Slides
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Q2 26 Analyst Meeting Thai Union Group PCL. August 4, 2026
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2 The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance. These views are based on assumptions subject to various risks and uncertainties, including but not limited to developments in global trade policy and the imposition of U.S. tariffs, which could adversely affect economic conditions, our customers, and our business. No assurance is given that future events will occur, that projections will be achieved, or that the assumptions are correct. Actual results may differ materially from those projected. Disclaimer
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26 delivered continued volume-led sales growth, strong GPM, robust EPS and higher DPS, while maintaining a solid financial position with healthy liquidity 3 SALES GROWTH VOLUME GROWTH RECORD-HIGH GPM STRONGER EPS DIVIDEND PER SHARE +1.4% YoY 10th 21.4% +3.5% YoY consecutive quarter 4th consecutive quarter of organic growth Reflecting resilient demand across key categories Exceeds 2026 target range and in line with 2030 target THB 0.33 per share Consistent dividend payment THB 0.40 per share for 1H 26 +14.3% YoY LOWER NET DEBT TO EQUITY 1.15x Down from 1.18x (Dec 31, 25) (Jun 30, 26) Q2 26 Analyst Meeting │ Investor Relations Department
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Q2 26 Analyst Meeting │ Investor Relations Department4 0.32 0.32 0.32 0.25 0.25 0.32 0.45 0.40 0.30 0.31 0.35 0.400.31 0.31 0.34 0.15 0.22 0.40 0.50 0.44 0.24 0.35 0.35 2015 57% 2016 52% 2017 59% 2018 60% 2019 58% 2020 57% 2021 57% 2022 57% 2023 57% 2024 58% 2025 0.63 0.63 0.66 0.40 0.47 0.72 0.95 0.84 0.54 0.66 0.70 2026 65% 60% Dividend per share (DPS) and Payout Ratio Payout ratio DPS 1H DPS 2H DPS: THB 0.40 per share Ex-Dividend Date August 14, 2026 Record Date: August 17, 2026 Payment Date: August 28, 2026 Interim Dividend for the period: January 1 to June 30, 2026 Strongest interim dividend since 2022, increasing significantly by 14.3% from last year, with an attractive 3.4% dividend yield
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Q2 26 Analyst Meeting │ Investor Relations Department EU-Thailand FTA Ongoing negotiations may enhance market access and competitiveness. Potential upside drivers Operating tailwinds strengthen near-term outlook, while trade developments create longer-term upside potential Supporting the current operating environment Currently effective % U.S. tariff update U.S. imposed 10 – 12.5% Section 301 tariffs on 60 trading partners, effective July 24, 2026. Thailand is subject to 12.5%, while qualifying partners are subject to 10%. U.S. tariff developments • Most refunds were received by end June 26. Importantly, the majority of refunds received will be returned to customers through commercial arrangements such as discounts and promotions. • THB/USD above 33.00 since June vs. the 2026 guidance assumption of 32.50, supporting export and overseas earnings translation. IEEPA tariff claims Favorable FX *Sources: The Business Research Company and Citius Research for canned sardines' market CAGR; Market Intel Reports for canned mackerel market CAGR. Different market-research providers may vary due to scope, base year and market definition. 5 • Affordable, accessible and shelf-stable protein is gaining traction among younger consumers, supported by health, convenience and social media trends. Sardine & Mackerel trends Raw material down UK duty suspension Import duty on eligible tuna products reduced from up to 24% to 0%. * *Note: UK duty suspension is taken effective from June 26, 26 – Dec 31, 28 • Favorable raw material costs , particularly lower shrimp prices and manageable tuna prices, continued to support GPM.
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Q2 26 Analyst Meeting │ Investor Relations Department Jan 26 175 May 26 120 Mar 26 2,000 Jun 26 1,700 Tuna prices remain manageable despite near-term volatility, while favorable shrimp costs support margins 6 TUNA (USD/ton) SHRIMP (THB/kg) 1,660 1,510 1,550 1,573 1,693 1,768 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 169 139 153 158 160 128 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 FY25 Avg. at 1,573 1H 26 Avg. at 1,731 FY25 Avg. at 155 1H 26 Avg. at 144 Tuna price rose by 17.1% YoY to USD 1,768/ton in Q2 26, with prices potentially remaining elevated in the near term amid geopolitical uncertainties. Super El Niño may support improved catch volumes in Q4 26, which could help soften tuna prices. TU continues to actively manage procurement and inventory levels to mitigate raw material volatility. Shrimp price declined by 8.2% YoY to THB 128/kg in Q2 26. Lower shrimp prices continue to support profitability across shrimp products, with greater benefits for value-added products. Favorable shrimp prices also help support customer demand, retail promotions and sourcing flexibility. Quarterly avg. Monthly avg. Quarterly avg. Monthly avg.
