VGI Public Company Limited (SET: VGI), Thailand’s leading Offline-to-Online (O2O) solutions provider through a diverse platform, reported total service and sales revenue of THB 1,123 million for the second quarter of fiscal year 2025/26, down 16.2% YoY. However, due to an improved product mix, VGI achieved a gross profit of THB 380 million, with a gross margin of 33.8%, up from 30.8% in the previous year, and a net profit of THB 79 million, an increase of 0.9% YoY, represent a net margin of 7.0%. The company also recognized a share of profit from joint ventures and associates of THB 110 million, an increase from THB 64 million from the previous year — reflecting the strength of VGI’s strategic partnerships and its ability to deliver sustainable returns amid challenging economic conditions.
Advertising revenue was THB 492 million, down 18.6% YoY, primarily due to a decline in revenue from column media along with BTS stations. This was partially supported by higher revenue from other media, with the average media utilization rate (excluding column media) rising to 48.9% from 47.0% a year earlier. To enhance media integration and campaign efficiency, VGI introduced bundled media packages — “Bangkok on the Move” and “Bangkok Live” — combining VGI’s BTS office media network with Plan B Media’s Out-of-Home assets, covering key locations across Bangkok to deliver comprehensive reach and greater value for marketers.
Digital Services Revenue was THB 364 million, down 11.8% YoY, mainly from lower insurance commission and lead generation revenue under Rabbit Care and lower project management revenue. Meanwhile, Rabbit Cash maintained robust growth with total loans of THB 1,244 million, up 34.3% YoY, driving higher interest income and profitability for the digital segment. The Rabbit ecosystem continued to expand its user base, with 20.4 million issued Rabbit Cards, up 9.7% YoY, supported by the successful launches of limited-edition collections “Butterbear” and “Harry Potter,” both of which received overwhelming consumer response and strengthened the brand’s image among younger audiences. In parallel, Rabbit Care continued to enhance its digital insurance capabilities through its mobile application and the opening of a new branch in Chiang Mai, expanding customer service coverage nationwide.
Distribution revenue was THB 267 million, down 17.3% YoY, mainly from lower sales of electronic products under Fanslink Communication. Nevertheless, Fanslink optimized its product mix toward higher-margin categories, resulting in a gross margin of 35.4%, up from 18.9% a year earlier. Its key brands, Pando and Amazfit, continued to achieve strong performance through marketing campaigns and e-commerce channels. In addition, Fanslink launched the “Snack Maker project,” a new lifestyle venture developed in collaboration with popular creators, aiming to diversify its product portfolio and expand new business opportunities, with the first product line expected to roll out by November 2025.
Although domestic demand weakened in the previous quarter, the company expects business momentum to improve in 3Q (October–December 2025), supported by seasonal factors, government stimulus measures such as the “Half-Half Plus” campaign, and the year-end tourism high season — all of which are anticipated to boost consumer spending and marketing budgets. VGI remains confident in the growth potential of its three core businesses — Advertising, Digital Services, and Distribution — which are poised to expand alongside the gradual recovery of the Thai economy. Backed by a strong financial position, the company is well-prepared to drive sustainable growth and long-term value creation for its stakeholders.
