Chairman's Statement

The year 2025 remained a period in which the Company operated amid challenging economic conditions, including a slowdown in economic growth, volatility in the financial and capital markets, and persistently high levels of household debt. These factors required the Company to place strong emphasis on careful operational planning in order to maintain financial stability and achieve sustainable long-term growth.

According to data from the Bank of Thailand, the volume of Special Mention Loans (SM) remained at a high level and showed a tendency to migrate into non-performing loans (NPLs). This situation reflects opportunities for the Company to invest in and selectively acquire assets with strong potential, particularly unsecured non-performing loans, which continue to be the Company’s primary investment focus.

In 2025, the Company invested in non-performing loans with a total value of over Baht 476 million. Most of these assets consisted of unsecured NPLs, which serve as an important portfolio base for asset management and value creation in 2026. Despite ongoing economic uncertainties, the Company delivered strong operating results through clear strategic direction and policies established by the Board of Directors and management, together with the dedication and cooperation of employees at all levels. During the year, the Company achieved total cash collection of over Baht 8,407 million (including its joint venture, JK Asset Management Co., Ltd.). As a result, the Company reported total revenue of Baht 4,802 million and net profit attributable to shareholders of Baht 1,030 million.

The economic slowdown in 2025 also resulted in the Company recognizing an increase in Expected Credit Loss (ECL) provisions throughout the year. The Company acknowledges that the rising ECL level has been a significant factor affecting net profit performance. Nevertheless, the Company has proactively implemented strategic measures to address this situation by enhancing the efficiency of its debt monitoring and asset management processes in a systematic manner. The Company has also set a clear target to significantly reduce the ECL level in 2026. Recognizing these challenges, the Company has taken serious and step-by-step actions through strengthened collaboration within the Group, efficient utilization of shared resources, and prudent cost management. These initiatives are expected to enhance the Company’s competitiveness and support its stable and sustainable growth in the long term.

Looking ahead to 2026, the Company aims to continue investing in high-potential non-performing loans, while placing strong emphasis on prudent investment pricing. This will be carried out in parallel with effective liquidity and cash flow management to ensure alignment with the Company’s operations and future investment plans.

On this occasion, the Company would like to express its sincere appreciation to our shareholders, customers, business partners, management team, and employees for their continued trust and support. The Company remains committed to conducting its business with professionalism, continuously developing the organization, and adhering to the principles of good corporate governance and social responsibility. Through these commitments, the Company strives to contribute to improving the quality of life in society and to creating sustainable value for all stakeholders.