Management Discussion & Analysis Quarter 3/2025

1. Significant Events and Achievement Awards Received the "Climate Action Excellence" Award - A Model Organization for Sustainable Greenhouse Gas Management

   In September 2025, BEM received the "Climate Action Excellence" award, recognizing organizations with outstanding performance in greenhouse gas management. The award was presented at the CCI Climate Change Forum 2025 organized by the Climate Change Institute (CCI) under the Federation of Thai Industries.

   Recognized as a Pioneer Organization Toward Net Zero

   In August 2025, BEM was awarded a certificate of recognition as a pioneer organization toward Net Zero. The Company was selected as one of 22 pioneer organizations participating in the establishment of greenhouse gas reduction targets for the industrial sector to achieve Net Zero with Science Based Targets (Phase 2) method, organized by the Thailand Greenhouse Gas Management Organization (TGO).

   Received the ASEAN Asset Class PLCs Award

   In July 2025, BEM received the ASEAN Asset Class PLCs award based on the ASEAN Corporate Governance Scorecard (ASEAN CG Scorecard) 2025, which evaluates corporate governance practices of listed companies in the ASEAN region. This recognition reflects BEM's strong commitment to sustainable business operations, grounded in good governance principles and responsibility toward all stakeholders.

2. Summary of Operational Results for the Third Quarter of the Year 2025

   Amid the slowdown in the domestic economy, travel within the country declined due to weaker purchasing power and an incomplete recovery in tourist arrivals. Nevertheless, traffic congestion in Bangkok metropolitan region remained heavy, driven by continued commuting for work and school, despite the partial adoption of hybrid or remote working models by some organizations. As a result, service revenue slightly decreased by 1%. However, through efficient cost management and control, overall performance improved compared with the same period of the previous year.

   Net Profit Attributable to Equity Holders of the Company

   Net profit attributable to equity holders of the Company in the third quarter of the year 2025 was Baht 1,079 million, representing an increase of Baht 12 million or 1% from the same quarter of the previous year. This was due to effective operating cost control and financial cost management, although revenue declined as a result of the economic and tourism slowdown.

   For the nine-month period of the year 2025, net profit attributable to equity holders of the Company was Baht 2,944 million. Overall, service revenues from the main businesses remained close to the same period of the previous year, despite being impacted by the earthquake incident and the collapse of a concrete beam of the Rama III - Dao Khanong Expressway construction project in early 2025, In addition, the global economic slowdown continued to weigh on the number of international tourist arrivals. Nevertheless, through effective management and control of expenses, including cost of services, selling and administrative expenses, and financial costs, the Company's cumulative net profit for the nine-month period improved by Baht 27 million or 1% from the same period of the previous year.

   Overview of Operational Results

   (Unit: Million Baht)

   Description	3rdQuarter	Change %	For the 9 months	Change %
   	2025 2024		2025 2024

   Service revenues	4,319	4,365	-1%	12,574	12,638	-0.5%
   Cost of services	(2,399)	(2,426)	-1%	(7,040)	(7,102)	-1%
   Gross profit	1,920	1,939	-1%	5,534	5,536	-0.04%
   Other income	233	242	-4%	608	634	-4%
   Interest income from the MRT Purple Line Project	11	26	-58%	44	87	-49%
   Profit before expenses	2,164	2,207	-2%	6,186	6,257	-1%
   Selling and administrative expenses	(300)	(311)	-4%	(922)	(918)	0.4%
   Operating profit	1,864	1,896	-2%	5,264	5,339	-1%
   Finance cost	(561)	(596)	-6%	(1,689)	(1,764)	-4%
   Interest expenses from the MRT Purple Line Project	(9)	(19)	-53%	(35)	(63)	-44%
   Profit before income tax expenses	1,294	1,281	1%	3,540	3,512	1%
   Income tax expenses	(215)	(214)	0.5%	(596)	(595)	0.2%
   Net profit attributable to Equity holders of the Company	1,079 1,067		1%	2,944 2,917		1%
   Basic earnings per share (Baht)*	0.07	0.07		0.20	0.19
   * Calculated based on weighted average number of ordinary shares

   Service Revenues

   Service revenues was Baht 4,319 million, a decrease of Baht 46 million or 1% from the same quarter of the previous year.

