Food Distributors

Daiwa Securities estimates that CPAXT will post a net loss of 324 million baht in 3Q26E, but after excluding one-time expenses of about 2 billion baht related to the closure of small-format stores, normal profit is expected at 1.676 billion baht, down 10% YoY and 11% QoQ. The YoY decline stems from Retail SSSG contracting about 5% on still-fragile purchasing power, even though GPM is expected to expand to 16.4% from 16.1% in 3Q25 on better cost control and reduced shrinkage, as well as improved fresh food prices, but this is not enough to offset slowing revenue and higher SG&A. Meanwhile, profit fell QoQ even as GPM expanded from 15.9% in 2Q26, pressured by SG&A/Sales rising to 14.3% from 13.9% in 2Q26 due to employee expenses, Omni Channel expansion and last-mile delivery, plus pre-opening expenses for The Happitat. The research team cut its 2026E/27E normal profit forecasts by 4%/7% to 9.5/9.7 billion baht, or +1%/+3% YoY, on a slower-than-expected B2C recovery and still-high expenses. However, normal profit in 4Q26E is expected to rise to about 3.3 billion baht on seasonal factors and a year-ago base weighed down by IT system problems, flooding in Hat Yai, and border tensions. The closure of loss-making stores and cost controls will help reduce the expense burden and support profitability from 4Q26E onward. Daiwa maintains its Buy rating and target price of 17.00 baht, rolling the target to 2027E based on a PER of 18.3 times, which is 1.7 standard deviations below the five-year average. It views the current share price as having largely priced in the negatives from purchasing power and restructuring expenses, while the closure of loss-making stores will help reduce the expense burden and support the recovery of EBIT in 2027E.

United Natural Foods reported fourth-quarter fiscal 2026 results that beat the Zacks Consensus Estimate on both the top and bottom lines. Adjusted earnings came in at 69 cents per share, up from an adjusted loss of 11 cents a year earlier and ahead of the 62-cent consensus, while net sales fell 0.7% year over year to $7,642 million but topped the $7,576 million consensus by 0.87%. By division, Natural segment sales rose 6.6% to $4,260 million, Conventional sales fell 8.6% to $3,121 million, and Retail sales declined 7.9% to $528 million. Gross profit increased 1.9% to $1,050 million and the gross profit rate improved to 13.7% of net sales from 13.4%, while adjusted EBITDA rose 48.3% to $172 million. The company repurchased 420,502 shares for about $21 million during the quarter and its board authorized a new $200 million share repurchase program, and for fiscal 2027 it guided to net sales of $31.2-$31.8 billion, GAAP earnings of $1.70-$2.30 per share, adjusted earnings of $3.00-$3.50 per share, and adjusted EBITDA of $730-$780 million.

Analysts at UOB Kay Hian (Thailand) maintained their buy rating on NTF shares with a target price of 23.30 baht, implying 83.5% upside compared with the closing price on October 6, 2026, based on a PE69 valuation of 10.7 times, slightly above the agricultural sector average, citing strengths in growth rate, a value-added business model, and the fact that external risk factors have largely been priced out. The company disclosed that it currently has forward orders for 2027 worth about 5.5 billion baht, or 67% of the company. For the third-quarter 2026 earnings outlook, it estimates net profit at 78 million baht, up 110% from the same period last year but down from the previous quarter on seasonal factors, and estimates operating revenue at 860 million baht, up 93% from the same period last year, driven by higher durian output and expansion into new provinces in China. Meanwhile, durian export volume in the third quarter of 2026 stood at 5,200 tonnes, up 80.1% from the same period last year, supported by increased capital after its IPO and a bond issuance used as working capital to deliver goods against orders. The company remains confident in the Chinese durian market, where consumption is currently only 1.3 kilograms per person, and targets frozen durian at about 8-10% of total sales.

