Thai Union Group PCL has reported a net profit of THB 1.3 billion for the third quarter of 2025. This represents quarter-on-quarter improvement, reflecting sustained profitability, despite a year-on-year decline amid global headwinds. Likewise, reported sales for the Q3 of THB 34.5 billion were slightly lower year-on-year (YoY) due to foreign exchange impacts. However, organic sales returned to growth after two consecutive quarters of decline, supported by frozen and pet care categories.
The Bangkok-headquartered seafood company also continued to generate strong free cash flow from the previous quarter, recording THB 4.1 billion in free cash flow for the first nine months of 2025.
“Our Q3 results show that Thai Union is exceptionally resilient and regaining momentum,” said CEO Thiraphong Chansiri. “Despite macroeconomic challenges, we are seeing encouraging signs of organic growth, improved sales volumes and a very healthy gross profit margin of 19%. It confirms we are on the right track with our strategy to develop our operational agility, strengthen our core and re-energize our brands.”
Gross profit was THB 6.5 billion, a slight decline from exceptionally high levels in Q3 2024. This quarter, the frozen category recorded a particularly significant increase in gross profit, supported by a favorable product mix and lower feed raw-material costs. As a result, the gross profit margin stood at 19%, within the company’s target range of 18.5-19.5%.
Adjusted net profit, excluding transformation costs, reached THB 1.5 billion, supported by reduced financial and tax expenses. This helped cushion margin pressure and demonstrates the company’s ability to navigate a complex operating environment. Reported net profit was THB 1.3 billion.
Strategic transformation programs – Project Sonar and Project Tailwind – remain central to the company’s Strategy 2030 roadmap. While transformation costs continue to weigh on short-term profitability, Thai Union expects these to taper off starting in 2026. In addition, it is forging ahead with a comprehensive program to build a leaner base with a cost reset in manufacturing, procurement, and overheads which targets net savings of US $118 million by 2027.
Q3 2025 Business Segment Performance
Thai Union’s business categories demonstrated overall resilience despite global headwinds, as detailed below:
• Frozen: Sales grew 5.1% year-on-year with a seven-quarter-high gross profit margin of 13.8%, driven by strong organic growth in many areas, particularly feed, which improved both in sales and volume.
• Ambient: Revenues declined 3.8% year-on-year mainly due to foreign exchange headwinds. Sales volume remained relatively flat, reflecting softer demand from private label retailers in the United States.
• PetCare: Sales advanced 6.2% year-on-year in baht terms, and 14.2% in US dollar terms, driven by strong organic growth in the United States and Europe.
“A+” Financial Health and Sustained Confidence
Thai Union’s balance sheet remains robust, with net interest-bearing debt to equity at 1.1x and net debt to EBITDA ratios within healthy ranges at 4.7x, reaffirming the company’s financial flexibility to pursue future growth. Thai Union’s robust financial health was reaffirmed by TRIS Rating, which maintained the company’s rating at “A+ with stable outlook.”
Thai Union also reached THB 24 billion in blue financing for 2025 alone. The company was the first in Thailand to combine use-of-proceeds blue bonds with sustainability-linked bonds in a single offering. It attracted exceptional investor appetite with a 3.7 times oversubscription. With this transaction, Thai Union has now exceeded its goal of securing 75% of its long-term financing from sustainable sources by 2025 and is on track to reach 100% by 2030.
“As we look ahead, our focus is on finishing 2025 strong and setting the stage for a successful 2026,” said Chansiri. “We are building a simpler, leaner, and faster organization – one that is ready to lead in marine health and nutrition.”
