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Match Group Announces Fourth Quarter and Full-Year Results

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Company focused on execution of Investor Day plan including harnessing product innovations, especially with AI, to create more personalized, engaging, and authentic dating experiences

DALLAS, Feb. 4, 2025 /PRNewswire/ — Match Group (NASDAQ: MTCH) today announced financial results for the fourth quarter and full-year ended December 31, 2024.

“We had a strong finish to the year and are seeing solid peak season new user trends. We met our full-year 2024 AOI margin target through disciplined financial management. We’re focused on executing the plan we laid out at Investor Day: driving innovation to spur user growth, generating strong free cash flow, and returning significant capital to shareholders. Our 2025 outlook remains unchanged since Investor Day on a FX neutral basis, though the strengthening U.S. dollar continues to put pressure on as reported results,” said Steven Bailey, Incoming CFO.

Total Company Full Year 2024 Financial Highlights

Total Revenue of $3.5 billion grew 3% year-over-year (“Y/Y”), up 6% on a foreign exchange (“FX”) neutral basis (“FXN”), driven by an 8% Y/Y increase in RPP to $19.12, partially offset by a 5% Y/Y decline in Payers to 14.9 million.Excluding Hakuna and other of our live streaming services, Total Revenue was up 5% Y/Y, up 7% Y/Y FXN.Operating Income of $823 million declined 10% Y/Y, representing an Operating Income Margin of 24%.Adjusted Operating Income of $1.3 billion was flat Y/Y, representing an Adjusted Operating Income Margin of 36%.Operating Cash Flow and Free Cash Flow were $933 million and $882 million, respectively, for the year ended December 31, 2024. We deployed 85% of our free cash flow during the year for share repurchases. The last Apple payment of 2024, which we had expected in December, was received in early January 2025.The Company repurchased $753 million of stock in the year representing 22.2 million shares. As of February 4, 2025, $1.75 billion remained available for repurchase under the current repurchase programs.Diluted shares outstanding1 were 260.0 million as of January 31, 2025, a decrease of 7%, since January 26, 2024.

Total Company Q4 2024 Financial Highlights

Total Revenue of $860 million declined 1% Y/Y, up 1% FXN, driven by a 4% Y/Y decline in Payers to 14.6 million, partially offset by a 3% Y/Y increase in RPP to $19.29.Excluding Hakuna and other of our live streaming services, Total Revenue was up 1% Y/Y, up 3% Y/Y FXN.Operating Income of $223 million declined 14% Y/Y, representing an Operating Income Margin of 26%.Adjusted Operating Income of $324 million declined 10% Y/Y, representing an Adjusted Operating Income Margin of 38%.The Company repurchased $117 million of stock in the quarter, 3.1 million shares, at an average price of $37.38 per share.

The following table summarizes total company consolidated financial results for the three months ended and the years ended December 31, 2024 and 2023.

Three Months Ended December 31,

Years Ended December 31,

(Dollars in millions, except RPP, Payers in thousands)

2024

2023

Y/Y Change

2024

2023

Y/Y Change

Total Revenue

$           860

$           866

(1) %

$        3,479

$        3,365

3 %

Direct Revenue

$           845

$           851

(1) %

$        3,418

$        3,308

3 %

Operating Income

$           223

$           260

(14) %

$           823

$           917

(10) %

Operating Income Margin

26 %

30 %

24 %

27 %

Adjusted Operating Income

$           324

$           362

(10) %

$        1,252

$        1,259

— %

Adjusted Operating Income Margin

38 %

42 %

36 %

37 %

Payers

14,607

15,186

(4) %

14,898

15,602

(5) %

RPP

$        19.29

$        18.67

3 %

$        19.12

$        17.67

8 %

A webcast of our fourth quarter 2024 results will be available at https://ir.mtch.com, along with our Executive Commentary and Supplemental Financial Materials. The webcast will begin on February 5, 2025 at 8:30 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site. 

Business Unit Performance

Tinder Full Year 2024 Financial Highlights

Direct Revenue of $1.9 billion grew 1% Y/Y, up 4% FXN, driven by an 8% Y/Y increase in RPP to $16.68, largely offset by a 7% Y/Y decline in Payers to 9.7 million.Operating Income of $889 million declined 7% Y/Y, representing an Operating Income Margin of 45%.Adjusted Operating Income of $1.0 billion declined 3% Y/Y, representing an Adjusted Operating Income Margin of 51%.

Tinder Q4 2024 Financial Highlights

Direct Revenue of $476 million declined 3% Y/Y, down 1% FXN, driven by a 5% decline in Payers to 9.5 million, partially offset by a 1% Y/Y increase in RPP to $16.72.Operating Income of $226 million declined 5% Y/Y, representing an Operating Income Margin of 46%.Adjusted Operating Income of $259 million declined 2% Y/Y, representing an Adjusted Operating Income Margin of 53%.

Tinder Operational Highlights

Solid Peak Season New User Trends: Dating peak season new user trends have been solid in both the U.S. and international markets.Fostering a Clean Ecosystem: Tinder plans to continue its efforts to improve its ecosystem, including expansion of its face photo requirement and the use of biometrics to validate users. Early tests have shown a reduction in interactions with bad actors, as well as improvements in users’ perception of authenticity.Improving User Outcomes: In Q1 2025, Tinder intends to test AI-curated recommendations to deliver more personalized and engaging matches and broaden the availability of the new Friends in Common feature.Bringing the Fun Back to Dating: In Q2 2025, Tinder plans to begin testing its double-dating feature for users to match with other pairs of friends, which we expect to appeal especially to women and Gen Z seeking safer, lower-pressure ways to date. Tinder also intends to test an AI-enabled discovery experience, which we expect to enhance the matching experience for Tinder users.

The following table summarizes Tinder’s financial results for the three months ended and the years ended December 31, 2024 and 2023.

Three Months Ended December 31,

Years Ended December 31,

(Dollars in millions, except RPP, Payers in thousands)

2024

2023

Y/Y Change

2024

2023

Y/Y Change

Total Revenue

$           488

$           506

(3) %

$        1,991

$        1,964

1 %

Direct Revenue

$           476

$           493

(3) %

$        1,941

$        1,918

1 %

Operating Income

$           226

$           238

(5) %

$           889

$           956

(7) %

Operating Income Margin

46 %

47 %

45 %

49 %

Adjusted Operating Income

$           259

$           265

(2) %

$        1,017

$        1,049

(3) %

Adjusted Operating Income Margin

53 %

52 %

51 %

53 %

Payers

9,491

9,968

(5) %

9,696

10,375

(7) %

RPP

$        16.72

$        16.49

1 %

$        16.68

$        15.40

8 %

Hinge Full Year 2024 Financial Highlights

Direct Revenue of $550 million grew 39% Y/Y, driven by a 23% Y/Y increase in Payers to 1.5 million and a 13% Y/Y increase in RPP to $29.94.Operating Income of $121 million increased 64% Y/Y, representing an Operating Income Margin of 22%.Adjusted Operating Income of $166 million, increased 55% Y/Y, representing an Adjusted Operating Income Margin of 30%.

Hinge Q4 2024 Financial Highlights

Direct Revenue of $148 million grew 27% Y/Y, driven by a 19% Y/Y increase in Payers to 1.6 million and a 7% Y/Y increase in RPP to $30.42.Operating Income of $31 million increased 14% Y/Y, representing an Operating Income Margin of 21%.Adjusted Operating Income of $44 million increased 10% Y/Y, representing an Adjusted Operating Income Margin of 30%.

Hinge Operational Highlights

New Campaign Helping Drive U.S. New User Outperformance: Hinge’s new U.S. marketing campaign, “It’s Funny We Met on Hinge,” has helped drive strong peak season new user trends since its introduction, with particular strength among women.Upcoming Global Rollout of New Algorithm: Hinge’s revamped recommendation algorithm aims to improve match quality by leveraging nuanced user data. Initial tests showed double-digit improvements in new matches per user. A global launch is planned for March 2025.AI-Powered User Coaching: Prompt Feedback, which launched in January 2025, has improved user profiles and prompt quality. This feature, as well as Photo Finder, are expected to be included in the onboarding process in H1.Additional International Expansion: Hinge plans to expand into Mexico and Brazil in the second half of 2025.

The following table summarizes Hinge’s financial results for the three months ended and the years ended December 31, 2024 and 2023.

