"The Company is determining to continuously develop and improve the quality of our products and services"

Dear Shareholders

In 2025, Vietnam’s agricultural sector continued to demonstrate solid growth, with the value of agricultural exports reaching a record high. Key economic crops and tropical fruits, including durian, coffee, and rice, remained in strong demand in global markets. This favorable environment supported farmers’ purchasing power and strengthened overall confidence within the agricultural sector.

In response to these market conditions, the Company pursued a proactive business strategy through the offering of high-quality NPK fertilizers aimed at enhancing agricultural productivity and creating added value for crop output. The Company’s products are developed in alignment with international standards on quality, safety, and sustainability, which are increasingly emphasized by global markets.

Furthermore, the Company places strong emphasis on improving Nutrient Use Efficiency to reduce nutrient loss and mitigate environmental impacts. This approach is consistent with international environmental trade measures and sustainability trends, enabling agricultural products to meet global safety and quality requirements while supporting stable and sustainable income generation for farmers.

As a result of these strategic initiatives, fertilizer sales in Vietnam in 2025 recorded steady year-on-year growth, with total sales volume reaching 180,420 tons, representing a 3 percent increase compared with the previous year. This growth was primarily driven by higher sales of NPK compound fertilizers, which rose by 13 percent from 142,660 tons in 2024 to 161,836 tons in 2025. In addition, export sales volume increased significantly from 23,511 tons in 2024 to 36,878 tons in 2025, or an increase of 57 percent. Such performance reflects continued strong demand for the Company’s fertilizer products, particularly in the NPK segment, as farmers increasingly adopt high-efficiency products to enhance crop quality in line with growing global market requirements.

With regard to the factory area management services, Baconco Company Limited, the Company’s core subsidiary, expanded its rentable factory and warehouse space for storage purposes by 4,325 square meters in 2025, bringing the total rentable area to 90,971 square meters. The facilities were fully occupied throughout the year. This sustained full occupancy reflects the strategic importance of the Phu My Industrial Park as a key fertilizer trading hub for traders and manufacturers distributing products to central and southern Vietnam, as well as for export markets.

Moreover, being part of the Thoresen Thai Agencies Public Company Limited Group in Vietnam has positioned the Company as a preferred partner for traders and importers. This is supported by the Group’s comprehensive logistics capabilities, encompassing port cargo handling, warehousing, packaging, and domestic transportation, thereby delivering integrated logistics solutions to customers.

In 2025, revenue from factory area management services and other income continued to grow steadily. The Company recorded total revenue of Baht 3,690.5 million and net profit of Baht 151.1 million, compared with net profit of Baht 150.6 million in 2024. This performance reflects effective operational management and the strong fundamentals of the Company’s business structure.

Beyond financial performance, the Company remains committed to conducting business with social and environmental responsibility. The Company’s subsidiary operates with a strong focus on energy efficiency and consistently complies with all applicable laws, regulations, and requirements imposed by government authorities in Vietnam.

The Company continues to enhance the quality of its products and services to address evolving customer needs. It is firmly believed that the experience, dedication, and commitment of the Board of Directors, management, and employees will continue to serve as key drivers of the Company’s stable and sustainable growth. Finally, on behalf of the Board of Directors, management, and employees, sincere appreciation is extended to shareholders, customers, and all stakeholders for their continued trust and support.