Management Discussion and Analysis Quarter 2 Ending 31 Mar 2025

9ef. to.8079

t4 M@ 2025

Subject: Management Dlscussion and Analysis of business operation and financial statements

President.

The Stock Exchange of Thailand

Airports of Thailand PublJc Company Llmlted and Its subsldlarles

Management discussion and analysis a* business operation and the financial statemenh for the three-month and so-month perlods ended March 31”, 2025

DveraLl c›ozfnrmanro and sfeniflcant events

Airports of Thailand Public Company Um ted &OW operates six airports in Thailand, namely Suvarnabhumi Airport, Don Mueang Intematonal Airpart, Chiang Mai International Arport, Hat Yai International Airport, Phuket International Airport and Mae Fart Luang Chiang Ral International Airport. The airparts serveo a total number of 13 6 scheduled airlines, comprising 127 mixed passenger/cargo airlines and 17 pure cargo airñnes.

The air traffic volume of AOT from October 2024 to March 2025 totalling 414,377 flights increasecl by l 2.9 0 96 compared to that of the corresponding perM of the preZeus year, comprising 237,51 1 internabonat ftighh and 176,866 dorr›estic flights. The total number of passengers was 68.42 million passengers which inoeased by 1 I .7 6 46 compared to that ed the correspondng per of the goes year, comprising 42.34 million international passengers and 26.08 milk domestic passengetr

In 2025, the tourism and aviation industy is growing continuously although there are challenging economic and geopolitical factors. The adaptation of the private sector including the demand of travelers increase so the aviation industry become more popular. The International Air Transport Associafion predicts that me number of global passengers wilt beech S billion people that would be the highest in history. The revenue of the aviation industry may be rea-hed in 1 trillion uS dollars, so many airlines expand diPerent routes to meet to gang demand.

Besides in 2025, a trend of sustainable tourism will become more popular, tourists care much more about the env ronment, local cultu e and health. Countries that can offer friendly environment destinations with unique charms, will be mole popular like Thailand one of the

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destinations. Thai a ation and tourism industry tends to grow continuously. be Civil Aviation Authority of' Thaitand reported that the number of passengers in 20 24

previous year, indicating a recovery of Tha' tourism industry, which has returned close to the level bef‹ e the pandemñ of Coioravirus Disease 20t9 tCCM0-t9). In 2025, the aviation and tourism industry is continually increasing in sp‹te of takiing the rising due to the problem of economic and aircraft

AOT has an incentive scheme project, a marketing fund project, an incentive and

compensation project for assistance to the concessionaires, including the fc›tlowing measures:

1. Measures to promote a'nation operation

   AOT provides the incentive scheme fo the airlines that operate flights at so airports of AOT and the marketing fund for the airl‹nes that operate international flights connecting to Hat Yai International A rport and Mae Fah Luang Chiang Rai Intematxanat Airport with detaih as follows:

   - The incent e scheme

   for airlines that provide new outes to six airports of AOT o new routes of the airlines.

   The project penod is 3 years Tom November t°t,20M to October l".2025. The Project provides a discount on aviation ( landing charges, parking charges and boarding brioge charges) for 95% in the first year and 7596 in the following years.

   Phase 2

   ne p oject period is 3 years from November ‘,2025 to October 28",2028. the project provides a discount on aviation (landing charges, parking charges and baarding bridge charges) for 'i0% throughout the project perlod.

   - The ma ng And project few the airlines that operate international flights connecting to Hat Ya International Arport and Mae Fah Luang Chiang Rai International Arport. be project period ñ 1.5 years from November 1’,2024 to Apnl ,2026. This project wi[l support a marketing cost cal 900 baht per passenger or that Right to the airlines that pres ide international flights to the arports.

   The project aims to support and encourage airlines to open new routes to AOT airports in order to generate revenue from an Increase in flights and passenger, which is part of promot ng and stimulating the overall economy of the country.

2. Measures to assist the concesslonaires and airlines

AOT has implemented a project to extend the payment pe‹iod for the

cc•ncessiona› es and airlines at six airports of AOT that is lack of liquidity to maintain their businesses

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after the COviD T9 situation, including the wars in Ukraine and Israel. This project aflcws the concessionaires and alrltnes to postpone anchor spilt the payment of concession charges or landing and parking cha ges. The fast payment is not over the contract ending and not over 24 months, it starts when fhe project is approved (January 2027),

The concessionaires and airlines want to participate in the project must submit a lettm of intent to participate in the project in advance of the payment due date. It must be submitted 6y September 30th, 2025. There must be a contract guarantee covering the pr‹nc pal amant ptus a default penalty at the rate c›f 1B96 per year. AQT has set the interest rate for the project based on the MLR inquest ate plus an additional 296 per year. It is considered together with the WACC on the date the operator is approved to join the project.

This measure is one of the important strategies that AOT has implemented to help the concessionaires and airlines that face liquidity problems, as well as create stability and sustainabiity for the overall aviation buslness.

However, aeta of the scheme ano assistance must compty w th the lutes, conditions including guidelines prescnbed by AOT who reserves the r‹ght to consider policy support by *s judgement, also change, amend, or career the conditions of assistance as app opriate to the situation.

l.1. Operadng fesuts for the three-month ended March 51“,2O25

Unit: MltUon Beht

J.I Operating musts for the three-month endecl fvtarch 31",2025 (cont'd)

Unit: Million Bsht

For the three-month ended March Sis, 2025, AOT er›erated net profit of Baht 5,053.2 7 mil?on decreased ay Baht 73a .52 million or 12.6498 compared to that of the correspondlg pericof the previous year. Revenues from sales o• seMces decreased by Baht ?*8 *8 million or 1.8096 as a result ct a deaease in ncx>aoonautiCdl revenue of Baht I , S 5 1.7 4 millim rx 1 3.6 9 96. wMe aeronautical revenue inoeased by Baht 1,023.49 mil@n or t2.2496. Other income increased oy Baht

314.82 million or 187.2196. Total expenses inoeased ay Baht 744.45 mil on or 7.299a manly due to an irin repairs and mantenanCe expenses, other expenses and depreciation and amortisation expenses, white finarcosts decreased ay Baht 74.69 milka J0.5296, lrtax expenses increased ay Baht 62.89 million or 4. tB9L

1.2 OperstTnj results for the six-month ended March 31”,202S

Unlt: MitUon Baht

t

For the six-month ended March 51’. 2025, AOT generated net profit of 8aht 10,397.57 million increased ay Baht 49.95 million or 0.4896 compared to that of the co ponding period of the previous year. Sues from sales or services irweaseo by Baht 1,628.02 million e 4.8096 as a result of an increase in aeronautical revenue of Baht 2,75}.25 million or I 7,8296, while non-awonaut cat revenue decreased by Baht , J23.23 million or 6.0796. Other income increased by Baht

416.13 milk or 166.5296. Total expenses increased ay Baht 1,7T2.D9 milllm or 9.1 096 mainly due to an inaease in empire beredt expenses, repars md maintewnce expenses, ouw expenses, depreCidti0n arm wortisation expenses md outsourcing expenses, while 1arxe costs decreased ay Baht 139.73