Suwat Sinsadok, Managing Director of Globlex Securities, analysed that the business and share price of Plook Phak Pro Rak Mae Public Company Limited, or OKJ, have begun to recover from their lowest point, reflecting positive signals from a major strategic overhaul after the company posted losses for three consecutive quarters. The key factor is the launch of a new business model, Grill & Ground, which marks a pivotal turning point in addressing the company's cost structure problems and core pain points. This strategy helps turn weaknesses into strengths by using more vegetables from its farms in the restaurants, transforming farm costs that were once a burden into part of the menu. It also involves renovating existing loss-making Ohkajhu branches into Grill & Ground outlets instead of investing in new openings, helping to reduce capital expenditure, or CAPEX, and generating revenue to cover existing rent obligations that were already a burden, while also using the same set of employees. On the investment outlook, Suwat expects OKJ's operating results to have already passed their lowest point after a loss of as much as 25 million baht in the second quarter of 2026, and sees a high chance that performance will turn around to reach break-even as early as the fourth quarter of 2026. The recommendation and target price are in the process of being revised, and it remains to be seen whether the company can achieve break-even in the fourth quarter as planned. Meanwhile, analysts view that OKJ should expand by about two new branches per quarter to maintain momentum and popularity, while coping with the risk of imitation by competitors and the problem of product sameness.

Pluk Phak Praw Rak Mae Public Company Limited, known as OKJ, the owner of the healthy restaurant brand Ohkajhu, has announced a major business transformation, or Big Revamp, restructuring its menus, portion sizes, pricing, and in-store experience on the largest scale in 13 years, since opening its first branch in Chiang Mai province in 2013. Consumers will experience the new format simultaneously at every branch nationwide starting October 5. The overhaul covers four areas: adding new menu items and smaller size options along with more Side Dish and Add-on choices; upgrading service and the Customer Journey; moving to All-Inclusive pricing that includes VAT with no service charge; and maintaining the quality of ingredients from organic farms in Chiang Mai province under the Farm-to-Table concept. Chief Executive Officer Chalakorn Ekachaiyapattanakul said the changes reflect that customer voices truly matter to the company, amid a Thai restaurant market valued at more than 572 billion baht in 2025 and growing 4.8% from the previous year, according to data from the Department of Business Development, Ministry of Commerce. Meanwhile, OKJ Group has also launched the OKJ TOGETHER membership system linking five brands under the group: Ohkajhu, Oh Juice, Jo Wings, Ohkajhu Wrap & Roll, and Grill & Ground, which together have more than 85 branches nationwide as of September 2026, and are expected to exceed 90 branches across all brands by the end of this year. OKJ currently has more than 452,000 members in total and has revised its points accumulation terms to be six times more rewarding and faster, requiring spending of just 80 baht to immediately receive 1 point and 1 star, down from the previous requirement of 500 baht per 1 point.

Shares of Plook Phak Pro Rak Mae Public Company Limited, or OKJ, climbed 11.18% to 3.78 baht at 10:57 a.m. on October 5, 2026, on trading value of 41.93 million baht, after Chief Executive Officer Chalakorn Ekachaiyapattanakul said the company is pressing ahead with a major revamp of its restaurant business under the Ookajuu brand, its biggest in 13 years since opening its first branch in Chiang Mai province in 2013. The revamp began across all branches nationwide on October 5, 2026, under the concept Same Roots New Moves, spanning new menu items and smaller portion sizes, side dishes and add-ons, upgraded service and in-store experience, and an all-inclusive pricing structure that includes value-added tax and carries no service charge. On targets, the company aims to lift repeat-visit rates and customer lifetime value, and is developing the OKJ TOGETHER membership system linking five brands in the group: Ookajuu, Oh Juus, Jo Wings, Ookajuu Wrap & Roll, and Grill & Ground, under the concept of one phone number equals one member. As of the end of September 2026, the OKJ group had more than 85 restaurants nationwide and expects to expand to more than 90 branches by the end of 2026. Membership in the system stands at more than 452,000, and the points accrual terms have been revised from 500 baht spent per one point to one point and one star for every 80 baht spent.

