Financial Highlights

In 9M2025, ITC reported strong sales growth in USD, increasing by 10.1% YoY, driven by robust demand from key customers and world pet food companies in the U.S. market, despite tariff sales support to U.S. client - while EU markets still going strong as planned. However, the appreciation of the Thai Baht limited revenue growth in local currency, with sales in THB rising by only 3.2% YoY to THB 13,443mn, despite a 11.0% YoY increase in NWT sales volume.

9M2025 Sales

YoY

+3.2%

13,443 Million Baht

*Compared to proforma consolidated financial statements in 2021-2022

YoY

-22.1%

2,185 Million Baht

9M2025 Net Profit

*Compared to proforma consolidated financial statements in 2021-2022

9M2025 Revenue by Region (Unit: Million Baht)

* Others comprises of Australia, Japan, Taiwan, Thailand, and other countries

Financial Performance 9M2025

(Unit: Million Baht)

	9M2025	2024	2023	2022
Financial Performance
Total Revenue	13,443	17,729	15,577	21,420
Gross profit	3,342	4,919	3,038	5,349
Operating profit	1,947	3,263	1,854	4,110
EBIT	2,313	3,744	2,426	4,532
Net Profit	2,185	3,597	2,281	4,401
Financial Position
Total Assets	25,958	26,928	25,431	28,178
Total Liabilities	2,938	2,789	2,312	3,133
Total Shareholders' equity	23,020	24,139	23,119	25,045
Per Share Data
Basic EPS*	0.7	1.2	0.8	2.5
DPS	0.4	1.2	0.6	2.5
BVPS	7.7	8.1	7.7	8.3

Remark:

*2022 basic EPS is calculated based on average weighted number of shares of 1,772.7mn shares of par value at 1 THB per share.

Key Financial Ratios

	9M2025	2024	2023	2022
PROFITABILITY RATIOS
Gross profit margin (%) ⁽¹⁾	24.9	27.7	19.5	25.0
Operating margin (%) ⁽²⁾	14.5	18.4	11.9	19.2
EBIT margin (%) ⁽³⁾	17.2	21.1	15.6	21.2
Net profit margin (%) ⁽⁴⁾	16.3	20.3	14.6	20.6
ROE (%) ⁽⁵⁾	12.7	15.2	10.0	27.6
LIQUIDITY RATIOS
Current Ratio ⁽⁶⁾	8.8	9.8	10.9	9.0
Quick Ratio ⁽⁷⁾	6.6	7.5	7.7	6.7
Days sales outstanding ⁽⁸⁾	75.5	74.7	83.2	48.3
Days of inventory outstanding ⁽⁹⁾	103.8	103.2	117.8	93
Days payable outstanding ⁽¹⁰⁾	31.2	28.7	35.4	30.6
EFFICIENCY RATIOS
ROA (%) ⁽¹¹⁾	12.7	13.7	8.9	22.2
Asset turnover (times) ⁽¹²⁾	0.7	0.7	0.6	1.1
LEVERAGE RATIOS
Debt to equity (times) ⁽¹³⁾	0.1	0.1	0.1	0.1
IBD to Equity (times) ⁽¹⁴⁾	0.0	0.0	0.0	0.0
Interest coverage ratio (times) ⁽¹⁵⁾	636.8	715.4	269.1	61.9

⁽¹⁾ Gross profit margin is calculated as gross profit (loss) divided by sales, multiplied by 100.
⁽²⁾ Operating margin is calculated as operating profit exclude other income and other gain (loss) divided by sales, multiplied by 100.
⁽³⁾ EBIT margin is calculated as EBIT divided by sales, multiplied by 100.
⁽⁴⁾ Net profit margin is calculated as profit (loss) for owners of the parent divided by sales, multiplied by 100.
⁽⁵⁾ Return on equity is calculated as profit (loss) for the period attributable to owners of the parent divided by average total shareholders’ equity attributable to owners of the parent, multiplied by 100.
⁽⁶⁾ Current ratio is calculated as total current assets divided by total current liabilities.
⁽⁷⁾ Quick ratio is calculated as the combined total of cash and cash equivalents, short-term investments and trade and other receivables, net divided by total current liabilities.
⁽⁸⁾ Days sales outstanding is calculated as 365 divided by account receivable turnover.
⁽⁹⁾ Days of inventory outstanding is calculated as 365 divided by inventory turnover. Inventory turnover is calculated as cost of sales divided by average inventories.
⁽¹⁰⁾ Days payable outstanding is calculated as 365 divided by account payable turnover. Account payable turnover is calculated as cost of sales divided by average trade payable.
⁽¹¹⁾ Return on assets is calculated as profit (loss) for the period divided by average total assets, multiplied by 100.
⁽¹²⁾ Assets turnover is calculated as total sales divided by average total assets.
⁽¹³⁾ Debt to equity ratio is calculated as total liabilities divided by total shareholders’equity.
⁽¹⁴⁾ Interest-bearing debt to equity is calculated as total interest-bearing debt divided by total shareholders’ equity.
⁽¹⁵⁾ Interest coverage ratio is calculated as EBITDA divided by finance costs.
⁽¹⁶⁾ Total sales is calculated as the sum of sales and other income.