Sabai Sabai Sukhothai

H1 Performance Review 2026

ผลประกอบการครึ่งปีแรก มกราคม–มิถุนายน 2026 · เปรียบเทียบ Actual vs Budget vs Last Year (2025) · นำเสนอ Board / Owner

Sukhothai 52 Keys H1 2026 (Jan–Jun) Report Date: 14 Aug 2026 THB

Overview — H1 2026

Hero KPIs · Actual vs Budget vs Last Year

H1 JAN–JUN

Occupancy

55.6%

▼ 3.7 pts vs BG▲ +30.0 pts vs PY

ADR

฿1,075

▲ +4.0% vs BG▲ +10.7% vs PY

RevPAR

฿598

▼ -2.6% vs BG▲ +140% vs PY

Total Revenue H1

฿6.61m

▼ -1.2% vs BG▲ +128.7% vs PY

GOP H1

฿1.31m

▲ +1.4% vs BG▲ Turnaround vs PY

GOP %

19.8%

▲ +0.5 pts vs BG▲ +20.7 pts vs PY

EBITDA %

19.0%

▲ +1.7 pts vs BG▲ +21.9 pts vs PY

Headcount

12 Perm · 1 CasualBG 14

Net Profit H1

฿0.92m

▲ +12.9% vs BG▲ Turnaround vs PY -0.42m

Room Nights Sold

5,236

▼ -6.2% vs BG▲ +116.7% vs PY

Guests

9,745

▼ -3.0% vs BG▲ +60.0% vs PY

Operating Payroll %

17.5%

▲ -1.6 pts vs BG▲ -13.2 pts vs PY

Finding 1 — Revenue

Total Revenue H1 อยู่ที่ ฿6.61m ต่ำกว่า Budget เพียง -1.2% และสูงกว่า PY ถึง +128.7% โดย ADR ทำได้ ฿1,075 (+4.0% vs BG) แต่ Room Nights ต่ำกว่า BG -6.2% — ปริมาณเป็นตัวถ่วงหลัก

Finding 2 — GOP

GOP H1 ฿1.31m สูงกว่า Budget +1.4% และพลิกจากขาดทุน PY (-฿26.7k) มาทำกำไร — โครงสร้างกำไรแข็งแรงขึ้นมาก แต่ June ขาดทุน -฿43.5k ต้องมีแผนฟื้นฟู

Finding 3 — Seasonality

H1 มีฤดูกาลชัดเจน: Apr–May ต่ำ (Occ 49%) ขณะที่ Jun ฟื้นตัวเป็น 58.7% แต่ GOP เดือนมิ.ย. ติดลบจากค่าใช้จ่ายอื่นเกินงบ +฿1.75m (33.3%) — จุดควบคุมหลัก H2

P&L Performance — H1

Actual H1 vs Budget H1 vs Last Year H1

H1 AC · BG · PY

Room Revenue

฿6.19m

-2.5% vs BG+146% vs PY

Other Revenue

฿0.42m

+23.0% vs BG+12.4% vs PY

Cost of Sales

฿9.5k

0.1% of Rev

Operating Payroll

฿1.16m

-9.3% vs BG+30.4% vs PY

Dept. Profit

฿2.72m

-11.3% vs BG+125.8% vs PY

GOP

฿1.31m

+1.4% vs BGTurnaround

EBITDA

฿1.26m

+8.3% vs BGTurnaround

Energy

฿0.30m

-1.3% vs BG+41.2% vs PY

Rooms Profit %

37.3%

-5.6 pts vs BG+4.0 pts vs PY

Depreciation

฿0.34m

-2.2% vs BGH1

Revenue Comparison — H1 AC vs BG vs PY (฿m)

Revenue Mix — ACT H1 2026

Monthly Revenue (Jan–Jun) · AC vs BG vs PY (฿m)

Monthly GOP (Jan–Jun) · AC vs BG vs PY (฿k)

Overhead Expense — H1 AC vs BG vs PY (฿m)

H1 P&L Contribution — AC vs BG vs PY (฿m)

P&L Summary — H1 Actual vs Budget vs Last Year (฿)

