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MEGA Lifesciences Public Company Limited FY 2025 SET Opportunity Day A Journey Towards Healthier Lives Thinking, Changing, Growing
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for Your Wellness Disclaimer The presentation contains forward - looking statements which are based on MEGAs’ current expectations, estimates and projections about its industry, management’s beliefs and certain assumptions. These forward - looking statements are subject to various risks and uncertainties. No assurance is given that future events will occur or that our assumptions are correct. Actual results may differ materially from those projected. For any further queries please contact : Email : investor@megawecare.com Telephone : +66 27694230 Stay Healthy as long as you live. 2
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for Your Wellness Contents 1. FY25 Financial Highlight s 2. Future Outlook Stay Healthy as long as you live. 3 3. Q&A
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for Your Wellness Our Key Business Segments… 1. MEGA WE CARE TM BRANDED PRODUCTS BUSINESS 2. MAXXCARE TM DISTRIBUTION BUSINESS 4 We develop, manufacture, market and sell our own brand of market leading nutraceutical products, prescription pharmaceutical products and OTC products which are mostly sold in developing countries with market leading presence in Southeast Asia and growing reach in Sub - Saharan Africa. Our branded products include products where we own perpetual license to third party trademarks. We market, sell and distribute various branded prescription pharmaceutical products, OTC and consumer products. We operate our Maxxcare TM distribution business in three countries, namely, Myanmar, Vietnam and Cambodia. Our clients for this business segment include leading domestic and international pharmaceutical and consumer goods companies. This segment also includes business arising from markets other than aforementioned countries where MEGA has distribution rights for third party products. Mega Lifesciences PCL Stay Healthy as long as you live. FY25 FINANCIAL HIGHLIGHTS
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for Your Wellness 6,667 5,107 8,371 8,728 FY24 FY25 Maxxcare Mega We Care 5 Stay Healthy as long as you live. Operating revenues ( THBmn ) Revenue by segments Gr. 4.3 % Gr. (23.4 % ) FY25 FINANCIAL HIGHLIGHTS (7.8%) Overall Gr. 15,344 14,147 • Mega We Care TM business revenue grew by 4 . 3 % YoY . Excluding the currency impact from the appreciation of THB against USD YoY (and the decline in Mega We Care Myanmar business, largely attributable to 1 H 25 ), Mega We Care revenue in other markets recorded low double - digit growth . • With improved sales momentum in Myanmar Distribution in 2 H 25 , the Maxxcare TM distribution business revenue decline has narrowed from 34 . 4 % YoY in 1 H 25 to 23 . 4 % YoY for FY 25 on reported basis, However, the decline has narrowed from 34 . 6 % YoY in 1 H 25 to 18 . 0 % YoY for FY 25 after normalizing for the dual currency rate effect in Myanmar 1 . With improved sales momentum in Myanmar Distribution and Brands in 2 H 25 , with 2 H 25 growing 14 . 1 % over 1 H 25 , the overall operating revenue decline has narrowed from 14 . 0 % YoY in 1 H 25 to 7 . 8 % YoY for FY 25 1. Based on best estimates, the impact of Dual currency rate effect in Myanmar, is due to difference between bank rate of exchange by Central bank of Myanmar adopted for financial reporting per International Financial Reporting Standards vs Actual transacted market rates, resulting in inflated sales, gross margins, SG&A and forex loss, not materially impacting the overall profitability
