SCG Packaging (SCGP) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 sales revenue was THB 94,204 million, down 7% year-on-year, mainly due to lower selling prices despite a 3% increase in sales volume.

• EBITDA for nine months was THB 12,643 million, down 5% year-on-year; net profit was THB 2,863 million, down 24% year-on-year, with a profit margin of 3%.

• Q3/2025 margins improved year-on-year due to cost efficiency and volume growth, with net profit up 65% year-on-year to THB 953 million.

• Strong Thai baht and regional price pressure negatively impacted consolidated results, especially from Vietnam and Indonesia.

• Strategic focus on expanding consumer packaging and value chain integration in ASEAN, with operational efficiency driven by AI and automation.

Financial highlights

• Q3/2025 revenue was THB 30,438 million, down 9% year-on-year and 4% quarter-on-quarter, but EBITDA rose 19% year-on-year to THB 4,154 million due to lower raw material and utility costs.

• Integrated packaging business Q3/2025 revenue was THB 23,424 million, EBITDA THB 3,811 million (16% margin), with EBITDA up 32% year-on-year.

• Fibrous business Q3/2025 revenue was THB 6,027 million, EBITDA THB 392 million (7% margin), with year-on-year declines due to price pressure.

• Recycling business Q3/2025 revenue was THB 2,077 million, EBITDA THB 369 million (+177% year-on-year).

• Profitability in Q3/2025 improved due to cost reductions and better performance in Indonesia.

Outlook and guidance

• Early Q4/2025 shows signs of improvement in fibrous business and pulp prices, with expectations for a stronger Q4 compared to last year.

• ASEAN's economic resilience and role as a relocation hub are expected to drive packaging demand growth, with festive and cultural events boosting demand.

• Focus remains on expanding consumer packaging, cost efficiency, and sustainability, including a 25% GHG reduction target by 2030 and Net Zero by 2050.

• Confident in delivering better full-year results than the previous year, supported by ongoing M&A and operational improvements.

• Continued focus on ASEAN expansion, value chain integration, and leveraging strong cash flow for growth.