Thai restaurant chains add sales in 2026 but lose profit
MK's second-quarter revenue rose 10.6% while its net profit fell 19.7%, and Minor Food will take Pizza Company and Dairy Queen into PTT stations.
MK Restaurant Group grew second-quarter 2026 revenue by 10.6% to 4,196 million baht and still saw net profit fall 19.7% to 221.36 million baht, according to Infoquest's report on its filing for profit and Brand Buffet for revenue. That one line describes most of Thailand's large restaurant groups this year: more branches, more sales, less money kept.
MK: sales up, margin down
MK's half-year numbers, summarised by Brand Buffet, show revenue of 8,243 million baht, up 12.4%, and net profit of 385 million baht, down 24.5%. Same-store sales fell 3.8% in the quarter, mainly in June, because a year earlier MK ran a 299-baht buffet promotion that set a high base.
The growth engine is Bonus Suki, a budget buffet that launched in July 2025. It was 12% of group revenue in the first half and had 39 branches by the results date. In June, The Nation reported the group's co-presidents saying the brand carried 27 branches and was opening one or two a week, and that gross margin would slip as more MK restaurants turn to buffets, which earn less per baht of sales than à la carte. They said the medium-term goal is to restore net profit to above 2 billion baht, the pre-Covid level.
MK also said the "Thai Chuay Thai Plus" stimulus, which runs from June to September, is limited to small operators, so its customers did not get the boost that street-food shops did. The board approved an interim dividend of 0.40 baht a share.
ZEN and the smaller names
ZEN Corporation earned 8.91 million baht in the second quarter, down 16.5% from 10.66 million baht. Its first-half profit was 24.57 million baht against 23.42 million baht a year earlier, so the half-year was slightly higher even though the quarter slipped.
First-quarter 2026 results gathered by The Nation show how uneven the picture is: S&P Syndicate earned 44 million baht (down 8%), After You 54 million baht (down 17%), Suki Teenoi 170 million baht (down 37.3%), and the operator of Ohkajhu posted a loss of 30.4 million baht. MK earned 163 million baht in that quarter, down 30.1%.
Who is holding up
Central Restaurants Group was the exception in the first quarter, with net profit up 50% to 232 million baht. Chief executive Nath Vongphanich named three pressures: fragile spending, price and promotion competition in the mass market, and high costs for labour, rent, utilities and delivery-platform fees. CRG's response is to buy ahead of price swings, find alternative suppliers and cut food waste, and Nath said the question is not who grows fastest but who can grow sustainably while keeping profit.
Minor Food is the other strong result. Parent Minor International's first-half results, reported by Kaohoon International, put Minor Food's core profit at 1,277 million baht, up 3%. Thailand returned to positive same-store sales, led by Bonchon, Dairy Queen and Swensen's, with Sizzler gaining traction in a new store format.
Where they are expanding
Minor Food is leaning on franchising. In August 2025 it set a target of more than 4,500 outlets by 2029 from over 2,700, with franchised stores rising from 48% to 56% of the total. The new PTT Oil and Retail Business deal will put The Pizza Company, Dairy Queen, The Steak & More and Chiho Ramen across PTT's network, aiming for more than 150 outlets by 2030. The filing summary does not give a signing date.
The Bar B Q Plaza operator, Food Passion, is expanding too, but says it will stay out of the buffet price war. COO Ruangshine Supanpong said the company, with 106 branches, plans 13 to 15 new ones in 2026 at 8 to 10 million baht each. Its 2025 revenue slipped 2.72% to over 3.587 billion baht and net profit fell 47.40% to over 129 million baht. He said the self-cooking segment (hotpot, grill, barbecue) has been in a price war for two years, and that the company will not join buffets that start at 200 baht.
What to watch
MK says its third quarter will lean on the 299-baht buffet campaign and a monthly flat-rate package, "MK Subscription", launched in July and August. The wider test is the fourth quarter, as government stimulus runs out and, KResearch warns, some operators may see unstable sales.
FAQ
Which Thai restaurant chains reported lower profit in 2026?
MK, ZEN (second quarter), After You, S&P Syndicate and Suki Teenoi (first quarter) all reported lower profit in the periods covered here. Central Restaurants Group and Minor Food were higher.
Why are chains earning less despite more sales?
Costs for ingredients, labour, rent, utilities and delivery platforms are high, and price competition limits how much they can pass on. Buffets, now a growing share of MK's sales, also earn thinner margins.
Is Minor Food still expanding in Thailand?
Yes. It targets more than 4,500 outlets worldwide by 2029 and plans more than 150 outlets in PTT stations by 2030.
Sources
- Infoquest via RYT9: M net profit Q2/2569 (13 Aug 2026)
- Brand Buffet: MK Q2/2569 results (Aug 2026)
- RYT9: ZEN Q2/2569 net profit
- The Nation: Rising costs and price wars push chains and small restaurants to the brink (1 Jun 2026)
- Kaohoon International: MK launches Bonus Suki budget suki buffet (14 Jul 2025)
- The Standard: KResearch on Thai food and beverage market slowdown (13 Sep 2026)
- Kaohoon International: MINT 1H26 results (Aug 2026)
- The Nation: Minor Food targets 4,500 outlets by 2029 (Aug 2025)
