From Infrastructure Strength to Everyday Value Creation

The year 2025 represents an important phase in the Company’s strategic transition from an organization built upon the strength of energy infrastructure to a Multi-Brand Retail and Lifestyle Ecosystem that increasingly plays a role in various aspects of people’s daily lives. Through the integration of products, services, and digital platforms within a connected ecosystem, the Company aims to deliver sustainable value to customers, society, and shareholders.

Oil Business: A Strong and Stable Foundation

Throughout the past year, the oil business has continued to serve as a key foundation of the Company’s operations. The Company has maintained its position as a leading player in the retail oil market through its nationwide network of PT service stations. At the same time, the Company has continued to enhance the role of its service stations beyond energy service points, transforming them into platforms that integrate a wide range of products and services, including food and beverages, mobility-related services, and comprehensive automotive services. The trust and confidence that customers place in the PT brand remain a fundamental pillar supporting the expansion of other businesses within the Company’s ecosystem.

Non-Oil Business: A Strategic Driver of Growth

The Non-Oil business has increasingly become a strategic driver of growth and plays an important role in strengthening the Group’s revenue and profit structure. PunThai Coffee has continued to expand its network, reaching more than 2,100 branches nationwide as of the end of 2025. The brand has also evolved from a station-based coffee shop into a destination coffee brand that customers actively choose to visit. This development reflects the strength of the brand, the scalability of its expansion model, and its competitiveness at the national level. In parallel, the Company’s food, retail, and automotive service businesses, including Subway, Max Mart, and Autobacs, contribute to strengthening the ecosystem and increasing the frequency of customer engagement in everyday life. As a result, the Company is able to become part of multiple moments in customers’ daily activities, extending beyond travel-related services alone.

Digital Platforms: Connecting the Ecosystem

The PT Max Card membership program and the Max Me application have become key mechanisms in connecting customers with the Company’s ecosystem in a systematic manner. The relationship between the Company and its customers has gradually evolved from transactional interactions to long-term engagement driven by data, customer insights, and the value delivered through the ecosystem. These digital platforms enable the Company to gain deeper insights into customer behavior and preferences, thereby supporting the continuous development of products and services that better respond to everyday needs.

Enhancing Service Stations into Lifestyle Destinations

The development of new station formats, such as PT Max Rest and PT GIGA EV, reflects the Company’s direction in integrating alternative energy solutions, food services, and lifestyle offerings within a single destination. Consequently, PT service stations are evolving beyond traditional stopover points into destinations that provide meaningful experiences and value for customers throughout their journeys.

Strengthening Organizational Structure and Unlocking Value

During 2025, the Company also continued to strengthen its organizational structure in order to support long-term growth. The listing of Atlas Energy Public Company Limited (“ATLAS”), a subsidiary of the Company, on the Stock Exchange of Thailand (“SET”) represents an important milestone in aligning the Group’s business structure with the potential of its operations. This development has also enhanced governance standards, transparency, and management practices, allowing the value created within the Group to be reflected more clearly while strengthening the Company’s overall foundation for sustainable expansion in the future.

Recognized Achievements and the Strength of Our People

The Company’s progress during the year has been widely recognized by external institutions. The Company was ranked 48^th among the companies with the highest revenues in Southeast Asia in the Fortune Southeast Asia 500, an improvement of 10 places from the previous year. In addition, the Company received the Product of the Year award from Business+ magazine. These recognitions reflect not only the quality of the Company’s products and services but also the capabilities and dedication of our employees. For the Company, however, the true measure of success lies in the ability to create sustainable value for customers, business partners, society, and shareholders.

Strategic Outlook

The transformation undertaken in 2025 represents only the beginning of the Company’s long-term journey from an energy company toward becoming a Multi-Brand Retail and Lifestyle Ecosystem that plays a more meaningful role in people’s everyday lives. Built upon a strong operational foundation, an integrated ecosystem, and deeper customer insights, the Company will continue to elevate its approach from expansion toward value creation.

Going forward, the Company will shift its focus from expansion to value creation, placing greater emphasis on the quality of growth, balanced portfolio management, and the integration of its businesses to strengthen synergies. At the same time, the Company will continue to leverage technology and data to enhance customer experience and improve organizational agility.

Finally, I would like to express my sincere appreciation to our shareholders, business partners, suppliers, and employees for your continued trust, commitment, and support. The Company remains committed to responsible growth under the ESG framework, with the objective of creating long-term confidence among all stakeholders and contributing to the improvement of people’s quality of life so that they may “well-being and contentedness” throughout every stage of life.