Income Statement

Revenue

-4%

-22%

10Y

Currency: THB

	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	17	18	19	20	19	18	15	13	13	16	19	24	30	36	44	50	57	62	65	65	62	57	52	46	41	38	35	33	31	28	25	22	20	18	15	13	11	11	12	12	12	11	12	14	18	23	26	0
Revenue	803 N/A	874 +9%	952 +9%	1 023 +7%	1 102 +8%	1 196 +9%	1 306 +9%	1 428 +9%	1 576 +10%	1 727 +10%	1 881 +9%	2 040 +8%	2 281 +12%	2 519 +10%	2 778 +10%	3 016 +9%	3 155 +5%	3 270 +4%	3 327 +2%	3 353 +1%	3 329 -1%	3 282 -1%	3 241 -1%	3 188 -2%	3 127 -2%	3 054 -2%	2 911 -5%	2 863 -2%	2 838 -1%	2 817 -1%	2 872 +2%	2 770 -4%	2 664 -4%	2 545 -4%	2 408 -5%	2 317 -4%	2 204 -5%	2 122 -4%	2 550 +20%	2 511 -2%	2 026 -19%	2 562 +26%	2 088 -19%	2 128 +2%	2 181 +2%	2 211 +1%	2 244 +1%	2 226 -1%
Gross Profit
Cost of Revenue	(604)	(652)	(712)	(774)	(820)	(890)	(968)	(1 054)	(1 165)	(1 280)	(1 398)	(1 516)	(1 718)	(1 907)	(2 103)	(2 305)	(2 430)	(2 540)	(2 616)	(2 653)	(2 640)	(2 608)	(2 581)	(2 547)	(2 492)	(2 449)	(2 355)	(2 321)	(2 316)	(2 298)	(2 311)	(2 232)	(2 143)	(2 056)	(1 975)	(1 914)	(1 837)	(1 772)	(2 115)	(2 076)	(1 635)	(2 043)	(1 617)	(1 613)	(1 629)	(1 635)	(1 654)	(1 630)
Gross Profit	199 N/A	221 +11%	240 +8%	249 +4%	282 +13%	306 +9%	338 +10%	374 +11%	411 +10%	448 +9%	483 +8%	524 +9%	563 +7%	613 +9%	675 +10%	711 +5%	725 +2%	729 +1%	711 -3%	700 -1%	688 -2%	674 -2%	660 -2%	642 -3%	635 -1%	605 -5%	556 -8%	542 -3%	522 -4%	519 -1%	560 +8%	538 -4%	521 -3%	488 -6%	433 -11%	403 -7%	367 -9%	350 -5%	436 +25%	436 +0%	391 -10%	519 +33%	471 -9%	516 +10%	551 +7%	576 +5%	589 +2%	596 +1%
Operating Income
Operating Expenses	(63)	(69)	(74)	(79)	(70)	(63)	(56)	(51)	(57)	(54)	(50)	(49)	(53)	(54)	(62)	(60)	(60)	(51)	(24)	(7)	32	48	51	63	(204)	63	53	37	10	1	(18)	(24)	(30)	(30)	(21)	(26)	(54)	(65)	(105)	(123)	(117)	(152)	(137)	(145)	(151)	(150)	(153)	(177)
Selling, General & Administrative	(90)	(107)	(115)	(128)	(124)	(136)	(144)	(150)	(158)	(175)	(181)	(188)	(190)	(213)	(230)	(245)	(243)	(276)	(277)	(273)	(215)	(230)	(223)	(220)	(200)	(231)	(242)	(254)	(264)	(266)	(272)	(276)	(281)	(282)	(274)	(274)	(294)	(298)	(380)	(381)	(305)	(383)	(311)	(317)	(303)	(312)	(317)	(338)
Depreciation & Amortization	(5)	0	0	0	(7)	0	0	0	(8)	0	0	0	(10)	0	0	0	(27)	0	0	0	(28)	0	0	0	(25)	0	0	0	0	0	0	0	0	0	0	0	(5)	0	0	0	(3)	0	0	0	(7)	0	0	0
Other Operating Expenses	31	38	42	49	61	73	88	99	108	122	132	139	146	159	168	186	210	225	253	266	274	278	274	282	21	294	295	291	273	267	254	252	251	252	253	248	245	234	274	258	191	232	173	171	160	161	164	161
Operating Income	136 N/A	153 +12%	166 +9%	170 +2%	212 +25%	243 +15%	282 +16%	323 +15%	353 +9%	394 +12%	433 +10%	476 +10%	510 +7%	559 +10%	613 +10%	651 +6%	664 +2%	678 +2%	687 +1%	693 +1%	720 +4%	722 +0%	711 -2%	704 -1%	431 -39%	668 +55%	609 -9%	579 -5%	532 -8%	520 -2%	542 +4%	514 -5%	490 -5%	458 -7%	412 -10%	377 -8%	313 -17%	285 -9%	330 +16%	312 -5%	273 -12%	368 +35%	333 -9%	371 +11%	400 +8%	426 +6%	436 +2%	419 -4%
