Central Retail Corporation Public Company Limited (CRC) Earnings Call Transcript & Summary

Hello. Greetings to fund managers, analysts and bankers. Welcome to our event. And I'm going to share with you our business. Anyways, there are 2 things I'd like to talk about. First thing is a summary of our achievement for the past year. And the second thing is about our plans for the future year 2026. And like I said, last year, our focus was on Thailand and Vietnam principally. Altogether, we've got this THB 253 billion and EBITDA is THB 29.8 billion. And net profit is THB 7.5 billion, that's 12% from core EBITDA and 3% from for core revenue. So the things that we did in the past year was about food. And for food, we've got this tailwind from the market because the government saw this significance of the tourism industry, and it has high purchasing power. And so the government really prioritized this thing. And they realized that this alcohol prohibition was too tight and they relaxed the laws a little bit. And so that's why they revised law allowing for trading of alcohol because many tourists drinks during the time. And also, it's just the right time for us to uplift this category, for example, our Tops Daily, we have The Baker, Wine Cellar and Looks. As you can see, our business it's not just like convenience store, see we have -- we focus also on tourists, and we understand that they got up and they wanted to have some quick breakfast, [ Croissant ] [indiscernible] things like that. So The Baker is the answer to that need and they wanted to go out and this is why we gave them Looks, of course, you do sun cream and things like that. And Tops Daily accommodate their daily needs, of course, and Wine Cellar for the drink. And the total Tops Daily, I think we have altogether 539 branches, and we have converted 52 of them into hybrids. And this format will work very well, and we will just keep on converting into that direction. And we do more business in alcohol is the Wine Cellar. So we uplifted, we did this champagne bar. So people in Silom, which is highly touristic. We launched this thing around the area, and we're going to scale up this format learning from our success at the Central Park, and we're going to scale it up to all the top formats. We will enhance, enlarge our assortment by 10% and import more items. So these imported items are going to be 10% in terms of total sales for alcohol. In Vietnam, our food business launched new marketing campaigns. The One Card program is launched there. We started in February and relaunch again in March. So in February, we did 1 branch. In March, it was 4, and we got about 100,000 membership, and there was 63% transactions through that program. And then we worked on it and relaunched again across all the branches. That was in November, and we tested it for 2 months, full scale across all branches. And across the time, we managed to capture 4 million application users, just 2 months, actually, we managed to capture 4 million users of our applications. And it was -- it represented 84% of the purchase. We had 70 million, not even 70 million, we had -- we still have room to grow on this thing in Vietnam because Vietnam has about 100 million. The population is higher. So there's room to grow. In terms of technology, we have to keep on improving in this department. So far, we managed to integrate everything onto one single platform, and we have our IT team for different business units, and then we have a variety of technologies available. And the past 10 months, that I took the office, I integrated the best of each business unit into one single platform, and we were able to develop this thing. For example, this application for Central App, we use all the best of the different departments application, combine them together and that speeds up the performance. And also the conversion rate has improved by 26%, application performance up 50% and OpEx reduction, we managed to gain by 5x. This synergy is paying off. Now next, is the rising stars that we managed to kick them off. You must understand kicking off a new business is kind of challenging. You think about 5, maybe 1 makes it. So there are 2 things that are really well embraced by our customers, Auto 1 and mini go! Both of them grew both top line and bottom line by double digits. And the past year, we opened 13 additional stores in 2025, totaling 53 stores. And mini go! in Vietnam, although last year, we opened just 1 new store, but altogether, we have about -- we have 15, next year will be more. Auto 1, we will open another 50 stores. So you see 100 for Auto 1 for sure. Now GO Wholesale, we already kicked off these new businesses. They show good growth, top line and bottom line, double digits. Same-store sales growth actually double digits, the bottom line and top line, the same. And next year, 2026, actually, we're going to do more 2 branches, new openings, and we'll make it more convenient. We collaborate with Grab. We're trying to make [indiscernible] do their business more efficiently. They don't have to waste their time to do their shopping. They just sit there, they go to our application. And within 30 minutes, whatever they want will be at the front door. Overall like I mentioned earlier, we focus on 2 things: Thai and Vietnam, and this is a strategy that has proved to be paying off. In Thailand, it's