Financial Highlights

Sales amounted to THB 5,174mn, reflecting growth of 8.2% QoQ and 21.8% YoY. Both QoQ and YoY growth were primarily driven by client order rebalancing, the successful launch of new product developments (NPDs) in sachet products, and stronger demand from key customers in the U.S. and EU, encompassing both world pet food companiesand private label customers. Sales performance in the AOA region also remained in line with expectations.

3M2026 Sales

YoY

+21.8%

5,174 Million Baht

*Compared to proforma consolidated financial statements in 2021-2022

YoY

+28.7%

871 Million Baht

3M2026 Net Profit

*Compared to proforma consolidated financial statements in 2021-2022

3M2026 Revenue by Region (Unit: Million Baht)

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

Financial Performance 3M2026

(Unit: Million Baht)

	3M2026	2025	2024	2023
Financial Performance
Total Revenue	5,174	18,223	17,729	15,577
Gross profit	1,258	4,577	4,919	3,038
Operating profit	762	2,667	3,263	1,854
EBIT	907	3,137	3,744	2,426
Net Profit	871	2,978	3,597	2,281
Financial Position
Total Assets	27,888	26,973	26,928	25,431
Total Liabilities	3,541	3,147	2,789	2,312
Total Shareholders' equity	24,370	23,826	24,139	23,119
Per Share Data
Basic EPS*	0.3	1.0	1.2	0.8
DPS	0.0	0.85	1.2	0.6
BVPS	8.1	7.9	8.1	7.7

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

	3M2026	2025	2024	2023
PROFITABILITY RATIOS
Gross profit margin (%) ⁽¹⁾	24.3	25.1	27.7	19.5
Operating margin (%) ⁽²⁾	14.7	14.6	18.4	11.9
EBIT margin (%) ⁽³⁾	17.5	17.2	21.1	15.6
Net profit margin (%) ⁽⁴⁾	16.8	16.3	20.3	14.6
ROE (%) ⁽⁵⁾	12.9	12.4	15.2	10.0
LIQUIDITY RATIOS
Current Ratio ⁽⁶⁾	8.0	9.0	9.8	10.9
Quick Ratio ⁽⁷⁾	6.0	6.0	7.5	7.7
Days sales outstanding ⁽⁸⁾	76.0	72.0	74.7	83.2
Days of inventory outstanding ⁽⁹⁾	99.0	109.0	103.2	117.8
Days payable outstanding ⁽¹⁰⁾	30.0	33.0	28.7	35.4
EFFICIENCY RATIOS
ROA (%) ⁽¹¹⁾	12.0	11.6	13.7	8.9
Asset turnover (times) ⁽¹²⁾	0.7	0.7	0.7	0.6
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⁾	397.9	365.2	715.4	269.1

⁽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.