In 2025, the global economy continued to face significant uncertainty arising from multiple factors, including the monetary policy direction of major economies, economic slowdowns in certain regions, volatility in energy prices, and ongoing geopolitical tensions that continued to exert pressure on economic activities across various parts of the world. These conditions underscored the need for businesses to maintain flexibility and the ability to adapt swiftly to an increasingly dynamic and rapidly changing environment.

For Thailand’s economy in 2025, growth remained supported primarily by the tourism sector and the gradual recovery of domestic economic activities. Although private consumption and investment continued to expand, growth remained subject to constraints despite the gradual easing of financial costs following central banks’ accommodative monetary policy stance. Inflation moderated and remained at levels lower than the previous year, while the export sector continued to face challenges stemming from the incomplete recovery of key trading partners’ economies amid intensifying competition in global markets.

Such an operating environment highlights the necessity for business organizations particularly those in the real estate industry to exercise prudent management, implement robust risk planning, and continuously adjust strategies to sustain long-term growth in a disciplined and sustainable manner.

For Nirvana Development Public Company Limited (“NVD”), the Company places strong emphasis on effective asset management, continuous enhancement of project quality, and building trust and confidence among customers and all stakeholder groups. We remain focused on adapting to rapidly changing economic conditions by utilizing scenario analysis and risk assessment as fundamental components of our business operations, while viewing market volatility as an opportunity to strengthen our capabilities and create long-term resilience.

As a result of conducting business under strong corporate governance principles, the Company received recognition from several external organizations in 2025, including the following achievements:

1. A “Excellent” CGR rating for the eighth consecutive year;
2. A full score of 100 points for the Annual General Meeting of Shareholders assessment for the eighth consecutive year;
3. Selection as a constituent of the Thailand Sustainability Investment (THIS) list in the Property and Construction sector for the fifth consecutive year; and
4. Recognition for sustainability disclosure practices through the Sustainability Disclosure Recognition Award.

I would like to express my sincere appreciation to the Board of Directors, management team, and all employees for their collective dedication in driving the Company forward with responsibility and a strong commitment to good corporate governance. I would also like to extend my gratitude to our shareholders, customers, business partners, and all stakeholders for their continued trust and support.

The Board of Directors reaffirms its commitment to performing its duties with prudence, transparency, and adherence to the principles of good corporate governance, for the highest benefit of all stakeholders. We remain fully committed to leading NVD toward stable and sustainable growth over the long term.

Mr. Vichien Jearkjirm

Chairman of the Board of Directors