SCG Packaging (SCGP) Q1 2026 earnings summary

Executive summary

• Q1 2026 results met targets, with resilient ASEAN demand in essential packaging offsetting global headwinds and subdued durable goods demand.

• Revenue declined year-over-year due to lower sales volume and average prices, but EBITDA and net profit increased both YoY and QoQ, driven by improved Indonesian operations and disciplined cost management.

• Consumer packaging segment grew, with increased domestic sales in ASEAN markets.

Financial highlights

• Revenue: 29,295 million THB, down 9% YoY and 3% QoQ.

• EBITDA: 4,641 million THB, up 10% YoY and 2% QoQ, with margin at 16%.

• Net profit: 1,566 million THB, up 74% YoY and 30% QoQ.

• Gross profit margin improved to 21% from 18% YoY.

• Core EBITDA was 4,616 million THB (+8% YoY, +25% QoQ); core profit was 1,542 million THB (+68% YoY, +88% QoQ), mainly due to NRV adjustments.

Outlook and guidance

• Q2 2026 expected to see sales volume recovery in ASEAN, especially Vietnam and Indonesia, post-holiday.

• Focus on stabilizing supply chain, leveraging AI, and maintaining profitability amid rising raw material and transport costs.

• Full-year 2026 EBITDA target: 18,300 million THB, margin >14%.

• Raw material costs, especially recovered paper, are projected to rise amid tightening supply.

• The company targets continued cost efficiency, value-added solutions, and ESG integration.