Three Months Ended December 31,

Years Ended December 31,

(Dollars in millions, except RPP, Payers in thousands)

2024

2023

Y/Y Change

2024

2023

Y/Y Change

Total Revenue

$           148

$           116

27 %

$           550

$           396

39 %

Direct Revenue

$           148

$           116

27 %

$           550

$           396

39 %

Operating Income

$             31

$             27

14 %

$           121

$             74

64 %

Operating Income Margin

21 %

23 %

22 %

19 %

Adjusted Operating Income

$             44

$             40

10 %

$           166

$           108

55 %

Adjusted Operating Income Margin

30 %

34 %

30 %

27 %

Payers

1,619

1,362

19 %

1,532

1,242

23 %

RPP

$        30.42

$        28.42

7 %

$        29.94

$        26.61

13 %

Evergreen & Emerging (“E&E”) Full Year 2024 Financial Highlights

Direct Revenue of $643 million declined 7% Y/Y driven by a 13% Y/Y decline in Payers to 2.7 million, partially offset by a 7% Y/Y increase in RPP to $20.10.Excluding live streaming services, which we shut down in mid-2024, Direct Revenue was down 3% Y/Y, down 3% Y/Y FXN.Operating Income of $66 million decreased 20% Y/Y, representing an Operating Income Margin of 10%.Adjusted Operating Income of $170 million increased 4% Y/Y, representing an Adjusted Operating Income Margin of 26%.

E&E Q4 2024 Financial Highlights

Direct Revenue of $155 million, declined 8% Y/Y, driven by a 14% Y/Y decrease in Payers to 2.5 million, partially offset by a 7% Y/Y increase in RPP to $20.80.Excluding live streaming services, Direct Revenue was down 3% Y/Y, down 3% Y/Y FXN.Operating Income of $26 million increased 107% Y/Y, representing an Operating Income Margin of 16%.Adjusted Operating Income of $48 million increased 29% Y/Y, representing an Adjusted Operating Income Margin of 31%.

E&E Operational Highlights

Platform Consolidation and Efficiencies: Salams, Plenty of Fish, and Meetic are on track to migrate to the shared tech platform by 2025 year-end, which is expected to continue unlocking efficiencies and operational benefits across E&E brands.Growth Inflection Point: Emerging brands’ revenue growth is expected to increasingly offset Evergreen brands’ revenue declines throughout 2025.Driving Engagement and Innovation: Social mode, first introduced on Yuzu, is now being tested on Chispa and BLK. The feature is showing higher engagement among women and offering us new insights into social features in dating apps.

The following table summarizes Evergreen and Emerging’s financial results for the three months ended and the years ended December 31, 2024 and 2023.

Three Months Ended December 31,

Years Ended December 31,

(Dollars in millions, except RPP, Payers in thousands)

2024

2023

Y/Y Change

2024

2023

Y/Y Change

Total Revenue

$           158

$           171

(7) %

$           654

$           701

(7) %

Direct Revenue

$           155

$           168

(8) %

$           643

$           691

(7) %

Operating Income

$             26

$             13

107 %

$             66

$             82

(20) %

Operating Income Margin

16 %

7 %

10 %

12 %

Adjusted Operating Income

$             48

$             37

29 %

$           170

$           164

4 %

Adjusted Operating Income Margin

31 %

22 %

26 %

23 %

Payers

2,485

2,887

(14) %

2,666

3,066

(13) %

RPP

$        20.80

$        19.38

7 %

$        20.10

$        18.79

7 %

Match Group Asia (“MG Asia”) Full Year 2024 Financial Highlights

Direct Revenue of $284 million declined 6% Y/Y, up 2% Y/Y FXN, driven by a 14% Y/Y decline in RPP to $23.56, partially offset by a 9% Y/Y increase in Payers to 1.0 million.Excluding Hakuna, which we shut down in mid-2024, Direct Revenue was down 3% Y/Y, up 6% Y/Y FXN.Operating Loss of $32 million increased 273% Y/Y, representing an Operating Loss Margin of 11%.Adjusted Operating Income of $61 million declined 2% Y/Y, representing an Adjusted Operating Income Margin of 21%.

MG Asia Q4 2024 Financial Highlights

Direct Revenue of $67 million declined 9% Y/Y, down 5% Y/Y FXN, driven by a 13% Y/Y decline in RPP to $21.95, partially offset by a 4% Y/Y increase in Payers to 1.0 million.Excluding Hakuna, Direct Revenue was down 1% Y/Y, up 4% Y/Y FXN.Operating Loss of $0.4 million declined 94% Y/Y, representing an Operating Loss Margin of 1%.Adjusted Operating Income of $16 million increased 24% Y/Y, representing an Adjusted Operating Income Margin of 24%.

MG Asia Operational Highlights

Azar Market Expansion: Azar’s 2025 strategy focuses on expanding in European markets and the U.S., given that its 1:1 video chat experience is particularly resonating with Gen Z users looking for a fun, lower pressure way to connect.Pairs’ Growth Strategy: Pairs is focused on driving growth through product-focused marketing, boosting Payers and RPP through monetization initiatives, and expanding the app in Asia, with a planned Korea launch in Q1 2025.

The following table summarizes MG Asia’s financial results for the three months ended and the years ended December 31, 2024 and 2023.

Three Months Ended December 31,

Years Ended December 31,

(Dollars in millions, except RPP, Payers in thousands)

2024

2023

Y/Y Change

2024

2023

Y/Y Change

Total Revenue

$             67

$             74

(10) %

$           285

$           303

(6) %

Direct Revenue

$             67

$             74

(9) %

$           284

$           303

(6) %

Operating Loss

$              —

$              (7)

(94) %

$            (32)

$              (9)

273 %

Operating Loss Margin

(1) %

(9) %

(11) %

(3) %

Adjusted Operating Income

$             16

$             13

24 %

$             61

$             62

(2) %

Adjusted Operating Income Margin

24 %

17 %

21 %

20 %

Payers

1,012

969

4 %

1,004

919

9 %

RPP

$        21.95

$        25.32

(13) %

$        23.56

$        27.50

(14) %

Dividend Declaration

Match Group’s Board of Directors has declared a cash dividend of $0.19 per share of the company’s common stock. The dividend is payable on April 17, 2025 to stockholders of record as of April 3, 2025.

Financial Outlook

For Q1 2025 and Full year 2025, Match Group expects:

Q1 2025

Total Revenue of $820 to $830 million, down 3% to 5% Y/Y.On an FXN basis and excluding Hakuna and other of our live streaming services, Total Revenue to be flat to up 1% Y/Y.FX to be a three-point Y/Y headwind and the exit of Hakuna and other of our live streaming services to be just under a two-point Y/Y headwind. The extra day in Q1’24 because of leap year is an additional one-point Y/Y headwind.Adjusted Operating Income of $260 to $265 million, down 5% to 7% Y/Y.Adjusted Operating Income Margin of 32% at the mid-point of the ranges.

Full Year 2025 

Total Revenue of $3,375 to $3,500 million, down 3% to up 1% Y/Y.On an FXN basis and excluding Hakuna and other of our live streaming services, Total Revenue to be flat to up 4% Y/Y.FX to be a slightly more than two-point Y/Y headwind and the exit of Hakuna and other of our live streaming services to be an additional one-point Y/Y headwind.Adjusted Operating Income of $1,232 to $1,278 million, or roughly flat AOI Y/Y at the midpoint of the range.Adjusted Operating Income Margin of at least 36.5%.Stock-based compensation expense of $305 to $315 million.Capital expenditures of $45 to $55 million.FCF of $1,000 million to $1,030 million, representing ~81% FCF conversion of AOI at the mid-point of the ranges.Effective income tax rate in the low-20%s.Use of at least 75% of FCF for share repurchases and to target returning at least 100% of FCF to shareholders through dividends and share repurchases.Reduction of diluted shares outstanding by 5% to 7% over the course of 2025.

Financial Results

Consolidated Operating Costs and Expenses

Three Months Ended December 31,

(Dollars in thousands)

2024

% of
Revenue

2023

% of
Revenue

Y/Y Change

Cost of revenue

$   236,414

27 %

$     208,112

24 %

14 %

Selling and marketing expense

145,515

17 %

158,898

18 %

(8) %

General and administrative expense

114,371

13 %

108,205

12 %

6 %

Product development expense

109,138

13 %

97,571

11 %

12 %

Depreciation

20,584

2 %

19,380

2 %

6 %

Impairment and amortization of intangibles

10,766

1 %

13,810

2 %

(22) %

Total operating costs and expenses

$   636,788

74 %

$   605,976

70 %

5 %

Liquidity and Capital Resources

During the year ended December 31, 2024, we generated operating cash flow of $933 million and Free Cash Flow of $882 million.

During the quarter ended December 31, 2024, we repurchased 3.1 million shares of our common stock for $117 million on a trade date basis at an average price of $37.38. For the full year 2024, we repurchased 22.2 million shares of our common stock for $753 million at an average price of $33.86.

On December 10, 2024, our board of directors authorized a new repurchase program of up to $1.5 billion in aggregate value of shares of Match Group common stock which will take effect when the $247 million available under the previous share repurchase program authorization is exhausted. In total, we have $1.75 billion in aggregate value of shares of Match Group stock available under our share repurchase programs as of February 4, 2025.

As of December 31, 2024, we had $971 million in cash, cash equivalents, and short-term investments and $3.9 billion of long-term debt, $3.5 billion of which is fixed rate debt, including $1.2 billion of Exchangeable Senior Notes. Our $500 million revolving credit facility was undrawn as of December 31, 2024. Match Group’s trailing twelve-month leverage[2] as of December 31, 2024 was 3.1x on a gross basis and 2.3x on a net basis.

