Earnings release
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Business Update – For the First Quarter Ended 31 December 2025 1 / 3 BUSINESS UPDATE FOR THE FIRST QUARTER ENDED 31 DECEMBER 2025 KEY HIGHLIGHTS • The Group delivered higher EBITDA1, despite a year-on-year (“YoY”) decline in sales revenue amid weaker consumer sentiment • The Spirits and the Beer businesses recorded satisfactory EBITDA growth, alongside profit margin expansion BANGKOK, Thailand, 13 February 2026 – The Board of Directors (the “ Board”) of Thai Beverage Public Company Limited (“ ThaiBev”, and together with its subsidiaries, the “Group”) would like to provide an update on the Group’s business for the first quarter ended 31 December 2025 (“1Q26”). BUSINESS SEGMENT SPIRITS – The Spirits business recorded sales revenue of Baht 33,367 million in 1Q26, reflecting a 3. 5% YoY growth, driven by a 4.3% increase in total sales volume. EBITDA increased by 6.9% YoY to Baht 8,496 million, with EBITDA margin expanding from 24.7% to 25.5 %, primar ily due to effective brand investments and marketing activities . The international business continued to deliver a strong performance. BEER – The Beer business recorded a 14.4% YoY decline in sales revenue to Baht 30,923 million, with a 9.0% decrease in total sales volume. This was primarily due to a subdued market environment in Thailand , severe weather conditions in Vietnam , and unfavorable exchange rate translation . However, the EBITDA margin expanded from 12.3% to 15.0% YoY, supported by a decrease in key material costs and improved production efficiency. As a result, EBITDA increased by 4.7% to Baht 4,641 million. 1 Earnings before interest, tax, depreciation, and amortization from business operations (Million Baht) 1Q26 SPIRITS BEER NAB FOOD OTHERS ELIMINATE THAIBEV Sales Revenue 33,367 30,923 15,501 5,621 1,363 (72) 86,703 Changes YoY 3.5% -14.4% -8.6% -1.2% 1.5% -6.0% EBITDA1 8,496 4,641 2,898 590 120 - 16,745 Changes YoY 6.9% 4.7% -13.1% -10.9% 81.8% 1.8% 1Q25 SPIRITS BEER NAB FOOD OTHERS ELIMINATE THAIBEV Sales Revenue 32,238 36,107 16,955 5,689 1,343 (67) 92,265 EBITDA1 7,949 4,433 3,333 662 66 - 16,443
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Business Update – For the First Quarter Ended 31 December 2025 2 / 3 NON-ALCOHOLIC BEVERAGES (NAB) – The NAB business reported an 8.6% YoY decline in sales revenue to Baht 15,501 million, on the back of a 5.6% decrease in total sales volume, due to softer consumer demand . EBITDA declined by 13.1% to Baht 2,898 million, as a result of higher brand investment to strengthen brand visibility , and unrealized loss on foreign exchange. FOOD – The Food business registered a 1.2% YoY decrease in sales revenue to Baht 5,621 million. This was amid a more challenging competitive environment. EBITDA decreased by 10.9% to Baht 590 million, driven by branch expansion to support long-term growth, alongside higher labor costs. OTHERS – The Group’s Others business, comprising publishing and printing, reported a 1.5% increase in sales revenue to Baht 1,363 million, supported mainly by the Education segment, particularly in Singapore. EBITDA increased by 81.8% to Baht 120 million, driven by stronger Education performance and a higher-margin sales mix, while the Print business benefited from a leaner cost structure. This was further aided by improved profitability from its growing sustainable packaging business. FINANCIAL UPDATE (Million Baht) BALANCE SHEET 31-Dec-25 30-Sep-25 Changes TOTAL ASSETS 516,747 509,591 7,156 Current assets 136,111 131,590 4,521 Non-current assets 380,636 378,001 2,635 TOTAL LIABILITIES 298,186 293,771 4,415 Current liabilities 97,537 88,656 8,881 Non-current liabilities 200,649 205,115 (4,466) TOTAL SHAREHOLDER'S EQUITY 218,561 215,820 2,741 (Million Baht) INTEREST BEARING DEBT 31-Dec-25 30-Sep-25 Changes (From Banks, Debentures, Bonds and Others) Interest Bearing Debt Current 47,388 43,665 3,723 Non-current 178,381 183,861 (5,480) Total Interest Bearing Debt 225,769 227,526 (1,757) Cash and cash at financial institutions 45,692 43,845 1,847 Net Interest Bearing Debt 180,077 183,681 (3,604) (Million Baht) THE PERIOD TO MATURITY OF INTEREST BEARING DEBT 31-Dec-25 (From Banks, Debentures, Bonds and Others) Within one year (Dec 2026) 47,388 After one year but within five years (Dec 2030) 161,737 After five years 16,644 Total 225,769
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Business Update – For the First Quarter Ended 31 December 2025 3 / 3 UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31 DECEMBER 2025 The Board wishes to remind shareholders and investors that the above business update has been prepared based on the Group’s internal records and management accounts, and has not been reviewed or audited by independent auditors. Shareholders and investors are advised not to place undue reliance on the business update and to exercise caution when dealing in ThaiBev’s shares and other securities. 2 Earnings before interest, tax, depreciation, and amortization from the Group FINANCIAL RATIOS 31-Dec-25 30-Sep-25 Net Interest Bearing Debt to Equity Ratio (times) 0.82 0.85 Net Interest Bearing Debt to EBITDA2 Ratio (times) (LTM) 3.24 3.22 (Million Baht) CASH FLOW STATEMENT 1Q26 Ended 31 Dec 25 Net cash from operating activities 13,348 Net cash from (used in) investing activities (10,930) Net cash from (used in) financing activities (2,667) Increase (decrease) in cash and cash equivalents (249) Exchange differences on translating financial statements 2,205 Net increase (decrease) in cash at financial institutions (109) Net increase (decrease) in cash and cash at financial institutions 1,847 Cash and cash at financial institutions at beginning of period 43,845 Cash and cash at financial institutions at end of period 45,692