1. What is the target number of cups per store for PunThai Coffee in 2026?

Answer:

The Company continues to target at least 200 cups per store per day.

This growth is supported by several factors, including continued store expansion, growth in the membership base, and marketing through the membership ecosystem, which helps increase customer visit frequency.

2. What is the expected Gross Profit Margin of PunThai Coffee in 2026?

Answer:

PunThai Coffee continues to maintain a strong gross profit structure, supported by efficient cost management and ongoing expansion of the store network.

Going forward, the Company will continue focusing on store expansion alongside growing its customer base through the membership ecosystem, which will support the long‑term profitability of the business.

3. Will financial costs decline in 2026?

Answer:

The direction of financial costs will depend on interest rate trends and the Company’s capital structure management.

The Company continues to closely monitor interest rate movements and manage its debt structure appropriately in order to optimize financing costs over the long term.

4. What was the net profit of PunThai Coffee in 2025?

Answer:

The financial statements of PunThai Coffee are currently in the process of being filed with the Department of Business Development (DBD).

Detailed financial figures will be disclosed through the appropriate regulatory channels once finalized.

5. What is the target contribution of Non‑Oil profit?

Answer:

Currently, Non‑Oil businesses contribute approximately 40% of the Company’s total gross profit.

In 2026, the Company aims to increase this contribution to around 40–45%, with PunThai Coffee acting as a key growth engine.

Over the longer term, the Company targets Non‑Oil gross profit contribution to reach approximately 50% by 2028.

6. How will the Company control SG&A amid store expansion?

Answer:

Operating expenses typically increase as the store network expands, including personnel costs, depreciation, and operational management expenses.

However, continued expansion also creates economies of scale in procurement, logistics, and operations, which help improve cost efficiency over time.

7. What is the oil sales volume growth target for 2026?

Answer:

The Company targets oil sales volume growth of approximately 3–5% year‑on‑year.

The PT Max Card membership base continues to play an important role in increasing customer visit frequency and supporting long‑term growth in oil sales volume.

8. What are the Company’s plans for new S‑Curve businesses?

Answer:

At this stage, the Company continues to focus on strengthening its core Non‑Oil businesses, particularly in the food and beverage segment, which still offers significant growth potential.

At the same time, the Company continues to explore new business opportunities that can be integrated with its existing ecosystem in the future.

9. Will opening PunThai Coffee stores close to each other create cannibalization?

Answer:

The Company acknowledges that some degree of cannibalization may occur in certain areas where stores are located close to each other.

However, the coffee business is largely a convenience‑driven business where accessibility plays an important role.

In the past year, the Company expanded approximately 800 PunThai Coffee stores. At the same time, the average number of cups sold per store per day increased to around 200 cups, reflecting that business growth is not merely a redistribution of existing demand.

Therefore, the Company’s strategy is to expand the store network to improve customer accessibility, which helps generate new demand within the system and supports overall business growth.

10. What are the key positive and negative factors for 2026?

Answer:

Key positive factors include the continued growth of Non‑Oil businesses, particularly PunThai Coffee, and the development of the Company’s ecosystem.

Key factors to monitor include global oil price volatility and overall macroeconomic conditions.

1. How will the Company manage its inventory over the next 15 days amid the ongoing geopolitical tensions between the U.S., Israel, and Iran?

Answer :

At the national level, Thailand currently does not face concerns regarding energy supply. According to government data, the country maintains approximately 60 days of oil reserves within the system, which is considered sufficient to support short-term demand under the current situation.

For the Company, we maintain long-term supply agreements with refineries, enabling us to manage oil procurement and supply in alignment with market demand on a continuous basis.

Recent observations, such as queues at certain service stations, are primarily driven by consumer behavior in anticipation of potential price increases, rather than an actual shortage of supply.

At the same time, the government has mechanisms to manage retail price stability through the Oil Fuel Fund, which can help mitigate the impact of global oil price volatility.

Therefore, in the near term, The Company will continue to closely monitor the situation and manage inventory levels in line with market demand, supported by the existing supply chain structure.

2. What drives the Gross Profit Margin of PunThai Coffee, and how will the recent adjustments to PT Max Card Plus promotions impact performance this year?

Answer :

For PunThai Coffee, membership programs such as PT Max Card Plus did not negatively impact the business margin in the previous quarter. On the contrary, these mechanisms have helped increase the frequency of visits among existing customers, which in turn improved sales per store.

Towards the end of the year, margin expansion was partly supported by the increase in franchise stores, which have a different cost structure compared to company-owned stores. This contributed to a slight improvement in the business’s EBITDA performance.

In addition, The Company has adjusted the mechanics of PT Max Card Plus benefits to allow customers broader access to privileges, such as increasing the number of beverage entitlements. This adjustment enables a wider customer base to utilize the program.

Going forward, the growth of PunThai Coffee is expected to be supported by:

• Expansion of the store network
• Increased visit frequency from members
• These factors are expected to support revenue growth and margin expansion over the long term.

3. Marketing Margin declined in the previous quarter, yet net profit did not decrease. What explains this?

Answer :

During the early part of the quarter, the oil marketing margin (MKM) declined significantly during the first two months. However, in the final month of the quarter, marketing margins recovered to a relatively higher level.

This improvement toward the end of the quarter supported a stronger overall margin for the Oil business compared with the earlier period.

In addition, The Company continued to manage operating costs and expense structures efficiently, which helped maintain overall profitability despite the earlier decline in MKM.

4. How might government policies on fuel pricing and the new energy minister affect the industry?

Answer :

In the oil retail business, government policy is a key factor, as fuel prices are closely linked to national energy security and the cost of living for the public.

Historically, the government has utilized the Oil Fuel Fund as a mechanism to stabilize retail prices, particularly during periods of global oil price volatility.

For industry operators, an important element is the compensation mechanism through the Oil Fuel Fund, which helps ensure that operators can continue operating sustainably during periods of price volatility.

From The Company’s perspective, we will continue to closely monitor policy developments and operate within the existing market framework.

Over the long term, one of The Company’s key strategies is to diversify its portfolio toward Non-Oil businesses, which helps reduce exposure to oil market volatility and supports a more balanced earnings structure.

5. What is the growth outlook for PunThai Coffee and its unit economics?

Answer :

For PunThai Coffee, The Company places strong emphasis on store-level unit economics.

In general, the target is for each store to achieve payback within approximately 3 years, depending on the location. In some prime locations, payback can be as fast as 6–8 months.

Recently, the average cups sold per store per day increased from around 160–170 cups to more than 200 cups, reflecting stronger demand within the system.

What we observe is that the business growth is not solely driven by demand spillover, but rather by network expansion. In other words, expanding the store network increases accessibility and creates new demand within the system.

From a broader perspective, Thailand’s coffee consumption still has significant growth potential compared with more developed markets.

Therefore, The Company continues to see substantial room for growth in Thailand’s coffee market and will continue expanding the PunThai Coffee network.