SCG Packaging (SCGP) Q3 2026 earnings summary

Executive summary

• 9M 2026 sales were Bt 94,325,546 thousand versus Bt 94,203,852 thousand; consolidated net profit was Bt 6,482,335 thousand versus Bt 3,181,896 thousand.

• 9M profit attributable to owners rose to Bt 5,895,825 thousand from Bt 2,862,894 thousand, supported by Indonesian packaging paper operations and cost savings.

• Q3 sales rose 7% YoY and were flat QoQ; EBITDA increased 29% YoY but declined 8% QoQ as higher raw material and energy costs pressured earnings.

• At 30 September 2026, total assets were Bt 182,772,987 thousand, total liabilities Bt 87,907,882 thousand, and cash and cash equivalents Bt 7,449,141 thousand.

Financial highlights

• 9M EBITDA rose 25% to 15,819 MB; adjusted Core EBITDA was 15,725 MB versus 12,688 MB, and adjusted Core Profit was 5,822 MB versus 2,907 MB.

• 9M gross profit was Bt 20,726,258 thousand versus Bt 17,005,372 thousand; operating profit was Bt 9,139,678 thousand versus Bt 5,886,743 thousand.

• Q3 gross profit was Bt 6,857,812 thousand versus Bt 5,470,284 thousand; operating profit was Bt 3,116,297 thousand versus Bt 1,887,180 thousand.

• Q3 profit attributable to owners was Bt 2,025,861 thousand versus Bt 953,229 thousand; basic EPS was Bt 0.47 versus Bt 0.22.

• 9M basic EPS was Bt 1.37 versus Bt 0.67.

Outlook and guidance

• FY2026 targets: EBITDA 18,300 MB, margin above 14%, operational and supply-chain excellence savings of 600 MB, and consumer packaging at 49% of sales.

• 9M progress: EBITDA 15,819 MB and 17% margin; cost savings 642 MB, including 436 MB from AI initiatives; consumer packaging share 48%.

• Q4 demand expected broadly flat, supported by year-end promotions and Thailand post-flood recovery; Q4 consumer spending risk estimated at 2.5% amid debt and inflation pressure.

• Q4 demand support expected to continue into Q1 2027, particularly in Vietnam for Tet and Indonesia for Hari Raya, with possible operating slowdowns during New Year holidays.