Key performance highlights
- Started 2026 with strong performance in line with target, recording total revenue of THB 2,493mn, +10.4% YoY, supported by an OOH utilization rate of 70% and continued growth in the Engagement Marketing business, resulting in net profit of THB 207mn, +7.6% YoY.
- Continued to build on strategic partnerships with VGI and Hello Bangkok LED through new media packages and quality network expansion to enhance sales efficiency and support future growth.
- Reinforced financial strength with free cash flow of THB 1,063mn for the three months ended 31 March 2026 and a D/E ratio of 0.55x, reflecting a solid financial position and readiness to support long-term growth.
Operating Performance in 1Q 2026
Amid global economic volatility toward the end of the quarter, Plan B continued to maintain its growth momentum, supported by the strength of its core business and effective media portfolio management, despite the first quarter typically being a seasonal low period for the out-of-home (OOH) media business.
The OOH business remained the Company’s key growth driver, supported by growth across all media formats. It continued to see strong demand for OOH media, particularly from food and beverage, automotive, financial institutions, and consumer goods clients. During the quarter, the Company continued to recognize revenue from VGI media management (Recognized on a net revenue basis, representing 5.0% of VGI’s advertising media business revenue,) as well as a full-quarter share of profit from Hello Bangkok LED, further strengthening its media portfolio and access to strategic locations.
The Engagement Marketing business continued to grow strongly, mainly supported by sports marketing, including revenue recognition from English Premier League rights and the rapid growth of the Muay Thai business. This was driven by content development and in-stadium activities that enhanced audience experience and effectively increased spending per head.
Strategic Developments in 1Q 2026
One of the key developments during the quarter was continued collaboration with VGI through the “BTS & City Sync” package, which seamlessly integrates BTS transit media with landmark digital media, such as the Siam Paragon Façade. This marks another important step in strengthening the Company’s prime city media network while enhancing seamless brand communication experiences for leading clients.
At the same time, the Company began recognizing full-year revenue from VGI media management for the first time, along with a full-quarter share of profit from Hello Bangkok LED. These developments enhanced the Company’s capability to jointly manage its media portfolio, expand access to strategic locations nationwide, and increase flexibility in designing integrated media packages to meet client needs and support long-term growth.
Financial Position as of End of 1Q 2026
With strong free cash flow and a low debt-to-equity (D/E) ratio, the Company maintained high financial flexibility to support future investments, media network expansion, and strategic partnerships. This also reflects its effective liquidity and capital structure management, underpinned by strong financial discipline that supports stable, sustainable long-term growth.
Strategic Outlook
Despite continued uncertainty in the overall economy and consumer purchasing power across several industries, driven by external factors and geopolitical developments, the Company believes that businesses continue to prioritize media channels that can effectively reach consumers and deliver clearer performance measurement.
As a result, OOH media remains one of the key channels for marketing communication today.
Against this backdrop, the Company remains focused on managing the “quality of growth” while maintaining cost discipline and a prudent capital structure. This will be driven by optimising media utilization, developing new media products and packages, and enhancing sales efficiency across its media network to sustain profitability, cash flow, and long-term business flexibility.
