Bangkok Expressway And Metro Public Company LimitedSET: BEM

Financial Statement Quarter 2/2025

Aug 14, 2025 at 1:41 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 and six-month periods ended 30 June 2025

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 30 June 2025, the related consolidated statements of income, comprehensive income for the three-month and six-month periods then ended, and the related consolidated statements of changes in shareholders' equity and cash flows for the six-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 Thai Standards on Auditing 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: 13 August 2025

‌Consolidated financial statements Separate financial statements

	Note	30 June 2025 (Unaudited but reviewed)	31 December 2024 (Audited)	30 June 2025 (Unaudited but reviewed)	31 December 2024 (Audited)
Assets
Current assets
Cash and cash equivalents		1,443,734	1,672,192	1,169,746	1,429,309
Bank deposit for unearned fare box revenue		257,765	256,630	257,765	256,630
Trade and other current receivables	3	735,882	907,781	753,073	913,793
Current portion of receivables under the MRT project agreement	4	1,649,683	1,649,683	1,649,683	1,649,683
Current tax assets		4,139	8,404	-	-
Other current financial assets	5	471,812	463,472	471,812	463,472
Other current assets		245,552	228,503	223,511	218,693
Total current assets		4,808,567	5,186,665	4,525,590	4,931,580
Non-current assets
Receivables under the MRT project agreement, net of current portion	4	18,367,590	13,202,782	18,367,590	13,202,782
Long term-loan to related party	2	-	-	1,739,000	1,454,000
Other non-current financial assets	5	9,820,721	11,480,216	9,785,721	11,445,216
Investments in subsidiaries		-	-	767,730	767,730
Investment properties		120,357	120,357	120,357	120,357
Building and equipment		300,591	310,044	287,480	297,901
Right-of-use assets		126,204	147,229	61,983	73,416
Rights to operate expressway sectors	6	30,388,335	30,745,780	25,835,170	26,083,820
Intangible asset under concession agreement of
the MRT Blue Line project	7	48,007,256	47,022,738	47,798,977	46,797,212
Intangible asset under the Public-Private Partnership contract of
the MRT Orange Line project	8	8,354,736	4,791,560	8,354,736	4,791,560
Project cost of the MRT Chalong Ratchadham Line	9	653,757	649,698	653,757	649,698
Prepaid for the MRT Blue Line project remuneration	2	21,276,844	19,047,413	21,276,844	19,047,413
Other intangible assets		68,700	20,678	68,639	20,595
Deferred tax assets		12,150	16,780	-	-
Other non-current assets		35,851	30,685	10,940	13,675
Total non-current assets		137,533,092	127,585,960	135,128,924	124,765,375
Total assets		142,341,659	132,772,625	139,654,514	129,696,955
The accompanying notes are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

	Note	30 June 2025 (Unaudited but reviewed)	31 December 2024 (Audited)	30 June 2025 (Unaudited but reviewed)	31 December 2024 (Audited)
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institutions		3,200,000	2,600,000	3,200,000	2,600,000
Trade and other current payables		3,793,802	3,419,536	3,745,589	3,352,915
Current portion of long-term loans from financial institutions	10	5,583,836	5,184,106	5,169,427	4,353,521
Current portion of lease liabilities		40,534	46,742	22,584	25,034
Current portion of debentures		11,635,000	7,000,000	11,635,000	7,000,000
Unearned fare box revenue		244,452	244,650	244,452	244,650
Deposits on stored value ticket		102,025	102,460	102,025	102,460
Corporate income tax payable		59,377	164,998	59,183	155,937
Other current financial liabilities		124,351	151,366	100,465	129,778
Other current liabilities		202,051	204,668	191,558	196,254
Total current liabilities		24,985,428	19,118,526	24,470,283	18,160,549
Non-current liabilities
Long-term loans from financial institutions, net of current portion	10	46,341,237	32,743,428	46,341,237	32,743,428
Lease liabilities, net of current portion		68,426	82,777	39,695	48,402
Debentures, net of current portion		31,419,750	39,550,361	31,419,750	39,550,361
Derivative liabilities		319,115	158,262	319,115	158,262
Non-current provision for employee benefits		780,621	743,483	742,756	708,022
Deferred tax liabilities		3,679,595	3,807,696	3,679,595	3,807,696
Other non-current liabilities		9,029	7,810	8,653	8,057
Total non-current liabilities		82,617,773	77,093,817	82,550,801	77,024,228
Total liabilities		107,603,201	96,212,343	107,021,084	95,184,777
The accompanying notes are an integral part of the financial statements.

