Bangkok Expressway And Metro Public Company LimitedSET: BEM

Financial Statement Quarter 3/2025

Nov 14, 2025 at 4:06 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 nine-month periods ended 30 September 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 September 2025, the related consolidated statements of income, comprehensive income for the three-month and nine-month periods then ended, and the related consolidated statements of changes in shareholders' equity and cash flows for the nine-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 November 2025

		‌but reviewed)		but reviewed)
Assets
Current assets Cash and cash equivalents		1,626,618	1,672,192	1,320,404	1,429,309
Bank deposit for unearned fare box revenue		258,584	256,630	258,584	256,630
Trade and other current receivables	3	647,043	907,781	667,385	913,793
Current portion of receivables under the MRT project agreement	4	21,217,818	1,649,683	21,217,818	1,649,683
Current tax assets		4,831	8,404	-	-
Other current financial assets	5	434,292	463,472	434,292	463,472
Other current assets		325,278	228,503	310,102	218,693
Total current assets		24,514,464	5,186,665	24,208,585	4,931,580
Non-current assets
Receivables under the MRT project agreement, net of current portion	4	3,172,458	13,202,782	3,172,458	13,202,782
Long term-loan to related party	2	-	-	1,849,000	1,454,000
Other non-current financial assets	5	10,783,705	11,480,216	10,748,705	11,445,216
Investments in subsidiaries		-	-	767,730	767,730
Investment properties		120,357	120,357	120,357	120,357
Building and equipment		287,871	310,044	274,756	297,901
Right-of-use assets		132,862	147,229	57,589	73,416
Rights to operate expressway sectors	6	30,186,276	30,745,780	25,682,532	26,083,820
Intangible asset under concession agreement of the MRT Blue Line project	7	48,043,890	47,022,738	47,843,140	46,797,212
Intangible asset under the Public-Private Partnership contract of
the MRT Orange Line project	8	10,663,511	4,791,560	10,663,511	4,791,560
Project cost of the MRT Chalong Ratchadham Line	9	652,775	649,698	652,775	649,698
Prepaid for the MRT Blue Line project remuneration	2	22,437,477	19,047,413	22,437,477	19,047,413
Other intangible assets		66,786	20,678	66,737	20,595
Deferred tax assets		14,622	16,780	-	-
Other non-current assets		37,746	30,685	11,040	13,675
Total non-current assets		126,600,336	127,585,960	124,347,807	124,765,375
Total assets		151,114,800	132,772,625	148,556,392	129,696,955
The accompanying notes are an integral part of the financial statements.

	Note	30 September 2025 (Unaudited but reviewed)	31 December 2024 (Audited)	30 September 2025 (Unaudited but reviewed)	31 December 2024 (Audited)
Liabilities and shareholders' equity
Current liabilities Short-term loans from financial institutions		2,900,000	2,600,000	2,900,000	2,600,000
Trade and other current payables		4,907,659	3,419,536	4,836,886	3,352,915
Current portion of long-term loans from financial institutions	10	25,254,734	5,184,106	25,047,663	4,353,521
Current portion of lease liabilities		47,595	46,742	21,462	25,034
Current portion of debentures		10,635,000	7,000,000	10,635,000	7,000,000
Unearned fare box revenue		238,293	244,650	238,293	244,650
Deposits on stored value ticket		101,477	102,460	101,477	102,460
Corporate income tax payable		69,366	164,998	64,258	155,937
Other current financial liabilities		82,902	151,366	58,785	129,778
Other current liabilities		177,395	204,668	167,933	196,254
Total current liabilities		44,414,421	19,118,526	44,071,757	18,160,549
Non-current liabilities
Long-term loans from financial institutions, net of current portion	10	33,466,993	32,743,428	33,466,993	32,743,428
Lease liabilities, net of current portion		73,235	82,777	36,395	48,402
Debentures, net of current portion		31,421,797	39,550,361	31,421,797	39,550,361
Derivative liabilities		377,251	158,262	377,251	158,262
Non-current provision for employee benefits		799,190	743,483	760,123	708,022
Deferred tax liabilities		3,967,675	3,807,696	3,967,675	3,807,696
Other non-current liabilities		25,237	7,810	24,490	8,057
Total non-current liabilities		70,131,378	77,093,817	70,054,724	77,024,228
Total liabilities		114,545,799	96,212,343	114,126,481	95,184,777
The accompanying notes are an integral part of the financial statements.

