Dear Valued Shareholders,

The year gone by saw a considerable improvement in our profitability, resulting from recovery in industry margins in our core business of Polyester films and also a recovery in the demand for the downstream products such as Silicone coated film and Thermal Lamination films, which witnessed a decline in demand in the previous year due to overstocking in the supply chain post-Covid and the general global economic slowdown.

Despite geopolitical risks and other factors such as volatility in the global freight rates, inflationary pressures etc, the Company has, leveraging on its strengths of global presence and focus on specialty product portfolio, been able to deliver a Normalized Net Profit of THB 1.1 Billion (after adjusting the forex gains), which is a growth of 52% over last year. The sales stood at THB 22.3 billion, a growth of 7% over last year, mainly due to improved net sales realization as well as slightly higher film sales volumes this year.

The Brownfield BOPET film line expansion and Offline Coater project at the subsidiary in US has started commercial operations in March 2025. The key focus for the coming year would be a quick ramp up of this new line, without losing focus on developing an optimum and profitable product mix. With the reciprocal tariffs announced in the US, we remain hopeful about the full ramp up of this line in the shortest possible time, as we see a clear shift in customer preference from offshore to local supplies. With its geographically well diversified sales presence and a wide spread customer base, the Company remains confident of managing the negative fall-out of any further material changes in the US trade policies and tariff measures.

Although there are some more capacity additions in the BOPET film industry, slated to come up mostly in China over the next 1-3 years, the Company continues to remain confident about the long-term prospects of this industry and would continue to evaluate new investment opportunities for base films as well as downstream specialty films and take appropriate investment decisions at the right time.

In line with its strategy of continued focus on expanding its DPAC portfolio (specialty films) and production capacity, the Company is investing in a new Blown film line in Thailand and a new Silicone coated film line in Turkey. Both these projects are expected to start up in Q3 and Q4 of this financial year and the Company remains confident of seeing positive impact of these investments on the bottom line, in the years to come.

Sustainability has always remained a key element of our business strategy. The Company with its dedicated R&D team, remains focused on developing sustainable products through sustainable processes, thereby contributing continuously and effectively towards global initiatives around sustainability and circular economy.

In line with the growth in profitability, the dividend per share has also seen an improvement this year from THB 0.24 to THB 0.40 per share. The dividend of THB 0.40 per share proposed by the Directors is @ 35% of the Company’s consolidated profits on normalized basis.

The Company’s balance sheet continues to remain healthy with a low gearing ratio of 0.15 and sufficient liquidity, giving us the right platform to positively consider any sizeable investment opportunity, for future profitable growth of the Company.

On behalf of the Board, I would like to take this opportunity to covey our heartfelt gratitude to all the shareholders for their trust and patience, all our business partners for choosing to work with us and all our the employees for their dedication and hard work and for supporting the Company through the various ups and downs witnessed in more than 2 decades of its operations.