TPL Posts Over 5x Group EBITDA Growth After Full-Quarter FT-CPC Consolidation

On a consolidated basis, the group recorded total revenue from sales and services of THB 346.0 million and EBITDA of THB 60.7 million, representing growth of more than 5 times from THB 11.6 million in the same period last year. The increase was mainly driven by the full-quarter consolidation of FT and CPC. The group also recorded positive operating cash flow of THB 41.4 million.

However, the group reported a consolidated net loss of THB 34.2 million, mainly due to depreciation and amortization expenses of THB 78.3 million, largely related to FT's vehicle fleet investments made in previous years. These expenses are primarily accounting items and do not directly impact operating cash flow.

For TPL's core logistics business, the company turned profitable on a separate financial statement basis, recording net profit of THB 11.1 million. Gross profit margin improved to 21.8%, compared with 16.7% in the same period last year, reflecting the impact of customer portfolio restructuring and disciplined cost control. Revenue from the B2C segment grew 6.3%, while SME revenue increased 23.0%.

Mr. Chaipipat Kaewtrairat, Chief Executive Officer of Thai Parcels Public Company Limited, said:

"This quarter marks the beginning of our new business structure following the full-quarter consolidation of FT and CPC. The EBITDA and operating cash flow numbers reflect the group's ability to generate operating cash flow, despite the consolidated financial statements still being pressured by high depreciation expenses."

"Our key priority from here is to improve fleet utilization, optimize the group's cost structure, and unlock clearer synergy among TPL, FT, and CPC. We will apply the cost management model that has already been proven in our logistics business to the group's passenger transport operations."

For the remainder of 2026, the company will focus on four key initiatives: restoring the revenue base of FT and CPC, increasing fleet utilization, centralizing maintenance and shared services to reduce duplicated costs, and managing energy cost volatility through fuel surcharge mechanisms and the reduction of empty runs.

TPL believes these initiatives will form the foundation for moving from "asset consolidation" to "asset return generation", supporting the company's long-term development as an integrated logistics and passenger transport platform.

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