Warrix Sport Pcl · SET:WARRIX
Warrix Sport Pcl — Q2 2025 Earnings Presentation
45 slides from Warrix Sport Pcl's earnings presentation, Aug 21, 2025
Slide 1: 2Q25 Analyst Meeting
2Q25 ANALYST MEETING WARRIX SPORT PCL 21 AUGUST 2025
Slide 2: Agenda
Agenda 01 2Q25 Financial Performance 02 2nd Half Key Growth Driver 03 Business Update & Outlook 2
Slide 3: 2Q25 Financial Performance
01 2Q25 Financial Performance 3
Slide 4: 2Q25 Financial Performance (Separate)
2Q25 Financial Performance (Separate) Unit: THB million Separate P&L Statement 2Q24 1Q25 2Q25 %QoQ %YoY 6M24 6M25 %YoY Revenues from core operation 346 321 275 -15% -20.7% 668 596 -11% Key factor affecting 2Q25 Performance: COGS 188 166 145 -13% -23% 348 311 -11% Gross Profit 158 155 130 -17% -18% 3
Slide 5: 2Q25 Financial Performance (Consolidated)
2Q25 Financial Performance (Consolidated) Unit: THB million Consolidated P&L Statement 2Q24 1Q25 2Q25 %QoQ %YoY 6M24 6M25 %YoY Revenues from core operation 350 330 317 -4% -9% 678 647 -5% Key factor affecting 2Q25 Performance: COGS 190 172 174 1% -8% 354 347 -2% Gross Profit 160 158 143 -10% -11% 32
Slide 6: Key Financial Performance: Revenues by Channel
Key Financial Performance Revenues Breakdown By Channel Unit: THB million +4% YoY +17% YoY -57% YoY -0.1% QoQ +19% QoQ -45% QoQ -22% YoY 92 +21% YoY 93 83 86 86 -19% QoQ 79 77 -4% QoQ -42% YoY +490% YoY +23% YoY 72 -16% YoY +1% YoY -48% QoQ +3,792% QoQ +133% QoQ -5% QoQ -27% QoQ 38 37 40 30 27 34 33
Slide 7: Key Financial Performance: Revenues by Channel (6M)
Key Financial Performance Revenues Breakdown By Channel -33% YoY Unit: THB million +5% YoY +8% YoY 165 173 157 169 168 -17% YoY +13% YoY 112 80 +1% YoY +464% YoY +12% YoY 67 59 67 -9% YoY +35% YoY 15 15 21 23 10 2 9 9 3 4 Traditional Trade Modern Trade Inter Sales Sponsorship Club Online Retails Sho
Slide 8: Key Financial Performance: Revenues by Product
Key Financial Performance Revenues Breakdown By Product +4% YoY Unit: THB million +21% QoQ +4% YoY 129 134 -10% QoQ -53% YoY -42% QoQ 110 94 -34% YoY 81 84 -25% QoQ 69 +49% YoY 57 +134% YoY +15% QoQ +115% YoY -16% YoY 47 42 +37% QoQ +128% QoQ -5% QoQ 33 31 5 13 17 19 6 5 5 2 4 3 3 4 Made to Order Cl
Slide 9: Key Financial Performance: Revenues by Product (6M)
Key Financial Performance Revenues Breakdown By Product +8% YoY Unit: THB million 244 +12% YoY 226 -29% YoY 178 -36% YoY 159 126 113 +4% YoY 90 -9% YoY 73 +143% YoY +73% YoY 35 36 3 8 5 9 10 9 Made to Order Classic Collection National Team Other Licensed Football Club Others Physiotherapy 6M24 6M25
Slide 10: Key Financial Performance
Key Financial Performance Unit: THB’m Revenues Gross Profit Margin -5% YoY 58.8% 59.3% 55.8% 56.1% 678 647 53.1% -9% YoY 47.9% 47.8% -4% QoQ 45.8% 46.5% 45.0% 350 526 330 530 317 45.3% 44.5% 44.3% 43.7% 43.3% 288 269 261 152 117 62 62 55 2Q24 1Q25 2Q25 6M24 6M25 2Q24 1Q25 2Q25 6M24 6M25 Licensed Non
Slide 11: Key Financial Performance
Key Financial Performance Unit: THB’m Cost of Sales and Services Unit: THB’m Selling Expenses 37.1% 42.4% 39.7% 55.0% 31.5% 32.8% 54.2% 257 53.5% 222 52.1% 52.2% 30 23 41 134 31 678 110 122 52 40 647 11 20 12 21 20 15 25 27 21 128 134 61 66 68 2Q24 1Q25 2Q25 6M24 6M25 Advertising & Promotion People
Slide 12: Balance Sheet
