Against this challenging domestic and global backdrop, Frasers Property (Thailand) Public Company Limited adopted a prudent investment and operational strategy, leveraging the strength of its fully integrated real estate platform, and focusing on developing projects that align with customer needs while supporting stable and sustainable economic growth. During the year, the Company prioritized expanding its high-growth industrial property business, accelerating the liquidation of residential inventories, and selectively developing premium residential projects tailored to the needs of younger consumers with strong purchasing power in prime, near-city locations. The Company also broadened its presence in high-potential provincial markets. These efforts were complemented by the use of sustainable materials and innovations, along with initiatives to reinforce the distinctiveness of products under the “Frasers” brand – strengthening brand recognition and establishing a solid foundation for long-term growth.

These strategic adjustments enabled the industrial property business to maintain its leadership position in factory and warehouse leasing market, with total assets under management of 3.84 million square meters across Thailand and overseas, and a high occupancy rate of 92%. The Company also successfully achieved industrial land and factory sales in Thailand and Vietnam totaling THB 3,255 million. In the commercial property business, despite heightened competition from market oversupply, the Company implemented flexible marketing strategies to meet diverse tenant requirements and enhanced its service offerings through advanced technologies. As a result, the average occupancy rate across office and retail portfolios was maintained at 89%. Meanwhile, although residential business performance softened slightly, newly launched premium single detached house and townhome projects successfully met their planned targets.

Consequently, overall performance in 2025 remained at satisfactory level, with total revenue of THB 14,686 million and net profit of THB 1,455 million, broadly in line with year 2024. In addition, the Company reached a key milestone with the launch of ARAYA – The Eastern Gateway, a joint venture with Rojana Industrial Park and Asia Industrial Estate, in which the Company holds a 50% stake. The project spans more than 4,600 rai under an Industrial-Tech Ecosystem concept, with 1,891 rai designated for development as Thailand’s first fully integrated eco and smart industrial estate. The project has already attracted several leading global manufacturers and will serve as an important long-term growth engine for the Company.

Beyond its commitment to delivering high-quality products and services that enhance people’s quality of life and support environmental conservation, the Company remains dedicated to sustainability across all aspects of its operations throughout the year. With a strong business structure, coupled with disciplined execution and effective financial management, TRIS Rating maintained the Company’s credit rating at A/Stable.

The Company is confident that its continued efforts to strengthen competitiveness and create new S-Curve growth will lay a solid foundation for long-term sustainable development. On behalf of the Board of Directors, I would like to express my sincere appreciation to our shareholders, REIT unitholders, bondholders, business partners, and all stakeholders for their continued trust and support.