Medeze Group Public Company Limited (SET: MEDEZE) has released its financial results for the first quarter of 2026 with total revenue of Baht 175.61 million, representing a 19% decline compared to the Baht 216.22 million recorded in the first quarter of 2025.
Management attributed this downturn primarily to an ongoing economic slowdown that has led to more cautious consumer spending both domestically and internationally. A critical factor was the 95% collapse in revenue from Cambodian clients, which dropped by approximately Baht 34 million YoY. This decline was driven by external factors beyond the group’s control, specifically border closures and international travel restrictions that prevented these clients from accessing services in Thailand.
The bottom line saw a sharper impact, with net profit falling 54% YoY to Baht 34.36 million, down from Baht 74.64 million in Q1 2025. This performance was heavily weighed down by Baht 27 million in one-time expenses. These included a Baht 21 million unrealized loss on investments triggered by foreign capital market volatility and Baht 6 million allocated to a joint R&D project with Chula Unisearch for developing cell culture media. When excluding these special items, the adjusted net profit stood at Baht 61.30 million, an 18% decrease from the previous year.
Despite the revenue dip, MEDEZE demonstrated disciplined cost management. Selling expenses were reduced by 31% YoY to Baht 30.91 million as the company scaled back non-essential marketing.
Looking ahead, the group is pursuing a proactive expansion strategy, including entering the Philippines market in Q2 2026. By securing international accreditations such as Bio Bank and GMP, MEDEZE aims to transition into a “Medical Innovation Leader” to restore client confidence and drive sustainable long-term growth.
