Thai Beverage Pcl Ord

All participants have been placed in resident-only mode. Later we'll conduct a question and answer session and instructions will be given at that time. I will now hand over the floor to the presenters, Ms. Nemphong Anstransi, Ty Bez, Head of Investor Relations, and members of Ty Bez's senior management team. Thank you.

Good evening, ladies and gentlemen, and welcome to the Tiberius Financial Resource Conference call for the year end of September 2025. I am Namphoon Aung Sutharangsi, Head of Investor Relations. For the conference call tonight, I will begin with a summary of our full year 2025 results. Then we will open the line for Q&A session with our management team. For the summary of our results, the total sales revenue of the group for the fiscal year and the 30th of September 2025 was 33,286 million baht, a decrease of 2.1% compared to the same period last year. This was due to a decrease in sales revenue across all businesses. Net profit included associated companies, was 31,153 million baht, a decrease of 11.7% compared to the same period last year. This was due to a decrease in net profit of spirits business, non-alcoholic beverage business, food business, and other businesses, partly offset by an increase in net profit of the beer business. the board of directors has proposed a total dividend of 15 581 million baht or 0.62 baht per share representing a 61.4 percent payout ratio this includes an interim dividend of 0.0.15 baht per share that paid in june 2024 sorry in june uh 2025 and at proposed final dividend of 0.47 baht per share For the highlight of our operation, in 2025, the Swiss business recorded 1.8% year-on-year decline in sales revenue to 118,604 million baht. Thus, volume decreased by 3.2%, primarily due to the weaker domestic consumption, while the international business, including Myanmar, delivered a strong performance. Nevertheless, an increase in brand investment and marketing activities and a foreign exchange loss led to a decrease in net profit of 7% year-on-year to 19,880 million baht. The beer business recorded a decline of 2.5% year-on-year in sales revenue to 123,222 million baht in fiscal year 2025, even as total sales volume rose 3.1%. The performance was affected by continued challenges in Vietnam market, offset partly by a steady recovery in Thailand. However, with lower key raw material costs and improved production efficiencies, the business delivered an impressive 24.6% sum in net profit year-on-year to 6,503 million baht. The non-alcoholic beverage business recorded a 1.6% year-on-year decline in sales revenue to 64,774 million baht in 2025, mainly due to a softer domestic consumer sentiment as well as the appreciation of Thai baht against the Singapore dollar. Despite lower packaging costs and improved production efficiency, higher brand investment and marketing activities to engage consumers across our channels together with increase in income tax expenses following the expiration of tax incentive in thailand resulted in 13.4 percent year-on-year decrease in net profit to 5141 million baht in 2025 the food business reported sales revenue of 21 899 million baht representing a 1.7 percent decrease year on year primarily due to softening consumer sentiment which affected spending Increased labor costs and marketing expenses along with higher appreciation from the restaurant expansion contribute to a net loss of 128 million baht in the food business. In 2025, the other business comprising publishing and printing registered a decline in sales revenue of 7.4% year-on-year to 4,999 million baht. This was mainly due to the absence of one-off contributions including title sales and non-recurring license income as a result the business reported a net loss of 243 million baht please note that in fiscal year 2024 the artist business included a share of profit from the investment in fpl of 2517 million baht this contribution did not recur in 2025 and onwards Now it comes to the Q&A session, and we will now open the call to any questions on our results. Ray, please help open the line for our Q&A.

Thank you. We will now begin the question and answer session.