BTS Group AB (publ)

good afternoon analysts and fund managers and welcome to the bts group and bts gif analyst meeting for the third quarter of 25 20 25 26 fiscal year my name is khan from ir of bts group and i will be your moderator during this presentation we will begin with an overview of our business updates and financial performance followed by q a sessions Today, we are honored to welcome all management team starting form. Khun Surabong, CEO of Move Business. Khun Daniel, CIO of BTS Group. Khun Chawadee, CFO of BTS Group. Khun Siripen, Fund Manager of BTS GIF. Khun Jitkasem, CFO of BGI. Khun Chodjawan, CEO of Match Business. And Khun Soraya, Acting CEO and CFO of Rabbit Holdings. along with other members of the management and IR teams. As always, we welcome your feedback on today's presentation. Please scan the QR code that will be displayed at the end of the meeting to share your comments. Before we begin, kindly ensure your microphones are muted and you may unmute them during the Q&A sessions. To start, I would like to hand over to Khun Daniel to recap on the financial performance for this quarter.

Thank you very much. Welcome everyone. New quarter, new election, same old coalition politics. Thank you for your time and continued interest in BTS Group. Today we're presenting our third quarter results ending 31st of December and kicking off with some of the highlights this quarter. Within MOVE, as you know, all outstanding debt has been fully settled. That was repaid on the 30th of October 2025 with about $15 billion allocated to debt reduction. The fact is, over the last several years or so, one of BTS Group's main business has been lending to the BMA. But that period has now come to an end, which is a good thing. It's a good thing for us. It's a good thing for BMA and also a good thing for taxpayers. You'll see that reflected in quarterly results in many areas. Also, M81 Intercity Motorway commenced full operation on the 16th of January, 2026. On the mixed side, advertising revenue had a weak quarter year-on-year with a 20% decline. However, if we look on a quarterly Q&Q basis, transit media was up 13% Q&Q, office media up 33% and media utilization rate was also up. So, demonstrating a good, although partly seasonal, improvement in quarterly trajectory. Also, share of profit from Plan B increased 66% Q&Q to $82 million. Within Match, Rabbit continued its divestment program with the sale of the Diplomat Prague Hotel, as well as associated obligations there. And similarly, I think we already reported on this last quarter, there was the restructuring of Keystone Estate, where they sold shares to Gale for $1.2 billion. Again, that resulted in reduction of loan. Finally, in Match, there was a subsequent to the year end, actually on the 12th of January, was the termination of a share purchase agreement to sell Vienna House Group hotel businesses. Just a recap on that. Rabbit Holdings subsidiaries entered into an agreement to sell European hotel portfolio, had received deposit payment, were being paid a fee. 6% or so yield on value there, but the buyer HR group, which was due to complete the purchase later next year, subsequently went into bankruptcy and insolvency proceedings. The good news is that prior to the end of the insolvency, we terminated, rather, RBA subsidiary terminated the SBA agreement, so we are free to manage and sell those assets as we wish. Onto the financial highlights. On the profit and loss, higher revenue but a weaker bottom line. Operating revenue was $6.5 billion up 22% year-on-year and 12% Q-on-Q. Match revenue of $2.9 billion up 91% year-on-year and 22% Q&Q. And recurring EBITDA down 28% to $1.9 billion. But we'll go into the details of each of those. At the net profit level, though, we do still have a net loss attributed to the company of around $960 million versus a profit in the previous year. Financial position, we have a stronger capital structure following the BMA debt repayment. That's reflected in both cash and liquid investments balance of 59.8 billion baht and adjusted net DE of 1.29 times. In cash flow, this represents the nine-month cash flow period. There's been a surge in the cash flows from operations, again, primarily from the debt repayment, but we've also seen $27 billion invested in cash flows as well. Next on to the... overview of the P&L for the third quarter and the nine months. So, total revenue $7.6 billion, that's down 28% year-on-year, mainly due to an absence of a one-time gain in the previous year, but also from the consolidation of RockTech and RBH. There's also been a decrease in net interest income. You see that's Q on Q, however, it's a flat trend. Operating revenue, 6.5 billion, 22% increase. So that is due to the consolidation of RockTech and RBH. At the recurring EBITDA level, 1.98 billion baht in recurring EBITDA, down 28% year on year, mainly from the lower interest income above and also share of loss. So previously, this quarter is about a 200 million share of loss from associates versus around about a 250 share of profit in the previous year. At a net profit basis, as I say, a 958 loss versus a 2.8 billion gain, how do we transition from such a moderate decrease in EBITDA to a significant drop in profitability? Okay, in addition to the absence of the one-time gain, there's also increased appreciation and also higher finance costs. So we had our margins, gross operating margins, despite that, showed an increase to 39%. Recurring EBITDA margin, a decline to 30%, and we have negative net profit margins as shown. Operational revenue breakdown match, leading at 44% of revenue, move at 36%, and mix at 20%. On to the nine-month cash flow snapshot. So what happened to cash over the nine-month period? Well, it grew from $31 to $37 billion or so, a 19% increase. The largest source of cash was, as I mentioned before, the operational cash flow of about $34 billion, almost entirely due to receivables from the BMA. How did the company utilize that? Mainly investing cash flow, so financial assets, $14 billion, and PPE of around $12 billion. Financing cash flows were actually neither a major source or use of cash. In fact, gross debt increased over the nine months. So that left us with about 37 billion baht of cash or 45.8 billion of cash and liquid investments at the end of the year. And over to the sectoral performance. Satsi.

