Bangkok, 9 March 2026: Thai Wah Public Company Limited (TWPC) today outlined its strategic roadmap for 2026 and beyond, building on a landmark FY2025 turnaround that saw net profit surge to THB 156 million, gross margin expand 630 basis points to 21.3%, and total volume grow 7%. With a strengthened balance sheet, an IBD-to-equity ratio of 0.22x, and all three business pillars performing, TWPC enters 2026 positioned to deliver sustained growth across its Multicore platform.
TWPC's Multicore business platform, comprising Food, Specialty Ingredients (HVA), and Native Starch, has proven its ability to generate earnings resilience through commodity cycles, seasonal troughs, and macroeconomic headwinds. In FY2025, the Company returned to profitability with net profit of THB 156 million, while reducing leverage to an IBD-to-equity ratio of 0.22x.
Both the Food and HVA segments delivered strong gross profit growth in FY2025. TWPC is targeting revenue growth and net profit growth of more than 10% in 2026. The Food Business is on a clear path toward THB 4 billion in revenue by 2030, with FY2025 sales reaching THB 2,558 million. Ready-to-Eat (RTE) products, now the Food BU's fastest-growing and highest-margin category, grew 53% YoY, with new product development (NPD) achieving a CAGR exceeding 50%. Distribution has expanded to over 16,000 modern trade outlets across Southeast Asia, with the Company continuing to scale its regional footprint.
The Specialty Ingredients (HVA) Business is targeting volume growth exceeding 10% in 2026, supported by expanded capacity and strategic market entry in India, Indonesia, and the Philippines. With over food scientists across five innovation centers in Bangkok, Shanghai, Ho Chi Minh City, Jakarta, and Bengaluru, TWPC delivers more than 50 market-ready formulations annually, customized to local taste profiles.
China 2.0: New Factory, Accelerated Growth. China represents a key strategic growth pillar for 2026. TWPC's new China factory commenced operations in Q2 2026, positioning the Company to capture accelerating demand for specialty ingredients across the market. The Company is targeting growth exceeding 20% in China this year, with expanded local production capacity enabling faster customer response, lower logistics costs, and deeper market penetration across food and industrial applications.
TWPC's premiumization strategy continues to accelerate, systematically shifting the product mix toward higher-value, lower-volatility categories. In Food, the Company has achieved No. 1 market position in the premium non-wheat noodles segment in Thailand, while RTE and Ready-to-Cook (RTC) formats command significantly higher margins than traditional product lines. In HVA, specialty formulations for bakery, dairy, sauces, and snack applications operate within a gross margin range of 20–30%, independent of commodity benchmarks. The Company's long-term target is for Food and HVA to contribute over 80% of total profit by 2030, with the earnings quality transformation already well underway.
The Company's cost transformation program delivered THB 96 million in material cost savings in FY2025, with further initiatives targeting over THB 150 million in cumulative savings over the next three years through process improvement, digital transformation, and supply chain optimization. Finance costs were reduced by 43% in FY2025 through disciplined debt management. TWPC's multi-country sourcing capability across Thailand, Vietnam, and Cambodia provides structural flexibility to optimize raw material costs and mitigate supply disruptions.
Looking ahead, TWPC has set clear priorities for 2026 with revenue and net profit growing double digit. China production expansion exceeding 20%, cost savings programs delivering over THB 150 million in cumulative over the next three years through process improvement and digital transformation. The Company maintains a strong financial position with funds ready for strategic deployment, with accelerated deleveraging creating headroom to invest in future growth opportunities.
TWPC's commitment to sustainable business practices was recognized through multiple achievements in 2025, including SET ESG Rating Level A, FTSE Russell score 3.8 with a perfect 5.0 in Governance, CDP ratings of B- for Climate Change and B- for Water Security, EcoVadis Bronze medal, and Gold for Excellence in Talent Management at the HR Excellence Awards.
Mr. Ho Ren Hua, Chief Executive Officer, stated: "2025 proved that disciplined execution delivers results. We expanded gross profit margin by 630 basis points, returned to profitability, and strengthened our balance sheet, all while investing in growth. In 2026, we are committed to double digit growth in both revenue and profit, driven by our Multicore platform, relentless cost discipline, and the resilience of a diversified supply chain that positions us to compete and win across APAC."
The Board of Directors has approved a cash dividend of THB 0.114 per share for the period 1 January to 31 December 2025, maintaining its dividend to shareholders as a reflection of restored and sustained profitability. The ex-dividend date is 29 April 2026, with payment on 20 May 2026.
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