OKJ shares jumped 11.76% to 3.80 baht, up 0.40 baht, on trading value of 38.21 million baht, after the company announced its largest business transformation in 13 years, since opening its first branch in Chiang Mai province in 2013. Chalakorn Ekchaipattanakul, Chief Executive Officer of Plook Phak Pro Rak Mae Public Company Limited, said the overhaul covers menu structure, portion sizes, pricing and the in-store experience, in response to consumer behaviour that increasingly emphasises value and variety. Customers will experience the new format simultaneously at every branch nationwide from 5 October 2026 onwards. Pricing will be all-inclusive, covering VAT with no service charge, alongside more small-size options and additional side dishes. This comes as the Thai restaurant market was valued at more than 572 billion baht in 2025, growing 4.8% from the previous year, according to data from the Department of Business Development, Ministry of Commerce. Meanwhile, OKJ Group also launched its OKJ TOGETHER-ONE MEMBERSHIP. ALL OUR BRANDS system, linking all five brands in the group: Ohkajhu, Oh Juice, Jo Wings, Ohkajhu Wrap & Roll, and Grill & Ground, which together have more than 85 branches nationwide as of the end of September 2026 and are expected to exceed 90 branches by the end of this year. OKJ currently has more than 452,000 members in total, and has revised its points-accumulation terms to be six times more rewarding and faster, from the previous requirement of 500 baht spent per one point to spending just 80 baht to receive one point plus one star immediately.

OKJ Public Company Limited, known as Pluk Phak Because I Love Mom, the owner of the healthy restaurant brand Ohkajhu, has announced the most significant business transformation in its 13-year history since opening its first branch in Chiang Mai province in 2013. The overhaul covers menu structure, portion sizes, prices, and an entirely new in-store experience. Consumers will experience the new format simultaneously at all branches nationwide starting October 5. Chief Executive Officer Chalakorn Ekachaipattanakul said the changes respond to shifting customer voices regarding value, variety, and flexibility, with new menu items and small-size options added, along with all-inclusive pricing that includes VAT and no service charge. The revamp comes as Thailand's restaurant market is valued at more than 572 billion baht in 2025, growing 4.8% from the previous year, according to data from the Department of Business Development, Ministry of Commerce. Meanwhile, OKJ Group has also launched the OKJ TOGETHER membership system linking five brands under the group: Ohkajhu, Oh Juice, Jo Wings, Ohkajhu Wrap & Roll, and Grill & Ground, which together have more than 85 branches nationwide as of September 2026, with expectations of surpassing 90 branches across all brands by the end of this year. OKJ currently has more than 452,000 members in total and has revised its point-accumulation terms to be six times more rewarding and faster, requiring spending of just 80 baht to immediately receive 1 point and 1 star, compared with the previous requirement of 500 baht per point.

CP Axtra, or CPAXT, is continuing its support for Thai retail and grocery store operators by organizing "Makro Chohuay Show Pro On Tour 2026," the 17th edition of the event, under the concept "Any Promo, Anyone Can Join," from September 24 to 27, 2026, at Makro Chiang Mai (Super Highway) branch. The event brings together a full lineup of products, promotions, sales-boosting activities, and store management know-how to give grocery store operators in Chiang Mai and the North the chance to buy goods at special prices. Over the four days of the event, operators will find One Day Deal offers with products changed daily, discounts of up to 70% on more than 50 items, along with a special-price product zone and a TOP 10 list of high-profit grocery products. On the knowledge and technology side, attendees can experience "Chohuay Show PROMPT," trying out AI to help design and create images of their dream grocery store, and receive advice from experts through the Chohuay Clinic and seminars. The event also features a Food Truck zone and a mini-concert by artist Kanthong Thungngoen on Saturday, September 26, 2026, from 5:00 to 6:00 p.m., as well as a PROfluencer Challenge activity with total prize money of more than 35,000 baht.

