XO reported second-quarter 2026 results, with early signs of a sales recovery. Sales revenue came in at 583 million baht, down 4.8% year-on-year but up 12.7% quarter-on-quarter. Sales volume was 5,892 tonnes, up 5.8% quarter-on-quarter but down 5.5% year-on-year. The change in sales was driven mainly by the European market, which remains the key market, accounting for about 82.9% of sales. Net profit was 109.8 million baht, down 35.4% year-on-year, hit by a 59.7 million baht inventory write-down loss. That pushed gross profit margin down to 39.1%, but excluding that item, normal gross profit margin would be 49.3%, up from 46.8% in the second quarter of 2025. The impact from the chili stock has largely been recognised in the first half of 2026, and in the third quarter of 2026 only stock destruction costs of no more than 10 million baht are expected to remain. For the second-half 2026 outlook, momentum is expected to accelerate, with the third quarter of 2026 continuing to grow from the second quarter, and profit is seen growing faster than sales. Management confirmed that the second half of 2026 will be better than the first half and maintained its target of around 10% year-on-year revenue growth for 2026, after the first half of 2026 grew only 0.76% year-on-year. On long-term investment, the company is still investing in a new plant at Rojana, Laem Chabang, worth about 1.30 billion baht, targeting an increase in production capacity from 34,571 tonnes per year to no less than 43,905 tonnes per year in 2028.
Exotic Food Public Company LimitedQ2 2026 revenue rebounded 12.7% QoQ and normal gross margin rose to 49.3%, with management guiding H2 2026 profit growth faster than sales.
