"Madame Biosciences" Reports Strong Second-Quarter Growth as Madame Louise Becomes a Key Growth Engine

Revenue from sales reached Baht 432.41 million, up 14.56% year-on-year. Gross profit rose 31.36% to Baht 141.82 million, with the gross profit margin improving from 28.60% to 32.80%, reflecting the full-quarter contribution of the Madame Louise business. Net profit was Baht 35.79 million, an increase of 118.40% year-on-year.

Madame Louise drives growth and margin expansion

Madame Louise generated revenue of Baht 118.03 million in the second quarter, compared with Baht 51.68 million in the same quarter of 2025 and Baht 87.51 million in the first quarter of 2026. Gross profit was Baht 94.03 million at a margin of 79.66%, and net profit Baht 33.47 million at a margin of 28.36%. Revenue for the first six months of 2026 was approximately Baht 205.55 million.

The Company attributes the performance to a digital-first marketing strategy, an expanding distributor network and the continuous introduction of new products and SKUs - an approach designed to deepen sales within the brand's existing customer base while opening new markets.

A reshaped portfolio and a stronger balance sheet

During 2025 the Company divested its loss-making dried fruit business and discontinued its packaging business, concentrating resources on operations with stronger growth and profitability potential. Madame Louise has since helped replace the revenue from those businesses while improving the Group's overall gross profit profile.

Total liabilities decreased by Baht 47.29 million, or 9.04%, from the end of 2025 through debt repayment and the settlement of trade payables, while finance costs for the quarter fell to Baht 4.13 million from Baht 8.33 million. Following the capital reduction approved by shareholders to eliminate the accumulated deficit, the Company recorded retained earnings of Baht 152.54 million and total shareholders' equity of Baht 849.19 million, up 6.99% from the end of 2025.

First-half performance

For the first six months of 2026, revenue from sales was Baht 810.76 million, up 14.96% year-on-year, with net profit of Baht 56.35 million. Net profit for the first half of 2025 of Baht 244.65 million included approximately Baht 384.67 million of other income arising principally from a fire insurance claim; excluding this non-recurring item, the Company's operating performance improved year-on-year.

The Company believes the continued expansion of Madame Louise provides an important platform for future growth, with a growing customer base, an expanding distribution network, continued digital marketing activity and a pipeline of new product launches supporting the Skincare and Wellness business as a key contributor to Group performance.

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