Thailand · Delayed Price · Currency is THB Thai Union Group PCL Earnings Call Transcripts
Fiscal Year 2025
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Record-high gross profit margin achieved in 2025 despite FX and tariff headwinds, with sales volume growth offsetting revenue decline. Transformation programs exceeded savings targets, and 2026 guidance calls for revenue and margin growth, supported by strong Pet Care and Feed segments.
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Q3 2025 saw a return to organic growth, stable gross margins, and strong feed and pet care performance, despite FX headwinds and lower year-on-year profits. Transformation programs and blue financing are on track, with deleveraging prioritized for 2025.
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Q2 2025 saw a 5.4% sales decline due to FX, but gross profit margin hit a record 19.7% and adjusted net profit rose 13.2% year-on-year. Mitsubishi plans to increase its stake to 20%, and guidance for gross margin was upgraded, with transformation programs on track.
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Q1 2025 saw a 10.3% revenue decline, but gross profit margin improved to 18.8% and net profit rose 8.9% year-on-year. Guidance was revised down due to US tariffs, with CapEx reduced and cash preservation prioritized. FX and raw material volatility remain key risks.
Fiscal Year 2024
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Sales grew 1.7% year-on-year with record gross margin and free cash flow, despite FX headwinds and transformation costs. 2025 guidance targets 3-4% sales growth, higher margins, and continued investment in brands and efficiency.
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Q2 2024 saw 4% sales growth and a 12-quarter high gross margin of 18.5%, with net profit up 14% year-over-year. Pet care and value-added segments led performance, while guidance for full-year sales and margins was raised. H2 is expected to see further margin improvement, especially in ambient and frozen categories.