Thai Beverage Pcl Ord

Good evening everyone and thank you for joining the Thai Beverage 1H2026 results call. All participants have been placed in a listen-only mode. Later, we will conduct a question and answer session and instructions will be given at that time. I will now hand over the call to the presenters, Ms. Namkorn Ongsutong Rangsi, Tybev's Head of Investor Relations, and the members of Tybev's Senior Management Team. Thank you.

good evening ladies and gentlemen and welcome to tightwad financial resource conference call for the six months ended the 31st of march 2026 for the call tonight i will begin with a summary of our result then we will open the line for our q a with our management here for the summary of the first half results the profile revenue of the group for the first half was 173,219 million baht, a decrease of 2.5% compared to the same period last year. This was due to a decrease in sales revenue from the beer and non-alcoholic beverage. While there was an increase in sales revenue from spirits, food, and other businesses. EBITDA from normal business operations excluded a non-recurring impairment loss from discontinued operations of a joint venture was 33,273 million baht, an increase of 6.9% compared to the same period last year. This was due to an increase in EBITDA from food, gear, food, and other businesses, partly affected by a decrease in EBITDA from the non-alcoholic beverage business. The net profit from normal operation was 19,162 million baht, an increase of 7.8% compared to the same period last year. This was due to an increase in net profit for spirit, beer, and other businesses, partly offset by a decrease in net profit for non-alcoholic beverage and the food business. The Board of Directors has proposed an interim dividend payment of 3,770 million baht or 0.15 baht per share, the same as last year. In the first half of 2026, the Spritz business reported a 1.3% year-on-year increase in sales revenue to 55,373 million baht, driven by a 1.4% increase in sales volume. The performance was supported by growth in the first quarter of 2036, despite slightly faster domestic consumption in the second quarter. While the international business continues its growth momentum, supported by a decrease in material costs as well as effective brand investment and marketing activities, the net profit increased by 6.4% year-on-year to 12,345 million baht. The beer business reported sales revenue of $62,639 million, a decrease of 5.4% year-on-year, with total sales volume declined by 0.6%. The decline in sales revenue was driven by weaker first quarter amid subdued market conditions in Thailand and severe better in Vietnam and unfavorable exchange rate translation. However, sales revenue rebounded strongly in the second quarter. In terms of cost, lower key raw material and net finance cost in the first half of 2026 resulted in net profit rising to 4,430 million, representing a big increase of 40.5% year-on-year. The non-alcoholic beverage business reported 5.5% year-on-year decline in sales revenue to 31,596 million baht in the first half. This was driven by a decrease in total sales volume of 2.9% amid softer consumer demand and geopolitical uncertainty. Additionally, increased rent investment, loss on foreign exchange, and higher income tax expenses led to 22.4% year-on-year decline in net profit. For the food business, reported sales revenue of 11,325 million baht represent a 1.6% increase year-on-year, supported by growth of KFC amid cautious consumer spending and economic uncertainty. The increase in marketing and promotion expenses together with higher depreciation from restaurant expansion led to a decrease in net profit to 69 million baht. For the other business, which is comprising publishing and the printing business, reported flat revenue to 2,445 million baht, while net loss narrowed to 98 million baht. The improvement was mainly driven by the education and print segment, supported by higher orders and recurring orders for sustainable packaging business. In addition, the improvement was supported by a lower cost structure resulting from cost control and business restructuring initiative. This is the summary of our first half 2026 financial results. Now we will open the call for any questions for our results. Operator, please help open the line for Q&A.

We will now begin the question and answer session. Participants with questions to pose, please press star 1 on your telephone keypad and you will be placed in the queue. To cancel the queue, please press star 2. Ms. Zhengfeng Qi from DDS, please go ahead. Yeah, hi, can you hear me?