Bangkok, 24 February 2026: Thanulux Public Company Limited (TNL) announced its 2025 operating results, demonstrating the Company’s ability to sustain stability and achieve quality growth despite ongoing market challenges. TNL remains committed to strengthening asset quality and maintaining prudent risk management, which remains central to its business strategy. For the year, total revenue reached THB 1,212 million, representing an 8.2% YoY increase, while net profit totaled THB 415 million, up 3.5% YoY. Operating profit grew 18.3% YoY, reflecting solid business fundamentals and steadily improving earnings quality. Although the Company faced pressure from share of losses from joint venture and higher finance costs, it maintained healthy returns through prudent financial discipline.
Throughout the year, TNL placed strong emphasis on enhancing the quality of its secured lending portfolio. Outstanding loans totaled THB 6,196 million at year-end. The Company actively rebalanced the portfolio by accelerating the non-performing loans (NPLs) resolution, strengthened collateral management, and applied prudent credit policy for new loans, resulting in a significant decline in the NPL ratio. The average loan-to-value (LTV) ratio decreased to 46.7%, while total collateral value increased to THB 13,260 million, representing over-collateralization of more than 214% which is the highest level since the Company commenced operations. These results reflect a prudent risk management approach and the establishment of a strong structural buffer to mitigate long-term portfolio risks.
In the non-performing asset (NPA) management business, the Company maintained a highly selective bidding approach, applying stringent risk-return criteria and prioritising secured corporate NPA portfolios with strong collateral coverage and clear monetisation potential.. This approach enables more flexible debt restructuring and faster account resolution than retail portfolios, improving overall collection efficiency. As a result, the portfolio comprised 77% corporate clients and 23% retail clients, reflecting a clear focus on quality and collectability rather than volume-driven expansion. During the year, debt monitoring and restructuring negotiations with corporate clients progressed well, supporting continued capital recycling for new investments. Revenue from the NPA management business rose to THB 200 million, increasing 22.7% YoY, demonstrating the effectiveness of the Company’s disciplined investment and asset management approach.
For the residential property development for sale business, FY 2025 marked a key transition from the development phase to the gradual revenue recognition phase. Although the Company continued to recognize a share of losses in line with construction progress, early positive signs emerged as its core projects began entering the transfer stage. Noble Create commenced transfers in the third quarter, while Nue Riverest Ratburana progressed toward completion. These developments are expected to provide meaningful support to operating performance in 2026.
As of year-end 2025, the Company maintained a strong financial position, with total assets of THB 15,158 million. The interest-bearing debt-to-equity (IBD/E) ratio stood at 0.37x, reflecting a prudent leverage level. The Company also held cash of THB 1,776 million, demonstrating sufficient liquidity to support its growth plans in 2026. During the year, the Company issued its third tranche of debentures totaling THB 1,000 million, with a fixed interest rate of 5.80% and a tenor of 2 years and 3 months. The issuance was well received by investors, reflecting confidence in the Company’s financial strength and future growth trajectory.
In addition, in 2025 the Company received a 5-star (“Excellent”) corporate governance rating for the third consecutive year from the Corporate Governance Report of Thai Listed Companies (CGR). The Company also continued to strengthen its ESG framework, enhancing employee engagement, community development initiatives, and risk management and governance systems to support long-term value creation alongside sustainable growth.
With continued enhancement of asset quality, a solid capital structure, and property projects gradually entering the revenue recognition phase, TNL is confident that 2026 will mark a year of growth built on strong fundamentals. The Company remains committed to maintaining financial discipline and delivering sustainable long-term value to shareholders.
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