Shareholders' equity

Share capital Registered

30 September 2025 31 December 2024 30 September 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	18,154,350	17,457,542	9,565,099	8,959,206
Other components of shareholders' equity	(3,871,540)	(3,183,380)	2,234,374	2,922,534
Equity attributable to shareholders of the Company	36,567,202	36,558,554	34,429,911	34,512,178
Non-controlling interests of the subsidiaries	1,799	1,728	-	-
Total shareholders' equity	36,569,001	36,560,282	34,429,911	34,512,178
Total liabilities and shareholders' equity	151,114,800	132,772,625	148,556,392	129,696,955
The accompanying notes are an integral part of the financial statements.

Directors

	Note	2025	2024	2025	2024
Service revenues		4,318,539	4,365,007	3,968,954	4,012,743
Cost of services		(2,398,986)	(2,426,341)	(2,265,905)	(2,293,513)
Gross profit		1,919,553	1,938,666	1,703,049	1,719,230
Other incomes		244,572	268,165	400,629	423,418
Profit before expenses		2,164,125	2,206,831	2,103,678	2,142,648
Selling expenses		(62,649)	(62,073)	(30,033)	(32,895)
Administrative expenses		(237,185)	(248,661)	(255,270)	(262,897)
Operating profit		1,864,291	1,896,097	1,818,375	1,846,856
Finance costs		(569,601)	(614,982)	(566,406)	(607,333)
Profit before income tax expenses		1,294,690	1,281,115	1,251,969	1,239,523
Income tax expenses		(215,276)	(214,182)	(206,617)	(205,540)
Profit for the period		1,079,414	1,066,933	1,045,352	1,033,983
Profit attributable to: Equity holders of the Company		1,079,384	1,066,938	1,045,352	1,033,983
Non-controlling interests of the subsidiaries		30	(5)
		1,079,414	1,066,933
Basic earnings per share (Baht) Profit attributable to equity holders of the Company	12	0.07	0.07	0.07	0.07

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

	2025	2024	2025	2024
Profit for the period	1,079,414	1,066,933	1,045,352	1,033,983
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	(24,060)	(81,240)	(24,060)	(81,240)
	(24,060)	(81,240)	(24,060)	(81,240)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Gain on changes in value of equity investment, net of income tax	775,189	75,969	775,189	75,969
	775,189	75,969	775,189	75,969
Other comprehensive income for the period	751,129	(5,271)	751,129	(5,271)
Total comprehensive income for the period	1,830,543	1,061,662	1,796,481	1,028,712
Total comprehensive income attributable to:
Equity holders of the Company	1,830,513	1,061,667	1,796,481	1,028,712
Non-controlling interests of the subsidiaries	30	(5)
	1,830,543	1,061,662
The accompanying notes are an integral part of the financial statements.

