Good afternoon, everyone. It's my pleasure to welcome you on our webcast. My name is Veera Titayangkaruvong. I am a manager of GFPT. First of all, I would like to thank you for your interest in GFPT. Turning to our agenda on slide three. First, I will briefly introduce GFPT Group business and explain about the vertical integrated chicken production and financial results in 2025. Then I will discuss about the Thai broiler industry outlook and what we can expect in this year, 2026. GFPT aims to be a carbon-neutral organization by 2030 and achieve net-zero carbon emissions by 2050. GFPT strives to be a leading chicken meat exporter with a fully vertical integrated chicken production. GFPT supported sustainable development goals, SDG, which was incorporated in the company's objectives and operations.
For example, SDG 2, zero hunger; SDG 4, quality education; SDG 5, gender equality; SDG 6, clean water and sanitation; SDG 8, decent work and economic growth; SDG 10, reduced inequality; SDG 13, climate action, and SDG 16, peace, justice and strong institutions. For various awards and achievements of GFPT in 2025, including we are certified to be a member of CAC for anti-corruption policy, and latest CG rating score was 5 CG symbols, excellent for seven consecutive years. We also achieved the rewards from IR Awards 2025 in agribusiness, including best IR, best CEO, and best CFO. GFPT Group is a vertically integrated chicken production starting from seed meal, grandparent breeder farm, breeder farm, and broiler farm, chicken processing plant and further processing factory. GFPT is listed in the Stock Exchange of Thailand under agribusiness.
CG score, as I mentioned already, 5 CG symbol, excellent, and the share price at the end of January 2026 was 9.5 THB per share, and average stock price in the fourth quarter of last year was 10.15 THB per share, and the highest share price for the past 52 weeks was 11 THB per share, and the lowest share price was 8 THB per share. Our share outstanding at 1.25 billion shares at 1 THB per share, and market cap is almost 12 billion THB and free float portion about 67% and foreign shareholder portion about 8.6%. For our dividend policy, we pay not more than 50% of the net profit from separate financial performance after all deductions.
Looking at the current shareholding structure, Viriyaprapaikit family, being a major shareholder, holds about 51.25%, and the rest, including local individuals, 34.5%; local funds, 5.7% and foreign institution about 8.5%; and only 0.1% foreign individuals. Next will be the group structure of GFPT Group. GFPT Group structure is quite simple. GFPT is a parent company of the group, which operates primary plant and further processing factory to produce fresh chicken meat and fully cooked chicken products. GFPT Group consists of five subsidiaries and two joint ventures. Each subsidiary handle different aspect of the vertical integration. GFPT holds 49% on both GFN and McKey, and we use equity method to take 49% of the JV performance in the profit and loss. Next will be GFPT fully vertical integrated chicken production.
Starting at feed mill, we currently have two feed mill facilities. KT1 produces animal feed and aquatic feed for domestic market, while KT2 produces only chicken feed for internal use. The major feed material consists of corn and soybean, in which corn are sourced locally and soybean and soybean meal are imported from overseas. For the farm operation, we have three generations of chicken farm, consists of grandparent breeder farm, parent breeder farm, and the broiler farm. We import grandparent day-old chick from overseas. Grandparent breeder and parent breeder, the cycle is about 60-65 weeks, while broiler farm, broilers are raised for only 40-42 days to reach the target weight. The chickens are raised in the closed EVAP system with the strict biosecurity, and we also concerned about the animal welfare and environmental enrichment.
We raise broilers in a sustainable way with a minimal impact to the environment. The cost strength of GFPT is we are 100% own-farm policy. So it means that we have no contract farming to make sure that our customer can trust in our chicken meat quality of our broiler are sold to GFPT 50% and the rest 50% we sold to GFN, the second joint venture for chicken meat processing and producing cooked chicken products for export. At the primary plant, chicken will be processed into main products and by-products. The main products consist of the chicken breast, innards fillet, chicken legs, and chicken wings for export to international markets, while the by-product consists of carcass, intestine, and giblet, which are sold for the domestic markets.
At the product processing plant, the main chicken meat is processed as a fully cooked chicken product such as chicken nuggets, chicken patty, chicken karaage, and steamed chicken, and chicken rolls. Next will be GFPT timeline. Slide 12 briefly shows GFPT Group timeline. GFPT Group has been in poultry business for 45 years. We established in 1981 to operate chicken processing under the BOI privilege for export to international markets, such as the fresh chicken meat. In the 1990s, we became a fully vertical integration by having our own parent breeder farm, broiler farm, feed mill, and also the sausage plant. In 1992, we listed in the Stock Exchange of Thailand under symbol GFPT.