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Q2 26 Analyst Meeting │ Investor Relations Department Driving brand relevance through marketing activation and industry-first sustainable packaging 7 Brand Marketing Parmentier launched in UK and Influencer campaigns Social media Train station advertisement Marathon partnership Revamped the brand website Smart protein campaign Brand Marketing Innovation Industry-first shelf-stable tuna in a recyclable mono-material pouch, developed with Mondi • Launched under John West in the U.K. & Ireland • Advances SeaChange® 2030 sustainable packaging goals • Expected rollout across other owned brands in 2026–2027
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Q2 26 Financial performance
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Q2 26 Analyst Meeting │ Investor Relations Department9 Q2 26: Resilient sales growth and GPM expansion, driven by stronger demand, lifted operating profit, despite the full quarter tariff cost impact 33,389 33,845 Q2 25 Q2 26 +1.4% YoY 6,567 7,238 Q2 25 Q2 26 +10.2% YoY 1,909 2,150 Q2 25 Q2 26 +12.6% YoY 1,273 1,264 Q2 25 Q2 26 -0.7% YoY 19.7% 21.4% 5.7% 6.4% 3.8% 3.7% Total Sales Gross Profit Operating Profit Net Profit Sales grew 1.4% YoY , supported by continued organic growth and resilient demand (+1.9% YoY), with a reduced negative FX impact. GPM reached 21.4%, an all-time high level, supported by price increase across all categories together with favorable raw material costs, operational efficiency gains. Operating profit increased, supported by stronger gross profit, despite higher SG&A from freight, marketing investment and full-quarter U.S. tariff impact. Net profit remained stable YoY , supported by stronger operating profit despite FX losses and higher taxes. Sales growth Record-high GPM Strong Operating profit Net profit remain strong YoY Organic: +1.5% FX: -0.1%
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26: EPS increased 3.5% YoY , supported by stronger operating profit and disciplined capital management 1,273 1,264 Q2 25 Reported net profit +241 Operating profit -139 FX loss +52 Other income -10 Share of profit +10 Lower finance cost -127 Tax expenses -35 NCI Q2 26 Reported net profit -0.7% YoY Bridge Net Profit (THB mn) EPS 0.32 THB/share EPS 0.33 THB/share+3.5% YoY* Remark: *EPS increased by 3.5%, primarily due to a reduced number of outstanding shares following the share buyback program. 10
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26: Diversified business portfolio continues to deliver resilient growth mnQ2 26 sales: THB 33,845 Sales breakdown by channel (THB mn) Ambient Frozen PetCare Value-added mnTHB mnTHB mnTHB mnTHB LY) LY) LY) LY)( ( (( 16,853 9,995 4,489 2,508 GPM 29.7% GPM 22.1% GPM 13.5% GPM 23.8% 49.8% 49.7% 29.5% 30.1% 13.3% 13.1% 7.4% 7.1% 60.1% 39.9%Q2 25 59.1% 40.9%Q2 26 16,597 16,853 +1.5% YoY Brand Private label 45.5% 54.5% 47.9% 52.1% 10,034 9,995 -0.4% YoY 1.2% 98.8% 3.3% 96.7% 4,387 4,489 +2.3% YoY 14.7% 85.3% 18.0% 82.0% 2,371 2,508 +5.8% YoY 11 On track to achieve 2030 target, with PetCare and Value-added contributing 25 – 30% of total sales
