Supalai Public Company (SPALI) H2 2025 earnings summary

Executive summary

• Pre-sales performance in 2025 reached 26,249 million Baht, with a 2026 target of 30,000 million Baht, reflecting growth ambitions across both high-rise and low-rise segments in Bangkok Metropolitan and provincial markets.

• Expansion into 30 provinces by 2026, with significant focus on both Bangkok and provincial areas.

• Australian operations saw a 370% increase in pre-sales in 2025, with a 2026 target of 1,000 MAUD (approx. 21,500 MB), and new projects in Melbourne contributing to a project value of 176,500 MB.

Financial highlights

• Total revenues for 2025 were 24,772 million Baht, down 23% year-over-year from 31,985 million Baht.

• Net profit for 2025 was 4,015 million Baht, a 35% decrease from 6,190 million Baht in 2024.

• Gross margin declined to 34.4% from 37.7% year-over-year.

• Basic EPS dropped to 2.09 Baht from 3.17 Baht.

Outlook and guidance

• 2026 pre-sales target set at 30,000 million Baht, with a balanced focus on high-rise and low-rise projects in both Bangkok and provincial markets.

• Revenue target for 2026 is 27,000 million Baht, with a backlog of 13,566 million Baht as of year-end 2025.

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