Balance Sheet Unit: THB’m Assets Liabilities & Equity Unit: THB million Unit: THB million -2% YTD -2% YTD 1,883 1,845 1,883 1,845 Others 108 210 336 99 295 Trade and other current payables Intangible assets 157 62 166 Lease Liabilities 45 158 Right-of-use assets 165 113 32 27 Other Liabilities 67 La
Slide 13: 2nd Half Key Growth Driver
02 2nd Half Key Growth Driver 13
Slide 14: 2nd Half Key Growth Driver
2nd Half Key Growth Driver Strong Historical Records of 2nd Half Revenues from sales and services Unit: THB million > 50% HoH +29% HoH +42% HoH 875.6 +69% HoH 667.8 718.7 677.8 647.3 505.9 395.1 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25F Revenues Expansion Cost Optimization Cut down Shop and MT Key Ac
Slide 15: Key Activities
Key Activities Activation to Drive Growth 1. Thailand Premier League (Launched Aug 2025) ▪ Strong brand visibility via club jersey sponsorships, press conferences, and match day activations. ▪ Proven data: Areas with club sponsorship generate 3x higher collection sales vs. jersey alone. ▪ Campaign s
Slide 16: Key Products
Key Products Product Growth 1. Thailand National Team Jersey 25/26 Launch ▪ Launching in August 2025 ahead of Q3-Q4 football season. ▪ Expected to drive strong pre-orders and sell-through in both TT & MT channels. ▪ E-commerce and brand shops to boost B2C revenue. ▪ National Team Category expected t
Slide 17: Key Products: Focus on Polo
Key Products Focus on POLO No.1 WARRIX Product Omnichannel Campaign Launch – “WARRIX Polo” ▪ Rolled out nationwide across online & offline platforms (billboards, BTS/MRT, TikTok, social media) ▪ Messaging focused on versatility of polo: for work, casual wear, and lifestyle ▪ Highly successful reach
Slide 18: Key enabler growth driver: Focus on B2C Growth
Key enabler growth driver Focus on B2C Growth 1. High Margin Channel → Stronger Profitability ▪ B2C is a high gross profit segment, especially via owned channels (no trade discounts). ▪ While variable costs remain (logistics, marketing), profitability improves significantly. 2. New WARRIX Global Web
Slide 19: Market Expansion
Market Expansion ▪ Focus on direct to customer, mainly on own channels; 13 new (temporary) shops and online. ▪ Target Own Channels from 54% in 2024 to 65% in 2025 2024A 6M25A 2025F Non-own Own Non-own Own Non-own Own 46% 54% 35% 65% 41% 59% ▪ Cut down shop expansion in department store and changing
Slide 20: Market Expansion
Market Expansion ▪ Cut down shop expansion in department store and changing new opening shop to hypermarket. ▪ Temporary shop model; short-term rental contract with lower investment to test market. 57% 33% 10% 8 Hypermarket 3 Department Store 2 Flagship & Hub 3Q25 4Q25 Store No.18: (Hub Store) Store
Slide 21: Market Expansion: 18th Warrix Own Shop
Market Expansion 18th Warrix Own Shop (Hub Store) ▪ Location : ESIE 1 – Eastern Seaboard Rayong ▪ Opening Date : 15 August 2025 ▪ Type : Eastern Hub Store 21
Slide 22: Market Expansion: 19th Warrix Own Shop
Market Expansion 19th Warrix Own Shop ▪ Location : Central Hatyai ▪ Opening Date : 15 August 2025 ▪ Type : Temporary Shop 22
Slide 23: Market Expansion: 20th Warrix Own Shop
Market Expansion 20th Warrix Own Shop ▪ Location : Central Rama 9 ▪ Opening Date : 15 August 2025 ▪ Type : Temporary Shop 23
Slide 24: Market Expansion
