Warrix Sport Pcl · SET:WARRIX
Warrix Sport Pcl — Warrix Sport Public Company — FY2024 Earnings Presentation
45 slides from Warrix Sport Pcl's earnings presentation, Mar 10, 2025
Slide 1: FY24 Analyst Meeting
SPORT PUBLIC COMPANY LIMITED FY24 Analyst Meeting 10 March 2025
Slide 2: Agenda
Agenda 01 FY24 Financial Performance 02 2025 Key Strategies 03 Business Update & Outlook 2
Slide 3: FY24 Financial Performance
01 FY24 Financial Performance 3
Slide 4: FY24 Financial Performance (Separate)
FY24 Financial Performance (Separate) Unit: THB million Separate P&L Statement 4Q23 3Q24 4Q24 %QoQ %YoY FY23 FY24 %YoY Revenues from core operation 387 396 427 8% 10% 1,208 1,491 23% COGS 204 192 217 13% 7% 631 757 20% Gross Profit 184 204 210 3% 14% 578 734 27% Other Income 9 4 5 19% -50% 28 21 -27
Slide 5: FY24 Financial Performance (Consolidated)
FY24 Financial Performance (Consolidated) Unit: THB million Consolidated P&L Statement 4Q23 3Q24 4Q24 %QoQ %YoY FY23 FY24 %YoY Revenues from core operation 393 429 447 4% 14% 1,225 1,553 27% COGS 203 214 225 5% 10% 639 793 24% Gross Profit 190 214 222 4% 17% 585 761 30% Other Income 9 4 4 6% -54% 29
Slide 6: Key Financial Performance: Revenues by Channel
Key Financial Performance Revenues Breakdown By Channel 4Q24 YoY & QoQ Growth by Channel +38% YoY +10% QoQ -17% YoY 151 +2% QoQ 137 129 110 +57% YoY 106108 +39% QoQ +8% YoY +6% QoQ 74 +119% YoY -95% YoY +2% YoY +57% YoY +5% YoY -35% YoY -40% QoQ 53 45 46 49 -60% QoQ 47 -37% QoQ +12% QoQ -7% QoQ -76%
Slide 7: Key Financial Performance: Revenues by Channel
Key Financial Performance Revenues Breakdown By Channel +38% 4Q23 4Q24 +44% FY23 FY24 151 -17% +3% 452 129 +64% 369381 110 108 +57% 314 +19% 284 +66% +8% +119% 74 -95% +2% +57% +5% -35% 175 173 45 49 47 148 +123% -92% +29% +11% +36% 31 118 21 19 20 70 63 71 10 7 7 4 4 2 1 31 31 40 17 19 1 5 8 10 Phy
Slide 8: Key Financial Performance: Revenues by Product
Key Financial Performance Revenues Breakdown By Product 4Q24 YoY & QoQ Growth by Product +19% YoY -8% QoQ 169 +31% YoY 156 +17% YoY -24% YoY +46% QoQ +23% QoQ +2% QoQ 131 113 109 93 88 86 77 72 -52% YoY +104% YoY -53% YoY +5% YoY 53 54 -77% QoQ +8% QoQ -95% QoQ -7% QoQ 26 1 2 1 4 8 9 3 1 4 5 4 Natio
Slide 9: Key Financial Performance: Revenues by Product
Key Financial Performance Revenues Breakdown By Product 4Q23 4Q24 +41% FY23 FY24 +19% 550 156 +31% +15% 131 +17% +16% 390 113 109 357 +19% -24% 317 310 86 93 272 72 221 54 +104% -53% +5% 185 +25% +143% +29% +11% -52% 51 1 1 4 9 3 1 4 4 5 6 21 25 32 17 19 Football Club Collection National Team Made t
Slide 10: Key Financial Performance
Key Financial Performance Unit: THB’m Revenues Gross Profit Margin 62.8% 1,553 60.0% 59.5% 59.2% 59.5% 1,225 1,275 50.0% 48.3% 49.7% 49.0% 1,013 47.8% 393 429 447 47.3% 48.3% 48.1% 46.7% 45.4% 316 365 384 211 279 77 64 64 4Q23 3Q24 4Q24 FY23 FY24 4Q23 3Q24 4Q24 FY23 FY24 Licensed Non- Licensed Licen
Slide 11: Key Financial Performance
Key Financial Performance Unit: THB’m Cost of Sales and Services Unit: THB’m Selling Expenses 52% 24% 27% 27% 27% 30% 52% 51% 461 48 50% 50% 326 72 1,553 37 85 47 63 118 121 94 15 10 256 12 20 21 179 14 22 23 17 1,225 50 61 67 4Q23 3Q24 4Q24 FY23 FY24 Advertising & Promotion People cost Rental & Ser