a total -- in Thailand, Thailand represents 80% of the business, 20% is from Vietnam. If we manage to balance them out, it will be even better. Now Thailand, we have 63. We have our presence in 63 provinces. And in Vietnam, we have 26 out of 34 provinces. We have 127 stores in Vietnam, 3,596 stores in Bangkok. If you see the ratio, 3,500 and 127, this ratio, if you can balance that, you can see the growth potential. And our focus is in Asia and Vietnam and then the -- and its neighboring countries, we are aiming them for our primary targets of expansion. Now Central Retail, we stick to our 7 cores is very comprehensive, good collaboration under the umbrella of CRC Care, which has 7 dimensions. The first thing I'd like to elaborate is the solar rooftop installation, it was 160-something locations before, but now we have achieved altogether 184 locations, and we managed to deliver 200 megawatt per year, and we use clean energy and EVs. EVs, this is not just -- this is not passenger cars or pickup trucks, this is EV trucks. So maybe the multiplication factor is like 5x the effect. So we were using 76, now it's 144 doubling basically. And today, we have the situation in Middle East and people are concerned with utility bills and gas prices. So this is like long-term perspective, we can save our costs. We don't have to rely too much on gasoline. On recycling, our business is determined to contribute to the society. Imagine at home, when you order goods online, there are a lot of packaging materials coming along. It's the same in our business even more. So we segregate plastic from paper or food waste, we separate them all. Paper, of course, is recycled. Plastic, of course, is recycled. And food waste, they go to fertilization. And we did this thing 20% before, but now 20% of the waste and even higher volume actually. Now customers, Net Promoter Score is up 7%. So we communicated with them, asked them questions and they told us they wanted to continue using us and they want to refer us to their friends and among the circles, so that's up 7%. Now farmers, wherever we go to do our business, we want to give something back to the community. It's not like giving them donation one-off or just handing the money. We don't do that. We talk to them, we have conversation, and we rebuild their knowledge base, we give them a strong foundation so that they become self-sustainable. And all these things, we planned, we organized, we designed and told them how to do their productions. And we help market their products, giving them this sales opportunity, THB 1.2 billion. That's the total number for this past year. Before that, it was THB 800-something million. So you can see it's a big jump. We're giving back to the community, local communities, and they sell at least 20%, 30% that they didn't sell through us. So this number could be THB 1.5 billion. And lastly, our partners, people who do business with us, we want to ensure that we adhere to our CRC care, the 7 dimensions I mentioned before. They will have to comply with these principles as well. It's not just like us, everybody that deals with us, they have to share this concept, this very high-value concept. They have to care for the environment, they have to care for the society. So you do deal with us, we are Central Retails. We have 7, 8 business units. But next to us, we have the whole supply chain. It could be 1,000 business units. So the whole chain has to be clean just like the way we do our business. Now of course, the past year, unforgettable event, Hat Yai, I don't remember the name of the number [ Foreign Language ] it depends on how you put it. Anyways, it was a big flood. And this is not -- it was not the first time there were flood before. We used to invest in 2 meters to combat this flood. But this year, it's like 2 storeys. So the roof is gone, really beyond the roof, very severe and it lasted for a long time. It was nearly a week actually. Imagine you were caught in that flood with no water, no utilities, you couldn't charge your cell phones, even asking for help or anything like that, so a lot of that. Now we dispatched our team and injected THB 30 million into alleviating the suffering. And also, we opened our branches so that people could come and charge their cell phone, communicate with their families. So we lend support to 20,000 households. I mean, think about it, the population there demographically was a lot of elders, so they didn't have anything to eat for 5 days, imagine, right? Their children went to work in Bangkok and it's very difficult. And then we service at least 1,000 cars after the flood, and that totals about THB 2 million. And our staff and our supply staff, we pay them support. We gave them support. So they told me when I saw them, they [indiscernible] our company because they got this subsidy and relief -- financial relief faster than they got from the government, right? Some of them we gave up to THB 10,000. Now all in, we do our businesses for the society. And thanks to this recognition, we got these many accolades. Many, many of them, as you can see on the screen. This is global leadership, sustainability, human resources, investor relations, all these things, we got recognized for and that's the past year that we did. And now let's talk about the future, the present and the future. For CRC, innovation is