One year later, we joint ventured with the Keystone Food Corporation, the U.S.-based company, to set up McKey Food Services Limited to produce chicken nuggets and chicken patty for export to McDonald's or in Asia Pacific region, including Japan and Singapore. In 2003, we did another backward integration by having grandparent breeder farms. In 2008, we set up a new feed mill plant in Chonburi Province, called KT2, to produce chicken feed for internal use only. In the same year, 2008, we also announced the second joint venture with the Nichirei Foods Inc., the Japanese-based company, to set up GFPT Nichirei (Thailand) Company Limited, or GFN. The operation of GFN is quite similar to GFPT, the parent company. GFN operates both slaughterhouse and product processing plant and mainly export processed chicken products to Japan and other international countries such as U.K., E.U., and many countries around the world.
In 2010, we did stock split from 10 THB to 1 THB per share for liquidity. In 2017, we expanded the new sausage production capacity and focused on producing chicken sausage. McKey also finished the construction of its new product processing plant in Chonburi Province. Currently, GFPT constructs the new slaughterhouse at Chonburi Province, located near the new plant of McKey, the first daily, with the production capacity of 150,000 birds per day when the operation is finished. The new McKey further processing plant, the third plant, has a cook capacity of 30,000 metric tons a year. Next will be GFPT Group's expansion plan for the next three to five years. First of all, the broiler farm capacity we expect to reach 340,000 birds per day, as well as the GFPT primary plant with the capacity of 150,000 birds per day.
The last one will be the GFPT further processing plant with the cook capacity of 30,000 metric tons per year. However, the expansion plan and investment budget can be adjusted depending on the change in the market condition and future competition. Next will be GFPT's product line. Our product line consists of three categories: feed, farm, and food. For the feed business, we have various animal feed products such as swine feed, layer hen feed, duck feed, and cow feed. For the aquatic feed, there are fish feed and shrimp feed. All feed products are sold to farmers, animal raisers, and feed wholesalers in Thailand. For the farm business, we sell parent-day-old chick and broiler-day-old chick to chicken farmers. Live broilers are sold to GFPT and GFN only, and we began to sell cage-free eggs in 2020. Move to the feed business.
Fresh chicken meat and parts can be exported as fresh, frozen, and also sold in the domestic market, such as wholesale markets, OEM factories, and food services or QSR. The cooked chicken products are exported to international markets, mainly to Japan, U.K., EU, and China, while the processed foods, such as chicken sausage and meatball, are sold for the domestic market by our subsidiary, GFF, or GF Foods. Next will be 2025 snapshot. In 2025, GFPT's total revenue was 18.8 billion THB, decreased about 2.4% from 2024. The consolidated revenue breakdown by business are 48% food, 35% farm, and 17% feed. Revenue breakdown by product consists of 23% chicken direct export and 10% for the indirect export that we sell the cut-up chicken to OEM factory like McKey to process and export by itself, or we may call this portion indirect export.
11% for the chicken by-product, such as the carcass, intestine, giblet for the domestic market. Only 4% for the processed food, such as the chicken sausage and meatball. Move to the feed business. 6% animal feed, mainly from the swine feed, and only 3% for the fish feed and 8% for the shrimp feed. The last one will be the farm business, consists of 28% live chicken that we sell to GFN, and only 7% we sell day-old chick to outside. If you look at the export revenue, the total is 23%, but in terms of the revenue breakdown by currency, we sell in terms of U.S. dollar by 20%. So it means that the remaining 80% from every business, feed, farm, food, we sell in terms of the Thai baht currency.
We have the export share in terms of the FX, only 20% in terms of USD. Next will be the market position in 2025. GFPT ranked number two in terms of chicken export. GFPT, GFN, and McKey, all together, we export about 12% of the Thai chicken meat export, and we raise and produce chicken at least 6%, including GFPT and GFN, ranked number seven in terms of chicken production in Thailand. We mainly export 26% to U.K. and 26% to Japan, Malaysia 18%, EU 12%, and China 8%, and the rest will be 10%. Chicken export product, 60% cooked and 40% in terms of the raw chicken. Next will be the financial results in 2025.
The top-line revenue in 2025 was THB 18.84 billion, decreased by THB 474 million, about 2.45% drop from last year, mostly from the lower revenue from the food segment, from lower revenue from export processed chicken products. The consolidated revenue from sales in 2025 consists of food segment, about 47%; farm segment , 35.8%; and feed about 17.1%. In 2025, revenue from food segment was THB 8,870 million, decreased by THB 734 million, or 7.6% year-on-year, from lower revenue from export chicken product, from lower sales volume of export of the chicken products. The total export of the company in 2025 was 33,000 metric tons, decreased by 3,600 metric tons, or 9.8% year-on-year, from decreasing in export volume of processed chicken to U.K.
