Warrix Sport Pcl · SET:WARRIX
Warrix Sport Pcl — Q3 2025 Earnings Presentation
47 slides from Warrix Sport Pcl's earnings presentation, Nov 19, 2025
Slide 1: 3Q25 Analyst Meeting
3Q25 ANALYST MEETING WARRIX SPORT PCL 19 NOVEMBER 2025
Slide 2: Agenda
Agenda 01 3Q25 Financial Performance 02 Key Strategy & Business Update 03 Key Takeaway 04 Q&A 2
Slide 3: 3Q25 Financial Performance
01 3Q25 Financial Performance 3
Slide 4: 3Q25 Financial Performance (Separate)
3Q25 Financial Performance (Separate) Unit: THB million Key factor affecting 3Q25 Performance: Separate P&L Statement 3Q24 2Q25 3Q25 %QoQ %YoY 9M24 9M25 %YoY • Sales growth is driven by polo campaign, launching of the new Thai national team Revenues from core operation 396 275 418 52% 6% 1,064 1,014
Slide 5: 3Q25 Financial Performance (Consolidated)
3Q25 Financial Performance (Consolidated) Unit: THB million Key factor affecting 3Q25 Performance: Consolidated P&L Statement 3Q24 2Q25 3Q25 %QoQ %YoY 9M24 9M25 %YoY • Sales growth is driven by polo campaign, launching of the new Thai national team Revenues from core operation 429 317 460 45% 7% 1,1
Slide 6: Key Financial Performance: Revenues by Channel
Key Financial Performance Revenues Breakdown By Channel +5% YoY +173% YoY Unit: THB million +66% QoQ +57% QoQ -55% YoY 143 145 +18% QoQ 137 106 -4% YoY -39% YoY -78% YoY 92 +39% YoY +25% YoY +14% YoY -44% YoY 86 +48% QoQ +319% QoQ -94% QoQ -1% QoQ +5% QoQ +23% QoQ +128% QoQ 53 46 44 35 40 47 30 21 2
Slide 7: Key Financial Performance: Revenues by Channel (9M)
Key Financial Performance Revenues Breakdown By Channel +5% YoY +50% YoY -42% YoY Unit: THB million 301 316 314 273 -12% YoY +17% YoY 210 160 126 111 -27% YoY +134% YoY +22% YoY -1% YoY -20% YoY 87 101 50 36 32 39 4 9 14 14 9 7 Traditional Trade Modern Trade Inter Sales Sponsorship Club Online Retai
Slide 8: Key Financial Performance: Revenues by Product
Key Financial Performance Revenues Breakdown By Product +20% YoY Unit: THB million +51% QoQ 202 +49% YoY +56% QoQ 169 -48% YoY +14% YoY +23% QoQ 134 131 +95% QoQ +86% YoY +6% YoY -74% YoY +14% YoY 77 88 84 -8% QoQ -56% QoQ +5% QoQ +23% QoQ 53 61 33 40 31 26 8 19 9 7 2 5 4 6 5 4 5 Made to Order Class
Slide 9: Key Financial Performance: Revenues by Product (9M)
Key Financial Performance Revenues Breakdown By Product +13% YoY Unit: THB million 446 +25% YoY 394 -36% YoY -20% YoY 309 248 203 +4% YoY 167 +119% YoY -49% YoY -1% YoY 130 134 43 45 31 6 13 16 14 14 Made to Order Classic Collection National Team Other Licensed Football Club Others Physiotherapy 9M2
Slide 10: Key Financial Performance
Key Financial Performance Unit: THB’m Revenues Gross Profit Margin +0.1% YoY 60.0% 59.5% 1,106 1,107 55.5% 55.9% 53.1% 50.0% 47.7% 48.7% +7% YoY 47.0% +45% QoQ 45.0% 891 916 48.3% 429 460 46.2% 46.0% 45.1% 317 43.3% 365 386 261 215 191 64 55 74 3Q24 2Q25 3Q25 9M24 9M25 3Q24 2Q25 3Q25 9M24 9M25 Licen
Slide 11: Key Financial Performance: Costs and Expenses
Key Financial Performance Unit: THB’m Cost of Sales and Services Unit: THB’m Selling Expenses 38.0% 55.0% 42.4% 35.6% 30.7% 52.3% 53.0% 27.4% 421 51.3% 340 50.0% 57 37 61 1,106 1,107 51 80 164 63 118 134 26 15 20 20 20 20 29 189 223 22 27 61 68 89 3Q24 2Q25 3Q25 9M24 9M25 Advertising & Promotion Peo
Slide 12: Balance Sheet
Balance Sheet Unit: THB’m Assets Liabilities & Equity Unit: THB million Unit: THB million -2% YTD -2% YTD 1,883 1,842 1,883 1,842 Others 103 210 336 98 281 Trade and other current payables Intangible assets 157 62 158 Lease Liabilities 45 151 Right-of-use assets 165 114 35 26 Other Liabilities 67 La
Slide 13: Key Strategy & Business Update
02 Key Strategy & Business Update 13
Slide 14: Key Strategy
Key Strategy Brand Building - Improve brand positioning: stretch brand awareness to regional active & lifestyle brand to capture new-wider target groups and growing brand awareness of its non-license products. - Enhance communication of each sales channels. Focus on Direct to Customer (Own Channels
Slide 15: Lifestyle licensing strengthen brand awareness
BRAND BUILDING: Lifestyle licensing strengthen brand awareness Riize Concert drives exceptional sales and viral exposure for Warrix’s Thailand Oversize Jersey ▪ Social engagement surpassed 30 million, fueled by viral clips of Riize members wearing Warrix’s Thailand Oversize Jersey. ▪ Sales surged 3x
Slide 16: Lifestyle licensing strengthen brand awareness
BRAND BUILDING: Lifestyle licensing strengthen brand awareness Warrix is tapping into music marketing to move beyond sports into lifestyle, and expand its customer base ▪ Warrix successfully entered the lifestyle licensing, collaborating with music labels and concert organizers to produce official m
Slide 17: Polo campaign elevates Warrix as top-of-mind brand
BRAND BUILDING: Polo campaign elevates Warrix as top-of-mind brand Polo campaign drives top-of-mind preference amid rising demand for black apparel ▪ Demand for black apparel spiked during the mourning period. ▪ Units sold of black polo were increased by +388.7% in Oct (vs Sep) ▪ Building on this mo
Slide 18: Focus on Direct to Customer
