Interim report
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1 PTT Oil and Retail Business Public Company Limited and its subsidiaries Notes to financial statements For the year ended 31 December 2025 Notes Contents 1 General information 2 Basis of preparation 3 New financial reporting standards 4 Significant accounting policies 5 Significant accounting judgements and estimates 6 Cash and cash equivalents 7 Trade accounts receivable 8 Other current receivable 9 Related party transactions 10 Inventories and supplies 11 Financial assets 12 Investments in subsidiaries 13 Investments in joint ventures 14 Investments in associates 15 Property, plant and equipment 16 Leases 17 Goodwill 18 Other intangible assets other than goodwill 19 Bank overdrafts and short-term borrowings from financial institutions 20 Long-term borrowings 21 Non-current provisions for employee benefits 22 Legal reserve 23 Sales and service income 24 Other income 25 Expenses by nature 26 Income tax 27 Promotional privileges 28 Earnings per share 29 Operating segments 30 Dividends paid 31 Commitments and contingent liabilities 32 Financial instruments 33 Events after the reporting period 34 Reclassification 35 Approval of financial statements
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2 PTT Oil and Retail Business Public Company Limited and its subsidiaries Notes to financial statements For the year ended 31 December 2025 1. General information PTT Oil and Retail Business Public Company Limited (“the Company”) is incorporated as a public limited company in Thailand, and is listed on the Stock Exchange of Thailand. The Company has a status of a state enterprise while PTT Public Company Limited is the largest shareholder and holds 75% of the Company’s shareholding interest. The Company is principally engaged in the commercial and retail marketing of petroleum products, other services (Non-oil), and investing in related companies which are engaged in the management of fuel stations, convenience stores, space management in fuel stations, personnel service to related parties, blending and bottling of lube oil, and other fuel -related businesses. The registered office of the Company is at 555/2, Energy Complex, Building B, 12th Floor, Vibhavadi Rangsit Road, Khwaeng Chatuchak, Khet Chatuchak, Bangkok. 2. Basis of preparation 2.1 The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Professions Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development, issued under the Accounting Act B.E. 2543 , including guidelin es promulgated by the Federation of Accounting Professions (TFAC), and the financial reporting requirements of the Securities and Exchange Commission under the Securities and Exchange Act, B.E. 2535. This English translation of the financial statements ha s been prepared from the statutory financial statements that were issued in Thai language. In the event of a conflict or a difference in interpretation between the two languages, the Thai language statutory financial statements shall prevail. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. 2.2 Basis of consolidation a) The consolidated financial statements include the financial statements of PTT Oil and Retail Business Public Company Limited (“the Company”) and the following subsidiary companies (“the subsidiaries”) (collectively as “the Group”):
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3 Company’s name Nature of business Country of incorporation Percentage of shareholding 2025 2024 (%) (%) PTT Retail Management Co., Ltd. Oil and retail business Thailand 100.00 100.00 PTT Retail Service Co., Ltd. Human resources management Thailand 100.00 100.00 PTT Philippines Trading Corporation Oil and retail business Philippine 100.00 100.00 PTT Philippines Corporation Oil and retail business Philippine 100.00 100.00 Thai Lube Blending Co., Ltd. Blending and bottling of lube oil Thailand 100.00 100.00 PTT (Cambodia) Ltd. Oil and retail business Cambodia 100.00 100.00 PTTOR China (Shanghai) Co., Ltd. Lube oil product and retail business China 100.00 100.00 PTTOR Singapore Pte. Ltd. Retail business Singapore 100.00 100.00 PTTOR Holdings Co., Ltd. Investing in other companies Thailand 100.00 100.00 Subsidiary of PTT (Cambodia) Ltd. PTT (Lao) Company Limited Oil and retail business Laos 100.00 100.00 Blue Wealth Land 1 Company Limited Real estate business Cambodia 49.00 49.00 Blue Wealth Land 2 Company Limited Real estate business Cambodia 49.00 49.00 Subsidiary of PTTOR Holdings Co., Ltd. PTTOR International Holdings (Singapore) Pte. Ltd. Investing in other companies Singapore 100.00 100.00 Modulus Venture Co., Ltd. Investing in other companies Thailand 100.00 100.00 Peaberry Thai Co., Ltd. Coffee and beverage business Thailand 81.00 81.00 ORZON Ventures, L.P. Investing in other companies USA 99.00 99.00 PTTOR Lao Import and Export Co., Ltd. Oil business Laos 100.00 100.00 Happy Nest Space Co., Ltd. Human resources management Thailand 100.00 100.00 OR Health & Wellness Co., Ltd. Health and beauty business Thailand 100.00 100.00 OR Vietnam Limited Liability Company Management consultancy Vietnam 100.00 100.00 Foodellus Co., Ltd. Food service in restaurants and catering Thailand 100.00 -
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4 b) The Company is deemed to have control over an investee or subsidiaries if it has rights, or is exposed, to variable returns from its involvement with the investee, and it has the ability to direct the activities that affect the amount of its returns. c) Subsidiaries are fully consolidated, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. d) The financial statements of the subsidiaries are prepared using the same significant accounting policies as the Company. e) The assets and liabilities in the financial statements of overseas subsidiary companies are translated to Baht using the exchange rate prevailing on the end of reporting period, and revenues and expenses translated using period average exchange rates. The resulting differences are shown under the caption of “ Exchange differences on translation of financial statements in foreign currency ” in the statements of changes in shareholders’ equity. f) Material balances and transactions between the Group have been eliminated from the consolidated financial statements. g) Non-controlling interests represent the portion of profit or loss and net assets of the subsidiaries that are not held by the Company and are presented separately in the consolidated profit or loss and within equity in the consolidated statement of financial position. 2.3 The separate financial statements present investments in subsidiaries, joint ventures and associates under the cost method . 3. New financial reporting standards 3.1 Financial reporting standards that became effective in the current year During the year, the Group has adopted the revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 202 5. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards .
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5 The new financial reporting standard effective for fiscal years beginning on or after 1 January 2025 is Thai Fin ancial Reporting Standard No. 17 Insurance Contracts. The amendments made to this financial reporting standard address four matters as detailed below: • Classification of liabilities as non -current in accordance with the criteria for the entity entitled to extend payment for at least 12 months after the reporting period • Non-current liabilities subject to covenants that must be maintained • Disclosure requirements for supplier finance arrangements • Subsequent measurement requirements for lease liabilities in sale and leaseback transactions The adoption of these financial reporting standards does not have any significant impact on the Group’s financial statements. 3.2 Financial reporting standard that will become effective for fiscal years beginning on or after 1 January 2026 The Federation of Accounting Professions issued a revised financial reporting standard, which is effective for fiscal years beginning on or after 1 January 2026. This financial reporting standard was aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards . The amendments made to this financial reporting standard addre ss one matter is lack of exchangeability. The management of the Group believes that adoption of these amendments will not have any significant impact on the Group’s financial statements . 4. Significant accounting policies 4.1 Revenue and expense recognition Sales and service income The Group recogni ses revenue upon completion and the delivery of promised goods or services to customers at the transaction price which is entitled in exchange for transferring goods or services. Service income shall be recognised throughout the service duration with consideration to percentage of completion. Interest income Interest income is calculated using the effective interest method and recognised on an accrual basis. The effective interest rate is applied to the gross carrying amount of a financial asset, unless the financial assets subsequently become credit-impaired when it is applied to the net carrying amount of the financial asset (net of the expected credit loss allowance) .
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6 Finance cost Interest expense from financial liabilities at amortised cost is calculated using the effective interest method and recognised on an accrual basis. Dividend income Dividend income is recognised when the right to receive the dividends is established. 4.2 Cash and cash equivalents Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions. 4.3 Inventories and supplies Inventories and supplies are valued at the lower of cost (under the weighted average method) and net realisable value. The cost of inventories includes material cost, labor costs and attributable factory overheads , as well as contributions to or compensation from taxes and several funds. 4.4 Investments in subsidiaries, joint ventures and associates Investments in joint ventures and associates are accounted for in the consolidated financial statements using the equity method. Investments in subsidiaries, joint ventures and associates are accounted for in the separate financial statements using the cost method less allowance for impairment (if any). Any changes in the equity interest in subsidiaries of the Group while control is retained are recorded as surplus (deficit) from the changes in the ownership interests in subsidiaries in equity. 4.5 Property, plant and equipment Land is stated at cost. Building s and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any). Depreciation of plant and equipment is calculated by reference to their costs, on the straight- line basis over the following estimated useful li ves: Buildings and building improvements 2 - 32 years Machinery and equipment 2 - 32 years Other assets 2 - 25 years Depreciation is included in determining income. No depreciation is provided on land and construction in progress.
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7 On disposal of property, plant and equipment, the difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period when the asset is derecognised. 4.6 Other intangible assets other than goodwill Intangible assets acquired through business combination are initially recognised at their fair value on the date of business acquisition while intangible assets acquired in other cases are recognised at cost. Following the initial recognition, the intangible assets are carried at co st less any accumulated amortisation and any accumulated impairment losses (if any). Intangible assets with finite lives are amortised on the straight-line basis over the useful life and tested for impairment whenever there is an indication that the intan gible asset may be impaired. The amortisation period and the amortisation method of such intangible assets are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss. A summary of the intangible assets with finite useful lives is as follows: Computer software 2 - 10 years Customer lists 10 - 15 years Trademarks 10 - 30 years Other intangible assets 2 - 10 years 4.7 Goodwill Goodwill is initially recorded at cost, which equals to the excess of cost of business combination over the fair value of the net assets acquired. If the fair value of the net assets acquired exceeds the cost of business combination, the excess is immediately recognised as gain in profit or loss. Goodwill is carried at cost less any accumulated impairment losses. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill acquire d in a business combination is allocated to each of the Company’s cash-generating units (or group of cash-generating units) that are expected to benefit from the synergies of the combination. The Company estimates the recoverable amount of each cash-generating unit (or group of cash -generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount , an impairment loss is recognised in profit or loss . Impairment losses relating to goodwill cannot be reversed in future periods.
