Bangkok Expressway And Metro Public Company LimitedSET: BEM

Financial Statement Quarter 1/2026

May 15, 2026 at 3:25 AM UTC · Issued by Bangkok Expressway And Metro Public Company Limited

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Review report and consolidated and separate financial information

For the three-month period ended 31 March 2026

Independent Auditor's Report on Review of Interim Financial Information

To the Shareholders of Bangkok Expressway and Metro Public Company Limited

I have reviewed the accompanying consolidated financial information of Bangkok Expressway and Metro Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 March 2026, the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the three-month period then ended, as well as the condensed notes to the interim consolidated financial statements.

I have also reviewed the separate financial information of Bangkok Expressway and Metro Public Company Limited for the same period (collectively "the interim financial information").

Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards as applicable to auditing issued by the Federation of Accounting Professions and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting.

Kittiphun Kiatsomphob

Certified Public Accountant (Thailand) No. 8050

EY Office Limited Bangkok: 14 May 2026

	Note	31 March 2026 (Unaudited but reviewed)	31 December 2025 (Audited)	31 March 2026 (Unaudited but reviewed)	31 December 2025 (Audited)
Assets
Current assets
Cash and cash equivalents		4,106,638	1,919,038	3,778,742	1,614,941
Bank deposit for unearned fare box revenue		262,015	258,768	262,015	258,768
Trade and other current receivables	3	777,148	843,800	804,722	869,897
Current portion of receivables under the MRT project agreement	4	20,684,917	20,953,935	20,684,917	20,953,935
Other current financial assets	5	414,597	414,327	414,597	414,327
Other current assets	319,024		266,242 301,114		248,262
Total current assets		26,564,339	24,656,110	26,246,107	24,360,130
Non-current assets
Receivables under the MRT project agreement, net of current portion	4	16,341,887	9,836,581	16,341,887	9,836,581
Long term-loan to related party	2	-	-	1,866,000	1,939,000
Other non-current financial assets	5	10,356,758	10,382,967	10,321,758	10,347,967
Investments in subsidiaries		-	-	767,730	767,730
Investment properties		120,357	120,357	120,357	120,357
Building and equipment		286,572	294,533	273,425	281,080
Right-of-use assets		159,033	141,577	103,365	75,826
Rights to operate expressway sectors	6	29,546,821	29,839,299	25,254,262	25,464,957
Intangible asset under the concession agreement of
the MRT Blue Line project	7	48,212,052	48,251,875	47,994,737	48,051,432
Intangible asset under the Public-Private Partnership contract of
the MRT Orange Line project	8	13,677,383	12,517,511	13,677,383	12,517,511
Project cost of the MRT Chalong Ratchadham Line	9	646,780	647,287	646,780	647,287
Prepaid for the MRT Blue Line project remuneration	2	24,832,607	23,670,748	24,832,607	23,670,748
Other intangible assets		133,872	98,522	133,845	98,484
Other non-current assets		43,470	38,558	12,439	12,130
Deferred tax assets		10,227 14,513 - -
Total non-current assets		144,367,819 135,854,328 142,346,575 133,831,090
Total assets		170,932,158 160,510,438 168,592,682 158,191,220
The accompanying notes are an integral part of the financial statements.

	Note	31 March 2026 (Unaudited but reviewed)	31 December 2025 (Audited)	31 March 2026 (Unaudited but reviewed)	31 December 2025 (Audited)
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institution		-	3,500,000	-	3,500,000
Trade and other current payables		4,255,150	4,919,300	4,190,416	4,867,463
Current portion of long-term loans from financial institutions	10	24,622,822	24,870,276	24,622,822	24,870,276
Current portion of lease liabilities		70,835	59,778	46,074	34,213
Current portion of debentures	11	9,135,000	8,135,000	9,135,000	8,135,000
Unearned fare box revenue		226,636	232,931	226,636	232,931
Deposits on stored value ticket		98,871	101,289	98,871	101,289
Corporate income tax payable		153,144	118,628	153,144	118,628
Other current financial liabilities		130,982	116,286	106,080	91,524

