Singha Estate reports its 2025 performance with a normalized EBITDA of 3,649 million baht, showcasing a quality profit margin of 26%. This reflects the company's ability to generate income from recurring businesses such as hotels and office buildings, along with effective cost management and expense control.

Singha Estate Public Company Limited (SET:S), an international real estate developer and investor, covering residential real estate, commercial real estate, hotel businesses, as well as industrial estates and infrastructure, announced its 2025 performance with total operating revenue of 13,988 million baht. This consists of approximately 80% from recurring income and about 20% from non-recurring income. Although the company reported a net loss of (1,963) million baht according to accounting reports, excluding the impact of special items, the company achieved a normalized net profit of 531 million baht, up 3.8 times from the previous year. This led to a resolution to propose to the annual general meeting of shareholders in 2026 to approve a dividend payment for the 2025 performance of 0.015 baht per share.

Mr. Chai Rat Siwaprapan, CEO of Singha Estate Public Company Limited, stated, "The performance in 2025, despite a slowdown in revenue from the residential real estate sector in line with the economic slowdown in Thailand, was supported by income and profits from hotel and office businesses, as well as effective management and operational efficiency improvements, continuously enhancing profit margins. We reported a normalized EBITDA of 3,649 million baht, a 5% increase from the previous year, while the normalized EBITDA margin improved from 24% last year to 26%."

In 2025, it marked a significant starting point for the company to establish a solid profit base from recurring income businesses, reflecting a stable foundation for long-term sustainable growth. The main drivers of growth came from the hotel and office businesses. Despite facing a decline in tourist numbers and a continuously strengthening baht last year, the company managed to achieve strong performance through a marketing strategy focused on high-spending customer segments rather than sheer volume.

At the same time, the company continues to enhance asset quality and improve profitability across its portfolio. The renovated and developed hotels have shown clear positive results, such as the Sand Lagoon Phuket Hotel, which increased its average daily room rate (ADR) by over 30% compared to the pre-renovation period, resulting in a 64% increase in revenue per available room (RevPAR) in 2025, reaching 6,881 baht per night. This growth trend continues, with the hotel achieving a new record high ADR of 18,573 baht per night in January, marking the second consecutive year of record highs. Additionally, the hotel business continues to follow an asset rotation strategy by upgrading and enhancing hotels with growth potential while gradually disposing of assets with limited growth potential and low returns. This strategy is crucial for unlocking the overall profitability potential of the portfolio effectively.

Two other main business segments that play a significant role in strengthening the overall portfolio are the leasing office business and the industrial estate and infrastructure business.

For the leasing office business, new clients are consistently joining the tenant base, resulting in the business segment reporting a record EBITDA of nearly 840 million baht. The occupancy rate remains satisfactory, with the company's main office buildings, Singha Complex and S Metro, achieving an average occupancy rate of 87% at the end of 2025, while the S-OASIS building continues to grow with a 50% occupancy rate. However, the company has clients who have signed lease agreements and are preparing to occupy over 8,000 square meters, scheduled to move in throughout 2026. This factor will significantly support the growth of occupancy rates and revenue from the office leasing business in the near future.

In the residential business, the company focuses on managing existing projects to maintain cash flow and inventory levels appropriately. A highlight project from the past year is the joint venture with One Real Estate, the One River Rama 3 project, valued at over 3,000 million baht, which has already achieved 96% pre-sales and is scheduled for completion, allowing the company to recognize its profit share in 2027.

In the industrial estate and infrastructure business over the past year, a total of 84 rai of land has been transferred, resulting in a land transfer rate of 23% of total saleable area. Positive sales signals continue to trend well, with the company currently negotiating with clients in the Data Center segment for approximately 200-400 rai. If successful, this will not only generate land sales revenue of over one billion baht but also strengthen the recurring income base of the industrial estate from electricity and water supply sales in the long term.

In addition to financial performance, the company emphasizes driving the organization under the framework of sustainable development and good corporate governance continuously, focusing on tangible operations and proactive risk management. As a result, in 2025, the company was upgraded to the highest SET ESG Ratings of AAA, and this achievement has opened opportunities for the company to benefit from lower interest rates according to the terms of sustainability-linked loans.

"The outlook for performance in 2026 is optimistic, as the company believes that performance will continue to grow, supported by a strong and stable normalized profit base from recurring income in 2025, along with revenue and profits from the industrial estate business driven by strong investment trends from foreign investors," Mr. Chai Rat added.