Message from the Chairman (UAT)

Dear Stakeholders,

In FY 2025/26, global and Thai economies grappled with geopolitical tensions, volatile energy prices, and persistent inflation, yielding a challenging and unpredictable macroeconomic outlook. Amid this uncertainty, BTS Group showed strong resilience. Our diversified portfolio—anchored in core Thai operations—effectively buffered exposure to global volatility.

Operating Performance

A landmark milestone this year was the full settlement of all outstanding principal and interest relating to Operation and Maintenance (O&M) service fees from the Bangkok Metropolitan Administration (BMA). On 30 October 2025, the Group received THB 36.4bn, a payment that has significantly improved our financial position and enhanced our liquidity.

In FY 2025/26, the Company reported total consolidated revenue of THB 29.0bn and Recurring EBITDA of THB 11.9bn, while recording a net loss for the period of THB 2.5bn, mainly attributed to higher finance costs. Nevertheless, the Company enjoyed strong cash flow from operations of THB 36.5bn and continued to maintain high service standards and has consistently retained the trust and confidence of our passengers.

Driving Future Growth

Recent Ministry of Transport initiatives aimed at maximising public transport usage through fare restructuring and integrated ticketing systems, mark a pivotal step in the development of Thailand’s mass transit network and are aligned with our Company’s founding mission. This policy is designed to enhance convenience for commuters, broaden access to public transportation and alleviate the cost-of-living burden for commuters amid ongoing economic challenges.

BTS Group views this policy as a strategic, long-term investment in national infrastructure that enhances Bangkokians quality of life. We remain ready to support and work collaboratively with the government and all relevant stakeholders to ensure its effective and sustainable execution, thereby contributing to the long-term well-being of society as a whole.

Furthermore, the U-Tapao Airport and Eastern Aviation City Project marks another important step in extending the Company’s business portfolio. The project has now received the Notice to Proceed (NTP) and is currently under discussion with the Eastern Economic Corridor (EEC) to determine an appropriate development framework that reflects current economic conditions and the evolving business landscape, while ensuring the project’s long-term viability and sustainable growth. At the same time, relevant government agencies have gradually introduced supporting measures to facilitate the project’s development.

On 5 June 2026, the EEC Policy Committee approved a set of additional support measures for the Eastern Economic Corridor of Aviation (EECa) project. These measures include the introduction of the EECa Visa to accommodate residents within the aviation city, exemptions from customs duties and taxes on consumption and business operations within the designated Free Trade Zone, as well as reductions in registration fees for property leases and transfers. The proposed measures will subsequently be submitted to the Cabinet for consideration and approval. I believe that these support measures will strengthen the project’s competitiveness, attract global investment, stimulate economic activities within the area, and further position the EEC as a key economic and transportation hub of the region in the future.

Beyond transportation infrastructure, this year we launched the “Baan Chao Thai” project, an innovative business initiative developed with the aim of enhancing living standards. In collaboration with the Government Housing Bank (GHB), the project seeks to address social gaps and improve the well-being of Thai people by reducing barriers to homeownership and expanding opportunities for individuals and families to transition from renting to owning a residential property as their personal asset. The initiative commenced with two pilot projects: D: CODE Srinakarin and D: CRAFT Khlong Luang at Pathum Thani, both of which have received positive response from the public. D: CODE Srinakarin attracted registrations more than three times the number of units offered, and the selection and allocation process has already been completed. Meanwhile, D: CRAFT Khlong Luang has closed its application period and is currently undergoing the selection and allocation process. The success of these pilot projects reflects their potential to address the demand for quality housing that remains affordable and accessible, supported by suitable payment terms that enhance homeownership opportunities.

Commitment to Sustainability

Environmental stewardship is a core strategic opportunity for BTS Group. In FY 2025/26, we developed a comprehensive action plan to achieve Net Zero by 2050, aligned with the Science Based Targets initiative (SBTi) framework.

Our commitment to integrity and equality remains unwavering. This is reflected in our “5-Star” (Excellent) corporate governance rating from the Thai Institute of Directors (Thai IOD) for the 14th consecutive year, as well as our continued inclusion in the Dow Jones Sustainability Indices (DJSI) for the eighth consecutive year.

On behalf of the Board of Directors, I would like to express my sincere gratitude to our employees, management team, valued shareholders, and all stakeholders for their steadfast support. BTS Group remains committed to developing critical infrastructure and driving sustainable, long-term value for all.