SCG Packaging (SCGP) Q4 2025 earnings summary

Executive summary

• Full-year 2025 sales revenue was THB 124.374 billion, down 6% year-on-year due to an 8% drop in selling prices, partially offset by a 4% increase in sales volume, with margin expansion from cost management and operational efficiency.

• EBITDA improved 7% year-on-year to THB 17.21 billion, with a margin of 14%; net profit rose 10% to THB 4.069 billion, maintaining a 3% profit margin.

• Cost improvements, especially through AI, energy cost reductions, and operational efficiency, drove profitability gains.

• Strategic focus shifted from exports to China to strengthening domestic sales in Southeast Asia, notably Thailand, Vietnam, Indonesia, and the Philippines, with strong ASEAN demand offsetting soft pricing.

• Key acquisitions and investments included full ownership of Duy Tan and MYPAK, and a 75% JV in wet pet food packaging for export to Japan.

Financial highlights

• FY2025 revenue from sales was THB 124.374 billion, down 6% YoY; EBITDA rose 7% YoY to THB 17.21 billion; net profit increased 10% YoY to THB 4.069 billion.

• Q4 2025 revenue was THB 30.17 billion, down 3% YoY, with volume up 4% but offset by lower prices; Q4 EBITDA reached THB 4.567 billion, up 61% YoY and 10% QoQ; net profit was THB 1.206 billion, including a THB 400 million net one-time gain.

• Core EBITDA for Q4/2025 was THB 3.688 billion, up 24% YoY but down 12% QoQ; core profit was THB 821 million.

• Net debt at year-end was THB 52 billion, with a debt-to-equity ratio of 0.96x and net debt-to-EBITDA at 3x, both improved from the prior year.

• CapEx for 2025 was THB 9.765 billion, with a similar THB 10 billion budgeted for 2026.

Outlook and guidance

• 2026 EBITDA target set at THB 18.3 billion with a margin above 14%, and 5% volume growth.

• Cost reduction target for 2026 is THB 600 million.

• Expansion projects planned to increase consumer packaging share from 46% to 49% and alternative fuel use from 38% to 40%.

• Focus remains on operational excellence, portfolio diversification, and ESG-aligned transformation.