On January 21, 2025, we paid a dividend of $0.19 per share to holders of record on January 6, 2025. The total cash payout was $48 million.

On January 21, 2025, we repaid the outstanding $425 million balance on our Term Loan with cash on hand.

GAAP Financial Statements

Consolidated Statement of Operations

Three Months Ended December 31,

Years Ended December 31,

2024

2023

2024

2023

(In thousands, except per share data)

Revenue

$            860,176

$            866,228

$         3,479,373

$        3,364,504

Operating costs and expenses:

Cost of revenue (exclusive of depreciation shown separately below)

236,414

208,112

991,273

954,014

Selling and marketing expense

145,515

158,898

622,100

586,262

General and administrative expense

114,371

108,205

438,839

413,609

Product development expense

109,138

97,571

442,175

384,185

Depreciation

20,584

19,380

87,499

61,807

Impairments and amortization of intangibles

10,766

13,810

74,175

47,731

Total operating costs and expenses

636,788

605,976

2,656,061

2,447,608

Operating income

223,388

260,252

823,312

916,896

Interest expense

(39,560)

(40,414)

(160,071)

(159,887)

Other income, net

13,716

5,043

40,815

19,772

Earnings before income taxes

197,544

224,881

704,056

776,781

Income tax (provision) benefit

(39,266)

4,799

(152,743)

(125,309)

Net earnings

158,278

229,680

551,313

651,472

Net loss (earnings) attributable to noncontrolling interests

18

(22)

(37)

67

Net earnings attributable to Match Group, Inc. shareholders

$             158,296

$            229,658

$             551,276

$             651,539

Net earnings per share attributable to Match Group, Inc. shareholders:

Basic

$                   0.63

$                   0.85

$                   2.12

$                   2.36

Diluted

$                   0.59

$                   0.81

$                   2.02

$                   2.26

Basic shares outstanding

251,715

270,576

260,299

275,773

Diluted shares outstanding

272,549

288,205

279,063

293,284

Stock-based compensation expense by function:

Cost of revenue

$                 1,748

$                 1,423

$                 7,015

$                5,934

Selling and marketing expense

3,225

2,885

12,620

9,730

General and administrative expense

27,686

29,443

103,554

98,510

Product development expense

36,547

34,403

144,192

117,925

Total stock-based compensation expense

$              69,206

$               68,154

$             267,381

$            232,099

Consolidated Balance Sheet

December 31, 2024

December 31, 2023

(In thousands)

ASSETS

Cash and cash equivalents

$                   965,993

$                   862,440

Short-term investments

4,734

6,200

Accounts receivable, net

324,963

298,648

Other current assets

102,072

104,023

Total current assets

1,397,762

1,271,311

Property and equipment, net

158,189

194,525

Goodwill

2,310,730

2,342,612

Intangible assets, net

215,448

305,746

Deferred income taxes

262,557

259,803

Other non-current assets

121,085

133,889

TOTAL ASSETS

$                4,465,771

$                 4,507,886

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Accounts payable

$                      18,262

$                         13,187

Deferred revenue

166,142

211,282

Accrued expenses and other current liabilities

365,057

307,299

Total current liabilities

549,461

531,768

Long-term debt, net

3,848,983

3,842,242

Income taxes payable

33,332

24,860

Deferred income taxes

11,770

26,302

Other long-term liabilities

85,882

101,787

Commitments and contingencies

SHAREHOLDERS’ EQUITY

Common stock

294

290

Additional paid-in capital

8,756,482

8,529,200

Retained deficit

(6,579,753)

(7,131,029)

Accumulated other comprehensive loss

(449,611)

(385,471)

Treasury stock

(1,791,071)

(1,032,538)

Total Match Group, Inc. shareholders’ equity

(63,659)

(19,548)

Noncontrolling interests

2

475

Total shareholders’ equity

(63,657)

(19,073)

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$                4,465,771

$                 4,507,886

Consolidated Statement of Cash Flows

Years Ended December 31,

2024

2023

(In thousands)

Cash flows from operating activities:

Net earnings

$                  551,313

$                 651,472

Adjustments to reconcile net earnings to net cash provided by operating activities:

Stock-based compensation expense

267,381

232,099

Depreciation

87,499

61,807

Impairments and amortization of intangibles

74,175

47,731

Deferred income taxes

(14,952)

26,612

Other adjustments, net

2,019

9,932

Changes in assets and liabilities

Accounts receivable

(29,788)

(107,412)

Other assets

25,337

25,055

Accounts payable and other liabilities

(9,395)

(5,961)

Income taxes payable and receivable

22,213

(3,337)

Deferred revenue

(43,083)

(41,207)

Net cash provided by operating activities

932,719

896,791

Cash flows from investing activities:

Capital expenditures

(50,578)

(67,412)

Other, net

(7,960)

(9,169)

Net cash used in investing activities

(58,538)

(76,581)

Cash flows from financing activities:

Proceeds from issuance of common stock pursuant to stock-based awards

13,584

19,916

Withholding taxes paid on behalf of employees on net settled stock-based awards

(11,441)

(5,933)

Purchase of treasury stock

(752,674)

(546,198)

Purchase of noncontrolling interests

(1,291)

(1,872)

Other, net

(6,482)

19

Net cash used in financing activities

(758,304)

(534,068)

Total cash provided

115,877

286,142

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(12,324)

3,782

Net increase in cash, cash equivalents, and restricted cash

103,553

289,924

Cash, cash equivalents, and restricted cash at beginning of period

862,440

572,516

Cash, cash equivalents, and restricted cash at end of period

$                965,993

$               862,440

Reconciliations of GAAP to Non-GAAP Measures

Reconciliation of Operating Income (Loss) to Adjusted Operating Income

Three Months Ended December 31, 2024

Tinder

Hinge

E&E

MG Asia

Corporate &
unallocated
costs

Eliminations

Total Match Group

(Dollars in thousands)

Operating Income (Loss)

$      226,346

$         30,556

$          26,021

$             (418)

$         (59,117)

$                  —

$       223,388

Stock-based compensation expense

23,584

12,695

12,944

5,135

14,848

69,206

Depreciation

9,235

621

5,822

3,877

1,029

20,584

Amortization of intangibles

3,471

7,295

10,766

Adjusted Operating Income (Loss)

$        259,165

$         43,872

$         48,258

$          15,889

$       (43,240)

$                  —

$      323,944

Revenue

$       488,341

$       147,688

$       158,094

$         66,754

$                  —

$              (701)

$       860,176

Operating Income (Loss) Margin

46 %

21 %

16 %

(1) %

NA

NA

26 %

Adjusted Operating Income Margin

53 %

30 %

31 %

24 %

NA

NA

38 %

 

Three Months Ended December 31, 2023

Tinder

Hinge

E&E

MG Asia

Corporate &
unallocated
costs

Eliminations

Total Match Group

(Dollars in thousands)

Operating Income (Loss)

$      238,476

$         26,855

$          12,599

$          (6,539)

$          (11,139)

$                  —

$       260,252

Stock-based compensation expense

17,865

12,440

14,055

7,280

16,514

68,154

Depreciation

8,750

521

5,238

3,763

1,108

19,380

Amortization of intangibles

5,457

8,353

13,810

Adjusted Operating Income

$       265,091

$          39,816

$         37,349

$          12,857

$           6,483

$                  —

$       361,596

Revenue

$        505,721

$         116,136

$       170,567

$        73,804

$                  —

$                  —

$      866,228

Operating Income (Loss) Margin

47 %

23 %

7 %

(9) %

NA

NA

30 %

Adjusted Operating Income Margin

52 %

34 %

22 %

17 %

NA

NA

42 %

   

Reconciliation of Operating Income (Loss) to Adjusted Operating Income (Continued)

Year Ended December 31, 2024

Tinder

Hinge

E&E

MG Asia

Corporate &
unallocated
costs

Eliminations

Total Match Group

(Dollars in thousands)

Operating Income (Loss)

$       889,222

$        121,482

$        66,088

$        (32,345)

$       (221,135)

$                  —

$        823,312

Stock-based compensation expense

90,141

42,673

54,922

25,818

53,827

267,381

Depreciation

37,660

2,323

21,732

20,834

4,950

87,499

Impairments and amortization of intangibles

27,676

46,499

74,175

Adjusted Operating Income (Loss)

$     1,017,023

$       166,478

$        170,418

$        60,806

$      (162,358)

$                  —

$     1,252,367

Revenue

$       1,991,137

$      550,435

$       654,168

$       284,522

$                  —

$             (889)

$    3,479,373

Operating Income (Loss) Margin

45 %

22 %

10 %

(11) %

NA

NA

24 %

Adjusted Operating Income Margin

51 %

30 %

26 %

21 %

NA

NA

36 %

 

Year Ended December 31, 2023

Tinder

Hinge

E&E

MG Asia

Corporate &
unallocated
costs

Eliminations

Total Match Group

(Dollars in thousands)

Operating Income (Loss)