Description	ACT H1	% of Rev H1	Budget H1	PY H1	Var vs BG	Var vs PY	หมายเหตุ
Total Revenue	6,614,621	100%	6,696,056	2,892,236	-1.2%	+128.7%	H1 = 41% ของ FY FC
Rooms	6,193,132	93.6%	6,353,456	2,517,095	-2.5%	+146.0%	Rooms-only operation
Other Operating	421,489	6.4%	342,600	375,140	+23.0%	+12.4%	Official Rental, Electricity, Misc
Cost of Sales	9,476	0.1%	0	7,819	—	+21.2%	Misc OOD
Operating Payroll	1,156,887	17.5%	1,275,439	887,197	-9.3%	+30.4%	Rooms payroll
Operating Other Exp	2,723,897	41.2%	2,348,764	790,661	+16.0%	+244.5%	▼ จุดควบคุมหลัก
Dept. Profit	2,724,361	41.2%	3,071,853	1,206,558	-11.3%	+125.8%
Overhead	1,414,182	21.4%	1,780,408	1,233,306	-20.6%	+14.7%	▲ ควบคุมได้ดี
GOP	1,310,179	19.8%	1,291,445	-26,748	+1.4%	Turnaround
PTax & Ins / Rent	58,628	0.9%	132,600	59,260	-55.8%	-1.1%	Property Tax + Ins + Vehicle
EBITDA	1,255,432	19.0%	1,158,845	-83,343	+8.3%	Turnaround	Profit before depr & amort
Depreciation	340,245	5.1%	348,000	339,563	-2.2%	+0.2%
Net Profit	915,187	13.8%	810,845	-422,906	+12.9%	Turnaround	▲ Profit resilience

Source: 2026-AC_FC-SSS P_L PROJECTION / 2026_SSS_P_L_BUDGET_V_2_12AC_Final / 2025-12AC SSS P_L PROJECTION · P&L-A (H1 = JAN–JUN)

Rooms

Payroll H1฿1,156,887

FY Payroll AC+FC฿2,292,505

FY Payroll Budget฿2,550,879

Var FY-10.1%

Dept. Profit%37.3%

Other Operating

Revenue H1฿421,489

FY AC+FC฿851,896

FY Budget฿685,200

Var FY+24.3%

Profit H1฿412,013

A&G

Payroll H1฿428,186

Other Exp H1฿175,137

FY Budget฿1,774,977

Var FY-32.6%

% of Rev9.1%

S&M

Payroll H1฿83,480

Other Exp H1฿13,106

FY Budget฿254,833

Var FY-14.1%

% of Rev1.5%

POMEC

Payroll H1฿287,659

Other Exp H1฿123,652

FY Budget฿932,067

Var FY-1.1%

% of Rev6.2%

Rooms Performance — H1

Topline ตาม Segment · Actual vs Budget vs Last Year

52 Keys · 9,412 RmNts Avail

Room Nights

5,236

-6.2% vs BG+116.7% vs PY

Occupancy

55.6%

-3.7 pts+30.0 pts

ADR

฿1,075

+4.0% vs BG+10.7% vs PY

RevPAR

฿598

-2.6% vs BG+140% vs PY

Net Room Rev*

฿5.63m

-2.5% vs BG+140% vs PY

Total Room Rev

฿6.19m

-2.5% vs BG+146% vs PY

Guests

9,745

-3.0% vs BG+60.0% vs PY

Dept. Profit %

37.3%

-5.6 pts vs BG+4.0 pts vs PY

3-Way Summary — H1 Rooms Topline · Net Room Rev (Excl. Service)*

Period	Rm Nights	Net Room Rev (฿)	ADR	Occ%	RevPAR	Guests
ACT H1 2025 (PY)	2,412	2,342,267	971	25.6%	249	6,090
Budget H1 2026	5,584	5,775,870	1,034	59.3%	614	10,051
ACT H1 2026	5,236	5,630,121	1,075	55.6%	598	9,745
Var vs Budget	-6.2%	-2.5%	+4.0%	-6.2%	-2.6%	-3.0%
Var vs PY	+117.1%	+140.4%	+10.7%	+117.2%	+140.2%	+60.0%

