Chairman Message

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Chairman Message

Message

from the Chairman of the Board

Throughout 2025, CAZ (Thailand) continued to maintain its competitiveness and operational stability. The Company effectively managed challenges arising from construction material costs, transportation expenses, and labor costs, enabling construction expenses to remain at an appropriate level while generating satisfactory profit for the business.

In terms of risk management, the Board of Directors has provided guidance and support to the Management team in responding to various risk factors with prudence and careful consideration. Particular attention has been given to monitoring outstanding Account Receivables from a major client of a large-scale construction project closely. Moreover, the Company has continued to emphasize construction quality control, strengthen internal control oversight, and encourage supervisors at all levels to strictly comply with established internal control procedures and operational processes. These measures enabled the Company to accelerate project execution, complete projects within the allocated budgets, and deliver outcomes in accordance with contractual timelines.

In 2025, the Company has achieved significant success in marketing and customer relations mission through participation in new construction project tendering locally, as well as expanding to the ASEAN region which is in line with the approved annual business plan. This has enhanced the Company’s capability to drive future business growth while maximizing the efficient utilization of existing resources. At the end of 2025, the amount of construction project backlog was over Baht 11,000 million.

With regard to Corporate Governance, the Board of Directors has placed strong emphasis on promoting anti-corruption measures among the Managers at all levels, in line with the Company’s anti-corruption policies, standards, and guidelines in order to enhance transparency in business operations. Management has regularly communicated the policies to executives so that supervisors and employees can apply them in dealing with all stakeholders on equitable basis, in line with good corporate governance principles. Supervisors have also been encouraged to play an active role in cultivating Corporate Values and fostering risk awareness and internal control Culture among employees in a tangible manner.

For the communication with shareholders through the 2025 Annual General Meeting of Shareholders (AGM), the Company organized the AGM in a hybrid format, in line with best practices for listed companies on the Stock Exchange of Thailand.

In summary, the Company’s business operations in 2025 were successful and generated reasonable profit for the business, should the outstanding Account Receivable from a major construction project been taken out. Details of the Company’s operating performance are presented in the Management Discussion and Analysis in this 2025 Form 56-1 One Report. However, despite the best efforts in negotiation on the overdue AR, the Company’s overall financial statements was substantially affected negatively and resulted in being unable to declare dividends for shareholders. The Company would like to extend sincere apologies to shareholders for this matter.

On behalf of the Board of Directors, I would like to express my sincere appreciation to our shareholders, customers, business partners, and all stakeholders for their continued trust and support. I would also like to thank the management team and all employees for their dedication and commitment in performing their duties to the best of their abilities, while responding to various high risks and challenging circumstances. Please be assured that the Company remains committed to conducting its business in accordance with Good Corporate Governance principles, managing risks with prudence and caution, and continuously enhancing the effectiveness and efficiency of its internal control system. The Company will continue to place strong emphasis on reviewing operational performance across all areas in order to build a strong organizational foundation to achieve sustainable growth in future.