Slide 12: Balance Sheet
Balance Sheet Unit: THB’m Assets Liabilities & Equity Unit: THB million Unit: THB million +5% YTD +5% YTD 1,883 1,800 1,883 1,800 116 210 Trade and other Cash and cash equivalents 202 current payables 325 157 Trade and other receivables 524 141 45 Interest Bearing Debt Inventories 48 357 Investment
Slide 13: 2025 Key Strategies
02 2025 Key Strategies 13
Slide 14: 2025 Key Strategies
2025 Key Strategies 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. - Strengthen ‘Run Hub’ as Lifestyle
Slide 15: 2025 Key Strategies: Brand Building
2025 Key Strategies 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. - Strengthen ‘Run Hub’ as Lifestyle
Slide 16: The 75th TU-CU Traditional Football Match
The 75th TU-CU TRADITIONAL FOOTBALL MATCH 15.02.2025 16
Slide 17: The 75th TU-CU Traditional Football Match
The 75th TU-CU TRADITIONAL FOOTBALL MATCH 15.02.2025 17
Slide 18: 2025 Key Strategies: Direct to Customer
2025 Key Strategies Focus on Direct to Customer (Own Channels from 54% in 2024 to 65% in 2025) - Expand distribution channel, mainly focus on own channels; 24 new (temporary) shops and online. - Increasing high margin product mix. - AI-Driven Efficiency. - Develop every touch point for better custom
Slide 19: 2025 Key Strategies: Direct to Customer
2025 Key Strategies Focus on Direct to Customer (Own Channels from 54% in 2024 to 65% in 2025) - Expand distribution channel, mainly focus on own channels; 24 new (temporary) shops and online. - Increasing high margin product mix. - AI-Driven Efficiency. - Develop every touch point for better custom
Slide 20: 15th Own (Temporary) Shop – Robinson Buriram
15th Own (Temporary) Shop – Robinson Buriram ▪ Location : Robinson Buriram ▪ Opening Date : 19 December 2024 23
Slide 21: 16th Own (Temporary) Shop – Central Westgate
16th Own (Temporary) Shop – Central Westgate ▪ Location : Central Westgate ▪ Opening Date : 28 December 2024 24
Slide 22: 17th Hub Store – KSL SPORT x WARRIX
17th Hub Store – KSL SPORT x WARRIX ▪ Location : KSL SPORT (Khon Kaen) ▪ Opening Date : 18 January 2025 ▪ Type : Northeastern Hub Store (sell and stock as a hub for distribution) 25
Slide 23: 2025 Online Channel
2025 Online Channel: Own-Channel Marketplace +1XX% +XX% Uplift Uplift 2024 2025F 2024 2025F Own-Channel Growth Drivers: Marketplace Growth Drivers: • Website UX/UI and CRM Investment: Enhanced user • Onsite Media Utilization: Leveraged platform traffic to experience boosted conversion rates. drive d
Slide 24: New Partnership: Official Licenses
2024 Key Strategies 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 (Ne
Slide 25: New Partnership WARRIX x Uthai Thani FC
New Partnership WARRIX x UTHAI THANI FC Official Partner 2025/2026 Official License | Football Club in Thai League 1 28
Slide 26: New Partnership WARRIX x Negeri Sembilan FC
New Partnership WARRIX x NEGERI SEMBILAN FC Official Partner 2025/2026 Official License | International Football Club in Malaysia Super League 29
