Management Discussion and Analysis for the Year Ended December 31, 2025

Enclosed are the Audited Financial Statements for the year ended December 31, 2025, and the Audited Financial Report by the Certified Public Accountant, with the explanation of the significant causes affecting the operating results to vary more than 20% from those of the same period of the preceding year, which can be summarized as follows:

1. Summary of the Operating Performance for the Year Ended December 31, 2025 compared to 2024 of the Company

For the year ended December 31, 2025, the Company had total revenue of Baht 26,909.93 million, a decrease of 3,225.65 million baht, or 10.70%, compared to the same period in 2024, due to a decrease in sales revenue, resulting from the decrease in export sales volume to foreign countries during the second half of the year. In addition other income also decreased, because the Company had reversed advance income from marketing support in 2024, which had been recognized as other income, and which also contributed to a decrease distribution costs. The Company had a net profit of Baht 163.39 million, compared to Baht 394.04 million in the same period of 2024, a decrease of Baht 230.65 million, or 58.53% due to a decrease in the marketing margin from oil sales.

2. Summary of the Operating Performance for the Year Ended December 31, 2025 compared to 2024 of the Company and its subsidiaries

For the year ended December 31, 2025, the Company and its subsidiaries had total revenue of Baht 31,380.70 million, a decrease of Baht 1,768.91 million or 5.34% compared to the same period of 2024, due to a decrease in sales revenue from a decrease in export sales volume to foreign countries during the second half of the year. In addition, other income also decreased, because the Company had reversed advance income from marketing support in 2024, which had been recognized as other income, however, the subsidiaries had the increase in the revenue from the sale of electric vehicles, from an increase in sales number of vehicles, and the increase in the distribution costs, due to higher depreciation expenses, resulting from an increase in the number of subsidiaries and an increase in asset values, and promotional expenses and financial costs. The Company and its subsidiaries had a net profit of Baht 120.30 million, compared to Baht 291.72 million in the same period of 2024, a decrease of Baht 171.42 million, or 58.76%

The Financial Position of the Company and Its Subsidiaries

As of December 31, 2025, the Company and its subsidiaries had total assets of Baht 9,734.14 million, a decrease of Baht 956.25 million or 8.94% compared to total assets of Baht 10,690.40 million as of December 31, 2024, due to a decrease was in current assets of Baht 957.37 million, from a decrease in trade receivables resulting from increasing collection money from account receivables, a decreased the inventory due to higher product sales, and other current assets decreased due to the receipt of the refunded VAT refund.

As of December 31, 2025, the Company and its subsidiaries had total liabilities of Baht 5,406.75 million, a decrease of Baht 760.70 million or 12.33% compared to total liabilities of Baht 6,167.45 million as of December 31, 2024, due to the decrease in current liabilities of Baht 732.79 million, mainly due to a decrease in trade payables and other payables, as the company and its subsidiaries made higher payments for goods, Overdrafts and short-term loans from financial institutions decreased due to the Company and its subsidiaries making promissory note payments.

When considering various financial ratios related to liquidity, the company and its subsidiaries have an accounts receivable turnover ratio of 45.50, an inventory turnover ratio of 36.90, a debt-to-equity ratio of 1.20, and an interest-bearing debt-to-equity ratio of 0.80. These figures confirm that the company and its subsidiaries still maintain a sufficient level of liquidity to support current operations and future expansion.

The perspectives of executives on trend and strategies

• The oil business in 2025, a decrease in export sales volume compared to 2024, as a result of unrest situation in the border areas with neighboring countries. Meanwhile, domestic sales and sales through service stations increased. For 2026, domestic sales are expected to increase further due to strategic adjustments and the expansion of additional service stations. Export sales are projected to remain stable, at a level close to the sales volume in the second half of 2025.

• The company's Non-oil business has been accelerating the expansion of rental space and enhanced the modern image of SUSCO service stations to be more modern and better meet consumer needs. In addition, the company launched a new branch of SUSCO SQUARE at Pinklao in mid-2025. It is expected that rental income from the Non-Oil business will increase by no less than 20% in the first quarter of 2026. The company is also exploring opportunities to introduce other types of businesses within the service stations, such as restaurants and automotive services, to further enhance customer convenience.

• Automotive and Electric Vehicle (EV) Business, in 2025, a new BYD car model was launched, featuring pricing and design that align with consumer preferences. This has resulted in a continuous increase in the group’s electric vehicle sales. In addition, BYD plans to gradually introduce more new models to expand its customer base to new consumer segments. It is expected that sales of electric vehicles under the BYD and DENZA brands will continue to perform strongly in 2026.

• In other businesses

  • The company has installed electric vehicle chargers (EV chargers) at more than 55 service stations, with a total of over 137 charging outlets. The company also plans to expand partnerships with business allies to increase the number of EV charging points and enhance service coverage more area.

  • Vehicle Leasing and Hire-Purchase Business, in addition to the Grab EV Project, which promotes the use of electric vehicles (EVs) among Grab drivers, the company continues to provide car rental services to government agencies, state enterprises, and private sector organizations. The company aims to expand its fleet of electric vehicles for both leasing and hire purchase by no less than 500 units within the next two years. This business is expected to generate additional revenue for the company in the future.