	Note	2025	2024	2025	2024
Service revenues		12,574,112	12,637,579	11,554,666	11,606,074
Cost of services		(7,040,113)	(7,101,631)	(6,650,723)	(6,705,433)
Gross profit		5,533,999	5,535,948	4,903,943	4,900,641
Other incomes		651,734	721,450	1,115,720	1,185,733
Profit before expenses		6,185,733	6,257,398	6,019,663	6,086,374
Selling expenses		(168,547)	(159,057)	(75,925)	(80,345)
Administrative expenses		(753,167)	(758,906)	(807,181)	(819,896)
Operating profit		5,264,019	5,339,435	5,136,557	5,186,133
Finance costs		(1,724,415)	(1,826,607)	(1,711,779)	(1,800,501)
Profit before income tax expenses		3,539,604	3,512,828	3,424,778	3,385,632
Income tax expenses		(596,044)	(595,570)	(572,204)	(569,483)
Profit for the period		2,943,560	2,917,258	2,852,574	2,816,149
Profit attributable to: Equity holders of the Company		2,943,489	2,917,252	2,852,574	2,816,149
Non-controlling interests of the subsidiaries		71	6
		2,943,560	2,917,258
Basic earnings per share (Baht) Profit attributable to equity holders of the Company	12	0.20	0.19	0.19	0.19

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

	2025	2024	2025	2024
Profit for the period	2,943,560	2,917,258	2,852,574	2,816,149
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	(163,061)	(91,072)	(163,061)	(91,072)
	(163,061)	(91,072)	(163,061)	(91,072)
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	(525,099)	650,600	(525,099)	650,600
	(525,099)	650,600	(525,099)	650,600
Other comprehensive income for the period	(688,160)	559,528	(688,160)	559,528
Total comprehensive income for the period	2,255,400	3,476,786	2,164,414	3,375,677
Total comprehensive income attributable to:
Equity holders of the Company	2,255,329	3,476,780	2,164,414	3,375,677
Non-controlling interests of the subsidiaries	71	6
	2,255,400	3,476,786
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 nine-month period ended 30 September 2025

(Unit: Thousand Baht)

Consolidated financial statements

Equity attributable to the shareholders of the Company

Other components of shareholders' equity

Capital deficit Retained earnings Other comprehensive income Total other Total equity Equity attributable Issued and from change in Appropriated 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	-	-		- -				-		-		2,917,252		-		-		-		2,917,252		6		2,917,258
Other comprehensive income for the period - - - - - - - (91,072) 650,600 559,528 559,528 - 559,528
Total comprehensive income for the period	-	- -				-		- -				2,917,252		(91,072)		650,600		559,528		3,476,780		6		3,476,786
Treasury shares	-	- (2,451,693)				-		- 2,451,693				(2,451,693)		-		-		-		(2,451,693)		-		(2,451,693)
Dividend paid (Note 13) - - - - - - (2,136,981) - - - (2,136,981) - (2,136,981)
Balance as at 30 September 2024	15,285,000		5,816,938		(2,451,693)		(346,046)		1,528,500		2,451,693		16,601,526		(55,155)		(2,280,012)		(2,335,167)		36,550,751		1,682		36,552,433
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 Other comprehensive income for the period	- -		- -		- -		- -		- -		- -		2,943,489 -		- (163,061)		- (525,099)		- (688,160)		2,943,489 (688,160)		71 -		2,943,560 (688,160)
Total comprehensive income for the period	-	-		-		-		-		-		2,943,489		(163,061)		(525,099)		(688,160)		2,255,329		71		2,255,400
Dividend paid (Note 13)	-		-		-		-		-		-		(2,246,681)		-		-		-		(2,246,681)		-		(2,246,681)
Balance as at 30 September 2025	15,285,000	5,816,938		(2,451,693)		(346,046)		1,528,500		2,451,693		18,154,350		(261,763)		(3,609,777)		(3,871,540)		36,567,202		1,799		36,569,001

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 nine-month period ended 30 September 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	-	-	- -	-	2,816,149	-	-	-	2,816,149
Other comprehensive income for the period - - - - - - (91,072) 650,600 559,528 559,528
Total comprehensive income for the period	-	- - -		-	2,816,149	(91,072)	650,600	559,528	3,375,677
Treasury shares	-	- (2,451,693) -		2,451,693	(2,451,693)	-	-	-	(2,451,693)

Dividend paid (Note 13) - - - - - (2,136,981) - - - (2,136,981)

