Thai Union raises 2026 forecast after strong Q2

The company said it delivered an all-time high gross profit margin of 21.4% - exceeding the 2026 target range and already in line with the company’s 2030 target.

Two of Thai Union’s main brands include John West and King Oscar.

The dividend per share grew 14.3%, the company’s strongest interim dividend for four years and equivalent to an attractive interim dividend yield of 3.4%.

Second quarter sales rose 1.4% year-on-year to Thai Baht (THB) 33.8 billion (£754m), the fourth consecutive quarter of organic growth, while sales volume increased for the tenth straight quarter, reflecting resilient demand in the ambient, PetCare and value-added businesses.

Thiraphong Chansiri, president and CEO of Thai Union said: "Thai Union’s second quarter confirms our strategy is yielding strong results for our shareholders.

“Reaching a record gross profit margin already in line with our 2030 target, growing volumes for a tenth consecutive quarter, and raising our dividend payout by more than 14% shows the strength and consistency of the business we have built.”

He added: “We remain focused on delivering sustainable, profitable growth and returning value to our shareholders.”

Thai Union said ambient sales rose 1.5% year-on-year to THB 16.9 billion (£377m), with volume up 4.4% on stronger private label demand for canned tuna and salmon and seasonal promotions in Europe. Canned sardines and mackerel added momentum.

Frozen sales held broadly stable at THB 10.0 billion (£223m), led by strength in frozen shrimp, with gross profit margin improving to 13.5% on what the company described as more favourable shrimp raw material prices and continued cost discipline.

PetCare sales grew 2.3% year-on-year, on 7.8% volume growth and strong demand in the United States and Europe.

Meanwhile, value-added sales grew 5.8% year-on-year to THB 2.5 billion (£55m) on a strong 7.4% rise in volume, led by the packaging segment and solid demand across value-added and by-product lines.

The group said it expects sales growth of 4% to 6% and a gross profit margin of 19.5% to 20.5% for 2026.