Thai Union Group Public Company Limited · SET:TU
Thai Union Group Public — Thai Union Group PCL — Q3 2025 Earnings Presentation
49 slides from Thai Union Group Public's earnings presentation, Nov 3, 2025
Slide 1: Q3 25 Analyst Meeting
Q3 25 Analyst Meeting Thai Union Group PCL. November 3, 2025 Q3 25 Analyst Meeting Investor Relations Department
Slide 2: Disclaimer
Disclaimer The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance. These views are base
Slide 3: Q3 25 Key highlights and key developments
Q3 25 Key highlights and key developments Q3 25 Analyst Meeting Investor Relations Department
Slide 4: CEO quote on resilience and cost management
“Despite a challenging backdrop over the past nine months, we demonstrated our ability to adapt and stay resilient. Through proactive cost management, the launch of our cost- reset program, and continued transformation savings, we are reinforcing the foundation for long-term competitiveness amid tar
Slide 5: Q3 25: topline back to organic growth and resilient GPM despite headwinds
Q3 25: topline back to organic growth and resilient GPM despite headwinds from US tariffs and THB appreciation Sales Gross Profit Adjusted Adjusted Operating Profit* Net Profit* 34,501 6,549 2,007 1,516 THB mn THB mn THB mn THB mn FX: -2.8% YoY 19.0% 5.8% 4.4% Organic: +1.8% YoY GPM OPM NPM -1.0%
Slide 6: Net profit softened in Q3 25, but EPS rose strongly
Net profit softened in Q3 25, but EPS rose strongly supported by share cancellation; improvement expected from 2026 as cost savings realize Bridge Net Profit (THB mn) -7.2% YoY 1,634 -6.8% YoY 1,516 -234 1,400 1,304 +212 -278 -21 +43 +8 +161 -41 +32 Q3 24 Trans- Q3 24 Operating FX gain Other Share L
Slide 7: Sonar and Tailwind projects on track, around 80% of 2025 target
Benefits from the Sonar and Tailwind projects are on track, achieving around 80% of the 2025 target PROJECT SONAR (ending 2025) PROJECT TAILWIND (ending 2026) Group transformation program to lay the foundations PetCare transformation program to accelerate growth 2025 Target: ~USD 15mn in-year saving
Slide 8: TU launched a Cost Reset Program to strengthen competitiveness
TU launched a Cost Reset Program to strengthen competitiveness amid new challenges — focusing on efficiency, cost reduction, and long-term resilience Cost reset program Winning in cost Driving operational efficiency and cost reduction to strengthen profitability and competitiveness. Cost reset is a
Slide 9: Unsuccessful General Offer of Mitsubishi Corporation
Unsuccessful General Offer of the Mitsubishi Corporation (MC) due to insufficient acceptance; strategic partnership remains unchanged Transaction announcement General Offer period Post-General Offer Current status On September 29, 2025, TU was MC announced an intention to MC launched a general offer
Slide 10: TU maintains A+ rating with Stable outlook and earns awards
TU maintains “A+ Rating” with a “Stable” outlook from TRIS and earns multiple awards TRIS Rating affirms the company rating on Thai Union TU won the “Best in Class Treasury TU received 3 accolades. and the ratings on its senior unsecured debentures Solution in ASEAN” from Adam Outstanding CEO, Outst
Slide 11: Strong investor response to our Blue Finance
Strong investor response to our Blue Finance highlights our firm and ongoing commitment to sustainability Sustainability Expo 2025 - TSCN Business Partner Conference, TU’s CEO shared our vision, commitment, and business adaptation for a sustainable future. “The world is changing faster than we can i
Slide 12: Q3 25 Financial performance
Q3 25 Financial performance Q2 24 Q3 25 Analyst Meeting Analyst Investor Relations Meeting Department