Balance as at 30 September 2024 15,285,000 5,816,938 (2,451,693) 1,528,500 2,451,693 8,145,875 (55,155) 3,825,902 3,770,747 34,547,060

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	-	-	-	-	-	2,852,574	-	-	-	2,852,574

Other comprehensive income for the period - - - - - - (163,061) (525,099) (688,160) (688,160) Total comprehensive income for the period - - - - - 2,852,574 (163,061) (525,099) (688,160) 2,164,414 Dividend paid (Note 13) - - - - - (2,246,681) - - - (2,246,681) Balance as at 30 September 2025 15,285,000 5,816,938 (2,451,693) 1,528,500 2,451,693 9,565,099 (261,763) 2,496,137 2,234,374 34,429,911

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	3,539,604	3,512,828			3,424,778	3,385,632
Adjustments to reconcile profit before tax to net cash
provided by (paid from) operating activities:
Depreciation on building and equipment	47,479	50,305			45,114	47,576
Amortisation on right-of-use assets	66,283	57,212			37,676	33,910
Amortisation on intangible asset under concession agreements	1,518,817	1,428,127			1,257,358	1,178,484
The MRT Blue Line project remuneration expense	457,427	431,173			457,427	431,173
Amortisation on other intangible assets	5,574	5,674			5,540	5,637
Allowance for expected credit losses	3,201	1,408			3,195	1,329
Bad debt expenses	377	-			271	-
Loss (gain) on sale of investments in financial assets	9	(106)			9	(106)
Gain on fair value adjustments of financial assets	(11,404)	(11,287)			(11,404)	(11,287)
Gain on disposal/write-off of equipment	(2,470)	(1,853)			(2,129)	(1,692)
Provision for employee benefits	55,707	54,201			52,101	50,374
Unrealised loss (gain) on exchange rate	10	(606)			10	(606)
Gain on lease modification	(265)	-			(265)	-
Interest income	(59,102)	(133,427)			(93,414)	(154,727)
Dividend income	(558,373)	(558,373)			(558,373)	(558,373)
Interest expenses	1,704,762	1,808,576			1,692,125	1,782,471
Profit from operating activities before changes
in operating assets and liabilities	6,767,636	6,643,852		6,310,019		6,189,795
Operating assets (increase) decrease
Bank deposit for unearned fare box revenue	(1,954)	(7,456)		(1,954)		(7,456)
Trade and other current receivables	261,028	233,725		246,579		226,702
Receivables under the MRT project agreement	(9,537,811)	(8,561,904)		(9,537,811)		(8,561,904)
Other current assets	(85,475)	(74,814)		(80,108)		(67,179)
Other non-current assets	22	(3,579)		2,636		(6,289)
Cash paid for the MRT Blue Line project remuneration	(3,821,759)	(2,905,911)		(3,821,759)		(2,905,911)
Operating liabilities increase (decrease)
Trade and other current payables	794,527		759,342		800,867		742,980
Unearned fare box revenue	(6,357)		(6,387)		(6,357)		(6,387)
Deposits on stored value ticket	(983)		134		(983)		134
Other current liabilities	(95,736)		131,585		(99,314)		113,052