key. So innovation has to be realistic and has to be implemented in this year. We have to accept that the world has changed tremendously. When I was a child, it was peaceful. I never thought it never crossed my mind when I was little, when I was -- let's say, even 5 years ago, 10 years ago, the thing that I was afraid of the most was war because this is something that I really didn't hope to happen at all. And today, as you can see, war is happening and is nearly beyond control. People talked about World War III, and I hope, I hope it's not going that far. And many global leaders have changed. I think when I was little, when we paid attention only to America election, but now we pay attention to China as well, Russia as well. So we have more bigger power and geopolitical can be a problem. For me, this year, I hope and I am confident that the government will be more stable because the past election, you have only 2 major parties, and they are quite stable and they won many states. And I just hope -- I don't know if this is happening or not, but it's my hope. And I think they'll be able to form their policies quickly. And so Thailand, if no other external issues, I think Thailand will do okay. For Vietnam, Vietnam is the #1 growth in Asia, and I think they're still growing and we are doing our businesses in the right countries, so to speak. Now customers because of this -- all these things going on, the status quo, this oil price jack up, and this is after the intervention of the government without invention, it could be a different scenario. It's hard to predict. So customers are now adjusting, adapting themselves to the new situation, higher transportation costs, higher prices for goods and services. So people are going to trade down. I think that's the likelihood they try to get the money worth. Social media has changed the world totally. Now competitions in Thailand. All our competitions are strong and it remains fierce. But another perspective would be we have this Ant Army. We have a lot of people doing the online trading. If you want to have a cake, you can go look up online and you can see someone doing this brownies, cakes, whatever. So this social application really turns things upside down. AI, I used to wonder what it could do. But today, I wonder if the new generations will have jobs at all and AI, just the brain. If you expand that to the physicality robotics combined with AI. So there's nothing left for humans probably. So we used to think like if AI comes in full force, maybe I'll lose my job. Maybe construction business still survive. But if you put AI in robots, construction may be gone as well. So -- but if you grasp the opportunity, make use of AIs and things like that faster than your competition, maybe you win more. Now we uphold our -- we adhere to our core strategies. We understand our customers, the core foundation is whatever is our strength, we maintain it, keep on doing the right thing, and we have to grow in new technology, new businesses, new strategies. And we have many BUs. We have to synergize them together. Like I said, I synergize on IT. There are a lot, a lot of fronts that they have to work on. Now in terms of business, we are very disciplined in the financial management. Our business, we know where we're growing and we intensify our financial resources where it pays off. So CRC, for sure, we look at possibilities and societies, how we can contribute to societies, not just money. Now 2026, if you turn strategies into actions, there are 3 things that we want to focus on. Number one is uplifting customer experience. So we have to understand our customers more and more so that they get the best experience from us. Number two, reinvent merchandising. We have to make sure that our merchandise answers to their needs. Lastly, drive operational excellence, deliver the best service possible. Now let's take a look at how we can handle, I mean, respond to our customers. Number one, we upgrade our store experiences because in trading, you have to make sure it's well lead, the layout is good, cleanliness is good and then facilities are available. Mixing, we used to think selling, selling, selling, right? But now it's not just selling items, we provide services as well. So we add to the ambient coffee shop, pizza shop, restaurants, things like that, organizing the layout so that people can come and enjoy more. We have a game space and sometimes you see family with one single kid and they just come to Central and let the kid play game board game with our staff. Yes, we do that. We make that happen. So we synchronize among our BUs more and more. We used to do Italian fair, for example. So we featured Italian clothing perfumes, but we never thought about wine or cheese. So we changed the thinking instead of Robinson and Central doing this, everybody, every BU does this thing synergizing on the execution and the merchandise whatever we offer to our customers. Now AI can track how well we deliver our services to our customers, and we can track the heat maps, see if they're active enough or not. Another thing that can enhance customer experience is the long time to check out. Now Tops and Thaiwatsadu, we have self-checkout counters. And we're going to scale up this thing more and more. Another thing that customers complain a lot is parking space. So if they are a premium