Shareholders' equity

Share capital Registered

Consolidated financial statements Separate financial statements

30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited)

but reviewed) but reviewed)

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	17,074,966	17,457,542	8,519,747	8,959,206
Other components of shareholders' equity	(4,622,669)	(3,183,380)	1,483,245	2,922,534
Equity attributable to shareholders of the Company	34,736,689	36,558,554	32,633,430	34,512,178
Non-controlling interests of the subsidiaries	1,769	1,728	-	-
Total shareholders' equity	34,738,458	36,560,282	32,633,430	34,512,178
Total liabilities and shareholders' equity	142,341,659	132,772,625	139,654,514	129,696,955
The accompanying notes are an integral part of the financial statements.

Directors

	Note	2025	2024	2025	2024
Service revenues		3,996,743	4,023,395	3,672,324	3,695,179

Cost of services (2,314,599) (2,318,148) (2,188,072) (2,193,334)

Gross profit 1,682,144 1,705,247 1,484,252 1,501,845

Other incomes 374,130 392,193 528,120 545,216

Profit before expenses	2,056,274	2,097,440	2,012,372	2,047,061
Selling expenses	(54,948)	(48,917)	(25,983)	(22,907)

Administrative expenses (272,974) (267,356) (291,977) (289,999)

Operating profit 1,728,352 1,781,167 1,694,412 1,734,155

Finance costs (573,481) (611,037) (569,342) (602,325)

Profit before income tax expenses 1,154,871 1,170,130 1,125,070 1,131,830 Income tax expenses (161,744) (166,960) (155,521) (159,475)

Profit for the period 993,127 1,003,170 969,549 972,355 Profit attributable to:

Equity holders of the Company 993,092 1,003,153 969,549 972,355 Non-controlling interests of the subsidiaries 35 17

993,127 1,003,170

Basic earnings per share (Baht) 12

Profit attributable to equity holders of the Company 0.07 0.07 0.06 0.06

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

2025 2024 2025 2024

Profit for the period 993,127 1,003,170 969,549 972,355 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	(46,923)	48,200	(46,923) 48,200
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:	(46,923)	48,200	(46,923) 48,200
Loss on changes in value of equity investment, net of income tax	(365,260)	(285,340)		(365,260)	(285,340)
	(365,260)	(285,340)		(365,260)	(285,340)
Other comprehensive income for the period	(412,183)	(237,140)		(412,183)	(237,140)
Total comprehensive income for the period	580,944	766,030		557,366	735,215
Total comprehensive income attributable to:
Equity holders of the Company	580,909	766,013		557,366	735,215
Non-controlling interests of the subsidiaries	35	17
	580,944	766,030
The accompanying notes are an integral part of the financial statements.

	Note	2025	2024	2025	2024
Service revenues		8,255,573	8,272,572	7,585,712	7,593,331

Cost of services (4,641,127) (4,675,290) (4,384,818) (4,411,920)

Gross profit 3,614,446 3,597,282 3,200,894 3,181,411

Other incomes 407,162 453,285 715,091 762,315

Profit before expenses	4,021,608	4,050,567	3,915,985	3,943,726
Selling expenses	(105,898)	(96,984)	(45,892)	(47,450)

Administrative expenses (515,982) (510,245) (551,911) (556,999)

Operating profit 3,399,728 3,443,338 3,318,182 3,339,277

Finance costs (1,154,814) (1,211,625) (1,145,373) (1,193,168)

Profit before income tax expenses 2,244,914 2,231,713 2,172,809 2,146,109 Income tax expenses (380,768) (381,388) (365,587) (363,943)

Profit for the period 1,864,146 1,850,325 1,807,222 1,782,166 Profit attributable to:

Equity holders of the Company 1,864,105 1,850,314 1,807,222 1,782,166 Non-controlling interests of the subsidiaries 41 11

1,864,146 1,850,325

Basic earnings per share (Baht) 12

Profit attributable to equity holders of the Company 0.12 0.12 0.12 0.12

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

2025 2024 2025 2024

Profit for the period 1,864,146 1,850,325 1,807,222 1,782,166 Other comprehensive income

Other comprehensive income to be reclassified

to profit or loss in subsequent periods:
Loss on cash flow hedges, net of income tax	(139,001)	(9,832)	(139,001) (9,832)
	(139,001)	(9,832)	(139,001) (9,832)