Slide 13: CFO quote on organic sales momentum
“In Q3 2025, Thai Union’s organic sales momentum returned to growth after two consecutive quarters of decline, driven particularly by Frozen and PetCare categories, despite FX and US tariffs headwinds. GPM remained high, staying within target range of 18.5 – 19.5%. Additionally, we continued to focu
Slide 14: Q3 25 GPM sustained at a high level within target range
Q3 25 GPM sustained at a high level, remaining within the 18.5 – 19.5% target range 19.5% 19.7% 19.0% 18.5% 18.7% 18.8% 19.0% 18.0% 18.2% 18.2% 18.4% 17.3% 17.7% 17.5% 17.3% 17.8% 16.9% 16.9% GPM 15.1% 6.5% 6.2% Adjusted NPM* 5.8% 5.4% 5.0% 4.8% 4.7% 4.4% 4.5% 4.2% 4.0% 4.3% 4.4% 4.2% 3.6% 3.8% NPM
Slide 15: Q3 25: Topline softened by negative FX but organic growth in Frozen and PetCare
Q3 25: Topline softened by negative FX impact but showing organic growth in Frozen and PetCare categories Sales growth (% YoY) FX rate Q3 24 Q3 25 %YoY Sales slightly decreased by 1.0% YoY in Q3 25. On the contrary, sales USD/THB 34.8 32.3 -7.2% volume improved by 3.7% YoY. EUR/THB 38.2 37.7 -1.3% O
Slide 16: Tuna and shrimp prices up YoY, salmon prices soft
Tuna prices increased YoY due to lower catching rates, while shrimp prices rose on stronger demand following the clarification of U.S. tariffs while salmon prices remain soft Tuna (Skipjack; USD/ton) Quarterly avg. Shrimp (60pcs/kg; THB/kg) Quarterly avg. FY 24 actual: 1,438 Q2 23 FY 24 actual: 144
Slide 17: THB appreciated against all key currencies YoY
Overall, the THB appreciated against all key currencies YoY, with the USD/THB showing the sharpest movement, averaging an -7.2% YoY in Q3 25 USD/THB Avg. in Q3 25: 1 USD / 32.3 THB (-7.2% YoY) Quarterly avg. EUR/THB Avg. in Q3 25: 1 EUR / 37.7 THB (-1.3% YoY) Quarterly avg. FY 24 actual: 35.3 FY 24
Slide 18: ND/EBITDA temporarily above target due to share buyback
ND/EBITDA temporarily above target due to share buyback program, expected to decline from 2026 onward ROE Inventory Days Net Debt to EBITDA Net debt to EBITDA ratio temporarily increased due to the exercise of a call option on perpetual debentures in Q4 24 158 156 157 and treasury shares program in
Slide 19: 9M 25: Net debt rose to THB 59bn
9M 25: Net debt rose to THB 59bn, mainly from share buybacks and dividends, while cash generation remained strong at THB 4bn ND/E 0.9 x Income tax paid and ND/E 1.1 x Free Cash Flow (FCF) THB +4,127mn Kd* = 3.65% other investing & financing activities Kd* = 3.45% (THB mn) Debt 59,050 -449 +4,310 -28
Slide 20: Landmark Blue financing of THB 19bn
TU achieved a landmark Blue financing of THB 19bn, surpassing its 2025 Blue Finance target under SeaChange® 2030, and reducing avg. financing cost to ~3% Refinancing transaction in September 2025 Debt profile after refinancing • TU refinanced a total of THB 19bn of its debt portfolio, comprising (Un
Slide 21: BEPS 2.0 Pillar 2 group top-up tax estimate
Group top-up tax from BEPS 2.0 Pillar 2 implementation has re-estimated at around THB 100mn for FY 25, with THB 68mn incurred in 9M 25 Base Erosion and Profit Shifting (“BEPS”) 2.0 – Pillar 2 BEPS 2.0 Pillar 2 is international tax reforms that aim to introduce a Global Minimum tax. Implementation (o
Slide 22: Q3 25 Business performance
Q3 25 Business performance Q3 24 Q3 25 Analyst Meeting Analyst Investor Relations Meeting Department
Slide 23: 9M 25: Higher sales contribution in Frozen and PetCare
9M 25: Higher YoY sales contribution in Frozen and PetCare categories, with GPM across all categories remaining within target range Total 9M 25 sales: THB 97,680 mn Ambient Frozen PetCare Value-added THB 48,606mn THB 28,809 mn THB 13,185 mn THB 7,080 mn 20.3% 12.7% 25.3% 26.6% GPM GPM GPM GPM 49.8%
