Financials Osotspa Thailand S.E.

Stocks

OSP-R

TH8752010R16

Non-Alcoholic Beverages

End-of-day quote Thailand S.E. 2026-09-18			5-day change	1st Jan Change
16.10 ^THB	-0.62%		-0.62%	-

08-18	Tisco Securities Downgrades Osotspa to Hold from Buy; Price Target is THB19	MT
08-13	Osotspa Public Company Limited Announces Interim Cash Dividend for the Operating Period from 01 January 2026 to 30 June 2026, Payable on 10 September 2026	CI

Projected Income Statement: Osotspa

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	27,278	27,266	26,062	27,069	25,561	25,280	26,238	26,925
Change	-	-0.05%	-4.42%	3.87%	-5.57%	-1.1%	3.79%	2.62%
EBITDA ¹	5,199	3,979	4,510	3,761	5,310	5,834	6,068	6,182
Change	-	-23.46%	13.33%	-16.6%	41.19%	9.86%	4.01%	1.88%
EBIT ¹	3,681	2,067	2,816	3,151	3,809	4,354	4,597	4,727
Change	-	-43.85%	36.25%	11.92%	20.88%	14.29%	5.59%	2.83%
Interest Paid ¹	-95.55	-88.76	-107.7	-117.5	-109.4	-41.88	-55.05	-48.51
Earnings before Tax (EBT) ¹	3,849	2,293	2,854	2,156	4,386	4,529	4,722	4,869
Change	-	-40.43%	24.47%	-24.46%	103.47%	3.27%	4.26%	3.1%
Net income ¹	3,255	1,934	2,402	1,638	3,667	3,733	3,879	3,987
Change	-	-40.59%	24.22%	-31.81%	123.83%	1.8%	3.91%	2.79%
Announcement Date	2/23/22	2/22/23	2/28/24	2/26/25	2/25/26	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales	6,182	7,011	7,472	7,183	6,178	6,432	6,545	6,709	6,277	6,530	7,260	7,345	6,043	6,422	6,831	6,807	5,604	6,319	6,345	6,115	-	-
Change	-	13.41%	6.59%	-3.87%	-14%	4.12%	1.76%	2.51%	-6.44%	4.03%	11.18%	1.17%	-17.73%	6.27%	6.38%	-0.35%	-17.68%	12.76%	0.42%	-3.62%	-	-
EBITDA	1,058	1,375	1,246	1,046	691.8	792.7	1,265	1,078	980.3	1,018	1,347	1,186	980	1,113	1,838	1,647	1,167	1,146	1,765	1,701	-	-
Change	-	29.95%	-9.39%	-16.06%	-33.85%	14.58%	59.56%	-14.76%	-9.07%	3.88%	32.31%	-11.99%	-17.35%	13.52%	65.22%	-10.41%	-29.11%	-1.87%	54.08%	-3.61%	-	-
EBIT	671.3	958	837.6	593.4	233.5	323.6	830.1	620	595.5	594.6	918.2	1,039	607.7	663.1	1,428	1,193	790	766.5	1,431	1,241	-	-
Change	-	42.7%	-12.56%	-29.15%	-60.66%	38.61%	156.51%	-25.31%	-3.94%	-0.16%	54.42%	13.19%	-41.52%	9.1%	115.36%	-16.42%	-33.8%	-2.99%	86.7%	-13.31%	-	-
Charge d'intérêts	-22.19	-21.67	-20.94	-20.87	-23.02	-23.93	-23.9	-23.74	-26.33	-33.72	-29.21	-26.3	-26.79	-35.24	-35.56	-28.48	-23.94	-21.42	-11.2	-10.35	-	-
Earnings before Tax (EBT)	683.6	1,026	901.2	741.1	288.2	362.2	844.9	667.8	737.4	603.4	948	786.3	283.7	704.9	1,430	1,246	858.4	851.4	1,420	1,352	-	-
Change	-	50.04%	-12.13%	-17.77%	-61.11%	25.65%	133.3%	-20.96%	10.42%	-18.17%	57.1%	-17.06%	-63.92%	148.46%	102.8%	-12.82%	-31.13%	-0.81%	66.81%	-4.79%	-	-
Net income ¹	580.2	850.9	749.7	603.7	243.8	336.6	777.9	549.4	642.1	432.7	828.5	604	-361.2	566.8	1,265	1,010	700	691.8	1,157	1,100	698.2	779
Change	-	46.66%	-11.89%	-19.48%	-59.61%	38.02%	131.13%	-29.38%	16.88%	-32.62%	91.47%	-27.09%	-159.8%	256.92%	123.21%	-20.19%	-30.67%	-1.16%	67.23%	-4.95%	-36.51%	11.57%
Announcement Date	11/10/21	2/23/22	5/11/22	8/10/22	11/9/22	2/22/23	5/10/23	8/9/23	11/8/23	2/28/24	5/15/24	8/14/24	11/13/24	2/26/25	5/14/25	8/13/25	11/12/25	2/25/26	5/13/26	8/13/26	-	-