Other current liabilities 178,717 280,029 167,330 269,836

Total current liabilities 38,872,157 42,333,517 38,746,373 42,221,160

Non-current liabilities
Long-term loans from financial institutions, net of current portion	10	50,993,301	44,366,204	50,993,301	44,366,204
Lease liabilities, net of current portion		82,155	73,017	58,449	42,640
Debentures, net of current portion	11	37,715,835	31,424,346	37,715,835	31,424,346
Derivative liabilities		223,245	378,545	223,245	378,545
Non-current provision for employee benefits		950,076	929,203	910,457	890,811
Deferred tax liabilities		4,137,939	3,987,627	4,137,939	3,987,627
Other non-current liabilities	26,407 14,676 25,035 13,616
Total non-current liabilities	94,128,958 81,173,618 94,064,261 81,103,789
Total liabilities The accompanying notes are an integral part of the financial statements.	133,001,115 123,507,135 132,810,634 123,324,949

31 March 2026 31 December 2025 31 March 2026 31 December 2025 (Unaudited (Audited) (Unaudited (Audited)

but reviewed) but reviewed)

Shareholders' equity

Share capital Registered

15,285,000,000 ordinary shares of Baht 1 each 15,285,000 15,285,000 15,285,000 15,285,000 Issued and fully paid-up

15,285,000,000 ordinary shares of Baht 1 each	15,285,000	15,285,000	15,285,000	15,285,000
Premium on ordinary shares	5,816,938	5,816,938	5,816,938	5,816,938
Treasury shares	(2,451,693)	(2,451,693)	(2,451,693)	(2,451,693)
Capital deficit from change in investment in subsidiaries	(346,046)	(346,046)	-	-
Retained earnings
Appropriated - statutory reserve	1,528,500	1,528,500	1,528,500	1,528,500
Appropriated - treasury shares reserve	2,451,693	2,451,693	2,451,693	2,451,693
Unappropriated	19,758,562	18,883,785	11,159,417	10,296,625
Other components of shareholders' equity (4,113,721) (4,166,706) 1,992,193 1,939,208
Equity attributable to shareholders of the Company	37,929,233	37,001,471	35,782,048	34,866,271
Non-controlling interests of the subsidiaries	1,810 1,832 - -
Total shareholders' equity	37,931,043 37,003,303 35,782,048 34,866,271
Total liabilities and shareholders' equity	170,932,158 160,510,438 168,592,682 158,191,220
The accompanying notes are an integral part of the financial statements.

Directors

	Note	2026	2025	2026	2025
Service revenues		4,282,517	4,258,830	3,943,011	3,913,388

Cost of services (2,385,514) (2,326,528) (2,224,459) (2,196,746)

Gross profit 1,897,003 1,932,302 1,718,552 1,716,642

Other incomes 16,047 33,032 172,298 186,971

Profit before expenses	1,913,050	1,965,334	1,890,850	1,903,613
Selling expenses	(38,381)	(50,950)	(15,130)	(19,909)

Administrative expenses (238,340) (243,008) (256,719) (259,934)

Operating profit 1,636,329 1,671,376 1,619,001 1,623,770

Finance costs (546,122) (581,333) (545,450) (576,031)

Profit before income tax expenses 1,090,207 1,090,043 1,073,551 1,047,739 Income tax expenses (215,452) (219,024) (210,759) (210,066)

Profit for the period 874,755 871,019 862,792 837,673

Profit attributable to:

Equity holders of the Company 874,777 871,013 862,792 837,673 Non-controlling interests of the subsidiaries (22) 6

874,755 871,019

Basic earnings per share (Baht) 13

Profit attributable to equity holders of the Company 0.06 0.06 0.06 0.06

The accompanying notes are an integral part of the financial statements.

2026 2025 2026 2025

Profit for the period 874,755 871,019 862,792 837,673

Other comprehensive income

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

Gain (loss) on cash flow hedges, net of income tax	73,953	(92,078)	73,953 (92,078)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:	73,953	(92,078)	73,953 (92,078)
Loss on changes in value of equity investment, net of income tax	(20,968)	(935,028)		(20,968) (935,028)
	(20,968)	(935,028)		(20,968) (935,028)
Other comprehensive income for the period	52,985	(1,027,106)		52,985 (1,027,106)
Total comprehensive income for the period	927,740	(156,087)		915,777 (189,433)
Total comprehensive income attributable to:
Equity holders of the Company	927,762	(156,093)		915,777 (189,433)
Non-controlling interests of the subsidiaries	(22)	6
	927,740	(156,087)
The accompanying notes are an integral part of the financial statements.

