Gfpt Public Co. Ltd. · SET:GFPT
Gfpt Public — Q1 2025 Earnings Presentation
38 slides from Gfpt Public's earnings presentation, May 13, 2025
Slide 1: 1Q2025 Analyst Meeting
1Q2025 13 MAY 2025 GFPT Public Company Limited Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 1
Slide 2: Disclaimer and forward-looking statements
This presentation contains summary information about GFPT Public Company Limited (“GFPT” or “the Company”) and its subsidiaries (jointly the “GFPT Group”) as at 31 March 2025 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentation contains fo
Slide 3: Agenda
GFPT Profile 1Q2025 Financial Results Broiler Industry Outlook FY2025 Guidance Q&A Appendix: Key Statistics Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 3
Slide 4: GFPT Public Company Limited profile
GFPT Public Company Limited (TB:GFPT), founded in 1981 with headquarters in Bangkok, Thailand, is one of Thailand’s chicken processors and marketers. We are specialized in fully vertical integrated chicken production starting from feed mill, grandparent breeder farm, parent breeder farm, broiler far
Slide 5: Trusted and responsible food producer
GFPT is committed to being a trusted and responsible food producer, delivering high-quality, nutritious chicken products through a fully integrated, sustainable, and ethical production process. We integrate the Triple Bottom Line (TBL) framework to create balance between People, Planet, and Profit,
Slide 6: Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 6
Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 6
Slide 7: Supported Sustainable Development Goals (SDGs)
GFPT supported Sustainable Development Goals (SDGs) which was incorporated in the Company's objectives and operations. Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 7
Slide 8: Governance ratings and awards
“Excellent” rating from the CGR (Corporate Governance Report of Thai Listed Companies) Anti – Corruption Certified to be a member of CAC (Collective Action Coalition) The Company received the Quality Best Investor Relations SWA Top Performance Cobb Champion Outstanding Entrepreneur Assessment of AGM
Slide 9: Shareholding Structure and Top 5 Shareholders
Symbol GFPT Shareholding Structure sSET as of 6 March 2025 Industry / Sector Agro & Food Industry / Agribusiness 2024 CG Score Excellent [90 – 100 CG Report Score] Anti – Corruption Certified to be a member of CAC Closed Price THB 10.10 per share (30/04/2025) Average Price THB 8.99 per share (1Q 202
Slide 10: GFPT group structure
GFPT GFPT Public Company Limited Chicken Evisceration and Processed Food 5 Subsidiaries 2 Joint Ventures Keystone Foods Inc. [51%] McKey | 49.00% McKey Food Services (Thailand) Ltd. Frozen Processed Food KT | 98.33% FKT | 99.99% GFF | 99.99% Krungthai Food PCL. Krungthai Farm Co., Ltd. GF Foods Co.,
Slide 11: Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 11
Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 11
Slide 12: Company history and milestones
Additional Capital Injection in GFN 2012 GFPT: Stock split from Invest additional GFPT Initially established GFPT Listed in SET THB 10 to THB 1 per share share in KT 1981 1992 2010 2020 Become a Fully Vertical Integration JV Partnership & Extended Integration & Cook Product Organic Growth with Capac
Slide 13: Future Project
Future Project Water Reservoir New slaughter house capacity at 150,000 birds per day New Poultry Processing and Fully-Cooked Food Plants Raising capacity to reach 340,000 birds per day Project, Chonburi Cooked product for export capacity at 30,000 MT per year Expansion of the New MKS Broiler Farm No
Slide 14: Products
Chicken Parts and Meat [Bone-in, Boneless, Cut-up, Marinated] Cage Free Eggs DOC Live Broiler Animal Feed [Pig, Layer Hen, Duck, Cow, etc.] Cooked Product [Fully Cooked, Par-fried, Breaded, Steamed, Roasted] Shrimp Feed Processed Food [Sausage, Smoke Sausage, Chicken Meatballs] [Grandparent farm, Br
Slide 15: FY2024 Consolidated Revenue
FY2024 Consolidated Revenue = THB 19.31 billion Revenue by Segment + 2% 19,314 Farm 18,000 33% 15,000 Food 12,000 50% 9,000 6,000 Feed 17% 3,000 - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue by Destination Revenue by Currency Revenue by Product D
Slide 16: Thai chicken export and production ranking
2nd in Thai Chicken Export 6th in Thai Chicken Production GFPT GFPT Group Group 6% 13% Export by Destination Export by Product Type Others 7% EU 12% UK 30% Raw Cooked China 42% 58% 14% Malaysia 16% Japan 21% Source: Thai Broiler Processing Exporters Association Note: 2024 Thai Broiler Production = 1
Slide 17: Analyst Meeting No. 2/2024 | 9 MAY 2024 | page 17 Analyst Meeting No.
