TQM Alpha (TQM) Q3 2025 earnings summary

Executive summary

• Achieved total revenue of 2,969 MB for 9M25, demonstrating resilience in core business and strategic advancement.

• Maintained an 80% core motor renewal rate, with strong interest in motor insurance and increased demand for home insurance post-seismic event.

• Piloted AI automation to enhance sales force efficiency and optimize customer experience.

• Total assets reached 5,383,908 thousand Baht as of 30 September 2025, with equity attributable to owners at 2,724,728 thousand Baht and total equity at 3,254,655 thousand Baht.

• Revenue for the nine-month period ended 30 September 2025 was 2,968,697 thousand Baht, with net profit attributable to owners at 553,316 thousand Baht.

Financial highlights

• 9M25 revenue held firm with a 2.4% adjustment; 3Q25 revenue down 7.3% QoQ and 8.5% YoY.

• 3Q25 gross profit was 502 MB, with a 48% gross profit margin; gross profit declined 11.5% QoQ and 23.1% YoY.

• Net profit attributable to owners for the nine-month period was 553,316 thousand Baht, compared to 633,902 thousand Baht in the prior year.

• Earnings per share for the nine-month period were 0.92 Baht, down from 1.06 Baht year-over-year.

• Service costs increased 3.8% YoY, while admin expenses decreased 11.9% YoY.

Outlook and guidance

• Targets THB 50,000 million in premiums by FY2027, with 5-10% average annual revenue growth from 2025-2027.

• Focus on sustainable growth, digital transformation, and leveraging AI for operational efficiency.

• Dividend payments and treasury share purchases impacted retained earnings and equity reserves during the period.