Bangkok Expressway and Metro Public Company Limited and its subsidiaries Statements of changes in shareholders' equity

For the three-month period ended 31 March 2026

(Unit: Thousand Baht)

Consolidated financial statements

Equity attributable to the shareholders of the Company

Other components of shareholders' equity

Capital deficit

Issued and from change in

Retained earnings Other comprehensive income

Appropriated

Total other Total equity Equity attributable components of attributable to to non-controlling

paid-up Premium on investment Statutory Treasury shares Cash flow Fair value shareholders' shareholders interests of Total

share capital ordinary shares Treasury shares in subsidiaries reserve reserve Unappropriated hedges of investments equity of the Company the subsidiaries shareholders' equity

Balance as at 1 January 2025	15,285,000	5,816,938	(2,451,693)	(346,046)	1,528,500	2,451,693	17,457,542	(98,702)	(3,084,678)	(3,183,380)	36,558,554	1,728	36,560,282
Profit for the period	-	-	-	-	-	-	871,013	-	-	-	871,013	6	871,019

Other comprehensive income for the period	- - - - - - - (92,078) (935,028) (1,027,106) (1,027,106) - (1,027,106)
Total comprehensive income for the period	- - - - - - 871,013 (92,078) (935,028) (1,027,106) (156,093) 6 (156,087)
Balance as at 31 March 2025	15,285,000 5,816,938 (2,451,693) (346,046) 1,528,500 2,451,693 18,328,555 (190,780) (4,019,706) (4,210,486) 36,402,461 1,734 36,404,195

Balance as at 1 January 2026	15,285,000	5,816,938	(2,451,693)	(346,046)	1,528,500	2,451,693	18,883,785	(236,340)	(3,930,366)	(4,166,706)	37,001,471	1,832	37,003,303
Profit for the period	-	-	-	-	-	-	874,777	-	-	-	874,777	(22)	874,755

Other comprehensive income for the period	- - - - - - - 73,953 (20,968) 52,985 52,985 - 52,985
Total comprehensive income for the period	- - - - - - 874,777 73,953 (20,968) 52,985 927,762 (22) 927,740
Balance as at 31 March 2026	15,285,000 5,816,938 (2,451,693) (346,046) 1,528,500 2,451,693 19,758,562 (162,387) (3,951,334) (4,113,721) 37,929,233 1,810 37,931,043

The accompanying notes are an integral part of the financial statements.

Bangkok Expressway and Metro Public Company Limited and its subsidiaries Statements of changes in shareholders' equity (continued)

For the three-month period ended 31 March 2026

(Unit: Thousand Baht)

Separate financial statements

Other components of shareholders' equity

Retained earnings Other comprehensive income

Appropriated Total other

	Issued and paid-up	Premium on		Statutory	Treasury shares		Cash flow	Fair value	components of	Total
	share capital	ordinary shares	Treasury shares	reserve	reserve	Unappropriated	hedges	of investments	shareholders' equity	shareholders' equity
Balance as at 1 January 2025	15,285,000	5,816,938	(2,451,693)	1,528,500	2,451,693	8,959,206	(98,702)	3,021,236	2,922,534	34,512,178
Profit for the period	-	-	-	-	-	837,673	-	-	-	837,673
Other comprehensive income for the period	-	-	-	-	-	-	(92,078)	(935,028)	(1,027,106)	(1,027,106)
Total comprehensive income for the period	-	-	-	-	-	837,673	(92,078)	(935,028)	(1,027,106)	(189,433)
Balance as at 31 March 2025	15,285,000	5,816,938	(2,451,693)	1,528,500	2,451,693	9,796,879	(190,780)	2,086,208	1,895,428	34,322,745
Balance as at 1 January 2026	15,285,000	5,816,938	(2,451,693)	1,528,500	2,451,693	10,296,625	(236,340)	2,175,548	1,939,208	34,866,271
Profit for the period	-	-	-	-	-	862,792	-	-	-	862,792
Other comprehensive income for the period	-	-	-	-	-	-	73,953	(20,968)	52,985	52,985
Total comprehensive income for the period	-	-	-	-	-	862,792	73,953	(20,968)	52,985	915,777
Balance as at 31 March 2026	15,285,000	5,816,938	(2,451,693)	1,528,500	2,451,693	11,159,417	(162,387)	2,154,580	1,992,193	35,782,048

