Supalai Public Company (SPALI) H1 2026 earnings summary

Executive summary

• Achieved 1H26 pre-sales of 12,948 million Baht, up 9% year-over-year, with growth in both high-rise and low-rise segments across Bangkok Metropolitan and provincial markets.

• Total revenues for 1H26 reached 11,081 million Baht, a 4% increase year-over-year, with net profit rising 36% to 2,049 million Baht and net profit margin improving to 18.5%.

• Total comprehensive income for the six months was 3,754.9 million Baht, more than double the prior year.

• Expansion into 30 provinces in 2026, with plans to reach 34 provinces by 2028, strengthening market leadership.

Financial highlights

• Gross margin for 1H26 was 30.3%, down from 34.2% in 1H25.

• Selling and administrative expenses decreased by 4% year-over-year, with S&A as a percentage of total revenues at 15.9%.

• Share of profit from joint ventures and associates increased 72% year-over-year to 993 million Baht.

• Basic EPS for 1H26 was 1.09 Baht, up 40% from 0.78 Baht in 1H25.

• Cash and cash equivalents increased to 7,005.8 million Baht as of 30 June 2026, from 3,788.2 million Baht at year-end 2025.

Outlook and guidance

• 2026 pre-sales target set at 30,000 million Baht, with a balanced contribution from high-rise and low-rise projects in both Bangkok Metropolitan and provincial areas.

• Target revenue CAGR of 7% through 2028, with backlog of 6,654 million Baht as of 1H26.

• New launches in 2026 include 28 low-rise and 5 high-rise projects, totaling 35,000MB and 8,000MB in value, respectively.

• Interim dividend of 0.55 Baht per share for 1H26, with a policy to pay at least 35% of net profit.

• Management is evaluating the impact of new accounting standards effective in 2028.