Other comprehensive income not to be reclassified to profit or loss in subsequent periods:

Gain (loss) on changes in value of equity investment, net of income tax	(1,300,288)	574,631	(1,300,288) 574,631
	(1,300,288)	574,631	(1,300,288) 574,631
Other comprehensive income for the period	(1,439,289)	564,799		(1,439,289)	564,799
Total comprehensive income for the period	424,857	2,415,124		367,933	2,346,965
Total comprehensive income attributable to:
Equity holders of the Company	424,816	2,415,113		367,933 2,346,965
Non-controlling interests of the subsidiaries	41	11
	424,857	2,415,124
The accompanying notes are an integral part of the financial statements.

Bangkok Expressway and Metro Public Company Limited and its subsidiaries Statement of changes in shareholders' equity For the six-month period ended 30 June 2025

(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 hedge of investments equity of the Company the subsidiaries shareholders' equity

Balance as at 1 January 2024	15,285,000	5,816,938		- (346,046)				1,528,500		-		18,272,948		35,917		(2,930,612)		(2,894,695)		37,662,645		1,676		37,664,321
Profit for the period	-	-		- -				-		-		1,850,314		-		-		-		1,850,314		11		1,850,325
Other comprehensive income for the period - - - - - - - (9,832) 574,631 564,799 564,799 - 564,799
Total comprehensive income for the period	-	- -				-		- -				1,850,314		(9,832)		574,631		564,799		2,415,113		11		2,415,124
Treasury shares	-	- (1,491,632)				-		- 1,491,632				(1,491,632)		-		-		-		(1,491,632)		-		(1,491,632)
Dividend paid (Note 13) - - - - - - (2,136,981) - - - (2,136,981) - (2,136,981)
Balance as at 30 June 2024	15,285,000		5,816,938		(1,491,632)		(346,046)		1,528,500		1,491,632		16,494,649		26,085		(2,355,981)		(2,329,896)		36,449,145		1,687		36,450,832
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	-		-		-		-		-		-		1,864,105		-		-		-		1,864,105		41		1,864,146
Other comprehensive income for the period	-		-		-		-		-		-		-		(139,001)		(1,300,288)		(1,439,289)		(1,439,289)		-		(1,439,289)
Total comprehensive income for the period	-	-		-		-		-		-		1,864,105		(139,001)		(1,300,288)		(1,439,289)		424,816		41		424,857
Dividend paid (Note 13)	-		-		-		-		-		-		(2,246,681)		-		-		-		(2,246,681)		-		(2,246,681)
Balance as at 30 June 2025	15,285,000	5,816,938		(2,451,693)		(346,046)		1,528,500		2,451,693		17,074,966		(237,703)		(4,384,966)		(4,622,669)		34,736,689		1,769		34,738,458

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

Bangkok Expressway and Metro Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the six-month period ended 30 June 2025

(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 hedge of investments shareholders' equity shareholders' equity

Balance as at 1 January 2024	15,285,000	5,816,938	-	1,528,500	-	9,918,400	35,917	3,175,302	3,211,219	35,760,057
Profit for the period	-	-	-	-	-	1,782,166	-	-	-	1,782,166
Other comprehensive income for the period	-	-	-	-	-	-	(9,832)	574,631	564,799	564,799
Total comprehensive income for the period	-	-	-	-	-	1,782,166	(9,832)	574,631	564,799	2,346,965
Treasury shares	-	-	(1,491,632)	-	1,491,632	(1,491,632)	-	-	-	(1,491,632)
Dividend paid (Note 13)	-	-	-	-	-	(2,136,981)	-	-	-	(2,136,981)
Balance as at 30 June 2024	15,285,000	5,816,938	(1,491,632)	1,528,500	1,491,632	8,071,953	26,085	3,749,933	3,776,018	34,478,409
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	-	-	-	-	-	1,807,222	-	-	-	1,807,222
Other comprehensive income for the period	-	-	-	-	-	-	(139,001)	(1,300,288)	(1,439,289)	(1,439,289)
Total comprehensive income for the period	-	-	-	-	-	1,807,222	(139,001)	(1,300,288)	(1,439,289)	367,933
Dividend paid (Note 13)	-	-	-	-	-	(2,246,681)	-	-	-	(2,246,681)
Balance as at 30 June 2025	15,285,000	5,816,938	(2,451,693)	1,528,500	2,451,693	8,519,747	(237,703)	1,720,948	1,483,245	32,633,430