*Net Room Rev = Room Revenue (Excl. Service) = 5,630,120.85 · ADR = Net Room Rev ÷ Rm Nights · RevPAR = % Occ × ADR · Source: 2026-AC_FC-SSS P_L PROJECTION (P&L-A Rooms excl. 10% SVC) vs 2026 SSSFO Forecast BUDGET_2026 / ACT_2025

Interactive Segment Matrix — ACT H1 2026 vs Budget H1 2026 vs PY H1 2025

เลือก Segment & Metric แล้วดู กราฟ / ตาราง Matrix / Pie · จาก HERFO segment sheet (OBAR+OAPR รวมถึง REO) · H1 = Jan–Jun

Grouped Bar

ACT H1 2026 · BG H1 2026 · PY H1 2025

H1 Mix — ACT vs Budget vs PY

เลือกจาก All Segments จำนวน 3 Donut: ACT H1 2026 · Budget H1 2026 · PY H1 2025

ACT H1 2026

Budget H1 2026

PY H1 2025

Source: 2026 SSSFO Forecast · FC___ACT_2026 / BUDGET_2026 / ACT_2025 (segment totals H1)

Monthly Room KPI — ACT H1 2026 (Jan–Jun) · Net Room Rev (Excl. Service)*

Month	RM Nights	NET ROOM REV (฿)	ADR	OCC%	REVPAR
Jan	976	1,027,015	1,052	60.5%	637
Feb	841	965,018	1,147	57.8%	663
Mar	938	993,418	1,059	58.2%	616
Apr	767	813,885	1,061	49.2%	522
May	798	859,276	1,077	49.5%	533
Jun	916	971,509	1,061	58.7%	623
H1 Total	5,236	5,630,121	1,075	55.6%	598

*Net Room Rev = Room Revenue (Excl. Service) = 5,630,120.85 · ADR = Net Room Rev ÷ Room Nights · RevPAR = % Occ × ADR · Source: 2026-AC_FC-SSS P_L PROJECTION · P&L-A Rooms (excl. 10% SVC, JAN–JUN)

Manning Actual — H1

Payroll & Employee Relations · Headcount · Org Chart

12 Perm + 1 Casual

Total Headcount

BG 14 · PY 1312 Perm / 1 Casual

Payroll + Emp Rel H1

฿1.96m

-6.2% vs BG+17.2% vs PY

Operating Payroll H1

฿1.16m

-9.3% vs BG17.5% of Rev

Casual & OT H1

1 HC

HK Casual ×11 Vacant position

Payroll & Employee Relations by Dept (H1 AC vs Budget vs LY, ฿)

Department	H1 AC	Budget H1	LY H1	Δ vs BG	Δ vs LY
Rooms (Operating)	1,156,887	1,275,439	887,197	-9.3%	+30.4%
Total Operating	1,156,887	1,275,439	887,197	-9.3%	+30.4%
A&G (incl. HR)	428,186	432,473	451,606	-1.0%	-5.2%
S&M	83,480	83,887	81,444	-0.5%	+2.5%
POMEC	287,659	294,733	249,171	-2.4%	+15.4%
Total Overhead	799,324	811,093	782,221	-1.5%	+2.2%
TOTAL	1,956,211	2,086,532	1,669,418	-6.2%	+17.2%

Source: 2026-AC_FC-SSS P_L PROJECTION only (P&L-A · H1 payroll by dept vs Budget & LY)

Payroll Productivity (H1 AC vs Budget vs LY, ฿)

Item	H1 AC	Budget H1	LY H1	Δ vs BG
Operating Payroll (Rooms)	1,156,887	1,275,439	887,197	-9.3%
Overhead Payroll	799,324	811,093	782,221	-1.5%
TOTAL Payroll + Emp Rel	1,956,211	2,086,532	1,669,418	-6.2%
Payroll % of Revenue	29.6%	31.2%	57.7%	-1.6 pts
Payroll / Occupied Room	฿374	฿374	฿691	0.0%

H1 Payroll & Employee Relations = ฿1.96m (Operating ฿1.16m + Overhead ฿0.80m) — ใช้จริงต่ำกว่างบ H1 (-6.2%)

Source: 2026-AC_FC-SSS P_L PROJECTION only (P&L-A · H1 payroll & emp rel vs Budget & LY)