United Natural Foods reported fiscal fourth-quarter adjusted earnings per share of $0.69, beating analyst expectations, while revenue of $7.64 billion came in below consensus. The grocery wholesaler guided for fiscal 2027 net sales of $31.2 billion to $31.8 billion, a return to growth after full-year fiscal 2026 sales declined 2% to $31.2 billion. Full-year adjusted EBITDA rose 27% to $701 million and free cash flow hit a record $323 million, with net debt falling by $295 million and net leverage improving to 2.2 times. Fourth-quarter natural-products sales increased 6.6% even as conventional-products sales declined 8.6%, and management guided fiscal 2027 adjusted EPS to $3.00 to $3.50 versus $2.65 previously. The fiscal 2027 revenue outlook implies growth of only about 0.2% to 2.1% and falls below the $31.95 billion analyst estimate.

Performance Food Group reported second-quarter revenues of $18.03 billion, up 6.4% year on year but falling 0.5% short of analysts' expectations, with full-year revenue guidance meeting estimates and EPS in line. The stock is down 20.1% since reporting and trades at $91.06. Among the 137 consumer discretionary stocks tracked, group revenues beat consensus by 2.7% while next-quarter revenue guidance came in line, and share prices are down 8.1% on average since the latest results. Smith & Wesson posted the sector's best quarter with revenues of $112.6 million, up 32.3% year on year and 14.1% above expectations, while Matthews was the weakest, with revenues of $246 million, down 29.6% and 7% below estimates. Latham reported revenues of $197.5 million, up 14.4% and 4.8% above expectations, and H&R Block reported revenues of $1.14 billion, up 3% and 2.5% above expectations.

CP Axtra Public Company Limited, the operator of the Makro–Lotus wholesale and retail business, has joined with the Department of Internal Trade under the Ministry of Commerce to buy and distribute in-season mangosteen through Makro and Lotus outlets nationwide in the form of basket mangosteen, targeting total distribution of more than 1 million kilograms over the season. The basket mangosteen is packed 3 kilograms per basket at 99 baht, and is now on sale at Makro and Lotus stores nationwide. The launch was attended by Mr. Jirawut Suwanna-at and Mr. Chanthaphat Panjamanon, Deputy Directors-General of the Department of Internal Trade, Ministry of Commerce, along with their delegation, together with Mr. Wiboon Suphakornpongkul, Vice Chairman of the Thai Chamber of Commerce and Chairman of the Executive Committee of the Coordination and Public Relations Center, or AFC Center, who visited the basket mangosteen and other Thai fruit display points, including longan, coconut, watermelon and pomelo, at Lotus Rama 4 branch and Makro Sathorn branch. They were welcomed by Ms. Ekkathida Seriratwipachai, Director of Fresh Food Management, and Ms. Chanida Phuensaen, Senior Manager for Corporate Affairs, Government Coordination and Stakeholder Relations Management at CP Axtra. In addition, from January to September 2026, CP Axtra purchased agricultural produce, including vegetables, fruit and aquatic animals, from farmer groups, community enterprises and cooperatives nationwide and sold them through the Makro–Lotus network, totaling 73,736,690 kilograms, generating more than 1,406 million baht in income for Thai farmers.

