Cal-comp Electronics (thailand) Public Co., Ltd.SET: CCET

2025 Q4 Consolidated Financial Statements

Feb 27, 2026 at 5:59 AM UTC · Issued by Cal-comp Electronics (thailand) Public Co., Ltd.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries

Report and consolidated and separate financial statements 31 December 2025

Independent Auditor's Report

To the Shareholders of Cal-Comp Electronics (Thailand) Public Company Limited

Opinion

I have audited the accompanying consolidated financial statements of Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries ("the Group"), which comprise the consolidated statement of financial position as at 31 December 2025, and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows

for the year then ended, which are presented in US Dollar and Baht, and notes to the consolidated financial statements, including material accounting policy information, and have also audited the separate financial statements of Cal-Comp Electronics (Thailand) Public Company Limited for the same period (collectively "the financial statements").

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries and of Cal-Comp Electronics (Thailand) Public Company Limited as at 31 December 2025, their financial performance and cash flows for the year then ended, which are presented in US Dollar and Baht, in accordance with Thai Financial Reporting Standards.

Basis for Opinion

I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit

of the Financial Statements section of my report. I am independent of the Group in accordance with the Code of Ethics for Professional Accountants including Independence Standards issued by the Federation of Accounting Professions (Code of Ethics for Professional Accountants)

that are relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code of Ethics for Professional Accountants. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for

my opinion.

Emphasis of Matter

I draw attention to Note 8 to the financial statements, the Company has substantial product sale and raw material purchase transactions with its parent company, subsidiaries and related companies. My opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the financial statements of the current period. These matters were addressed in

the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

I have fulfilled the responsibilities described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report, including in relation to these matters.

Accordingly, my audit included the performance of procedures designed to respond to

my assessment of the risks of material misstatement of the financial statements. The results of my audit procedures, including the procedures performed to address the matters below, provide the basis for my audit opinion on the accompanying financial statements as a whole.

Key audit matters and how audit procedures respond for each matter are described below.

Revenue recognition from sales

The revenue from sales is the most significant amount in the statement of income and is also the key indicator of business performance on which the users of financial statements focus.

In addition, the Group has sales with a number of customers and there are a variety of commercial terms. I have therefore considered the revenue recognition from sales as key audit matter and focused on the audit of occurrence and timing of revenue recognition from sales.

The following significant audit procedures were performed to examine recognition of revenue from sales.

Assessing the Group's internal controls with respect to the revenue cycle by making enquiry of responsible executives, gaining an understanding of the controls and selecting representative samples to test the operation of the designed significant controls.
Applying a sampling method to select sale documents to assess whether revenue recognition was consistent with the conditions of the sales, and whether it was in compliance with the Group's policy.
On a sampling basis, examining supporting documents for sale transactions occurring during the year and near the end of the accounting period.
Reviewing credit notes issued after the period end.
Performing analytical procedures on disaggregated data to identify possible irregularities in sale transactions throughout the period.
Allowance for diminution in value of inventories
Estimating the net realisable value of inventories, as disclosed in Note 10 to the financial statements, is an area of significant management judgement, particularly with regard to the estimation of allowance for diminution in value of obsolete inventories. This requires detailed analysis of the product life cycle and the competitive environment. Therefore, there is a risk with respect to the recognition of allowance for diminution in value of inventories will be inadequate.
The following significant audit procedures were performed to examine recognition of allowance for diminution in value of inventories.
Gaining an understanding of the basis applied by the management in determining the allowance for diminution in value of inventories and reviewing the consistency of the application of that basis.
Comparing the inventory holding periods and inventory movements to identify product lines with indicators of lower than normal inventory turnover.
Comparing net proceeds from sales transactions occurring after the date of the financial statements with the cost of inventory for each product line.
Other Information
Management is responsible for the other information. The other information comprise the information included in annual report of the Group, but does not include the financial statements and my auditor's report thereon. The annual report of the Group is expected to be made available to me after the date of this auditor's report.
My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated.
When I read the annual report of the Group, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance for correction of the misstatement.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group's financial reporting
process.
Auditor's Responsibilities for the Audit of the Financial Statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements. I am responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. I remain solely responsible for my audit opinion.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

I am responsible for the audit resulting in this independent auditor's report.

Naraya Srisukh

Certified Public Accountant (Thailand) No. 9188

EY Office Limited

Bangkok: 26 February 2026

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position As at 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Consolidated financial statements Consolidated financial statements

	Note	2025	2024	2025	2024
Assets
Current assets
Cash and cash equivalents	6	231,982,357	171,556,217	7,326,594,389	5,830,826,970
Trade and other current receivables	7, 8	891,052,084	964,580,146	28,141,696,996	32,784,005,315
Inventories	10	518,869,607	458,691,377	16,387,225,307	15,589,933,718
Advances payment for raw materials and molds		15,482,073	10,830,513	488,963,345	368,105,851
Other current financial assets	9	1,965,971	1,353,956	62,090,377	46,018,053
Other current assets	11	137,277,710	224,388,947	4,335,580,172	7,626,497,872
Assets held for sale	12	-	13,452,983	-	457,237,968
Total current assets		1,796,629,802	1,844,854,139	56,742,150,586	62,702,625,747
Non-current assets
Restricted bank deposits		122,325	118,259	3,863,335	4,019,369
Other non-current financial assets	13	32,563	32,563	1,028,423	1,106,746
Investments in associates	14.1	67,656,018	66,964,797	2,136,749,571	2,275,989,476
Property, plant and equipment	16	495,830,822	484,813,044	15,659,601,727	16,477,753,018
Right-of-use assets	17.1	13,342,787	15,336,288	421,399,238	521,247,456
Deferred tax assets	26	2,253,534	4,759,629	71,172,350	161,769,557
Plan assets for long-term employee benefits	22	5,258,820	4,760,564	166,086,946	161,801,335
Other non-current assets		59,581,396	20,752,373	1,881,732,417	705,328,541
Total non-current assets		644,078,265	597,537,517	20,341,634,007	20,309,015,498
Total assets		2,440,708,067	2,442,391,656	77,083,784,593	83,011,641,245