$        955,519

$          74,261

$        82,460

$         (8,675)

$     (186,669)

$                  —

$       916,896

Stock-based compensation expense

68,644

31,459

50,268

23,399

58,329

232,099

Depreciation

25,197

1,926

18,732

11,671

4,281

61,807

Impairments and amortization of intangibles

12,336

35,395

47,731

Adjusted Operating Income (Loss)

$   1,049,360

$       107,646

$       163,796

$         61,790

$     (124,059)

$                  —

$     1,258,533

Revenue

$     1,963,610

$      396,485

$      700,925

$     303,484

$                  —

$                  —

$   3,364,504

Operating Income (Loss) Margin

49 %

19 %

12 %

(3) %

NA

NA

27 %

Adjusted Operating Income Margin

53 %

27 %

23 %

20 %

NA

NA

37 %

Reconciliation of Operating Income to Adjusted Operating Income used in Leverage Ratios

Twelve months ended

12/31/2024

(In thousands)

Operating Income

823,312

Stock-based compensation expense

267,381

Depreciation

87,499

Impairments and amortization of intangibles

74,175

Adjusted Operating Income

$    1,252,367

Reconciliation of Operating Cash Flow to Free Cash Flow

Years Ended December 31,

2024

2023

(In thousands)

Net cash provided by operating activities

$        932,719

$       896,791

Capital expenditures

(50,578)

(67,412)

Free Cash Flow

$        882,141

$       829,379

Reconciliation of Forecasted Operating Income to Forecasted Adjusted Operating Income

Three Months Ended
March 31, 2025

Year Ended
December 31, 2025

(In millions)

Operating Income

$155 to $160

$802 to $828

Stock-based compensation expense

70

305 to 315

Depreciation and impairments and amortization of intangibles

35

125 to 135

Adjusted Operating Income

$260 to $265

$1,232 to $1,278

Revenue

$820 to $830

$3,375 to $3,500

Operating Income Margin (at the mid-point of the ranges)

19 %

24 %

Adjusted Operating Income Margin (at the mid-point of the ranges)

32 %

36.5 %

Reconciliation of Forecasted Cash Provided by Operating Activities to Forecasted Free Cash Flow

Year Ended
December 31, 2025

(In millions)

Net cash provided by operating activities

$1,055 to $1,075

Capital expenditures

45-55

Free Cash Flow

$1,000 to $1,030

Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects

Three Months Ended December 31,

Years Ended December 31,

2024

$ Change

% Change

2023

2024

$ Change

% Change

2023

(Dollars in millions, rounding differences may occur)

Total Revenue, as reported

$     860.2

$         (6.1)

(1) %

$     866.2

$  3,479.4

$       114.9

3 %

$   3,364.5

Foreign exchange effects

14.8

73.8

Total Revenue, excluding foreign
     exchange effects

$     875.0

$         8.8

1 %

$     866.2

$    3,553.1

$      188.6

6 %

$   3,364.5

Total Revenue, excluding Hakuna and
     other of our live streaming services,
     as reported

$      860.1

$         8.6

1 %

$      851.5

$   3,453.2

$      154.8

5 %

$   3,298.5

Foreign exchange effects

14.9

72.7

Total Revenue, excluding Hakuna and
     other of our live streaming services,
     excluding foreign exchange effects

$     874.9

$        23.4

3 %

$      851.5

$   3,525.9

$      227.5

7 %

$   3,298.5

Direct Revenue, as reported

$     845.4

$        (5.4)

(1) %

$     850.8

$   3,418.0

$      109.8

3 %

$   3,308.1

Foreign exchange effects

14.5

72.8

Direct Revenue, excluding foreign
     exchange effects

$     859.9

$          9.1

1 %

$     850.8

$  3,490.8

$      182.7

6 %

$   3,308.1

Tinder Direct Revenue, as reported

$     476.0

$       (17.2)

(3) %

$     493.2

$   1,940.6

$        23.0

1 %

$    1,917.6

Foreign exchange effects

11.0

45.6

Tinder Direct Revenue, excluding
     foreign exchange effects

$     487.0

$        (6.3)

(1) %

$     493.2

$   1,986.2

$       68.6

4 %

$    1,917.6

Hinge Direct Revenue, as reported

$      147.7

$        31.6

27 %

$        116.1

$     550.4

$      154.0

39 %

$     396.5

Foreign exchange effects

(0.1)

(0.4)

Hinge Direct Revenue, excluding
     foreign exchange effects

$      147.6

$         31.5

27 %

$        116.1

$      550.1

$      153.6

39 %

$     396.5

E&E Direct Revenue, as reported

$       155.1

$       (12.8)

(8) %

$      167.8

$     643.0

$      (48.4)

(7) %

$      691.4

Foreign exchange effects

0.3

1.5

E&E Direct Revenue, excluding
     foreign exchange effects

$      155.4

$       (12.4)

(7) %

$      167.8

$     644.5

$      (47.0)

(7) %

$      691.4

E&E, excluding live streaming, Direct
     Revenue, as reported

$      155.0

$        (4.4)

(3) %

$      159.4

$      633.2

$       (19.5)

(3) %

$      652.7

Foreign exchange effects

0.3

1.5

E&E, excluding live streaming, Direct
     Revenue, excluding foreign
     exchange effects

$       155.3

$         (4.1)

(3) %

$      159.4

$     634.6

$        (18.1)

(3) %

$      652.7

MG Asia Direct Revenue, as reported

$       66.6

$        (6.9)

(9) %

$        73.6

$     283.9

$       (18.7)

(6) %

$     302.6

Foreign exchange effects

3.3

26.2

MG Asia Direct Revenue, excluding
     foreign exchange effects

$       69.9

$        (3.6)

(5) %

$        73.6

$       310.1

$          7.5

2 %

$     302.6

MG Asia, excluding Hakuna, Direct
     Revenue, as reported

$       66.6

$        (0.7)

(1) %

$        67.3

$     267.6

$        (7.7)

(3) %

$      275.3

Foreign exchange effects

3.3

25.1

MG Asia, excluding Hakuna, Direct
     Revenue, excluding foreign
     exchange effects

$       69.9

$          2.6

4 %

$        67.3

$      292.7

$        17.4

6 %

$      275.3

Dilutive Securities

Match Group has various tranches of dilutive securities. The table below details these securities and their potentially dilutive impact (shares in millions; rounding differences may occur).

Average Exercise
Price

1/31/2025

Share Price

$35.70

Absolute Shares

251.6

Equity Awards

Options

$17.98

0.6

RSUs and subsidiary denominated equity awards

7.9

Total Dilution – Equity Awards

8.5

Outstanding Warrants

Warrants expiring on September 15, 2026 (6.6 million outstanding)

$133.98

Warrants expiring on April 15, 2030 (6.9 million outstanding)

$134.04

Total Dilution – Outstanding Warrants

Total Dilution

8.5

% Dilution

3.3 %

Total Diluted Shares Outstanding

260.0

______________________

The dilutive securities presentation above is calculated using the methods and assumptions described below; these are different from GAAP dilution, which is calculated based on the treasury stock method.

Options — The table above assumes the options are settled net of the option exercise price and employee withholding taxes, as is our practice effective January 2025, and the dilutive effect is presented as the net shares that would be issued upon exercise. Withholding taxes paid by the Company on behalf of the employees upon exercise is estimated to be $20.7 million, assuming the stock price in the table above and a 50% estimated employee withholding tax rate.

RSUs and subsidiary denominated equity awards — The table above assumes RSUs are settled net of employee withholding taxes, as is our practice effective January 2025, and the dilutive effect is presented as the net number of shares that would be issued upon vesting. Withholding taxes paid by the Company on behalf of the employees upon vesting is estimated to be $281.8 million, assuming the stock price in the table above and a 50% withholding rate.

All performance-based and market-based awards reflect the expected shares that will vest based on current performance or market estimates. The table assumes no change in the fair value estimate of the subsidiary denominated equity awards from the values used for GAAP purposes at December 31, 2024.

Exchangeable Senior Notes — The Company has two series of Exchangeable Senior Notes outstanding. In the event of an exchange, each series of Exchangeable Senior Notes can be settled in cash, shares, or a combination of cash and shares. At the time of each Exchangeable Senior Notes issuance, the Company purchased call options with a strike price equal to the exchange price of each series of Exchangeable Senior Notes (“Note Hedge”), which can be used to offset the dilution of each series of the Exchangeable Senior Notes. No dilution is reflected in the table above for any of the Exchangeable Senior Notes because it is the Company’s intention to settle the Exchangeable Senior Notes with cash equal to the face amount of the notes; any shares issued would be offset by shares received upon exercise of the Note Hedge.

Warrants — At the time of the issuance of each series of Exchangeable Senior Notes, the Company also sold warrants for the number of shares with the strike prices reflected in the table above. The cash generated from the exercise of the warrants is assumed to be used to repurchase Match Group shares and the resulting net dilution, if any, is reflected in the table above.

