- SET-listed companies reported total sales decrease, but net profits increased, driven by gains from mergers and acquisitions, business restructuring, investments, and financial instruments.
- The domestic economic slowdown has a negative impact on the performance of listed companies. However, the business sectors that recorded notable growth consisted of Food, Healthcare, and Technology.
The Stock Exchange of Thailand (SET) Senior Executive Vice President and Chief Markets Officer Soravis Krairiksh, stated that 799 listed companies, representing 96.3 percent of the total 830 companies (consisting of SET and mai-listed companies with financial statements due for the ending December 31, 2025, excluding real estate investment trusts or REITs and infrastructure funds), have submitted their 2025 earnings reports. A total of 596 listed companies reported net profits, representing 74.6 percent of the listed companies that submitted the financial statements.
In 2025 compared to 2024, SET-listed companies reported total sales of THB 16,329,520 million, a decrease of 7.2 percent. Listed companies were able to effectively control cost of sales, but the selling and administrative expenses could reduce only 3.0 percent, resulting in the core profit of THB 1,077,544 million or down 9.5 percent. However, a number of large listed companies have profited from mergers and acquisitions, business restructuring, investments, and financial instruments, leading to total net profits of THB 1,103,762 million, up 20.5 percent. On the financial position of listed companies as at December 31, 2025, the debt-to-equity ratio (D/E ratio), excluding Financials industry, was 1.28 times, a decrease from 1.34 times at end-2024.
“In 2025, Thai listed companies delivered softer performance amid the continued economic slowdown, compounded by falling oil prices and policy rate cuts. These factors weighed on sales across the energy, petrochemical, and financial sectors, while overall selling and administrative expenses remained largely unchanged, putting further pressure on operating profits. However, several sectors sustained growth – notably food, supported by rising chicken meat and palm oil prices; healthcare; and technology, which continued to expand in step with Thailand’s ongoing transition to a digital society,” added Soravis.
As for mai-listed companies, their 2025 operating results showed total sales of THB 201,323 million or a decrease of 2.7 percent, with a 2.8 percent increase in the selling and administrative expenses, resulting in the operating profits of THB 13,339 million or a decrease of 13.9 percent, and total net profits of THB 2,294 million or down 64.3 percent.