customer, you can just go and scan your card at the parking lot and then you can go straight to a reserve parking space. Now one platform one team, other than that, this year, we focus on easy to search. Today, I'm not happy with our search feature. We want to make it even better. When search is better, we want to enrich on information so that they can understand right away quickly i.e. the features of our products. Let's say, you can just give them 360 degree, you click on that button, touch that, the refrigerated doors open, things like that. And as of now, across the industry, including ourselves, I think buying online, you have to use online coupon, and offline, they have to buy with offline coupon. Now we want to integrate all these things online and offline into one single thing. Now that I talked about this thing, let me expand further. Online, think about it. The retail business, online, they are online; offline, they're offline, right? They have thus spheres and they have their strengths, different strengths. But my focus is to enable our business to get into these 2 spheres seamlessly. And if they shop online at one price and then they go to our offline platform is a different thing, different prices. No, that's not the right way to go. Maybe they can just order something online and want to inspect the product or the merchandise at the store location, that should be doable. And in the end, when they want to pay and they have their coupon, they will just do it anywhere. They want to. That should be the way to go. So when you buy the whole -- buy the thing and you want it to be delivered to their home, that's fine. Maybe they can just take 3 and the other 2 we deliver via our delivery system. That's fine. So integration between online and offline in the retail sector in Thailand is basically -- it doesn't exist, but I'm going to make it happen. Now Central Retails, we will capture A and B customers, beauty, cosmetics, we capture nearly 50% of the luxury brands, makeup, cosmetics. I think you ladies know about this thing more than I do. But young cosmetic, this is a segment that we haven't captured well enough, and we see that this is a very big potential. We have 210 branches that we think can do this young beauty business. And we're going to build 2 new brands, Kis and Looks. Kis is, I'm not good at this thing, but it's like -- it enable girls to use more colors on their faces and Looks is basically on the skin, you can cleanse your skin and revitalize it and moisturize it. So these 2 are kind of distinctive from one another, and we launched these already, but on a smaller scale, but we're going to push forward scaling them up. In terms of fashion, Fashion, well, the truth is it's a fast-moving thing. And we have to manage this brand in and brand out very well. Last year, in and out, it was like 300 brands. I think we're going to do 600 brands this year to make sure that, first of all, the clothing has to be younger and more affordable and luxury brands for sure, we understand it. They come from everywhere, Korea, China, Vietnam, including international brands. And next year, there will be -- sorry, this year, it will be World Cup. So this World Cup fashion is sporting sports item. So you see more of that. The second one is about uplifting -- sorry, this is softline uplifting. I'm sorry, this is GO! Yes, GO! in Vietnam. We are very strong in Vietnam in terms of food is by far very good. But what will capture more traffic is -- you see to go by the vegetables, fresh producers, right, is growing slower than ready-to-eat the RTE, right? So RTE is a bigger portion. So we do our bakery, pizza, chocolate corner, coffee shop, things like that. And this is the expansion, and we already initiated that. And on nonfood, be it hardline, softline merchandises our home products, our private labels, we're going to expand on these things as well. In total, across these categories, we will drive. We already tasted it, okay? And it's 15% to 30% sales growth. That means food will grow 10% or something. But nonfood, it will grow even much more. So this is only single digit, right? We want the nonfood to be double digit actually. AI and technology is these are essential. I think we have limited time. I'm going to speed up a little bit as important as customers, right? So we just incorporate into customers and marketing, store operations, generating content, these days, you can create your video without using movie stars. You can just prompt them and then just generate video. This is real. So you can reduce the costs and production costs on media making. So you can use this thing in terms of customer analytics, pricing, demand forecasts and things like that. And also, we do electronic shelfing in Tops and in GO! wholesales and also in [ Thaiwatsadu ]. So AI agents, we have AI agents for internal uses. It's just like the way you ask Google or so whatever you want to know, you have this AI internally, you can ask or even a staff can ask about anything, say, how many days of they've got left, they just say things like that in Thai and then they get the number of days. And you can ask, okay, what's the feature of these products? You can ask the AI and the AI give you the answer and you can relate that to your customers -- I mean, our customers. We want to be an omni retailer, and we have to have this