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24 Super Turtle Public Company LimitedMANAGEMENT OUTLOOKIn 2025, the Thai economy is expected to expand by 1.8%, down from 2.5% in 2024. This slower growth reflects continued constraints from high household and business debt, as well as a slowdown in the export sector. Exports are expected to be affected by retaliatory import tariffs from the U.S. and major trading partners, along with indirect impacts from the broader slowdown in the global economy and trade2.Furthermore, the Ministry of Transport plans to announce the THB 20 flat fare policy for the entire train network by September 2025. This policy will apply to eight train routes (Green, Gold, Yellow, Pink, Blue, Airport Rail Link, Purple and Red lines). It is expected to increase passenger numbers across all train systems, especially on the Green Line, which is the main route where the Company operates Turtle shops. This will be a key factor supporting revenue growth in the Company%u2019s retail and commercial rental space businesses.From above factors, the Company maintains a positive outlook and will continue to operate its business in line with its core strategy. The Company%u2019s total revenue is targeted to grow by 10 %u2013 15%, driven primarily by the expansion of its retail and leasing businesses, according to the strategic plan to support the increasing passenger demand as follows:For the Retail business, there are plans to open a total of 10 additional Turtle shops during 2025/26. This includes 7 shops along the BTS Green Line extension, including Krung Thon Buri, Wongwian Yai, Bang Chak, Punnawithi, Udom Suk, Bang Na and Bearing %u2014 and 3 shops located outside skytrain stations, such as at the BTS Visionary Park building.In terms of the Leasing business, the Company will continuously seek tenants whose products and services meet consumer needs to accommodate the increasing number and demand of passengers. In addition, the Company plans to expand leasable space at 4 stations on the MRT Pink Line, including Lak Si, Min Buri Market, Impact Muang Thong Thani and Lake Muang Thong Thani. This expansion is expected to create new business opportunities and enhance the Company%u2019s potential growth.In terms of Joint Ventures, the Company plans to open 1 additional SuperRich Turtle branch at Asok station (in addition to the existing one on Asok station) to accommodate the increasing demand of BTS Skytrain passengers.In addition to the above, the Company is in the process of implementing various initiatives to improve operational efficiency and control personnel and utility costs, with the aim of improving profitability and supporting sustainable growth.2 National Economics and Social Development Council, 19 May 2025Introduction Nature of Business Business Performance Corporate Information Corporate Governance Financial Report Attachment