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8 4.8 Leases At inception of contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as a lessee The Group applied a single recognition and measurement approach for all leases, except for short-term leases and leases of low -value assets. At the commencement date of the lease (i.e. the date the underlying asset is available for use), the Group recognises right -of-use assets representing the right to use underlying assets and lease liabilities based on lease payments. Right-of-use assets Right-of-use assets are measured at cost, less accumulated depreciation, any accumulated impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease li abilities initially recognised, initial direct costs incurred, and lease payments made at or before the commencement date of the lease, and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located less any lease incentives received. Depreciation of right -of-use assets are calculated by reference to their, on the straight -line basis over the shorter of their estimated useful lives and the lease term. If ownership of the leased asset is transferred to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. Lease liabilities Lease liabilities are measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be payable under residual value guarantees. Moreover, the lease payments include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs.
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9 The Group discounted the present value of the lease payments by the interest rate implicit in the lease or the Group’s incremental borrowing rate. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets A lease that has a lease term less than or equal to 12 months from commencement date or a lease of low-value assets is recognised as expenses on a straight-line basis over the lease term. The Group as a lessor A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset to a lessee. Lease receivables from operating leases is recognised as income in profit or loss on a straight -line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying assets and recognised as an expense over the lease term on the same basis as the lease income. 4.9 Related party transactions Related parties comprise individuals or enterprises that control , or are controlled by , the Company, whether directly or indirectly, or which are under common control with the Company. They also include associates and individuals or enterprises which directly or indirectly own a voting interest in the Company that gives them significant influence over the Company, key management personnel, directors, and officers with authority in the planning and direction of the Company’s operations. 4.10 Foreign currencies The consolidated and separate financial statements are presented in Baht, which is also the Company’s functional currency. Items of each entity included in the consolidated financial statements are measured using the functional currency of that entity. Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the end of r eporting period. Gains and losses on exchange are included in determining income.
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10 4.11 Impairment of non-financial assets At the end of each reporting period, the Group performs impairment r eviews in respect of the propert y, plant and equipment, right-of-use asset s, investment properties and other intangible assets whenever events or changes in circumstances indicate that an asset may be impaired. The Group also carries out annual impairment reviews in respect of goodwill . An impairment loss is recognised when the recoverable amount of an asset, which is the higher of the asset’s fair value less costs to sell and its value in use, is less than the car rying amount. In determining value in use, the estimated future cash flows are discounted to their present value using a pre -tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by a valuation model that, based on information available, reflects the amount that the Group could obtain from the disposal of the asset in a n arm’s length transaction between knowledgeable, willing parties, after deducting the costs of disposal. An impairment loss is recognised in profit or loss. 4.12 Employee benefits Short-term employee benefits Salaries, wages, bonus es and contributions to the social security fund are recognised as expenses when incurred. Post-employment benefits and other long-term employee benefits Defined contribution plans The Company and its employees have jointly established a provident fund. The fund is monthly contributed by employees and by the Company. The fund’s assets are held in a separate trust fund and the Company’s contributions are recognised as expenses when incurred. Defined benefit plans and other long-term employee benefits The Group has obligations in respect of the severance payments it must make to employees upon retirement under labor law and other employee benefit plans. The Group treats these severance payment obligations as a defined benefit plan. In addition, the Group provides other long-term employee benefit plan, namely long service awards. The obligation under the defined benefit plan and other long -term employee benefit plans is determined by a professionally qualified independent actuary based on actuarial techniques, using the projected unit credit method.
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11 Remeasurement gains and losses arising from defined benefit plans are recognised immediately in other comprehensive income. Remeasurement gains and losses arising from other long -term benefits are recognised immediately in profit and loss. Past service costs are recogni sed in profit or loss on the earlier of the date of the plan amendment or curtailment and the date that the Group recognises restructuring-related costs. 4.13 Provisions Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation , and a reliable estimate can be made of the amount of the obligation. The Group recognises provision for decommissioning costs, which are provided at the onset of completion of the project, for the estimate of the eventual costs that relate to the removal of the assets. The recognised provision for decommissioning costs is based on future removal cost estimates and incorporate many assumptions such as abandonment times and future inflation rate and discou nted to present value at the discount rate estimated by the management. Those costs are included as part of the assets. 4.14 Income tax Income tax expense represents the sum of current tax and deferred tax. Current tax Current income tax is provided in the accounts at the amount expected to be paid to the taxation authorities, based on taxable profits determined in accordance with tax legislation. Deferred tax Deferred income tax is provided on temporar y differences between the tax bases of assets and liabilities and their carrying amounts at the end of each reporting period, using the tax rates enacted at the end of the reporting period. The Group recognises deferred tax liabilities for all taxable temporary differences while it recognises deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent that it is probable that future taxable profit will be available against which such deductible temporary differences and tax losses carried forward can be utilised.
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12 At each reporting date, the Group reviews and reduces the carrying amount of deferred tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. The Group records deferred tax directly to shareholders' equity if the tax relates to items that are recorded directly to shareholders' equity. 4.15 Financial instruments The Group initially measures financial assets at its fair value plus , in the case of financial assets that are not measured at fair value through profit or loss, transaction costs. However, trade receivables, that do not contain a significant financing component are measured at the transaction price as disclosed in the accounting policy relating to revenue recognition. Classification and measurement of financial assets Financial ass ets are classified, at initial recognition, as to be subsequently measured at amortised cost, fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVTPL”). The classification of financial assets at initial recognition is driven by the Group’s business model for managing the financial assets and the contractual cash flows characteristics of the financial assets . Financial assets at amortised cost The Group measures financial assets at amortised cost if the financial asset is held in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (“EIR”) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecogni sed, modified or impaired. Financial assets at FVOCI (debt instruments) The Group measures financial assets at FVOCI if the financial asset is held to collect contractual cash flows and to sell the financial asset and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income, foreign exchange revaluation and impairment losses or reversals are recognised in profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in other comprehensive income. Upon derecognition, the cumulative fair value change recognised in other comprehensive income is recycled to profit or loss.
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13 Financial assets designated at FVOCI (equity instruments) Upon initial recognition, the Group can elect to irrevocably classify its equity investments which are not held for trading as equity instruments designated at FVOCI. The classification is determined on an instrument-by-instrument basis. Gains and losses recognised in other comprehensive income on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in profit or loss, except when the dividends clearly represent a recovery of part of the cost of the financial asset, in which case, the gains are recognised in other comprehensive income. Equity instruments designated at FVOCI are not subject to impairment assessment. Financial assets at FVTPL Financial assets measured at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognised in profit or loss. These financial assets include derivatives and equity investments which the Group has not irrevocably elected to classify at FVOCI. Classification and measurement of financial liabilities Except for derivative liabilities, at initial recognition the Group’s financial liabilities are recognised at fair value net of transaction costs and classified as liabilities to be subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. In determining amortised cost, the Group takes into account any fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in profit or loss. Derecognition of financial instruments A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or have been transferred and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has transferred control of the asset. A financial liability is derecognised when t he obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss.
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14 Impairment of financial assets The Group rec ognises an allowance for expected credit losses ( “ECLs”) for all debt instruments not held at FVTPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure (a lifetime ECL). The Group considers a significant increase in credit risk to have occurred when contractual payments are more than 30 days past due and considers a financial asset as credit impaired or default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to have a significant increase in credit risk and to be in default using other internal or external information, such as credit rating of issuers. For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. ECLs are calculated based on its historical credit loss experience and adjusted for forward-looking factors specific to the debtors and the economic environment. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Offsetting of financial instruments Financial assets and financial liabilities are offset, and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. 4.16 Derivatives The Group uses derivative s, such as forward currency contracts and commodity forward contracts, to hedge its foreign currency risks and commodity price risks, respectively. Derivatives are initially recognised at fair value on the date on whi ch a derivative contract is entered into and are subsequently remeasured at fair value. The subsequent changes are recognised in profit or loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
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15 4.17 Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyer and seller (market participants) at the measurement date. The Group applies a quoted market price in an active market to measure their assets and liabilities that are required to be measured at fair value by relevant financial reporting standards. Except in case of no active market of an identical asset or liability or when a quoted market price is not available, the Group measures fair value using valuation technique that are appropriate in the circumstances and maximise s the use of relevant observable inputs related to assets and liabilities that are required to be measured at fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair va lue hierarchy into three levels based on categorise of input to be used in fair value measurement as follows: Level 1 Use of quoted market prices in an active market for such assets or liabilities Level 2 Use of other observable inputs for such assets o r liabilities, whether directly or indirectly Level 3 Use of unobservable inputs such as estimates of future cash flows At the end of each reporting period, the Group determines whether transfers have occurred between levels within the fair value hierarc hy for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis. 5. Significant accounting judgements and estimates The preparation of financial statements in conformity with financial reporting standards at times requires management to make subjective judgements and estimates regarding matters that are inherently uncertain. These judgements and estimates affect reported amounts and disclosures; and actual results could differ from these estimates. Significant judgements and estimates are as follows: Fair value measurement of an investment in an equity instrument The fair value of measurement of an investment in an equity instrument that are not traded in an active market is determined using valuation techniques. The Group uses judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.
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16 Goodwill and intangible assets The initial recognition and measurement of goodwill and intangible assets, and subsequent impairment testing, require management to make estimates of cash flows to be generated by the asset or the cash -generating units and to choose a suitable discount rate in o rder to calculate the present value of those cash flows. In determining amortisation of intangible assets, the management is required to make estimates of the useful lives of intangible assets and to review estimate useful lives when there are any changes. Deferred tax assets Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the temporary differences and losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of estimate future taxable profits. Litigation The Group has contingent liabilities as a result of litigation. The Group’s management has used judgement to assess of the results of the litigation and believes that no loss will result. Therefore, no contingent liabilities are recorded as at the end of reporting period. 6. Cash and cash equivalents (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Cash 91 98 12 12 Call deposits held at banks 30,147 35,463 24,064 27,633 Fixed deposits with maturities within 3 months 3,001 - 2,997 - Bonds - 11,670 - 11,670 Total cash and cash equivalents 33,239 47,231 27,073 39,315 As at 31 December 2025, Bank deposits and bonds carried interests between 0.09% and 4.75% per annum (2024: between 0.10% and 7.14% per annum).
