Mr. Chokchai Walitwarangkoon, Managing Director (Operation A), Land and Houses Plc, provided an overview of the real-estate market and a summary of the Company’s performance in 2025 as follows:

• According to the Real Estate Information Center (REIC), in the first 11 months of 2025, the number of residential properties transferred by developers in Bangkok Metropolis fell 18% year-on-year, illustrating continued weak overall housing demand. Low-rise housing demand experienced a 13% decline in ownership transfers, whereas the condominium market demand fell 21% from the previous year.
• As for supply, data from the Agency for Real Estate Affairs (AREA) indicate that the number of new residential units launched in Bangkok Metropolis in 2025 dropped 33% year-on-year, echoing a delay in the launches of new projects for both low-rise residences and condominiums.
• The single-detached housing segment, the Company’s key products, saw a 40% decline in new unit launches. Nonetheless, the number of new units for sale is expected to outpace demand for the fourth straight year, thus the extremely fierce competition in this market segment.
• As for condominiums, the number of new units for sale dropped about 33% from last year, with project launch delays in all but one quarter (Q3), which saw more launches than in Q2, rattled by the earthquake of late March. Still, the demand for condominiums will continue to drop from last year.
• The real-estate market in 2026 will likely face economic pressure exerted by low growth of about 1.5%, consistent with the slowdown in the export sector amid US trade barriers and the stronger baht. Loans are expected to shrink due to high household debts and strict lending by financial institutions, notably lending to SMEs, compounded by liquidity shortage due to limited financial institution loans together with fragile household and business sectors, which erode domestic purchase power. Still, the economy is expected to benefit from positive factors of the tourism sector, as new flight routes to Thailand are opened up together with the public sector’s measures to drum up tourism and political stability, which is projected to be brighter than in 2025.

Performance in 2025

Sales Volume by Residential Type

Sales Volume by Area

• This past year, low-rise products (single-detached houses, duplexes, and townhouses) remained the best-selling products, accounting for 87% of the Company’s sales revenue, with the rest coming from condominium sales.  Again, this latter group suffered from the earthquake of late March 2025, as evident in the condominium sales revenue drop of the second quarter, with signs of recovery during the latter half of the year.  At the year-end, six condominium projects were in operation, with over THB 11 billion in inventory, and about THB 65 billion in low-rise housing projects.
• Bangkok Metropolis continued hauling in sales revenue, accounting for about 86% of the total revenue.  Nearly 60% of this came from residences priced at over THB 10 million each.
• The year saw three new projects launched—all low-rise ones—with THB 8.96 billion in value, about 70% down from the year before.  Deferred for a launch in 2026 was the Nantawan Prestige Ratchaphruek – Prannok Project, valued at THB 2.2 billion, as the public sector’s infrastructure at the project front was not yet ready.
• During 2025, the Company had no additional land investment for residential project development for sale.  The Company remains confident, however, that it commands suitable and adequate land for development under its operation.

Mr. Wit Tantiworawong, Managing Director (Support) and Chief Finance Officer, disclosed the Company’s financial standing along with its rental real-estate performance in 2025 as follows:

Performance Overview for 2025

• The Company’s financial standing still commanded security due to its remarkable management of liquidity and investment in assets. This year a total of THB 13.2 billion of bonds with 2-3 year maturity were issued, with an average coupon rate of 2.16% per annum for redeeming matured bonds and supporting operational cash flow.
• As of year-end 2025, the Company reported net interest-bearing debt of THB 64 billion, a net debt-to-equity ratio of 1.2 times, and an average finance cost of 2.82%
• Regarding the rental real-estate and hospitality business, the Company currently manages 17 projects: Grande Centre Point Hotels: nine operating properties (six sold to REIT), two under construction, Terminal 21 Shopping Malls: three locations (two sold to REIT), three apartment and hotel properties in the US.
• The year’s revenue is expected to drop about 12% from last year because of various circumstances hurting the tourism sector, in turn lowering tourist arrivals, and because of the Company’s divestiture of rental properties, which eliminated the income from such properties.
• In November 2024, the Company divested Terminal 21 Pattaya to the LH Shopping Center Real Estate Investment Trust (LHSC), thus losing shopping mall income in 2025. In May 2025, the Company sold Parc at Pruneyard and Revere apartments in the US, thereby losing income from these apartments in the latter half of the year. Nonetheless, the launches of new hotels in Thailand occurred sooner than planned. The Company launched Grande Centre Point Lumphini in April 2025 and Grand Centre Point Prestige in December 2025, sooner than the planned launches in 2026.
• In 2025, the Company’s investment in the rental real-estate and hospitality business consisted of four Grande Centre Point hotels, namely Lumphini, Prestige, Voyage, and Chinatown, altogether worth about THB 4.4 billion.

Mr. Achawin Asavabhokhin, Managing Director (Operation B), disclosed the Company’s operational plan for 2026 for the housing-estate and the rental real estate and hospitality businesses as follows:

Operational Plan for 2026

• • Launches of two new medium-high value projects
  • Lowering inventory and debt-to-capital level
  • Relentless rental business growth and development
• In 2026, the Company plans to launch two new projects: Nantawan Prestige Ratchaphruek – Prannok, THB 60-100 million single-detached houses, and Chaiyapruek 3 Ramintra – Wongwaen, THB 10-13 million single-detached houses. The total value of these projects is about THB 3.66 billion.
• With current projects, the number of projects operated in 2026 will total 69, with a total value of about THB 80 billion. Low-rise projects will total 63, with a value of about THB 69 billion; condominium projects will total six, with a value of some THB 11 billion. Out of these six, five will be ready for ownership transfer when completed, and one (Wanvayla Na Chaophraya) is expected to be completed and ready for ownership transfer in the middle of Q4.
• The Company has allocated a THB 4.5-billion investment budget , which includes:
  • Land acquisition for future residential development THB 2.0 billion
  • Investment in rental real estate THB 2.5 billion.
• In October, the Company plans to launch a new hotel in Thailand, namely the Grande Centre Point Voyage, its third in Pattaya, building on the success of the Grande Centre Point Space Pattaya project. This is a 494-room hotel complete with a 20,000-sq.-m. ocean park, the largest among all Grande Centre Point network. Following in 2028 is the Grande Centre Point Chinatown.
• The Company plans to divest one hotel in Thailand to REIT, along with two projects in the US.
• บริษัทฯ The Company plans to issue bonds valued at THB 15 billion to refinance maturing bonds. By the end of 2026, the net debt-to-equity ratio is projected to decline to 1.0 time.

Newly Launched Projects in 2026

Rental Real-estate Business

The Company operates a rental real-estate business in Thailand and the US through two subsidiaries: LHMH (LH Mall & Hotel) manages rental properties in Thailand, and LHUSA in the US. Its rental business portfolio consists of hotels, shopping malls, apartments, and office space. All projects listed in the income statement as hotel revenue and rental income appear in the following table.

US Projects (USD Million)