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for Your Wellness 6,561 6,721 FY24 FY25 2.0 2.2 43.5 36.1 54.6 61.7 FY24 FY25 OEM Maxxcare Mega We Care A closer look at Mega We Care TM business revenue… 6 • Southeast Asia contributed 77 . 0 % of Mega We Care TM revenue while Indochina contributed 58 . 6 % for FY 25 . • Mega We Care TM revenue for FY 25 was up by 4 . 3 % YoY . Excluding the currency impact from the appreciation of THB against USD YoY (and the decline in Mega We Care Myanmar business, largely attributable to 1 H 25 ), Mega We Care revenue in other markets recorded low double - digit growth . • Mega We Care TM revenue as a proportion to overall operating revenue was 61 . 7 % for FY 25 compared to 54 . 6 % for FY 24 and Maxxcare TM revenue proportion was 36 . 1 % of operating revenue for FY 25 compared to 43 . 5 % for FY 24 . Stay Healthy as long as you live. Mega We Care TM revenue by geography ( THBmn ) Mega We Care TM revenue Southeast Asia Africa Others Revenue mix (%) across segments Gr. 2.4% Gr. 17.1% Gr. 4.8% FY25 FINANCIAL HIGHLIGHTS 8,371 8,728 FY24 FY25 896 939 FY24 FY25 FY24 FY25 913 1,069 Gr. 4.3%
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for Your Wellness Overall gross margins improved in FY25... 7 Stay Healthy as long as you live. Overall gross margin (%) Overall gross margins are influenced by segmental gross margins and revenue mix in the given period • Overall, the improvement in FY 25 gross margin compared to FY 24 was mainly a result of change in Segmental mix . • Mega We Care TM business gross margin in FY 25 was 64 . 6 % compared to 65 . 9 % in FY 24 . The gross margins of Mega We Care TM business are influenced by revenue growth, product mix, country mix, currency mix and level of output amongst other factors . • Maxxcare TM business gross margin adjusted for FY 25 was 27 . 1 % , improved compared to gross margin adjusted 23 . 5 % for FY 24 . Gross margins of Maxxcare TM business are influenced by principal mix amongst other factors . The reported higher gross margin for Maxxcare TM business for FY 25 of 32 . 1 % was mainly attributable to dual currency rate effect in Myanmar 1 , not materially impacting profitability . FY25 FINANCIAL HIGHLIGHTS 50.5% 52.2% 65.9% 64.6% 31.9% 32.1% FY24 FY25 Overall Mega We Care Maxxcare 1 Based on best estimates, the impact of Dual currency rate effect in Myanmar, is due to difference between bank rate of exchange by Central bank of Myanmar adopted for financial reporting per International Financial Reporting Standards vs Actual transacted market rates, resulting in inflated sales, gross margins, SG&A and forex loss, not materially impacting the overall profitability .
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for Your Wellness SG&A expenses 8 Stay Healthy as long as you live. SG&A expenses as a percentage to revenue Selling and administrative expenses was THB 4 , 481 mn for FY 25 compared to THB 4 , 385 in FY 24 , marginally increased by 2 . 2 % YoY due to planned spending . SG&A expenses were higher as a % to operating revenue due to decline in Maxxcare TM business revenue (SG&A FY 25 31 . 7 % and FY 24 28 . 6 % of Operating revenue) . FY25 FINANCIAL HIGHLIGHTS 28.6% 31.7% 16.6% 18.3% 12.0% 13.4% FY24 FY25 Overall SGA expense Selling expense Admin expense
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for Your Wellness Summarized Income Statement… 9 Stay Healthy as long as you live. With growth in the Mega We Care TM business in FY25 and improved sales momentum in 2H25 across the Myanmar Mega We Care TM and Maxxcare TM distribution business segment, EBITDA increased by 2.6% YoY. Had the THB to USD exchange rate in FY25 remained at levels comparable to FY24, EBITDA growth would have been in the high single digits YoY based on best estimates Reported net profit for FY25 declined by 5.0%, mainly attributable to increase in tax expense due to expiry of tax privilege in 2025. Had the THB to USD exchange rate in FY25 remained at levels comparable to FY24, and had the tax privilege continued in FY25, Reported net profit growth would have been in the low double digits YoY based on best estimates . With growth in the Mega We Care TM business in FY25, and improved sales momentum in 2H25 across Myanmar Mega We Care TM and Maxxcare TM Distribution business segment, EBITDA increased by 2.6% YoY. FY25 FINANCIAL HIGHLIGHTS 2 