Thai Union Group Public Company (TU) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales grew 7.6%-8% year-on-year to THB 32.05 billion, with volume up 2.8% and net profit rising 9.2% to THB 1,113 million, driven by strong organic momentum and transformation programs.

• Operating profit rose 29%-30% year-on-year, aided by transformation cost reductions and a one-time non-cash tax credit.

• PetCare and Frozen segments led growth, while Value-Added saw softness due to weaker demand in key markets.

• Share repurchases and buybacks contributed to higher EPS, despite a 30.2% drop in share price since the start of the year.

• The company received multiple awards for ESG, management, and sustainability initiatives.

Financial highlights

• Sales reached THB 32.05 billion, with growth in all categories, especially PetCare, Feedmill, and Frozen.

• Gross profit increased 3.8% year-on-year to THB 5,825-5,808 million, but margin declined from 18.8%-18.9% to 18.1%-18.2% due to U.S. tariffs.

• Operating profit rose to THB 1,166 million, with margin up from 3.0% to 3.6%.

• EBITDA grew 6.5% year-on-year.

• Adjusted net profit (excluding transformation costs) grew about 20% year-on-year.

Outlook and guidance

• 2026 sales growth guidance maintained at 3%-4%, with growth expected in all categories, especially PetCare and Feed.

• Gross profit margin expected to improve in coming quarters, with Ambient and Frozen margins strengthening.

• CapEx for 2026 set at THB 5.5-6 billion, focused on growth investments including a new feed plant in Ecuador.

• Dividend policy remains at no less than 50% payout ratio, paid twice a year.

• Dividend payments for 2025 profits were approved and paid in April 2026.