¹THB in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S1	2026 S1
Net sales ¹	14,656	13,255	14,605	13,639	12,460
Change	-	-9.56%	10.19%	-6.62%	-8.64%
EBITDA ¹	2,287	2,343	2,533	3,485	3,466
Change	-	2.46%	8.13%	37.56%	-0.53%
EBIT ¹	1,385	1,103	1,890	2,253	2,548
Change	-	-20.37%	71.34%	19.21%	13.12%
Charge d'intérêts ¹	-41.81	-47.64	-55.51	-64.04	-21.56
Earnings before Tax (EBT) ¹	1,642	1,513	1,734	2,676	2,773
Change	-	-7.89%	14.65%	54.3%	3.61%
Net income ¹	1,353	1,327	1,433	2,275	2,257
Change	-	-1.93%	7.93%	58.79%	-0.8%
Announcement Date	8/10/22	8/9/23	8/14/24	8/13/25	8/13/26

¹THB in Million

Estimates

Forecast Balance Sheet: Osotspa

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-1,713	421	1,018	441	-2,705	-4,212	-5,889	-7,549
Change	-	124.58%	141.81%	-56.68%	-713.38%	-55.7%	-39.81%	-28.19%
Announcement Date	2/23/22	2/22/23	2/28/24	2/26/25	2/25/26	-	-	-

¹THB in Million

Estimates

Cash Flow Forecast: Osotspa

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,678	1,273	1,228	880.4	764.3	734.2	857.6	841.3
Change	-	-52.48%	-3.51%	-28.3%	-13.19%	-3.94%	16.81%	-1.89%
Free Cash Flow (FCF) ¹	1,844	868.9	714.9	2,593	5,337	4,163	4,456	4,371
Change	-	-52.88%	-17.72%	262.63%	105.84%	-21.99%	7.04%	-1.91%
Announcement Date	2/23/22	2/22/23	2/28/24	2/26/25	2/25/26	-	-	-

¹THB in Million

Estimates

Forecast Financial Ratios: Osotspa

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	19.06%	14.59%	17.3%	13.89%	20.78%	23.08%	23.13%	22.96%
EBIT Margin (%)	13.49%	7.58%	10.8%	11.64%	14.9%	17.22%	17.52%	17.56%
EBT Margin (%)	14.11%	8.41%	10.95%	7.96%	17.16%	17.92%	18%	18.08%
Net margin (%)	11.93%	7.09%	9.22%	6.05%	14.34%	14.76%	14.78%	14.81%
FCF margin (%)	6.76%	3.19%	2.74%	9.58%	20.88%	16.47%	16.98%	16.23%
FCF / Net Income (%)	56.65%	44.93%	29.76%	158.26%	145.54%	111.53%	114.88%	109.63%
Profitability
ROA	12.28%	7.26%	9.5%	6.61%	14.75%	14.91%	14.4%	13.97%
ROE	16.65%	10.09%	13.81%	10.3%	22.66%	20.9%	20.64%	20.12%
Financial Health
Leverage (Debt/EBITDA)	-	0.11x	0.23x	0.12x	-	-	-	-
Debt / Free cash flow	-	0.48x	1.42x	0.17x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	9.82%	4.67%	4.71%	3.25%	2.99%	2.9%	3.27%	3.12%
CAPEX / EBITDA (%)	51.5%	31.98%	27.23%	23.41%	14.39%	12.58%	14.13%	13.61%
CAPEX / FCF (%)	145.23%	146.46%	171.74%	33.96%	14.32%	17.64%	19.25%	19.25%
Items per share
Cash flow per share ¹	1.505	0.7087	0.6468	1.156	2.195	1.695	1.745	1.828
Change	-	-52.92%	-8.73%	78.76%	89.87%	-22.79%	2.95%	4.73%
Dividend per Share ¹	1.1	0.9	1.65	0.6	0.8	0.8282	0.9465	0.9873
Change	-	-18.18%	83.33%	-63.64%	33.33%	3.53%	14.28%	4.31%
Book Value Per Share ¹	6.62	6.147	5.435	5.158	5.617	6.063	6.427	6.856
Change	-	-7.14%	-11.58%	-5.1%	8.9%	7.95%	5.99%	6.68%
EPS ¹	1.08	0.64	0.8	0.55	1.22	1.242	1.288	1.332
Change	-	-40.74%	25%	-31.25%	121.82%	1.79%	3.74%	3.37%
Nbr of stocks (in thousands)	3,003,750	3,003,750	3,003,750	3,003,750	3,003,750	3,003,750	3,003,750	3,003,750
Announcement Date	2/23/22	2/22/23	2/28/24	2/26/25	2/25/26	-	-	-