Market Expansion Go to promotion area with department store and Shop Live Commerce hypermarket ▪ Increase the number of TikTok accounts and enhance each shop’s performance. ▪ Build a strong presence on social platforms. ▪ Develop team for regular TikTok Live in every Warrix’s shop. ▪ Analyze sales d
Slide 25: Project-based Recovery Plan
Market Expansion Project-based Recovery Plan ▪ 2H is also high season for project-based sales due to budget spending in government sector. ▪ Maintain existing customers and expand to new customers. ▪ Add ‘Fit Junction’ brand to provide customers who have constrained budgets more choices in the curre
Slide 26: COGS Management
COGS Management ▪ Control costs and quality in every step of production, from sourcing raw materials directly then hiring weaving/dyeing/sewing factories, rather than purchasing finished goods from suppliers. ▪ Improve COGS of Warrix’s core products, such as Polo and T-shirt. Supplier Factory Suppli
Slide 27: Business Update & Outlook
03 Business Update & Outlook 33
Slide 28: WARRIX Malaysia Expansion
WARRIX Malaysia Expansion Warrix Malaysia Expansion Club Sponsorship Boosts Brand Awareness ▪ Partnered with 2 professional clubs in Malaysia League ▪ Result: Immediate increase in online and offline demand for club jerseys ▪ WARRIX is becoming more recognized as a trusted football apparel brand amo
Slide 29: Leveraging new partnership to penetrate Chinese market
Leveraging new partnership to penetrate Chinese market Himaxx x Warrix (Trademark Licensing) : Launching Spring/Summer 2025 Collection As of June 2025 35 Stores with WARRIX product ( +19 stores YTD ) Aims to reach 50 Stores with WARRIX product by 2025 Performance shows increasing sales and pieces so
Slide 30: Activity Roadmap 2025
Activity Roadmap 2025 Activity Roadmap 2025 FOOTBALL EVENT 75th TU-CU 31st TRADITIONAL JATURAMITR FOOTBALL FOOTBALL FEST MATCH 15-22 Nov 15 Feb RUNNING Trail Series Trail Series 12 Jan TBC EVENT TBC TBC TBC Buriram Marathon 2025 25 Jan TBC OTHER SPORT EVENT LIFESTYLE EVENT 55
Slide 31: Q&A
Q&A For more information, please contact IR Department ir@warrix.co.th or 094 310 7103 Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or purchase for share in Warrix Sport Public Company Limited (“WARR
Slide 32: Appendix
WARRDY Appendix 58
Slide 33: Key Milestones
Establishment period Transformation from sport apparel to active and lifestyle Go Public Win the rights to produce the Myanmar national ▪ Warrix Holding Pte. Ltd. was founded Established a subsidiary, WARRIX was football team sportswear products ▪ Opening 1st Physiotherapy & KSL & WARRIX Co., Ltd. f
Slide 34: WARRIX at a glance
WARRIX at a glance Innovation Strong Extensive Data Driven with & Design Partnership Distribution Channel Marketing Technology Unbreakable Jersey 2 National Football team licenses 4 Flagship Stores / Hub Exclusive technology by WARRIX Data Marketing Analytics 16 Official Stores Content Marketing 4 I
Slide 35: Extendable business
WARRIX key product portfolio Expanding portfolio and products Football Running Basketball Golf Table Tennis Sport Equipment Sport wears Training Footwear Innerwear Lifestyle Extendable business Active & Lifestyle Warrix Run Hub Physiotherapy & Performance Studio Health Trail / Marathon event Running
Slide 36: WARRIX product portfolio contribution
