. Overall market environment The Thai economy continued to expand mainly from 2 key drivers relating to external factors, in line with the recovery of the overall global economic conditions (Global

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

adoption of new financial reporting standards, the acquisition of a new subsidiary and the depreciation of the Thai Baht that affected the value of Company’s overseas assets • Net debt to equity ratio at the

cafés as well as the Company's ability to manage costs effectively. EBITDA margin in 2023 was 31.8%, slightly decrease from 2022. E B I T D A a n d E B I T D A M A R G I N : Q 4 / 2 0 2 3 K e y F i n a n

decrease in interest bearing debt but increasing 2%QoQ from higher deferred spectrum interest after acquisition of 700MHz and 26GHz license Profit In 1Q21, EBITDA was Bt22,580mn decreasing -0.9%YoY due to

-developed projects to foreign suppliers. During the period fourth quarter of 2021, Thai Baht was fluctuated by slightly appreciated compared to exchange rate at the end of third quarter of 2021 which led to

new content such as Disney and Thai League while decreasing -1.9% QoQ following a decrease in interconnection charge. SG&A expenses were Bt5,537mn, slightly increasing 0.8% YoY mainly from lower

Café Branches In the previous year, the Company opened a new brand called "Luggaw" that focuses on selling products made from Thai fruits. The brand received a positive response from health-conscious

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the third quarter of 2019 ended 30 September 2019 Executive Summary Thai economy in the third quarter of 2019 was

Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the second quarter of 2017 ended 30 June 2017 Executive Summary In the second quarter of 2017, Thai economy has