The accompanying notes are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

	2026	2025	2026	2025
Cash flows from operating activities
Profit before tax	1,090,207	1,090,043	1,073,551	1,047,739
Adjustments to reconcile profit before tax to net cash
provided by (paid from) operating activities:
Depreciation on building and equipment	15,191	16,143	14,309	15,375
Amortisation on right-of-use assets	21,626	21,652	11,952	12,364
Amortisation on intangible asset under concession agreements	550,490	511,084	446,280	424,347
The MRT Blue Line project remuneration expense	156,178	156,278	156,178	156,278
Amortisation on other intangible assets	1,877	1,767	1,865	1,756
Allowance for expected credit losses	37	2,488	37	2,489
Gain on fair value adjustments of financial assets	(269)	(4,385)	(269)	(4,385)
Gain on disposal of equipment and intangible asset under
concession agreements	(759)	(539)	(752)	(198)
Provision for employee benefits	20,873	18,569	19,646	17,367
Unrealised loss on exchange rate	639	453	639	453
Interest income	(9,506)	(23,312)	(21,979)	(34,126)
Interest expenses 530,301 571,967 529,628 566,664
Profit from operating activities before changes in operating assets and liabilities	2,376,885	2,362,208	2,231,085	2,206,123
Operating assets (increase) decrease
Bank deposit for unearned fare box revenue	(3,247)	(976)	(3,247)	(976)
Trade and other current receivables	67,443	(51,107)	65,848	(60,719)
Receivables under the MRT project agreement	(6,236,287)	(2,394,216)	(6,236,287)	(2,394,216)
Other current assets	(46,278)	(16,463)	(47,870)	(18,448)
Other non-current assets	(72)	1,575	(308)	2,348
Cash paid for the MRT Blue Line project remuneration	(1,317,722)	(1,262,160)	(1,317,722)	(1,262,160)
Operating liabilities increase (decrease)
Trade and other current payables	(664,540)	(228,883)	(671,253)	(197,057)
Unearned fare box revenue	(6,295)	1,621	(6,295)	1,621
Deposits on stored value ticket	(2,418)	(230)	(2,418)	(230)
Other current liabilities	(93,330)	(78,755)	(94,664)	(85,216)
Other non-current liabilities 11,731 741 11,419 430
Net cash flows used in operating activities	(5,914,130)	(1,666,645)	(6,071,712)	(1,808,500)
Interest received	8,679	19,889	8,679	19,889
Income tax paid	(45,949) (43,902) (39,176) (38,504)
Net cash flows used in operating activities	(5,951,400) (1,690,658) (6,102,209) (1,827,115)
The accompanying notes are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

	2026		2025	2026		2025
Cash flows from investing activities
Cash received from long-term loan to related party		-		- 73,000		-
Cash paid for long-term loan to related party		-		- -		(145,000)
Cash received from interest income		-		- 12,589		11,141
Cash received from disposal of equipment and intangible asset under
concession agreements	1,835		469		1,829	469
Cash paid for purchase of equipment	(11,096)		(10,189)		(10,520)	(10,076)
Cash paid for cost of the improvement of expressway	(30,741)		(123,574)		(21,896)	(105,591)
Cash paid for intangible asset under concession agreement of
the MRT Blue Line project	(170,035)		(188,200)		(145,883)	(180,177)
Cash paid for intangible asset under the Public-Private Partnership contract
of the MRT Orange Line project	(1,298,637)		(1,225,624)		(1,298,637)	(1,225,624)
Cash paid for project cost of the MRT Chalong Ratchadham Line	(7,227)		(11,799)		(7,227)	(11,799)

Increase in other intangible assets (35,339) (1,589) (35,339) (1,589)

Net cash flows used in investing activities (1,551,240) (1,560,506) (1,432,084) (1,668,246)

Cash flows from financing activities
Increase (decrease) in short-term loan from financial institution	(3,500,000)	1,200,000	(3,500,000)	1,200,000
Cash received from long-term loans from financial institutions	7,378,743	3,446,649	7,378,743	3,446,649
Repayment of long-term loans from financial institutions	(1,035,441)	(1,242,351)	(1,035,441)	(1,035,441)
Cash received from issuance of debentures	8,000,000	-	8,000,000	-
Cash paid for redemption of debentures	(700,000)	-	(700,000)	-
Cash payment for lease liabilities	(21,009)	(20,443)	(13,321)	(12,905)
Cash paid for financial fees	(38,784)	(6,551)	(38,784)	(6,551)

Interest paid (393,269) (435,360) (393,103) (428,865)

Net cash flows from financing activities 9,690,240 2,941,944 9,698,094 3,162,887

Net increase (decrease) in cash and cash equivalents	2,187,600	(309,220)	2,163,801	(332,474)
Cash and cash equivalents at beginning of period	1,919,038 1,672,192 1,614,941 1,429,309
Cash and cash equivalents at end of period	4,106,638 1,362,972 3,778,742 1,096,835
Supplemental cash flows information
Non-cash items consist of:
Payable from investment in long-term assets	33,580	659,556	27,173	660,087
Increase in right-of-use assets from lease liabilities	39,491	11,018	39,491	4,160

The accompanying notes are an integral part of the financial statements.