Adjusted net profits are net profit adjusted for losses from newly started businesses including startups, net foreign exchange gains or losses and non - recurring material income or expenses or taxes, based on best estimates, to reflect normal business performance . Figures in THBmn FY24 FY25 YoY Gr. Operating revenue 15,344.1 14,147.4 (7.8%) Gross profits 7,754.4 7,383.3 (4.8%) Gross margin (%) 50.5% 52.2% Selling and Admin. exp (SGA) 4,384.5 4,480.7 2.2% SGA (% to operating revenue) 28.6% 31.7% EBI TD A 2,673.9 2,742.9 2.6% Reported net profit 2,012.6 1,912.0 (5.0%) Net losses from new businesses 36.4 27.7 (23.8%) Net foreign exchange loss/(gain) 187.5 97.7 (47.9%) Net profit (Adjusted) 2 2,236.4 2,037.4 (8.9%)
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for Your Wellness Strong earnings growth and healthy cash flows… Figure in THBmn 2019 2020 2021 2022 2023 2024 2025 CAGR 2024 2025 YOY Gr. Operating Revenue 11,130 12,589 14,136 15,686 15,681 15,344 14,147 4.1% 15,344 14,147 (7.8%) Gross profit 4,578 4,986 5,911 7,040 7,095 7,754 7,383 8.3% 7,754 7,383 (4.8%) Selling and admin expense (SGA) 3,176 3,299 3,769 4,359 4,191 4,385 4,481 5.9% 4,385 4,481 2.2% EBITDA 1,533 1,997 2,581 2,895 2,579 2,674 2,743 10.2% 2,674 2,743 2.6% Adjusted net profits 2 1,293 1,462 1,882 2,290 2,327 2,236 2,037 7.9% 2,236 2,037 (8.9%) Adjusted net profit (% optg.rev.) 2 11.6% 11.6% 13.3% 14 .6 % 14.8% 14.6% 14.4% na 14.6% 14.4% na Adjusted EPS 2 1.48 1.68 2.16 2. 63 2.67 2.57 2.34 7.9% 2.57 2.34 (8.9%) Employee benefit charge (change in law) (41) - - - - - - na - - na Net foreign exchange gain/(loss) 1,2 (78) 18 119 2 (325) (188) (98) na ( 188) ( 98) ( 47.9 % ) Net losses from new business 2 (36) (91) (60) ( 52 ) (40) (36) (28) Na (36) (28) (23.8 ) % Normalizing tax expense 2 - - - - 31 - - Na - - N a Reported net profits 1,139 1,388 1,941 2,2 4 0 1,993 2,013 1,912 9.0% 2,013 1,912 (5.0%) EPS 1.31 1.59 2.23 2. 57 2.29 2.31 2.19 9.0% 2.31 2.19 (5.0%) Return on equity 19% 21% 26% 2 7 % 22% 21% 19% Na 21% 19% na Operating cash flows 1,495 1,629 2,727 1 , 997 1,926 2,401 2,770 10.8% 2,401 2,770 15.4% % operating cash to reported net profits 131% 117% 140% 89 % 97% 119% 145% Na 119% 145% na • Revenue CAGR of 4 . 1 % in 20 19 - ’ 25 with Mega We Care TM revenue CAGR of 8 . 1 % ; EBITDA CAGR of 10 . 2 % in 2019 - ’ 25 . • With growth in the branded business in FY 25 and improved sales momentum in 2 H 25 across the Myanmar distribution and branded segments, EBITDA increased by 2 . 6 % YoY . Had the THB to USD exchange rate in FY 25 remained at levels comparable to FY 24 , EBITDA growth would have been in the high single digits YoY based on best estimates . • Reported net profit declined in FY 25 by 5 . 0 % YoY mainly attributable to increase in tax expense due to expiry of tax privilege in 2025 . Had the THB to USD exchange rate in FY 25 remained at levels comparable to FY 24 , and had the tax privilege continued in FY 25 , Reported net profit growth would have been in the low double digits YoY based on best estimates • Healthy Operating cash inflow of THB 2 , 770 mn for FY 25 . Operating cash inflow represents 145 % of net profits . Normalized for dual currency rate effect in Myanmar 1 , operating cash inflow represents 130 % of net profits . 1 . Normalized for dual currency rate effect in Myanmar : Based on best estimates, the impact of Dual currency rate effect in Myanmar, is due to difference between bank rate of exchange by Central bank of Myanmar adopted for financial reporting per International Financial Reporting Standards vs Actual transacted market rates, resulting in inflated sales, gross margins, SG&A and forex loss, not materially impacting the overall profitability . 2 . Adjusted net profits are net profit adjusted for losses from newly started businesses including startups, net foreign exchange gains or losses and non - recurring material income or expenses or taxes, based on best estimates, to reflect normal business performance . FINANCIAL OVERVIEW 10 Stay Healthy as long as you live.