CP Axtra Public Company Limited, the operator of the wholesale and retail businesses Makro and Lotus's, has joined with the Department of Internal Trade under the Ministry of Commerce to purchase and distribute mangosteen output through Makro and Lotus's outlets nationwide under the "Mangosteen Basket" format, targeting distribution of more than 1 million kilograms of produce over the season. The Mangosteen Basket holds 3 kilograms per basket and is priced at 99 baht, now on sale at Makro and Lotus's stores nationwide. Mr. Jirawut Suwanna-at and Mr. Chanthaphat Panjamanon, Deputy Directors-General of the Department of Internal Trade, along with their delegation, together with Mr. Wiboon Suphakornpongkul, Vice Chairman of the Thai Chamber of Commerce and Chairman of the AFC Center Management Committee, visited the Mangosteen Basket and other Thai fruit sales points, including longan, coconut, watermelon, and pomelo, at the Lotus's Rama 4 branch and the Makro Sathorn branch. They were welcomed by Ms. Ekkathida Seriratwiphachai, Director of Fresh Food Merchandise Management, and Ms. Chanida Phuensaen, Senior Manager for Corporate Affairs, Government Coordination, and Stakeholder Relationship Management at CP Axtra. From January to September 2026, CP Axtra purchased agricultural produce, including vegetables, fruits, and aquatic animals, from farmer groups, community enterprises, and cooperatives nationwide and sold them through the Makro and Lotus's network, totaling 73,736,690 kilograms, generating more than 1.406 billion baht in income for Thai farmers.

Lotus's Go Fresh, under CP Axtra Public Company Limited, or CPAXT, is pressing ahead with expanding its neighborhood supermarkets into larger formats in locations suited to each community, aiming to broaden its product range across fresh food, vegetables, fruit, frozen foods, and household essentials, while linking in-store services with online channels. There are six stores serving as the prototypes for this new format: the Soi Suphaphong branch in Bangkok, the Soi Rewadee 38 branch in Nonthaburi, the Phra Pokklao Road branch in Chiang Mai, the Sri That branch in Udon Thani, the Phuket Fantasea branch in Phuket, and the Pracha Suk Sawang Road branch in Chonburi. The company says this model has delivered strong operating results and that the experience gained from these stores can be leveraged to expand into other areas. CPAXT will apply feedback and lessons from the flagship stores to store layout, product selection, and service, with branch development taking into account location, floor space, and consumer behavior in each community. The new-format stores are also connected to Lotus's Shop Online, allowing customers to shop in store or order fresh food and essentials from their local branch for home delivery. Lotus's Go Fresh will continue to expand larger stores in suitable locations as it pursues its goal of becoming the leader in Thailand's supermarket market.

United Natural Foods Inc. reported fourth quarter and full fiscal year results on September 8, swinging to a fourth quarter net income of $35 million from an $87 million net loss a year earlier. Fourth quarter adjusted EBITDA rose 48.3% to $172 million, adjusted EPS came in at $0.69 versus a $0.11 adjusted loss per share last year, and gross margin widened to 13.7% from 13.4%. For the full year, adjusted EBITDA grew 27% to $701 million, adjusted EPS climbed to $2.65 from $0.71, and net sales fell 2% to $31.2 billion. Fourth quarter net sales slipped 0.7% as optimization initiatives dragged roughly 500 basis points and the unwind of short-term project work added about 150 basis points of pressure, while capital spending rose to $117 million from $74 million and free cash flow eased to $80 million from $86 million. The company's FY27 guidance points to sales growth of about 1% and adjusted EBITDA growth of nearly 8% at the midpoint, with free cash flow below FY26 levels.

CP Axtra Public Company Limited, or CPAXT, which operates the Makro and Lotus's wholesale and retail businesses, is extending its cooking competition Hidden Taste Thailand Presented by Lotus's into product development under Lotus's own brand, covering ready-to-eat boxed meals, frozen food and bakery items. The full range of three formats is sold at large Hypermarket branches, while smaller Supermarket outlets focus on frozen food. Worawan Pianlikhitwong, Chief Transformation Officer of CPAXT, said the model treats content as a starting point that is extended into real products and experiences. The programme is Lotus's own entertainment intellectual property, built on the concept of from screen to plate. It drew 100 contestants from a wide range of professions, the largest number among cooking competitions in Thailand, and worked with food experts from Suan Dusit University to develop and select menus under a 3C model spanning content, community and commerce. Among the most popular dishes are crispy salt-and-chilli chicken wings from Wa, a home cook from the Monthong community, and creamy mushroom carbonara spaghetti, the winning dish of season one by Chef On. The company is also extending the programme into a Hidden Taste Thailand Pop-up Experience that brings the show's chefs to meet consumers in its branches, starting at Happitat as the first location, with plans to rotate the event through major branches nationwide. It aims to expand its ready-to-eat, or RTE, portfolio to a total of 300 menu items, in line with its Happy & Healthy Mall strategy to elevate itself into a full-service food destination.

