The year 2025 marked the third consecutive year of continued challenges for the Company. Nevertheless, the Company has not remained complacent and has continuously demonstrated determination and commitment in addressing these challenges. Throughout the past year, the Company continued its operations as usual, with key performance highlights as follows.

As of the end of 2025, the Company’s backlog amounted to THB 426.37 million. During the year, the Company secured new projects with a total contract value of THB 364.78 million, including the construction of the second runway at U-Tapao International Airport, the headquarters building project of Carabao Group Public Company Limited, and the Ramathibodi–Yothi Innovation District Project. In the current year, the Company expects successful bids for at least two additional major projects, with the aim of securing long-term projects to further strengthen its backlog.

With respect to the Company’s debentures and the villa construction project at the Headland Yamu, Phuket, operations were suspended during the past year pending additional capital injection from investors or the potential sale of the entire project. However, the investors did not proceed as agreed, resulting in the Company’s necessity to request a postponement of debenture repayments. Looking ahead, the Company has established the following approaches to address liquidity and debenture-related matters:

1. The divestment of the Company’s entire equity interest in the project
2. The sale of some parts of land or the divestment of the entire project
3. The search for new joint venture partners to enable the continuation of the project.

The outstanding debenture liability amounts to THB 120 million, while the value of the secured assets is approximately THB 360 million. Should the Company successfully resolve its short-term liquidity constraints and proceed with operations as planned, the project would be able to continue normally and generate revenue, with an estimated project value of approximately THB 2,400 million. Accordingly, the Company remains confident in its ability to manage its liquidity position and fully repay the debentures.

Finally, the Board of Directors would like to affirm that it remains fully attentive and committed to overseeing the Company’s operations. We would like to express our sincere appreciation to all shareholders for your continued support and trust. We sincerely hope that the coming year will be a positive and successful year for our beloved Company.