Chairman’s Statement

In 2025, K.W. Metal Work Public Company Limited faced increasingly challenging economic conditions, particularly the slowdown in purchasing power within the agricultural sector, which is the Company’s primary customer base. This was driven by declining agricultural commodity prices, economic volatility, as well as uncertainties in the global economy and geopolitical situations.

Nevertheless, the Company was able to effectively manage its business under such conditions through cost control, product restructuring, and continuous operational efficiency improvements. Although revenue from sales in 2025 decreased compared to the previous year due to the slowdown in the agricultural machinery and attachments market, the Company implemented ongoing cost management measures alongside production planning aligned with order levels and efficient product mix management. As a result, the Company was able to maintain an appropriate gross profit margin, reflecting its capability to operate effectively amid challenging market conditions.

The Company continues to prioritize technological development and innovation, focusing on the adoption of automation systems and digital technologies in its production processes to enhance efficiency, reduce waste, and elevate product standards for long-term competitiveness. In addition, the Company has expanded its distribution channels and strengthened brand awareness for Pegasus through both traditional and online marketing channels, aiming to broaden business opportunities and expand its customer base in the long term.

In terms of sustainability, the Company emphasizes the development of environmentally friendly products, particularly rotary blades, which enable farmers to manage agricultural residues without burning. This approach helps reduce air pollution and supports environmentally sustainable agricultural practices. Furthermore, government policies aimed at reducing agricultural burning are expected to support increased adoption of agricultural machinery for crop residue management in the future.

Looking ahead to 2026, the Company expects the agricultural sector and agricultural machinery market to remain volatile due to several factors, including global economic conditions, geopolitical conflicts, energy price fluctuations, and climate variability. However, the Company remains committed to efficient cost management, product development, and strengthening its competitive capabilities to achieve stable and sustainable long-term growth.

On this occasion, the Board of Directors would like to express its sincere appreciation to shareholders, customers, business partners, employees, and all stakeholders for their continued support and trust. The Company remains dedicated to continuous organizational development, ready to navigate future challenges and create sustainable value for all stakeholders.

On behalf of the Board of Directors of K.W. Metal Work Public Company Limited.

Best regards