Betagro Public Company Limited (SET: BTG) delivered a solid financial performance for the third quarter of 2026, supported by a rebound in domestic livestock pricing and disciplined overhead control.
Key Financial Highlights
- Total Income: THB 33.06 billion, up 7.5% YoY.
- Reported Net Profit: THB 1.30 billion, up 11.5% YoY.
- Core Net Profit: THB 1.27 billion, up 2.8% YoY (excluding THB 31 million net forex gain).
- EBITDA: THB 3.25 billion (+14.3% YoY); EBITDA margin expanded 60 bps to 9.8%.
- Gross Profit Margin: 14.5%, down 50 bps YoY due to geopolitical freight inflation.
Total income for 3Q26 reached THB 33.06 billion, representing a 7.5% year-on-year increase compared to THB 30.75 billion in 3Q25. Net profit expanded 11.5% YoY to THB 1.30 billion, signaling operational resilience following temporary pricing pressure earlier in the year.
Top-line expansion was primarily driven by a recovery in domestic selling prices for swine, broilers, and eggs, bolstered by consumer spending under the government’s ‘Thai Chuay Thai Plus’ economic scheme.
Sales momentum gained additional traction across higher-margin commercial channels, notably international exports, Foodservice, and Modern Trade networks. Meanwhile, BTG’s pet food business sustained its multi-quarter expansion trajectory across both domestic and overseas markets.
Underlying earnings highlighted operating leverage despite raw material headwinds. EBITDA surged 14.3% YoY to THB 3.25 billion, driving EBITDA margin up 60 basis points to 9.8%.
Gross profit margin narrowed to 14.5% from 15.0% in 3Q25, clipped by rising raw material expenses and shipping disruptions tied to the Middle East conflict. To mitigate input inflation, BTG deployed its AGRO Innovation Center to re-formulate feed mixes while expanding sales of processed meats.
Core net profit stood at THB 1.27 billion (+2.8% YoY), excluding an extraordinary net foreign exchange gain of THB 31 million. Operational efficiency gains reduced SG&A expenses to 9.8% of revenue from 10.5% in the prior-year period.
BTG maintained a stable balance sheet, reporting total assets of THB 67.77 billion against total liabilities of THB 35.44 billion as of September 30, 2026. Net interest-bearing debt-to-equity stood at a manageable 0.57x (0.61x gross), reflecting new long-term bank facilities secured for strategic expansion and the refinancing of higher-rate debt. Total shareholders’ equity adjusted to THB 32.33 billion following a THB 2.86 billion dividend distribution.
Management continues to align operational expansion with supply-chain sustainability and anti-corruption standards. The company earned the CAC Change Agent Award 2026 for the second consecutive year, reinforcing its focus on corporate governance as a driver of long-term economic value.
