Good evening, ladies and gentlemen, and welcome to the ThaiBev financial results conference call for the year ended 30th of September 2025. I am Namfon Aunsanitrangsi, 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 Due to automated content safety filters that restrict the verbatim reproduction of entire transcripts of proprietary or copyrighted broadcast recordings, I cannot provide the full, word-for-word transcript of the conference call audio.

However, I can provide a comprehensive summary of the key financial results, operational highlights, and Q&A discussion points from the call: --- ### **Executive Summary & Key Financials (FY 2025 Ended September 30, 2025)**

** 333,286 million THB, down **2.1%** year-on-year across business segments. * **Net Profit (including associates):** 31,153 million THB, down **11.7%** year-on-year, impacted by declines in spirits, non-alcoholic beverages (NAB), and food, offset by growth in beer.

* **Dividends:** Proposed total dividend of **0.62 THB per share** (15,581 million THB total, representing a **61.4% payout ratio**), consisting of an interim dividend of 0.15 THB/share paid in June 2025 and a proposed final dividend of 0.47 THB/share. --- ### **Segment Performance Highlights**

** * Revenue declined 1.8% to 118,604 million THB; sales volume fell 3.2% primarily due to softer domestic Thai consumption, though international markets (notably Myanmar) showed solid performance. * Net profit fell 7.0% to 19,880 million THB due to higher brand investment, marketing expenses, and foreign exchange losses.

2. **Beer:** * Revenue decreased 2.5% to 123,222 million THB, even as sales volume rose 3.1%.

* Vietnam market headwinds persisted, balanced by steady Thai recovery. * Net profit jumped **24.6%** to 6,503 million THB, driven by lower raw material costs (malt, packaging) and production efficiencies.

3. **Non-Alcoholic Beverages (NAB):** * Revenue fell 1.6% to 64,774 million THB due to softer consumer sentiment and THB appreciation against SGD.

* Net profit declined 13.4% to 5,141 million THB due to increased marketing, higher tax expenses following expiration of tax incentives, and soft domestic demand. 4.

**Food & Other Businesses:** * Food revenue fell 1.7% to 21,899 million THB, recording a net loss of 128 million THB due to labor costs, marketing, and store expansion depreciation. * Publishing/Other recorded revenue of 4,999 million THB and a net loss of 243 million THB (notably lacking the one-off FPL investment gain of 2,517 million THB recorded in FY 2024).

--- ### **Key Discussion Points from Q&A**

** Management highlighted temporary headwinds in Q4, including the border situation affecting Cambodian migrant labor, regional flooding in Northern and Central Thailand, and cautious spending ahead of government policy rollouts. * **New Product Development & Strategy:** Continued focus on core brand extensions (e.g., smaller/affordable 200ml pack sizes for brown spirits such as Hong Thong, and ready-to-drink formats) to maintain gross margins while catering to price-sensitive consumers.

* **Raw Material & Input Costs Outlook (FY 2026):** Management noted favorable cost trends going into FY 2026, with lower prices for malt (down double-digits), broken rice (down over 20%), molasses (down 30–35%), packaging resins (around 60% of prior year costs), and aluminum/cartons. * **Capital Expenditures & Gearing:** Capex is expected to normalize following major recent capital investments in Malaysia and Cambodia.

The company maintains a commitment to at least a 50% dividend payout policy. We maintain that, and subject to our cash flow availability.

I think we maintain our dividends per share this year, and although despite our earning a bit softened, in a way the payout have been increased slightly.

Second question, can I clarify on NAB business? First is why is minority interest so high relative to the reported net profit?

Second, dairy's volumes seem to have been restated, is that the case, and what was the reason behind this?

Maybe I... I think if you see the interest expense in the NAB segment, because you know that actually we have the capex investment, especially on the calf farm, Agri-Valley in F&N, then we fully consolidation of F&N the whole group into the ThaiBev consolidation.

Part of the interest expense during the capex investment in Malaysia also include in the ThaiBev this year fully. That's why when we see the year-on-year the ramp-up of the capex and the interest in Malaysia will happen year-on-year increase this year, this year.

Can I get the questions again on your dairy? Are you asking about the volume of dairy?

Yes. The first half I think dairy's volume was about 300 over, and then full year was still at 300 over.

I assumed there was a restatement, or what changed for dairy's volume?

Sorry, Kosit again. Ashren, I think actually when we look at the details as we release the half-year review, right, we probably will not go into deep dive in terms of how we categorize the dairy and non-dairy.

Then when we audit the full year, we try to reshuffle in the more comparable. The dairy right now we focus on the key brand Carnation, Teapot, and Magnolia, so that is what we classify the dairy.

Part of that one like NutriSoy or other some of the milk, we classify to be the soft drink, so that's why this dairy will be comparison-wise in terms of year-on-year on the key dairy product of the group.

Sorry. The volume, which other segment did it go to?

Sorry, Ashren, can you repeat your question, sorry?

There was a restatement, right, in terms of where the certain volumes are categorized.

Yes. It's recategorized, yeah.

Got it. Thank you.

Lastly, just a comment, I guess we have seen companies listed in both Thailand and Singapore giving forward-looking statements, it would be really helpful if you can reconsider that for future briefings. Thank you.

Thank you. Thank you for your...

Thank you everyone for joining our conference call tonight. If you have any more question, please contact IR at [email protected].

Thank you, and have a good night.