Message from the Board of Directors

In 2025, the residential real estate development industry continued to face global economic uncertainty, resulting in a slowdown in housing purchasing power. Key factors impacting demand included more stringent mortgage lending by financial institutions and persistently high household debt levels.

However, the Company adjusted its strategy to cope with the uncertain situation by focusing on reducing existing inventory, controlling costs and expenses, and deferring the launch of new projects. In 2025, the Company launched 3 low-rise projects in Bangkok and its vicinity, with a total project value of Baht 5,478 million, a 44% decrease from 2024.

Regarding the 2025 operating results, the Company and its subsidiaries had a combined revenue from core businesses of Baht 7,570 million, a 10% decrease from 2024. Revenue from real estate sales accounted for 81% of the total, while rental and service contributed 19%. Additionally, the Company recorded a Baht 1,781 million share of profit from investments in associates (equity method), an increase of Baht 44 million or 3% compared to 2024. Net profit stood at Baht 1,728 million, with an interest-bearing debt-to-equity ratio of 0.26 times.

In terms of sustainable development, the Company remains committed to operating its business according to sustainable ESG guidelines covering Environmental, Social, and Governance dimensions under good corporate governance principles. To this end, the Company has prepared greenhouse gas emission reports and has been certified to ISO 14064-1 standards since 2022. The Company has also developed operational guidelines aligned with government policies to reduce greenhouse gas emissions from residential development, while driving innovation and selecting eco-friendly, energy-saving construction materials.

Furthermore, the Company continues to prioritize business operations under good corporate governance. In 2025, the Company received an "Excellent" rating from the Corporate Governance Report of Thai Listed Companies (CGR) survey for the 10th consecutive year.

On behalf of the Board of Directors of Quality Houses Public Company Limited, I would like to express my gratitude to our shareholders and all stakeholders for your continued trust and support. I also wish to thank all employees for their dedication and for performing their duties to the best of their abilities throughout the past year. Furthermore, the Company remains committed to operating sustainably under good corporate governance principles, creating social value, and ensuring the best interests of the Company and all stakeholders.