LEO Global Logistics Public Company Limited (mai: LEO) has reported its financial results for the first quarter of 2026, revealing a period of strategic navigation through global economic volatility. The company recorded total revenue of THB 313.9 million, representing a 9% decrease from the THB 346 million achieved in 1Q25. This year-on-year decline was primarily driven by a slowdown in import and export activity during the first two months of the year.
Despite the lower top-line revenue, LEO demonstrated improved operational efficiency, achieving a gross profit margin of 32%, up from 30% in 1Q25. The company’s EBITDA grew by 11% year-on-year to THB 33.5 million, a success attributed to the “Jump+” program and a strategic shift toward non-freight businesses. However, net profit fell 13% to THB 7.5 million, compared to THB 8.7 million in the same period last year.
The revenue mix showed significant shifts; while sea freight revenue dropped 19% year-on-year due to lower average freight rates compared to the previous year, other segments thrived. Air freight and integrated logistics services saw a 12.5% increase in combined revenue, bolstered by disruptions in sea routes through the Strait of Hormuz following the Iran–U.S. conflict. Furthermore, the self-storage and container depot segment delivered a substantial 60% growth, reaching THB 12.9 million.
The company’s bottom line was impacted by rising operational costs. Selling and Administrative expenses (SG&A) increased 3% due to annual salary adjustments and performance bonuses. Financial costs also rose by 13% compared to 1Q25, driven by the recognition of long-term lease liabilities and higher credit facility utilization.
Looking ahead, management remains confident in its “3×6 Growth Matrix” strategy. With freight rates expected to remain elevated for the next six months due to geopolitical tensions, LEO is positioned to maintain higher gross margins throughout 2026.