WARRIX product portfolio contribution 81% Non - Licensed products 18% Licensed products Classic Product National Team, Football Club, and Other Licensed Product with simple design, wear in classic and trendy ways for every occasion Warrix exclusive products with the official right to support the Tha
Slide 37: Sport Apparel Industry Outlook
Sport Apparel Industry Outlook ▪ The sport apparel goods market in Thailand is worth approximately THB 30 billion. ▪ Recovered to pre-COVID-19 level, and on an uptrend with prospect to grow 15-20% per year premised on increasing in health awareness as more people are committed to leading healthier a
Slide 38: Thailand Annual Garment Consumption
Thailand Annual Garment Consumption 51.1 T-shirt 17% 111.7 Others 37% 34.9 300 Shirt 12% mn pcs 27.9 Polo 9% 25.6 Sportwears 48.8 9% Pants 16% Thailand Annual Garment Consumption 2020 (mn pcs) Sources : Mckinsey sporting goods 2021-2022 report, Manager Daily news the mall group research 2018, Market
Slide 39: Industry Outlook
Industry Outlook Thailand's Sports Industry Top 5 Sports Contributing to the Industry in 2023 Unit: THB million Unit: THB million 14,018 7% +13% YoY 27,252 Football 207,888 14% 184,723 Running 168,973 73,983 130,581 38% Volleyball 32,417 Badminton 17% 46,301 24% Boxing 2021A 2022A 2023A 2024F Sports
Slide 40: Key Financial Performance
Key Financial Performance Unit: THB’m Revenues Gross Profit Margin 1,553 59.5% 59.2% 1,225 54.2% 55.1% 1,063 1275 49.0% 47.8% 655 648 46.3% 1013 45.1% 834 43.9% 46.7% 45.4% 41.9% 43.9% 509 508 42.6% 41.3% 229 211 279 147 140 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Licensed Non-Licensed Lic
Slide 41: Key Financial Performance
Key Financial Performance Unit: THB’m Cost of Sales and Services Unit: THB’m Selling Expenses 27.4% 30.5% 26.6% 29.7% 58.1% 23.7% 54.9% 461 53.7% 52.2% 51.0% 48 326 72 1,553 255 37 85 181 200 22 47 30 63 18 37 30 23 19 30 256 33 166 179 100 130 1,225 2020 2021 2022 2023 2024 1,063 Advertising & Prom
Slide 42: Key Financial Performance
Key Financial Performance Unit : Million Baht 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Total A/R 327.2 245.9 344.3 357.1 294.8 317.6 400.5 524.3 Total Inventory 558.8 540.3 555.2 529.9 545.5 543.3 559.7 576.9 Total A/P 270.2 144.1 180.0 202.4 173.1 189.0 211.2 210.5 Total Assets 1906.6 1658.9 1735.7
Slide 43: Robust trajectory for growth: distribution channels
Robust trajectory for growth in the enduring wave of healthier and fitter lifestyle Warrix continuously expand the distribution channel to cover many areas in local and global. Currently, there are 5 mains channels, which consists of 16 Warrix Own Shop > 200 Traditional Trade > 15,000 Modern Trade C
Slide 44: Robust trajectory for growth: E-Commerce
Robust trajectory for growth in the enduring wave of healthier and fitter lifestyle E-Commerce /1 Website: www.WARRIX.co.th Instagram: warrix_official >300,000 members >78,500 followers Facebook: WARRIX Line: WARRIX >800,000 followers >100,000 followers Lazada: WARRIX Tiktok: warrixthailand >275,000
Slide 45: Robust trajectory for growth: health businesses
Robust trajectory for growth in the enduring wave of healthier and fitter lifestyle ▪ Continue development in other businesses related to health and lifestyle. ▪ One stop service for supporting related sport event and to be a leader in sport-health and lifestyle business. Warrix’s active health busi