Revenue from farm business was THB 6,739 million, increased by THB 304 million, or 4.7%, year-on-year from higher revenue from selling day-old chicks from higher sales volume and selling price of day-old chicks. The last one will be the revenue from the feed sales was THB 3,231 million, decreased by THB 44 million or 1.35%, year-on-year from lower revenue from aqua feed from its sales volume, especially for the fish sales volume. Next will be the consolidated income statement of 2025. The top line was THB 18.84 billion, 474% decrease from 2024 or 2.45% drop year-on-year. The cost of goods sold was THB 15,759 million, decreased by THB 886 million, 5.3% drop year-on-year. While the gross profit was THB 3,081 million, increased by THB 412 million or 15.45% increase year-on-year.
The cost of sales in 2025 contributes of 83.65% of the revenue from sales decreased from 86.2% from last year. While the gross profit margin contributes about 15.35% in 2025, increased from 13.8% from 2024, mainly from lower feed raw material costs, especially soybean and soybean meal from overseas. Other income in 2025 was THB 364 million, decreased by THB 25 million, or 17% year-on-year. While the SG&A expense in 2025 was THB 1,469 million, decreased by THB 101 million, or 4.6%, year-on-year since the lower freight cost and lower sales volume of chicken exports. SG&A percentage decreased from 8.1% in 2024 to 7.8% in 2025. The profit from associated was THB 825 million, decreased by THB 9 million, or 1.1% year-on-year.
Mainly from the profit contribution from GFN was 187 million THB in 2025, which decreased by 134 million THB, or 41.6%, year-on-year, from the lower export volume of the processed chicken and the lower selling price of the domestic sales of the chicken parts and chicken by-products. However, the profit contribution from McKey was 638 million THB, increased by 125 million THB, or 24% year-on-year, from higher export volume of the cooked chicken. The interest expense of the group in 2025 was 102 million THB, decreased by 17 million THB, or 14.5% year-on-year, from the lower interest expense as the outstanding loan from financial institution decreased. Income tax expense of the group in 2025 was 245 million THB, decreased by 21 million THB, or 7.9% year-on-year, from the higher deferred income tax revenue.
Finally, the consolidated net profit in 2025 was 2,439 million THB, increased by 466 million THB, 23.6% increase year-on-year from the lower feed raw material cost. The net profit margin increased from 10.2% in 2024 to 12.95% in 2025. Next will be the financial results in 2025. The GP margin increased from 13.8% in 2024 to 16.4% in 2025. As well as EBITDA margin also increased from 21% in 2024 to 24.1% in 2025. The net profit margin increased from 10.2% in 2024 to 12.9% in 2025. The average exchange rate in 2025 was 22.88 THB per US dollar. Earnings per share in 2025 was 1.95 THB per share, and dividend payment in 2024 financial performance was 0.2 THB per share or 12.7% dividend payout ratio. While the ROA, or return on asset, in 2025 was 9%, increase from 7.6% in 2024.
As well as the ROE, or return on equity, in 2025 was 11.8%, increase from 10.6% in 2024. Next will be the balance sheet in 2025 comparing to 2024. The total asset of GFPT Group in 2025 was 27,863 million THB, increased by 1,547 million THB or 5.9% increase year-on-year, from increasing in cash and cash equivalents by 1,429 million THB and property, plant and equipment, or PP&E, of 323 million THB. Next will be the liability of GFPT Group was 6,167 million THB, decreased by 657 million THB or 9.6% drop year-on-year, from the short-term loans from financial institution decreased by 620 million THB. The shareholders' equity was 21,696 million THB, increased by 2,203 million THB, or 11.3% year-on-year. Next will be the cash flow activity in 2025. The consolidated EBIT in 2025 was 2,801 million THB, 18% increase year-on-year.
The consolidated EBITDA was 4,535 million THB, 12% increase year-on-year. For the cash flow activities in 2025, we have net cash received from operating activities about 3,140 million THB, and the net cash used in investing activity about 785 million THB, mainly in the big asset expansion and also the grandparent and parent breeder investments. The net cash used in financing activity is about 953 million THB. Our ending cash at the end of 2025 was about 3,530 million THB, increased by 1,429 million THB from 2024. Next will be the book value increase from 15.5 in 2024 to 17.3 at the end of 2025. For the interest-bearing debt position in 2025, the company had a total liability of 6.2 billion THB, comprising of the non-interest-bearing debt in amount of 2.3 billion THB and interest bearing debt in amount of 3.85 billion THB.
