TURBO set to accelerate growth following Day 1 of SET trading Ready to expedite loan portfolio expansion

Ngernturbo Public Company Limited (TURBO), a retail financial service provider, is all set to drive its growth following the Company's first day of trading on the Stock Exchange of Thailand (SET). TURBO highlights its exponential growth in its loan portfolio, surmounting all economic hurdles with profitability exceeding industry average. The Company is also determined to expand its branch network to at least 1,457 locations by the year 2029, in parallel with the development of new financial products and services. This plan is expected to further enhance the Company's overall loan portfolio and contribute to continued growth. The objective is for TURBO to become a leading national retail financial service provider.

Mr. Sutach Ruangsuttipap, Chief Executive Officer of Ngernturbo Public Company Limited (TURBO), revealed that Ngernturbo Plc.'s shares will begin trading on the Stock Exchange of Thailand (September 30, 2025) in the FIN (Financial & Securities) Sector under the FINCIAL (Financial) industry group, with the symbol "TURBO". This listing follows the successful IPO (initial public offering) of 537 million shares priced at 1.50 baht per share, which attracted overwhelming interest from both institutional and retail investors. This success reflected confidence in Ngernturbo's business operations and growth potential, which will definitely make TURBO one of the most sought-after stocks upon its listing.

Following the SET listing, TURBO is ready to build on its success in order to become a leading national retail financial service provider, and to achieve strong growth through the following key strategies: 1) Building the brand as the No.1 choice for customers, with the emphasis on speed, convenience, and quality of service to ensure a high level of customer satisfaction and word-of-mouth referrals; 2) Developing the Company's information technology systems. In this direction, TURBO continues to maintain the strategy of building on its in-house technology team that can quickly develop specific and flexible technology systems most suitable for the organization. Furthermore, the Company prioritizes the adoption of artificial intelligence (AI) technology to enhance efficiency in every work process; 3) Enhancing customer convenience by expanding branch coverage nationwide, with the aim to establish no less than 1,475 branches by the year 2029. Also in the plan is to develop better access to comprehensive financial products to ensure an extensive coverage; 4) Developing a diverse range of products to meet the differentiated needs of customers, such as increasing the types of loan collaterals, expanding insurance product lines, and increasing the number of insurance partners, etc.

"I am confident that after our listing on the Stock Exchange of Thailand, TURBO will achieve stronger growth and generate more sustainable returns for shareholders, driven by customer-centric financial services, customer satisfaction, word-of-mouth referrals, together with the use of specially developed technology systems. All these processes will help to ensure that TURBO will be able to quickly adapt to any situation and maintain low operating costs in the long term," Mr. Sutach added.

In 2023 and 2024 fiscal years, the Group's total revenues were 2,430.7 million baht and 3,033.2 million baht, respectively. That translated into a 24.8 percent increase, with net profits of 131.7 million baht and 141.6 million baht, respectively - a 7.5 percent increase.

For the first six months (January-June) of 2025, the combined revenue reached 1,517.6 million baht, a 3.7 percent increase, and net profit was 235.9 million baht, or a 285.8 percent increase compared to the same period of the previous year. As of June 30, 2025, the net interest margin was 19.8 percent, which was higher than the industry average? of 15.1 percent. Moreover, the net income after deducting expected credit losses to net loan receivables averaged out at 21.8 percent, which was higher than the industry average of 18.0 percent.

Mr. Paiboon Nalinthrangkurn, Chief Executive Officer of TISCO Securities Company Limited, in the capacity as lead-underwriter, and the representative of TISCO Bank Public Company Limited as financial advisor, stated that TURBO has high growth potential, driven by the overall scenario of non-financial institution retail loan market, which has grown significantly from 220 billion baht in 2018 to 630 billion baht in the first quarter of 2025. This is equivalent to an average annual growth rate of 18.6 percent, which is higher than the overall personal loan market under the supervision of commercial banks, which grew from 170 billion baht to 220 billion baht during the same period - or an average annual growth rate of 4.5 percent. This reflects the continued growth in demand for retail loans from middle- to low-income customers who do not have access, or have limited access, to commercial bank financial services. This group makes up a large segment of the country's population.

Positive factors across the industry are also driving TURBO's compounded average growth of revenue from interest, which is its core business, to an annual rate of 40.8 percent from 2022 to 2024, while the Group's revenue from insurance brokerage and life insurance brokerage grew about 54.3 percent per year on average from 2020 to 2024. Therefore, it is most likely that the Company's sturdy foundation and solid long-erm growth potential will enable TURBO to become one of the quality stocks in the Thai capital market.

Mr. Pongsak Phrukpaisal, Managing Director of Kasikorn Securities Public Company Limited, in the capacity as lead-underwriter, said that he was confident that TURBO will be a growth stock that will generate good returns for investors. This is attributable to the Company's quick and convenient services, customer empathy, and the team comprised of new generation of professionals with expertise in finance and digital technology. The Company utilizes technology to drive the organization at every process for efficient operations, resulting in impressive results and a high word-of-mouth referral rate among customers of 20.7 percent. This has led to average exponential growth in loan portfolio of 31.5 percent per year between 2020 and the second quarter of 2025. Furthermore, the Company has the opportunity to significantly expand its loan portfolio although it is a relatively new operator with an average branch age of only 4.1 years.

Note: ?A group of five (5) listed industry operators on the Stock Exchange of Thailand.

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