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17 7. Trade accounts receivable (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Trade receivables - other parties 18,669 23,826 15,014 19,423 Less: Allowance for expected credit losses (1,359) (2,445) (497) (1,500) Trade accounts receivable - third parties, net 17,310 21,381 14,517 17,923 Trade accounts receivable - related parties (Note 9.1) 6,374 4,507 8,710 8,900 Total 23,684 25,888 23,227 26,823 Trade accounts receivable can be analysed by aging as follows : (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Not overdue 23,140 24,137 22,856 25,884 Overdue less than 3 months 375 1,626 231 949 Overdue 3 to 6 months 96 31 90 23 Overdue 6 to 12 months 15 387 10 274 Overdue over 12 months 1,417 2,152 537 1,193 25,043 28,333 23,724 28,323 Less: Allowance for expected credit loss (1,359) (2,445) (497) (1,500) Total 23,684 25,888 23,227 26,823
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18 8. Other current receivable (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Other current receivable - third parties 10,030 9,410 8,001 7,491 Less: Allowance for expected credit loss (14) (15) (4) (6) Other current receivable - third parties 10,016 9,395 7,997 7,485 Refunds receivable from the Oil Stabilisation Fund 244 - 244 - Advance payments 285 434 121 155 Other current receivable - third parties, net 10,545 9,829 8,362 7,640 Other current receivable - related parties, net (Note 9.2) 1,020 1,522 1,033 1,409 Total 11,565 11,351 9,395 9,049 9. Related party transactions Significant transactions carried out with related parties were as follows: 9.1 Trade accounts receivable - related parties (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Parent company 3,461 3,126 3,446 3,109 Subsidiaries - - 2,356 4,411 Joint Ventures 10 3 9 3 Other related parties 2,903 1,378 2,899 1,377 Total (Note 7) 6,374 4,507 8,710 8,900
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19 9.2 Other current receivable - related parties (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Parent company 911 1,234 886 1,143 Subsidiaries - - 67 66 Associates 40 16 39 14 Joint ventures 15 13 15 13 Other related parties 63 266 33 179 1,029 1,529 1,040 1,415 Less: Allowance for expected credit loss (9) (7) (7) (6) Total (Note 8) 1,020 1,522 1,033 1,409 9.3 Short-term lending - related party Movements in short -term lending to related parties (subsidiaries) for the year ended 31 December 2025 and 2024 were as follows: (Unit: Million Baht) Separate financial statements 2025 2024 Balance at beginning of year 298 2,963 Loan granted 572 - Repayment receipt (114) (2,665) Loss on exchange rates (6) - Balance at ending of year 750 298 As at 31 December 2025, short-term lending bears the interest between 2.28% and 5.66% per annum. (2024: between 3.15% and 3.58% per annum). The Company entered into short-term lending agreements with subsidiary amounting to USD 70 million or approximately Baht 2,200 million, at a money market interest rate. The subsidiaries withdrew the partial lending loan amounting to USD 18 million or approximately Baht 572 million in 2025.
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20 9.4 Long-term lending - related parties Movements in long-term lending to related parties for the year ended 31 December 2025 and 2024 were as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Balance at beginning of year 55 - 2,640 - Loan granted 118 55 227 2,655 Repayment receipt - - (30) (15) Balance at ending of year 173 55 2,837 2,640 Due within one year - - 50 30 Due over one year 173 55 2,787 2,610 The Company entered into long -term lending agreement s with two subsidiaries total amounting to Baht 2,709 million and a joint venture, in proportion to shareholding amounting to Baht 506 million, at an interest rate of THOR plus a certain margin per annum. The subsidiaries and joint venture withdrew the partial lending loan total amounting to Baht 227 million in 2025. 9.5 Trade accounts payable - related parties (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Parent company 1,741 2,251 1,740 2,251 Subsidiaries - - 282 202 Associates 136 126 136 126 Joint ventures 21 4 5 2 Other related parties 20,498 26,662 19,033 24,882 Total 22,396 29,043 21,196 27,463
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21 9.6 Other current payable - related parties (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Parent company 335 299 333 298 Subsidiaries - - 284 218 Associates 564 813 497 755 Joint ventures 136 127 136 112 Other related parties 426 374 425 374 Total 1,461 1,613 1,675 1,757 9.7 Short-term borrowings - related parties Movements in short -term borrowings from related parties (subsidiaries) for the year ended 31 December 2025 and 2024 were as follows: (Unit: Million Baht) Separate financial statements 2025 2024 Balance at beginning of year 62 38 Proceeds from loan 170 24 Balance at ending of year 232 62 As at 31 December 2025, short-term borrowing from related parties bears the interest at 1.00% per annum (2024: 1.70% per annum). 9.8 Lease liabilities from related parties (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Parent company 338 350 338 350 Subsidiary - - 86 159 Associate 30 5 30 5 Other related parties 410 576 408 572 Total 778 931 862 1,086 Due within one year 228 322 305 392 Due over one year 550 609 557 694
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22 9.9 Significant business transactions carried out with related parties During the years, significant business transactions with related parties, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Group and those related parties. Stipulation prices between the Company and its related parties are based on normal prices for the same types of business transactions carried out with unrelated parties. For the year ended 31 December 2025 and 2024 were as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Sales and service income Parent company 18,401 17,722 18,345 17,677 Subsidiaries - - 29,600 40,871 Associates 53 58 51 57 Joint ventures 39 29 37 27 Other related parties 15,800 31,848 15,793 31,843 Interest income Subsidiaries - - 106 116 Joint venture 6 1 6 1 Other income Parent company 683 871 683 871 Subsidiaries - - 158 143 Associates 18 15 18 15 Joint ventures 15 10 14 10 Other related parties 40 88 40 88 Purchased goods and services Parent company 32,820 38,824 32,820 38,824 Subsidiaries - - 5,893 5,531 Associates 2,074 2,034 2,069 2,033 Joint ventures 28 21 27 1 Other related parties 412,863 446,519 338,618 425,947 Purchase of assets Parent company 284 24 284 24 Subsidiaries - - 18 238 Associate 305 533 305 533 Joint venture 298 460 298 460 Other related parties 126 365 126 365
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23 (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Other expenses Parent company 1,205 1,355 1,205 1,355 Subsidiaries - - 1,376 813 Associates 1,399 525 949 492 Joint ventures 166 66 109 63 Other related parties 1,897 2,382 1,894 2,345 Gain from derivatives Other related party 228 140 228 140 Finance costs Parent company 18 16 18 16 Subsidiaries - - 7 8 Associate 1 - 1 - Other related parties 16 21 16 21 9.10 Directors and managements remuneration For the years ended 31 December 2025 and 2024 were as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Director remunerations Meeting remuneration and bonuses 49 71 46 57 Management remunerations Salaries, bonuses, and other benefits 167 138 167 138 Post-employment and other long-term benefits 5 5 5 5 Total 221 214 218 200
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24 10. Inventories and supplies (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Inventories 28,393 25,902 25,448 23,228 Inventories - legal reserves 4,277 4,898 4,277 4,898 Supplies 409 353 396 338 33,079 31,153 30,121 28,464 Less: Allowance for decline in value of inventories and obsolescence (91) (93) (59) (90) Total 32,988 31,060 30,062 28,374 11. Financial assets 11.1 Current financial assets As at 31 December 2025, investments in current financial assets were fixed deposits with maturities more than 3 months but less than 1 year. Investments in current financial assets of the Group b ears the interest rates between 0.55% and 5.55% per annum (2024: 1.10% per annum). The Company only: between 1.27% and 1.65% per annum (2024: None). 11.2 Non-current financial assets (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Financial assets at fair value through other comprehensive income Listed equity investments 383 536 383 536 Non-listed equity instruments 4,372 4,559 4 4 Total financial assets at FVOCI 4,755 5,095 387 540 Financial assets at fair value through profit or loss Mutual fund - 1 - - Total financial assets at FVTPL - 1 - - Total 4,755 5,096 387 540 The Group considers these non-current financial assets to be strategic in nature.
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25 Movements in non-current financial assets for the year ended 31 December were as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Balance at beginning of year 5,096 8,223 540 1,079 Additions 42 136 - - Disposal of investment (17) (2,142) - - Change in fair value (88) (1,090) (153) (539) Exchange differences on translation (278) (31) - - Balance at ending of year 4,755 5,096 387 540 12. Investments in subsidiaries Details of investments in direct subsidiaries in the separate financial statement s as at 31 December are as follows: (Unit: Million Baht) Name Ownership interest Cost method Dividend income 2025 2024 2025 2024 2025 2024 (%) (%) PTT Retail Management Co., Ltd. 100.00 100.00 4,921 4,687 - - PTT Retail Service Co., Ltd. 100.00 100.00 10 10 6 8 PTT Philippines Trading Corporation 100.00 100.00 1,373 1,373 246 144 PTT Philippines Corporation 100.00 100.00 2,109 2,109 - - Thai Lube Blending Co., Ltd. 100.00 100.00 330 330 32 5 PTT (Cambodia) Ltd. 100.00 100.00 6,305 6,305 - 74 PTTOR China (Shanghai) Co., Ltd 100.00 100.00 493 493 - - PTTOR Singapore Pte. Ltd. 100.00 100.00 153 153 - - PTTOR Holdings Co., Ltd. 100.00 100.00 14,885 14,735 - - 30,579 30,195 284 231 Less: Impairment allowance (5,218) (4,491) - - Total 25,361 25,704 284 231
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26 Movements in investments in subsidiaries in the separate financial statement s for the year ended 31 December were as follows: (Unit: Million Baht) 2025 2024 Balance at beginning of year 25,704 25,023 Additions 385 2,134 Loss from impairment (728) (1,453) Balance at ending of year 25,361 25,704 Significant events during the year ended 31 December 2025. a. The Extraordinary General Meeting of Shareholders No.1/2025 of PTT Retail Management Co., Ltd. (PTTRM) approved increasing the registered capital of Baht 235 million for the purpose of further investment of the Group. The Company fully paid for the shares. b. The Annual General Meeting of Shareholders for the year 2025 of PTTOR Holdings Co., Ltd. (ORHOLDCO) approved increasing the registered capital of Baht 150 million for the purpose of further investment of the Group. The Company fully paid for the shares. c. The Board of Directors’ Meeting No . 2/2024 passed a resolution to approve Modulus Venture Co., Ltd. (MODULUS), (Subsidiary) to establish Foodellus Co., Ltd. ( FDL) to engage in food service in restaurants and catering with a registered share capital of Baht 1 million. MODULUS hold 100% of its shares. On 7 March 202 5, the Company was registered as a corporation and fully paid for its share capital. d. During the year , MODULUS increase d investment in OR Health & Wellness Co., Ltd. (ORHW) equivalent to 100% of the registered capital, totaling Baht 217 million. e. During the year, the Company considered recording an allowance for impairment in subsidiaries of ORHOLDCO amounting to Baht 728 million.