The interest-bearing debt consists of the short-term loans about 380 million THB and the long-term loans about 3,470 million THB. All loans are entire THB currency. We have no exposure in the foreign currency borrowings. The debt-to-equity ratio was only 0.28 times. Next will be the capital expenditure. The investment budget is about 1 billion-1.2 billion THB, mainly for the broiler farm, breeder farm, and chicken processing factory expansion. We plan to increase the number of the chicken about 10% or 20,000 birds per day per year. However, the broiler farm expansion plan can be adjusted due to the economic and industry situation. Next will be the global broiler meat market. In 2025, Thailand ranked number four in term of the chicken export and ranked number seven in terms of the chicken production in the global market.
Thailand export chicken meat products to Japan, 39%; U.K., 16%; EU, 14%; and China, 7%, and other countries, 24%. Thailand export about 53% in terms of the cooked chicken and 47% in terms of the raw chicken. Next will be the 50 years of the Thai chicken export. Thailand's chicken meat export has been very strong since 1973, but after the bird flu outbreak in the beginning of 2004, Thai chicken industry is still strong by switching from export fresh chicken meat to fully cooked chicken products. After major importers such as EU and Japan ban from fresh frozen chicken meat on Thailand since 2012, Thai chicken meat exports still is very strong. In 2025, Thai chicken meat exports break historical high with more than 1,300,000 metric tons, or 165 billion THB. Next will be the global broiler meat market.
Slide 31 shows statistics of the top 10 countries in terms of the global broiler meat market in 2025. For the global chicken production, U.S. is the market leader, followed by China, Brazil, and EU, and Thailand ranked number seven in terms of the total global chicken production. In terms of the global chicken export, Brazil is the market leader, followed by U.S., EU, and Thailand, ranked number four. In terms of the global chicken meat import, Japan is the market leader, followed by Mexico, U.K., and EU. Next will be the commodity price. Slide 32 provides statistical data on selected commodity price for our reference. The corn price in 2025 was 10.3 THB per kilogram, decreased from 10.9 THB per kilogram in 2024. While the soybean meal price in 2025 was only 14.6 THB per kilogram, significantly decreased from 19.7 THB per kilogram in 2024.
Average broiler price in 2025 is quite similar to 2024, which is around 38-39 THB per kilogram. The day-age chick price in 2025 was quite high at 18.5 THB per chick, comparing to 16.1 THB per chick in 2024. For the export price in 2025, we export to Japan about $4,800 per metric ton, and export price to EU was about $4,400 per metric ton. Next will be the supporting and risk factor in this year. Starting from the supporting factor consists of the global recognized food safety standard with a strict compartment and traceability system ensure the disease out control. The growing poultry demand from the rising population and economic boost demand for the affordable chicken price.
Cooked and processed chicken meat growth, rising demand for the ready-to-eat and convenient foods, and strong export competitiveness. Thailand leads in processed chicken export with the high production standards, with the lower production cost from lower cost enhance price competitiveness for our producer. The last one will be the economic and tourism recovery. The food service growth, especially restaurants, fast food, and street food. Moving to risk factors consists of the animal disease outbreak and hygiene risks. The global bird flu outbreak may reduce the supply of the grandparent and parent chicken, limit the broiler production, and global market competition, especially for the Brazil and U.S., outcompete with the lower feed material cost. The cost volatility and rising expense from the weather risks, like the El Niño or La Niña, may raise the feed cost despite the expected price decline.
Non-tariff measurement also, such as the labor and environmental standard, may limit Thailand poultry competitiveness. Worse epi risk, also another risk factor which increase the production, may leave the market oversupply, causing price decline and lower producer profit. The last one will be the geopolitical risk, or the trade impact may raise the feed cost. Next will be the guidance in 2026, and our management provide 2026 guidance with the 2%-3% growth from 2025. The anticipated GP margin would be around 15%-16%, and SG&A expense should be around 7.5%-8%, and other ratios such as financial cost, effective tax rate will be quite similar to 2025 in terms of percentage. The CapEx in this year would be around THB 1 billion-THB 1.2 billion for the fixed asset investment. The last topic will be the key statistics.
Slide 35 shows the key statistics relating to the core business. Chicken meat of the food business and also the feed business contributes about 65% of the consolidated revenue of GFPT Group. In 2025, export volume decreased by 10%, or equal to 33,000 metric ton export volume in 2025, mostly from decreasing in export volume of the cooked chicken product to U.K. While indirect export volume to McKey in 2025 also decreased by 6% year on year. The domestic sales volume, in terms of the by-product, slightly increased by 1% year on year. Move to the domestic feed market. Sales volume of animal feed, especially for the swine feed, increased by 15%, and the fish feed decreased by 8% year on year. The last one will be the shrimp feed sales volume, slightly increased by 1% comparing to 2024.
We would like to thank all of you to join our webcast today. If anyone would like to have more information about GFPT Group, including the latest annual report on result presentation, please visit our website www.gfpt.co.th or contact our IR department. Thank you again, and see you next time.