The Siam Cement Public Company (SCC) Q4 2025 earnings summary

Executive summary

• FY2025 was marked by global volatility, with GDP growth at 3.2%, deflationary pressures from Chinese imports, and a chemicals cycle trough, but delivered strong adjusted EBITDA of 55,012 MB (+6% YoY) and adjusted earnings of 4,962 MB (-17% YoY).

• Net debt reduced by 14.8 bn THB for the second consecutive year, with net debt to EBITDA at 5.5x and cash on hand of 52,447 MB.

• Strategic restructuring, including closure of NocNoc and D&R business model changes, led to recurring savings of 4,300 MB.

• Dividend payout was 5.0 Baht/share (43% payout ratio), with total cash dividend received at 16,312 MB.

• ASEAN, especially Vietnam, emerged as a key growth area, with sales to ASEAN up 2% YoY and Vietnam as a primary focus.

Financial highlights

• FY2025 revenue declined 3% YoY to 496,925 MB, mainly due to soft demand in construction materials and price competition in packaging.

• Adjusted EBITDA grew 6% YoY to 55,012 MB; reported net profit was 14,075 MB, with adjusted earnings at 4,962 MB (-17% YoY).

• Dividend payout was THB 5 per share, with a payout ratio of 43% based on reported net profit.

• Cash on hand stood at 52,447 MB, and CapEx was tightened to 30,737 MB, below the initial target.

• Working capital reduced by 10.5 bn THB year-on-year.

Outlook and guidance

• FY2026 is expected to be even more volatile, but the company anticipates resilient EBITDA due to improved structural competitiveness.

• CapEx discipline will continue, with a focus on ASEAN and Vietnam as primary growth drivers.

• Interest expense is projected at THB 11 billion, with ongoing efforts to lower debt and build operational resilience.

• Focus on efficiency, digitization, HVA, green products, and Vietnam growth plan.

• Macro risks remain: economic uncertainty, trade policies, and volatile energy prices.