Headcount by Department (AC vs Budget vs LY, FTE)

Department	H1 AC Perm	H1 AC Casual	Budget 2026	LY 2025	vs Budget
Front Office	4	0	4	4	0
Housekeeping	5	1	7	6	0
Accounting	1	0	1	1	0
Engineering	2	0	2	2	0
TOTAL	12	1	14	13	-1

Headcount Summary: Permanent 12 (FO 4 · HK 5 · Acct 1 · Eng 2) + Casual 1 (HK Attendant/Gardening — 1 vacant position จองไว้) = 13 คน ต่ำกว่า Budget 1

Source: 2026 SSS Maning Plan · 4_Headcount

Org Chart — Sabai Sabai Sukhothai (Manning Plan 2026)

Hotel Manager (Cluster)

FO ManagerFront Office · 4 Perm

Thitiya DangsakonAgent · L1

Ploysuda PoonpenAgent · L1

Yutthana HongkhamAgent · L1

HK ManagerHousekeeping · 5 Perm + 1 Casual

Phutkanya SuwannachotAttendant · L1

Chalada WongsilaAttendant · L1

Nantawan LopkerdPublic Areas · L1

Narathon SangwanGardening · L1

Casual (1)Gardening / Rooms · Vacant

EN ManagerEngineering · 2 Perm

Sayan DachanthanCarpenter · L1

Chairucht MangkhangMech. Tech · L1

AC ManagerAccounting · 1 Perm

Janjira SangtuamTeam Member · L1

Source: 2026 SSS Maning Plan · 1_Manning_Plan & 2_Employee_Relation (▲ = Team Leader / promoted)

Cash Flow & CAPEX

CAPEX Budget Allocation · Monthly Cash Flow · Revenue vs Cash Balance

CAPEX 1,440,775

Total CAPEX Budget

฿1,440,775

SOE 130,267 + FF&E 99,507 + Special 1,211,000

CAPEX Spent H1

฿51,255

Q2 Completed · 3.6% of budget

CAPEX Remaining H2

฿1,389,520

Q3 ฿1,144,230 + Q4 ฿245,290

Opening Cash (BF)

฿2,658,875

2026 beginning balance

CAPEX Budget Allocation 2026 (฿)

By Department

By Category

Timeline Plan by Quarter

H1 Spent = Q2 ฿51,255 (3.6% of budget · Pillows ฿26,707 + Steam Vacuum ฿24,547) · เหลือ Q3 ฿1,144,230 + Q4 ฿245,290

Source: 2026-07-SSS CASH FLOW & CAPEX UPDATE · OSE / FF_E / Special_project / CAPEX_BUDGET

Monthly Cash Flow — Actual vs Budget (฿) H1 (Jan-Jun)

Month	Total Cash In (ACT)	Total Cash In (BG)	Total Cash Out (ACT)	Total Cash Out (BG)	Ending Bal (ACT)	Ending Bal (BG)	Var End Bal
Jan	1,993,849	2,049,479	874,806	1,131,171	3,777,919	3,579,473	+198,446
Feb	1,251,123	1,123,379	1,087,812	994,588	3,941,230	3,708,264	+232,966
Mar	1,330,960	1,051,785	943,559	910,523	4,328,630	5,296,966	-968,336
Apr	1,080,503	1,044,533	1,029,981	907,503	4,379,152	5,433,996	-1,054,844
May	1,033,546	1,137,624	1,062,881	1,347,059	4,325,270	5,224,561	-899,291
Jun	1,235,850	1,166,136	1,021,321	1,066,612	4,513,092	5,063,085	-549,993
H1 Total	7,925,831	7,572,936	6,020,360	6,357,456	4,513,092	5,063,085	-549,993

Source: 2026-07-SSS CASH FLOW & CAPEX UPDATE (ACT Row13 / Row26 / Ending Balance) vs 2026-SSS CASH FLOW & CAPEX BUDGET (BG, incl. Loan +1.5M Mar & CAPEX) · Var End Bal = ACT − BG

Total Revenue vs Cash Flow Ending Balance

Jan–Jun · Dual axis: ซ้าย = Total Revenue (พันบาท) · ขวา = Ending Balance (ล้านบาท) · เส้นทึบ = ACT, เส้นประ = BG

