SET-listed XSpring Capital (XPG) is targeting 1.1 billion baht in revenue and 150 million baht in net profit for 2025, driven by its non-performing loan (NPL) management, expanding digital asset portfolio and strong lending growth.
Despite slower securities trading amid a challenging global economy, XPG, a holding company with businesses spanning bad debt management, securities trading, asset management and digital assets, said it remains confident of sustaining its growth momentum through its multi-pronged approach.
The company’s performance this year was underpinned by several drivers, such as the upcoming SiriHub2 token launch, robust returns from the X-NUCTECH Fund (a gain of 39.1%), market leadership in depositary receipt (DR) brokerage, and a resilient lending business that continues to outperform expectations, said Varangkana Artkarasatapon, managing director of XPG.
“Although 2025 has been a challenging year globally and domestically, XSpring continues to demonstrate resilient growth in a demanding landscape,” she said. “We’ve maintained steady progress by offering products and services that meet the needs of both corporate clients seeking capital and investors pursuing financial security.”
In the first half of 2025, XPG reported 463 million baht in revenue and 89.6 million baht in net profit, keeping the company on track to meet its full-year targets.
In the second half, XPG expects to capitalise on improving sentiment in the Thai capital market, increasing demand for wealth management products, and growing activity in both the fund management and digital asset segments.
Digital asset subsidiary XSpring Digital is preparing to launch the SiriHub2 token, backed by the Siri Campus office complex, valued at more than 2.5 billion baht, with Sansiri Plc (BBB+) as the sole tenant. The token offers a fixed annual return of 6% for three years, with full capital repayment at maturity.
The public offering is scheduled for November, with tokens priced at 10 baht each and a minimum subscription amount of 1,000 baht.
Meanwhile, XSpring Asset Management delivered a strong performance, backed by its X-NUCTECH Fund that invests in nuclear energy and uranium, posting a 39.1% return for the year as of Oct 29.
On the brokerage front, Krungthai XSpring Securities continues to dominate Thailand’s DR market with a 20% market share, bolstered by its “DR Night Desk” that enables real-time trading in US and European markets from 7pm to 3am.
The lending division also remains a major growth driver amid tightening credit conditions in the banking sector. XSpring provides flexible financing solutions for small enterprises and high-potential businesses through an integrated ecosystem linking investment banking, digital assets, fund management and brokerage services.
Given the outlook for 2026, XPG said it plans to expand its integrated financial ecosystem across six areas: investment banking, brokerage and digital assets, lending, investment, wealth management, and distressed-asset management.
The company’s NPL management arm oversees 4 billion baht in assets, while its lending portfolio totals 4.5 billion baht.
In 2026, XPG expects its revenue to grow in line with its historical average of 10-20% annually, supported by continued business expansion and new financial innovations.