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27 13. Investments in joint ventures 13.1 Details of investments in joint ventures as at 31 December (Unit: Million Baht) Consolidated financial statements Name Nature of business Country of incorporation Shareholding percentage Cost method Equity method Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 (%) (%) Direct joint venture Global Aero Associates Co., Ltd. Aircraft refueling services Thailand 45.00 45.00 545 545 532 535 - - Indirect joint ventures held through the group of PTTOR Holdings Co., Ltd. Brighter PTT Oil and Retail Business Co ., Ltd. Oil and retail business Myanmar 51.00 51.00 51 55 19 25 - - Brighter Energy Co., Ltd. Depot and wholesale of petroleum Myanmar 35.00 35.00 919 988 300 300 - - ORC Coffee Passion Group Joint Stock Company Retail business Vietnam 60.00 60.00 264 284 25 111 - - Orbit Digital Co., Ltd. Information technology and other computer services Thailand 40.00 40.00 10 10 108 93 19 11 Phnom Penh Aviation Fuel Service Co., Ltd. Airport refueling services system Cambodia 33.33 33.33 289 311 257 295 - - K-nex Corporation Co., Ltd. Laundry business Thailand 40.00 40.00 1,058 1,058 1,095 1,140 54 - Gowabi Thailand Co., Ltd. Digital platform for health and beauty Thailand 18.18 18.18 142 142 121 122 - - Drink Enterprise Co., Ltd. Beverage business Thailand 50.00 50.00 210 210 116 128 - - Dusit Foods Co., Ltd. Food business Thailand 25.00 25.00 299 299 293 291 - - Indirect joint venture held through PTT Retail Management Co., Ltd. The Rest Village Co., Ltd. Investing service center on motorway Thailand 55.00 55.00 317 83 311 81 - - 4,104 3,985 3,177 3,121 73 11 Less: Impairment allowance (1,585) (1,505) (648) (648) - - Total 2,519 2,480 2,529 2,473 73 11
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28 (Unit: Million Baht) Separate financial statements Name Nature of business Country of incorporation Shareholding percentage Cost method Dividend income 2025 2024 2025 2024 2025 2024 (%) (%) Global Aero Associates Co., Ltd. Aircraft refueling services Thailand 45.00 45.00 545 545 - - Total 545 545 - - Movements in investments in joint ventures for the year ended 31 December were as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements Equity Method Cost Method 2025 2024 2025 2024 Balance at beginning of year 2,473 3,131 545 545 Additions 235 255 - - Devaluing - (47) - - Share of loss (72) (398) - - Share of other comprehensive income (34) (13) - - Dividend received (73) (11) - - Loss from impairment - (343) - - Exchange differences on translation - (101) - - Balance at ending of year 2,529 2,473 545 545 The Group has unrecognised share of total comprehensive loss from joint venture as of 31 December 2025 amounting to Baht 47 million (2024: None) Significant events during the year ended 31 December 202 5 a. During the year , PTTRM increased investment in The Rest Village Co., Ltd. (TRV) equivalent to 55%, totaling Baht 235 million. b. On 29 December 2025, the General Meeting of Shareholders of ORC Coffee Passion Group Joint Stock Company (ORCG) approved the dissolution. ORCG is currently in the liquidation process. 13.2 Aggregate amount of share of comprehensive income from other joint ventures (Unit: Million Baht) For the year ended 31 December 2025 2024 Loss from operations (72) (398) Total comprehensive income (106) (411) Carrying amount of its interests in all individually immaterial joint ventures accounted for using the equity method 2,529 2,473
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29 14. Investments in associates 14.1 Details of investments in associates (Unit: Million Baht) Consolidated financial statements Name Nature of business Country of incorporation Shareholding percentage Cost method Equity method Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 (%) (%) Direct associates Thai Petroleum Pipeline Co., Ltd. Petroleum transportation services through the pipeline system Thailand 40.53 40.53 3,173 3,173 3,905 4,249 977 315 Petro Asia (Thailand) Co., Ltd. Oil marketing Thailand 35.00 35.00 131 131 11 10 - - Thai Trinity Holding Co., Ltd. Investing in virtual bank Thailand 20.00 - 100 - 99 - - - Indirect associate held through PTT Philippines Corporation FST Aviation Services Limited Aircraft refueling services Hong Kong 25.00 25.00 1 1 1 2 - - Indirect associates held through the group of PTTOR Holdings Co., Ltd. Pluk Phak Praw Rak Mae Public Company Limited* Food and beverage Thailand 20.00 20.00 711 711 752 757 19 16 Kamu Kamu Co., Ltd. Beverage Thailand 25.00 25.00 468 468 481 478 6 4 Polar Bear Mission Co., Ltd. Food online Thailand 23.53 23.53 482 482 254 291 - - PTT Digital Solutions Co., Ltd. Information technology and communication services Thailand 20.00 20.00 1,023 1,023 940 824 27 - 6,089 5,989 6,443 6,611 1,029 335 Less: Impairment allowance (687) (131) (343) - - - Total 5,402 5,858 6,100 6,611 1,209 335 *As of 31 December 2025, the fair value of investment in Pluk Phak Praw Rak Mae Public Company Limited (OKJ), the listed company on the Stock Exchange of Thailand, was Baht 492 million. (2024: Baht 1,864 million)
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30 (Unit: Million Baht) Separate financial statements Name Nature of business Country of incorporation Shareholding percentage Cost method Dividend income 2025 2024 2025 2024 2025 2024 (%) (%) Thai Petroleum Pipeline Co., Ltd Petroleum transportation services through the pipeline system Thailand 40.53 40.53 11,987 11,987 977 315 Petro Asia (Thailand) Co., Ltd.* Oil marketing Thailand 35.00 35.00 - - - - Thai Trinity Holding Co., Ltd. Investing in virtual bank Thailand 20.00 - 100 - - - Total 12,087 11,987 977 315 *The investment in Petro Asia (Thailand) Co., Ltd. has net book value of Baht 1. Movements of investments in associates for the years ended 31 December are as follows : (Unit: Million Baht) Consolidated financial statements Separate financial statements Equity method Cost method 2025 2024 2025 2024 Balance at beginning of year 6,611 5,454 11,987 11,987 Additions 100 1,237 100 - Deficit on business combination under common control - (248) - - Disposal of investment - (167) - - Share of profit 762 670 - - Share of other comprehensive income (1) - - - Dividend received (1,029) (335) - - Loss from impairment (343) - - - Balance at ending of year 6,100 6,611 12,087 11,987 Significant events during the year ended 31 December 202 5 a. The Board of Directors’ Meeting No. 3/2024 passed a resolution to approve establish Thai Trinity Holding Company Limited (THAITRINITY), in collaboration with Krung Thai Bank Public Company Limited and Advanced Info Service Public Company Limited with the objective of investing in virtual bank and held of 20% of its registered capital, totaling Baht 100 million. On 9 July 2025, the newly established company was registered as a corporation. The Company fully paid for the shares. b. During the year, the Group considered recording an allowance for impairment in Kamu Kamu Co., Ltd. (KAMU) and Polar Bear Mission Co., Ltd. (POLARBEAR) amounting to Baht 89 million and Baht 254 million, respectively.
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31 14.2 Summarised financial information about material associates Summarised financial information (Unit: Million Baht) Thai Petroleum Pipeline Co., Ltd. 2025 2024 Current assets 4,016 4,883 Non-current assets 7,598 7,764 Current liabilities (796) (776) Non-current liabilities (755) (959) Net assets 10,063 10,912 Shareholding percentage (%) 40.53 40.53 Share of net assets 4,079 4,423 Elimination entries (174) (174) Carrying amounts of share of net assets in associates 3,905 4,249 Summarised comprehensive income information (Unit: Million Baht) Thai Petroleum Pipeline Co., Ltd. For the year ended 31 December 2025 2024 Revenue 3,407 3,418 Net profit 1,556 1,600 Total comprehensive income 1,567 1,600 14.3 Share of comprehensive income from other associates (exclude associates named in Note 14.2) (Unit: Million Baht) For the year ended 31 December 2025 2024 Profit from operations 134 22 Total comprehensive income 129 22 Carrying amount of its interests in all individually immaterial associates accounted for using the equity method 2,195 2,362
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32 15. Property, plant and equipment (Unit: Million Baht) Consolidated financial statements Land Buildings and building improvement Machinery and equipment Other assets Construction in progress Total As at 1 January 2024 Cost 13,852 28,544 41,161 3,499 6,488 93,544 Less: Accumulated depreciation - (14,163) (28,030) (2,943) - (45,136) Less: Allowance for impairment - (13) (4) (1) - (18) Net book value 13,852 14,368 13,127 555 6,488 48,390 For the year ended 31 December 2024 Balance at beginning of year, net 13,852 14,368 13,127 555 6,488 48,390 Additions 224 336 1,113 60 5,425 7,158 Transfers in (out) 18 2,374 1,445 305 (7,866) (3,724) Disposals and write-off - (35) (47) (1) - (83) Depreciation for the year - (1,825) (2,084) (217) - (4,126) Loss on impairment - (163) (57) (1) - (221) Exchange differences on translation - (29) (9) (1) (28) (67) Balance at end of year, net 14,094 15,026 13,488 700 4,019 47,327 As at 31 December 2024 Cost 14,094 30,842 43,423 3,759 4,019 96,137 Less: Accumulated depreciation - (15,642) (29,873) (3,057) - (48,572) Less: Allowance for impairment - (174) (62) (2) - (238) Net book value 14,094 15,026 13,488 700 4,019 47,327
