Make To Win Holding PCL Income Statement

Financials in millions THB. Fiscal year is January - December.

Millions THB. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	295.8	287.48	522.14	248.16	213.08
Other Revenue	2.36	0.96	0.77	0.51	1.09
Revenue	298.16	288.43	522.9	248.67	214.17
Revenue Growth (YoY)	3.37%	-44.84%	110.28%	16.11%	22.47%
Cost of Revenue	233.91	224.79	379.11	179.71	148.39
Gross Profit	64.25	63.65	143.79	68.96	65.78
Selling, General & Admin	81.06	68.47	57.85	40.33	31.2
Operating Expenses	81.06	68.47	57.85	40.33	31.2
Operating Income	-16.81	-4.82	85.94	28.63	34.58
Interest Expense	-10.71	-16.02	-6.38	-3.09	-1.6
EBT Excluding Unusual Items	-27.53	-20.84	79.56	25.54	32.98
Pretax Income	-27.53	-20.84	79.56	25.54	32.98
Income Tax Expense	-0.91	-0.1	14.26	3.44	6.63
Earnings From Continuing Operations	-26.61	-20.73	65.3	22.1	26.35
Minority Interest in Earnings	1.05	1.02	-11.06	-2.73	-6.52
Net Income	-25.56	-19.71	54.24	19.37	19.83
Net Income to Common	-25.56	-19.71	54.24	19.37	19.83
Net Income Growth	-	-	179.98%	-2.31%	74.18%
Shares Outstanding (Basic)	812	674	674	515	500
Shares Outstanding (Diluted)	812	674	674	515	500
Shares Change (YoY)	20.52%	-	30.81%	3.05%	9.59%
EPS (Basic)	-0.03	-0.03	0.08	0.04	0.04
EPS (Diluted)	-0.03	-0.03	0.08	0.04	0.04
EPS Growth	-	-	114.04%	-5.20%	58.95%
Free Cash Flow	62	-1.86	-287.3	-151.81	2.82
Free Cash Flow Per Share	0.08	-0.00	-0.43	-0.29	0.01
Dividend Per Share	0.030	-	-	-	-
Gross Margin	21.55%	22.07%	27.50%	27.73%	30.71%
Operating Margin	-5.64%	-1.67%	16.43%	11.51%	16.14%
Profit Margin	-8.57%	-6.83%	10.37%	7.79%	9.26%
Free Cash Flow Margin	20.79%	-0.65%	-54.94%	-61.05%	1.32%
EBITDA	4.42	12.53	97.89	37.38	45.18
EBITDA Margin	1.48%	4.34%	18.72%	15.03%	21.10%
D&A For EBITDA	21.24	17.35	11.96	8.76	10.61
EBIT	-16.81	-4.82	85.94	28.63	34.58
EBIT Margin	-5.64%	-1.67%	16.43%	11.51%	16.14%
Effective Tax Rate	-	-	17.92%	13.47%	20.09%
Revenue as Reported	301.67	291.7	528.98	250.89	214.17
Advertising Expenses	26.86	16.97	-	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.