Pre-Tax Income
Interest Income Expense	(17)	(18)	(19)	(20)	(19)	(18)	(15)	(13)	(13)	(16)	(19)	(24)	(30)	(36)	(44)	(50)	(57)	(62)	(65)	(65)	(62)	(57)	(52)	(46)	(41)	(36)	(29)	(24)	(19)	(14)	(13)	(10)	(7)	(6)	7	30	58	77	114	116	89	111	88	108	144	191	245	293
Total Other Income	0	(0)	0	0	0	0	(0)	(0)	0	0	0	0	0	(0)	0	0	0	0	0	0	0	0	0	0	271	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Pre-Tax Income	120 N/A	135 +13%	148 +10%	150 +2%	193 +29%	226 +17%	267 +18%	310 +16%	340 +10%	379 +11%	414 +9%	451 +9%	479 +6%	523 +9%	569 +9%	602 +6%	608 +1%	617 +1%	622 +1%	628 +1%	658 +5%	665 +1%	659 -1%	658 0%	661 +0%	632 -4%	580 -8%	555 -4%	513 -8%	506 -1%	528 +4%	504 -5%	483 -4%	452 -6%	419 -7%	407 -3%	371 -9%	362 -2%	444 +23%	428 -4%	362 -15%	479 +32%	421 -12%	478 +14%	545 +14%	617 +13%	681 +11%	712 +5%
Net Income
Tax Provision	(25)	(29)	(31)	(32)	(40)	(46)	(54)	(63)	(69)	(76)	(84)	(87)	(59)	(59)	(56)	(48)	(66)	(63)	(62)	(67)	(77)	(79)	(79)	(79)	(78)	(71)	(60)	(56)	(49)	(57)	(71)	(74)	(83)	(83)	(80)	(79)	(69)	(64)	(76)	(75)	(63)	(86)	(79)	(90)	(114)	(127)	(138)	(144)
Income from Continuing Operations	94	106	116	118	153	180	212	248	272	302	331	364	420	464	513	553	541	553	561	560	581	586	580	579	583	560	519	499	464	448	457	430	400	370	340	328	302	299	368	353	299	393	342	388	430	489	544	568
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	2	3	2	3	2	1	2	1	1	1	1	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(0)	(0)
Net Income (Common)	94 N/A	106 +12%	116 +10%	118 +1%	153 +30%	180 +17%	212 +18%	248 +17%	272 +10%	302 +11%	331 +9%	364 +10%	420 +15%	464 +10%	513 +10%	554 +8%	543 -2%	556 +2%	563 +1%	563 +0%	583 +4%	588 +1%	582 -1%	581 0%	584 +1%	561 -4%	520 -7%	499 -4%	464 -7%	449 -3%	458 +2%	430 -6%	400 -7%	370 -8%	340 -8%	328 -3%	302 -8%	299 -1%	368 +23%	353 -4%	299 -15%	393 +31%	342 -13%	388 +13%	430 +11%	489 +14%	544 +11%	568 +5%
EPS (Diluted)	0.16 N/A	0.18 +12%	0.2 +11%	0.2 N/A	0.24 +20%	0.22 -8%	0.28 +27%	0.31 +11%	0.34 +10%	0.38 +12%	0.42 +11%	0.46 +10%	0.53 +15%	0.58 +9%	0.64 +10%	0.69 +8%	0.68 -1%	0.69 +1%	0.7 +1%	0.71 +1%	0.74 +4%	0.75 +1%	0.75 N/A	0.74 -1%	0.75 +1%	0.72 -4%	0.67 -7%	0.65 -3%	0.61 -6%	0.59 -3%	0.61 +3%	0.57 -7%	0.53 -7%	0.49 -8%	0.45 -8%	0.44 -2%	0.4 -9%	0.39 -3%	0.48 +23%	0.46 -4%	0.4 -13%	0.52 +30%	0.45 -13%	0.51 +13%	0.57 +12%	0.64 +12%	0.72 +12%	0.75 +4%

Income Statement Balance Sheet Cash Flow Statement

Forth Smart Service PCL
SET:FSMART

Income Statement

Earnings Waterfall
Forth Smart Service PCL

Income Statement
Forth Smart Service PCL

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Forth Smart Service PCL SET:FSMART

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Income Statement Forth Smart Service PCL

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Forth Smart Service PCL
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Earnings Waterfall
Forth Smart Service PCL

Income Statement
Forth Smart Service PCL