Other non-current liabilities	17,428		2,810		16,433		1,688
Cash paid for employee benefits	-		(735)		-		(735)
Net cash flows used in operating activities	(5,709,434)		(3,789,338)		(6,171,752)		(4,281,510)
Interest received	55,234		124,166		53,944		122,840
Income tax paid	(361,011)		(173,338)		(331,864)		(138,197)
Net cash flows used in operating activities	(6,015,211)		(3,838,510)		(6,449,672)		(4,296,867)
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	45,000	580,048		45,000	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	-	-		(395,000)	(635,000)
Cash received from interest income	-	2,713		35,832	25,566
Cash received from dividend income	558,373	558,373		558,373	558,373
Cash received from sale of equipment	4,362	3,641		4,011	3,292
Cash paid for purchase of equipment	(32,661)	(25,986)		(29,316)	(24,346)
Cash paid for cost of the improvement of expressway	(309,416)	(726,440)		(256,922)	(362,941)
Cash paid for intangible asset under concession agreement of
the MRT Blue Line project Cash paid for intangible asset under the Public-Private Partnership	(1,551,467)	(286,145)		(1,533,876)	(262,964)
contract of the MRT Orange Line project	(5,453,511)		(4,346,801)	(5,453,511)		(4,346,801)
Cash paid for project cost of the MRT Chalong Ratchadham Line	(23,391)		(15,689)	(23,391)		(15,689)
Increase in other intangible assets	(51,681)		(2,650)	(51,681)		(2,650)
Net cash flows used in investing activities	(6,814,392)		(4,493,647)	(7,100,481)		(4,717,823)
Cash flows from financing activities
Increase in short-term loans from financial institutions	300,000		2,900,000	300,000		2,900,000
Cash received from long-term loans from financial institutions	24,717,146		11,641,210	24,717,146		11,641,210
Repayment of long-term loans from financial institutions	(3,637,053)		(3,054,383)	(3,016,323)		(2,466,323)
Cash received from issuance debentures	-		12,000,000	-		12,000,000
Cash paid for redemption of debentures	(4,500,000)		(8,000,000)	(4,500,000)		(8,000,000)
Cash payment for lease liabilities	(61,370)		(56,730)	(39,036)		(35,420)
Cash paid for financial fees	(167,932)		(403,318)	(167,932)		(403,318)
Interest paid	(1,620,081)		(1,638,862)	(1,605,926)		(1,603,913)
Dividend paid	(2,246,681)		(2,136,981)	(2,246,681)		(2,136,981)
Cash paid for treasury shares	-		(2,451,693)	-		(2,451,693)
Net cash flows from financing activities	12,784,029		8,799,243	13,441,248		9,443,562
Net increase (decrease) in cash and cash equivalents	(45,574)		467,086	(108,905)		428,872
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	1,626,618		1,713,179	1,320,404		1,458,098
Supplemental cash flows information
Non-cash items consist of:
Payable from investment in long-term assets	542,427		65,419	516,454		65,419
Increase in right-of-use assets from lease liabilities	52,124		61,132	22,409		57,774