Source: 2026-07-SSS CASH FLOW & CAPEX UPDATE (ACT Revenue + Ending Balance) vs 2026-SSS CASH FLOW & CAPEX BUDGET (BG Revenue + Ending Balance incl. Loan +1.5M Mar & CAPEX)

Strategy & Action Plan

Live management actions from P&L — H1 review → H2

6 Actions

Headline Gaps (AC+FC 2026 vs Budget): Revenue +฿1,256,288 (+8.4%) · GOP +฿357,744 (+10.3%) · Other Expense -฿1,750,487 (33.3% unfavorable) · June GOP -฿43,488 (loss month)

Rooms — Strategy

June GOP RecoveryJune GOP ฿43,488 loss — ต้องปิด loss เดือนให้ได้ด้วยมาตรการระดับบัญชีและ run-rate recovery

Open · due 46,265

Other Expense ControlGap ฿1,750,487 (33.3%) — freeze non-essential spend, ต้องมี approval ทุกรายการนอกงบ

Open · target <10%

Rate & Occupancy OptimizationOcc +1.5pts, ADR +5.2% vs BG — ป้องกัน ADR ในช่วง peak, fenced offers เฉพาะ soft period

Monitor

Support — Strategy

Payroll ProductivityPayroll -10.1% vs BG — คง roster efficiency, ควบคุม overtime, รักษา service level

On track

Overhead DisciplineOverhead -16.8% vs BG — preserve savings, redeploy เฉพาะ initiatives ที่วัดผลได้

On track

Profit ResilienceNet profit +15.3% vs BG — rolling forecast + downside scenarios (occ, ADR, energy, expenses)

Open · due 46,270

Source: 2026-AC_FC-SSS P_L PROJECTION · Strategy___Action_Plan

PDCA Execution Plan

Plan → Do → Check → Act · สรุป H1 → มาตรการ H2

PDCA Cycle

1 · PLAN

What gap must be closed and by when?

Validate root causes ของ June GOP และ Other Expense overspend ตั้ง monthly targets + owners

Output: Approved recovery plan

Control KPI: Actions quantified & assigned

Escalation: ไม่มี plan อนุมัติภายใน due · Owner: Finance + HODs

2 · DO

Are agreed actions being executed?

Apply spend approvals, weekly roster alignment, rate controls; บันทึก actions + realized impact

Output: Action log & evidence

Control KPI: Completion ≥ 90%

Escalation: missed milestone / repeated loss · Owner: Process owners · Weekly

3 · CHECK

Are results improving versus Budget?

Review revenue, GOP, expense, payroll, occupancy, ADR vs Budget และ forecast ล่าสุด

Output: Variance dashboard & forecast

Control KPI: GOP ≥ 0 · expense gap < 10%

Escalation: KPI outside tolerance · Owner: Finance · Weekly / Monthly

4 · ACT

What must be standardized or corrected?

Standardize effective controls, revise มาตรการที่ไม่ได้ผล/owner/assumptions, อัปเดต AC+FC

Output: Updated SOP, forecast & priorities

Control KPI: FY net profit ≥ Budget

Escalation: material forecast deterioration · Owner: GM + Finance · Monthly/Quarterly

Full Year Forecast 2026

H1 Actual + H2 Projection = FY AC+FC · vs FY Budget

AC+FC

FY Revenue

฿16.16m

+8.4% vs BG+51.5% vs PY

FY GOP

฿3.83m

+10.3% vs BGGOP% 23.7%

H2 Revenue Required

฿9.54m

Jul–Dec projectionvs H1 ฿6.61m

FY Occupancy

66.6%

+1.5 pts vs BGADR ฿1,130

FY Forecast Table (฿)

Description	H1 Actual	H2 Forecast	FY Forecast	FY Budget	Var%
Rooms Revenue	6,193,132	9,114,367	15,307,499	14,217,907	+7.7%
Other Revenue	421,489	430,407	851,896	685,200	+24.3%
Total Revenue	6,614,621	9,544,774	16,159,395	14,903,107	+8.4%
Operating Payroll	1,156,887	1,135,618	2,292,505	2,550,879	-10.1%
Other Operating Exp	2,723,897	4,275,643	6,999,540	5,249,055	+33.3%
Overhead	1,414,182	1,609,155	3,023,337	3,635,038	-16.8%
GOP	1,310,179	2,515,703	3,825,882	3,468,137	+10.3%
Net Profit	915,187	1,976,186	2,891,373	2,506,937	+15.3%

