AAPICO Hitech Public Company (AH) Q3 2025 earnings summary

Executive summary

• Operates 54 companies globally, with 34 in Thailand and 20 abroad; recently established new subsidiaries and joint ventures in Portugal, the US, and Singapore.

• Three main businesses: auto parts manufacturing (72% of revenue), dealership/services (28%), and IoT/tech (1%).

• Credit rating A- (Tris), CG Score 4 stars, included in ESG 100 Universe, and strong CSR credentials.

• Market cap approximately ฿4,500 million; main operations in Thailand, Malaysia, Portugal, China, and offices in several other countries.

• Interim financials for the three- and nine-month periods ended 30 September 2025 were reviewed with no material misstatements found.

Financial highlights

• Nine-month consolidated revenue was THB 19,681 million, down 4.8–5% year-over-year; net profit attributable to equity holders was THB 625.9 million, up 0.8%, with a net profit margin of 3.2%.

• Q3 revenue was THB 6,222 million, with net profit of THB 211.6 million; basic EPS for nine months was THB 1.86, up from THB 1.78.

• Gross profit margin for nine months was 8.8%, with Q3 margin at 9.2%; SG&A expenses down 7.9% YoY.

• Adjusted EBIT for nine months was THB 923.6 million, up 0.8% YoY; other income rose 19.1% YoY.

• Cash and cash equivalents increased to THB 831.7 million as of 30 September 2025; cash and deposits over THB 2,180 million.

Outlook and guidance

• FY revenue expected to be slightly softer than last year but stable; core net profit margin expected to improve YoY.

• Focus on global expansion, especially in the US and EV components, cost control, and new business opportunities.

• Q4 revenue expected to be slightly softer both QoQ and YoY; no changes in segment organization or reporting.

• Board approved further acquisition of shares in a subsidiary post-period to maintain shareholding.