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33 (Unit: Million Baht) Consolidated financial statements Land Buildings and building improvement Machinery and equipment Other assets Construction in progress Total For the year ended 31 December 2025 Balance at beginning of year, net 14,094 15,026 13,488 700 4,019 47,327 Additions 96 419 1,029 46 2,921 4,511 Transfers in (out) 113 2,063 1,189 168 (4,043) (510) Disposals and write-off - (168) (111) (5) - (284) Depreciation for the year - (1,816) (2,092) (213) - (4,121) Reversal of (loss) on impairment - 82 (9) - (202) (129) Exchange differences on translation - (91) (37) (3) (54) (185) Balance at end of year, net 14,303 15,515 13,457 693 2,641 46,609 As at 31 December 2025 Cost 14,303 32,430 44,907 3,796 2,843 98,279 Less: Accumulated depreciation - (16,823) (31,378) (3,102) - (51,303) Less: Allowance for impairment - (92) (72) (1) (202) (367) Net book value 14,303 15,515 13,457 693 2,641 46,609
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34 (Unit: Million Baht) Separate financial statements Land Buildings and building improvement Machinery and equipment Other assets Construction in progress Total As at 1 January 2024 Cost 13,534 13,160 30,286 885 5,976 63,841 Less: Accumulated depreciation - (3,595) (13,266) (525) - (17,386) Less: Allowance for impairment - (2) (21) (1) - (24) Net book value 13,534 9,563 16,999 359 5,976 46,431 For the year ended 31 December 2024 Balance at beginning of year, net 13,534 9,563 16,999 359 5,976 46,431 Additions 223 117 796 10 4,155 5,301 Transfers in (out) 18 2,195 1,343 244 (7,509) (3,709) Disposals and write-off - (24) (46) - - (70) Depreciation for the year - (1,090) (2,123) (129) - (3,342) Loss on impairment - (163) (58) - - (221) Balance at end of year, net 13,775 10,598 16,911 484 2,622 44,390 As at 31 December 2024 Cost 13,775 15,412 32,296 1,135 2,622 65,240 Less: Accumulated depreciation - (4,649) (15,306) (650) - (20,605) Less: Allowance for impairment - (165) (79) (1) - (245) Net book value 13,775 10,598 16,911 484 2,622 44,390
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35 (Unit: Million Baht) Separate financial statements Land Buildings and building improvement Machinery and equipment Other assets Construction in progress Total For the year ended 31 December 2025 Balance at beginning of year, net 13,775 10,598 16,911 484 2,622 44,390 Additions 44 104 797 28 2,145 3,118 Transfers in (out) 113 1,239 1,053 80 (2,935) (450) Disposals and write-off - (159) (111) (1) - (271) Depreciation for the year - (1,063) (2,179) (135) - (3,377) Reversal of (loss) on impairment - 96 (8) (1) (202) (115) Balance at end of year, net 13,932 10,815 16,463 455 1,630 43,295 As at 31 December 2025 Cost 13,932 16,264 33,632 1,295 1,832 66,955 Less: Accumulated depreciation - (5,380) (17,082) (838) - (23,300) Less: Allowance for impairment - (69) (87) (2) (202) (360) Net book value 13,932 10,815 16,463 455 1,630 43,295
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36 16. Leases 16.1 The Group as a lessee The Group has lease contracts for assets used in its operations. Lease terms are between 2 - 40 years. a) Right-of-use assets (Unit: Million Baht) Consolidated financial statements Land Buildings Machinery and equipment Other assets Total As at 1 January 2024 Cost 14,006 2,307 2,132 919 19,364 Less: Accumulated depreciation (4,153) (1,030) (729) (366) (6,278) Less: Allowance for impairment (3) - - - (3) Net book value 9,850 1,277 1,403 553 13,083 For the year ended 31 December 2024 Balance at beginning of year, net 9,850 1,277 1,403 553 13,083 Additions 384 499 263 420 1,566 Termination and cancellation (18) (31) - - (49) Lease modification 13 2 9 (8) 16 Depreciation for the year (791) (682) (284) (479) (2,236) Reversal of loss on impairment 1 - - - 1 Exchange differences on translation (35) (3) - (1) (39) Balance at end of year, net 9,404 1,062 1,391 485 12,342 As at 31 December 2024 Cost 14,243 2,220 2,307 1,182 19,952 Less: Accumulated depreciation (4,837) (1,158) (916) (697) (7,608) Less: Allowance for impairment (2) - - - (2) Net book value 9,404 1,062 1,391 485 12,342
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37 (Unit: Million Baht) Consolidated financial statements Land Buildings Machinery and equipment Other assets Total For the year ended 31 December 2025 Balance at beginning of year, net 9,404 1,062 1,319 458 12,342 Additions 536 510 473 248 1,767 Termination and cancellation (4) (10) - (2) (16) Lease modification 8 103 84 (10) 185 Depreciation for the year (825) (640) (427) (247) (2,139) Exchange differences on translation (102) (10) (9) (4) (125) Balance at end of year, net 9,017 1,015 1,512 470 12,014 As at 31 December 2025 Cost 14,540 2,228 2,800 879 20,447 Less: Accumulated depreciation (5,521) (1,213) (1,288) (409) (8,431) Less: Allowance for impairment (2) - - - (2) Net book value 9,017 1,015 1,512 470 12,014 (Unit: Million Baht) Separate financial statements Land Buildings Machinery and equipment Other assets Total As at 1 January 2024 Cost 8,825 1,896 2,059 708 13,488 Less: Accumulated depreciation (1,832) (789) (832) (244) (3,697) Less: Allowance for impairment (3) - - - (3) Net book value 6,990 1,107 1,227 464 9,788 For the year ended 31 December 2024 Balance at beginning of year, net 6,990 1,107 1,227 464 9,788 Additions 67 369 482 357 1,275 Termination and cancellation - (22) - - (22) Lease modification (1) (4) 9 (7) (3) Depreciation for the year (536) (600) (324) (446) (1,906) Reversal of loss on impairment 1 - - - 1 Balance at end of year, net 6,521 850 1,394 368 9,133
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38 (Unit: Million Baht) Separate financial statements Land Buildings Machinery and equipment Other assets Total As at 31 December 2024 Cost 8,807 1,729 2,231 925 13,692 Less: Accumulated depreciation (2,284) (879) (837) (557) (4,557) Less: Allowance for impairment (2) - - - (2) Net book value 6,521 850 1,394 368 9,133 For the year ended 31 December 2025 Balance at beginning of year, net 6,521 850 1,394 368 9,133 Additions 343 395 470 141 1,349 Termination and cancellation - (14) - (2) (16) Lease modification 3 109 84 - 196 Depreciation for the year (580) (551) (468) (195) (1,794) Balance at end of year, net 6,287 789 1,480 312 8,868 As at 31 December 2025 Cost 9,084 1,685 2,745 595 14,109 Less: Accumulated depreciation (2,795) (896) (1,265) (283) (5,239) Less: Allowance for impairment (2) - - - (2) Net book value 6,287 789 1,480 312 8,868 b) Lease liabilities (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Balance at beginning of year 10,428 10,748 7,990 8,257 Additions 1,526 1,516 1,132 1,235 Deferred finance cost 441 442 314 322 Repayment of lease liabilities (2,216) (2,218) (1,816) (1,796) Lease modification 205 (5) 196 (3) Termination and cancellation (16) (26) (16) (25) Others 8 9 - - Exchange differences on translation (118) (38) - - Balance at end of year 10,258 10,428 7,800 7,990 Due within 1 year 1,136 1,106 918 925 Due over 1 year 9,122 9,322 6,882 7,065 A maturity analysis of lease payments is disclosed in Note 32.1 under the liquidity risk.
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39 c) Expenses relating to leases that are recognised in profit or loss (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Expense relating to short-term leases 167 190 115 166 Expense relating to leases of low-value assets 93 156 7 100 Variable leases payments that do not depend on an index or a rate 1,156 1,278 1,157 1,282 d) Others The Group had total cash outflows for leases for the year ended 31 December 2025 of Baht 3,865 million (2024: Baht 3,888 million). The Company only: Bah t 3,314 million (2024: Baht 3,384 million), including the cash outflow related to short-term lease, leases of low-value assets and variable lease payments that do not depend on an index or a rate. 17. Goodwill Goodwill in the consolidated financial statements of Baht 3,469 million arose from the acquisition of PTT Retail Management Company Limited, a company engages in oil and retail business management in Thailand . Goodwill in the separate financial statements of Baht 12,799 million arose from the transfer of various assets and liabilities of the Oil Business Unit and shares of related companies from PTT Public Company Limited. Management believes that there is no occurrence of impairment of goodwill.