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 nine-month periods ended 30 September 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 are summarised below.

(Unit: Million Baht) For the three-month periods ended 30 September

	2025	2024	2025	2024
Transactions with major shareholder
Cost of rail projects	2,262	4,367	2,262	4,367
Cost of expressway projects	60	164	47	75
Civil works for the MRT Orange Line project	4,536	9,744	4,536	9,744
Repair and maintenance expenses of expressway
and rail projects	159	165	159	165
Office rental and service expenses	2	2	-	-
Transactions with subsidiary companies
(eliminated from the consolidated financial statements)
Commercial development revenue	-	-	1	1
Project management and maintenance incomes	-	-	144	147
Interest income	-	-	13	9
Commercial development management fee	-	-	93	79
Cost of commercial development	-	-	1	4
Transactions with related companies
Civil works for the MRT Orange Line project	4,785	9,799	4,785	9,799
Interest income from M&E Systems	11	26	11	26
Dividend income	221	221	221	221
Cost of commercial development	5	5	-	-
Remuneration from fare box (Inclusive of VAT)	153	149	153	149
Remuneration from commercial development	7	7	7	7
Land and Building Tax	6	17	6	17
Utility expenses	1	1	1	1

Consolidated financial statements

Separate financial statements

(Unit: Million Baht) For the nine-month periods ended 30 September

	2025	2024	2025	2024
Transactions with major shareholder
Cost of rail projects	6,582	4,496	6,582	4,496
Cost of expressway projects	183	615	139	288
Civil works for the MRT Orange Line project	10,125	9,744	10,125	9,744
Repair and maintenance expenses of expressway
and rail projects	478	531	478	531
Office rental and service expenses	7	7	-	-
Transactions with subsidiary companies
(eliminated from the consolidated financial statements)
Commercial development revenue	-	-	3	3
Project management and maintenance incomes	-	-	432	445
Interest income	-	-	36	22
Commercial development management fee	-	-	267	226
Cost of commercial development	-	-	1	8
Transactions with related companies
Fare box revenue	94	-	94	-
Civil works for the MRT Orange Line project	10,774	9,799	10,774	9,799
Interest income from M&E Systems	44	87	44	87
Dividend income	558	558	558	558
Cost of commercial development	16	15	-	-
Remuneration from fare box (Inclusive of VAT)	437	410	437	410
Remuneration from commercial development	20	21	20	21
Land and Building Tax	18	17	18	17
Utility expenses	2	2	2	2

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

30 September

2025

31 December

2024

30 September

2025

31 December

2024

(Audited) (Audited)

Trade and other current receivables
Trade receivables
Related company	203	410	203	410
Other current receivables
Subsidiary	-	-	51	51
Accrued income
Related company Guarantee paid for area	194	193	194	193
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	24,390	14,853	24,390	14,853
Related company Trade and other current payables	22,437	19,047	22,437	19,047
Subsidiary	-	-	45	50
Major shareholder	2,601	1,373	2,598	1,367
Related companies	459	427	459	427
Total	3,060	1,800	3,102	1,844
Retention guarantees
Major shareholder Guarantees obtained for area	42	132	23	115
Subsidiary	-	-	-	1
Unearned revenue from advertising management rights
Subsidiary	-	-	5	6

Long-term loan to related party

(Unit: Million Baht)

Separate financial statements

Northern Bangkok Expressway

Balance as at Balance as at

1 January 2025 Increase 30 September 2025

Company Limited 1,454 395 1,849

Directors and management's remuneration

(Unit: Million Baht) For the three-month periods ended 30 September

Consolidated financial statements Separate financial statements 2025 2024 2025 2024

Short-term employee benefits 14 14 13 13

Post-employment benefits 2 2 2 1

Total 16 16 15 14

(Unit: Million Baht) For the nine-month periods ended 30 September

Consolidated financial statements Separate financial statements 2025 2024 2025 2024

Short-term employee benefits 67 73 63 61

Post-employment benefits 4 4 4 3

Total 71 77 67 64

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 September 2025, 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 2024: Baht 3 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 2025	2,612	12,241	14,853
Addition	-	10,774	10,774
Collection	(1,237)	-	(1,237)
Net book value as at 30 September 2025	1,375	23,015	24,390
Current	1,375	19,843	21,218
Non-current	-	3,172	3,172
Total receivables under the MRT project agreement	1,375	23,015	24,390

(Unit: Million Baht) Consolidated and Separate financial statements

As at 30 September 2025, 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

30 September

2025

31 December

2024

30 September

2025

31 December

2024

(Audited) (Audited)

Financial assets at FVTPL - Unit trusts		430	463	430	463
Equity instruments designated at FVOCI
	- Equity instruments of listed companies	10,315	10,971	10,315	10,971
	- Equity instruments of non-listed companies	469	469	434	434
	Total	10,784	11,440	10,749	11,405
	Derivative designated as hedging instruments - Interest rate swap contracts	4	25	4	25
	- Cross currency and interest rate swap contracts	-	15	-	15
	Total	4	40	4	40
	Total other financial assets - net	11,218	11,943	11,183	11,908
	Current	434	463	434	463
	Non-current	10,784	11,480	10,749	11,445
	Total other financial assets	11,218	11,943	11,183	11,908
6.	Rights to operate expressway sectors

A reconciliation of the net book value of the rights to operate expressway sectors during the nine-month period ended 30 September 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	349	286
Amortisation for the period	(909)	(687)
Net book value as at 30 September 2025	30,186	25,683

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 nine-month period ended 30 September 2025 are summarised below.
Consolidated financial statements
(Unit: Million Baht)
Separate financial statements
Net book value as at 1 January 2025 47,023 46,797
Increase during the period - at cost 1,545 1,530 Borrowing costs 57 57
Amortisation for the period (581) (541)
Net book value as at 30 September 2025 48,044 47,843
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
2.31 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 nine-month period ended 30 September 2025 are summarised below.

