% YoY, gross margin of ~19.5%–20.5%, SG&A to sales of ~14.0%–14.5%, and dividend payout of at least 50%.

• CAPEX guidance was reduced to ~THB 4.0bn–4.5bn from THB 5.0bn–5.5bn; 9M CAPEX was THB 2.7bn, with spending focused on projects offering attractive returns.

• Sales growth is expected from volume gains in key categories and THB depreciation; margin drivers include Ambient and PetCare, premium mix and conversion-cost improvements.

• Higher marketing investment and freight costs from rising oil prices are expected to be partly offset by lower transformation costs; FY 2026 guidance includes the full-year impact of U.S. tariffs.

• Priorities include Ambient premiumization, PetCare growth and selective M&A, production and SG&A efficiency, working-capital improvement, and refinancing to reduce FY 2027 financial costs by 3%–5%.