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40 18. Other intangible assets other than goodwill (Unit: Million Baht) Consolidated financial statements Computer Software Customer lists Trademarks Other intangible assets Total As at 1 January 2024 Cost 3,447 12 418 2,479 6,356 Less: Accumulated amortisation (2,421) (6) (145) (2,230) (4,802) Less: Allowance for impairment (2) - - - (2) Net book value 1,024 6 273 249 1,552 For the year ended 31 December 2024 Balance at beginning of year, net 1,024 6 273 249 1,552 Additions 734 - 4 1 739 Reclassification 3,495 - - - 3,495 Disposal - - - (6) (6) Amortisation (872) - (13) (118) (1,003) Reversal of impairment 1 - - - 1 Exchange differences on translation (1) - - - (1) Balance at end of year, net 4,381 6 264 126 4,777 As at 31 December 2024 Cost 7,655 12 413 2,454 10,534 Less: Accumulated amortisation (3,273) (6) (149) (2,328) (5,756) Less: Allowance for impairment (1) - - - (1) Net book value 4,381 6 264 126 4,777 For the year ended 31 December 2025 Balance at beginning of year, net 4,381 6 264 126 4,777 Additions 805 - 1 - 806 Reclassification 178 - - - 178 Disposal and write-off (1) - - - (1) Amortisation (1,056) (1) (14) (107) (1,178) Reversal of impairment 1 - - - 1 Exchange differences on translation (2) - (1) (1) (4) Balance at end of year, net 4,306 5 250 18 4,579 As at 31 December 2025 Cost 8,374 12 412 2,448 11,246 Less: Accumulated amortisation (4,068) (7) (162) (2,430) (6,667) Net book value 4,306 5 250 18 4,579
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41 (Unit: Million Baht) Separate financial statements Computer Software Customer lists Trademarks Other intangible assets Total As at 1 January 2024 Cost 2,766 15,547 16,669 5,603 40,585 Less: Accumulated amortisation (1,826) (6,984) (3,103) (3,083) (14,996) Less: Allowance for impairment (3) - - - (3) Net book value 937 8,563 13,566 2,520 25,586 For the year ended 31 December 2024 Balance at beginning of year, net 937 8,563 13,566 2,520 25,586 Additions 714 - - 1 715 Reclassification 3,489 - 2 - 3,491 Disposal - - - (84) (84) Amortisation (840) (1,269) (564) (553) (3,226) Reversal of impairment 2 - - - 2 Balance at end of year, net 4,302 7,294 13,004 1,884 26,484 As at 31 December 2024 Cost 6,958 15,547 16,669 5,387 44,561 Less: Accumulated amortisation (2,655) (8,253) (3,665) (3,503) (18,076) Less: Allowance for impairment (1) - - - (1) Net book value 4,302 7,294 13,004 1,884 26,484 For the year ended 31 December 2025 Balance at beginning of year, net 4,302 7,294 13,004 1,884 26,484 Additions 780 - - - 780 Reclassification 151 - - - 151 Disposal and write-off (1) - - - (1) Amortisation (1,033) (1,269) (564) (539) (3,405) Balance at end of year, net 4,199 6,025 12,440 1,345 24,009 As at 31 December 2025 Cost 7,631 15,547 16,669 5,387 45,234 Less: Accumulated amortisation (3,431) (9,522) (4,229) (4,042) (21,224) Less: Allowance for impairment (1) - - - (1) Net book value 4,199 6,025 12,440 1,345 24,009
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42 19. Bank overdrafts and short-term borrowings from financial institutions Bank overdrafts and s hort-term borrowing s from financial institutions bear the interest a t 3.69% to 6.05% per annum (2024: 4.56% to 6.75 % per annum ) 20. Long-term borrowings (Unit: Million Baht) For the year ended 31 December 2025 Consolidated financial statements Separate financial statements Baht currency Baht currency Balance at beginning of year 16,336 16,285 Additions 33 - Repayment (6,255) (6,231) Balance at ending of year 10,114 10,054 Due within one year 3,087 3,063 Due over one year 7,027 6,991 (Unit: Million Baht) For the year ended 31 December 2024 Consolidated financial statements Separate financial statements Baht currency Baht currency Balance at beginning of year 21,300 21,274 Additions 33 - Repayment (5,023) (5,015) Others 26 26 Balance at ending of year 16,336 16,285 Due within one year 5,581 5,560 Due over one year 10,755 10,725
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43 Details of long-term borrowings as at 31 December 2025 are as follows. Loan Currency Credit facilities (Unit: Million) Interest rate (% per annum) Repayment terms Long-term borrowings - Baht currency from financial institutions 1 Baht 5,000 FDR six-months plus a certain margin per annum Principal is repayable every 6 months, totalling 17 instalments which due in September 2028 2 Baht 10,000 MLR minus a certain discount per annum Principal is repayable every 6 months, totalling 16 instalments which due in September 2028 3 Baht 2,000 BIBOR three-months plus a certain margin per annum Principal is repayable every 6 months, totalling 15 instalments which due in September 2027 4 Baht 1,000 BIBOR three-months plus a certain margin per annum Principal is repayable every 6 months, totalling 15 instalments which due in September 2027 5 Baht 5,000 FDR six-months plus a certain margin per annum Principal is repayable every 6 months, totalling 17 instalments which due in December 2030 6 Baht 45 MLR minus a certain discount per annum Principal is repayable every month, totalling 36 instalments which due in December 2027 7 Baht 65 THOR average plus a certain margin per annum Principal is repayable every 3 month, totalling 14 instalments which due in December 2029 The borrowing agreements contain several covenants which, among other things, require the Group to maintain debt - to- equity ratio and debt service coverage ratio at the rate prescribed in the agreements. The covenants are tested on a quarterly and annually basis. The Group has no indication that it will have difficulty complying with these covenants within the twelve months after the reporting period. As at 31 December 202 5, the Group have outstanding long-term credit facilities which have not yet been drawn down amounting to Baht 32 million. (2024: None).
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44 21. Non-current provisions for employee benefits Non-current provisions for employee benefits as at 31 December are as follows. (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Post-employment benefits 2,369 1,969 2,086 1,695 Other long-term employee benefits 865 505 829 468 Total 3,234 2,474 2,915 2,163 Movements of non-current provisions for employee benefits for the years ended 31 December are as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Balance at beginning of year 2,474 1,960 2,163 1,675 Current service cost 227 176 189 144 Interest cost 72 69 61 59 Remeasurement loss arising from post-employment benefits 477 328 488 321 Remeasurement loss arising from other long-term employee benefits 73 43 73 43 Benefits paid during the year (83) (99) (59) (79) Exchange differences on translation (6) (3) - - Balance at ending of year 3,234 2,474 2,915 2,163 The amounts of remeasurement loss of post-employment benefits recognised in the other comprehensive income are as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Experience adjustments 11 35 16 33 Financial assumptions changes 451 257 456 253 Changes in demographic assumption 15 36 16 35 Total 477 328 488 321
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45 Significant remeasurement assumptions of post-employment benefits are summarised below: (Unit: percent per annum) 2025 2024 Discount rate 1.26 - 6.40 2.09 - 6.30 Inflation rate 2.00 - 6.00 0.00 - 6.00 Turnover rate 0.00 - 60.00 0.00 - 60.00 The result of sensitivity analysis for significant assumptions that affect the present value of the post-employment benefit obligation as at 31 December 2025 and 2024 are summarised below: (Unit: Million Baht) 2025 Consolidated financial statements Separate financial statements Increase 1% Decrease 1% Increase 1% Decrease 1% Discount rate (500) 686 (469) 650 (Unit: Million Baht) 2024 Consolidated financial statements Separate financial statements Increase 1% Decrease 1% Increase 1% Decrease 1% Discount rate (335) 438 (311) 412 As at 31 December 2025 and 2024, the weighted average duration of the liabilities for the post-employment benefit is 20 years. 22. Legal reserve Under the Public Companies Act B.E. 2535, the Company is required to set aside as a legal reserve at least 5% of its net profit after accumulated deficit brought forward (if any) until the reserve is not less than 10% of the registered capital. The legal reserve is non - distributable. 23. Sales and service income (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Details of sales and service income Oil products 590,909 654,632 551,983 617,123 Gas products 39,787 42,903 39,790 42,905 Other products and services 28,027 26,423 21,828 19,949 Total 658,723 723,958 613,601 679,977
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46 24. Other income (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Income from managing terminals and retails outlets 690 712 690 712 Aircraft refueling service income 247 203 247 203 Dividend income 20 12 1,275 557 Interest income 686 793 671 751 Others 524 980 420 794 Total 2,167 2,700 3,303 3,017 25. Expenses by nature Details of expenses by nature for the years ended 31 December are as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Goods purchased and raw materials used 615,471 684,783 577,326 647,950 Staff costs 7,723 6,372 4,332 3,734 Outsourcing 5,350 5,602 5,855 5,480 Transportation 2,529 2,564 2,354 2,372 Depreciation and amortisation 7,580 7,490 8,675 8,558 Repair 1,317 1,447 1,174 1,256 Utilities 1,980 1,615 1,516 1,117 Rental and terminal services 1,416 1,624 1,280 1,548 Advertising and promotion 1,713 1,870 1,539 1,650 Others 2,100 3,033 1,743 3,364
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47 26. Income tax (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Current tax Current income tax charge 1,474 1,201 1,284 920 Adjustments in respect of current tax of previous year 23 41 54 41 Deferred tax Relating to origination and reversal of temporary differences 982 559 475 122 Income tax expense reported in profit or loss 2,479 1,801 1,813 1,083 The reconciliation between accounting profit and income tax expense is shown below. (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Accounting profit before tax 13,783 9,450 10,749 5,150 Applicable tax rate 20% 20% 20% 20% Accounting profit before tax multiplied by income tax rate 2,757 1,890 2,150 1,030 Share profit from investments under equity method (141) (66) - - Difference in tax rate of the Group’s operating countries (27) (13) - - Effects of: Promotional privileges (81) (19) (81) (19) Income not subject to tax (5) (26) (255) (111) Non-deductible expenses 156 586 136 148 Additional expense deductions allowed (265) (280) (259) (272) Others 85 (271) 122 307 Total (110) (10) (337) 53 Income tax expense reported in profit or loss 2,479 1,801 1,813 1,083
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48 Movements of deferred tax assets and deferred tax liabilities are as follows: (Unit: Million Baht) Consolidated financial statements For the year ended 31 December 2025 Beginning balance Profit loss Other comprehensive income Exchange differences on translation Ending balance Deferred tax assets Deferred tax liabilities Property, plant and equipment 1,755 (208) - (4) 1,543 1,613 (70) Other intangible assets other than goodwill 4,379 (454) - - 3,925 3,931 (6) Right-of-use assets (1,955) 39 - (2) (1,918) 18 (1,936) Other non-current financial assets 200 - 29 - 229 264 (35) Trade and other current receivable (840) (448) - (1) (1,289) 120 (1,409) Inventories and supplies 1 11 - - 12 12 - Lease liabilities 2,160 (8) - (3) 2,149 2,149 - Provision for employee benefits 237 65 95 (1) 396 396 - Provision for decommissioning costs 56 3 - - 59 59 - Derivatives (10) 23 - - 13 13 - Tax loss carry forward 81 31 - (8) 104 104 - Others 329 (36) - (10) 283 316 (33) Total amount before set-off of tax 6,393 (982) 124 (29) 5,506 8,995 (3,489) Set-off of taxes (2,946) 2,946 Deferred tax assets (liabilities), net 6,049 (543)
