Corporate News

Bangkok, 12 May 2026 - THANULUX PUBLIC COMPANY LIMITED, or TNL, reported its operating results for the first quarter of 2026, ended 31 March 2026, with net profit of THB 114 million and net profit margin improving to 45.4% from 43.3% in the same period of the previous year. The results reflected the strength of the Company's business model and its disciplined cost management. In the quarter, TNL recorded total revenue of THB 251 million, down 13.7% YoY, mainly due to lower loan interest income in line with the strategy to enhance loan portfolio quality, as well as lower revenue from the real estate business in line with the cycle of projects nearing completion. Nevertheless, the Company maintained a high level of profitability, supported by significantly improved performance from joint ventures in real estate projects, together with disciplined cost management by the management team.

The secured lending business (OXA) reported revenue of THB 117 million, while the total loan portfolio continued to grow to THB 6,390 million under a selective and disciplined approach to new lending. The Company maintained a low loan-to-value (LTV) ratio of 47%, which serves as an important buffer for long-term portfolio risk management. Overall asset quality remained stable compared with the previous quarter. The Company also recorded a net reversal of expected credit loss (ECL) allowance of THB 1 million, reflecting a positive improvement in loan portfolio quality.

For the distressed asset management business (OAM), revenue grew 17.1% to THB 48 million, driven by income recognition from NPL portfolios previously invested in, despite no new asset acquisitions during the quarter. This reflected OAM's prudent bidding approach amid a highly competitive market. OAM continues to focus on risk-adjusted returns rather than accelerating short-term portfolio expansion.

A key highlight of the quarter came from the real estate business (TNLA), where share of loss from joint ventures improved significantly from a loss of THB 55 million in the first quarter of the previous year to a level close to turning into a share of profit this quarter. This was supported by the start of condominium unit ownership transfers at Nue Riverest Ratburana and Noble Create. The development reflects a structural shift in the revenue model that the Company has been continuously preparing for, and the real estate business is expected to increasingly support operating performance in line with ownership transfers during the remainder of 2026.

Overall, the Company maintained a solid financial position, with total assets of THB 15,227 million, shareholders' equity of THB 10,979 million, and cash of THB 1,715 million. Its interest-bearing debt-to-equity ratio stood at only 0.36 times, reflecting a strong financial structure and readiness to support disciplined future growth.

In addition to the quarterly performance, TNL also recorded key developments that reflect confidence in its quality of earnings and solid financial position. The 52nd Annual General Meeting of Shareholders, held on 27 April 2026, approved a dividend payment of THB 0.60 per share, totaling THB 183 million, up 50% from THB 0.40 per share in the previous year. At the same time, TRIS Rating assigned TNL a first-time credit rating of BBB- with a Stable outlook, an Investment Grade rating that reflects its solid capital base, low debt burden, and strategic support from major shareholders SPI and BTSG. The credit rating is expected to strengthen the Company's ability to access more diversified funding sources at competitive costs.

Mr. Kittichai Treerachataphong, Chief Executive Officer, said, “Although the global and Thai economies continue to face challenges, particularly volatility from conflict in the Middle East and Thai GDP growth expected to be approximately 1.5% this year, TNL has continued to maintain its quality of earnings and balance sheet strength. The results this quarter demonstrate that our strategy is moving in the right direction, and we are ready to move forward toward sustainable growth for the remainder of 2026.”

Mr. Nuntawat Surawatsatien, Chief Financial Officer, added, “The dividend payment of THB 0.60 per share, up 50% from the previous year, reflects the Company's confidence in TNL's quality of earnings and solid financial position. At the same time, we remain focused on maintaining financial discipline, risk management, and appropriate capital allocation to balance shareholder returns with the Company's sustainable growth.”

For the 2026 outlook, the Company targets double-digit revenue growth while continuing to maintain its net profit margin and keeping its debt-to-equity ratio below 0.5 times. OXA aims to expand its total loan portfolio to THB 7,100 million under a strict credit assessment and risk management framework. OAM targets an additional THB 1,200 million investment in secured NPLs through a prudent and selective bidding approach. Meanwhile, TNLA expects to recognize increasing revenue from project ownership transfers throughout the remainder of the year.

With a solid foundation in asset quality, capital structure, and market confidence, TNL believes that 2026 will be a year in which the Company gradually sees the results of its strategy, while continuing to create sustainable value for shareholders over the long term.