Opportunity Day 11 March 2020

2019 KEY HIGHLIGHTS

61% Net Profit Growth YoY

Continuous expansion of outlets and pop-up

• After You Dessert and Café Branch expansion: • 6 branches in 2019

• Pop-up stores expansion: • 59 pop-up stores in 2019

Consistent Innovation of New Products

• 20 new products including OEM products in 2019

• New product line – Delivery (grab and go) and other confectionery

• Revenue increased by THB 323 million or 37% YoY

• Gross profit increased by THB 191 million or 33% YoY, and GPM decreased by 2.1% YoY from YE2018

• Net profit increased by THB 90 million or 61% YoY, and NPM

increased by 3.0% YoY from YE2018

Dessert Café Dominates as the Largest Portion of After You Revenues

3

After You Revenue (Unit: Million Baht)

2018 2019

+37%

Non-Café

Pop-up Store

Online Sales

Dine-In (72%)

Take-Away (22%) /Delivery (6%)

OEM

Catering

Dessert Café +34% growth

+112% growth

871

1,194 36 47 1,111

14 25

832

2% 3%

96%

3% 4%

93%

-5.0%

8.9%

2018 2019

Same-Store-Sales-Growth

Number of Stores 32 38

Revenue from Dessert Café in 2019 increased by THB 279 million or 34% from 2018 as more branches are opened, together with the significant improvement in SSSG.

582

773

147 237

2018 2019 2018 2019

Gross Profit and Net Profit Increased in Line with the Increase in Revenue

4

Gross Profit Margin (%)

Gross Profit (Million Baht)

Gross Profit and Gross Profit Margin

66.8% 64.7%

16.7% 19.7%

+61%

+33%

Net Profit and Net Profit Margin

Net Profit Margin (%)

Net Profit (Million Baht)

In 2019, gross profit was THB 773 million which increased by THB 191 million or 33% from 2018. The increase was mainly attributed to 6 additional branches in 2019 together with the continuous launch of take-home products, new menus and seasonal menus.

Gross profit margin (GPM) in 2019 was 64.7% which decreased by 2.1% from 2018. The decrease was mainly attributed to the higher portion of take-home sales which yields lower GPM.

Net profit margin in 2019 was 19.7% which increased by 3.0% from 2018 as the operating revenue increased, while the SG&A expenses did not increase significantly as the Company had better expense control.

In 2019, net profit was THB 237 million which increased by THB 90 million or 61% from 2018, due to operational efficiency and economies of scale of operating 38 branches.

Selling Expenses to Revenue Improved from Higher SSSG while Admin Expenses to Revenue Improved from Higher Revenue Growth

5

Selling Expenses

271

329

140 162

2018 2019 2018 2019

Administrative Expenses

30.8% 27.3%

15.9% 13.4%

+21%

+16%

% Selling Expense to Total Revenue

% Admin Expense to Total Revenue

Selling Expenses (Million Baht)

Admin Expenses (Million Baht)

In 2019, selling expenses was THB 329 million, increased by THB 58 million or 21% from 2018, due to the increase in selling expenses regarding new additional 6 branches opened in 2019.

Selling expense to total revenue in 2019 was 27.3% which improved by 3.5% from 2018. The decrease was mainly from significant increase in sales from dessert café in every quarters, while store-related expenses did not increase significantly.

In 2019, administrative expenses was THB 162 million which increased by THB 22 million or 16% from 2018. The increase was mainly due to the higher back office salary expenses as a result of business expansion.

Admin expenses to total revenue in 2019 was 13.4% which improved by 2.5% from 2018 due to better control on the back office expenses.