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49 (Unit: Million Baht) Consolidated financial statements For the year ended 31 December 2024 Beginning balance Profit loss Other comprehensive income Exchange differences on translation Ending balance Deferred tax assets Deferred tax liabilities Property, plant and equipment 1,844 (88) - (1) 1,755 1,756 (1) Other intangible assets other than goodwill 4,851 (472) - - 4,379 4,384 (5) Right-of-use assets (1,759) (196) - - (1,955) 17 (1,972) Other non-current financial assets (141) - 340 1 200 224 (24) Trade and other current receivable (690) (149) - (1) (840) 323 (1,163) Inventories and supplies 19 (19) - 1 1 1 - Lease liabilities 1,928 234 - (2) 2,160 2,160 - Provision for employee benefits 118 54 66 (1) 237 237 - Provision for decommissioning costs 52 4 - - 56 56 - Derivatives 2 (12) - - (10) - (10) Tax loss carry forward 85 - - (4) 81 81 - Others 255 85 - (11) 329 365 (36) Total amount before set-off of tax 6,564 (559) 406 (18) 6,393 9,604 (3,211) Set-off of taxes (3,013) 3,013 Deferred tax assets (liabilities), net 6,591 (198)
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50 (Unit: Million Baht) Separate financial statements For the year ended 31 December 202 5 Beginning balance Profit loss Other comprehensive income Ending balance Deferred tax assets Deferred tax liabilities Property, plant and equipment 79 (148) - (69) - (69) Other intangible assets other than goodwill 4 - - 4 4 - Right-of-use assets (1,803) 36 - (1,767) - (1,767) Other non-current financial assets 201 - 30 231 231 - Trade and other current receivable (862) (447) - (1,309) 100 (1,409) Inventories and supplies 1 8 - 9 9 - Lease liabilities 1,940 (15) - 1,925 1,925 - Provision for employee benefits 175 64 98 337 337 - Provision for decommissioning costs 15 2 - 17 17 - Derivatives (10) 23 - 13 13 - Others 89 2 - 91 102 (11) Total amount before set-off of tax (171) (475) 128 (518) 2,738 (3,256) Set-off of taxes (2,738) 2,738 Deferred tax liabilities, net - (518) (Unit: Million Baht) Separate financial statements For the year ended 31 December 2024 Beginning balance Profit loss Other comprehensive income Ending balance Deferred tax assets Deferred tax liabilities Property, plant and equipment 119 (40) - 79 79 - Other intangible assets other than goodwill 5 (1) - 4 4 - Right-of-use assets (1,604) (199) - (1,803) - (1,803) Other non-current financial assets 93 - 108 201 201 - Trade and other current receivable (711) (151) - (862) 301 (1,163) Inventories and supplies - 1 - 1 1 - Lease liabilities 1,713 227 - 1,940 1,940 - Provision for employee benefits 62 49 64 175 175 - Provision for decommissioning costs 13 2 - 15 15 - Derivatives 2 (12) - (10) - (10) Others 87 2 - 89 100 (11) Total amount before set-off of tax (221) (122) 172 (171) 2,816 (2,987) Set-off of taxes (2,816) 2,816 Deferred tax liabilities, net - (171)
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51 Effect from international tax reform - Pillar Two model rules The Group is within the scope of the Pillar Two model rules published by the Organisation for Economic Co -operation and Development (OECD). Accordingly, the Group has applied the mandatory exception requiring that entities shall neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group operates in several jurisdictions in which Pillar Two legislation has been enacted and is effective for fiscal years beginning on or after 1 January 2024. The Group benefits from the Transitional Safe Harbour provisions or has an effective tax rate under the Pillar Two rules in excess of 15%. Accordingly, the Group has not recognised any top-up tax expense related to Pillar Two income taxes in the financial statements for the year ended 31 December 2025. 27. Promotional privileges The Company has received promotional privileges from the Board of Investment for manufacture of quality roasted coffee beans and electricity generated from solar energy operations. Subject to certain imposed conditions, the privileges include an exemption from corporate income tax on net profit of the activities for the periods of 3 - 8 years. The Company’s operating revenues for the years are below shown divided according to promoted and non-promoted operations. (Unit: Million Baht) Separate financial statements 2025 Promoted Non-promoted operations operations Total Sales and service income Domestic 1,722 506,053 507,775 Export 12 105,814 105,826 Total 1,734 611,867 613,601 (Unit: Million Baht) Separate financial statements 2024 Promoted Non-promoted operations operations Total Sales and service income Domestic 1,987 531,984 533,971 Export 114 145,892 146,006 Total 2,101 677,876 679,977
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52 28. Earnings per share Basic earnings per share is calculated by dividing profit for the year attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the year . 29. Operating segments The following significant operating segments are consistent with the internal management reports provided to the Chief Operating Decision Maker (CODM) , who makes decisions related to the allocation of resources to the segments and assesses their performance . For management purposes , the Group is organised into business units based on types of products and services. The major segments of the Group are as follows : 1) Mobility Business: Revenue of the mobility of the Group is mainly from the marketing of Petroleum Products, which through the retail and commercial business of the Company and its subsidiaries in Thailand. 2) Lifestyle Business : Revenue of the lifestyle of the Group consists of Cafe Amazon business, convenience stores, food and beverage retail stores of the Company and its subsidiaries in Thailand. 3) Global Business: Revenue of the global of the Group consists of revenue from the oil business, retail business and other services which are operated by the subsidiaries in foreign countries.
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53 For the year ended 31 December 2025 (Unit: Million Baht) Mobility Lifestyle Global Others Elimination of inter-segment Total Revenues from sales and services - Revenue from external customers 592,626 23,748 42,244 105 - 658,723 - Revenue from inter-segment 4,825 1,344 4,342 2,829 (13,340) - Total revenues from sales and services 597,451 25,092 46,586 2,934 (13,340) 658,723 Profit (loss) before interest, tax, depreciation, and amortisation 12,509 7,024 1,279 (473) 18 20,357 Depreciation and amortisation 4,759 1,992 645 184 - 7,580 Segment operating profit (loss) 7,750 5,032 634 (657) 18 12,777 Share of profit (loss) from investments in joint ventures and associates 622 21 (98) 145 - 690 Other income (expenses) 871 (401) 14 1,097 (1,334) 247 Unallocated revenue and expenses 1,011 Profit before interest and tax 14,725 Profit for the year 11,303
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54 As at 31 December 2025 (Unit: Million Baht) Mobility Lifestyle Global Others Elimination of inter-segment Total Segment assets 100,751 16,077 11,084 22,102 - 150,014 Intercompany assets 2,450 124 114 3,754 (6,442) - Investments in joint ventures 843 1,163 295 228 - 2,529 Investments in associates 3,916 1,144 1 1,039 - 6,100 Total segment assets 107,960 18,508 11,494 27,123 (6,442) 158,643 Unallocated assets 39,288 Total assets 197,931 Segment liabilities 57,550 4,633 7,525 13,859 - 83,567 Intercompany liabilities 1,484 4,030 668 247 (6,429) - Total segment liabilities 59,034 8,663 8,193 14,106 (6,429) 83,567 Unallocated liabilities 543 Total liabilities 84,110 Capital expenditures 3,850 1,963 709 614 (24) 7,112
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55 For the year ended 31 December 2024 (Unit: Million Baht) Mobility Lifestyle Global Others Elimination of inter-segment Total Revenues from sales and services - Revenue from external customers 650,910 22,599 50,417 32 - 723,958 - Revenue from inter-segment 14,095 1,342 4,194 2,049 (21,680) - Total revenues from sales and services 665,005 23,941 54,611 2,081 (21,680) 723,958 Profit (loss) before interest, tax, depreciation, and amortisation 10,326 6,001 1,697 (338) (20) 17,666 Depreciation and amortisation 4,674 2,039 656 121 - 7,490 Segment operating profit (loss) 5,652 3,962 1,041 (459) (20) 10,176 Share of profit (loss) from investments in joint ventures and associates 644 10 (404) 21 - 271 Other income (expenses) 3 (586) 3 428 (558) (710) Unallocated revenue and expenses 977 Profit before interest and tax 10,714 Profit for the year 7,649
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56 As at 31 December 2024 (Unit: Million Baht) Mobility Lifestyle Global Others Elimination of inter-segment Total Segment assets 100,236 15,706 11,924 16,720 - 144,586 Intercompany assets 4,279 202 108 3,239 (7,828) - Investments in joint ventures 616 1,217 425 215 - 2,473 Investments in associates 4,260 1,235 1 1,115 - 6,611 Total segment assets 109,391 18,360 12,458 21,289 (7,828) 153,670 Unallocated assets 53,822 Total assets 207,492 Segment liabilities 66,223 4,450 7,997 19,663 - 98,333 Intercompany liabilities 1,446 4,354 1,909 95 (7,804) - Total segment liabilities 67,669 8,804 9,906 19,758 (7,804) 98,333 Unallocated liabilities 198 Total liabilities 98,531 Capital expenditures 4,051 1,967 1,316 2,379 (239) 9,474
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57 Details of revenue from external customers based on customers’ locations are as follow: (Unit: Million Baht) 2025 2024 Thailand 515,166 541,537 Asia 126,811 165,944 Europe 10,317 10,474 America 2,002 2,025 Australia 1,691 1,132 Other continents 2,736 2,846 Total 658,723 723,958 Details of non-current assets (excluding financial instruments and deferred tax assets) based on assets’ locations are as follow: (Unit: Million Baht) 2025 2024 Thailand 73,138 74,435 Asia 4,542 4,917 Total 77,680 79,352 Major customers The Group has no major customer with revenue of 10 % or more of an entity’s revenues . 30. Dividends paid Approved by Payment date Dividend payment rate Total dividends (Baht per share) (Million Baht) Dividends during the year 2025 Annual General Meeting of Shareholders on 4 April 2025 29 April 2025 0.13 1,560 Board of Directors’ Meeting on 22 August 2025 19 September 2025 0.30 3,600 5,160 Dividends during the year 2024 Annual General Meeting of Shareholders on 10 April 2024 29 April 2024 0.27 3,240 Board of Directors’ Meeting on 20 August 2024 19 September 2024 0.27 3,240 6,480
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58 31. Commitments and contingent liabilities 31.1 Capital commitments As at 31 December 2025, the Group had capital commitments of Baht 5,131 million (the Company only: Baht 4,328 million). 31.2 Lease commitments As at 31 December 2025, the Group has future lease payments required under these non-cancellable leases contracts as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements Within 1 year 16 14 Over 1 and up to 5 years 4 - Over 5 years 9 - Total 29 14 31.3 Guarantees As at 31 December 2025, the Group had outstanding bank guarantees of Baht 257 million (the Company only : Baht 223 million) issued by banks in respect of certain performance bonds as required in the normal course of business. 31.4 Litigation In 2007, a subsidiary in the Philippines received an assessment and Formal Letter of Demand from the Bureau of Customs (“BOC”) for alleged deficiencies on payment of customs duties and value added taxes including penalties covering taxable years 2004 to 20 06. The assessments were properly contested by the subsidiary’s legal counsel, and the case docket was forwarded to the Court of Tax Appeals (“CTA”). Subsequently, the CTA ruled that such subsidiary's cases previously filed separately be combined and that the CTA would reconsider the consolidated case. The case is currently under consideration of the court. As at 31 December 2025, such subsidiary did not recognise a provision for contingent liability in its financial reporting since the subsidiary’s management and legal counsel assessed that there are strong factual basis and legal grounds to have the deficiency assessments and penalties invalidated.