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26 Ambient: Continued volume growth, favorable pricing, lower inventory costs and improved conversion costs drove record-high GPM 12 YoY analysis: Sales (THB mn) and GPM (%) Volume (Tons) 40% Q2 25 57% 43% Q1 26 59% 41% Q2 26 58% 42% 1H 25 58% 1H 26 42% 16,597 15,136 16,853 31,359 31,989 60% +1.5% YoY +11.3% QoQ +2.0% YoY Brand Private label 22.0% 19.3% 23.8% GPM 51% Q2 25 46% 54% Q1 26 47% 53% Q2 26 47% 53% 1H 25 46% 1H 26 54% 81,668 80,007 85,236 161,737 165,243 49% +4.4% YoY +6.5% QoQ +2.2% YoY • Sales increased by 1.5% YoY, primarily driven by higher sales volume. Sales volume grew by 4.4% YoY, mainly supported by stronger OEM demand, particularly for canned tuna and canned salmon, as well as seasonal promotional activities in the European market. In addition, canned sardines and mackerel continued to support sales growth, benefiting from their affordability, growing popularity among younger consumers, rising health awareness, and positioning as healthy, protein-rich shelf-stable food options. • GPM improved by 1.8 ppts YoY to 23.8%, reaching a record high, driven by favorable pricing, lower inventory costs and improved conversion efficiency. Higher production volumes supported better manufacturing utilization and reduced conversion costs, further enhancing profitability. 20.8% 21.6%
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26 Frozen: Disciplined pricing and favorable shrimp raw material costs drove stronger profitability 13 • Sales remained broadly stable YoY, despite the full quarter price adjustments implemented in response to U.S. tariff impacts. Within the Frozen category, Shrimp segment sales increased YoY from the aforementioned pricing actions. However, t his was partly offset by lower sales in other seafood and Frozen & Chilled salmon, partly reflecting lower customer demand due to geopolitical tensions. • Sales volume decreased by 5.4% YoY, mainly due to lower volume in the U.S. market and Feed segment. In the U.S., tariff -related price increases resulted in softer demand, while Feed volume was impacted by lower fish feed demand. • GPM improved to 13.5% in Q2 26, supported by favorable shrimp raw material prices and disciplined pricing actions implemented in response to U.S. tariff impacts. YoY analysis:Sales (THB mn) and GPM (%) Volume (Tons) 55% Q2 25 47% 53% Q1 26 48% 52% Q2 26 43% 57% 1H 25 47% 1H 26 53% 10,034 9,420 9,995 18,475 19,416 45% -0.4% YoY +6.1% QoQ +5.1% YoY Brand Private label 20% Q2 25 83% 17% Q1 26 83% 17% Q2 26 80% 20% 1H 25 83% 1H 26 17% 66,400 59,146 62,831 123,031 121,977 80% -5.4% YoY +6.2% QoQ -0.9% YoY 11.7% 11.3% 13.5% 12.0% 12.4% GPM
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26 PetCare: Maintained positive growth momentum with healthy profitability, supported by a favorable premium product mix and demand recovery 14 • Petcare accounted for 13.3% of total sales in Q2 26, with sales increasing by 2.3% YoY, mainly driven by 3.4% volume growth and strong demand in the U.S. and European markets. YoY analysis: Q2 25 Q1 26 Q2 26 Mid-pricedPremium Premium mix Sales (THB mn) and GPM (%) Volume (Tons) Reported GPM remained healthy at 29.7%, exceeding target range of 23 – 25%. Margin was supported by a favorable premium mix, with premium products representing 52.4% of sales, and continued efficiency gains under the Tailwind program. Remark: Private label under PetCare comprises World Pet Food companies, which are premiumized products, and OEM products, which are positioned in the mid -price segment. 99% Q2 25 2% 98% Q1 26 3% 97% Q2 26 1% 99% 1H 25 2% 1H 26 98% 4,387 5,115 4,489 8,561 9,604 1% +2.3% YoY -12.2% QoQ +12.2% YoY Brand Private label 98% Q2 25 2% 98% Q1 26 3% 97% Q2 26 2% 98% 1H 25 3% 1H 26 97% 28,770 30,797 29,758 55,708 60,555 2% +3.4% YoY -3.4% QoQ +8.7% YoY 25.6% 24.9% 29.7% 25.1% 27.1% GPM 53.7% 46.3% 48.5% 51.5% 47.6% 52.4% 45 – 55% Normal range of premium mix