Bangkok Expressway and Metro Public Company Limited and its subsidiaries Condensed notes to the interim consolidated financial statements For the three-month period ended 31 March 2026

General information
1. Basis for preparation of interim financial statements
  These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company choosing to present condensed interim financial statements. However, the Company has presented the statements of financial position, income, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial statements.
  The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements.
  The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language interim financial statements.
2. Basis of consolidation
  The interim consolidated financial statements include the financial statements of Bangkok Expressway and Metro Public Company Limited ("the Company") and its subsidiary companies ("the subsidiaries") (collectively as "the Group") and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2025, with no change in shareholding structure of subsidiaries during the current period.
3. Accounting policies
  The interim financial statements are prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2025.

Related party transactions

During the period, the Group had significant business transactions with related parties. Such transactions arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Group and those related parties. There were no significant changes in the transfer pricing policy of transactions with related parties during the current period.

Such significant transactions are summarised below.

(Unit: Million Baht) For the three-month periods ended 31 March

Transactions with major shareholder	2026	2025	2026	2025
Cost of rail projects	874	1,496	874	1,496
Cost of expressway project	17	62	13	46
Civil works for the MRT Orange Line project Repair and maintenance expenses of	6,331	2,634	6,331	2,634
expressway and rail projects	173	160	173	160
Office rental and service expenses Transactions with subsidiary companies (eliminated from the consolidated financial statements) Commercial development revenue	2 -	2 -	- 1	- 1
Project management and maintenance incomes	-	-	144	144
Interest income	-	-	13	11
Commercial development management fee Transactions with related companies Fare box revenue	- -	- 94	76 -	84 94
Civil works for the MRT Orange Line project	6,648	2,806	6,648	2,806
Interest income from M&E Systems	5	18	5	18
Cost of commercial development	5	5	-	-
Remuneration from fare box (Inclusive of VAT)	151	150	151	150
Remuneration from commercial development	5	6	5	6
Utility expenses	1	1	1	1

Consolidated financial statements

Separate financial statements

The balances of the accounts between the Group and related parties are as follows:

Consolidated financial statements

(Unit: Million Baht)

Separate financial statements

31 March

2026

31 December

2025

31 March

2026

31 December

2025

(Audited) (Audited)

Trade and other current receivables
Trade receivables
Related company	412	413	412	413
Other current receivables
Subsidiary	-	-	51	51
Accrued income
Related company Guarantee paid for area	195	195	195	195
Major shareholder	2	2	-	-
Related company	6	6	-	-
Total	8	8	-	-
Receivables under the MRT project agreement (Note 4)
Related company Prepaid for the MRT Blue Line project remuneration	37,027	30,791	37,027	30,791
Related company Trade and other current payables	24,833	23,671	24,833	23,671
Subsidiary	-	-	28	50
Major shareholder	2,195	3,135	2,193	3,133
Related companies	450	442	450	442
Total	2,645	3,577	2,671	3,625
Retention guarantees
Major shareholder	47	45	27	25
Unearned revenue from advertising management rights
Subsidiary	-	-	4	4

Long-term loan to related party

	Balance as at		Balance as at
	1 January 2026	Decrease	31 March 2026
Northern Bangkok Expressway Company Limited	1,939	(73)	1,866

(Unit: Million Baht) Separate financial statements

Directors and management's remuneration

(Unit: Million Baht) For the three-month periods ended 31 March

Consolidated financial statements Separate financial statements 2026 2025 2026 2025

Short-term employee benefits 19 19 18 18

Post-employment benefits 1 1 1 1

Total 20 20 19 19

Trade and other current receivables
Most of the trade receivables of the Group was within their credit terms or past due up to
3 months. As at 31 March 2026, the outstanding balances of trade receivables in the consolidated and separate financial statements that are one year past due amounted to approximately Baht 6 million (31 December 2025: Baht 6 million).