(Unit: Million Baht)

Net book value as at 1 January 2025	4,792
Increase during period - at cost	5,583
Borrowing costs	289
Net book value as at 30 September 2025	10,664

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 2.78 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 nine-month period ended 30 September 2025 is summarised below.

(Unit: Million Baht)

	Net book value as at 1 January 2025	650
	Increase during the period - at cost	32
	Amortisation for the period	(29)
	Net book value as at 30 September 2025	653
10.	Long-term loans from financial institutions

Consolidated and Separate financial statements

Movements in the long-term loans from financial institutions account for the nine-month period ended 30 September 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	24,717	24,717
Less: Repayment during the period Less: Gain from the cross currency and interest rate swap contracts	(3,637) (51)	(3,016) (51)
Less: Deferred financial fees	(234)	(232)
Balance as at 30 September 2025	58,722	58,515
Less: Current portion	(25,255)	(25,048)
Long-term loans - net of current portion	33,467	33,467

During the period, the Company signed six long-term loan agreements with local financial institutions, totaling Baht 27,000 million, to fund in environmental conservation projects, to procure for the rolling stock of the MRT Blue Line, to invest in M&E system of the MRT Orange Line, to repay existing debts, and fund in working capital. The loans carry interest at a floating rate plus stipulated margins, with repayment in installments commencing from June 2025 until April 2033.

Under all loan agreements, the Group 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 September 2025, the Group has the revolving and non-revolving credit facilities which have not yet been drawn down amounting to Baht 22,455 million and Baht 37,080 million, respectively.

Revenue from commercial development business
Revenue from commercial development business, as presented in the separate financial statements for the three-month and nine-month periods ended 30 September 2025 amounted to Baht 270 million and Baht 769 million, respectively (2024: Baht 280 million and Baht 794 million, respectively). This included revenue from commercial development under the MRT Blue Line concession agreement for the three-month and nine-month periods ended 30 September 2025 amounted to Baht 246 million and Baht 707 million, respectively (2024: Baht 258 million and Baht 735 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 September 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

Dividends	Approved by	Total dividends	Dividend per share	Paid on
Dividend of the year 2024	Annual General Meeting of the	(Million Baht)	(Baht)
	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 nine-month periods ended 30 September 2025 and 2024 are as follows:

(Unit: Million Baht)

For the three-month periods ended 30 September Commercial

Expressway Rail development Total Elimination of

Business 1)Business 2)business 3)segments Inter-transactions Consolidation

	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Revenue from external customers	2,242	2,275	1,771	1,782	306	308	4,319	4,365	-	-	4,319	4,365
Inter-segment revenues	-	-	-	-	94	84	94	84	(94)	(84)	-	-
Total revenues	2,242	2,275	1,771	1,782	400	392	4,413	4,449	(94)	(84)	4,319	4,365
Gross profit by segments	1,465	1,504	264	236	191	199	1,920	1,939	-	-	1,920	1,939
Unallocated income and expenses:
Other incomes											244	268
Selling expenses											(63)	(62)
Administrative expenses											(237)	(249)
Finance costs											(570)	(615)
Income tax expenses Non-controlling interests of the subsidiaries											(215) -	(214) -
Profit for the period to equity holders of the Company											1,079	1,067

(Unit: Million Baht)

Expressway

Rail

Commercial

development

Total

Elimination of

Business 1)

