- 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).
| 3M26 | 3M25 | 2025 | 2024 |
|---|
| Revenues | 370.04 | 335.20 | 1,717.02 | 1,574.78 |
| Expenses | 411.27 | 330.03 | 1,664.92 | 1,377.53 |
| Net Profit (Loss) | -38.01 | 1.54 | 27.40 | 148.89 |
| Assets | 1,893.99 | 1,917.64 | 1,915.07 | 1,883.43 |
| Liabilities | 522.25 | 434.49 | 506.82 | 411.94 |
| Shareholders' Equity | 1,332.00 | 1,473.84 | 1,368.42 | 1,471.49 |
| Operating | -40.26 | -5.45 | 116.08 | 7.50 |
| Investing | -13.76 | -14.57 | 123.46 | -91.24 |
| Financing | -15.82 | -11.60 | -184.56 | -121.64 |
| EPS (Baht) | -0.06 | 0.003 | 0.05 | 0.25 |
| GP Margin (%) | 48.77 | 47.86 | 47.56 | 48.97 |
| NP Margin (%) | -10.30 | 0.46 | 1.75 | 9.45 |
| D/E Ratio (x) | 0.38 | 0.29 | 0.36 | 0.28 |
| ROE (%) | -0.87 | 9.04 | 1.93 | 10.34 |
| ROA (%) | 0.30 | 9.42 | 2.74 | 10.71 |
WARRIX creates brand awareness with license marketing strategy by being a sportswear distributor and extending to become a Health - Active & Lifestyle brand. Reaching 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 apparel and sports equipment offerings across a wider range of sports, including running, training, golf, basketball, table tennis, and ice hockey. Expand product portfolio to lifestyle apparel, women's products, footwear, and accessories while elevating the brand toward a more premium market positioning.
2) Health: 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.
1. Brand Building: Strengthen brand equity through sponsorship of sports activities, lifestyle events, and brand communication campaigns across multiple channels to enhance brand awareness.
2. Direct-to-Customer Ecosystem: Increase the contribution of owned channels, enhance customer experience, and leverage technology and AI to improve operational efficiency, customer data management, and business decision-making.
3. Partnership for Growth: Expand business opportunities through strategic partnerships both domestically and internationally to broaden customer reach and generate new revenue streams.
4. Margin Improvement and Cost Optimization: Improve through a higher-margin product mix, increasing sales contribution from owned channels, strengthening pricing discipline, and optimizing production costs for core products.
- 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.
In 1Q26, WARRIX reported revenue from sales and services of 363.98 MB, representing a 10.2% YoY. Growth was primarily driven by strong sales of Classic, Collection, and Other Licensed products, along with continued growth in online and retail channels, supported by expansion of sales points in strategic locations. Sponsorship revenue also increased during the quarter. Additionally, the Company recognized royalty income from trademark licensing in China for the first time. However, WARRIX reported a net loss of 38.12 MB, a decrease of 2,572.06% YoY. Profitability was impacted by higher SG&A associated with business expansion and online channel growth, as well as weaker consumer purchasing power amid challenging economic conditions. WARRIX also recognized provisions for obsolete inventory, expected credit losses (ECL), impairment losses on assets of a subsidiary, and estimated litigation-related expenses, which further pressured profitability. To improve profitability, WARRIX has initiated several measures, including increasing the sales contribution of higher-margin products, strengthening discount policy across distributors and online channels, and optimizing production cost structures, resulting in an improvement in gross profit margin in 1Q26.
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 31/03/26 | WARRIX | CONSUMP | mai |
|---|---|---|---|
| P/E (X) | 36.77 | 38.96 | 398.41 |
| P/BV (X) | 0.74 | 0.88 | 1.12 |
| Dividend yield (%) | 3.29 | 4.41 | 3.69 |
| 31/03/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 1,026.00 | 1,140.00 | 2,256.00 |
| Price (B/Share) | 1.71 | 1.90 | 3.76 |
| P/E (X) | 36.77 | 21.71 | 15.10 |
| P/BV (X) | 0.74 | 0.84 | 1.57 |