Analyst Meeting No. 2/2024 | 9 MAY 2024 | page 17 Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 17
Slide 18: 1Q2025 Revenue Breakdown by Segment
1Q2025 Consolidated Revenue = THB 4.65 billion 1Q2025 Revenue Breakdown by Segment Business Segment of 1Q2025 1Q2024 Change GFPT Group THB million % THB million % THB million % Food (Chicken Processing) 2,218.52 47.71 2,194.06 48.47 24.46 1.11 Farm 1,689.53 36.34 1,523.86 33.66 165.67 10.87 Feed 741
Slide 19: 1Q2025 income statement
(Unit in THB million) 1Q2024 %Sales 1Q2025 %Sales Change % Change Revenue from sales 4,526.84 100.00% 4,649.47 100.00% 122.63 2.71% Cost of sales (3,958.61) (87.45%) (3,997.42) (85.98%) 38.81 0.98% GROSS PROFIT 568.23 12.55% 652.05 14.02% 83.82 14.75% Other income 92.66 2.05% 82.22 1.77% (10.44) (11
Slide 20: Gross Profit, EBITDA, Net Profit and margins
Gross Profit & GP Margin (%) EBITDA & EBITDA Margin (%) 3,500 15.7% 15.5% 18% 4,500 24.4% 27% 14.0% 21.0% 22.7% 21.7% 14.7% 13.8% 14.2% 20.5% 3,000 12.8% 4,000 20.6% 20.1% 24% 12.6% 15% 19.0% 11.5% 3,500 16.8% 21% 2,500 12% 3,000 18% 2,000 7.8% 2,500 11.2% 15% 9% 1,500 2,000 12% 6% 1,500 9% 1,000 1,
Slide 21: EPS, ROA, Dividend and Payout Ratio
EPS (THB per share) Return on Asset (%) 2,500 1.63 1.57 174% 171% 30,000 12% 168% 165% 162% 159% 156% 153% 9.2% 9.7% 150% 147% 25,000 2,000 1.10 144% 141% 138% 135% 132% 6.9% 7.6% 9% 1.08 129% 126% 123% 0.95 120% 117% 114% 111% 20,000 6.5% 1,500 108% 105% 102% 99% 96% 93% 5.6% 90% 87% 84% 15,000 6%
Slide 22: Selected balance sheet items: assets
Selected Items (Unit in THB million) FY2024 Mar 2025 Change % Change Cash and Cash Equivalents 2,101.40 2,659.34 557.94 26.55% Trade and Other Current Receivables 1,071.04 1,188.43 117.40 10.96% Inventories 3,499.51 2,852.25 (647.26) (18.50%) Current Biological Assets 640.29 536.20 (104.10) (16.26%)
Slide 23: Selected balance sheet items: liabilities
Selected Items (Unit in THB million) FY2024 Mar 2025 Change % Change Short - Term Loans from Financial Institutions 770.00 270.00 (500.00) (64.94%) Short - Term Loans from Related Persons 180.00 230.00 50.00 27.78% Trade and Other Current Payables 1,190.70 1,188.24 (2.46) (0.21%) Other Current Liabi
Slide 24: EBITDA and cash flow selected items
Selected Items (Unit in THB million) 1Q2024 1Q2025 Change % Change EBIT 548.58 702.08 153.49 27.98% Depreciation - Grandparent & Parent Chickens 180.23 202.18 21.95 12.18% Depreciation & Amortization 200.40 228.12 27.72 13.83% EBITDA 929.22 1,132.38 203.16 21.86% Net Cash Received from Operating Act
Slide 25: Total Assets and Book Value
1Q2025 Total Assets = THB 26.53 billion Book Value (THB per share) 30,000 25,000 15.55 16.06 1686% 1683% 1679% 1676% 1673% 1669% 1666% 1662% 1659% 1656% 1652% 1649% 1646% 1642% 1639% 1635% 1632% 1629% 1625% 1622% 1619% 1615% 1612% 14.15 1609% 1605% 1602% 1598% 1595% 1592% 1588% 1585% 1582% 1578% 157
Slide 26: Interest-Bearing Debt
1Q2025 Interest-Bearing Debt = THB 3.97 billion Debt to EBITDA (THB million) 5,000 4.26 498% 495% 492% 489% 486% 483% 480% 477% 474% 471% 468% 465% 462% 459% 456% 453% 450% 447% 444% 441% 438% 435% 432% 429% 426% 423% 420% 417% 414% 411% 408% 405% Short-Term Loans 500 4,000 402% 399% 396% 393% 390%
Slide 27: FY2025 Capital Expenditure