Slide 24: Q3 25 Ambient: Branded sales resilient, European demand stronger
Q3 25 Ambient: Branded sales remained resilient and European demand strengthened, helping maintain a healthy GPM despite tariff and raw material headwinds Sales (THB mn) and GPM (%) YoY analysis: 22.0% 20.1% 20.6% • In Q3 25, Ambient sales declined by 3.8% YoY, mainly due to FX 19.4% 19.4% translati
Slide 25: 9M 25 Ambient: Topline challenging, GPM improved
9M 25 Ambient: Topline remained challenging due to soft demand in key markets, while GPM improved in line with the target range 20-22% Sales (THB mn) and GPM (%) Business update: 21.1% 21.4% 21.3% 20.3% Driving sustainable branded growth via strategic marketing programs 19.0% 19.1% 18.6% • Petit Nav
Slide 26: Q3 25 Frozen: Strong volume and sales growth, exceptional GPM
Q3 25 Frozen: Strong volume and sale growth vs. LY. Exceptional GPM boosted by exceptional Feed performance. All other segments’ GPM are also improving Sales (THB mn) and GPM (%) YoY analysis: 12.0% 13.8% • Within the Frozen category, the key segments ranked by sales 12.1% 12.4% 11.7% contribution a
Slide 27: 9M 25 Frozen: Solid GPM despite sales decline
9M 25 Frozen: Maintained solid GPM, thanks to strong Feed and Chilled businesses, despite YoY sales declined Sales (THB mn) and GPM (%) Business update: 11.8% 11.7% 12.7% 9.7% 11.3% 11.5% • New products launched 7.7% • Pulled chicken BBQ burger & chicken tikka samosa • Frozen Asian selection CAGR -3
Slide 28: Q3 25 PetCare: Sales resilient with strong volume growth
Q3 25 PetCare: Sales remained resilient, supported by strong volume growth in the U.S. and Europe, while GPM stayed above the full-year target range Sales (THB mn) and GPM (%) YoY analysis: 30.6% • PetCare sales grew by 6.2% YoY despite FX headwinds, supported 26.1% 24.5% 25.6% 25.8% by a 9.9% YoY i
Slide 29: 9M 25 PetCare: Sales growing on volume expansion
9M 25 PetCare: Sales continued growing, supported by volume expansion, thanks to higher demand in the U.S. Sales (THB mn) and GPM (%) Business update: 29.3% 28.5% • ITC is actively positioned in the emerging pet treats market, focusing 25.6% 26.3% 25.3% 24.3% on innovations to capture opportunities.
Slide 30: Q3 25 Value-added: sales decrease YoY, GPM slightly improved
Q3 25 Value-added: overall sales and sales volume decrease YoY, but GPM slightly improved, remaining in line with our target level Sales (THB mn) and GPM (%) YoY analysis: 25.1% 27.9% • Within the Value-added category, the key segments ranked by 26.3% 25.6% 23.5% sales contribution are: 1) Value-add
Slide 31: 9M 25 Value-added: Sales declined YoY, GPM solid at 26.6%
9M 25 Value-added: Sales declined YoY, partly offset by higher volume; GPM remained solid at 26.6% Sales (THB mn) and GPM (%) Business update: 28.5% 29.4% 28.0% • Thai Union Ingredients showcased its products at Vitafoods Asia 27.1% 26.1% 27.0% 26.6% 2025 in Bangkok, positioning ourselves as a trust
Slide 32: FY 2025 Outlook
FY 2025 Outlook Q2 24 Q3 25 Analyst Meeting Analyst Investor Relations Meeting Department
Slide 33: 2025 targets adjusted to reflect tariffs and FX headwinds
2025 targets adjusted to reflect tariffs and FX headwinds while maintaining GPM 10% tariff (Apr to Jul) 2025 Guidance Key factors 19% tariff (Aug to Dec) Sales growth -2 to -4% YoY • Soften due to the impact of the 19% U.S. tariff and a (previous disclosure: -1 to -2% YoY) more unfavorable USD excha
Slide 34: Q&A
Q&A Q3 25 Analyst Meeting Investor Relations Department
Slide 35: Thank you for your valuable feedback!