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26 Value-added: Sales and volume growth continued despite margin pressure 15 • In Q2 26, Value-added sales increased 5.8% YoY , mainly supported by a strong 7.4% YoY rise in sales volume . The growth was primarily driven by higher volumes in the Packaging segment, which grew in line with volume growth in Ambient category, as well as strong demand from the Value - added and By-product segments. This was partially offset by a decline in the Ingredients segment due to an unfavorable product mix. • Despite strong growth in sales and volume, GPM declined by 4.3% YoY to 22.1% in Q2 26 , mainly due to lower margins in the Value -added segment due from an unfavorable product mix in ready -to-eat products, as well as a 2.2% YoY increase in aluminum prices. YoY analysis: Volume (Tons) 85% Q2 25 14% 86% Q1 26 18% 82% Q2 26 15% 85% 1H 25 16% 1H 26 84% 2,371 2,383 2,508 4,783 4,891 15% +5.8% YoY +5.2% QoQ +2.3% YoY Brand Private label 97% Q2 25 3% 97% Q1 26 5% 95% Q2 26 3% 97% 1H 25 4% 1H 26 96% 44,603 46,949 47,901 92,035 94,850 3% +7.4% YoY +2.0% QoQ +3.1% YoY 26.3% 24.0% 22.1% 27.1% 23.0% Sales (THB mn) and GPM (%) GPM
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Q2 26 Analyst Meeting │ Investor Relations Department 1H 26: Net debt rose to THB 62bn, driven by free cash flow of 3.8bn, offset by and dividend payments, while ND/E ratio decreased to 1.15x 16 +668 Change in net working capital Jun 30, 26Dec 31, 25 -6,102 EBITDA Other investing & Financing activities -47 +231 Change in other assets and liabilities +538 Other non- cash expenses +1,601 Net CAPEX 61,471 61,385 +371 Income tax paid Dividend paid +949 Net Interest +1,776 -71 Dividend received Equity Equity 52,083 (THB mn) Income tax paid and other investing & financing activities Debt ND/E 1.18x Kd* = 3.31% Free Cash Flow (FCF) THB +3,779mn Remark: *Kd refers to cost of debt for the year 2025 vs Q2 2026. (Kd = 12-month rolling finance cost / avg. interest-bearing debt) 53,374 ND/E 1.15x Kd* = 3.04%
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Q2 26 Analyst Meeting │ Investor Relations Department 1.12x 1.14x 1.18x 1.17x 1.15x Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Disciplined financial management drives Net Debt to EBITDA and Net Debt to Equity down toward target levels 17 Inventory Days 10.4% Q2 25 10.3% Q3 25 9.9% Q4 25 9.9% Q1 26 10.3% Q2 26 Net WC Net Debt to Equity Comfort level 1.0 - 1.1x 137 133 134 138 139 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 157 152 155 152 154 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 ROE ROCE 7.5% Q2 25 7.2% Q3 25 7.5% Q4 25 7.9% Q1 26 8.1% Q2 26 Net Debt to EBITDA 4.7x 4.8x 5.0x 5.1x 4.9x Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Target 3.5 - 4.0x
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FY 2026 Outlook
