Message from the Chairman of the Board of Directors

          The year 2025 marked another period in which businesses worldwide continued to face uncertainties and multidimensional changes. These challenges stemmed from the uneven recovery of the global economy, prolonged geopolitical conflicts, fluctuations in exchange rates and energy prices, as well as increasing pressures from climate change and the global transition toward a low-carbon society. In such a context, business organizations must remain resilient, forward-looking, and committed to good corporate governance, while upholding social and environmental responsibilities in line with ESG principles.

          Despite challenges from elevated operating costs, intensifying industry competition, and constraints in specialized resources and labor, the Company has been able to maintain business stability and achieve its 2025 performance targets. This was made possible through clear strategic direction, prudent management, and adaptive operational planning aligned with the evolving business environment.

          In 2025, ship repair services remained the Company’s primary revenue contributor. This segment benefited from the continued recovery of tourism, maritime transportation, and global trade, which led to increased demand for vessel maintenance and repair services. The Surat Thani branch continued to play a significant role, particularly through passenger vessel repairs and specialized projects that enhanced profitability.

          In the shipbuilding segment, the Company made steady progress in government projects and recognized revenue in accordance with project milestones as planned. The Company also emphasized the development of efficient, energy-saving, and environmentally friendly shipbuilding technologies. Notably, the Company successfully delivered a prototype multi-purpose vessel in honor of His Majesty King Rama X, as well as an LLDPE (Linear Low-Density Polyethylene) water hyacinth collection vessel with a mesh design to Tha Lan Subdistrict Municipality, Saraburi Province. These achievements reflect the Company’s commitment to sustainable development and long-term value creation for society and the nation.

          On behalf of the Board of Directors, the management team, and in my capacity as Chairman of the Board, I would like to express my sincere appreciation to our shareholders, business partners, customers, government agencies, and all stakeholders for your continued trust and support. I also extend my gratitude to our executives and employees for their dedication, hard work, and commitment in driving the organization forward throughout 2025.

          The Company remains committed to enhancing operational capabilities, strengthening its business foundation, and conducting business responsibly to ensure stable growth while contributing to long-term economic, social, and environmental sustainability.

                                                                                                                                Yours sincerely

                                                                                                                              Prakit   Pradipasen

                                                                                                                Chairman of the Board of Directors