Summary of Operating Results of the Group

For the year 2025, the Group reported total sales revenue of Baht 7,328 million, representing a decrease of Baht 749 million, or 9.3%, compared to the previous year. The decline was primarily attributable to the Industrial Products group, particularly beverage packaging products of the Group’s subsidiary in southern Vietnam, where sales decreased in line with the slowdown in consumer demand. Revenue from the domestic Industrial Plastic Products group also declined, as well as the Household Products group in Thailand, mainly due to lower export sales. Export sales were adversely affected by uncertainty in reciprocal tariff policies and reduced purchase volume from customers in the US, while customers in Europe and the Middle East continued to be impacted by economic situation and ongoing international conflicts, resulting in an overall decrease in orders.

Despite the decline in sales revenue, the Group continued to maintain stable gross profit margin, driven by a higher sales mix of high-margin products and effective cost management and control. These results were achieved amid uncertainties in raw material prices, foreign exchange volatility, and rising labor costs.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2025 amounted to Baht 905 million, representing an EBITDA margin of 12.3%, slightly lower than the previous year’s EBITDA margin of 12.6%.

The net profit attributable to the Company’s shareholders was Baht 213 million, down from Baht 285 million in the previous year, a decrease of Baht 72 million or 25.3%. Earnings per share stood at 0.08 Baht, compared to 0.11 Baht in the previous year.

Operating results of Q4/2025 vs. Q4/2024

In Q4/2025, the Group recorded sales revenue of Baht 1,949 million, a slight decrease of Baht 54 million Baht or 2.7% compared with Q4/2024. The sales drop was primarily driven by the industrial products group in domestic operations due to the economic slowdown and reduced consumer spending.

The gross profit for Q4/2025 was Baht 313 million, with a gross profit margin increased from 14.4% to 16.1% compared with the same quarter of the previous year. The improvement of the domestic industrial plastic products, together with the subsidiary in Southern Vietnam and the beverage packaging product of the subsidiary in Northern Vietnam, was supported by a downward trend in key raw material prices and a higher proportion of high-margin product sales. As a result, overall profitability increased.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q4/2025 amounted to Baht 275 million, representing an increase in EBITDA margin of 14.1% from 11.4% in Q4/2024.

The Group’s net profit attributable to the Company’s shareholders for Q4/2025 was Baht 66 million, an increase of Baht 50 million or 312.5% compared to Q4/2024. The improvement was primarily driven by effective cost management and enhanced cost controls amid volatility in raw material prices and rising labor costs.

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