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Q2 26 Analyst Meeting │ Investor Relations Department FY 26 Guidance Key factors +4 to 6% YoY (previous 3 - 4%) • Sales growth outlook raised to 4 – 6%, supported by volume growth across key categories, strong demand in Ambient, Frozen and PetCare, and favorable FX from THB depreciation. • Our FY 26 sales outlook is based on an FX assumption of average 32.5* THB/USD. ~19.5 to 20.5% (previous 19 - 20%) • GPM outlook improved to 19.5 – 20.5%, driven by stronger margins in Ambient and Frozen, premium product mix, and continued conversion cost improvement. While, PetCare and Value -added remain stable. ~13.5 to 14.5% • Full-year impact from U.S. tariffs from Frozen Thailand. • Higher marketing investment to support branded-product growth. • Lower transformation costs. ~ THB 5.0 to 5.5bn (previous 5.5 – 6.0bn) • This year CAPEX increased from the catch up of 2025 CAPEX. Our CAPEX comprise normal investment requirements as well as additional CAPEX for new Feed’s plant in Ecuador, completion of automated warehouse for PetCare and new facility expansion of our packaging business. At least 50% dividend payout ratio Remark: • Thai Union’s 2026 financial targets are based on current forecast which may subject to change if key operating factors that e ffect the Company’s performance variate from the assumptions. • *Potential translation sensitivity for 1 THB/USD change is estimating impact on topline 1.0%. We revised FY 26 sales and GPM guidance upward to reflect stronger operating momentum, while lowering CAPEX Sales Growth GPM SG&A to sales CAPEX Dividend policy
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Q&A
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Appendix I: 1H 26 and Q2 26 performance
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Q2 26 Analyst Meeting │ Investor Relations Department22 1H 26: Resilient performance with organic growth returning to positive territory GPM reached a record high 63,178 65,899 1H 25 1H 26 +4.3% YoY 12,178 13,062 1H 25 1H 26 +7.3% YoY 2,810 3,313 1H 25 1H 26 +17.9% YoY 2,292 2,377 1H 25 1H 26 +3.7% YoY 19.3% 19.8% 4.4% 5.0% 3.6% 3.6% Total Sales Gross Profit Operating Profit Net Profit Revenue growth Record-high GPM Strong Operating profit Net profit flat • Reported sales increased 4.3% YoY, supported by 5.1% YoY organic sales growth. • Sales volume increased 2.3% YoY, reflecting resilient demand. • GPM reached an all-time high of 19.8%. • Strong margin performance was supported by Ambient, Frozen, and PetCare. • Operating profit increased significantly, driven by stronger gross profit • Higher gross profit more than offset increased SG&A, mainly from higher U.S. tariff-related expenses and freight costs. • Supported by stronger operating profit • Improved share of profit, particularly from Avanti, and lower finance costs. YoY Organic: +5.1% FX: -0.8%
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Q2 26 Analyst Meeting │ Investor Relations Department 1H 26: Resilient earnings supported by stronger operating profit, with EPS increasing 9.8% YoY 2,292 2,377 1H 25 Reported net profit +502 Operating profit -301 FX loss +80 Other income +3 Share of profit +66 Lower finance cost -165 Tax expenses -100 NCI 1H 26 Reported net profit +3.7% YoY Bridge Net Profit (THB mn) EPS 0.56 THB/share EPS 0.62 THB/share+9.8% YoY* Remark: *EPS increased by 9.8%, primarily due to a reduced number of outstanding shares following the share buyback program. 23