Business 2)

business 3)

segments

Inter-transactions

Consolidation

For the nine-month periods ended 30 September

	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Revenue from external customers	6,571	6,687	5,143	5,072	860	879	12,574	12,638	-	-	12,574	12,638
Inter-segment revenues	-	-	-	-	271	237	271	237	(271)	(237)	-	-
Total revenues	6,571	6,687	5,143	5,072	1,131	1,116	12,845	12,875	(271)	(237)	12,574	12,638
Gross profit by segments Unallocated income and expenses: Other incomes	4,316	4,442	684	531	534	563	5,534	5,536	-	-	5,534 652	5,536 721
Selling expenses											(169)	(159)
Administrative expenses											(753)	(759)
Finance costs											(1,724)	(1,827)
Income tax expenses Non-controlling interests of the subsidiaries											(596) -	(595) -
Profit for the period to equity holders of the Company											2,944	2,917

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 September 2025 31 December 2024

(Audited)

Civil works and installation of M&E systems of the MRT Orange Line project
Baht 83,398 million, USD 2 million, and EUR 9 million
Baht 94,459 million, USD 3 million, and EUR 10 million
Installation of the M&E Systems of the MRT Blue Line project
Baht 3,413 million Baht 4,766 million
Installation of the farebox collection systems of the MRT Blue Line and the MRT Chalong Ratchadham Line projects
Baht 35 million, -
USD 2 million, and EUR 1 million

Improvement for civil infrastructure of expressway

Baht 125 million Baht 328 million

e) Acquisition of equipment

Baht 31 million

Baht 108 million

f) Replacement of information system

Baht 87 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 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 September 2025 31 December 2024

Payable:

(Audited)

Baht USD EUR YEN Baht USD EUR YEN

In up to 1 year	1,311	1	4	316	1,379	-	4	379
In over 1 year and up to 5 years	3,465	1	13	-	3,807	2	15	221
In over 5 years	10,221	-	25	-	474	-	-	-

Commitments under various service agreements

The Group has commitments under various service agreements as follows:

(Unit: Million Baht) 30 September 2025 31 December 2024

(Audited)

Payable:

In up to 1 year	833	327
In over 1 year and up to 5 years	968	171
In over 5 years	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) 30 September 2025 31 December 2024

(Audited)

Payable:

In up to 1 year	11	10
In over 1 year and up to 5 years	20	8

Guarantees

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

(Unit: Million Baht)

	30 September		31 December
	2025		2024
			(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 b) Issued to the Metropolitan Electricity Authority to guarantee	4,500		4,500
electricity under rail projects	119	118
c) Other guarantees	3	-

Other commitments

As at 30 September 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 September 2025, the Company has financial liabilities with carrying value that differs from the fair value comprising the debentures with a book value of Baht 42,085 million and a fair value of Baht 42,662 million and the fixed-rate long-term loan with a book value of Baht 3,732 million and a fair value of Baht 3,799 million.

Fair value hierarchy

As at 30 September 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	-		430	-		430
Financial assets measured at FVOCI
- Listed equities	10,315	- -			10,315
- Non-listed equities	-	- 469			469
- Derivatives
Interest rate swap contract	-	4 -			4

Liabilities measured at fair value

Derivatives

- Interest rate swap contracts	-	307	-	307
- Cross currency and interest rate swap contracts	-	70	-	70
Liabilities for which fair value are disclosed
Loans	-	-	3,799	3,799
Debentures	-	42,662	-	42,662

(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	-	430	-	430
Financial assets measured at FVOCI
- Listed equities	10,315	- -		10,315
- Non-listed equity	-	- 434		434
- Derivative
Interest rate swap contract	-	4 -		4

Liabilities measured at fair value

Derivatives

- Interest rate swap contracts	-	307	-	307
- Cross currency and interest rate swap contracts	-	70	-	70
Liabilities for which fair value are disclosed
Loans	-	-	3,799	3,799
Debentures	-	42,662	-	42,662

Approval of interim consolidated financial statements

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

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