Land and Houses Securities recommends "buy on weakness" for CP Axtra Public Company Limited, or CPAXT, with a target price of 17.00 baht, expecting net profit to begin recovering from the fourth quarter of 2026 onward and to grow strongly in 2027. Land and Houses assesses that third-quarter 2026 earnings will weaken both year on year and quarter on quarter, pressured by the low season during the rainy months, energy price pressure, and the recognition of a further 200 million baht loss from the Happitat project this quarter. Total sales are still expected to grow 1-2% year on year, driven by store expansion and omni-channel operations, even though overall purchasing power remains weak due to the "Thai Chuay Thai Plus" program and energy prices, with same-store sales growth still negative overall. Meanwhile, the acquisition of The Food Purveyor in Malaysia, valued at about 13.1 billion baht, will help drive retail revenue growth of 4% and lift overall margins, beginning to contribute 1-2% to net profit from 2027.

CP Axtra, or CPAXT, which operates the Makro-Lotus wholesale and retail business, is extending its cooking competition Hidden Taste Thailand Presented by Lotus's into real product development under the Lotus's brand, covering boxed ready-to-eat meals, frozen foods and bakery items. These are sold in large hypermarket branches across all three formats, while smaller supermarkets focus on frozen foods. The programme is Lotus's own entertainment IP, built on the concept of from screen to plate. It drew 100 contestants from a wide range of professions, the largest number among cooking competitions in Thailand, and worked with food experts from Suan Dusit University to develop and select menus under a 3C model spanning Content and Community through to Commerce. Among the popular menus are crispy chicken wings with salt and chili, a recipe from Khun Wa, a cook from the Monthong community, and creamy mushroom carbonara spaghetti, the winning dish of season one by Chef On, Ms. Worawan Pianlikhitwong, Chief Transformation Officer of CPAXT. She said the company sees content as a starting point that can be extended into real products and experiences, while giving chefs the chance to turn their menus into businesses. CP Axtra aims to expand its ready-to-eat, or RTE, food portfolio to a total of 300 menus, in line with its Happy & Healthy Mall strategy to elevate hypermarkets into comprehensive food destinations. It is also extending the programme into a Hidden Taste Thailand Pop-up Experience that brings the show's chefs to meet consumers inside branches, starting at Happitat as the first location, with plans to rotate the event through major branches nationwide.

Land and Houses Securities assessed CPAXT, noting that net profit in the third quarter of 2026 is likely to weaken both year-on-year and quarter-on-quarter, due to the low season during the rainy period, pressure from energy prices, and the recognition of a loss of another 200 million baht from the Happitat project this quarter. Total sales are still expected to grow 1-2% year-on-year, driven by branch expansion and Omni-channel, even though overall same-store sales growth remains negative amid weak purchasing power from the Thai Help Thai Plus program and energy prices. The company has acquired The Food Purveyor in Malaysia for around 13.1 billion baht, which helps support retail revenue growth of 4% and raises overall margins, beginning to contribute positively to net profit by 1-2% from 2027 onward. The research team has initiated a buy-on-weakness recommendation with a target price of 17.00 baht, expecting profit to begin recovering from the fourth quarter of 2026 onward and to grow strongly in 2027 on TFP and the Happitat project's narrowing losses.

