Betagro Public Company Limited (SET: BTG) reported a notable decline in its financial performance for the first quarter of 2026, primarily squeezed by falling domestic meat prices. The company’s total income reached THB 28,560.9 million, representing a 6.4% year-on-year decrease from the THB 30,499 million recorded in 1Q25.
Management attributed this revenue contraction largely to lower domestic prices for pork and chicken within the Thailand food business. Additionally, the Agro business saw a revenue dip as selling prices were adjusted downward to match declining raw material costs for animal feed.
Despite these headwinds, BTG’s pet business remained a bright spot, showing significant growth driven by domestic and international market expansion and a strategic shift toward higher-margin products.
The impact on profitability was more pronounced. Net profit for 1Q26 plummeted by 47.1% YoY, falling to THB 1,003 million compared to THB 1,897.8 million in the same period last year. Correspondingly, the net profit margin narrowed from 6.2% to 3.5%. This bottom-line pressure was fueled by a 21.3% drop in gross profit, which landed at THB 4,222 million as margins were compressed by softened livestock prices.
Operating efficiency also faced hurdles. EBITDA fell 28.3% YoY to THB 2,700.9 million, with the EBITDA margin slipping from 12.4% to 9.5%. Meanwhile, the SG&A to sales ratio rose slightly to 10.8%, up from 10.3% in 1Q25, primarily due to the lower revenue base.
On the balance sheet, BTG’s total liabilities increased to THB 36,554.7 million as of March 31, 2026, driven by higher loan drawdowns to support working capital and expansion plans. This led to an uptick in the interest-bearing debt-to-equity ratio to 0.64x, compared to 0.58x at the end of 2025.
While the quarter presented significant pricing hurdles, the company remains focused on liquidity management and its long-term growth strategy.
