Financials Berli Jucker

Equities

BJC

TH0002010Z06

Department Stores

End-of-day quote Thailand S.E. Other stock markets 19/01/2026			5-day change	1st Jan Change
14.20 ^THB	+2.90%		+5.19%	-1.39%

18/12	CGS International Upgrades Berli Jucker to Add from Hold; Price Target is THB19.60	MT
17/12	Berli Jucker Public Company Limited Announces Executive Changes, Effective December 17, 2025	CI

Projected Income Statement: Berli Jucker

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,44,732	1,38,465	1,50,338	1,54,672	1,57,727	1,56,748	1,60,305	1,64,668
Change	-	-4.33%	8.57%	2.88%	1.98%	-0.62%	2.27%	2.72%
EBITDA ¹	19,512	18,773	20,013	20,736	22,404	22,073	22,742	23,393
Change	-	-3.79%	6.6%	3.61%	8.05%	-1.48%	3.03%	2.86%
EBIT ¹	10,609	9,919	11,004	11,752	13,015	12,439	12,776	13,191
Change	-	-6.51%	10.94%	6.8%	10.75%	-4.43%	2.71%	3.25%
Interest Paid ¹	-5,273	-5,094	-4,752	-5,338	-5,669	-5,415	-5,374	-5,334
Earnings before Tax (EBT) ¹	5,339	4,794	6,236	6,214	7,262	6,917	7,317	7,882
Change	-	-10.21%	30.08%	-0.35%	16.86%	-4.75%	5.79%	7.71%
Net income ¹	4,001	3,585	5,010	4,795	4,001	4,294	4,732	5,115
Change	-	-10.41%	39.77%	-4.31%	-16.54%	7.31%	10.21%	8.09%
Announcement Date	23/02/21	23/02/22	22/02/23	22/02/24	19/02/25	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	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
Net sales ¹	35,103	32,520	34,161	34,466	37,317	39,424	38,103	36,874	39,129	37,520	42,828	37,901	39,849	38,633	39,739	38,534	40,821	38,500	38,561	37,024	39,596
Change	-	-7.36%	5.05%	0.89%	8.27%	5.65%	-3.35%	-3.23%	6.12%	-4.11%	14.15%	-11.51%	5.14%	-3.05%	2.86%	-3.03%	5.94%	-5.69%	0.16%	-3.99%	6.95%
EBITDA	5,304	4,696	4,563	4,205	5,354	4,990	5,018	4,740	5,260	5,023	5,203	4,790	5,720	2,146	5,652	5,180	6,286	5,332	5,149	4,813	-
Change	-	-11.46%	-2.84%	-7.85%	27.35%	-6.8%	0.56%	-5.55%	10.98%	-4.5%	3.59%	-7.95%	19.42%	-62.49%	163.42%	-8.35%	21.34%	-15.17%	-3.44%	-6.52%	-
EBIT	3,044	2,508	2,382	2,010	3,046	2,779	2,807	2,463	2,996	2,838	2,921	2,520	3,380	3,020	3,295	2,823	13,006	3,067	2,859	2,493	-
Change	-	-17.6%	-5.02%	-15.61%	51.51%	-8.76%	1.02%	-12.27%	21.66%	-5.28%	2.93%	-13.71%	34.12%	-10.66%	9.1%	-14.32%	360.73%	-76.42%	-6.76%	-12.8%	-
Charge d'intérêts ¹	-1,286	-1,254	-1,258	-	-	-1,188	-	-1,179	-1,223	-1,239	-1,294	-1,358	-1,447	-1,427	-1,433	-1,419	-1,391	-1,336	-1,340	-1,421	-1,350
Earnings before Tax (EBT)	1,729	1,254	1,101	619.7	1,753	1,591	1,617	1,249	1,779	1,573	1,627	1,140	1,874	1,676	1,920	1,178	7,257	1,733	1,548	1,097	-
Change	-	-27.48%	-12.16%	-43.74%	182.86%	-9.24%	1.65%	-22.74%	42.36%	-11.55%	3.42%	-29.94%	64.46%	-10.6%	14.57%	-38.64%	516.07%	-76.13%	-10.64%	-29.16%	-
Net income ¹	1,353	1,013	822.4	367.1	1,383	1,246	1,203	932.3	1,629	1,254	1,210	693.3	1,638	427.7	1,228	701	3,999	1,091	990	636.7	1,746
Change	-	-25.15%	-18.81%	-55.36%	276.58%	-9.86%	-3.46%	-22.5%	74.69%	-23%	-3.52%	-42.71%	136.23%	-73.88%	187.07%	-42.91%	470.48%	-72.72%	-9.27%	-35.68%	174.25%
Announcement Date	23/02/21	11/05/21	10/08/21	10/11/21	23/02/22	10/05/22	10/08/22	09/11/22	22/02/23	10/05/23	09/08/23	08/11/23	22/02/24	14/05/24	13/08/24	07/11/24	19/02/25	14/05/25	13/08/25	10/11/25	-