Source: 2026-AC_FC-SSS P_L PROJECTION · Executive Insights (AC+FC) + P&L-A · H2 = FY AC+FC − H1 Actual

Monthly Cash Flow — Actual vs Budget (Full Year)

Jan–Dec · Jan–Jun = ACT, Jul–Dec = Forecast (AC+FC) · Columns: Cash In / Cash Out / Ending Balance ACT vs BG · Var End Bal = ACT − BG

Month	Total Cash In (ACT)	Total Cash In (BG)	Total Cash Out (ACT)	Total Cash Out (BG)	Ending Bal (ACT)	Ending Bal (BG)	Var End Bal
Jan	1,993,849	2,049,479	874,806	1,131,171	3,777,919	3,579,473	+198,446
Feb	1,251,123	1,123,379	1,087,812	994,588	3,941,230	3,708,264	+232,966
Mar	1,330,960	1,051,785	943,559	910,523	4,328,630	5,296,966	-968,336
Apr	1,080,503	1,044,533	1,029,981	907,503	4,379,152	5,433,996	-1,054,844
May	1,033,546	1,137,624	1,062,881	1,347,059	4,325,270	5,224,561	-899,291
Jun	1,235,850	1,166,136	1,021,321	1,066,612	4,513,092	5,063,085	-549,993
Jul	1,343,268	1,168,992	1,309,360	1,068,245	4,417,990	5,163,832	-745,842
Aug	1,462,080	1,181,541	1,424,675	1,085,149	3,603,395	5,260,224	-1,656,829
Sep	1,837,998	1,162,309	1,678,003	1,055,697	1,604,160	5,366,836	-3,762,676
Oct	1,901,299	1,169,249	1,405,296	1,076,859	2,100,164	5,459,225	-3,359,061
Nov	1,928,864	1,456,821	1,576,764	1,463,891	2,452,263	5,452,155	-2,999,892
Dec	1,877,001	1,180,784	1,315,672	1,053,137	2,768,302	5,565,502	-2,797,200
FY Total	18,276,340	14,892,633	14,730,128	13,160,435	2,768,302	5,565,502	-2,797,200

Source: 2026-07-SSS CASH FLOW & CAPEX UPDATE (ACT Row13 / Row26 / Ending Balance, Jul–Dec = Forecast) vs 2026-SSS CASH FLOW & CAPEX BUDGET (BG, incl. Loan +1.5M Mar & CAPEX) · Var End Bal = ACT − BG

Total Revenue vs Cash Flow Ending Balance (Full Year)

Jan–Dec · Dual axis: ซ้าย = Total Revenue (พันบาท) · ขวา = Ending Balance (ล้านบาท) · เส้นทึบ = ACT+FC, เส้นประ = BG · Jan–Jun ACT, Jul–Dec Forecast

Source: 2026-07-SSS CASH FLOW & CAPEX UPDATE (ACT+FC Revenue + Ending Balance) vs 2026-SSS CASH FLOW & CAPEX BUDGET (BG Revenue + Ending Balance incl. Loan +1.5M Mar & CAPEX)

Key Risks H2

1) Other Expenses ยังเกินงบ +33.3% — มีความเสี่ยงทบยอด
2) Occupancy ต่ำกว่า BG ใน H1 (-3.7 pts) — peak season H2 ต้องชดเชย
3) Energy / rate pressure ในช่วง high demand

Key Opportunities H2

1) ADR ทำได้ +5.2% vs BG — leverage peak pricing
2) Payroll -10.1% — productivity gain
3) Overhead -16.8% — savings redeploy
4) Longstay segment โตต่อ

Management Action Plan

1) Recovery plan June GOP ภายใน due 46,265
2) Expense approval + freeze จน gap <10%
3) Weekly variance dashboard (PDCA)
4) Rolling forecast & downside scenarios