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

Consolidated financial statements Separate financial statements

	2025	2024			2025	2024
Cash flows from operating activities
Profit before tax	2,244,914	2,231,713			2,172,809	2,146,109
Adjustments to reconcile profit before tax to net cash
provided by (paid from) operating activities:
Depreciation on building and equipment	31,685	33,889			30,172	32,045
Amortisation on right-of-use assets	45,093	36,881			24,655	22,252
Amortisation on intangible asset under concession agreements	997,806	936,386			825,565	771,802
The MRT Blue Line project remuneration expense	297,414	274,551			297,414	274,551
Amortisation on other intangible assets	3,660	4,023			3,638	3,997
Allowance for expected credit losses	2,454	907			2,456	904
Bad debt expenses	377	-			271	-
Gain on sale of investments in financial assets	-	(106)			-	(106)
Gain on fair value adjustments of financial assets	(8,340)	(7,152)			(8,340)	(7,152)
Gain on disposal/write-off of equipment and intangible asset under
concession agreements	(1,037)	(1,347)			(696)	(1,186)
Provision for employee benefits	37,138	35,906			34,734	33,583
Unrealised gain on exchange rate	(82)	(531)			(82)	(531)
Interest income	(43,511)	(83,765)			(65,411)	(95,872)
Dividend income	(337,303)	(337,303)			(337,303)	(337,303)
Interest expenses Profit from operating activities before changes	1,140,907	1,197,684			1,131,466	1,179,226
in operating assets and liabilities	4,411,175	4,321,736		4,111,348		4,022,319
Operating assets (increase) decrease
Bank deposit for unearned fare box revenue	(1,135)	(202)		(1,135)		(202)
Trade and other current receivables	169,544	159,164		158,469		171,952
Receivables under the MRT project agreement	(5,164,808)	824,842		(5,164,808)		824,842
Other current assets	(9,460)	(10,044)		2,772		3,208
Other non-current assets	1,919	(606)		2,735		(1,016)
Cash paid for the MRT Blue Line project remuneration	(2,521,362)	(1,764,808)		(2,521,362)		(1,764,808)
Operating liabilities increase (decrease)
Trade and other current payables	(24,587)		397,568		(3,523)		367,312
Unearned fare box revenue	(198)		7,198		(198)		7,198
Deposits on stored value ticket	(435)		854		(435)		854
Other current liabilities	(29,630)		(19,096)		(34,008)		(33,875)
Other non-current liabilities	1,219		1,968		594		1,344
Cash paid for employee benefits	-		(180)		-		(180)
Net cash flows from (used in) operating activities	(3,167,758)		3,918,394		(3,449,551)		3,598,948
Interest received	43,034		81,345		41,744		80,018
Income tax paid	(252,858)		(100,483)		(230,620)		(80,295)
Net cash flows from (used in) operating activities	(3,377,582)		3,899,256		(3,638,427)		3,598,671
The accompanying notes are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