Receivables under the MRT project agreement

	Receivable under
	concession	Receivable under
	agreement of the	the Public-Private
	MRT Chalong	Partnership contract
	Ratchadham	of the MRT Orange
	Line project	Line project	Total
Net book value as at 1 January 2026	962	29,829	30,791
Addition	-	6,648	6,648
Collection	(412)	-	(412)
Net book value as at 31 March 2026	550	36,477	37,027
Current	550	20,135	20,685
Non-current	-	16,342	16,342
Total receivables under the MRT project agreement	550	36,477	37,027

(Unit: Million Baht) Consolidated and Separate financial statements

As at 31 March 2026, there is no receivables under the MRT project agreement that are due more than 5 years.

Other financial assets

Consolidated financial statements

(Unit: Million Baht)

Separate financial statements

31 March

2026

31 December

2025

31 March

2026

31 December

2025

(Audited) (Audited)

Financial assets at FVTPL - Unit trusts		414	414	414	414
Equity instruments designated at FVOCI
	- Equity instruments of listed companies	9,888	9,914	9,888	9,914
	- Equity instruments of non-listed companies	469	469	434	434
	Total	10,357	10,383	10,322	10,348
	Total other financial assets - net	10,771	10,797	10,736	10,762
	Current	414	414	414	414
	Non-current	10,357	10,383	10,322	10,348
	Total other financial assets	10,771	10,797	10,736	10,762
6.	Rights to operate expressway sectors

A reconciliation of the net book value of the rights to operate expressway sectors for the three-month period ended 31 March 2026 are summarised below.

(Unit: Million Baht)

	Consolidated financial statements	Separate financial statements
Net book value as at 1 January 2026	29,839	25,465
Additions during the period - at cost	38	29
Amortisation for the period	(330)	(240)
Net book value as at 31 March 2026	29,547	25,254

Intangible asset under concession agreement of the MRT Blue Line project

A reconciliation of the net book value of the intangible asset under concession agreement of the MRT Blue Line project for the three-month period ended 31 March 2026 are summarised below.

(Unit: Million Baht)

	Consolidated financial statements	Separate financial statements
Net book value as at 1 January 2026	48,252	48,051
Additions during the period - at cost	145	115
Borrowing costs	25	25
Amortisation for the period	(210)	(196)
Net book value as at 31 March 2026	48,212	47,995

During the period, the Company has capitalised borrowing costs as part of the cost of the intangible asset under the concession agreement of the MRT Blue Line project. The weighted average rate used to determine the amount of borrowing cost eligible from capitalisation was

2.11 percent.

Intangible asset under the Public-Private Partnership contract of the MRT Orange Line project

A reconciliation of the net book value of the intangible asset under the Public-Private Partnership contract of the MRT Orange Line project for the three-month period ended 31 March 2026 are summarised below.

(Unit: Million Baht)

Net book value as at 1 January 2026	12,518
Additions during period - at cost	1,007
Borrowing costs	152
Net book value as at 31 March 2026	13,677

Consolidate and separate financial statements

During the period, the Company has capitalised borrowing costs as part of the cost of the intangible asset under the Public-Private Partnership contract of the MRT Orange Line project. The weighted average rate used to determine the amount of borrowing cost eligible from capitalisation was 2.83 percent.

Project cost of the MRT Chalong Ratchadham Line

A reconciliation of the net book value of the project cost of the MRT Chalong Ratchadham Line for the three-month period ended 31 March 2026 is summarised below.

(Unit: Million Baht)

	Net book value as at 1 January 2026	647
	Additions during the period - at cost	10
	Amortisation for the period	(10)
	Net book value as at 31 March 2026	647
10.	Long-term loans from financial institutions

Consolidated and Separate financial statements

Movements in the long-term loans from financial institutions account for the three-month period ended 31 March 2026 are summarised below.

(Unit: Million Baht)

	Consolidated financial statements	Separate financial statements
Current portion of long-term loans	24,870	24,870
Long-term loans - net of current portion	44,366	44,366
Balance as at 1 January 2026	69,236	69,236
Add: Additional borrowings during the period	7,379	7,379
Less: Repayments during the period Add: Loss from the cross currency and interest rate swap contracts	(1,035) 56	(1,035) 56
Less: Amortised for financial fees	(20)	(20)
Balance as at 31 March 2026	75,616	75,616
Less: Current portion	(24,623)	(24,623)
Long-term loans - net of current portion	50,993	50,993

On 30 January 2026, the subsidiary entered into a long-term loan agreement with a local financial institution, totaling Baht 2,800 million. The loan carries interest at a floating rate plus a stipulated margin, with repayment in installments commencing in June 2026 to September 2033.