Investment (million THB) 1,567 1,264 1,120 1,120 1,242 1,179 882 581 610 609 611 682 742 539 2018 2019 2020 2021 2022 2023 2024 Breeder Stocks Fixed Assets FY2025 Capital Expenditure 1-1.2 Billion Broiler Farm Breeder Farm Primary Plant Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 27
Slide 28: Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 28
Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 28
Slide 29: Thailand broiler production and export
THAILAND Thai Broiler Export by Destination The 7th Global Chicken Producer Others 20% Japan 2024 broiler production = 3,490,000 Metric tons 40% China The 4th Global Chicken Exporter 9% EU 2024 broiler meat export = 1,170,000 Metric tons 14% UK 17% Broiler Meat Production & Export Selected Countries
Slide 30: Thai chicken export by product and market
1,400,000 Change Change 2022 2023 2024 22 / 23 23 / 24 2024 MT Mil. Baht MT Mil. Baht (%) MT Mil. Baht (%) 1,224,343 MT 1,200,000 Product - Raw 396,070 46,360 514,853 53,115 30.00 564,611 58,014 9.66 - Further (Cooked) 643,711 102,553 582,593 93,752 (9.50) 659,732 103,051 13.24 Total 1,039,781 148,9
Slide 31: Global production, import, export and consumption
Global Production [Y2024 = 103,724,000 Metric Tons] Global Import [Y2024 = 11,273,000 Metric Tons] USA 21,343 Japan 1,143 China 15,350 Mexico 1,021 Brazil 15,000 UK 977 EU 11,530 EU 730 Russia 4,910 Saudi Arabia 607 Mexico 3,990 Iraq 551 Thailand 3,490 Philippines 501 Turkey 2,512 China 477 Argentin
Slide 32: Broiler, feed and export price trends
Corn & Soybean Meal (THB/Kg.) Broiler at Farm Gate (THB/Kg.) 27.0 24.0 21.7 21.6 50.0 44.0 21.4 43.5 19.7 20.7 40.6 40.3 40.3 41.0 40.7 41.4 21.0 19.3 18.4 SBM 17.6 40.0 36.9 35.4 34.9 18.0 16.0 40.2 15.0 13.7 14.0 37.1 36.4 36.4 37.9 38.4 30.0 34.8 33.7 33.4 33.0 31.8 12.0 Corn 9.0 12.3 12.1 12.0 2
Slide 33: Industry strengths and risks
+ Globally Recognized Food Safety Standards - Animal Disease Outbreaks & Hygiene Risk + Growing Poultry Demand - Global Market Competition + Cooked & Processed Chicken Market Growth - Cost Volatility & Rising Expenses + Strong Export Competitiveness - Non-Tariff Measures (NTMs) + Lower Production Co
Slide 34: FY2025 Guidance
FY2025 Guidance Revenue 2-3% growth from FY2024 sales Gross Profit Margin 13.0% - 14.0% SG&A 8.0% - 8.5% Financial Cost 1.5% - 2.5% Effective Tax Rate 10% - 15% CAPEX THB 1 - 1.2 billion Source: BOD Resolutions (No.1/2025) Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 34
Slide 35: Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 35
Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 35
Slide 36: Key statistics: sales volumes by product
Chicken Meat Direct Export (MT) Chicken Meat Indirect Export (MT) Chicken Meat Domestic (MT) + 25% + 0% 36,600 32,600 21,600 + 7% 59,700 61,200 59,700 61,000 60,900 29,300 19,900 19,100 17,500 17,900 23,400 21,900 + 5% + 3% - 6% 8,300 8,700 15,000 15,400 5,100 4,800 2020 2021 2022 2023 2024 1Q24 1Q2
Slide 37: Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 37
Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 37
Slide 38: Investor Relations Department
Investor Relations Department ir@gfpt.co.th Dr. Jutamas Ingpochai jutamas@gfpt.co.th T +66 2 473 8000 ext. 1822 Veera Titayangkaruvong veera-tita@gfpt.co.th T +66 2 473 8000 ext. 1802 @gfpt.official Line@ GFPTofficial www.gfpt.co.th Analyst Meeting No. 2/2025 | 13 MAY 2025 | page 38