Non-GAAP Financial Measures

Match Group reports Adjusted Operating Income, Adjusted Operating Income Margin, Free Cash Flow, and Revenue Excluding Foreign Exchange Effects, all of which are supplemental measures to U.S. generally accepted accounting principles (“GAAP”). The Adjusted Operating Income, Adjusted Operating Income Margin, and Free Cash Flow measures are among the primary metrics by which we evaluate the performance of our business, on which our internal budget is based and by which management is compensated. Revenue Excluding Foreign Exchange Effects provides a comparable framework for assessing the performance of our business without the effect of exchange rate differences when compared to prior periods. We believe that investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Match Group endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures, which we describe below. Interim results are not necessarily indicative of the results that may be expected for a full year.

Definitions of Non-GAAP Measures

Adjusted Operating Income is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements, as applicable. We believe Adjusted Operating Income is useful to analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. The above items are excluded from our Adjusted Operating Income measure because they are non-cash in nature. Adjusted Operating Income has certain limitations because it excludes certain expenses.

Adjusted Operating Income Margin is defined as Adjusted Operating Income divided by revenues. We believe Adjusted Operating Income Margin is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted Operating Income Margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.

Free Cash Flow is defined as net cash provided by operating activities, less capital expenditures. We believe Free Cash Flow is useful to investors because it represents the cash that our operating businesses generate, before taking into account non-operational cash movements. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, we think it is important to evaluate Free Cash Flow along with our consolidated statement of cash flows.

We look at Free Cash Flow as a measure of the strength and performance of our businesses, not for valuation purposes. In our view, applying “multiples” to Free Cash Flow is inappropriate because it is subject to timing, seasonality and one-time events. We manage our business for cash, and we think it is of utmost importance to maximize cash – but our primary valuation metric is Adjusted Operating Income.

Revenue Excluding Foreign Exchange Effects is calculated by translating current period revenues using prior period exchange rates. The percentage change in Revenue Excluding Foreign Exchange Effects is calculated by determining the change in current period revenues over prior period revenues where current period revenues are translated using prior period exchange rates. We believe the impact of foreign exchange rates on Match Group, due to its global reach, may be an important factor in understanding period over period comparisons if movement in rates is significant. Since our results are reported in U.S. dollars, international revenues are favorably impacted as the U.S. dollar weakens relative to other currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other currencies. We believe the presentation of revenue excluding foreign exchange effects in addition to reported revenue helps improve the ability to understand Match Group’s performance because it excludes the impact of foreign currency volatility that is not indicative of Match Group’s core operating results.

Non-Cash Expenses That Are Excluded From Our Non-GAAP Measures

Stock-based compensation expense consists principally of expense associated with the grants of RSUs, performance-based RSUs, and market-based awards. These expenses are not paid in cash, and we include the related shares in our fully diluted shares outstanding using the treasury stock method; however, performance-based RSUs and market-based awards are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the reporting period is the end of the contingency period). To the extent stock-based awards are settled on a net basis, we remit the required tax-withholding amounts from our current funds.

Depreciation is a non-cash expense relating to our property and equipment and is computed using the straight-line method to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold improvements, the lease term, if shorter.

Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash expenses related primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived intangible assets of the acquired company, such as customer lists, trade names and technology, are valued and amortized over their estimated lives. Value is also assigned to (i) acquired indefinite-lived intangible assets, which consist of trade names and trademarks, and (ii) goodwill, which are not subject to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired company to build value prior to acquisition and the related amortization and impairment charges of intangible assets or goodwill, if applicable, are not ongoing costs of doing business.

Additional Definitions

Tinder consists of the world-wide activity of the brand Tinder®.

Hinge consists of the world-wide activity of the brand Hinge®.

Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands including Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands and our Emerging brands including BLK®, ChispaTM, The League®, Archer®, Upward®, YuzuTM, and other smaller brands.

Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs® and Azar®.

Direct Revenue is revenue that is received directly from end users of our services and includes both subscription and à la carte revenue.

Indirect Revenue is revenue that is not received directly from end users of our services, substantially all of which is advertising revenue.

Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. When presented as a quarter-to-date or year-to-date value, Payers represents the average of the monthly values for the respective period presented. At a consolidated level and a business unit level to the extent a business unit consists of multiple brands, duplicate Payers may exist when we earn revenue from the same individual at multiple brands in a given month, as we are unable to identify unique individuals across brands in the Match Group portfolio.

Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is Direct Revenue for a period divided by the Payers in the period, further divided by the number of months in the period.

Leverage on a gross basis is calculated as principal debt balance divided by Adjusted Operating Income for the period referenced.

Leverage on a net basis is calculated as principal debt balance less cash and cash equivalents and short-term investments divided by Adjusted Operating Income for the period referenced.

Other Information

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release and our conference call, which will be held at 8:30 a.m. Eastern Time on February 5, 2025, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are “forward looking statements.” The use of words such as “anticipates,” “estimates,” “expects,” “plans” and “believes,” among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: Match Group’s future financial performance, Match Group’s business prospects and strategy, anticipated trends, and other similar matters. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: our ability to maintain or grow the size of our user base and convert users to paying users, competition, the limited operating history of some of our brands, our ability to attract users to our services through cost-effective marketing and related efforts, our ability to distribute our services through third parties and offset related fees, risks relating to our use of artificial intelligence, foreign currency exchange rate fluctuations, the integrity and scalability of our systems and infrastructure (and those of third parties) and our ability to adapt ours to changes in a timely and cost-effective manner, our ability to protect our systems from cyberattacks and to protect personal and confidential user information, impacts to our offices and employees from more frequent extreme weather events, risks relating to certain of our international operations and acquisitions, damage to our brands’ reputations as a result of inappropriate actions by users of our services, and macroeconomic conditions. Certain of these and other risks and uncertainties are discussed in Match Group’s filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that could also adversely affect Match Group’s business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, these forward-looking statements may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of Match Group management as of the date of this press release. Match Group does not undertake to update these forward-looking statements.

About Match Group

Match Group (NASDAQ: MTCH), through its portfolio companies, is a leading provider of digital technologies designed to help people make meaningful connections. Our global portfolio of brands includes Tinder®, Hinge®, Match®, Meetic®, OkCupid®, Pairs™, PlentyOfFish®, Azar®, BLK®, and more, each built to increase our users’ likelihood of connecting with others. Through our trusted brands, we provide tailored services to meet the varying preferences of our users. Our services are available in over 40 languages to our users all over the world.

_____________________________

1 As defined on page 16 of this press release.

2 Leverage is calculated utilizing the non-GAAP measure Adjusted Operating Income as the denominator. For a reconciliation of the non-GAAP measure for each period presented, see page 14.

View original content to download multimedia:https://www.prnewswire.com/news-releases/match-group-announces-fourth-quarter-and-full-year-results-302368094.html

SOURCE Match Group

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Technology

Changan Group Advances Global Strategy with “1+4+4+5” Framework, Targeting RMB 600 Billion in Revenue by 2030

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The Group sets out Six Major Leaps and five doubling targets, with RMB 600 billion in revenue and 1.5 million overseas sales in its sights for 2030.

CHONGQING, China, April 22, 2026 /PRNewswire/ — Changan Group held its Global Strategy Launch and Global Partner Conference in Chongqing on April 21, 2026, presenting its “1+4+4+5” strategic framework to around 700 delegates. The strategy reinforces and advances the Group’s Vast Ocean Plan, with a clear ambition: to enter the global automotive top ten and reach RMB 600 billion in revenue by 2030.

The “1+4+4+5” strategy is built around one vision: to build a world-class automotive group with global competitiveness and homegrown core technologies. It consists of four business pillars: vehicles, components, services, and next-generation ecosystem industries; and four transformation priorities: intelligence, green development, globalization, and integration.

Guided by a two-step, ten-year roadmap, the Group targets five doublings by 2030: new energy vehicle (NEV) sales, overseas vehicle sales, total revenue, total profit, and brand value. Specific 2030 goals include 2.4 million NEV sales, 1.5 million overseas vehicle sales, RMB 600 billion in revenue, and RMB 200 billion in brand value, earning Changan a place among the world’s Top 500 Influential Brands.

“Today we are entering a remarkable new era shaped by profound change and unprecedented opportunity. Every transformation creates the conditions for a new generation of world class enterprises. Changan Group will stay committed to co-development and shared prosperity, working with our industry partners with one purpose and one direction, side by side as we move forward.”
— Zhu Huarong, Chairman, Changan Group

Six Major Leaps

To drive the strategy, Changan defined Six Major Leaps, each representing a measurable shift:

The Experience Leap marks a shift from single-domain smart driving to full-vehicle intelligence powered by SDA Intelligence.

The Power Leap moves from traditional energy to green and high-efficiency solutions, striving for carbon peak by 2027.

The Scale Leap expands multi-source growth by doubling NEV and overseas sales.

The Ecosystem Leap upgrades from “large industry, small ecosystem” to “large industry, large ecosystem.”

The System Leap shifts from traditional management to modern global governance.

The Value Leap pushes full transition to an intelligent, low-carbon mobility technology company.

