Retail lifestyle and fashion products; body care, skin care, spa, fragrances products; spa services and food and beverage business
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 1,884.91 | 1,777.18 | 1,432.03 | 1,289.94 |
| Expenses | 1,766.25 | 1,570.71 | 1,174.38 | 1,086.41 |
| Net Profit (Loss) | 46.19 | 130.07 | 166.79 | 125.29 |
| Assets | 2,721.72 | 2,725.05 | 2,302.54 | 1,866.04 |
| Liabilities | 1,143.12 | 1,088.72 | 753.19 | 1,540.91 |
| Shareholders' Equity | 1,568.98 | 1,624.97 | 1,549.78 | 332.52 |
| Operating | 189.78 | 247.11 | 239.80 | 247.45 |
| Investing | -79.14 | -121.74 | -171.78 | -65.72 |
| Financing | -162.26 | -146.83 | 47.25 | -210.27 |
| EPS (Baht) | 0.15 | 0.43 | 0.84 | 208.82 |
| GP Margin (%) | 63.13 | 64.67 | 64.10 | 59.80 |
| NP Margin (%) | 2.18 | 6.77 | 11.38 | 9.47 |
| D/E Ratio (x) | 0.72 | 0.67 | 0.49 | 4.74 |
| ROE (%) | 2.89 | 8.19 | 17.72 | 37.68 |
| ROA (%) | 4.36 | 8.21 | 12.36 | 10.91 |
Revenue growth that outpaces expense increases is crucial in 2026.
- Primarily focus on generating sales from existing branches.
- Overseas operations achieved more stable revenue growth through brand building.
- Add 1 brand. Brand management focus on customer value-for-money to align with the current & future economic slowdown.
- Control the investment budget for expansion, further reduce unnecessary expenses, and close unprofitable branches.
- Restore profitability to normal levels every quarter, including no large accounting adjustments occurring within a single quarter.
- Implement entirely new POS systems and ERP SAP S/4 Hana.
The Group defines sustainability strategies and goals to cover all stakeholders, including creating value for society, environment, & overall economy. The clear sustainability framework of 3P are PLANET, PEOPLE, and PROSPERITY & WEALTH.
PLANET: Environmental Responsibility. The company is committed to reducing environmental impact through policies that emphasize efficient and sustainable resource utilization.
- Sustainable Packaging: Promote the Circular Economy concept by using 100% PCR recycled plastic in HARNN product packaging, as well as developing refillable products.
PEOPLE: Strong and sustainable society. The Company believes that organizational success begins with its employees and society.
- Employee Potential Development: Initiated personnel development & new-generation leadership programs, GSM Plus project, to promote knowledge exchange and enhance organizational capabilities.
- Social Projects : Initiated TANACHIRA CARE to create activities that promote mental health and quality of life, such as the distribution of special products or charitable events, to contribute a portion of the proceeds to help communities.
PROSPERITY & WEALTH: Transparent & sustainable governance. Stable & transparent economic growth is for building L-T trust.
- Product and Service Innovation: Develop high-quality products that truly meet consumer needs.
- Conducting business with transparency: Adhere to strong corporate governance principle to build trust with stakeholders
Despite various negative events throughout 2025, the Group achieved its highest revenue following the previous year (+7.3%). The Group's net profit stood at 46.2 million Baht, a decrease from the previous year. This reduction was primarily due to expenses from business expansion, both domestically and internationally, increasing faster than short-term revenue, and one-time accounting adjustments arising from standard improvements and audits. These adjustments mainly pertained to the food and beverage business (23.4 million Baht) and international operations (13.1 million Baht). The accounting standard adjustments and audits during 2024 and 2025 primarily stemmed from the commencement of new ventures and are expected to significantly decrease in 2026 once accounting records are fully standardized.
Revenue from sales and services in 2025 was 1,864.3 million Baht, +7.3% YoY, notably driven by overseas subsidiaries. International revenue increased to 13% of total revenue, +77% YoY. Domestic revenue in the fashion and food & beverage segments, as well as online channels, also performed well.
The gross profit margin in 2025 decreased slightly YoY (63.1% vs. 64.7%), but remained within the company's projected range.
Nett profit attributable to the company of 46.2 million Baht (net profit margin of 2.5%). This was a decrease YoY, as expenses from business expansion both domestically and internationally increased faster than revenue in the short term. Excluding all one-time accounting adjustments for 2025, the operating net profit for 2025 would have been approximately 93 million Baht, representing 5% of revenue.
- In Q4/2025, 15th Marimekko branch opened at Central Park.
- 1st GORDON RAMSAY STREET BURGER branch in Thailand.
The company defines a risk management process to ensure that the steps and methods of risk management are systematic and consistent throughout the organization. Business strategies and objectives are clearly defined to align with risk assessments and the organization's risk appetite. The Group's 5 risk categories are:
- Strategic Risk Risks associated with defining strategic plans and operational plans.
- Operational Risk Risks associated with the operations of each process or activity within the company, including risks related to information technology management and knowledge data.
- Financial Risk Risks associated with financial management, which may arise from internal or external factors.
- Compliance Risk Risks arising from non-compliance with relevant regulations and rules of regulatory agencies.
- Emerging Risk Risks that have not yet emerged but may arise in the future due to changing business environments.
The Group is committed to promoting a Risk Culture by integrating risk management concepts into operational processes at all levels. Opportunities are provided for management & employees to participate in risk identification & management, including supporting continuous learning & development. All of this enables the group to cope with uncertainty & grow steadily and sustainably.
In October 2025, the Company received the assessment score for the Corporate Governance Report of Thai Listed Companies for the year 2025 at an excellent 5-star level (Excellent CG Scoring)
In November 2025, HARNN Wellness & Hospitality received 4 global awards from the World Luxury Spa Awards 2025
In November 2025, the Company organized the event “PANDORA 15th Anniversary – A Journey of Moments”
In December 2025, the Company received the SET ESG Ratings assessment for sustainable stocks for the year 2025 at an “A” level
| as of 30/12/25 | TAN | COMM | SET |
|---|---|---|---|
| P/E (X) | 16.27 | 15.06 | 15.44 |
| P/BV (X) | 0.68 | 1.27 | 1.19 |
| Dividend yield (%) | 9.40 | 3.47 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 1,056.00 | 2,070.00 | 3,990.00 |
| Price (B/Share) | 3.52 | 6.90 | 13.30 |
| P/E (X) | 16.27 | 11.84 | 24.64 |
| P/BV (X) | 0.68 | 1.30 | 2.39 |