¹THB in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	74,335	83,632	78,372	77,061
Change	-	12.51%	-6.29%	-1.67%
EBITDA ¹	-	-	11,032	10,481
Change	-	-	-	-4.99%
EBIT ¹	5,545	5,733	-	5,926
Change	-	3.39%	-	-
Charge d'intérêts ¹	-	-2,533	-2,859	-2,676
Earnings before Tax (EBT)	-	-	-	-
Change	-	-	-	-
Net income ¹	2,449	2,464	1,656	2,081
Change	-	0.6%	-32.81%	25.7%
Announcement Date	10/08/22	09/08/23	13/08/24	13/08/25

¹THB in Million

Estimates

Forecast Balance Sheet: Berli Jucker

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,61,356	1,48,723	1,58,479	1,55,431	1,55,820	1,42,392	1,40,655	1,37,285
Change	-	-7.83%	6.56%	-1.92%	0.25%	-8.62%	-1.22%	-2.4%
Announcement Date	23/02/21	23/02/22	22/02/23	22/02/24	19/02/25	-	-	-

¹THB in Million

Estimates

Cash Flow Forecast: Berli Jucker

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	6,022	3,272	5,395	8,866	5,632	8,923	9,346	8,931
Change	-	-45.67%	64.91%	64.34%	-36.48%	58.43%	4.75%	-4.45%
Free Cash Flow (FCF) ¹	10,609	13,364	12,778	10,990	16,479	9,315	10,867	9,685
Change	-	25.97%	-4.38%	-14%	49.95%	-43.47%	16.66%	-10.87%
Announcement Date	23/02/21	23/02/22	22/02/23	22/02/24	19/02/25	-	-	-

¹THB in Million

Estimates

Forecast Financial Ratios: Berli Jucker

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	13.48%	13.56%	13.31%	13.41%	14.2%	14.08%	14.19%	14.21%
EBIT Margin (%)	7.33%	7.16%	7.32%	7.6%	8.25%	7.94%	7.97%	8.01%
EBT Margin (%)	3.69%	3.46%	4.15%	4.02%	4.6%	4.41%	4.56%	4.79%
Net margin (%)	2.76%	2.59%	3.33%	3.1%	2.54%	2.74%	2.95%	3.11%
FCF margin (%)	7.33%	9.65%	8.5%	7.11%	10.45%	5.94%	6.78%	5.88%
FCF / Net Income (%)	265.14%	372.8%	255.03%	229.2%	411.83%	216.94%	229.63%	189.35%
Profitability
ROA	1.23%	1.09%	1.5%	1.42%	1.18%	1.27%	1.39%	1.49%
ROE	3.48%	3.11%	4.28%	4.03%	3.34%	3.62%	3.89%	4.15%
Financial Health
Leverage (Debt/EBITDA)	8.27x	7.92x	7.92x	7.5x	6.95x	6.45x	6.18x	5.87x
Debt / Free cash flow	15.21x	11.13x	12.4x	14.14x	9.46x	15.29x	12.94x	14.17x
Capital Intensity
CAPEX / Current Assets (%)	4.16%	2.36%	3.59%	5.73%	3.57%	5.69%	5.83%	5.42%
CAPEX / EBITDA (%)	30.86%	17.43%	26.96%	42.76%	25.14%	40.43%	41.1%	38.18%
CAPEX / FCF (%)	56.77%	24.48%	42.22%	80.68%	34.18%	95.79%	86.01%	92.21%
Items per share
Cash flow per share ¹	4.15	4.13	4.534	4.95	5.517	4.145	4.108	4.392
Change	-	-0.48%	9.79%	9.16%	11.45%	-24.86%	-0.89%	6.89%
Dividend per Share ¹	0.78	0.66	0.8	0.8	0.71	0.7441	0.8148	0.8772
Change	-	-15.38%	21.21%	0%	-11.25%	4.8%	9.5%	7.66%
Book Value Per Share ¹	28.61	28.91	29.52	29.86	29.94	30.57	30.96	31.19
Change	-	1.04%	2.09%	1.16%	0.28%	2.09%	1.28%	0.75%
EPS ¹	1	0.89	1.25	1.2	1	1.091	1.175	1.283
Change	-	-11%	40.45%	-4%	-16.67%	9.1%	7.66%	9.21%
Nbr of stocks (in thousands)	40,07,797	40,07,797	40,07,797	40,07,797	40,07,797	40,07,797	40,07,797	40,07,797
Announcement Date	23/02/21	23/02/22	22/02/23	22/02/24	19/02/25	-	-	-