Management Discussion and Analysis Three Month Period Ending 30 September 2024

Enclosed are the Reviewed Interim Financial Statements for the three – month and nine - month period ended September 30, 2024, and the Reviewed Interim 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:

The Company’s Financial Statements

1.1 In the third quarter of 2024, the Company had a sales volume of 251.522 million litres, an increase of 20.569 million litres, or 8.91% from the same period of 2023, the total revenueof Baht 7,117.40 million, an increase of Baht 487.79 million, or 7.36%, from the same period of 2023. The significant causes of the increase in the sales revenue were the increase in the sales volumes from domestic wholesales oil sales and oil fuel export to other countries, and the increase in the other income from the Company reversed the advance income-marketing support fee account to other income, which has also resulted in an increase in distribution costs. Additionally the decrease in the gross profit due to a decrease the average sales margin per litres, and loss from devaluation inventories, due to a decrease in the oil prices, for the increase in the administrative expenses due to loss from unrealized foreign exchange rateof Baht 50.43 million, from oil export. The Company had a net profit of Baht 77.69 million, an increase of Baht 12.24 million, or 18.70% comparing with the net profit of Baht 65.45 million, of the same period of 2023.

1.2 For the nine-month period ended September 30, 2024, the Company had a sales volume of 799.521 million litres, an increase of 103.238 million litres, or 14.83% from the same period of 2023, the total revenue of Baht 22,426.54 million, an increase of Baht 1,494.45 million, or 7.14%, from the same period of 2023. The significant causes of the increase in the sales revenue were the increase in the sales volumes from domestic wholesales oil sales and oil fuel export to other countries, and the increase in the other income from the Company reversed the advance income-marketing support fee account to other income, which has also resulted in an increase 2 in distribution costs. while the decrease in the gain on sale investments, due to the nine-month period of 2023, the Company had the gain on sale investments in subsidiaries amount of Baht 1,135.36 million, whereas in the same period of 2024, there were no such transactions. The Company had a net profit of Baht 302.38 million a decrease of Baht 859.97 million, or 73.99% comparing with the net profit of Baht 1,162.35 million, of the same period of 2023, due to the decrease in the gain on sale investments in subsidiaries, and the income tax expenseshas also decreased.

The Consolidated Financial Statements

2.1 In the third quarter of 2024, the Company and its subsidiaries had a total sales volume of 225.250 million litres, an increase of 21.922 million litres, or 9.40%, from the same period of 2023, the Company and its subsidiaries had a total revenue was Baht 7,648.75 million, an increase of Baht 99.11 million, or 1.31%, from the same period of 2023. The significant causes of the increase in the sales revenue were the increase in the sales volumes from domestic wholesales oil sales and oil fuel export to other countries, and the increase in the other income from the Company reversed the advance income-marketing support fee account to other income, which has also resulted in an increase in distribution costs. Whereas, Susco Beyond Group, the subsidiaries had a sales from BYD electric vehicles in the third quarter of 2024 number of 409 vehicles, a decreased number of 401 vehicles, or 49.51% from the same period of 2023, due to strict car loans approvals and a decrease in purchasing power weak. The Company and its subsidiaries had a net profit of Baht 57.77 million, a decrease of Baht 27.97 million, or 32.62%, of the same period of 2023, due to the decrease in the gross profit from oil sales, caused by a decrease in the average sales margin per litre and loss from devaluation inventories, due to a decrease in the oil prices, and the increase in the administrative expenses due to a loss from unrealized foreign exchange rateof 49.77 million.

2.2 For the nine-month period ended September 30, 2024, the Company and its subsidiaries had a total sales volume of 807.353 million litres, a decrease of 42.122 million litres, or 4.96%, from the same period of 2023, due to the Company and its subsidiaries did not include sales volume of jet fuel and oil fuel through service stations. that was a business in a subsidiary which the currently is a joint venture. Whereas, Susco Beyond Group, the subsidiaries had a sales from BYD electric vehicles number of 1,242 vehicles, had increased from the same period of 2023, number of 414 vehicles, the Company and its subsidiaries had a total revenue was Baht 23,951.54 million, a decrease of Baht 1,738.86 million, or 6.77%, from the same period of 2023, from the decrease in the oil fuel sales revenue, due to the Company and its subsidiaries did not include sales revenue of jet fuel and oil fuel through service stations, that was a business in a subsidiary which the currently is a joint venture (SINOPEC SUSCO Co., Ltd), and a decrease in the gain on sale investments in subsidiaries of Baht 1,121.93 million, while, Susco Beyond Group, the subsidiaries had a sales revenue from BYD electric vehicles increased from the increase the sales of BYD electric vehicles. and the increase in the other income from the Company reversed the advance income-marketing support fee account to other income, which has also resulted in an increase in distribution costs. The Company and its subsidiaries had a net profit of Baht 182.51 million, a decrease of Baht 1,001.76 million, or 84.59%, of the same period of 2023, due to the decrease a gain on sale investments in subsidiaries of Baht 1,121.93 million.

As of September 30, 2024, the Company and its subsidiaries had total assets of Baht 9,876.44 million, compared to December 31, 2023, which had 9,831.39 million baht, an increase of 45.05 million baht, or 0.46%. due to an increase in the non-current assets of Baht 458.51 million, resulting from increased rights of use from new lease agreements, while, the current assets decreased by Baht 413.46 million, or 13.24%, due to a reduction in inventories as a result of increased sales of electric vehicle, and other current financial assets declined due to subsidiaries sold their investments in short-term fixed income fund.

As of September 30, 2024, the company and its subsidiaries had total liabilities of 5,439.42 million baht. Compared to December 31, 2023, which had 5,256.12 million baht, an increase of 183.30 million baht, or 3.49%, due to the increase in the non-current liabilities of 448.91 million baht, or 22.25%, from the increased lease liabilities from new lease agreements and an increase a long-term borrowing from financial institutions for operational purposes. While, the current liabilities decreased by 265.61 million baht, or 8.20%, due to a decrease in trade payables and other current payable of 513.90 million baht, or 26.01%. However, overdrafts and short-term borrowing increased of 211.13 million baht, or 23.09%, due to the company borrowed money through promissory notes to pay for goods.

When considering various financial ratios related to liquidity, the company and its subsidiaries have a liquidity ratio of 0.91, an accounts receivable turnover ratio of 46.40, an inventory turnover ratio of 21.64, a debt-toequity ratio of 1.23, and an interest-bearing debt-to-equity ratio of 1.12. These figures confirm that the company and its subsidiaries still maintain a high and sufficient level of liquidity to support current operations and future expansion.