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 25 USD/THB 33.1 EUR/THB 37.5 Q2 26 %YoY 32.6 -1.6% 37.9 0.9% GBP/THB 44.2 43.7 -1.2% FX rate Q2 26: Continued organic growth and volume expansion drive higher sales, with easing FX impact 24 Sales growth (% YoY) -0.04% • Reported sales increased by 1.4% YoY, mainly driven by continued organic growth of 1.5% YoY, marking the fourth consecutive quarter of growth. This was supported by favorable FX translation from a weaker Thai baht. • FX impact was less negative YoY , declining to -0.1% in Q2 26 from -4.7% in Q2 25. • Sales volumes rose by 1.9% YoY , marking the tenth consecutive quarter of improvement, supported by resilient demand across all categories e xcept for Frozen, reflecting continued demand recovery. Volume growth (%YoY) Q4 24 -6.9% -3.4% Q1 25 -0.7% -4.7% Q2 25 1.8% -2.8% Q3 25 0.7%-0.8% Q4 25 9.3% -10.3% Q1 26 1.5%-0.1% Q2 26 -10.0% -12.6% -16.8% -10.3% 1.7% 3.6% 2.7% -1.2% -10.3% -5.4% -1.0% -0.1% 7.6% 1.4%0.3% Q1 23 -13.3% 0.7% Q2 23 -16.9% 0.1% Q3 23 -10.6% 0.3% Q4 23 -1.7%-1.5% 3.2% Q1 24 3.6% Q2 24 3.1% -0.4% Q3 24 1.9% -3.1% Organic growth FX translation -10.9% -13.7% -15.1% -11.7% 0.2% 1.0% 10.4% 6.7% 0.6% 3.9% 3.7% 1.7% 2.8% 1.9%
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26: THB strengthened against USD, GBP and JPY , while remaining broadly stable against EUR 25 Q3 23 35.2 Q1 21 30.3 Q2 21 31.4 Q1 24 35.7 Q3 21 32.9 Q2 24 36.7 Q3 24 34.8 Q4 21 33.4 Q4 24 34.0 Q1 22 33.1 Q1 25 34.0 Q2 22 34.4 Q2 25 33.1 Q3 25 32.3 Q3 22 36.4 Q4 25 32.2 Q4 22 36.4 Q1 26 31.6 Q1 23 33.9 Q2 26 32.6 Q2 23 34.5 Q4 23 35.7 Quarterly avg. Q1 21 36.5 Q2 21 37.8 Q1 24 38.7 Q3 21 38.8 Q2 24 39.5 Q4 23 38.3 Q3 24 38.2 Q4 21 38.2 Q4 24 36.3 Q1 25 35.7 Q1 22 37.1 Q2 22 36.6 Q3 22 36.7 Q3 25 37.7Q4 22 37.1 Q4 25 37.4 Q1 23 36.4 Q1 26 37.0 Q2 23 37.5 Q2 26 37.9 Q3 23 38.3 Q2 25 37.5 Quarterly avg. Q1 21 41.7 Q1 24 45.2 Q2 21 43.9 Q2 24 46.3 Q3 21 45.4 Q3 24 45.2 Q4 21 45.0 Q4 24 43.6 Q1 22 44.4 Q1 25 42.7 Q2 22 43.2 Q3 22 42.8 Q4 22 42.6 Q3 25 43.6Q2 23 43.1 Q4 25 42.8 Q1 23 41.2 Q1 26 42.6 Q3 23 44.5 Q2 26 43.7 Q4 23 44.2 Q2 25 44.2 Quarterly avg. USD/THB Avg. in Q2 26: 1 USD / 32.6 THB (-1.6% YoY) EUR/THB Avg. in Q2 26: 1 EUR / 37.9 THB (+0.9% YoY) GBP/THB Avg. in Q2 26: 1 GBP / 43.7 THB (-1.2% YoY) JPY/THB Avg. in Q2 26: 1 JPY / 0.20 THB (-10.7% YoY) FY 24 actual: 38.2 FY 25 actual: 37.1 FY 26 budget: 37.7 FY 24 actual: 45.1 FY 25 actual: 43.3 FY 26 budget: 43.6 FY 24 actual: 35.3 FY 25 actual 32.9 FY 26 budget: 32.5 2021 32.0 2022 35.1 2023 34.8 2024 35.3 2025 32.9 2021 37.8 2022 36.9 2023 37.6 2024 38.2 2025 37.1 2022 0.27 2023 0.25 2024 0.23 2025 0.22 2021 44.0 2022 43.3 2023 43.3 2024 45.1 2025 43.3 Quarterly avg. FY 24 actual: 0.23 FY 25 actual: 0.22 FY 26 budget: 0.23 9M 21 0.29 Q3 21 0.30 Q4 21 0.29 Q1 22 0.28 Q2 22 0.27 Q3 22 0.26 Q4 22 0.26 Q1 23 0.26 Q2 23 0.25 Q3 23 0.24 Q4 23 0.24 Q1 24 0.24 Q4 24 0.22 Q3 25 0.22 Q3 24 0.23 Q4 25 0.21 Q1 25 0.22 Q1 26 0.20 Q2 24 0.24 Q2 26 0.20 Q2 25 0.23 Q2 21 0.29
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Q2 26 Analyst Meeting │ Investor Relations Department Q2 26: Shrimp and salmon prices declined YoY , supporting margin expansion, while tuna prices remained manageable 26 In Q2 26, avg. raw material prices closed at: Tuna: USD 1,768/ton (+4.4% QoQ and +17.1% YoY) Shrimp: THB 128/kg (-20.2% QoQ and -8.2% YoY) Salmon: NOK 77/kg (-13.8%QoQ and -1.6% YoY) Shrimp (60pcs/kg; THB/kg)Tuna (Skipjack; USD/ton) Q3 23 123 Q4 23 134 Q1 21 149 Q2 24 129 Q2 21 143 Q3 24 141 Q3 21 128 Q4 24 167 Q4 21 131 Q1 25 169 Q1 22 182 Q2 25 139 Q2 22 154 Q3 25 153 Q3 22 157 Q4 25 158Q4 22 154 Q1 26 160 Q1 23 168 Q2 26 128 Q2 23 127 Q1 24 140 Quarterly avg. Q2 21 1,323 Q3 21 1,400 Q4 21 1,617 Q1 22 1,717 Q2 22 1,608 Q3 22 1,667 Q4 22 1,660 Q1 23 