Message from President

In our core aviation fuel services business, total aircraft refuelling volume in 2025 reached 5,372 million litres, representingan increase of 6.44% from 2024. Growth was driven primarily by the continued recovery of long-haul routes and strong travel demand from Europe, India, and selected regional markets.

While total volume fell short of our annual target by approximately0.8%, largely due to a slower-than-expected recovery in air traffic from China, overall performance remained resilient and well aligned with our operating assumptions. This outcome highlights the adaptability of our operations amid shifting air traffic dynamics and external uncertainty.At the same time, our pipeline transportation and utilities businesses continued to strengthen their role as stable contributorsto the Group. Fuel transportation volumes through the NorthernPipeline system in 2025 reached 1,353 million litres, an increase of 10% from 2024, reinforcing BAFS’s contribution to Thailand’s energy security while supporting a safer and more environmentallyefficient mode of fuel logistics. These infrastructure-based businesses remain a key pillar in balancing the cyclical nature of aviation demand and enhancing the overall resilience of the Group.

In 2025, BAFS Intech Co., Ltd. achieved its highest-ever revenue of 139.40 million baht, driven by strong growth in specialized vehicle sales to both domestic client and overseas markets. More importantly, this year marked a turning point, as BAFS Intech demonstrated that it can generate a profit, underscoring its evolution from a capability-building platform into a commercially viable business and profitable business. With a solid order backlog already secured for delivery in 2026,

we expect BAFS Intech to sustain its growth trajectory,with revenue projected to increase by approximately 38% year-on-year. This outlook reflects not only marketdemand, but also the increasing competitiveness of our in-house engineering and solutions capabilities.From a financial perspective, we maintained a disciplined focus on cost control, cash flow management, and balance sheet strength. Total revenue for 2025 amounted to approximately 3,707 million baht, with EBITDA of 1,756 million baht, representing year-on-year growth of 6% and 8%, respectively. Net profit attributable to shareholders stood at 211.9 million baht, an increase of 106% from 2024. These results reflect our ability to grow responsibly while preserving financial flexibility and readiness for future investment opportunities.Beyond financial and operational performance, 2025 also demonstrated the depth of BAFS’s commitment to sustainability, governance, and long-term value creation. Despite continued growth in our day-to-day business activities, we neverthelesssuccessfully reduced our Scope 1 and Scope 2 greenhouse gas emissions by 4.59%, underscoring that environmental progress and business expansion can advance together when driven by discipline and strong intent. This achievement represents a meaningfulstep toward our long-term goal of achieving Net Zero emissions by 2050.Equally important, strong governance remains a fundamental pillar of how we operate and make decisions. In 2025, BAFS maintained our “Excellent” Corporate Governance rating for the 17th consecutiveyear, reflecting an unwavering commitment to transparency, accountability, ethical conduct, and effective risk management principles that we believeare essential to sustaining trust and delivering long-term value to shareholders and all stakeholders.Our engagement with the surrounding communitiesalso remained a core priority. In 2025, our communitysatisfaction survey recorded an average score of 95.07% across all communities in the vicinity of our operations, reflecting the strong relationships we have cultivated through ongoing development initiatives such as organic rice and vegetable farming projects that create shared value and sustainable income opportunities. These results reaffirm our belief that long-term business success is inseparable from the well-being and trust of the communities around us.Our people continued to demonstrate exceptional commitment and engagement throughout the year. Employee engagement in 2025 reached 79.84%, a level significantly higher than

industry benchmarks. This reflects not only pride in the organization, but also confidence in our directionand leadership. We remain committed to invest in capability development, leadership, and a culture that fosters accountability, continuous learning, and collaboration, because we firmly believe that resilient organizations are ultimately built by resilient people.Looking ahead to 2026, we will operate in an environment that demands a high degree of preparedness. The conflict in the Middle East, which escalated in early 2026, has a significant impact on the global aviation and energy industries. The financialdiscipline and risk management that we built throughout 2025, however, have positioned BAFS to respond to these developments. We have establisheda proactive risk management framework with response protocols that can be activated according to the severity of the situation, ensuring continuity of service. At the same time, our increasingly diversifiedrevenue base particularly from the pipeline transportation and renewable energy businesses provides the Group with greater resilience during periods of aviation sector volatility. In navigating this environment, our priorities remain clear: disciplined capital allocation, strong financial stewardship, and continued investment in people, systems, and partnerships that support long-term competitiveness.On behalf of the management team, I would like to express my sincere appreciation to our shareholders for your continued trust and support, to our business partners and clients for your valuedcollaboration, and to our employees for your dedication and professionalism.At BAFS, we believe that leadership is not definedby how we perform in favorable conditions, but by how we make decisions, manage risks, and remainaccountable during times of uncertainty.

With a clearstrategy, disciplined execution, and a long-term perspectivethat places balanced importance on financial strength, people, governance, and sustainability, I am confident that BAFS will continue to navigate challenges responsibly and move forwardtoward a stronger, more resilient, and more sustainablefuture.