Dear Shareholders,

The year 2025 was a period of significant challenges for businesses worldwide. We faced continuous economic volatility, driven by geopolitical tensions and trade protectionism, which affected global production and logistics. At the same time, the rapid leap in AI technology and the climate crisis acted as catalysts, forcing every organization to adapt quickly.

In Thailand, although the economic recovery remained fragile due to high household debt and limited purchasing power, these circumstances served as a vital test. They pushed us to manage risks more prudently while laying down new strategic foundations for long-term sustainable growth.

Over the past year, following our full restructuring into a holding company, we have driven our business with both caution and speed to keep pace with changing consumer behaviors. Our core focus remains the creation of high-quality content that resonates with our audience’s tastes, alongside expanding our reach across all platforms to engage our target groups most effectively

At the same time, we maintain the highest priority on financial discipline and stability to build shareholder confidence. We have adjusted our investment strategies to align with our corporate direction, aiming for sustainable returns that further strengthen the business ecosystem of GRAMMY. This is achieved through our subsidiaries and associates in our core businesses: Music, Home Shopping, Movies, and Media.

Above all, we are committed to doing business based on ESG principles, integrating them into every work process. Our goal is to build a foundation that allows our organization to grow sustainably alongside society and the environment for years to come.

For the music business, operated through GMM Music Public Company Limited (“GMM”), our flagship subsidiary, we have remained resilient despite intense competition. We continue to unlock the potential of our artists and expand our showbiz and music festival business nationwide, which serves as an economic multiplier for local communities. Our investments in new ventures and strategic partnerships with global leaders such as Tencent, Warner Music Asia, and YG Entertainment have fortified our musical ecosystem and elevated the Thai music industry to an international level.

For the home shopping business, we have consistently adapted to changing lifestyles by closely monitoring consumer behavior to enhance accessibility and distribution channels, while improving operational efficiency to achieve continuous cost reductions and sustainable profitability.

For movie business, GDH released three major titles in 2025: Flat Girl, The Red Envelope, and Diva...La Vie. Notably, The Red Envelope received an overwhelming response with a domestic box office of over THB 150 million and international distribution. Furthermore, the film Human Resource was the sole Thai representative selected for a World Premiere at the 82nd Venice International Film Festival, a milestone of immense pride for the Company.

We remain dedicated to maintaining the highest standards of corporate governance, operating with integrity and ethics. For the 15th consecutive year, GRAMMY has been rated Excellent or 5 Stars by the Thai Institute of Directors (IOD), ensuring that our business can grow securely and sustainably.

On behalf of the Board of Directors and the management of GMM Grammy Public Company Limited, we would like to express our deepest gratitude to our investors and all stakeholders for your continued trust and support. We reaffirm our commitment to steering the company toward sustainable growth, remaining future-ready, and delivering maximum value to all stakeholders.