	2025	2024		2025	2024
Cash flows from investing activities
Cash received from sale of financial assets at amortised cost	-	580,048		-	580,048
Cash paid for purchase of financial assets at amortised cost	-	(300,000)		-	(300,000)
Cash received from sale of financial assets at FVTPL	-	65,289		-	65,289
Cash paid for long-term loan to related party	-	-		(285,000)	(430,000)
Cash received from interest income	-	2,713		23,190	16,147
Cash received from dividend income	337,303	337,303		337,303	337,303
Cash received from sale of equipment	1,454	2,266		1,104	1,917
Cash paid for purchase of equipment	(19,742)	(10,826)		(17,251)	(10,086)
Cash paid for cost of the improvement of expressway	(214,386)	(534,924)		(178,834)	(273,012)
Cash paid for intangible asset under concession agreement of
the MRT Blue Line Project Cash paid for intangible asset under the Public-Private Partnership	(1,390,253)	(237,190)		(1,376,362)	(217,271)
contract of the MRT Orange Line Project	(3,190,223)		-	(3,190,223)		-
Cash paid for project cost of the MRT Chalong Ratchadham Line	(11,977)		(12,006)	(11,977)		(12,006)
Increase in other intangible assets	(44,460)		-	(44,460)		-
Net cash flows used in investing activities	(4,532,284)		(107,327)	(4,742,510)		(241,671)
Cash flows from financing activities
Increase in short-term loans from financial institutions	600,000		2,100,000	600,000		2,100,000
Cash received from long-term loans from financial institutions	17,090,047		2,000,000	17,090,047		2,000,000
Repayment of long-term loans from financial institutions	(2,994,702)		(2,422,922)	(2,580,882)		(2,030,882)
Cash received from issuance debentures	-		5,000,000	-		5,000,000
Cash paid for redemption of debentures	(3,500,000)		(5,000,000)	(3,500,000)		(5,000,000)
Cash payment for lease liabilities	(40,633)		(37,225)	(25,643)		(23,034)
Cash paid for financial fees	(28,622)		(15,231)	(28,622)		(15,231)
Interest paid	(1,198,001)		(1,183,162)	(1,186,845)		(1,158,587)
Dividend paid	(2,246,681)		(2,136,981)	(2,246,681)		(2,136,981)
Cash paid for treasury shares	-		(1,491,632)	-		(1,491,632)
Net cash flows from (used in) financing activities	7,681,408		(3,187,153)	8,121,374		(2,756,347)
Net increase (decrease) in cash and cash equivalents	(228,458)		604,776	(259,563)		600,653
Cash and cash equivalents at beginning of period	1,672,192		1,246,093	1,429,309		1,029,226
Cash and cash equivalents at end of period	1,443,734		1,850,869	1,169,746		1,629,879
Supplemental cash flows information
Non-cash items consist of:
Payable from investment in long-term assets	432,176		-	429,289		-
Increase in right-of-use assets from lease liabilities	24,466		45,297	13,621		25,099

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 and six-month periods ended 30 June 2025

‌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, 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 2024, 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 2024.

‌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 and pricing policy are summarised below.

(Unit: Million Baht)
For the three-month periods ended 30 June
	Consolidated financial statements		Separate financial statements
	2025	2024	2025	2024
Transactions with major shareholder
Cost of rail projects	2,824	65	2,824	65
Cost of expressway projects	61	190	46	70
Civil works for the MRT Orange Line project	2,955	-	2,955	-
Repair and maintenance expenses of expressway and rail projects	159	175	159	175
Office rental and service expenses	3	3	-	-
Transactions with subsidiary companies
(eliminated from the consolidated financial statements)
Commercial development revenue	-	-	1	1
Project management and maintenance incomes	-	-	144	147
Interest income	-	-	12	7
Commercial development management fee	-	-	90	78
Cost of commercial development	-	-	-	4
Transactions with related companies
Civil works for the MRT Orange Line project	3,183	-	3,183	-
Interest income from M&E Systems	15	29	15	29
Dividend income	337	337	337	337
Cost of commercial development	6	5	-	-
Remuneration from fare box (Inclusive of VAT)	134	125	134	125
Remuneration from commercial development	7	8	7	8
Land and Building Tax	12	-	12	-

(Unit: Million Baht)
For the six-month periods ended 30 June
	Consolidated financial statements		Separate financial statements
	2025	2024	2025	2024
Transactions with major shareholder
Cost of rail projects	4,320	129	4,320	129
Cost of expressway projects	123	451	92	213
Civil works for the MRT Orange Line project	5,589	-	5,589	-
Repair and maintenance expenses of expressway and rail projects	319	366	319	366
Office rental and service expenses	5	5	-	-
Transactions with subsidiary companies
(eliminated from the consolidated financial statements)
Commercial development revenue	-	-	2	2
Project management and maintenance incomes	-	-	288	298
Interest income	-	-	23	13
Commercial development management fee	-	-	174	147
Cost of commercial development	-	-	-	4
Transactions with related companies
Fare box revenue	94	-	94	-
Civil works for the MRT Orange Line project	5,989	-	5,989	-
Interest income from M&E Systems	33	61	33	61
Dividend income	337	337	337	337
Cost of commercial development	11	10	-	-
Remuneration from fare box (Inclusive of VAT)	284	261	284	261
Remuneration from commercial development	13	14	13	14
Land and Building Tax	12	-	12	-
Utility expenses	1	1	1	1