Globalization: Three Major Plans

Under the strategy, Changan advances three key plans: the Green Plan, the Intelligent Plan, and the Vast Ocean Plan. Together, they accelerate its evolution into a leader in intelligent, low-carbon mobility technologies.

The Green Plan strengthens core NEV technologies and embeds sustainability across the vehicle lifecycle. The Intelligent Plan delivers ultra-safe intelligent mobility solutions.

The Vast Ocean Plan pushes for comprehensive brand and industrial globalization, guided by long-term development, localization, systematization and integrated ESG principles.

Foundations

The strategy rests on strong foundations. In 2025, Changan Group sold 2.913 million vehicles, up 8.5% year-on-year, with NEV sales exceeding 1.1 million units. It has ranked first in China’s National Enterprise Technology Center assessment for 14 consecutive years. Its 24,000-strong global R&D team holds 20,935 patents (71% invention patents) and contributed to 408 industry standards.

Changan operates in 118 countries through 1,124 outlets, with 22 overseas manufacturing bases and 350,000 units of annual capacity. In March 2026, it achieved monthly overseas sales of over 100,000 units for the first time. With solid progress and clear goals, Changan Group is moving steadily toward its 2030 global ambitions.

Website: www.globalchangan.com 
X (Twitter): @globalchangan 
Instagram, Facebook, Youtube and TikTok: @changanautomobile

View original content:https://www.prnewswire.com/apac/news-releases/changan-group-advances-global-strategy-with-1445-framework-targeting-rmb-600-billion-in-revenue-by-2030-302749678.html

SOURCE Chongqing Changan Automobile Co., Ltd.

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Global Absorption Chiller Market to Reach USD 2.98 Billion by 2036 as Waste Heat Utilization and District Cooling Drive Sustainable Cooling Adoption

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NEWARK, Del., April 22, 2026 /PRNewswire/ — According to the latest analysis by Future Market Insights, the global absorption chiller market is witnessing steady and structurally significant growth, driven by increasing demand for energy-efficient cooling solutions, expanding district cooling infrastructure, and rising adoption of waste heat recovery systems. As industries and commercial facilities prioritize decarbonization and operational efficiency, absorption chillers are emerging as a strategic alternative to conventional electric cooling technologies.

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Quick Stats: Absorption Chiller Market (2026–2036)

Market Size (2026): USD 1.88 BillionForecast Value (2036): USD 2.98 BillionCAGR (2026–2036): 4.7%Incremental Opportunity: USD 1.10 BillionLeading Technology Segment: Double-Stage (85.4% share)Dominant Absorber Type: Lithium Bromide (92.5% share)Key Growth Regions: India, China, Middle East, North AmericaPrimary Applications: District Cooling, Industrial Process Cooling, Commercial Buildings

Market Size, Forecast & Growth Outlook

The absorption chiller market was valued at USD 1.80 billion in 2025 and is projected to reach USD 1.88 billion in 2026, expanding further to USD 2.98 billion by 2036 at a CAGR of 4.7%.

Growth is primarily fueled by increasing integration of thermal energy systems, where waste heat, solar thermal energy, or cogeneration exhaust is utilized as a low-cost energy source for cooling.

India leads growth with a CAGR of 5.4%, driven by district cooling mandates and industrial energy efficiency initiativesChina follows at 4.6%, supported by infrastructure expansion and energy efficiency targetsCanada (4.2%) and Japan (4.0%) reflect stable adoption in mature markets

This trajectory highlights the market’s transition toward energy-integrated cooling systems that align with global sustainability goals.

Demand Drivers: Decarbonization, Waste Heat Utilization & Regulatory Push

The absorption chiller market is strongly influenced by environmental regulations and energy optimization strategies.

Primary Growth Drivers

Building Energy Efficiency Mandates: Increasing regulatory pressure to reduce energy consumption and carbon emissionsDistrict Cooling Expansion: Rising investments in centralized cooling infrastructure, particularly in high-temperature regionsWaste Heat Recovery Adoption: Industrial facilities leveraging exhaust heat to generate cooling capacityLow-GWP Refrigerant Transition: Compliance with global agreements promoting eco-friendly refrigerants

Absorption chillers offer a compelling value proposition by utilizing waste heat instead of electricity, significantly reducing operational costs and emissions.

Technology Landscape: Efficiency and Sustainability at the Core

The market is defined by technology configurations optimized for performance and energy utilization:

Double-Stage Absorption Chillers (85.4% share):
Lead the market due to higher efficiency and better performance at elevated temperaturesLithium Bromide Systems (92.5% share):
Dominate due to superior absorption efficiency and reliability in large-scale applicationsEmerging Trend:
Increasing adoption of solar-thermal-driven absorption systems in high-insolation regions

These systems are particularly effective in applications where continuous thermal energy availability aligns with cooling demand.

Supply Chain Dynamics: Integrated Energy Ecosystem

Upstream

Heat source providers (cogeneration systems, industrial exhaust, solar thermal)Component manufacturers (heat exchangers, pumps, control systems)

Midstream (OEMs)

Key manufacturers include:

Thermax LtdShuangliang Eco-Energy Systems Co. Ltd.Carrier CorporationTrane Inc.Johnson Controls

These companies focus on system integration, efficiency optimization, and lifecycle services.

Downstream

District cooling developersIndustrial facilitiesCommercial real estate developers

Pricing Trends & Value Proposition

Absorption chillers operate within a value-based pricing model:

Higher upfront costs compared to electric chillersSignificantly lower lifecycle costs when waste heat is availableIncreasing ROI driven by energy savings and regulatory compliance

The key purchasing decision factor is total cost of ownership (TCO) rather than initial capital expenditure.

Access the Complete Report in PDF Format: https://www.futuremarketinsights.com/reports/brochure/rep-gb-1584

Segment Analysis: High-Efficiency Systems Drive Demand

By Technology

Double-stage systems dominate due to superior coefficient of performanceSingle-stage systems cater to smaller or lower-temperature applications

By Absorber Type

Lithium bromide leads due to high efficiency and reliabilityAmmonia-based systems serve niche industrial applications

By Application

District cooling and commercial buildings lead adoptionIndustrial process cooling is a fast-growing segment

Regional Analysis: Growth Anchored in Energy Transition

Asia Pacific (High Growth)

India and China drive demand through infrastructure and industrial expansionStrong adoption of district cooling and waste heat recovery

North America

Growth supported by data center expansion and sustainability initiatives

Japan

Mature market with established cogeneration infrastructure

Middle East

High adoption driven by extreme climate conditions and district cooling projects

Competitive Landscape: Efficiency, Integration & Service Define Leadership

The market is moderately consolidated, with competition based on:

Efficiency at varying thermal inputsIntegration with district cooling systemsAftermarket services and maintenance capabilities

Key Players

Thermax LtdShuangliang Eco-Energy Systems Co. Ltd.Carrier CorporationTrane Inc.Johnson Controls

Companies are increasingly investing in R&D, renewable integration, and advanced control systems to enhance competitiveness.

Risks & Market Constraints

High initial capital investmentComplex integration with thermal energy infrastructureCompetition from advanced electric chillersMaintenance requirements and operational complexity

Investment Opportunities & Future Outlook

The absorption chiller market presents long-term opportunities in:

Solar-powered absorption cooling systemsIndustrial waste heat recovery integrationDistrict cooling infrastructure expansionSmart energy management and hybrid cooling systems

Buy Report: Unlock 360° insights for strategic decision making and investment planning: https://www.futuremarketinsights.com/checkout/1584

Future Outlook (2036)

By 2036, absorption chillers will become a critical component of integrated energy systems, particularly in regions prioritizing decarbonization and energy efficiency. The market will increasingly align with renewable energy integration and circular energy utilization models.

Strategic Takeaway for Decision-Makers

The absorption chiller market is not just an HVAC segment—it is an energy strategy solution. Organizations that integrate cooling systems with thermal energy infrastructure will unlock significant cost and sustainability advantages.

As global industries move toward low-carbon, energy-efficient operations, absorption chillers will play a pivotal role in shaping the future of sustainable cooling.

Related Reports:

Blast Chillers Market- https://www.futuremarketinsights.com/reports/blast-chillers-market

Adsorption Chillers Market- https://www.futuremarketinsights.com/reports/adsorption-chillers-market

Data Center Chillers Market- https://www.futuremarketinsights.com/reports/data-center-chillers-market

About Future Market Insights (FMI) 

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An ESOMAR-certified research organization, FMI provides custom and syndicated market reports and consulting services, supporting both Fortune 1,000 companies and SMEs. Its team of 300+ experienced analysts ensures credible, data-driven insights to help clients navigate global markets and identify growth opportunities. 

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Chulalongkorn University’s Engineering Prepares for “SMRs”–Newer, Safer Small Nuclear Power Plants for Clean Energy in Thailand

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BANGKOK, April 21, 2026 /PRNewswire/ — Chulalongkorn University aims for carbon neutrality, promotes knowledge in nuclear energy and Small Modular Reactor (SMR) technology, safer small-scale nuclear power plants with zero carbon emissions, preparing personnel to drive the nation toward energy security and enhance future economic competitiveness.