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for Your Wellness 5414 6,502 6,906 7,320 7,397 6,667 5,107 6,667 5,107 5476 5,848 6,909 8,053 8,005 8,371 8,728 14,147 2019 2020 2021 2022 2023 2024 2025 FY24 FY25 Maxxcare Mega We Care 15,344 8,728 1.9 2.3 2.0 1.8 2.0 2.2 2.0 2.2 51.7 48.8 46.7 47.2 43.5 36.1 43.5 36.1 46.4 48.9 51.3 51.0 54.6 61.7 54.6 61.7 2020 2021 2022 2023 2024 2025 FY24 FY25 OEM Maxxcare Mega We Care Steady Growth in Revenue… Operating revenues ( THBmn ) Revenue mix (%) across segments 11 Stay Healthy as long as you live. Significant future opportunities… Southeast Asia, the largest region… 3 . Thailand, Myanmar, Vietnam, Cambodia, Malaysia, Philippines, Indonesia and Singapore. 4 . Thailand, Myanmar, Vietnam and Cambodia. 12,589 14,136 15,686 15,681 14,147 • Overall operating revenue CAGR of 4 . 1 % in 20 19 - ’ 25 , driven by Mega We Care (+ 8 . 1 % ) • With improved sales momentum in Myanmar Distribution and Brands in 2 H 25 , with 2 H 25 growing 14 . 1 % over 1 H 25 , the overall operating revenue decline has narrowed from 14 . 0 % YoY in 1 H 25 to 7 . 8 % YoY for FY 25 . Mega We Care business revenue grew by 4 . 3 % YoY . Excluding the currency impact from the appreciation of THB against USD YoY (and the decline in Mega We Care Myanmar business, largely attributable to 1 H 25 ), Mega We Care revenue in other markets recorded low double - digit growth . Overall FY 25 operating revenue decline of 7 . 8 % YoY was primarily driven by the decline in Maxxcare business in Myanmar, mainly attributable to 1 H 25 . • SEA 3 and Indochina 4 contributed 83 . 6 % and 72 . 1 % of overall operating revenues in FY 25 . CAGR (1.0) % CAGR 8 . 1 % 8,371 Growth 4.3 % Growth (23.4%) FINANCIAL OVERVIEW 15,344 11,130
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for Your Wellness Strong performance indicators... 12 FINANCIAL OVERVIEW 2019 2020 20 21 202 2 202 3 2024 2025 Strategic and balance sheet: Net cash/(debt) ( THBmn ) 565 718 2,363 2,560 2,636 3,525 4,156 Operating cash flow ( THBmn ) 1, 495 1,629 2,727 1,997 1,926 2,401 2,770 Operating cash to net profits (%) 1 31 . 3 117.4 140.5 89.1 96.7 119.3 144.9 Return on equity (%) 19 .1 21.1 25.9 26.7 22.0 21.0 19.0 Interest bearing debt to equity (times) 0.14 0,07 0.02 0.03 0.01 0.03 0.05 Dividend per share (THB) 0.72 0,90 1.38 1. 60 1.60 1.60 1.60 Dividend payout (% to net profits) 5 5 . 1 56.5 62.0 62. 3 70.0 69.3 73.0 Cash cycle (days) 12 9 126 124 119 132 140 151 Efficiency: Net forex (gain)/loss to revenue 5 0. 7 % (0.1%) ( 0. 8 % ) 0.0% 2.1% 1.2% 0.7% Bad debts to revenue 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.1% Provisions for inventory to revenue 0. 3 % 0.0% 0. 3 % 0. 2 % 0.4% 0.3% 0.3% Corporate tax rates to PBT 1 2 . 3 % 14.4% 14. 8 % 1 3.7 % 11.9% 14.4% 20.5% EBIDTA 1,533 1,997 2,581 2,895 2,579 2,674 2,743 Adjusted net profit ( THBmn ) 6 1, 293 1,462 1, 882 2,290 2,372 2,236 2,037 Adjusted earning per share (THB) 1.48 1.68 2.16 2. 63 2.67 2.57 2.34 Earning per share (THB) 1.31 1.59 2.23 2.57 2.29 2.31 2.19 5 . Net forex (gain)/loss for 2022 - 2025 normalized for the Dual currency rate effect in Myanmar 6 . Adjusted net profits are net profit adjusted for losses from newly started businesses including startups, net foreign exchange gains or losses and non - recurring material income or expenses or taxes, based on best estimates, to reflect normal business performance . Indicators of strong performance: ✓ Consistent Net cash ✓ Healthy operating cash flows averaging over 118 % of net profits over 2019 to 2025 ✓ Stable return on equity ✓ Increased dividend payouts ✓ Steady cash cycle ✓ Well managed forex exposure ✓ Insignificant inventory and bad debts write - off ✓ Very low interest - bearing debt to equity ✓ EPS CAGR of 9 . 0 % and EBITDA CAGR of 10 . 2 % over 2019 to 2025 ✓ Dividend payouts averaging over 64 % of net profits over 2019 to 2025 Stay Healthy as long as you live.
