Carabao Group Public Company Limited (SET: CBG) reported a 12% year-over-year increase in net profit for the third quarter of 2026 to THB 692 million, supported by rapid international expansion and disciplined cost management. Total sales revenue climbed 9% year-over-year to THB 6,009 million (+3% QoQ), driven by gains across both domestic energy drink distribution and regional overseas markets.
Key Financial Highlights
- Total Sales Revenue: THB 6,009 million (+9% YoY, +3% QoQ)
- Net Profit: THB 692 million (+12% YoY, -6% QoQ)
- Gross Profit Margin: 24.2% (down from 25.6% in 3Q25)
The primary engine behind earnings growth was CBG’s overseas beverage segment, particularly in the CLMV market where sales grew 26% year-over-year to THB 714 million. Performance was bolstered by the company’s manufacturing plant in Myanmar reaching full operating capacity, which drove a 159% year-over-year surge in local sales.
In Thailand, domestic sales expanded 7% year-over-year to THB 5,109 million. Growth was sustained by CBG’s strategic decision to cap the retail price of its flagship Carabao Dang energy drink at THB 10, coupled with expanded district-level retail coverage. Meanwhile, third-party product distribution rose 12% year-over-year to THB 2,638 million, led by increasing market penetration of partner alcoholic beverage brands.
Gross profit rose 4% year-over-year to THB 1,457 million, though gross margin compressed to 24%. Higher global input costs for aluminum coils, petrochemical packaging materials, and energy—fueled by ongoing conflicts in the Middle East—pressured production expenses. CBG successfully counterbalanced margin compression by reducing administrative costs, trimming total SG&A expenses by 3% year-over-year to THB 637 million.
CBG’s balance sheet remains stable, ending the period with THB 20,127 million in total assets and THB 14,529 million in equity. Inventories increased by THB 1,336 million to fulfill anticipated fourth-quarter seasonal demand. Lower interest-bearing debt contained finance costs to THB 23 million, while TRIS Rating reaffirmed CBG’s credit rating at “A” with a positive outlook.
Management plans to deepen domestic market coverage through retail partnerships and sports marketing campaigns, while maintaining full-capacity production in Myanmar to secure long-term regional market share.