offline and online platform like very well managed. So online and offline, we integrate them together. Once you manage to do that, we believe that we can do unified pricings, unified promotions, omnichannel coupons, integrated inventories and things like that. So this whole thing is about supporting our omni feature to be stronger. Now in terms of expansion, the past year, we managed to expand in Tops and GO Wholesale and Thaiwatsadu and also we improved our storefronts at Central and Robinson Lifestyle. And next year, we'll expand more, say 10 branches more for Tops, excluding Tops Daily and then we do 3 to 5 more Thaiwatsadu and 2 more for GO! And Robinson Lifestyle, we renovate our branches also. Now in Vietnam, you see growth across all segments, be it shopping mall, hypermarket and mini go! So we will open more, as you can see, the numbers on the board. So all these things is our expansion plan for 2026. And for today, I'd like to suggest that you consider our business has been expanding, and this is our core business, and we're creating and generating even more cores. And I'd like to introduce you to Khun Thanawat. He is the President of Central Home Group. He's in charge of Thaiwatsadu, BnB Home. Khun Thanawat has been with our business for 20 years. And he's been with me starting this Thaiwatsadu 12 years already. And his expertise, I mean, I trust him completely. All the good things about Thaiwatsadu is not me. So it's his work. Let's see if Thaiwatsadu is going fast as we have gone before, I am sure it will be like that. He pushed a lot of good things. And as you can see, the result, we're going strong. Now let me invite Khun up on stage so that he can share his vision and how we're going from now.

Thank you. Hello, everyone. So it's first time ever get to see you here. So thank you, my boss, for introducing me. And just like you mentioned, I've been in the business for nearly 30 years, Central Retail 22 years and the past 12 years, [indiscernible] at Thaiwatsadu. And this year, Thaiwatsadu, we're celebrating our 16-year anniversary. In March, we're going to launch this promotion 16 years and returning profit to our customers, THB 16 million. Now I have a lot in store to share with you data for the past 10 years, our track record. So 2015, that's the year we started, it was THB 19 billion, that's our sales, 2025 of THB 43 billion. Main figures is CAGR, CAGR, single high digit, 9%, the highest in the industry and 2025 we are the only retailer that has this positive growth because the economy was super challenging. Now with this growth, we benchmark ourselves as a top performer, if you do global benchmarking, when you go talk to them, the sales is like USD 1 billion, so they welcome us. And 2023, we achieved USD 1 billion. The next year, it was EUR 1 billion. And last year is GBP 1 billion so this is our big pride. Now with this growth, what comes out of it, we are still the leader in the industry, and we have this market share. Just this industry, 2019 is 19%, 3 years down it was 21%. And last year, the market share was [ 35% ]. And I think this trend will continue to grow. We eat up more market shares. And Thaiwatsadu, maybe you'd like to know how we operate our businesses. The red one is the original format. This is both in Bangkok and upcountry, and the next one is hybrid format is we combine the strengths of BNB and Thaiwatsadu. So BNB is premium segment for homeowner, but this is the place where architect designer, contractors and homeowners have can come and enjoy their experience here. And along the way, we developed new formats. We call it Ampher format. So this is blue, the kind of theme is blue so that we can go to secondary cities, invest not so big, but fast expansion. So the focus in the next 3 years will be the first and second one, red and white. So we have altogether 89 locations across the country of all these formats, and we cover 52 provinces out of 77. Now we have grown to become the leader in industry. How we achieve that? Let me share you the background. We formed our company 2010, 16 years already now. So after 5 years, we noticed that the contractors and technicians that go there and it's kind of tough for them. There's a lot of dusty at work and things like that. So we came up with this gallery, all the things warehouse, it could be piece parts, merchandise or pictures and air condition to place so that they feel comfortable, right, cutting through traffic, going through the dust. Now everybody knows house is a big investment, right, and car is next to that. So I discussed with my boss and think about the possibility. So we did that in secret. And then we fine-tuned about 5, 6 years, and we were faced with COVID and things like that. Now just like my boss mentioned before, we're going to expand another 50 locations this year. So after our big enjoyment on growth, we decided to study the possibility, the potentials for secondary cities. So this is why we came up with the blue format, that was 2019. 