- Domestic and international sale of sport apparel and equipment, everyday wear and casual clothing.
- Provide sports-related health services such as Physiotherapy & Performance Studio, Sports Science Center (Warrix Run Hub), Fitness and Nutrition Educator (Fit Junction).
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 1,118.97 | 1,123.58 | 1,574.78 | 1,251.01 |
| Expenses | 1,113.65 | 999.62 | 1,377.53 | 1,080.61 |
| Net Profit (Loss) | -5.70 | 91.63 | 148.89 | 127.38 |
| Assets | 1,842.48 | 1,831.09 | 1,883.43 | 1,799.72 |
| Liabilities | 467.25 | 416.14 | 411.94 | 392.25 |
| Shareholders' Equity | 1,335.93 | 1,414.95 | 1,471.49 | 1,407.47 |
| Operating | 10.14 | 54.99 | 7.50 | -8.46 |
| Investing | 189.85 | -220.26 | -91.24 | -14.04 |
| Financing | -169.31 | -110.08 | -121.64 | -215.04 |
| EPS (Baht) | -0.01 | 0.16 | 0.25 | 0.21 |
| GP Margin (%) | 46.98 | 48.67 | 48.97 | 47.80 |
| NP Margin (%) | -0.33 | 8.16 | 9.45 | 10.18 |
| D/E Ratio (x) | 0.34 | 0.29 | 0.28 | 0.28 |
| ROE (%) | 3.75 | 10.42 | 10.34 | 8.95 |
| ROA (%) | 4.28 | 11.06 | 10.71 | 9.38 |
WARRIX creates brand awareness with license marketing strategy by being a sportswear distributor and extending to become a Health - Active & Lifestyle brand. Reaching to all types of customers, such as athletes, sports fans, health lovers, young generation, and working people. WARRIX is developing business in 3 areas as follows:
1) Sport & Active Lifestyle: Expand sports clothing and equipment segment to cover more types of sports such as running, training, golf, basketball, and table tennis. Expand product portfolio to women's gym wear, footwear, and lifestyle clothing. Including, Warrix Lifestyle @ Siam Square project to penetrate into a new higher-value market.
2) Health: Plan to expand health business; Warrix Run Hub at QSNCC, which is the second sports science center. Improve service quality and increase revenue growth of health business by acquiring all digital and intellectual properties of Fit Junction.
3) Event & Explorer: Expanding customer base by combining sports-related experience with a wide range of events, such as running events, music festivals, food events, and other events related to Sport - Health - Active & Lifestyle.
- Unique & modern design with exclusive innovation serving various needs of customers. Global brand quality products at an affordable price.
- Strong partnerships derived from licenses of Thai national football team, football clubs, educational institutions, organizations, and regional sports events to enhance brand awareness.
- Extensive distribution channel directly reaching customers.
- Data-driven with marketing strategy to increase efficiency by planning production orders, pricing, managing distribution channels, marketing campaigns, and business partnerships.
- Growing along the wave of healthy lifestyles and government policies that promote Thailand as the World's Best Sports Tourism Destination.
For the first nine months of 2025 (“9M25”), the Company's revenue from sales and services was 1,107.34 MB, a 0.08% increase compared to 9M24. This increase was primarily driven by continued sales growth in the classic and collection product groups. Furthermore, sales of football clubs and other licensed products also grew. Overall, following the completion of the warehouse relocation and the Company’s in-house warehouse management from April 2025 onwards, online channel’s revenue has recovered and grown continuously, including traditional trade, shop, retail, and sponsorship club also saw revenue growth compared to 9M24. However, modern trade and project-based channels were affected by the economic situation, causing customers to delay and limit their purchase budgets, affecting sales in these channels in the 1H25, but they began to recover in the 2H25 onwards. Nevertheless, the increase in operating expenses in 9M25 was primarily due to cost of selling products on online channel, which is in line with revenues. This is coupled with one-time expenses for relocating the warehouse of 2.99 MB, coupled with the recognition of a provision for obsolete inventory for 9M25, which was recorded in the cost of sales for 14.11 MB, resulting in lower gross profit margin and a net loss for 9M25 in the amount of 3.64 MB.
2025: Established a subsidiary, KSL & WARRIX Co., Ltd.
2023: Acquired Fit Junction and Premier Football in Singapore.
2022: Capital increase to 300 MB by issuing 180 M of new ordinary shares for IPO. Listed on mai and started trading on December 21, 2022.
2021: Won the rights to produce Thai national football team and basketball team sportswear for 8 years and 5 years, respectively. Established Warrix Sdn. Bhd. in Malaysia.
2020: Established Warrix Holding Pte. Ltd. in Singapore
2018: Won the rights to produce Myanmar national football team sportswear products for 6 years.
2016: Won the rights to produce Thai national football team sportswear products for 4 years.
2013: Established Warrix Sport Co., Ltd.
1) Risk from slow-moving or obsolete inventories: WARRIX will sell products at discount prices with marketing campaign, transform into products that are easier to sell, expand distribution channels in line with demand, and use data to analyze sales and customer needs for each distribution channel and manage efficient supply chain.
2) Risk from the obligations in business agreements: For Licensed products, WARRIX has assessed risk-return and feasibility studies before entering into contracts to support sports teams and periodically re-assess. It diversifies risks by developing products under WARRIX's brand (Non-Licensed) as well as expanding new channels for selling products related to health and fitness to increase the proportion of Non-Licensed products and services.
| as of 30/09/25 | WARRIX | CONSUMP | mai |
|---|---|---|---|
| P/E (X) | 14.67 | 30.95 | 72.21 |
| P/BV (X) | 1.01 | 1.08 | 1.27 |
| Dividend yield (%) | 9.76 | 4.27 | 3.64 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 1,356.00 | 2,256.00 | 3,960.00 |
| Price (B/Share) | 2.26 | 3.76 | 6.60 |
| P/E (X) | 14.67 | 15.10 | 28.88 |
| P/BV (X) | 1.01 | 1.57 | 2.79 |
