TNL (Thanulux) reported Q2 2026 net profit of 135 million baht, surging 97.2% year-over-year with an improved net margin of 46.1% (vs. 24.1% in Q2 2025). H1 2026 net profit reached 250 million baht (+28.1% YoY). Growth driven by strong performance across three divisions: OXA (collateralized lending up 20.3% to 154M baht, with NPL ratio improved to 23.5%), OAM (non-performing asset management up 25.5% to 59M baht), and TNLA (real estate down-trending losses from joint ventures). The company reduced bank debt by 504M baht in H1, improving debt-to-equity ratio from 0.37x to 0.32x, demonstrating disciplined financial management.