• The slow pace of the domestic economy and the strong baht have evidently had a negative impact on the operating results. Businesses with positive growth were in the Information & Communication Technology and Insurance business sectors.
• During the nine-month period of 2025, sales and operating profit decreased, while profits from business restructuring and investments increased, resulting in a rise in net profit.
• In Q3/2025, listed companies from practically all business sectors reported decreasing sales and operating profit.
SET Senior Executive Vice President Soravis Krairiksh stated that 817 listed companies, representing 98.7 percent of the total 828 listed companies (comprising SET-listed and mai-listed companies scheduled to submit financial statements ended September 30, 2025, and excluding real estate investment trust or REIT and infrastructure funds or IFF) have already reported their earnings for the nine-month period of 2025. Of these, 602 listed companies, or 73.7 percent, reported net profits.
SET-listed firms’ operating results during the nine-month period of 2025 showed total sales of THB 12.43 trillion (approximately USD 386.24 billion), down 6.0 percent year-on-year. Production costs and selling, general & administrative (SG&A) expenses decreased by 6.6 percent and 1.2 percent, respectively, resulting in a core operating profit of THB 844.05 billion, or a 7.3 percent decrease. However, a number of large-sized listed companies have recorded profits through merger & acquisition (M&A), restructuring and investment, resulting in a net profit of THB 886.81 billion, or a 20.8 percent increase. Notably, excluding listed companies in the energy and petrochemical business sectors, listed companies recorded total sales decrease by 0.7 percent, and operating profit and net profit increase by 1.2 percent and 16.4 percent, respectively.
Regarding the financial position of Thai listed companies as of September 30, 2025, the debt-to-equity (D/E) ratio of listed companies (excluding the Financials industry group) was 1.49 times, down from 1.56 times in the same period last year.
As for the operating results in Q3/2025 compared to Q3/2024, most SET-listed companies recorded decline in total sales but a rise in operating profit and net profit at 21.0 percent and 31.4 percent, respectively, due to the fact that listed companies in the refinery business experienced unusually low refining margin price in the previous year. Notably, if excluding listed companies in the energy and petrochemical business sectors, listed companies recorded total sales and operating profit decrease by 11.9 percent and 3.2 percent, respectively, with net profit increase by 5.30 percent.
“Beyond the challenges from falling oil prices, the Thai economy’s slower-than-expected growth and the stronger baht against the US dollar have clearly impacted listed companies’ sales in Q3/2025. Almost every business sector experienced sales declines, affecting the overall performance during the nine months of this year, particularly in the Services industry, which has traditionally been one of Thailand’s strengths. Significantly, the sectors that showed strong growth were Insurance, driven by the increasing trend on savings and risk prevention in today’s aging society, and Information & Communication Technology, riding the wave of increasing demand for data and internet services as Thailand accelerates its digital transformation,” added SET SEVP Soravis.
As for the mai market, during the nine-month period of 2025 compared to the same period last year, mai-listed companies reported total sales of THB 151.13 billion, down 3.6 percent, and costs of sales of THB 111.42 billion, down 4.0 percent, resulting in THB 39.71 billion gross profit, or a 2.2 percent decrease. The selling, general & administrative (SG&A) expenses rose 2.2 percent, affecting a 13.5 percent drop in operating profit to THB 9.70 billion and a 38.9 percent decline in net profit to THB 3.72 billion.
