i-Tail Corporation PCL (SET: ITC), a global leader in the pet food industry, reported strong full-year 2025 results, with full-year sales in U.S. dollar terms growing 9.2% year-on-year to USD 554 million, while sales in Thai baht increased to THB 18.2 billion, up 2.8% year-on-year. Adjusted net profit stood at THB 3.4 billion (excluding transformation costs), demonstrating disciplined execution and sustained demand across key markets despite a challenging global economic environment. The board approved a full-year dividend of THB 0.85 per share, representing a payout ratio of 85.6%.
Roy Chan, Chief Executive Officer of ITC, said, “2025 demonstrated the resilience of our business and the strength of our partnerships with global customers. Amid FX and tariff headwinds, we delivered growth and strengthened our position. Our expansion within the chunk and pâté segment marks an important step in deepening our presence in the U.S. market. We also continue to benefit from premiumization trends, especially in pet treats, which saw strong momentum as demand for functional and wellness-oriented products accelerates globally.”
In the fourth quarter, i-Tail delivered U.S. dollar sales of USD 148 million, up 6.7% year-on-year and 3% quarter-on-quarter, supported by stable demand across major global customers. This performance reflected a sustained upward trajectory, with quarterly U.S. dollar sales increasing consistently across the same quarters from 2023 through 2025. In Thai baht terms, sales grew to THB 4.8 billion, up 1.8% year-on-year and 1.2% quarter-on-quarter. This quarter also saw the first order of chunk and pâté products from a major U.S. retail partner, positioning the company for further growth in this category. Adjusted gross profit rose 4.0% year-on-year and 4.3% quarter-on-quarter to THB 1.2 billion, delivering a solid gross profit margin of 26%, while adjusted net profit for the quarter stood at THB 908 million.
In 2025, the Americas accounted for 58% of total sales, growing 17.8% year-on-year. Growth was driven by strong demand from key customers, expanded product offerings, and continued momentum across premium and private label segments. Asia and Oceania contributed 28% of total sales, led by Japan, China, and Australia. Europe represented 14% of total sales. Across regions, i-Tail continued to broaden its global customer base, adding 42 new customers in 2025.
Sustained growth momentum was further driven by i-Tail’s new products and innovative offerings in pet food and health-focused products. New product launches in 2025 generated approximately THB 1.8 billion in sales. Premium mix remained at the upper end of the 47–50% target range, driven by strong pet treats growth of 36.5% year-on-year. Treats now account for 16% of i-Tail’s total pet food sales, reflecting global premiumization and rising demand for functional, innovation-driven products.
i-Tail continues to enhance its science-based innovation platform, supported by partnerships with five leading academic institutions in Thailand to advance nutrition science and drive long-term product differentiation. Under its innovation roadmap, it targets 15% of revenue from new products, innovative pet food, and health-focused offerings in 2026.
“Looking ahead, we expect to carry strong momentum into 2026,” said Roy Chan. “We remain focused on premiumization, science-led innovation, and differentiated products that enhance pet health and wellbeing. With a robust innovation pipeline and strategic investments across our key markets, we are well positioned to capture new growth opportunities and shape the future of pet food industry.”
