TQM Alpha (TQM) Q4 2025 earnings summary

Executive summary

• Achieved strong premium rebound in Q4 2025, driven by product segmentation and synergy from subsidiaries.

• Maintained resiliency and re-engineering focus amid sluggish economic conditions.

• Strategic pivot towards digital transformation, customer engagement, and value-led insurance broking planned for 2026.

Financial highlights

• Q4 2025 revenue rose 4.1% YoY to THB 959.6M; FY2025 revenue declined 1.2% YoY to THB 3,856.9M due to economic slowdown.

• Q4 2025 net profit increased 3.8% YoY to THB 197.1M; FY2025 net profit fell 9.0% YoY to THB 783.9M.

• Service costs increased 4.0% YoY in Q4 and 4.4% YoY for FY2025, mainly from higher sales and advertising expenses.

• Q4 admin expenses rose 4.9% YoY, but FY2025 admin expenses decreased 0.9% YoY.

• Dividend of 1.10 THB per share for FY2025, yielding 9.6%.

Outlook and guidance

• Focus on expanding non-motor and non-traditional insurance segments.

• Digital transformation and omni-channel integration to drive operational efficiency and customer loyalty in 2026.

• True Life IPO planned for H2 2026 to unlock value.