Mitihoon – Thai Union Group PCL today announced its financial results for the second quarter and first half of 2025, demonstrating exceptional resilience and continued growth in profitability driven by a record-high gross profit margin and disciplined cost management translating to an 18% growth in earnings per share for the second quarter. The company also announced a strategic agreement with Mitsubishi Corporation, reinforcing its long-term direction and underscoring the strength of Thai Union as a global leader in marine nutrition.
The group posted Q2 2025 sales of THB 33.4 billion, reflecting a 0.7% year-on-year dip in organic sales and a 4.7% unfavorable foreign exchange impact. The ease in organic sales was from weaker frozen product sales in the U.S. However, other businesses – including Ambient, Feed, and PetCare – continued to deliver organic growth.
For the second quarter, the Group’s Gross Profit Margin (GPM) hit an all-time high of 19.7%, driven by a favorable product mix and raw material costs. This strong performance lifted the first-half GPM to a record 19.3%.
Excluding one-time transformation costs, adjusted net profit for the second quarter grew by a resilient 13.2% year-on-year to THB 1.5 billion. The reported net profit for the quarter was THB 1.3 billion. For the first half of 2025, adjusted net profit increased by 11.2% to THB 2.8 billion, with a reported net profit of THB 2.3 billion.
Reflecting the company’s commitment to shareholder returns, the company approved an interim dividend of THB 0.35 per share.
Thai Union CEO Thiraphong Chansiri said, “In line with changes in the global trade environment, our strategic transformation is delivering tangible value. We have become a more agile and efficient organization. This focus on strengthening our core operations allowed us to achieve a significant lift in our gross profit margin, proving that we are building a fundamentally stronger company for the future.”
Q2 2025 Business Segment Performance
- Ambient: Sales were THB 16.6 billion, with sales volume remaining stable. GPM improved markedly to 22.0%, driven by favorable fish prices and a successful promotional push for branded products.
- Frozen: Sales were THB 10.0 billion, impacted by soft shrimp demand in the U.S. However, the feed business remained resilient, and the segment’s GPM reached a solid 11.7%.
- PetCare: Sales were THB 4.4 billion, with some impact from lower selling prices. But the business showed strong underlying momentum, with sales volume growing 10.0% year-on-year, driven by demand from key customers in the U.S. GPM stood at a healthy 25.6%.
- Value-added : Sales were THB 2.4 billion. GPM remained strong at 26.3%, driven by higher margins in the ingredients and by-products segments.
The U.S. announced a 19% reciprocal tariff on imports from Thailand shipped after August 7. The revised tariff provides greater clarity and relief compared to earlier expectations of a higher rate. In response, the company is leveraging its global manufacturing footprint, with production facilities in 14 countries—including the U.S.—to optimize its supply chain and mitigate potential impacts from tariffs. For example, Thai Union’s plants in the Thailand, Ghana and Seychelles have favorable tariff rates to the U.S. (19%, 15% and 10% respectively), which are competitive with or better than major exporters like Vietnam (20%) and Indonesia (19%).
In the first half of 2025, the company also completed its fourth share repurchase program, acquiring 8.98% of its paid-up capital. This reinforces its long-term commitment to delivering shareholder returns.
Strategic Agreement with Mitsubishi Corporation
Thai Union and Mitsubishi Corporation have entered into a business alliance, deepening a partnership that began in 1991 and reflects a shared commitment to innovation, sustainability, and global excellence. As part of the mutual agreement, Mitsubishi Corporation will increase its stake in Thai Union from 6.19% to 20% (excluding treasury shares) through a general offer.
Mr. Thiraphong said, “Thai Union’s strategic alliance with Mitsubishi Corporation is a testament to the strength of our business and our shared vision for the future of the seafood industry. Together, we will accelerate our growth, enhance our competitiveness, and continue to deliver healthy, sustainable products to consumers worldwide. This partnership, built on decades of trust, will benefit all our stakeholders and solidify our position as a global seafood leader.”
This alliance creates a powerful synergy to capitalize on growing global demand for seafood and nutritional solutions. It combines Thai Union’s world-class processing capabilities with Mitsubishi Corporation’s formidable procurement and distribution networks to enhance access to competitive raw materials and improve supply chain resilience.
The partnership will focus on concrete growth drivers, including strengthening Thai Union’s presence in key markets, combining the two companies’ strengths to grow in-demand seafood categories, and expanding into high-potential segments like pet food, all aligned with evolving consumer trends.
There is no change to the overall composition of Thai Union’s major shareholders, as Mitsubishi Corporation was already the fourth largest shareholder and sat on Thai Union’s board. There will be no changes in the senior leadership team either.
Furthermore, the partnership reinforces a shared, deep commitment to ESG principles, aligning Thai Union’s SeaChange® 2030 strategy with Mitsubishi Corporation’s rigorous sustainability standards to drive joint progress in responsible sourcing, labor welfare, and environmental stewardship.
