Message from Chairman and President & CEO

Dear Shareholders,

In 2025, TTA delivered another year of stable performance despite the challenges posed by the economic environment, generating total revenues of Baht 29,909.3 million and reporting net profit of Baht 1,515.9 million. When considering core operating performance excluding special items, TTA recorded net profit from operations of Baht 2,094.4 million (as of 31 December 2025). This reflects the strength of TTA core businesses and the effectiveness of TTA cost management. TTA maintained its stability with managed cash of Baht 8.5 billion. The interest-bearing debt-to-equity ratio remained low at 0.37 times. Operating cash flow was positive at Baht 4,830.1 million, and the current ratio stood at 1.65 times. These factors underscore TTA financial discipline, prudent capital structure management, and readiness to capture future investment and growth opportunities, while continuing to maintain strong and constructive relationships with financial institutions.
TTA is committed to elevating growth from sustainability toward the continuous and broad-based creation of value under the concept of “Thriving Beyond Sustainability”. TTA places importance on strengthening each business unit to ensure stable performance and long-term competitiveness, alongside maximizing the efficiency of resource and asset management. At the same time, TTA has pursued new business opportunities in a structured manner under an appropriate risk management framework, while continuously integrating Environmental, Social, Governance, and Economic (ESG) principles into TTA strategies and business decision-making processes. In addition, TTA promotes collaboration among its core businesses to generate synergies and maintain strong relationships with its business partners, which will lead to enhanced value creation and sustainable growth for its shareholders, customers, and all stakeholders.

Key Strategic Business Unit Performance

Shipping Group

Thoresen Shipping continued to demonstrate strong profitability and competitiveness in the global dry bulk shipping market, reporting net profit attributable to TTA of Baht 1,375.6 million. Thoresen Shipping also proceeded with its asset portfolio optimization through the disposal of a 24-year-old Supramax vessel, reducing the fleet to 23 vessels and further enhancing overall fleet efficiency. In recognition of its outstanding performance, Thoresen Shipping was ranked 2nd among globally listed dry bulk shipping companies in the Vessel Index Report 2024 by Lienguard & Roschmenn. Notably, it is the only company to have consistently ranked among the top 5 for 7 consecutive years (2018-2024), reflecting operational excellence and the ability to generate sustainable value across industry cycles. As of the end of 2025, Thoresen Shipping owned a total of 23 vessels (21 Supramax and 2 Ultramax), with an average carrying capacity of 56,228 deadweight tons (DWT) and an average fleet age of 16.9 years.

Offshore Services Group

Mermaid Maritime Public Company Limited or Mermaid delivered strong operating results, reporting net profit attributable to TTA of Baht 198.5 million, with an order book of US$ 725.8 million as of the end of 2025. This reflects its operational efficiency and the continued trust placed by its clients. During the year, Mermaid successfully completed a major petroleum platform decommissioning project in Thailand, reinforcing its expertise and capabilities in managing large-scale projects, while further expanding opportunities in Southeast Asia. In addition, Mermaid secured multiple project awards in the Middle East, Southeast Asia, the North Sea, and Western Sub-Sahara Africa, covering both short-term and long-term contracts extending through fiscal year 2036.

Agrochemical Group

PM Thoresen Asia Holdings Public Company Limited or PMTA delivered resilient operating results, reporting net profit attributable to TTA of Baht 101.7 million. PMTA also advanced another step toward sustainable development, as the Baconco plant was able to operate during daytime hours with up to 90 percent of its electricity generated from solar energy. This achievement reflects TTA’s commitment to driving growth alongside environmental responsibility. At the same time, PMTA was ranked among the most preferred brands by retail operators in Vietnam, according to a survey conducted by CI Research. The survey reported 100 percent positive feedback on its products and services, with an average score of 4.7 out of 5, clearly reinforcing PMTA’s product quality and service excellence.

Food and Beverage Group

This year 2025 marked another significant step of progress for Pizza Hut as it successfully expanded its network beyond 200 outlets nationwide, reaching a total of 214 branches as of 31 December 2025. This milestone reflects the brand’s strong growth potential and solid market presence in Thailand. At the same time, the success of “Napoli Pizza” on its first anniversary, with cumulative sales exceeding 2.4 million pieces, demonstrates Pizza Hut’s ability to develop products that effectively meet consumer preferences. In addition, Pizza Hut continued to refresh its brand image under the concept of “FEED GOOD TIMES,” aiming to elevate the customer experience, strengthen consumer engagement, and lay a solid foundation for sustainable growth.

Taco Bell expanded its network to a total of 45 branches nationwide, reflecting continued growth and the brand’s potential in the Thai market. Alongside this expansion, the brand actively engaged new generation consumers through gaming and music platforms, connecting closely with their lifestyles. This strategy reinforces a vibrant, energetic brand image that clearly resonates with the new generation.

TTA continues to place importance on expanding investments into new businesses aligned with global megatrends and strong growth potential, by focusing on industries capable of generating robust and sustainable returns while carefully selecting business opportunities with continued expansion prospects and solid profitability, such as biomass energy, electric vehicles, and fintech. TTA pursues its investment strategy with prudence under an appropriate risk management framework, with the objective of strengthening its business portfolio and establishing balanced new revenue streams. This approach will support quality growth and enhance long-term value for shareholders.

Good Corporate Governance

TTA has consistently upheld a high standard of corporate governance, and has been rated “Excellent” under the Corporate Governance Report of Thai Listed Companies (CGR), conducted by the Thai Institute of Directors Association (IOD), for 7 consecutive years. This recognition reflects its transparent and traceable governance structure, as well as its fair treatment of shareholders. In addition, TTA received an “Excellent” score in the 2025 AGM Quality Assessment, organized by the Thai Investors Association (TIA), for 5 consecutive years. These achievements reaffirm TTA strong commitment to protecting shareholders’ rights, ensuring accurate and comprehensive disclosure of information, and promoting appropriate shareholder participation in decision-making processes.

On behalf of the Board of Directors, I would like to express my sincere appreciation to the management team and all employees for carrying out their duties with dedication and responsibility, despite the challenges faced throughout the past year. Your collaboration, commitment, and teamwork have been the key driving forces enabling TTA to overcome obstacles and move forward with stability.

I would also like to extend my sincere appreciation to our shareholders, business partners, and all stakeholders for their continued support and trust in TTA. TTA remains committed to delivering appropriate and sustainable returns to our shareholders, grounded in strong business fundamentals and a clear strategic vision. TTA will continue to build upon new opportunities to drive sustained growth, guided by good corporate governance and a steadfast commitment to sustainable development.

Mr. Prasert Bunsumpun

Chairman of the Board of Directors

Mr. Chalermchai Mahagitsiri

President & Chief Executive Officer