As at 31 March 2026, the Group has the revolving and non-revolving credit facilities which have not yet been drawn down amounting to Baht 9,056 million and Baht 32,880 million, respectively.

In April 2026, the Company entered into two long-term loan agreements with local financial institutions, totaling Bath 5,000 million, to invest in the MRT projects and/or support the repayment of its existing debts related to eligible green projects. The loans carry a floating interest rate plus stipulated margins and/or a fixed interest rate.

Debentures

Movements in the debentures account for the three-month period ended 31 March 2026 is summarised below.

(Unit: Million Baht) Consolidated and separate

	financial statements
Current portion of debentures	8,135
Debentures - net of current portion	31,424
Balance as at 1 January 2026	39,559
Add: Issuance of debentures	8,000
Less: Redemption of debenture	(700)
Less: Amortised for financial fees	(8)
Balance as at 31 March 2026	46,851
Less: Current portion	(9,135)
Debentures - net of current portion	37,716

On 18 February 2026, the Company issued five tranches of sustainability debentures No.1/2026, totaling Baht 8,000 million, with interest rates of 2.03 - 3.41 percent per annum and maturity dates are between February 2029 and February 2038 to fund and/or refinancing of investments in clean transportation project. These debentures are registered debentures, unsubordinated and unsecured, with a debenture holders' representative, that pay interest semi-annually. The debentures are subject to covenants relating to the maintenance of an interest-bearing debt to equity ratio.

Revenue from commercial development business
Revenue from commercial development business, as presented in the separate financial statement for the three-month period ended 31 March 2026 amounted to Baht 204 million (2025: Baht 237 million). This included revenue from commercial development under the MRT Blue Line concession agreement for the three-month period ended 31 March 2026 amounted to Baht 187 million (2025: Baht 219 million).
Earnings per share
Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares held by external shareholders net of the weighted average number of treasury shares during the period.
As at 31 March 2026 and 31 December 2025, the Company had an outstanding treasury shares of 307 million shares at total cost of Baht 2,452 million in the account.

Segment information

Operating segment information is reported in a manner consistent with the reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance.

Revenue and profit or loss information segments of the Group for the three-month periods ended 31 March 2026 and 2025 are as follows:

(Unaudited but reviewed)

(Unit: Million Baht)

Consolidated financial statements

Commercial Elimination of

Expressway Rail development Total inter-segment

business segment 1) business segment 2) business segment 3) segments revenues Consolidation

	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025
Revenue from external customers	2,275	2,245	1,784	1,749	224	265	4,283	4,259	-	-	4,283	4,259
Inter-segment revenues	-	-	-	-	77	85	77	85	(77)	(85)	-	-
Total revenues	2,275	2,245	1,784	1,749	301	350	4,360	4,344	(77)	(85)	4,283	4,259
Gross profit by segments	1,490	1,515	287	258	120	159	1,897	1,932	-	-	1,897	1,932
Unallocated income and expenses:
Other incomes											16	33
Selling expenses											(38)	(51)
Administrative expenses											(239)	(243)
Finance costs											(546)	(581)
Income tax expenses											(215)	(219)
Non-controlling interests of the subsidiaries											-	-
Profit for the period to equity holders of the Company											875	871

1) The expressway business segment related to the construction and operation of the expressway.

2) The rail business segment related to the operation of the rapid transit system.

3) The commercial development business segment related to the rental of retail space, and the provision of advertising media services and telecommunication services inside and outside underground train stations and on expressway.

Commitments and contingent liabilities

Capital commitments

The Group has capital commitments as follows:

31 March 2026 31 December 2025 (Audited)

Civil works and installation of M&E systems
of the MRT Orange Line project
Baht 68,908 million,
USD 2 million, and EUR 7 million
Baht 75,695 million,
USD 2 million, and EUR 9 million
Installation of the M&E Systems of the MRT Blue Line project
Baht 2,961 million Baht 3,048 million
Installation of the farebox collection systems of the MRT Blue Line and the MRT Chalong Ratchadham Line projects
Baht 39 million, USD 2 million, and EUR 1 million
Baht 39 million, USD 3 million, and EUR 1 million

Improvement for civil infrastructure of expressway

Baht 71 million Baht 99 million

e) Acquisition of equipment

Baht 30 million

Baht 35 million

f) Replacement of information system

Baht 33 million

Baht 51 million

g) Other capital commitments

15.2 Long-term service commitments

Baht 7 million

The Group has commitments in respect of the maintenance of M&E equipment and civil infrastructure of the metro projects contracts. These contracts will expire between 2027 and 2039.