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for Your Wellness Strong balance sheet and cash flows 13 Stay Healthy as long as you live. Cash cycle (days) Summary of Cash flows • Operating cash inflow of THB 2,770mn for FY25. Cash generated from operations was at 145% of net profits. Normalized for dual currency rate effect in Myanmar, operating cash inflow represents 130% of net profits. • Investment in FY 25 of THB 664 mn in tangible assets, mainly driven by spending towards manufacturing facilities in Vietnam, Indonesia, Thailand, and Australia . • Net cash outflow from financing activities in FY25 was THB 1,297mn, mainly arising from dividend payout of THB 1,395mn and inflow from increase in bank borrowings of THB 205mn. Cash cycle days in Dec’25 remained stable at 151 days compared to 145 days in Sep’25 and 140 days in Dec’24. 140 145 151 Dec'24 Sep'25 Dec'25 Interest bearing debt to equity stood at 0 . 05 times similar to Sep 25 and increased compared to Dec 24 due to borrowings to mitigate forex risks and net - debt to equity at ( 0 . 41 ) times as at Dec 25 improved compared to Sep 25 and Dec 24 due to cash generated from operations partly utilized for dividend payments . Leverage ratios Dec’24 Sep’25 Dec’25 IBD to equity (times) 0.0 3 0.0 5 0.0 5 Net - debt to equity (times) (0. 36 ) (0. 34 ) (0. 41 ) FY25 FINANCIAL HIGHLIGHTS
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for Your Wellness Contents 1. FY25 Financial Highlights 2. 3. Future Outlook Q&A Stay Healthy as long as you live. 14
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for Your Wellness 15 Stay Healthy as long as you live. The future of our past and present… LONG TERM STRATEGIC PLAN ACHIEVED Mega achieved its vison of nearly doubling profits in 2025 compared to the 2019 base year Mega achieved its vison of nearly doubling profits in 2025 compared to the 2019 base year Became the largest OEM supplier of soft gel caps out of Southeast Asia Mega We Care TM Branded Products Business Maxxcare TM Distribution Business OEM Business Achieved leadership position in Indochina Became leading international distribution company in Myanmar, Vietnam and Cambodia Mega achieved its vison of nearly doubling profits in 2025 compared to the 2019 base year Nutraceutical, OTC and prescription products Pharma and consumer products After having doubled 2014 net profit within 2019, Mega achieved its vison of nearly doubling profits in 2025 compared to the 2019 base year marking the second consecutive cycle of delivering on the strategic commitment 1985 1994 2019 2025
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for Your Wellness Beyond 2025 16 FUTURE OUTLOOK 2022 2025 2030 Stay Healthy as long as you live. Product Pipeline Healthy Product pipeline of over 110 products including launches in 2026 and over 80 products launched in 2022 - 25, will contribute to the sales momentum. Mega We Care TM existing 40 products contribute to 75% of the turnover. Pipeline Pipeline Pipeline Indonesia Mega acquisition of Indonesian Manufacturing facility gives access to Indonesian market, which is Southeast Asia’s largest Pharmaceutical market with a market size over USD 10 Billion and with a population size of over 275 million people . Mega entry into Indonesian market thru this acquisition can start contributing meaningfully from 2026 - 27 onwards . Consumer Demand Covid helped in increasing consumer base that can potentially increase demand for the products in under - penetrated markets of South East Asia and Sub - Saharan Africa . M&A Continued search for acquisition in our core regions
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for Your Wellness Mega We Care TM branded products business 17 Stay Healthy as long as you live. Notwithstanding tremendous future opportunity, due to the nature of the developing and underdeveloped markets we do business in, growth may not be a straight line up but with occasional impacts that may be caused by economic, political and other factors. FUTURE OUTLOOK MEGA expects to grow by expansion of customer base in its existing underpenetrated developing markets, launching new products, strengthening product categories, acquisitions and entering new countries . Create significance in SEA and Sub - Saharan Africa . • Emerging trends in consumer health care, disease prevention than struggling for cure is the way forward … .. a sunrise industry . • Market leading positions in Southeast Asia and growing presence in Sub - Saharan Africa . • Healthy pipeline of drugs catering to niche therapeutic segments . • Products sold in developing countries which are underpenetrated markets with significant growth opportunities . • Manufacturing capacity adequate to meet growth requirements of ensuing 3 - 4 years . • A strong balance sheet with net cash position and business generating healthy cash flows . • Fundamental growth drivers in place to help deliver the expected growth THB 2.7bn MEGA plans to invest over the period 2026 – 2028. These investments are directed towards the new manufacturing facilities in Vietnam, Myanmar, and Indonesia, supporting Mega’s strategic expansion and long - term growth in these key markets.
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for Your Wellness Time for your questions If we aren’t able to answer your question due to limited time at this forum or for some reason you couldn’t ask your question, you are welcome to call us or send E - mail. For any further queries please contact : Email : investor@megawecare.com Telephone : +66 27694230 18 Stay Healthy as long as you live.
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Mega Lifesciences Public Company Limited No. 909 Ample Tower, 9th Floor Debaratna Road, Bangna Nuea , Bangna,Bangkok 10260 Tel : +66 27694230 Email : investor@megawecare.com