Thank you, Khun Daniel. Good afternoon, everyone. I'm Sasi, IR of BTS Group. And let's take a look at how MOVE, MIG, and MAX performed this quarter. Starting with MOVE Business. Operating revenue was 2.3 billion baht, down 5% year-on-year, but stable Q-on-Q. The decline was mainly driven by the absence of construction revenue following the completion of the pink line extension, which has been in operation since June last year. However, this was partially offset by stronger revenue, starting with fair block revenue grew 7% year-on-year, supported by higher leadership on both the yellow and pink lines. ONM revenue also continued its steady growth, increasing 5% year-on-year to about 1.9 billion baht, as shown in the bottom bar chart. Meanwhile, share of profit from BTS GIF declined 32% year-on-year to 83 billion baht, mainly due to the amortization of fund investment. Moving on to mixed business, operating revenue was 1.2 billion baht, down 7% year-on-year, due to weaker advertising revenue, but up 17 kill-on-kill with revenue growth across all segments. In the advertising segment, revenue declined 18% year-on-year, mainly from the absence of steep furniture revenue. This was highly offset by stronger performance in transit and office building media. Excluding street furniture utilization improved to 56% up from 54% last year. In digital services, revenue aged up 1% year-on-year, supported by higher interest income from increased or cashed outstanding loan. And meanwhile, distribution revenue grew 8% year-on-year, mainly from stronger self-advanced links. And this was partially offset by weaker performance at Total, particularly in its retail business. Lastly, match business. Revenue rose to 2.9 billion baht, up 91% year-on-year, mainly driven by the consolidation of Labbit and Logtech since November 24. Labbit contributed 1.4 billion baht during the period. Within this, real estate revenue increased 42% to 1.2 billion baht, while financial services revenue grew 25% year-on-year. 7.25% to 0.2 billion baht. Rocktech also delivered strong growth with revenue rising 44% year-on-year to 0.8 billion baht. In addition, other revenue surged 223% year-on-year to 0.7 billion baht, largely from land sale at Thana City. And let's turn to our financial position. As of the end of December, total assets slightly decreased, mainly due to lower government receivables. This was partially offset by increase in PPE, investment properties, other financial assets as well as cash and cash equivalent. Liability edged up, driven by higher loan from financial institutions and long-term debentures, partially offset by a reduction in other liabilities. Equity fell mainly from lower non-controlling interest. And finally, our adjusted net debt to equity stood at 1.3 times, with adjusted net debt at 128 billion baht. And this is all about the financial performance. Next, I would like to hand over to Khun Kanton for more business update.