Thai Union Group Public Company (TU) Q4 2025 earnings summary

Executive summary

• FY25 gross profit margin reached a record 18.9% despite FX and U.S. tariff headwinds.

• Sales volume grew 2.5% to 900,000 tons, led by Frozen, Feed, and PetCare.

• Adjusted net profit declined 3.1% YoY, while EPS rose 7.2% to ฿1.16, supported by share cancellation.

• Transformation programs delivered savings, including $20M from Sonar in 2025; a $60M cost-reset target is set for FY26.

• Ranked in the top 1% of the S&P Global Sustainability Yearbook 2026 and received global sustainability and innovation recognition.

Financial highlights

• FY25 sales declined 4.1% YoY to THB 132,719mn, while gross profit margin reached a record 18.9%.

• Q4 revenue was ฿35bn; organic sales grew 0.7% YoY, while adjusted net profit fell 22.7% to THB 1,169mn.

• Q4 gross profit margin was 18.3%; adjusted net profit margin was 4.7%, compared with FY25 adjusted net profit margin of 4.2%.

• FY25 adjusted net profit declined 3.1% to THB 5,508mn.

• Net debt rose to ฿61bn, mainly due to working capital, share buybacks, and dividends; net debt-to-equity was 1.18x.

Outlook and guidance

• FY26 guidance targets 3–4% sales growth and gross profit margin of 19–20%, with PetCare and Feed expected to lead growth.

• FY26 cost-reset program targets USD 60mn in savings.

• SG&A is expected at 13.5–14.5% of sales, reflecting increased marketing investment.

• FY26 CapEx guidance is ฿5.5–6bn, including Feedmill Ecuador and an office acquisition.

• Net debt-to-equity is targeted at 1.1 by end-2026; net debt-to-EBITDA is expected to improve to 4.4–4.5x.