   =

   Revenue from Commercial Development Business

   Revenue from Rail Business

   Revenue from Expressway Business

   Service Revenues

   Baht

   4,319

   million

   Baht 2,242

   million Baht 1,771

   million Baht

   306

   million

   -1%
   
   YoY
   -1%
   
   YoY
   -1%
   
   YoY
   -1%
   
   YoY Other Income

   Other income was Baht 233 million, consisting of dividend income, interest income, and other income. This represents a decrease of Baht 9 million or 4% from the same quarter of the previous year due to lower interest income from deposits.

   Cost of Services

   Cost of services was Baht 2,399 million, a decrease of Baht 27 million or 1% from the same quarter of the previous year, primarily due to the adjustment of maintenance plans and lower electricity expenses, driven by effective electricity management and a reduction in the fuel tariff (Ft).

   Selling and Administrative Expenses

   Selling and administrative expenses was Baht 300 million, a decrease of Baht 11 million or 4% from the same quarter of the previous year, mainly due to lower expenses for advertising and public relations, and events held at MRT stations.

   Finance Cost

   Finance cost was Baht 561 million, a decrease of Baht 35 million or 6% from the same quarter of the previous year. This decrease resulted from the Company's effective financial cost management. Currently, the Company holds a debt proportion of fixed interest rate at 64% and floating interest rate at 36%.

3. Segment Performance

   (Unit: Million Baht)

   Description	Expressway Business			Rail Business			Commercial Development Business
   	Q3'25	Q3'24	+/- (%)	Q3'25	Q3'24	+/- (%)	Q3'25	Q3'24	+/- (%)

   Service revenues	2,242	2,275	-1%	1,771	1,782	-1%	306	308	-1%
   Cost of services	(777)	(771)	1%	(1,507)	(1,546)	-3%	(115)	(109)	6%

   Gross profit

   1,465

   1,504

   -3%

   264

   236

   12%

   191

   199

   -4%

   Expressway Business

   Expressway business revenue was Baht 2,242 million, a decrease of Baht 33 million or 1% from the same quarter of the previous year. Average traffic volume in this quarter was 1.10 million trips per day, slightly lower than 1.12 million trips per day recorded in the same quarter of the previous year. This was mainly due to the slowdown in the tourism sector and overall economy.

   The cost of expressway business, consisting of toll cost and amortizations on rights to operate completed expressway sectors, amounted to Baht 777 million, which was similar to the same quarter of the previous year. This was mainly due to an increase in straight-line amortization from additional investment for improving safety efficiency on the expressways, offset by a decrease in maintenance costs resulting from the rescheduling plan to align with operational priorities and necessity.

   Rail Business

   Rail business revenue was Baht 1,771 million, a decrease of Baht 11 million or 1% from the same quarter of the previous year. Farebox revenue from the MRT Blue Line project increased by Baht 25 million or 2%, The main reason was an increase in average fare per trip. In this quarter, average ridership was 434,800 trips per day and average working day ridership was 505,400 trips per day, which were similar to the same quarter of the previous year.

   For O&M services revenue from the MRT Purple Line project decreased by Baht 36 million or 6%, due to a reduction in O&M service fee, as specified in the concession agreement.

   The cost of rail business, consisting of farebox cost, O&M services cost, and amortization on intangible assets under concession agreement, was Baht 1,507 million, a decrease of Baht 39 million or 3% from the same quarter of the previous year. This was mainly due to lower annual maintenance costs and reduced electricity expenses resulting from efficient energy management and a decrease in the fuel tariff (Ft). Meanwhile, amortization of intangible assets under the concession agreement increased due to additional investment in the MRT Blue line project since late 2024.

   Commercial Development Business

   Commercial development business revenue was Baht 306 million, a decrease of Baht 2 million or 1% from the same quarter of the previous year. This was due to a decline in telecommunication network services revenue at MRT stations, which dropped by Baht 20 million. Meanwhile, revenues from advertising and Metro Mall rentals grew by Baht 18 million.