The Ministry of Finance is considering extending the "Thai Chuay Thai Plus" program, a 60/40 co-payment measure, by roughly one to two months from its original end date of September 30, 2026. The co-payment formula may be adjusted from 60/40 to 50/50 or to the "Khon La Khrueng" half-half format if the extension goes ahead. The program is drawing close attention amid the protracted war between the United States and Iran in the Middle East, which has pushed crude oil prices above 100 dollars per barrel, pressuring travel costs, transport costs, and the public's cost of living. From a stock market perspective, the stock expected to benefit most is CPAXT, which not only gains directly from consumers but is also supported by the mom-and-pop shops and small retailers joining the program, who must buy stock from Makro. Previously, Krungsri Securities viewed CPAXT as one of the stocks benefiting from the measure and gave it a target price of 19 baht. BJC, or Berli Jucker, holds both the Big C retail business and a consumer goods business. CPALL benefits directly from higher consumption through its nationwide 7-Eleven network. Globlex Securities also previously picked CPALL and CPAXT as stocks benefiting from government measures and the stimulus of purchasing power, while consumer goods names such as CBG and OSP stand to gain in a "second round" manner.

Wichian Pongsathorn, Chairman of the Executive Board of Premier Marketing Public Company Limited, or PM, told Than Hoon that the operating performance trend in the third quarter of 2026 is set to recover from the second quarter of 2026, when the company posted a net profit of 135 million baht and revenue of 1.448 billion baht. The second quarter was pressured by slowing overseas sales, particularly in the cat food production business, amid concerns over conflict in the Middle East and uncertainty surrounding US import tariff measures. Currently, about 40% of the company's main customer base is in the United States, so it was directly affected by the tariff wall issue, a factor that weighed on margins. However, the situation has begun to become clearer and is returning to normal, and foreign customers have started placing orders again as usual. The company is therefore increasing its focus on expanding the pet food product group, especially the cat food market, which continues to grow at a strong double-digit rate and faster than the dog food market, and is pressing ahead with raising production capacity to meet demand. Meanwhile, the snack business is focused mainly on the domestic market, amid still-intense competition and a battle for market share. As for government economic stimulus measures under the Thai Help Thai Plus program, they are expected to support domestic spending to some extent, but consumer spending confidence has not yet recovered to a high level.

NTF Intergroup (Thailand) Public Company Limited, or NTF, announced that for 2027 the company has received product orders and signed business contracts for 2027 with a total of four business partners, comprising three existing customers and one new customer, representing total order value of 5.5 billion baht. Meanwhile, the company's operating results have continued to grow. In 2024, it recorded revenue of 1.118 billion baht and net profit of 64 million baht. In 2025, it recorded revenue of 2.524 billion baht and net profit of 229 million baht. In the first half of 2026, it recorded revenue of 2.659 billion baht and net profit of 276 million baht. As for the NTF share price, which was offered in its IPO at 6 baht per share, as of September 9, 2026, it stood at 13.10 baht per share.

United Natural Foods reported fourth-quarter fiscal 2026 results that beat the Zacks Consensus Estimate on both the top and bottom lines, with adjusted earnings of 69 cents per share versus the expected 62 cents, and net sales of $7,642 million, down 0.7% year over year but above the $7,576 million consensus. The sales decline included an approximately 500-basis-point adverse impact from planned optimization actions and a 150-basis-point headwind from the unwind of short-term project work, partly offset by the prior-year cybersecurity incident comparison. Gross profit rose 1.9% to $1,050 million, with the gross margin improving to 13.7% from 13.4%, while operating expenses fell to $984 million from $1,046 million, improving as a percentage of sales to 12.9% from 13.6%. Adjusted EBITDA surged 48.3% to $172 million, and the company generated free cash flow of $80 million. For fiscal 2027, UNFI guided net sales of $31.2-$31.8 billion, adjusted earnings of $3.00-$3.50 per share, and adjusted EBITDA of $730-$780 million, and its board authorized a new $200 million share repurchase program.