Message from the Chairman and CEO

In 2025, the Thai automotive industry continued to face lingering effects from the 2023-2024 period. High household debt-to-GDP ratios led financial institutions to maintain strict lending criteria, particularly for automobile loans. Given that domestic vehicle purchases rely heavily on financing, this resulted in a significant decline in overall domestic sales. However, 2025 saw the Bank of Thailand and various financial institutions initiate debt restructuring programs and begin easing credit restrictions.

The Automotive Industry Group of the Federation of Thai Industries (FTI) reported the following industry figures for 2025:

• Total Vehicle Production: 1,455,569 units, a 0.9% decrease compared to 1,468,997 units in 2024.
• 1-Ton Pickup Trucks (including PPVs): 893,921 units, a slight increase of 0.02% from 893,700 units in 2024. While commercial pickups declined due to economic sluggishness and weak purchasing power, growth in the SUV and PPV segments helped offset the overall production volume.
• Battery Electric Vehicles (BEVs): 70,913 units, accounting for 4.9% of total domestic production. Although this proportion remains low, it represents significant growth from 9,520 units in 2024, driven by manufacturers accelerating production to comply with government EV incentive measures.
• Domestic Vehicle Sales: 621,166 units, an 8.5% increase from 572,675 units in 2024. The primary driver was a sales surge in late 2025the final period for vehicle registration under the EV 3.0 schemewhich boosted sales for passenger cars, SUVs, and PPVs, while pickup truck sales remained stagnant at low levels.
• Vehicle Exports: 935,750 units, an 8.2% decrease from 1,019,213 units in 2024. This was due to the discontinuation of certain internal combustion engine (ICE) passenger models for export, competition from affordable Chinese EVs in global markets, and impacts from trade wars, U.S. tariffs, carbon emission regulations, and rare earth mineral export restrictions in 2025.

Company Performance and Financial Highlights

For the 2025 fiscal year, the Company and its subsidiaries reported total sales revenue of 2,974.4 million Baht, a 7.5% decrease from 3,214.5 million Baht in 2024. This was impacted by slowing orders and the postponement of new projects by customers, particularly in the pickup truck segment. Additionally, strict credit conditions and reduced industrial capacity utilization played a role, though economic stimulus measures and interest rate cuts provided some relief. Indirect export revenues remained sluggish due to trade war impacts, despite support from lower interest rates and oil prices.

The Company recorded a net profit of 544.4 million Baht, representing a net profit margin of 18.2%. Basic earnings per share (EPS) stood at 0.366 Baht, compared to a net profit of 631.8 million Baht in 2024.

Future Outlook and Strategy for 2026

For 2026, our domestic operational direction remains focused on maintaining our market share in engine parts and 1-ton pickup components. Simultaneously, we are diversifying into new business sectors, including:

• Electric Vehicle (EV) components.
• Non-Pickup segments: Big bikes, heavy-duty trucks, and passenger cars.
• Non-Automotive sectors: Agricultural machinery, home appliances, and the aerospace industry.

These initiatives aim to mitigate risks and broaden our revenue base.

Corporate Social Responsibility (CSR)

The Company and its subsidiaries operate with a commitment to sustainability, ensuring our activities benefit the economy, society, and the environment. We uphold the principles of good corporate citizenship and strictly comply with all relevant laws and regulations. We are dedicated to enhancing the quality of life for society and local communitiesespecially those near our operationsensuring they prosper alongside the Company's growth.

Closing Statement

On behalf of the Board of Directors, I would like to express our gratitude to our shareholders, stakeholders, employees, and management for their continued dedication. The Board remains committed to conducting business with transparency and social responsibility under the principles of good corporate governance, ensuring the Company achieves stable and sustainable growth.