2020, that was a crisis, but also an opportunity. We started this e-commerce during the COVID time. I think we started this e-commerce 6 or 9 months in the year, and we didn't really work from home. We came to a safe location. And we wanted to be an experience provider since they want. So if they come to the store and they say they want to get the same price, it's the same price we offer. So we had the slogan. We have physical store, digital store experience, digital experience is what we want to offer as a great experience to our customer. And that's not the end of it. 2021, we knew that Thaiwatsadu is a very strong brand. And then customers have advanced to new lifestyle. They have more spending power. So you see Thaiwatsadu, which is strong in construction materials and BnB, which is higher for home items, right? So we married the 2 together. And guess what, everybody else in the industry did the same. They follow our lead. Now Thai people, we have this -- we focus on homeowner. And so this is why we offer services more. 2024, we thought that this renewable energy was very strong. Everybody wants to have solar sales on the rooftop. So we wanted to give them the whole solution package. So the roof has to be good. So this is why we launched this roof world to accommodate this growth on solar roof and the government is backing us up actually. The policy is supporting us. Other than strong and sustainable growth, we have always conscious about our core DNA. We deliver profitability and efficiency, both in terms of customers dealing and staff dealing. When you go to a bank, right, you have to provide them service by the queue. So you have this online and show it on the screen. We are the first to launch this digital price sign because price fluctuates quickly in construction materials. And we implemented this first in the industry, just like my boss mentioned, when you did homeowner more and more, so you have longer queue because smaller bills more, right? So we commercialize this thing in effectively. People just did this sign in front of the location. It didn't work out. So we did this thing implement on the floor and it really worked out. And so we did this tax invoice and everything. And we do this in electronic format, not just a hard copy. So combining technology innovation together, the cost control is achieved, and we have the right number of staff and our staff can focus on dealing with customers that don't have to waste too much time in the back end really. Okay. So just like I mentioned earlier, we look after our business, our customers. We, of course, are keen to give back to our community. So the new concept, we reduced our greenhouse gases using solar roof energy and also EV truck, large trucks, as you can see on the slide, wheels distributing our merchandises across the country. And we give back to our society tending to the disabled. We have been doing this thing for 10 years, but we didn't really advertise too much on this thing. Anyways, yes, we have these green products and eco products and also big retail shops. We manage our waste. Now let me introduced Auto 1, just like I said, we tested it just 2 branches 2018, and then we worked on it during the COVID time. Now past year, we had altogether 53 locations and we fine-tuned our secret sauces and success factors. And this year, we're going to double that. We're going to go beyond 100 this year, and we have secured more than half the locations we are aiming for. And let me share with you the key success factors driving this business. Number one is Thaiwatsadu Central Retail. Central Group, we have our locations, right? And we've been doing this business 7, 8 decades, and we know how to get the right locations. Number two, customer base, the one ecosystem, we have more than 20 million, we can we can utilize this customer base and we can expand this with confidence. The third one is our [ coordinate ]. My boss emphasize on this thing. Taking care of your car, it's like you go to a doctor. If you do not force on your patient, customers will love you, right? It's the same. So we are very transparent. We do free checkup service before you hit the road, a long journey, we do that for free. If you come with a leak tire, we do free service as well. Nitrogen filling THB 20. Here is free. Yes, you can do either nitrogen or regular air. If your car breaks down within 5 kilometers, we just dispatch our team. If you do not -- if your car doesn't start, 5 kilometers, we send in our team, yes, dispatch them. That's fine. So this is how we make ourselves stand out from our competition. Now lastly, we have a variety of our brands and products. So if you come here, you can buy just this brand, we don't do that, right? If you -- for example, tires, sometimes it's brand specific for whatever shops. For us, we have Chinese, Korean, Japanese, European, all kinds of tires available in one single location. Anyways, yes, innovations, dedications, intentions 2025 is the year that we are very proud of. We got 2 major accolades. Number one is Thailand's Top Company Awards in Building Materials from Business+ Magazine in collaboration with the University of Thai Chamber of Commerce. And we are #1 in their eyes. Now the second -- the other one is Thailand's #1 Brand in the Building Materials retail category. This is Thammasat University in collaboration with the entity based on 6,000 surveys. Well, we are the #1 brand top of mind actually in terms of construction materials. So this is our big pride. And these are the things I'd like to share with you. Thank you so much. I'm sorry, I'm going fast because the time is limited. Now next, if I may invite Khun Panet, our CFO, to share information on finance.