Future minimum service fees payable under these contracts, excluding escalation in accordance with the general consumer price index are as follows:

(Unit: Million)

31 March 2026 31 December 2025

Payable:

(Audited)

Baht USD EUR YEN Baht USD EUR YEN

In up to 1 year	1,260	-	4	126	1,291	-	4	221
In over 1 year and up to 5 years	3,480	1	11	-	3,603	2	12	-
In over 5 years	9,600	-	25	-	9,788	-	25	-

Commitments under various service agreements

The Group has commitments under various service agreements as follows:

(Unit: Million Baht) 31 March 2026 31 December 2025

(Audited)

Payable:

In up to 1 year	540	832
In over 1 year and up to 5 years	375	695
In over 5 years	21	27

Operating lease commitments

The Group entered into several lease agreements in respect of the lease of office building space and equipment that are short-term leases and leases of low-value assets. The terms of these agreements are between 1 - 5 years.

Future minimum lease payments required under these operating lease agreements were as follows:

(Unit: Million Baht)

	31 March 2026	31 December 2025
Payable:		(Audited)
In up to 1 year	19	9
In over 1 year and up to 5 years	12	14

Guarantees

There were the following outstanding performance bonds and bank guarantees issued by banks on behalf of the Company.

(Unit: Million Baht)

	31 March	31 December
	2026	2025
		(Audited)
a) Issued to the MRTA in accordance with the operation of
- The MRT Blue Line project	210	210
- The MRT Chalong Ratchadham Line project	200	200
- The MRT Orange Line project	4,500	4,500
b) Issued to the Department of Highways in compliance with the conditions for	300	-
submitting the bid proposal Motorway M82, Bang Khun Thian - Ban Phaeo
c) Issued to the Metropolitan Electricity Authority to guarantee electricity	160	120

under rail projects

d) Other guarantees 3 3

Other commitments

As at 31 March 2026 and 31 December 2025, the Company has the commitment in respect of the uncalled portion of investment in Northern Bangkok Expressway Company Limited of Baht 750 million.

Financial Instruments
1. Fair value of financial instruments
  Since the majority of the financial instruments of the Group are short-term in nature or carrying interest at rates close to the market interest rates, their fair value is not expected to be materially different from the amounts presented in the statements of financial position. However, as at 31 March 2026, the Company has financial liabilities with carrying value that differs from the fair value comprising the debentures with a book value of Baht 46,885 million and a fair value of Baht 47,762 million and the fixed-rate long-term loans with a book value of Baht 2,526 million and a fair value of Baht 2,613 million.
2. Fair value hierarchy

As at 31 March 2026, the Group had the assets and liabilities that were measured or disclosed at fair value using different levels of inputs as follows:

(Unit: Million Baht) Consolidated financial statement

Level 1 Level 2 Level 3 Total

Assets measured at fair value
Financial assets measured at FVTPL
- Unit trusts	-		414	-		414
Financial assets measured at FVOCI
- Listed equities	9,888	- -			9,888
- Non-listed equities	-	- 469			469

Liabilities measured at fair value

Derivatives

- Interest rate swap contracts	-	184	-	184
- Cross currency and interest rate swap contracts	-	67	-	67
Liabilities for which fair value are disclosed
Loans	-	-	2,613	2,613
Debentures	-	47,762	-	47,762

(Unit: Million Baht) Separate financial statement

Level 1 Level 2 Level 3 Total

Assets measured at fair value

Financial assets measured at FVTPL

- Unit trusts - 414 - 414

Financial assets measured at FVOCI

- Listed equities	9,888	- -	9,888
- Non-listed equity	-	- 434	434

Liabilities measured at fair value

Derivatives

	- Interest rate swap contracts	-	184	-	184
	- Cross currency and interest rate swap contracts	-	67	-	67
	Liabilities for which fair value are disclosed
	Loans	-	-	2,613	2,613
17.	Debentures Events after the reporting period	-	47,762	-	47,762

On 8 April 2026, the 2026 Annual General Meeting of the Company's shareholders passed a resolution to approve a dividend payment for the year 2025 of Baht 0.15 per share, totaling Baht 2,247 million. This dividend is paid on 7 May 2026 and will be recorded in the second quarter of this year.

18. Approval of interim consolidated financial statements

These interim consolidated financial statements were authorised for issue by the Company's authorised directors on 14 May 2026.

Earlier from Bangkok Expressway And Metro Public

All Bangkok Expressway And Metro Public news releases