   The cost of commercial development business was Baht 115 million, an increase of Baht 6 million or 6% from the same quarter of the previous year. The main reason was an increase in depreciation from investments in equipment and advertising media installations in commercial areas in MRT stations and on expressway areas.

4. Financial Position

   (Unit: Million Baht)

   Total assets Total liabilities and shareholders' equity

   Receivable under the MRT

   project agreements Long-term investments

   Assets under the MRT

   project agreements

   151,115 132,773 151,115 132,773

   61,622

Loans

Debentures

Assets under the Expressway

project agreements

30,186

30,746

Other liabilities

36,560

Shareholders' equity

36,569

Other assets

3,957 4,182

3 0 S E P 2 5 3 1 D E C 2 4 3 0 S E P 2 5 3 1 D E C 2 4

As of September 30, 2025, the Company and its subsidiaries had total assets of Baht 151,115 million, an increase of Baht 18,342 million or 14% compared to the end of the year 2024. The increase was primarily due to 1) an increase in MRTA receivable on civil construction costs of the MRT Orange Line project (West section), 2) M&E work in progress of the MRT Orange Line project (West and East sections), and 3) asset under concession agreement of the MRT Blue Line project, mostly from prepaid project remuneration to the MRTA as specified in the concession agreement.

Total liabilities amounted to Baht 114,546 million, an increase of Baht 18,333 million or 19%, mainly from an increase in loan for Civil and M&E works of the MRT Orange Line project as specified in the concession agreement.

Total shareholders' equity was Baht 36,569 million, remaining largely unchanged from the end of the year 2024. This was attributable the net profit for nine-month period of Baht 2,944 million. offset by the dividend payment of Baht 2,247 million and a decline in the fair value adjustment of financial assets to reflect market price in accordance with the accounting standard of Baht 688 million.

1. Cash Flows

   (Unit: Million Baht)

   Description	For the 9 months
   	2025 2024

   Net cash flows operating activities	(6,015)	(3,838)
   Net cash flows investing activities	(6,814)	(4,494)
   Net cash flows financing activities	12,784	8,799
   Net increase (decrease) in cash and cash equivalents	(45)	467
   Cash and cash equivalents at the beginning of period	1,672	1,246
   Cash and cash equivalents at the end of period	1,627	1,713

   The Company commenced works under the MRT Orange Line project concession agreement from the third quarter of 2024 onwards. For the civil works cost of the West section, MRTA will subsidize by six years, starting from the beginning of the third year following the construction commencement date. For the nine-month period of this year, the Company recorded an increase in the civil works cost as receivable under the Public-Private Partnership contract of the MRT Orange Line project of Baht 10,774 million, resulting in net cash used in operating activities of Baht 6,015 million. Excluding this item, the Company had net cash received from operating activities of Baht 4,759 million. If the annual remuneration of the MRT Blue Line project to the MRTA for the nine-month period of Baht 3,398 million is also excluded, the Company would have shown net cash from operating activities of Baht 8,157 million.

   Net cash used in investing activities amounted to Baht 6,814 million, allocated for investments in M&E works for the MRT Orange Line project amounted to Baht 5,453 million, and investments in M&E equipment for the MRT Blue Line project and expressway maintenance of Baht 1,964 million. Meanwhile, the Company received dividend from TTW and CKP of Baht 558 million and net cash from divestment of Baht 45 million.

   Net cash from financing activities amounted to Baht 12,784 million, primarily from net loans obtained from financial institutions of Baht 21,319 million. This was partially offset by the redemption of matured debentures of Baht 4,500 million, dividend payment of Baht 2,247 million, and interest payments and financial fees totaling to Baht 1,788 million.

2. Significant Financial Ratios

*calculated from the annualized net profit

The profitability ratio and ROE ratio were similar to the same quarter of the previous year, consistent with the slight increase in net profit. The decline in ROA ratio was due to an increase in asset from work in progress of the MRT Orange Line project, which has not yet generated revenue during the year. D/E and Net IBD/E ratios increased from an increase in loan during the year. Nevertheless, Net IBD/E ratio remained lower than the threshold of 2.5 times, as specified in the loan and debenture covenant.

*

* Average ridership in January 2025 include ridership during 7-day free public transport measure (25 - 31 January 2025)