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

(Unit: Million Baht)
	Consolidated financial statements		Separate financial statements
30 June 2025		31 December 2024	30 June 2025	31 December 2024
		(Audited)		(Audited)
Trade and other current receivables
Trade receivables
Related company	204	410	204	410
Other current receivables
Subsidiary	-	-	51	51
Accrued income
Related company	285	193	285	193
Guarantee paid for area
Major shareholder	2	2	-	-
Related company	6	6	-	-
Total	8	8	-	-
Receivables under the MRT project agreement (Note 4)
Related company	20,017	14,853	20,017	14,853
Prepaid for the MRT Blue Line project remuneration
Related company	21,277	19,047	21,277	19,047
Trade and other current payables
Subsidiary	-	-	42	50
Major shareholder	1,813	1,373	1,806	1,367
Related companies	458	427	458	427
Total	2,271	1,800	2,306	1,844
Retention guarantees
Major shareholder	93	132	75	115
Guarantees obtained for area
Subsidiary	-	-	-	1
Unearned revenue from advertising management rights
Subsidiary	-	-	5	6

Long-term loan to related party

			(Unit: Million Baht)
Separate financial statements
	Balance as at		Balance as at
1 January 2025		Increase	30 June 2025
Northern Bangkok Expressway Company Limited	1,454	285	1,739

Directors and management's remuneration

(Unit: Million Baht)
For the three-month periods ended 30 June
	Consolidated financial statements		Separate financial statements
	2025	2024	2025	2024
Short-term employee benefits	34	35	32	30
Post-employment benefits	1	1	1	1
Total	35	36	33	31

(Unit: Million Baht)
For the six-month periods ended 30 June
	Consolidated financial statements		Separate financial statements
	2025	2024	2025	2024
Short-term employee benefits	53	59	50	48
Post-employment benefits	2	2	2	2
Total	55	61	52	50

‌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 30 June 2025, the outstanding balances of trade receivables in the consolidated and separate financial statements that are one year past due amounted to approximately Baht 5 million (31 December 2024: Baht 3 million).

‌Receivables under the MRT project agreement

(Unit: Million Baht)
Consolidated and Separate financial statements
Receivable under concession agreement of the MRT Chalong Ratchadham Line project		Receivable under the Public-Private Partnership contract of the MRT Orange Line project	Total
Net book value as at 1 January 2025	2,612	12,241	14,853
Addition	-	5,989	5,989
Collection	(825)	-	(825)
Net book value as at 30 June 2025	1,787	18,230	20,017
Current	1,650	-	1,650
Non-current	137	18,230	18,367
Total receivables under the MRT project agreement	1,787	18,230	20,017

As at 30 June 2025, there is no receivables under the MRT project agreement that are due more than 5 years.

‌Other financial assets

(Unit: Million Baht)
	Consolidated financial statements		Separate financial statements
	30 June 2025	31 December 2024	30 June 2025	31 December 2024
		(Audited)		(Audited)
Financial assets at FVTPL
- Unit trusts	472	463	472	463
Equity instruments designated at FVOCI
- Equity instruments of listed companies	9,346	10,971	9,346	10,971
- Equity instruments of non-listed companies	469	469	434	434
Total	9,815	11,440	9,780	11,405
Derivative designated as hedging instruments
- Interest rate swap contracts	5	25	5	25
- Cross currency and interest rate swap contracts	1	15	1	15
Total	6	40	6	40
Total other financial assets - net	10,293	11,943	10,258	11,908
Current	472	463	472	463
Non-current	9,821	11,480	9,786	11,445
Total other financial assets	10,293	11,943	10,258	11,908

‌Rights to operate expressway sectors

A reconciliation of the net book value of the rights to operate expressway sectors during the six-month period ended 30 June 2025 are summarised below.

		(Unit: Million Baht)
	Consolidated financial statements	Separate financial statements
Net book value as at 1 January 2025	30,746	26,084
Increase during the period - at cost	241	203
Amortisation for the period	(599)	(452)
Net book value as at 30 June 2025	30,388	25,835

‌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 during the six-month period ended 30 June 2025 are summarised below.

		(Unit: Million Baht)
	Consolidated financial statements	Separate financial statements
Net book value as at 1 January 2025	47,023	46,797
Increase during the period - at cost	1,330	1,323
Borrowing costs	34	34
Amortisation for the period	(380)	(355)
Net book value as at 30 June 2025	48,007	47,799

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

2.48 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 during the six-month period ended 30 June 2025 are summarised below.

	(Unit: Million Baht)
	Consolidate and separate financial statements
Net book value as at 1 January 2025	4,792
Increase during period - at cost	3,391
Borrowing costs	172
Net book value as at 30 June 2025	8,355

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 2.98 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 during the six-month period ended 30 June 2025 is summarised below.