Many countries around the world are accelerating their transition toward carbon neutrality while simultaneously strengthening energy security. Solar, wind, and hydropower are clean energy sources that have attracted significant attention, with continuous advancements in technology. Another indispensable high-efficiency clean energy source that does not emit greenhouse gases is nuclear power. 

Today, the global nuclear energy trend is moving toward small nuclear power plants, or Small Modular Reactors (SMRs), which feature more advanced technology, enhanced safety, and greater flexibility in deployment. At present, there are two operational SMRs in the world, located in China and Russia. However, within the next five years, additional SMRs are expected to be developed in several countries, including China, Russia, Canada, and the United States. 

For Thailand, the latest draft of Power Development Plan (PDP) 2024 mentions the consideration of SMRs as a future energy option. Thailand has long demonstrated readiness in terms of personnel and nuclear expertise, developed over several decades by the Department of Nuclear EngineeringFaculty of Engineering, Chulalongkorn University, the only institution in Thailand that offers education in nuclear engineering. 

Half a Century of Thailand’s Nuclear Energy
Nuclear energy is not new to Thai society; rather, it has been around for over half a century. Assoc. Prof. Nares Chankow, a lecturer in the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, explained that Thailand began discussing nuclear energy as early as 1966. In 1967.  A ten-member subcommittee was formed to conduct a feasibility study in various aspects, including personnel training.  

“Early preparations for nuclear energy were carried out seriously and systematically. Several potential sites were surveyed, and the conclusion was to designate Ao Phai in Si Racha District, Chonburi Province, as the location for Thailand’s first nuclear power plant. This plan was approved by the Atoms for Peace Committee, which was chaired by the Prime Minister at that time,” he said. 

This project is also regarded as the starting point for the establishment of the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University. 

“In 1970, Chulalongkorn University established the Nuclear Engineering School, initially focusing on training personnel from the Office of Atoms for Peace. In 1971, professors from the United States assisted in developing the curriculum. By 1972, the university launched a Graduate Diploma program and a Master of Engineering program in Nuclear Technology. In the early period, before a formal department existed, the program was administratively housed within the Department of Sanitary Engineering—now known as the Department of Environmental Engineering and Sustainability. It was not until 1974 that the Department of Nuclear Technology was officially established, marking the beginning of nuclear engineering education in Thailand. The department was later renamed the Department of Nuclear Engineering to align with other departments within the Faculty of Engineering,” Assoc. Prof. Nares said. 

Over the past 50 years, the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, has played a key role in producing skilled personnel and continuously advancing knowledge in the field, even during periods when nuclear power plant projects were put on hold. 

“The key factor that first led to the slowdown of the project was the discovery of natural gas resources in the Gulf of Thailand around 1977. At the time, it was estimated that these natural gas reserves would last for at least 40 years, and even today, nearly 50 years later, they are still being utilized. As a result, the government decided to postpone nuclear power projects. Discussions about nuclear power plants tend to resurface periodically during times of energy crises.” 

In addition to the availability of natural gas, another major obstacle to nuclear power development has been public understanding and acceptance. This challenge has been intensified by news of major accidents at large-scale nuclear power plants, such as the Chernobyl nuclear reactor explosion in Ukraine in 1986, or more recently, the Fukushima Daiichi nuclear disaster in Japan in 2011, which was triggered by a tsunami. Such events heightened public fear and uncertainty, leading to stronger opposition to the construction of nuclear power plants. 

“Every time we are about to move forward with a project, an incident occurs that makes nuclear energy look bad—whether it’s Chernobyl or Fukushima. These events frighten people and cause projects to stall,” Assoc. Prof. Nares said, drawing a parallel with the criticism surrounding the Chula Tunnel, which has now been in use for over 40 years. “When the tunnel was first built, there was heavy criticism—people said it would be dangerous, that it would flood, that the road would collapse. Anything new, unfamiliar, or not well understood naturally causes fear. What we need to do is communicate accurate information about nuclear energy to the public as clearly as possible.” 

Small Modular Reactors (SMR): The Future of Energy Security  
Efforts by many countries around the world to achieve Net Zero targets have brought nuclear energy back into focus. This time, however, attention is not on large-scale nuclear power plants, such as those associated with past disasters and media headlines, but rather on a new hope for the global energy sector: Small Modular Reactors (SMRs).  

“SMRs are modern nuclear power plants with a generating capacity of no more than 300 megawatts, which is much smaller than conventional nuclear power plants that typically have a capacity of around 1,000 megawatts,” explained Assoc. Prof. Dr. Somboon Rassame, Head of the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University.  

At present, there are only two SMR facilities in actual operation worldwide. The first is in Russia, where the reactors are installed on a ship with a total generating capacity of 2 × 35 megawatts and have been in operation since 2020. The second is in China, with a generating capacity of approximately 210 megawatts, supplying electricity to the public since 2021. 

“At present, there are several SMR power plant projects under construction. China, for example, is building one additional unit, which is expected to be completed by the end of this year. Canada has begun construction on four units, and the United States is preparing multiple sites for future construction,” Assoc. Prof. Dr. Somboon Rassame said. He anticipates that by the end of 2030, several SMRs will be in operation worldwide. 

As for Thailand, after signing the NDC 3.0 (Nationally Determined Contribution), a commitment to reduce carbon dioxide emissions to achieve carbon neutrality by 2050 and net-zero greenhouse gas emissions by 2065, nuclear power projects have once again become a prominent topic in national development planning. 

In the country’s energy security master plan—the latest 2024 draft of Thailand’s Power Development Plan (PDP) prepared by the Energy Policy and Planning Office (EPPO)—small nuclear power plants (Small Modular Reactors: SMRs) are being considered as a potential future option. The plan includes two SMR units, each with a capacity of approximately 300 megawatts, to be located in the northeastern and southern regions of Thailand, with operations expected to begin by 2037. 

“Due to pressure from the global community regarding carbon emissions, Thailand has very limited options. In the future, everyone will be closely scrutinized over where their electricity comes from; if it is still generated from carbon-emitting sources, additional carbon taxes will be imposed,” Assoc. Prof. Dr. Somboon Rassame said. “Relying solely on renewable energy may not yet be sufficient and poses risks to the country’s electricity security. Wind and solar power have limitations in terms of continuity, while the use of battery storage increases costs. Natural gas and coal still emit large amounts of carbon. As a result, Thailand must now turn to alternative energy sources that can ensure safety and produce no carbon emissions.” 

SMRs: A Leap Forward of Nuclear Technology for Enhanced Safety
Assoc. Prof. Dr. Somboon noted that SMRs offer several advantages, the first of which is flexibility.  “If a large nuclear power plant is built, we must be confident that the area has sufficiently high electricity demand. However, SMRs can be built in medium-sized communities, on islands, or in industrial estates. Most importantly, SMRs allow additional generating units to be added in line with growing demand. For example, a project could begin with 100 megawatts in the first five years, and when demand increases, another 200 megawatts can be added. This offers greater flexibility and better supports economic growth than large power plants, which require a massive one-time investment.”  

The most significant advantage of SMRs is their newly developed safety systems. Assoc. Prof. Dr. Somboon explained that nearly all SMR designs feature self-reliant safety systems that do not depend on external power supplies. Even in the event of a disaster or emergency where the plant will automatically shut down, the SMR’s safety systems will operate independently to safely bring the reactor to a halt. Emergency cooling in SMRs is also designed to be simpler and more self-sustaining, relying on natural cooling principles such as fluid circulation and gravity, rather than large volumes of coolant or water as required by large-scale plants. This significantly reduces the risk of reactor core meltdown and the release of radioactive materials into the environment, as occurred during the Fukushima nuclear accident in Japan in 2011. 

3 Key Advantages of SMRs and Issues Requiring Careful Preparation
Assoc. Prof. Dr. Somboon Rassame outlined the advantages of SMRs in three main points as follows:  

Safety: All 3 nuclear power plant accidents that have occurred worldwide involved plants built in the 1970s—more than 50 years ago. Since then, nuclear technology has advanced significantly. SMRs are equipped with passive safety systems that operate automatically without relying on external power sources. Even in the event of a disaster or power outage, the reactor can safely shut itself down. In addition, the smaller size of SMRs makes them easier to control and manage. Economics: The initial investment required for SMRs is lower than that for large-scale power plants, and they offer high flexibility. SMRs can be installed in remote areas, on islands, or in industrial estates that large power plants cannot easily reach. Moreover, generating units can be added according to demand, eliminating the need for a massive one-time investment. Environment: SMRs do not emit significant amounts of carbon dioxide throughout the operational lifetime of the plant. This helps Thailand achieve its Net Zero goals more quickly and effectively, while also providing a more reliable energy source than other forms of renewable energy. 

