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.

Thank you, Khun Sasi. For the move business updates in this quarter, the key highlight is the official commitments of motorway M81 Bang Yai to Kanchanaburi on 16 January 2026. After a trial run since October 2025, the motorway is operated by BGSR 81 in which BGS group hold a 40% stake under a 30-year O&M contract with the Department of Highways. In addition, we are doing the same model for motorway M6 Bangpain to Nakhon Ratchasima, which is expected to commence commercial operation within this year. Next, move to the mixed business update by Khun Walis.

Thank you, Khun Khanh Ton. My name is Boris from VGI IRG, and I will present the key developments of MIG Business during the third quarter of 2025-2026. In advertising, we introduced several packages, including BGS Max, BGS Concorde, and MOVE 360. which combine our transit and office building media with PanB Media. These packages allow us to reach customers throughout their daily journeys across key locations in Bangkok. This increases the frequency of media exposure and effectively enhances brand awareness. Therefore, our transit and office media utilization and revenue increase. Moving to digital services, LabBitCard runs special edition card-targeting customers who enjoy collectible items, including the One Piece and Canyon Shintang keychain collections. Bully slips, strong market response, and were fully sold out ahead of sales period. At LabBitCare, we sold around 66,000 insulin policies with 67% motor insulin and 33% artery insulin during the quarter. Moreover, LabBitCare expanded to a digital B2C live insulin workload business by working with a leading live insulin company. In addition, we continue to offer financial products from leading financial institutions on our online marketplace. LabBit Cash interest income grew alongside the growth of its loan portfolio. As of third quarter, LabBit Cash lended 1.3 billion baht, increasing 28% year-on-year and 3% year-on-year, with a portfolio mix of 66% nano loans and 34% welfare loans. LabBitCash also continued to expand its welfare loan business through partnerships with the University of the Thai Chamber of Commerce and the Submitivate Hospital Group to provide financial support to emergency situations. Turning to distribution, France Link focuses on its own and other brand products with high margin. Moreover, France Link has run the Snackmaker project by collaborating with well-known content creators to offer unique snack products. in the second and third quarter fencing was recognized as premium shopee certified in a better becoming one of the top three service providers in thailand that help brands bring their products to the online market effectively total now operates 28 shots across the bts green line a material line and outside the bts network For its detailed business, Turtle has launched promotional activities for members under the Turtle Club coupon and the Turtle Club member day to stimulate spending, increase customer visits, and continuously enhance customer engagement. For its leasing business, leasing occupancy stood at 62%, declining from 64% year-on-year. That concludes the mixed update. Thank you and I will now hand over to Khun Kittipot for the update.

thank you my name is from rapid air team rapid is now a subsidiary of bds group holding which hold approximately 68 percent for financial performance of rapid holding in 2025 rapid holding report the total revenue of 8 billion baht increasing by 42 percent year-on-year evita was 4 billion baht net profit was 1 billion baht this quarter labbit successfully execute two significant restructuring transactions to optimize its asset portfolio and mitigate financial leaks first international school is structuring to address ongoing financial challenge and improve long-term performance labbit has partner with a new operator license under pts Wecome Abbey brand, the school will be rebranded as Wecome Abbey International School Bangkok. Structurally, we are moving to a lease-based model. Letbit is now act as the leaser, leasing the school property under Keystone Management Co. Ltd. and the hotel under Markpad Co. Ltd. to the new operator. This ensures a predictable and stable cash flow. Furthermore, Japan UAE Education Service Thailand Company Limited has been established as a school operator. Labbit holds a 25% stake in this entity. Moving forward, Labbit will recognize our share of the school performance via the equity method on our finance statements. Second transaction, Vienna House Business Restructuring. Labbit owns a portfolio of European hotels. These two HR groups This portfolio contributes approximately 6 to 7 million baht in annual rental income between 2022 and 2025. However, HR group has default on rent in late 2025. LabBit exercise their contractual right to terminate all agreements related to HR group. therefore we are now at a crossroad with three clear strategic options for this european asset including first option releasing securing new tenant to return to a recurring rental income model second option direct operation this would allow us to consolidate the full income statement capturing the total top line revenue and operational upside And the last option, divestment, a full exit from European market to realize capital gain and reinvest the proceeds into higher growth opportunity. Next, I would like to hand over to Khun Panita, LogTech IR team for further match update. Thank you.

Thank you, Khun Kittipot. Allow me to walk you through RockTech performance. Beginning from your left-hand side, in the third quarter, we delivered operating revenue around 900 million, up 27% year-on-year. That brings over the nine-month revenues around 2.5 billion, representing around 12% growth. The main driver continues to be ICT solutions, which now account for 94% of total revenues. Within that, diesel display solutions continue strongly in this quarter as sizeable orders were recognized. At the same time, our advertising business remains stable with soulless performance from our street furniture assets. On margins, we remain resilient. For the nine-month period, gold's profits increased 10.2% year-on-year, over 700 million, and gold's margins was maintained at 28.3%. There was some margin pressures in the third quarter due to project mix, but overall margin performance maintained intact. This reflects our strategies to capture scale today, while building a stronger base of recurring engagement. At the bottom line, impact increased over than 55% year-on-year to $317 million, with net profit margins 14.5%. The growth was partly supported by a lower base last year, which includes certain one-off SG&A items. But overall, earnings quality includes to improve alongside opening leverage. Now, if I turn to the right-hand side of the slide, this highlights some key achievements over the past quarter. Transportation solutions and integrated technologies are gaining momentum in terms of revenue recognition. Importantly, many of these provisions are interconnected. For example, we upgraded the universal platform for the railway system in Hong Kong, and at the same time, implemented security systems across the same rail network. This demonstrates our ability to provide integrated solutions rather than silent projects. Lastly, digital display solutions remain our largest contributor, supported by sizable orders from strategic partners. At the same time, we continue to innovate. The Christmas tree LED installations and the sphere LED display are shown in the first two pictures toward the bottom of the page. and leading shopping mall are a good example of how we combine engineering capabilities with creative executions. Overall, the past nine months reflects continuous scale expansions, improving earning qualities, and growing integrations across our resolution platform. This is the RockTech performance in this quarter, and I would like to hand over to Khun Siripin to update our BTS DIA