	(Unit: Million Baht)
	Consolidated and Separate financial statements
Net book value as at 1 January 2025	650
Increase during the period - at cost	23
Amortisation for the period	(19)
Net book value as at 30 June 2025	654

‌Long-term loans from financial institutions

Movements in the long-term loans from financial institutions account for the six-month period ended 30 June 2025 are summarised below.

		(Unit: Million Baht)
	Consolidated financial statements	Separate financial statements
Current portion of long-term loans	5,184	4,354
Long-term loans - net of current portion	32,743	32,743
Balance as at 1 January 2025	37,927	37,097
Add: Additional borrowings	17,090	17,090
Less: Repayment during the period	(2,995)	(2,581)
Less: Gain from the cross currency and interest rate swap contracts	(21)	(21)
Less: Deferred financial fees	(76)	(75)
Balance as at 30 June 2025	51,925	51,510
Less: Current portion	(5,584)	(5,169)
Long-term loans - net of current portion	46,341	46,341

During the period, the Company signed three long-term loan agreements with local financial institutions, totaling Baht 10,500 million, to fund in environmental conservation projects, to repay existing debts, and fund in working capital. The loans carry interest at a floating rate plus a stipulated margin, with repayment in installments commencing from June 2025 until April 2033.

Under all loan agreements, the Company must comply with normal financial covenants relating to various matters, such as maintenance of debt service coverage and debt to equity ratios, dividend payment, mandatory prepayment conditions and other conditions as specified in the agreements.

As at 30 June 2025, the Group has the revolving and non-revolving credit facilities which have not yet been drawn down amounting to Baht 26,582 million and Baht 24,080 million, respectively.

‌Revenue from commercial development business
Revenue from commercial development business, as presented in the separate financial statements for the three-month and six-month periods ended 30 June 2025 amounted to Baht 262 million and Baht 499 million, respectively (2024: Baht 279 million and Baht 514 million, respectively). This included revenue from commercial development under the MRT Blue Line Concession agreement for the three-month and six-month periods ended 30 June 2025 amounted to Baht 242 million and Baht 461 million, respectively (2024: Baht 257 million and Baht 477 million, respectively).
‌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 30 June 2025 and 31 December 2024, the Company had an outstanding treasury shares of 307 million shares at total cost of Baht 2,452 million in the account.

Dividends

		Total	Dividend
Dividends	Approved by	dividends	per share	Paid on
		(Million Baht)	(Baht)
Dividend of the year 2024	Annual General Meeting of the
	shareholders on 9 April 2025	2,247	0.15	2 May 2025
Dividend of the year 2023	Annual General Meeting of the
	shareholders on 10 April 2024	2,137	0.14	3 May 2024

‌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 and six-month periods ended 30 June 2025 and 2024 are as follows:

(Unit: Million Baht)
For the three-month periods ended 30 June
					Commercial				Elimination of
	Expressway		Rail		development		Total		inter-segment
	business segment 1)		business segment 2)		business segment 3)		segments		revenues		Consolidation
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Revenue from external customers	2,084	2,114	1,623	1,603	290	306	3,997	4,023	-	-	3,997	4,023
Inter-segment revenues	-	-	-	-	91	83	91	83	(91)	(83)	-	-
Total revenues	2,084	2,114	1,623	1,603	381	389	4,088	4,106	(91)	(83)	3,997	4,023
Gross profit by segments	1,336	1,400	162	105	184	200	1,682	1,705	-	-	1,682	1,705
Unallocated income and expenses:
Other incomes											374	392
Selling expenses											(55)	(49)
Administrative expenses											(273)	(267)
Finance costs											(573)	(611)
Income tax expenses											(162)	(167)
Non-controlling interests of the subsidiaries											-	-
Profit for the period attributable to equity holders of the Company											993	1,003

(Unit: Million Baht)
For the six-month periods ended 30 June
					Commercial				Elimination of
	Expressway		Rail		development		Total		inter-segment
	business segment 1)		business segment 2)		business segment 3)		segments		revenues		Consolidation
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Revenue from external customers	4,330	4,413	3,372	3,289	554	571	8,256	8,273	-	-	8,256	8,273
Inter-segment revenues	-	-	-	-	177	153	177	153	(177)	(153)	-	-
Total revenues	4,330	4,413	3,372	3,289	731	724	8,433	8,426	(177)	(153)	8,256	8,273
Gross profit by segments	2,852	2,937	420	296	342	364	3,614	3,597	-	-	3,614	3,597
Unallocated income and expenses:
Other incomes											407	453
Selling expenses											(106)	(97)
Administrative expenses											(516)	(510)
Finance costs											(1,154)	(1,212)
Income tax expenses											(381)	(381)
Non-controlling interests of the subsidiaries											-	-
Profit for the period attributable to equity holders of the Company											1,864	1,850
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:

	30 June 2025	31 December 2024
		(Audited)
a) Civil works and installation of M&E systems of the MRT Orange Line project	Baht 89,735 million, USD 2 million, and EUR 9 million	Baht 94,459 million, USD 3 million, and EUR 10 million
b) Installation of the M&E Systems of the MRT Blue Line project	Baht 3,580 million	Baht 4,766 million
c) Installation of the farebox collection systems of the MRT Blue Line and the MRT Chalong Ratchadham Line projects	Baht 45 million, USD 3 million, and EUR 1 million	-
d) Improvement for civil infrastructure of expressway	Baht 250 million	Baht 328 million
e) Acquisition of equipment	Baht 23 million	Baht 108 million
f) Replacement of information system	Baht 211 million	-
g) Other capital commitments	Baht 7 million	Baht 7 million

Long-term service commitments

The Group has commitments in respect of the Maintenance of M&E equipment and trackwork and infrastructure and civil works contracts of the M&E Project. These contracts will expire between 2026 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)
		30 June 2025				31 December 2024
(Audited)
	Baht	USD	EUR	YEN	Baht	USD	EUR	YEN
‌Payable:
In up to 1 year	1,321	-	4	379	1,379	-	4	379
In over 1 year and up to 5 years	3,470	2	13	32	3,807	2	15	221
In over 5 years	10,529	-	26	-	474	-	-	-

Commitments under various service agreements

The Group has commitments under various service agreements as follows:

		(Unit: Million Baht)
	30 June 2025	31 December 2024
		(Audited)
Payable:
In up to 1 year	593	327
In over 1 year and up to 5 years	634	171
In over 5 years	30	-

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)
	30 June 2025	31 December 2024
		(Audited)
Payable:
In up to 1 year	9	10
In over 1 year and up to 5 years	14	8

Guarantees

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

(Unit: Million Baht)
	30 June 2025	31 December 2024
		(Audited)
	210 200 4,500	210 200 4,500
b) Issued to the Metropolitan Electricity Authority to guarantee electricity under rail projects	120	118
c) Other guarantees	3	-

Issued to the MRTA in accordance with the operation of
- The MRT Blue Line project
- The MRT Chalong Ratchadham Line project
- The MRT Orange Line project

Other commitments
As at 30 June 2025 and 31 December 2024, 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

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 30 June 2025, the Company has financial liabilities with carrying value that differs from the fair value comprising the debentures with a book value of Baht 43,085 million and a fair value of Baht 43,580 million and the fixed-rate long-term loan with a book value of Baht 3,759 million and a fair value of Baht 3,814 million.

Fair value hierarchy

As at 30 June 2025, 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	-	472	-	472
Financial assets measured at FVOCI
- Listed equities	9,346	-	-	9,346
- Non-listed equities	-	-	469	469
- Derivatives
Interest rate swap contract	-	5	-	5
Cross currency and interest rate swap contract	-	1	-	1
Liabilities measured at fair value
Derivatives
- Interest rate swap contracts	-	282	-	282
- Cross currency and interest rate swap contracts	-	37	-	37
Liabilities for which fair value are disclosed
Loans	-	-	3,814	3,814
Debentures	-	43,580	-	43,580

(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	-	472	-	472
Financial assets measured at FVOCI
- Listed equities	9,346	-	-	9,346
- Non-listed equities	-	-	434	434
- Derivatives
Interest rate swap contract	-	5	-	5
Cross currency and interest rate swap contract	-	1	-	1
Liabilities measured at fair value
Derivatives
- Interest rate swap contracts	-	282	-	282
- Cross currency and interest rate swap contracts	-	37	-	37
Liabilities for which fair value are disclosed
Loans	-	-	3,814	3,814
Debentures	-	43,580	-	43,580

‌Approval of interim consolidated financial statements

These interim consolidated financial statements were authorised for issue by the Company's authorised directors on 13 August 2025.