Slide 27: New Partnership WARRIX x The 31st Jaturamitr Football Fest
New Partnership WARRIX x The 31st JATURAMITR FOOTBALL FEST 15-22.11.2025 Official Partner Educational License 30
Slide 28: New Partnership WARRIX x KSL SPORT
New Partnership WARRIX x KSL SPORT Joint Venture ▪ KSL’s Business Overview: - A Leading distributor of sportswear and equipment from Local brands (Warrix, Grand Sport, FBT, Ego Sport, etc.). - Expertise in online sales via TikTok Live, Shopee, Lazada, and retail store presence in Khon Kaen. ▪ Object
Slide 29: New Partnership WARRIX x KSL SPORT: Investment Details
New Partnership WARRIX x KSL SPORT Joint Venture ▪ Investment Details: - Registered Capital: 76 MB, divided into 7.6 million shares. - Shareholding Structure: Warrix (51%), KSL (49%). - Board Composition: 5 directors (3 Warrix, 2 KSL). ▪ Expected Benefits: - Strengthen Warrix’s brand in the Northeas
Slide 30: New Partnership WARRIX x TikTok
New Partnership WARRIX x TikTok Live Base Center 33 Partnership
Slide 31: New Partnership WARRIX x TikTok
New Partnership WARRIX x TikTok Live Base Center 34 Partnership
Slide 32: Business Update & Outlook
03 Business Update & Outlook 35
Slide 33: Warrix International in Recovery
Warrix International in Recovery 2025 WARRIX STORES - REGIONAL WARRIX International: ▪ Malaysia (Distributor) ▪ Singapore (Distributor) MM : 1 Distributors ▪ Myanmar (Distributor) ▪ Cambodia (TBC) CB : TBC WARRIX Holding: ▪ Adidas Retail ▪ Adidas E-commerce Operated by MY : 2 Stores (Official Distri
Slide 34: Leveraging new partnership to penetrate Chinese market
Leveraging new partnership to penetrate Chinese market Himaxx x Warrix (Trademark Licensing) ▪ Launched F/W 2024 Collection in first Himaxx Outlet Store since September 2024 to 22 stores with Warrix product at the present and aims to reach 60-70 stores with Warrix product by 2025. (Himaxx now has 42
Slide 35: Efficiency Improvements in Distribution
Efficiency Improvements in Distribution Operating New Warehouse in Bangkok Free Trade Zone Existing Warehouse operated by 3rd party Fulfillment New Warehouse operated by Warrix 7,369 sqm. sqm. 5,300 sqm. ▪ To improve its distribution efficiency, Warrix decided to rent a new warehouse in Bangkok Free
Slide 36: Activity Roadmap 2025
Activity Roadmap 2025 FOOTBALL EVENT 75th TU-CU 31st TRADITIONAL JATURAMITR FOOTBALL FOOTBALL MATCH FEST 15 Feb 15-22 Nov RUNNING Trail Series Trail Series 12 Jan EVENT TBC TBC TBC TBC Buriram Marathon 2025 25 Jan TBC OTHER SPORT EVENT LIFESTYLE EVENT 50
Slide 37: 2026 Sales Target
2026 Sales Target Target 2026 Gross Sales > THB ~2,700 m 100 % Sales in 2026 300 150 Services ~ 4% NEW 1,553 430 Oversea ~ 11% 6 1,225 70 Health ~ 5% 2 19 31 Licensed ~ 15% 1,062 17 279 4 211 Existing 655 228 1,805 648 696 1 4 147 147 140 1,180 963 830 549 507 504 Non-Licensed ~ 65% 2019 2020 2021 2
Slide 38: Q&A Disclaimer
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 39: Appendix
04 Appendix 53
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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
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