Although SMRs are smaller than conventional nuclear power plants, they still raise the same issue of radioactive waste. Therefore, Thailand needs to develop concrete plans for managing radioactive waste in the future in accordance with international standards, while also building public confidence that the country has safe, transparent, and verifiable systems for the storage and disposal of waste from SMRs.  

SMRs: Costs and Cost-Effectiveness  
One of the questions the public is most interested in is, “If SMRs are introduced, will electricity prices become cheaper?” 

Assoc. Prof. Dr. Somboon Rassame addressed this issue by saying, “SMRs are like any new product—much like when new smartphone models are first released. Naturally, the price will not be low at the beginning, but as more people use them, prices should decrease according to market mechanisms.”  

Importantly, he emphasized that cost-effectiveness should not be assessed based on price alone, but should also take into account several key advantages, including:  

Energy security – SMRs can generate electricity continuously 24 hours a day and are not dependent on weather conditions, unlike solar and wind energy.  Carbon-free electricity generation – This helps the country avoid carbon taxes and maintain its competitiveness in terms of economic growth and investment. Flexibility – SMRs can be installed in remote areas and allow generating capacity to be expanded in line with demand. 

ASEAN Moves Toward Nuclear Energy: Where Does Thailand Stand?  
“At present, there are only two SMRs in operation worldwide, with another four to five projects beginning construction. Thailand does not plan to deploy SMR nuclear power plants this year or next year; according to current plans, implementation would be around 12 years from now. By that time, it is expected that SMR adoption will have increased globally, leading to lower costs and more reasonable pricing, making them more competitive with other types of power plants.” 

Several neighboring countries are moving forward with nuclear energy projects in earnest. Assoc. Prof. Dr. Somboon Rassame noted that Vietnam has made more progress in developing nuclear power plants than Thailand, largely due to strong government support and direct endorsement from its leader. Indonesia is also advancing seriously, having built a solid research foundation related to nuclear power over many years. The country has developed its own nuclear fuel and plans to commission its first nuclear power plant by 2032. Meanwhile, the Philippines has plans to construct nuclear power plants, including SMRs, by 2033–2034.  

“It is clear that many countries in this region are about 5 years ahead of Thailand. Therefore, if Thailand delays its decision to move forward with such projects, it will lose its competitive edge. This competition is not only about technology but also about the ability to attract investment. Countries that can produce clean, carbon-free energy are more likely to attract investors, especially in industries such as AI and data centers, which consume enormous amounts of electricity and require clean energy,” Assoc. Prof. Dr. Somboon explained.  

Chula as a Knowledge and Workforce Hub: Preparing for SMRs
Establishing a nuclear power plant is not a simple undertaking, especially for countries that have never had one before. Assoc. Prof. Dr. Somboon Rassame explained that, according to International Atomic Energy Agency (IAEA) standards, countries without prior experience in nuclear power must spend at least 10–12 years on preparation. This readiness process must cover 19 key areas, such as: 1) human resources – sufficient numbers of well-trained engineers and experts; 2) laws and regulations – appropriate legal frameworks for regulation and oversight; 3) management planning – emergency preparedness plans and spent fuel management plans; 4) financing – clear financial support from the government. 

“Having a nuclear power plant is not easy—it’s not something you decide today and purchase tomorrow. A country must demonstrate its capabilities and gain acceptance from the international community, nuclear power plant businesses, and IAEA, showing that it is truly ready to implement an SMR nuclear power project. The Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, has long played a key role in preparing the country in the nuclear field, particularly through the development of skilled human resources.” 

“Whether or not there is a nuclear power plant project, the department continues to offer courses and conduct research. If we were to close the department or suspend teaching and research, the body of knowledge and expertise in nuclear engineering would be disrupted, and restarting would not be easy. Chulalongkorn University is a key institution for producing engineers, researchers, and specialists specifically in nuclear engineering. At present, many universities are beginning to show interest in establishing nuclear engineering programs, and Chulalongkorn University is ready to provide guidance and support in developing curricula to strengthen the country’s capacity for workforce development in nuclear power,” he said.  

At present, the department is involved in preparing the country for nuclear engineering readiness through multiple channels.  

Training programs – Short-term training courses of 18 hours are offered to the Electricity Generating Authority of Thailand (EGAT) and several private energy companies. This year, approximately 3-4 courses have already been conducted, with about 50 participants per cohort. Graduate production – The department has offered bachelor’s, master’s, and doctoral degree programs in nuclear and radiation engineering since 1972. To date, several hundred students have graduated at the master’s and doctoral levels. Academic services – The department provides consultation to private companies and government agencies on site selection, suitability assessments, project planning, and the selection of appropriate technologies. 

Nuclear in Daily Life
Whether or not nuclear power plants are built, nuclear and radiation technologies have long been part of everyday life. Assoc. Prof. Nares explained this with several interesting examples, such as: 

Medical applications – King Chulalongkorn Memorial Hospital is equipped with a proton therapy machine that uses radiation to treat cancer. This technology can deliver highly precise radiation to targeted areas, minimizing damage to surrounding organs compared with conventional radiation therapy. Food and pharmaceutical industries – Gamma irradiation is used to sterilize a wide range of products, from herbal inhalers that are currently gaining popularity to fermented pork, fruits, exported animal feed, syringes, and saline IV tubes used in hospitals. All of these products must undergo irradiation to eliminate pathogens. Quality control – In beverage manufacturing plants, radiation is used to measure liquid levels in bottles to ensure consistent volumes. In military weapons factories, X-rays are used for quality inspection. Even some brands of toothpicks undergo irradiation to prevent contamination.  

“The Department of Nuclear Engineering at Chulalongkorn University has produced a large number of professionals who work across various industries. Therefore, even without nuclear power plants, nuclear knowledge is highly beneficial to society,” stated Assoc. Prof. Nares. 

Rare Earth Elements and Nuclear Technology  
Assoc. Prof. Nares further explained that another interesting dimension is the relationship between nuclear technology and rare earth elements, which are critical raw materials for modern technologies such as smartphones, electric vehicles, computer equipment, drones, and various electronic devices.  

“Rare earth elements often contain traces of radioactive materials, so nuclear techniques can be used for exploration and analysis. In addition, there are many nuclear-based techniques that can be applied to survey, identify, and quantify rare earth elements. In the past, the Office of Atoms for Peace had a rare earth minerals project and even designed a processing plant, but the project was halted. It is not too late to resume development, as rare earth minerals are extremely important for high-tech industries,” he said.  

Public Acceptance Is the Key to Success  
Although SMRs offer many advantages and align well with energy security needs and Net Zero goals, they also present challenges that must be addressed. These include the country’s clarity and commitment in moving forward with such projects, the establishment of regulatory organizations and legal frameworks, and the development of qualified personnel—particularly as current enrollment in nuclear engineering programs remains insufficient. Most importantly, public acceptance is a critical factor.  

The Fukushima nuclear power plant accident in 2011 may have reduced public acceptance of nuclear energy. However, Assoc. Prof. Dr. Somboon Rassame observed that over the past 3-4 years, as more information about SMRs has been disseminated, public opinion on social media has begun to shift. Many people now view SMRs as a newer, more advanced, and safer technology, with younger generations in particular showing a growing willingness to accept this form of energy. 

“The role of educational institutions is to provide the public with clear and straightforward information about what this technology is, how it has been developed and improved, and how likely accidents are compared with nuclear power plants in the past. Institutions must present both the advantages and the limitations in a comprehensive manner. Once the public has been fully informed, the decision belongs to the people, and we must all accept the outcome,” Assoc. Prof. Dr. Somboon concluded.  

“I would like to urge national leaders to allow qualified experts in nuclear engineering and nuclear technology to lead and manage the country’s key nuclear agencies, including the Office of Atoms for Peace (OAP) and the Thailand Institute of Nuclear Technology (TINT). This would allow our country to fully enter an era in which nuclear technology can be applied to national development across many sectors—energy, industry, agriculture, the environment, materials, and beyond,” Assoc. Prof. Nares added in closing. 

Small Modular Reactors (SMRs) represent a significant opportunity that Thailand should prepare for. With greatly advanced technology, superior safety systems, installation flexibility, and, most importantly, carbon-free electricity generation, SMRs offer strong potential. Backed by more than half a century of accumulated commitment, knowledge, and experience, the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, stands ready to play a role in advancing the country’s opportunity to achieve sustainable energy security.

In approximately 12 years, Thailand plans to begin operating its first SMR capable of actual electricity generation. Clean energy for a new era is within reach, and Thailand is preparing to move confidently toward that future.  

Find more information on the Department of Nuclear Engineering, Faculty of Engineering, Chulalongkorn University, on Facebook: Nuclear Engineering, Chulalongkorn University 

Continue reading a full article on the website: https://www.chula.ac.th/en/highlight/286177/

About Chulalongkorn University
Chulalongkorn University has made the world’s top 50 university list for employment outcomes, which reflects both the high employment rate and work ability of Chula graduates. The university is also listed as the best in Thailand for the 15th Consecutive Year (since 2009), according to the newly released QS World University Rankings 2024, putting Chula at 211th in the world, up from 244th last year.

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