Mongkol Simaroj

Chairman

In 2025, Thailand’s economy expanded by 2.4%, which remained relatively low compared with the country’s growth potential. Nevertheless, economic growth in the final quarter of the year improved beyond expectations, reflecting signs of recovery in the economy, supported by domestic consumption stimulus measures and the accelerated disbursement of government budget expenditures in several areas. For 2026, the preliminary assessment indicates that the Thai economy is likely to continue growing at a rate broadly comparable to that seen over the past two to three years. At the beginning of the year, a nationwide general election was held, and it is expected that a new government will be formed within the second quarter, with a likelihood of continued implementation of investment and consumption stimulus measures, which could serve as supporting factors enabling the economy to expand more strongly than previously anticipated.

However, the economy continues to face uncertainties from both domestic and external factors, including trade war policies among major powers, geopolitical tensions across several regions, and domestic circumstances that may give rise to security-related risks. These factors could adversely affect international trade and business confidence and remain key challenges to the government’s economic policy efforts to restore private sector confidence in investment, business expansion, and employment, so that the Thai economy can continue moving forward on a sustained basis. With respect to domestic fuel consumption in 2025, average daily consumption stood at 154.85 million litres, broadly in line with 155.49 million litres per day in 2024. Gasoline consumption remained stable at 31.72 million litres per day, increasing by 1.1% from the previous year, while diesel consumption declined from 66.76 million litres per day to 65.30 million litres per day, or approximately 2.6%. Meanwhile, average daily consumption of commercial aviation fuel, Jet A1, amounted to 17.23 million litres, up from 16.02 million litres per day in 2024, representing an increase of 7.6%, reflecting the continued recovery of the aviation and tourism industries. In the automotive sector, total domestic vehicle sales in 2025 amounted to 621,166 units, increasing by 8.47% from the previous year. Of this total, battery electric vehicle (BEV) sales accounted for 120,301 units, representing an increase of 80.27% from the prior year, driven by tax incentives and government policies promoting the adoption of electric vehicles.

For the Group’s operating performance in 2025, total sales volume of refined oil products amounted to 1,048 million litres, compared with 1,108 million litres in 2024. The Group operated 139 service stations under the “Bangchak” brand, 100 service stations under the “SUSCO” brand, and 27 jointly operated stations under the“Sinopec” brand.

In the electric vehicle business, Susco Beyond Co., Ltd., a subsidiary of the Group, operates as an authorised distributor of BYD and DENZA electric vehicles. It currently has a total of 11 branches and, in 2025, recorded total vehicle sales of 3,758 units, up from 2,350 units in the previous year, representing a growth rate of 60%.

In terms of overall operating performance, the Group recorded total revenue of THB 31,380 million, down from THB 33,149 million in 2024, and net profit of THB 120 million, decreasing from THB 288 million in the previous year. The principal cause was the decline in international trading volume during the second half of the year as a result of conflict situations in border areas between countries. Nevertheless, the Group continues to plan the expansion of approximately 10–20 additional service stations under all three trademarks in 2026, while pursuing such expansion prudently and in alignment with economic conditions and industry trends.

At the same time, the Group continues to place significant emphasis on the development of its electric vehicle business and expects EV sales to grow favourably from the launch of new vehicle models in 2026. However, as this business remains in its early stage, the Group is managing it with due caution, particularly during the transition from internal combustion engine vehicles to electric vehicles, a period marked by rapid industry transformation and intense competition. In addition, the Group has expanded into the electric vehicle leasing and hire-purchase business to capture new market opportunities and expects this business to grow strongly and develop into one of the Group’s corebusinesses in the future.

In addition to the service station business and the electric vehicle business, the Company has also developed large-scale retail spaces under the name “SUSCO SQUARE” to accommodate changing consumer lifestyles. From an initial two locations, the number has now increased to four, in collaboration with business partners in the food and beverage sector in various formats, including drive-thru services, in order to increase the contribution of non-oil revenue, while also placing emphasis on designing areas that are convenient and sufficiently spacious for customers.

Construction of the fourth SUSCO SQUARE project, Pin Klao Branch, was completed in 2025 and is scheduled to commence official operations in January 2026. This branch will serve as a model for future expansion of the non-oil business. In addition, the Company has partnered to install fast-charging stations at 57 service stations to support the growth of electric vehicles. The Company has also installed solar rooftop systems at 53 service stations, with plans for further expansion in the future. These initiatives not only help reduce energy costs but also form part of the Company’s environmentally responsible and sustainable business operations.

On behalf of the Board of Directors, I would like to express my sincere appreciation to our shareholders and all groups of stakeholders, including customers, business partners, financial institutions, and all patrons, for their continued support of the Company’s operations. I would also like to extend my gratitude to the management team and all employees for their dedication, commitment, and capabilities in driving the organisation’s continued growth. I sincerely hope that we will continue to receive your trust and support so that, together, we may advance the Company’s sustainable and resilient growth over the long term.