Message from the Chairman
TFM remains committed to business sustainability, including environmental and social sustainability and corporate governance.
In 2025, the aquaculture industry faced a challenging market environment, marked by limited overall market growth, intensifying competition, and ongoing pressures across key farming regions. Against this backdrop, Thai Union Feedmill delivered a strong performance and outperformed the market, demonstrating resilience and the effectiveness of the strategic foundation we have built over recent years as a leading producer and distributor of aquatic feed.
Despite flat demand and heightened competition in Thailand, as well as significant industry disruption in Indonesia due to disease outbreaks and radiation-related value-chain challenges, we delivered record sales in 2025. Total revenue increased 12.5% year-on-year, while net profit rose 37%. During the year, we also made the strategic decision to exit our investment in Pakistan, reflecting our commitment to prioritizing resources where we see the strongest alignment with long-term value creation.
Product quality remains the foundation of our competitiveness. By leveraging Thai Union Group’s capabilities in raw material sourcing and research and development—including the use of high-quality tuna by-products—we deliver feed solutions that perform reliably across species, farming conditions, and price tiers. Consistency in nutritional performance, digestion efficiency, and physical feed attributes such as smell and color, delivered quarter after quarter, has translated into reliable on-farm performance and long-term customer trust.
Service excellence is central to how we translate product quality into customer value. Throughout the year, our technical teams worked directly with farmers, providing hands-on, on-site support in areas such as pond preparation, disease management, and feeding optimization. Beyond operational support, we continued to share knowledge and best practices with customers, reinforcing our role as a solutions partner and our belief that sustainable customer success drives long-term value for the company.
These efforts are enabled by a strong and capable team, operating with clear direction and disciplined execution. We continue to strengthen our talent base by bringing in new capabilities and perspectives to support long-term growth. This combination of experience, shared ways of working, and openness to new perspectives enables us to respond effectively to challenges and to sustain performance as the business continues to evolve.
Innovation and sustainability remain integral to how we operate and grow. In 2025, we launched the Shrimp Decarbonization Project in collaboration with Thai Union and advanced in-house feed innovation through our small-sized pellet feed, which received the SET Outstanding Innovative Company Awards, among several other external recognitions.
At the operational level, we continued to embed ESG principles into daily practices across our operations and supply chain. This included increasing the use of biomass energy, improving water and waste efficiency at our facilities, and strengthening responsible sourcing through our no-deforestation policy for key raw materials such as soy and palm oil. These actions align with Thai Union’s SeaChange® 2030 strategy and our ambition to support a more resilient aquaculture value chain.
Looking ahead, our priorities remain clear as we reinforce our leadership in Thailand, expand our presence in Indonesia, and strengthen our international footprint through targeted overseas markets and export growth. These priorities form the basis of our long-term growth ambition, and we remain fully committed to the roadmap shared with shareholders, building on a track record of consistent delivery over recent years.
In 2025, we marked our 25th anniversary, alongside customers and partners who have grown with us for more than two decades. On behalf of the board and management, we extend our sincere appreciation to our employees for their dedication and professionalism, and to our customers, partners, and shareholders for their continued trust and support. With a strong foundation, a clear strategy, and a committed team, Thai Union Feedmill is well positioned to advance into the next chapter of sustainable growth.
Mr. Rittirong Boonmechote
Chairman of The Board
Mr. Peerasak Boonmechote
Chief Executive Officer