Message from Chairman of the Board of Directors

In 2024, the global economy continued to face numerous headwinds, including ongoing international conflicts in several regions that caused supply chain disruption, contributing to rising production costs and inflation during the first half of the year. In the second half, inflationary pressures began to ease, prompting the US Federal Reserve to reduce interest rates to stimulate the economy and mitigate the impact on businesses and consumers. Despite these developments, the highly uncertain economic landscape required businesses to remain vigilant in monitoring economic conditions, adapt operational strategies, identify new business opportunities, and adjust strategic direction to ensure sustainable growth across various economic scenarios.

Thailand’s economic landscape in 2024 has been moderate growth, primarily driven by the continued recovery of the tourism sector. Increased tourist Message from the Chairman arrivals translated into higher spending and economic activity, particularly in tourism-dependent regions. Additionally. Exports of industrial and agricultural products is still performing well. However, high levels of household debt persisted, dampening consumer purchasing power and leading to increased spending caution. Furthermore, during 2024, a new government was formed, initiating budget disbursement and implementing the “2024 Economic Stimulus Project for State Welfare Card Holders and Persons with Disabilities,” which distributed 10,000 baht to eligible individuals to boost consumption. As this initiative continued into the following year, it was expected to have a positive impact on the Company, particularly for Mega Home’s retail customers.

The Company continued to prioritize adapting its business strategies in response to evolving market conditions and consumer behavior. Key initiatives included enhancing seamless customer experience across both online (which accounted for approximately 8% of sales) and offline channels. Our offline expansion focused on the hybrid HomePro and Mega Home store format to optimize resources and serve all customer segments. In addition, the Company developed its platforms, tools, and systems, including enhancements to the HomePro website and mobile application for improved usability. Furthermore, the company also expanded its customer base into the business-tobusiness (B2B) market to broaden market opportunities and drive sustainable future growth. Regarding store expansion in 2024, the Company achieved its target of opening nine new stores, comprising six HomePro stores and three Mega Home stores.

The Company maintained a strong commitment to sustainable business practices, prioritizing the mitigation of environmental impact and the promotion of social responsibility. These priorities were addressed through various initiatives such as establishing energy reduction targets, implementing responsible waste management protocols, promoting the adoption of environmentally friendly products (ECO Products), and facilitating associate engagement in social betterment endeavors. Furthermore, the Company invested in associate development by providing training in both professional skills and new technologies to ensure long-term adaptability and growth.

In 2024, the Company held a total of 11 Board of Directors meetings to consider and monitor the overall operations, business plans, corporate strategies, and other significant matters. The director attendance rate was 96% of the total number of meetings. Additionally, a meeting of the non-executive directors was held on December 24, 2024.

Finally, the Company would like to express our gratitude to all stakeholders for their continued support in all aspects of our business. This support has been a major driving force behind our sustainable growth. The Company is committed to operating and developing business to grow continuously for the highest benefit of our shareholders, trade partners, customers, and our more than 12,000 associates nationwide. A commitment is made to conducting business with integrity, social and environmental responsibility, thereby contributing to a sustainable future.