1,820 Q2 23 2,000 Q3 23 1,800 Q4 23 1,517 Q2 25 1,510Q3 24 1,410 Q3 25 1,550 Q4 24 1,530 Q4 25 1,573 Q2 24 1,478 Q1 26 1,693Q1 25 1,660 Q2 26 1,768 Q1 24 1,333 Q1 21 1,283 Quarterly avg. Q2 21 63 Q3 21 58 Q4 21 61 Q1 22 78 Q2 22 97 Q3 22 73 Q4 22 73 Q1 23 104 Q2 23 109 Q3 23 83 Q4 23 84 Q2 25 78 Q3 24 78 Q3 25 69 Q4 24 82 Q4 25 83 Q1 24 108 Q1 26 89 Q1 25 98 Q2 26 77 Q2 24 110 Q1 21 54 Quarterly avg.Salmon (NOK/kg) FY 24 actual: 94 FY 25 actual: 82 FY 26 budget: 87 FY 24 actual: 144 FY 24 actual: 155 FY 26 budget: 164 Q1 25: Salmon prices surged in due to seasonality FY 24 actual: 1,438 FY 25 actual: 1,573 FY 26 budget: 1,500 2021 1,406 2022 1,663 2023 1,784 2024 1,438 2025 1,573 2021 59 2022 80 2023 95 2024 94 2025 82 2021 138 2022 162 2023 138 2024 144 2025 155 Group’s Cost breakdown ~60%, Raw materials cost ~20%, Packaging and ingredients ~20%, Labor and factory overhead 2026 Jan Feb Mar Apr May Jun Tuna (USD/ton) 1,500 1,580 2,000 1,875 1,730 1,700 Shrimp (THB/kg) 175 160 145 138 120 125 Salmon (NOK/kg) 90 88 90 82 79 70
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Q2 26 Analyst Meeting │ Investor Relations Department 10 Years of SeaChange® Our ambition remains unchanged. We will continue to lead the seafood industry toward a more sustainable future, creating long-term value for our stakeholders, our oceans, and future generations Sustainability Report 2025 Our 2025 Sustainability Report demonstrates our continued commitment to sustainability, with strong measurable progress across key ESG priorities 27 Key Achievements 2024 2025 Responsible Wild Caught Seafood 99% 99% Responsible tuna sourcing (MSC-certified, MSC assessment, or FIPs) 88% 99% Supply chain coverage through welfare and vessel improvement programs 100% 100% Tuna traceability 100% 100% Compliance with ISSF and RFMO standards Responsible Aquaculture 61% 68% Responsibly farmed shrimp meeting credible standards by 2030 15% 54% Responsibly produced shrimp feed used in Thai Union products 100% 100% Farm-level traceability for farmed shrimp 61% 68% Sourced shrimp farms provide safe and decent workplaces
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Appendix II: Sales breakdown by geography
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Q2 26 Analyst Meeting │ Investor Relations Department Sales breakdown by geography and business segments 29 Sales breakdown by geography Sales breakdown by business segment 44.0% 40.7% 39.4% 39.9% 38.9% 37.7% 26.3% 29.6% 30.0% 30.3% 32.8% 31.7% 10.5% 11.5% 11.0% 11.9% 11.3% 14.0% 3.2% 2.5% 4.1% 3.3% 2.9% 2.4%10.1% 9.7% 9.9% 9.6% 9.4% 10.0% 5.8% 2022 6.0% 2023 5.6% 2024 4.9% 2025 4.7% Q2 25 4.1% Q2 26 The U.S. & Canada Europe Thaialand Japan Middle East Others Brand 45.3% Private label 54.7% Q2 26 Brand 44.7% Private label 55.3% Q2 25 • North America sales declined by 1.7% YoY, mainly due to lower sales volume in both the U.S. and Canada. • Europe sales decreased by 2.0% YoY, reflecting lower sales across all regions. • Domestic sales increased strongly by 25.8% YoY, supported by strong performance in Ambient and Frozen, particularly in Shrimp and Feed businesses, as well as PetCare and Value-added. Q2 26 brand and private label sales mix were at 45.3% and 54.7%, respectively • Total brand sales increased by 2.7% YoY, supported by sales growth of Frozen, PetCare, and Value-added. • Total private label slightly increased by 0.3% YoY, driven by Ambient, PetCare, and Value-added.