Balance Sheet as at 31 Dec 2019

6

Total Assets Total Liabilities and Equities (Million Baht) (Million Baht)

62 84

403 406

57 59

505 598

70 53 1,097

1,200

31 Dec 18 31 Dec 19

6%

37%

5%

6%

46% Land, Property and Equipment

Other current assets

Short-term Investment

Other non-current assets

7%

34%

5%

4%

50%

+9%

Cash and Cash equivalent 116 125

24 37

957 1,038

1,097 1,200

31 Dec 18 31 Dec 19

11% 2%

87% Equity

Non-current Liabilities

Current Liabilities 10% 3%

87%

Total Assets Land, property and equipment increased by THB 93 million or 18% because of the plant expansion and the opening of new branches.

Other non-current assets decreased by THB 27 million or 24% was mainly due to decrease in advances for acquisition of assets.

Total Liabilities THB 13 million increase in other non-current liability was due to unearned revenue from initial franchise fee received in advance, and the increase in the provision for long-term employee benefits and the provision for decommissioning.

Total Equity Increase in total equity of THB 81 million was due to increase in retained earning.

+9%

After You Strategic Direction

7

Leading Product Innovation and R&D

Sales Channel Enhancement

Dynamic Branch Expansion

Domestic Expansion: Selectively expand through

pop-up store Remodeling existing stores

Branch as a distribution hub International Expansion:

Through Partnership

Strong and consistently innovative R&D team

More take-home products Expansion into new product line New business development concept

Actively seeking collaboration opportunities

Digital transformation by mobile application

Efficiency and Capability Improvement Increasing staff capabilities Expanding production facilities and benefit through economies of scale

Dynamic Branch Expansion

Domestic Expansion: Selectively expand

through pop-up store Remodeling existing

stores

Branch as a distribution hub

International Expansion:

Through Partnership

1. Branch Expansion: Opened 6 Branches Domestically in 2020

8

2020 Outlet Concepts Smaller-sized branch Same kitchen size, smaller seating area Increasing area for take-away

Zen @ Central World

Samyan Mitrtown

The Mall Ngamwongwan

MRT - Chatuchak

BITEC

Icon Siam (16 Jan)

Sukhumvit 11 (30 Apr)

The Third Place (5 Feb)

Central Patong (15 Feb)

The Market (20 Feb)

Central Hatyai (15 Jun)

6 Branches Opened in 2019

Major Outlet Expansion

2019 2020

1. Branch Expansion: Selectively expand through pop-up store

9

Dynamic Branch Expansion

Domestic Expansion:

Selectively expand through pop-up store

Branch as a distribution hub

International Expansion:

Through Partnership

Continue to expand by using 2 models of pop-up stores to increase awareness and accessibility of the brand 5 6

12 13

5 10

19

25

Q1/19 Q2/19 Q3/19 Q4/19

Number of Pop-Up Stores

Revenue from Pop-up (Million Baht)

Strategic Advantages Test new market & explore demand in

untapped areas Obtaining potential branches at low

investment costs

Central Plaza Surat Thani

Dining areas are available Limited menu selection Length of Stay: 3 months – 1 year

2019 2020

Dining areas are not available To-Go products are mainly sold Setting up areas are in a high

traffic location Length of Stay: 1-4 weeks

MRT - Phetchaburi

Shopping Mall in Tier 2 and Tier 3 cities

Office Building

BTS – MRT stations

Targeted Locations

Pop-up Store Expansion

Model 1: Semi-permanent store

Model 2: Kiosk

1. Branch Expansion: Hong Kong branch is expected to start operation in Q3/2020 waiting for the situation to relieve

10

Dynamic Branch Expansion

Domestic Expansion: Selectively expand

through pop-up store

Branch as a distribution hub

International Expansion:

Through Partnership

Hong Kong Branch Progress Update

Q3/2020 Q4/2019

Store Construction Completed

Expected Date to Start Operation

Waiting for the situation to relieve

International Expansion Through Partnership

2020 onwards 2019

Hong Kong

Coordinating with partner to explore opportunity to set up other franchise outlet in Hong Kong

Opening of the first franchisee branch in Hong Kong

Asia Pacific Actively seeking the right franchisee to

help After You expand to other countries Implication to After You

• After You has minimal impact from the delay in opening date as the store in Hong Kong is a franchisee branch.

