SCG Packaging (SCGP) Q2 2026 earnings summary

Executive summary

• H1/2026 and Q2/2026 saw improved profitability, driven by Indonesia's turnaround, strong Vietnam growth, and margin expansion from cost reductions and operational improvements.

• Q2/2026 delivered higher sales and profits YoY and QoQ, with Indonesia returning to profit and ongoing cost management.

• Profitability surged, with net profit up 128% YoY and 47% QoQ, and EBITDA up 37% YoY and 25% QoQ.

• Interim dividend of 0.40 Baht/share (total 1,717 MB) approved, payable in August 2026.

Financial highlights

• H1/2026 sales: 61,749 MB, down 3% YoY but up 2% HoH; EBITDA: 10,462 MB, up 23% YoY and 20% HoH; Net profit: 3,870 MB, up 103% YoY and 79% HoH.

• Q2/2026 sales: 32,454 MB, up 11% QoQ and 3% YoY; EBITDA: 5,821 MB, up 25% QoQ and 37% YoY; Net profit: 2,304 MB, up 47% QoQ and 128% YoY.

• Gross profit margin improved to 24% in Q2/2026 from 18% in Q2/2025.

• Core EBITDA and core profit in Q2/2026 were 5,856 MB (+39% YoY) and 2,335 MB (+135% YoY), mainly due to asset impairment and NRV adjustments.

Outlook and guidance

• ASEAN consumption remains robust, supporting packaging demand; Q3/2026 expected to normalize with continued strong demand for essentials.

• Cost and energy price volatility is easing; price adjustments will align with cost trends.

• Focus on business transformation, automation, ESG, and AI to sustain profitability and competitiveness.