FOCUS ON DIRECT TO CUSTOMER: ▪ Focus on direct to customer for margin improvement, mainly on own channels; online and 11 new shops by the end of 2025. ▪ Target Own Channels from 54% in 2024 to 65% in 2025 2024A 9M25A 2025F Non-own Own Non-own Own Non-own Own 46% 54% 43% 57% 35% 65% ▪ Cut down unprof
Slide 19: Focus on Direct to Customer: New Shop Opening
FOCUS ON DIRECT TO CUSTOMER: ▪ Focus on direct to customer for margin improvement, mainly on own channels; online and 11 new shops by the end of 2025. ▪ Target Own Channels from 54% in 2024 to 65% in 2025 2024A 9M25A 2025F Non-own Own Non-own Own Non-own Own 46% 54% 43% 57% 35% 65% ▪ Cut down shop e
Slide 20: Flagship Muang Thong Thani
Flagship Muang Thong Thani WARRIX Shop @Muangthong Flagship ▪ Opening Date : 21 November 2025 ▪ Type : Flagship Store ▪ Area: 1,023 sqm. 20
Slide 21: Focus on Direct to Customer: Store Partner Activation
FOCUS ON DIRECT TO CUSTOMER: Store Partner Activation • Warrix provides hands-on support to help partner stores create effective content tailored to local customer groups in the South. • Direct content creation significantly boosts sell-out performance for partnered retailers. • Strategic improvemen
Slide 22: New Partnership
NEW PARTNERSHIP: ▪ Expand new partnership through licensing strategy to diverse customer target groups in SEA. ▪ Potential new business expansion related to health and lifestyle. Official Licenses Thailand National & Thai League International Football Club Other Sport Licenses (New) (New) (New) (New
Slide 23: Other sport licensing enhances youth engagement
NEW PARTNERSHIP: Other sport licensing enhances youth engagement Partnership with Ice Hockey Association of Thailand marks a step forward in expanding Warrix’s role in new sports categories. ▪ 1-year partnership supplying official kits and equipment for use in training, competitions, and official ac
Slide 24: School licensing enhances youth engagement
NEW PARTNERSHIP: School licensing enhances youth engagement Partnership with the 31st Jaturamitr Football Fest enhances Warrix’s brand presence among youth ▪ Warrix’s partnership with the 31st Jaturamitr Football Fest, Thailand’s largest school football event, held with crowded fans at Supachalasai
Slide 25: Leveraging new partnership to penetrate Chinese market
Leveraging new partnership to penetrate Chinese market Himaxx x Warrix (Trademark Licensing) : Launching Autumn/Winter 2025 Collection with higher price/piece As of October 2025 48 Stores with WARRIX apparel ( +32 stores YTD ) Aims to reach 50 Stores with WARRIX product by 2025 Performance shows inc
Slide 26: Leveraging new partnership to penetrate Chinese market
Leveraging new partnership to penetrate Chinese market Himaxx x Warrix (Trademark Licensing) : Launching Autumn/Winter 2025 Collection with higher price/piece 35
Slide 27: Leveraging new partnership to capture sports footwear market
Leveraging new partnership to capture sports footwear market • Launch of 3 running models developed with Himaxx in November 2025 (cross border product). • Pilot test through key retail & online channels. • Building foundation for broader footwear expansion in 2026. • Leverage economies of scale of p
Slide 28: Cost Management
Cost Management ▪ Warrix currently produces 2,000,000 classic products per year, leading to a strategy of investing in machinery to reduce production costs. Ordering yarn (start in 2025), weaving fabrics and embroidery (start in 2026) in-house can reduce production costs by approximately 5-9% from c
Slide 29: Key Takeaway
Key Takeaway WN tsi WARRIX
Slide 30: 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 31: 2026 Activity Roadmap
2026 Activity Roadmap Activity Roadmap 2025 Key Activities 1. Strong Momentum From Year-Round Activities • Warrix has non-stop brand exposure through football, run club, lifestyle and multi-sport events across all 12 months. • Flagship events such as FIFA Windows, AFF tournaments, SEA Games, King’s
Slide 32: 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 33: Company Overview
05 Company Overview 59
Slide 34: 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 35: 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 21 Official Stores Content Marketing 4 I
Slide 36: 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 37: WARRIX product portfolio contribution
WARRIX product portfolio contribution As of 31 Dec 2024 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
Slide 38: Appendix
WARRDY Appendix
Slide 39: 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 40: 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 41: 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 42: 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 43: Key Financial Performance: Costs and Expenses
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 44: 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 45: Robust trajectory for growth in the enduring wave of healthier and fitter lifestyle
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 46: 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 47: 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