Thai Union Group PCL. is one of the world’s largest seafood companies that deliver seafood products with innovation, high product quality, delicious taste, and health benefits to consumers for more than 49 years. The company owns a portfolio of leading brands in various markets around the world and has a global sourcing, production, and distribution network. Thai Union’s core businesses include (1) Ambient, (2) Frozen, (3) PetCare, and (4) Value-added. With corporate sustainability goals, Thai Union has a long-term commitment to be the most trusted seafood leader and conservation of natural resources for future generations.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 133,600.47 | 139,570.53 | 137,212.85 | 156,560.31 |
| Expenses | 126,619.79 | 131,266.41 | 129,241.14 | 147,731.47 |
| Net Profit (Loss) | 4,609.42 | 4,984.89 | -13,933.21 | 7,138.00 |
| Assets | 158,326.38 | 154,912.37 | 165,450.32 | 182,569.47 |
| Liabilities | 106,243.36 | 98,599.69 | 99,433.08 | 94,438.04 |
| Shareholders' Equity | 44,704.10 | 48,635.02 | 58,628.23 | 80,642.28 |
| Operating | 4,592.09 | 14,525.21 | 11,241.45 | 5,870.75 |
| Investing | -918.66 | -6,561.54 | -6,578.86 | -5,414.69 |
| Financing | -3,327.19 | -13,854.11 | -2,404.67 | 2,741.95 |
| EPS (Baht) | 1.16 | 1.08 | -3.15 | 1.47 |
| GP Margin (%) | 18.94 | 18.51 | 17.06 | 17.49 |
| NP Margin (%) | 4.23 | 4.35 | -9.62 | 4.73 |
| D/E Ratio (x) | 2.04 | 1.75 | 1.51 | 1.07 |
| ROE (%) | 9.88 | 9.29 | -20.01 | 10.20 |
| ROA (%) | 5.11 | 5.62 | 4.66 | 4.90 |
Thai Union expects a return to top-line growth in 2026, supported by stronger operating performance across all key categories.
The Company targets sales growth of 3–4% YoY, led by PetCare and primarily driven by volume growth, with gradual U.S. tariff pass-through to customers, based on an FX assumption of THB 32.5/USD. GPM is expected to improve in the range of 19.0 – 20.0%, underpinned by stronger Ambient and Frozen profitability, while PetCare and Value-added margins remain stable. SG&A to sales is projected to remain broadly unchanged in the range of 13.5 – 14.5%, as the full-year impact of tariffs and increased marketing spending will be offset by lower transformation costs following the completion of the Sonar project. CAPEX will cover normal investments in the range of THB 5.5 – 6.0bn, a new Feed plant in Ecuador, PetCare warehouse automation, and packaging business expansion.
Sustainability remains a core foundation of TU’s business strategy. The Company continues to advance sustainable practices across its operations and value chain, focusing on aquaculture decarbonization, ocean conservation, and community collaboration. During Q4 2025, TU reinforced its leadership through key initiatives that promote environmental stewardship and strengthen stakeholder engagement. Activities highlighted during the quarter included:
- ESG Initiatives – Advancing Measurable Environmental Impact
- ESG Recognition – Strengthened External Validation
2025 was a year in which TU demonstrated resilience and disciplined execution. Despite tariff pressures and FX volatility, the Company delivered solid profitability, achieving a record gross profit margin of 18.9% and a 7.2% increase in earnings per share.
Q4 2025 highlights:
- Sales volume grew 1.7% YoY, marking the 8th consecutive quarters of positive YoY volume growth, with organic sales expanded for the second straight quarter while reported sales softened slightly due to FX.
- GPM was 18.3%, supported by tariff pass‑through in Frozen and continued margin improvement in the Feed business.
- Adjusted net profit (excluding transformation costs) was THB 1,169mn, while reported net profit stood at THB 1,013mn.
TU reported a 4.1% YoY decrease in reported sales, primarily driven by a 3.0% YoY negative FX impact. Despite the top-line contraction, GPM reached 18.9%, an all‑time high, supported by strong performances in the Ambient, Frozen, and Feed businesses. Sales volume also remained resilient, increasing by 2.5% YoY. SG&A increased modestly by 3.1% YoY, largely due to higher U.S. tariff‑related expenses and transformation costs. The share of profit from associates and JVs rose 11.8% YoY, driven by improved contributions from the Avanti Group. Finance costs decreased by 4.6% YoY as a result of refinancing to lower interest rates. Altogether, adjusted net profit for the year was THB 5,508mn, while reported net profit was THB 4,609mn.
- Sonar transformation project completed: transformation costs down, benefits set to rise.
- Delivering 6% increase in dividend per share to shareholders
- Executing a strategic divestment to streamline TU’s portfolio toward high‑growth businesses
- Capital reduction of 200mn shares of registered and paid‑up capital (effective January 8, 2026)
The Company fosters a robust risk culture at all levels of the organization globally, recognizing effective risk management and mitigation as fundamental to sustainable business operations. This commitment is underpinned by a well-defined governance structure, comprehensive risk policies, and an integrated risk management framework. Risk considerations are systematically embedded into strategic planning, investment evaluations, financial forecasting, and day-to-day operations, including areas such as new product development, food safety, and the prevention of fraud and corruption.
Current and emerging risks as well as management and mitigation are publicized at https://investor.thaiunion.com/risk_management.html
TU continued to elevate its ESG standing and transparency, receiving multiple external recognitions, including:
- S&P Global: Top 1% Corporate Sustainability Assessment (CSA) 2025 Score; 89 / 100
- FTSE Russell ESG Score increase to 4.3/5 (92nd global percentile)
- CDP Rating upgrade to “A-”
- Gold recognition at the 2025 AMCHAM Corporate Impact Awards
- SET ESG Rating upgrade to “AA”
- 2025 Sustainability Disclosure Award
| as of 30/12/25 | TU | FOOD | SET |
|---|---|---|---|
| P/E (X) | 10.26 | 9.66 | 15.44 |
| P/BV (X) | 1.11 | 1.19 | 1.19 |
| Dividend yield (%) | 5.60 | 5.19 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 57,025.70 | 57,916.73 | 69,826.99 |
| Price (B/Share) | 12.80 | 13.00 | 15.00 |
| P/E (X) | 10.26 | - | 14.87 |
| P/BV (X) | 1.11 | 1.00 | 0.89 |
· A with stable outlook (rated by JCR)