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59 32. Financial instruments 32.1 Financial risk management objectives and policies The Group’s financial instruments principally comprise cash and cash equivalents, trade accounts receivable, trade accounts payable, loans, investments, and borrowing. The financial risks associated with these financial instruments and how they are managed is described below. Credit risk Credit risk arises when customers do not comply with the terms and conditions of credit agreements, causing financial losses to the Group. However, the Group has managed risk by adjusting its credit policies according to the current economic situation, focusing on developing financial instruments by cooperating with financial institutions to support credit facilities provided to customers in order to buy the Group’s products, such as the Dealer Financing and Supply Chain Credit project, the Trade Credit Insurance and the Payment card and Fleet card, aims to reduce credit risks of the Group. The Group also reduces credit risk by determining procedures f or risk prevention and mitigation, including credit rating for all trading partners of the Group. Market risk There are three types of market risk comprising foreign currency risk , interest rate risk and commodity price risk. The Group also has certain portions of sales, purchases and loans for operations nominated in foreign currencies which are paid in both fixed and floating interest rates. Accordingly, the management has entered into derivative contracts to cover these risks. The financial instrument s used for hedging risks are forward foreign exchange contracts. Risk exposure relating to global oil market prices is managed by forward oil contracts. Foreign currency risk The Group has entered into foreign exchange forward contracts. The contract pri ces and exchange rates under the foreign exchange forward contracts are as follows: Currency Foreign exchange forward - buy contract Foreign exchange forward - sale contract Average exchange rate 2025 2024 2025 2024 2025 2024 (Million) (Million) (Million) (Million) (Baht per 1 foreign currency unit) US dollar 235 110 - - 31.2090 - 31.5000 33.9000 - 34.2200 US dollar - - 4,659 3,432 30.9120 - 31.6748 33.6700 - 34.5630
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60 Foreign currency sensitivity The following tables demonstrate the sensitivity of the Group’s profit before tax to a reasonably possible change in US dollar exchange rates per Baht, with all other variables held constant. The Group’s exposure to foreign currency changes for all other currencies is not material. Consolidated financial statements 2025 2024 Increase / decrease Effect on profit before tax Effect on other comprehensive income Increase / decrease Effect on profit before tax Effect on other comprehensive income (%) (Million Baht) (Million Baht) (%) (Million Baht) (Million Baht) US dollar + 10 635 785 +10 876 866 per Baht - 10 (635) (785) -10 (876) (866) Separate financial statements 2025 2024 Increase / decrease Effect on profit before tax Effect on other comprehensive income Increase / decrease Effect on profit before tax Effect on other comprehensive income (%) (Million Baht) (Million Baht) (%) (Million Baht) (Million Baht) US dollar + 10 635 - +10 876 - per Baht - 10 (635) - -10 (876) - Interest rate risk The Group’s exposure to interest rate risk relates primarily to its long -term loans. Most of the Group’s financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate. Interest rate sensitivity The following table demonstrates the sensitivity of the Group’s financial costs to a reasonably possible change in interest rates on that portion of floating rate loans, with all other variables held constant. 2025 2024 Increase / decrease Financial costs Increase (decrease) Increase / decrease Financial costs Increase (decrease) (%) (Million Baht) (%) (Million Baht) + 1 124 + 1 209 - 1 (124) - 1 (209)
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61 Commodity price risk The Group has entered into oil price derivatives. As at 31 December 2025, the volume of oil under those contracts that mature within 1 year is 4.18 million barrels (2024: 3.03 million barrels). Liquidity risk The Group has liquidity risk management by maintaining the level of cash and cash equivalents and having the ability to access a variety of funding sources to ensure sufficient for the operation of the Group. The table below summarises the maturity profile of the Group’s non -derivative financial liabilities and derivative financial instruments based on contractual undiscounted cash flows:
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62 (Unit: Million Baht) 2025 Consolidated financial statements Separate financial statements Within 1 year 1 - 5 years Over 5 years Total Within 1 year 1 - 5 years Over 5 years Total Bank overdrafts and short-term borrowings from financial institutions 3,192 - - 3,192 - - - - Trade accounts payable 32,010 - - 32,010 29,497 - - 29,497 Other current payable 5,938 - - 5,938 4,962 - - 4,962 Short-term borrowings from related parties - - - - 232 - - 232 Long-term borrowings and related interest 3,313 7,291 - 10,604 3,286 7,253 - 10,539 Lease liabilities (include current portion) 1,515 4,413 7,488 13,416 1,176 3,128 5,731 10,035 Deposits on LPG cylinders - - 13,329 13,329 - - 13,329 13,329 Other financial liabilities 69 847 809 1,725 12 685 810 1,507 Cash outflows from foreign exchange forward contracts 4,954 - - 4,954 4,954 - - 4,954 Cash inflows from foreign exchange forward contracts 4,891 - - 4,891 4,891 - - 4,891 Cash outflows from commodity derivatives 219 - - 219 219 - - 219 Cash inflows from commodity derivatives 323 - - 323 323 - - 323
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63 (Unit: Million Baht) 2024 Consolidated financial statements Separate financial statements Within 1 year 1 - 5 years Over 5 years Total Within 1 year 1 - 5 years Over 5 years Total Bank overdrafts and short-term borrowings from financial institutions 1,971 - - 1,971 - - - - Trade accounts payable 41,655 - - 41,655 38,407 - - 38,407 Other current payable 6,673 - - 6,673 4,906 - - 4,906 Short-term borrowings from related parties - - - - 62 - - 62 Long-term borrowings and related interest 6,047 10,723 638 17,408 6,024 10,692 638 17,354 Lease liabilities (include current portion) 1,495 4,271 7,990 13,756 1,195 3,088 6,097 10,380 Deposits on LPG cylinders - - 13,187 13,187 - - 13,187 13,187 Other financial liabilities 149 752 743 1,644 66 596 744 1,406 Cash outflows from foreign exchange forward contracts 3,518 - - 3,518 3,518 - - 3,518 Cash inflows from foreign exchange forward contracts 3,542 - - 3,542 3,542 - - 3,542 Cash outflows from commodity derivatives 37 - - 37 37 - - 37 Cash inflows from commodity derivatives 139 - - 139 139 - - 139
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64 32.2 Fair values of financial instruments The following table presents financial assets and liabilities that are measured at fair value in each level as at 31 December. (Unit: Million Baht) Consolidated financial statements 2025 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets measured at fair value Financial assets measured at fair value through profit or loss Mutual fund - - - - 1 - - 1 Forward foreign exchange contracts - 9 - 9 - 28 - 28 Commodity derivatives - 32 - 32 - 57 - 57 Equity instruments measured at fair value through other comprehensive income Mutual funds - - 416 416 - - 409 409 Other equity instruments 383 - 3,956 4,339 536 - 4,150 4,686 Liabilities measured at fair value Financial liabilities measured at fair value through profit or loss Forward foreign exchange contracts - 47 - 47 - 9 - 9 Commodity derivatives - 67 - 67 - 84 - 84
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65 (Unit: Million Baht) Separate financial statements 2025 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Financial assets measured at fair value through profit or loss Forward foreign exchange contracts - 9 - 9 - 28 - 28 Commodity derivatives - 32 - 32 - 57 - 57 Equity instruments measured at fair value through other comprehensive income Equity instruments 383 - 4 387 536 - 4 540 Liabilities Financial liabilities measured at fair value through profit or loss Forward foreign exchange contracts - 47 - 47 - 1 - 1 Commodity derivatives - 67 - 67 - 84 - 84
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66 Fair value of following financial assets and liabilities measured at amortised cost where their carrying value approximated net book value are as follows. Consolidated financial statements Separate financial statements Financial assets Financial assets Cash and cash equivalents Investments in current financial assets Trade accounts receivable Other current receivable Cash and cash equivalents Investments in current financial assets Trade accounts receivable Other current receivable Short-term loan Long-term loans (Floating interest rate) Financial liabilities Financial liabilities Trade accounts payable Other current payable Lease liabilities Long-term loans (Floating interest rate) Trade accounts payable Other current payable Short-term loan Lease liabilities Long-term loans (Floating interest rate) The Group has methods and assumptions used in estimating the fair value of financial instruments as follows: Valuation techniques used to derive level 1 fair values The fair values measured through other comprehensive income of equity investments which are marketable securities wer e determined based on the last -bid price in stock market at the last operating day of the year. The fair values measured through profit or loss of investments in mutual funds were determined based on the net asset value as reported in the Capital Call Statement at the report date. Valuation techniques used to derive level 2 fair values The fair values of derivatives were determined based on discounted future cash flow and valuation model techniques, using an appropriate risk -adjusted discount rate. Most of the inputs used for the valuation are observable in the relevant markets such as spot rates of foreign currencies, yield curves of the respective currencies, interest rate yield curves, bonds yield curves, and commodity price yield curves, etc.
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67 Valuation techniques used to derive level 3 fair values Fair values for investments in equity instruments measured at fair value through other comprehensive income can be assessed as follows: - In the case of investing in Startup, refer to the trading price from the company's valuation in the latest fundraising. - In the case of investing in non -marketable securities. The cost price is estimated to be fair value , except there is a significant change in the operation of the invested entity. Or using discounted future cash flows using incremental borrowing rates and related probabilistic assumptions in accordance with the conditions set out in share purchase agreement or using the net asset method based on reasonably available information . The Group has no transfer between levels within the fair v alue hierarchy during the year. 32.3 A reconciliation of financial assets measured at fair value through other comprehensive income and classified as Level 3 in the fair value hierarchy is presented as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Balance at beginning of year 4,559 7,145 4 3 Addition (disposal) 26 (2,006) - - Gain (loss) on fair value through other comprehensive income 65 (550) - 1 Exchange differences on translation (278) (30) - - Balance at ending of year 4,372 4,559 4 4 33. Events after the reporting period 33.1 On 10 February 2026, the Board of Directors’ Meeting No. 2/2026 passed a resolution to propose the Annual General Meeting of shareholders to approve the dividend payment on the operating result for the second half of 2025 of Baht 0.30 per share, totaling Baht 3,600 million.
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68 34. Reclassification The comparative amounts have been reclassified to conform to the current year presentation of the financial statements and had no effect to previously reported profit or shareholders’ equity as follows: (Unit: Million Baht) Consolidated financial statements For the year ended 31 December 2024 As previously reported Reclassification As reclassified Statement of income Selling and distribution expenses 16,972 1,300 18,272 Administrative expenses 8,512 (1,300) 7,212 (Unit: Million Baht) Separate financial statements For the year ended 31 December 2024 As previously reported Reclassification As reclassified Statement of income Selling and distribution expenses 19,063 1,340 20,403 Administrative expenses 6,210 (1,340) 4,870 35. Approval of financial statements These financial statements were authorised for issue by the Company’s Board of Directors on 10 February 2026.