Thank you for your valuable feedback! Q3 25 Analyst Meeting 35 Investor Relations Department
Slide 36: Appendix
Appendix Q2 24 Q3 25 Analyst Meeting Analyst Investor Relations Meeting Department
Slide 37: 9M 25: soft sales, strong GPM and growing adjusted net profit
9M 25: soft sales affected by FX impact, strong GPM and growing adjusted Net Profit 9M 25 sales declined by 5.5% YoY to Financial Summary 9M 24 9M 25 (THB mn) % to sales THB 97,680 mn -5.5% YoY 18.5% 19.2% 103,343 10.2% 10.2% 97,680 -1.8% YoY Share price movement* 5.8% 5.5% 2024 9M 25 19,070 18,727
Slide 38: Excluding transformation costs, adjusted operating and net profit
Excluding transformation costs, Q3 25 adjusted operating profit and net profit would be THB 2,007mn (-13.0% YoY) and THB 1,516mn (-7.2% YoY), respectively (THB mn) Q3 24 Q3 25 %YoY 9M 24 9M 25 %YoY Total sales 34,840 34,501 -1.0% 103,343 97,680 -5.5% Gross profit 6,793 6,549 -3.6% 19,070 18,727 -1.8
Slide 39: Our portfolio is well-diversified across all regions
Our portfolio is well-diversified across all regions 14 Production bases (countries) ~39% ~31% North America Europe 4 Asia • Indonesia • India • Thailand (2) • Vietnam 9 Europe & Africa • France (2) • Poland • Germany (2) • Portugal • Ghana • Seychelles • Lithuania • Russia • Norway Pacific Ocean Pa
Slide 40: Sales breakdown by geography and business segments
Sales breakdown by geography and business segments Sales breakdown by geography Sales breakdown by business segment 9.5% 10.1% 9.7% 9.9% 10.3% 9.6% The U.S. & Canada 2.4% 5.1% 3.2% 2.5% 4.1% 4.7% 4.1% 5.8% 6.0% 5.6% 5.8% 5.0% Europe 10.3% 10.5% 11.5% 11.0% 11.9% Thailand 11.5% Japan Brand Brand 28.3
Slide 41: The U.S. & Canada and Europe sales
The U.S. & Canada: Sales declined due to FX translation Europe: Higher sales and volume growth in Germany impact, while organic growth remained positive and Poland -0.3% YoY +4.4% YoY 14,185 10,938 10,659 13,327 13,001 13,294 10,215 10,034 11,981 8,109 Sales Sales Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24
Slide 42: Thailand and Japan, Emerging Markets sales
Thailand: Domestic sales grew across all categories Japan, Emerging Markets (EM) and the rest of the except for Ambient and Value-added world: Sales dropped across all categories +2.7% YoY -11.8% YoY 7,291 6,874 4,007 3,997 4,115 6,434 3,685 3,774 6,014 5,676 Sales Sales Q3 24 Q4 24 Q1 25 Q2 25 Q3 2
Slide 43: Ambient: GPM declined due to U.S. tariff and higher tuna prices
Ambient: GPM declined due to the U.S. tariff impact and higher tuna prices A sharp drop Normalization effect from Increasing in tuna price Strong recovery in High base for Recognizing low- 2020’s pantry loading selling price ~USD 700 the Middle East Ambient together cost inventory & during the pande
Slide 44: Tuna prices in Q3 rose both YoY and QoQ
Tuna prices in Q3 25 rose both YoY and QoQ, reflecting in slight YoY decline in Ambient GPM 23.3% 22.9% 22.4% 22.0% 22.7% 21.2% 20.4% 22.0% 19.4% 20.1% 20.1%20.6% 18.4% 19.6% 18.9% 18.6% 17.4% 18.9% 17.7% 17.1% 21.5% 21.7% 20.2% 20.7% 19.5% 19.9% 19.4% 19.4% 16.5% 16.9% 17.6% 16.7% 18.0% 18.7% 18.0%
Slide 45: Frozen: GPM reached highest level in past seven quarters
Frozen: GPM reached the highest level in the past seven quarter, exceeding the Company’s target range of 10 – 12% Reduced Market price Market price stabilization demand for Recovery from correction in the frozen food robust food service and reduced Strategic rightsizing Post-rightsizing, U.S. shrimp
Slide 46: PetCare: Sales grew strongly in the U.S.
PetCare: Sales grew strongly in the U.S., while market presence in Europe expanded through the acquisition of new clients Consistent Signs of growth: Strong demand for pet food, Back to growth and High base for pet food and Inventory recovery Margin align supported by COVID-19 premium mix adjustment
Slide 47: Value-added: Sales on track, GPM within target range
Value-added: Sales are on track and GPM remains with target range of above 25% Established Thai Union Record high Strong GPM driven by Record high GPM Lifescience (supplement) quarterly sales with our strategy to prioritize due to strong GPM temporarily declined due and launched alternative exceptio
Slide 48: Well-managed debt portfolio with high portion of fixed-rate debts
Well-managed debt portfolio by ensuring high portion of fixed-rate debts (THB mn) By Currency By Maturity By Interest Rate 74,074 74,074 68,512 6.9% 68,512 Short-term loan 0.2% 12.6% 7.5% Current portion of 0.1% long-term debt & 21.9% 24.8% finance lease 17.7% 20.3% Float Long-term debt 20% 18.9% In
Slide 49: Q3 25 Analyst Meeting Investor Relations Department
Q3 25 Analyst Meeting 49 Investor Relations Department