• The revenue loss is estimated to be minimal as initial franchise fee was already recognized in late Q3/2019 and the portion of commission revenue is estimated to be small compared to total revenue.

1. Initial Franchise Fee 2. Royalty Fee from Sale 3. Revenue from sales of key ingredient

Revenue Stream • Franchisee Store (DODO model) Store Model

2. Strong Product Innovation: Launched 20 Products in 2019 and planned to introduce more than 10 products in 2020

11

Leading Product Innovation and

R&D Strong and consistent

innovative R&D team

More take-home

products

Expansion into new product line (Pancake Mix)

Strong Innovation of Product Launch

2020 2019 Consistent Launch of In-store Product New menu by adapting Thai-style original ingredients

More take-home products Increase Sales from faster turnover Use existing branch as a distribution hub

Expansion into New Product Line Longer shelf life Supported by more distribution channel (Modern Trade)

Targeted to launch 10+ products

(New and Revised Version of

Seasonal Products)

3. Sales Channel: Strong Partnership for Product Collaboration, Distribution Channel and Co-marketing Activities

12

Sales Channel Enhancement

Actively seeking collaboration opportunities OEM partnership with

airlines and corporates

Distribution Channel partnership with delivery players (Grab, Lineman)

Co-Marketing Partners

Higher area coverage of potential customers

Continuous revenue stream Increase brand visibility

Ensured revenue stream Increase brand visibility

Airlines and Corporates OEM Partners Delivery Services Partners

Co-Marketing Partners

3. Sales Channel: Strong Partnership for Product Collaboration, Distribution Channel and Co-marketing Activities

13

Sales Channel Enhancement

Actively seeking collaboration opportunities OEM partnership with

airlines and corporates

Distribution Channel partnership with delivery players (Grab, Lineman)

Co-Marketing Partners

Introduction of After You Application - 2020

Allow customers to know intensity of traffic at each After You branch and therefore could select the most convenient location

Traffic Visibility 1

Allow customers to clearly see all the items available on application and place the order before completing the payment at cashier

Advanced Ordering System 2

Expected benefit

Redistribute customer traffic across branches

Increased turnover from faster ordering and payment system

Larger ticket size per head

Keep track of customer purchasing behavior and offer personalized customer promotion

Point collection & more attractive rewards system

Enhanced Loyalty Program 3

Integrated online sales channel with partnered delivery platform

Online Sale Channel 4

Mobile Payment Convenience Automatic Loyalty Rewards

E-Wallet 5

Efficiency and Capability

Improvement

Expanding production facilities and benefit through economies of scale

Increasing Staff Capabilities

14

4. Efficiency and Capability: Continuous Investments to Improve Capacity, Capability and Productivity

Efficiency and Capability Improvement

2020 2019

Investment in Facilities for Growth

Investment for Staff Capability Improvement

Cold Storage New Plant Machineries and Equipment

Improve efficiency Increase production

capacity Increase economies of

scale

1 2 3

Accomodate increasing demands

Facilitate export and international operation

Reduce cold storage rental better supply management

Preparation for exports for international operation

Increase productivity

Investment in Capital Expenditure

Plant Expansion

Back Office and Logistic Improvement

New Branches and Project Development

~ 104 millions baht

~ 70.5 millions baht

~ 6.3 millions baht

In total, 180.8 millions baht investing in Capital Expenditure

Appendix

Appendix - Key Financial Ratios

17

0.21

0.11 0.15 0.16

2016 2017 2018 2019

D/E (Times) ROA (%)

ROE (%) EPS (Baht per share)

0.16 0.16 0.18

0.29

2016 2017 2018 2019

14.7% 12.8% 13.8%

20.6%

2016 2017 2018 2019

21.3%

14.8% 15.6%

23.8%

2016 2017 2018 2019