AAPICO Hitech Public Company (AH) Q2 2025 earnings summary

Executive summary

• Total revenue for Q2 2025 increased 2.1% year-over-year to THB 6,629.5 million, while 1H 2025 revenue declined 4.4% year-over-year to THB 13,458.6 million.

• Net profit for Q2 2025 rose 5.3% year-over-year to THB 108.1 million, with 1H 2025 net profit down 1.9% to THB 414.3 million.

• Gross profit margin declined to 7.4% in Q2 2025 and 8.6% in 1H 2025, reflecting margin pressure.

• Core profit margin improved to 1.7% in Q2 2025 from 1.5% in Q2 2024, showing operational efficiency.

• The company maintains a strong balance sheet with cash and fixed deposits over THB 2,200 million and a low interest-bearing debt to equity ratio of 0.5x.

Financial highlights

• Q2 2025 gross profit was THB 481.0 million, down 13.5% year-over-year; 1H 2025 gross profit was THB 1,146.6 million, down 9.3%.

• SG&A expenses decreased 6.5% in Q2 2025 and 9.9% in 1H 2025 year-over-year.

• Share of profit from associates and JVs rose 29.9% in Q2 2025 and 33.3% in 1H 2025 year-over-year.

• Adjusted EBIT for 1H 2025 was THB 570 million, down 4.1% year-over-year.

• Finance costs fell 25.5% to THB 81.9 million, while finance income dropped 51.6% to THB 14.4 million.

Outlook and guidance

• Revenue for 2025 is expected to be close to 2024 levels, with a solid pipeline of secured projects supporting medium- to long-term growth.

• Core profit margin is anticipated to improve compared to 2024.

• Strategic focus remains on global expansion, joint ventures in EV components, automation, and cost efficiency.

• Confident in capturing emerging opportunities despite a small expected decline in production volume.