Hello, everyone, fund managers, analysts and bankers. I think last year, we just met, and it's good to see you again anyways. Yes. You heard earlier about the big picture, the strategies and visions that was very complete actually. So I'll just focus on linking or translating these strategies into financial. Now before we talk about financial guidance, let me give you this information. The past year, we had these 3 actions that we took -- financial actions actually that enable our CRC financial position to be even stronger, the 3 things that we did, [ Khun Ty ] mentioned before is the portfolio readjustment, we sold a business, and we are about to sell another business so that we can release this cash tied up in those investments. Now the second one is we communicate -- we have communicated -- we have been communicating this thing. We delayed our investment in new branches just to keep cash for future usages. And we were not -- we didn't know that a war were coming and then we managed our debt very efficiently. As a result, right now, I can say this, we have leverage ratio that's the lowest since our IPO, debt to equity or debt-to-EBITDA either way anyway. And debt-to-EBITDA, you can see this is the first time that we drove this leverage ratio down to below 2.0 and net debt to equity is about 0.8. That's it. And when we are ready financially with this strong foundation, this year, we're going to -- we'll be able to drive our organic sales growth. So we resume our expansion more than what we did last year. So new openings this year, the year after '27 and '28 as well. So we'll invest for the future. Now the thing is we do not forget to maintain and revise our existing assets which have contributed 1/3 of our sales growth. I mean, we contribute this year 1/3 of sales growth, but EBIT as well. So you mentioned earlier about briefing up online and then resuming our expansion plans. Now the second one, you can see we aim to grow EBITDA ahead of sales. So how can we achieve this? Of course, we have a few things that we can take action upon to drive this bottom line growth. And we have our plan to expand our gross profit margins even though we have wholesales in our portfolio more and more, but we will drive our cost obviously have GP margins -- better GP margins and make sure that it's bigger than last year, at least not below last year. And in terms of cost control, we have to keep on doing this. This year, we target a few major ones, major contributors in terms of expense, these things, these items will have to be the right proportion against sales, better than last year or not bad, not worse. Now some businesses generates revenue, but they generate losses as well. So we rationalize them out. And going forward, there won't be this thing dragging us down. Now the third part is M&A. Well, we have been doing M&As, a lot of M&A deals and mostly is opportunities that just popped up, they came to us and it's good strategic opportunities. And right now, we have more financial capability in the next year or 2, we will just do more M&A and will be more proactive. And the size will be even bigger and all these things so that we can enhance the values to our shareholders. This is maximizing shareholders' returns basically. Now 2026, we intend to grow our top line revenues, say, 4% to 5% and EBITDA about 5% to 7%. And we have enablers that you can see on the board, just the organic investment, it will be about THB 16 billion to THB 18 billion, 70% will be in Thailand, 30% in Vietnam. Renovations, existing assets will be 40% and 60% new locations. Yes, so this is a different trend than last year, 2025, it was investment in existing assets, renovation, say, 55% and the new was 45%, but the proportion has achieved and [ 2077 ], we'll talk about it later. But I think the proportion of opening new locations, I mean, as far as CapEx is concerned, it is going to be larger than this year. So I think the war doesn't prolong, and we hope that we can deliver our targets accordingly. So that's the end of my presentation. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]