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position (continued) As at 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Consolidated financial statements Consolidated financial statements

	Note	2025	2024	2025	2024
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institutions	18	427,717,788	173,560,079	13,508,418,425	5,898,933,931
Trade and other current payables	8, 19	941,483,323	1,062,795,055	29,734,444,123	36,122,118,905
Current portion of long-term loans	21	88,744,621	-	2,802,781,430	-
Current portion of lease liabilities	17.2	2,720,596	2,905,519	85,923,359	98,752,344
Corporate income tax payable		6,052,797	3,492,575	191,162,764	118,705,115
Other current financial liabilities		686,077	106,399	21,668,061	3,616,273
Other current liabilities	20	18,227,723	30,169,162	575,677,973	1,025,385,282
Liabilities held for sale	12	-	3,057,405	-	103,914,623
Total current liabilities		1,485,632,925	1,276,086,194	46,920,076,135	43,371,426,473
Non-current liabilities
Long-term loans, net of current portion	21	137,193,985	351,408,253	4,332,935,891	11,943,610,992
Lease liabilities, net of current portion	17.2	10,727,243	12,014,747	338,793,688	408,355,419
Long-term loan from related party	8	-	19,475,822	-	661,941,322
Non-current provision for employee benefits	22	15,292,818	12,615,635	482,986,189	428,778,310
Deferred tax liabilities	26	551,008	2,221,448	17,402,238	75,502,241
Other non-current liabilities		6,339,696	1,415,482	200,223,766	48,109,190
Total non-current liabilities		170,104,750	399,151,387	5,372,341,772	13,566,297,474
Total liabilities		1,655,737,675	1,675,237,581	52,292,417,907	56,937,723,947
Shareholders' equity
Share capital
Registered share capital
10,450,002,831 ordinary shares of 1 Baht each		307,334,363	307,334,363	10,450,002,831	10,450,002,831
Issued and fully paid-up share capital
10,450,002,831 ordinary shares of 1 Baht each		307,334,363	307,334,363	10,450,002,831	10,450,002,831
Share premium		170,071,563	170,071,563	5,745,765,441	5,745,765,441
Capital reserve for share-based payment transactions		15,119,880	12,590,025	493,880,733	408,064,023
Capital surplus from change in shareholding in the subsidiaries Retained earnings Appropriated - statutory reserve	23	248,117 31,100,160	248,117 31,100,160	3,068,995 1,045,000,283	3,068,995 1,045,000,283
Unappropriated		351,454,029	353,168,754	11,536,074,640	11,601,457,895
Other components of shareholders' equity		(90,646,916)	(105,845,725)	(4,491,559,784)	(3,127,870,844)
Reserve for assets disposal group classified as held for sale	12	-	(6,573,208)	-	(223,550,422)
Equity attributable to owners of the Company		784,681,196	762,094,049	24,782,233,139	25,901,938,202
Non-controlling interests of the subsidiaries		289,196	5,060,026	9,133,547	171,979,096
Total shareholders' equity		784,970,392	767,154,075	24,791,366,686	26,073,917,298
Total liabilities and shareholders' equity		2,440,708,067	2,442,391,656	77,083,784,593	83,011,641,245
		-	-	-	-

The accompanying notes are an integral part of the financial statements.

Directors

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position As at 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Separate financial statements Separate financial statements

	Note	2025	2024	2025	2024
Assets Current assets Cash and cash equivalents	6	14,322,767	29,526,616	452,349,505	1,003,546,196
Trade and other current receivables	7, 8	794,942,698	740,748,273	25,106,317,507	25,176,441,190
Inventories	10	438,164,117	352,992,348	13,838,340,133	11,997,450,975
Advances payment for raw materials and molds		14,682,455	9,913,149	463,709,369	336,926,621
Other current assets	11	68,332,710	42,089,029	2,158,121,263	1,430,515,604
Assets held for sale	12	-	35,309	-	1,200,077
Total current assets		1,330,444,747	1,175,304,724	42,018,837,777	39,946,080,663
Non-current assets Other non-current financial assets	13	-	-	-	-
Investments in associates	14.1	65,478,944	64,337,182	2,067,992,023	2,186,682,491
Investments in subsidiaries	15.1	422,642,366	415,641,221	13,348,123,656	14,126,751,473
Property, plant and equipment	16	385,329,881	355,003,811	12,169,700,233	12,065,816,278
Right-of-use assets	17.1	366,166	43,298	11,564,456	1,471,606
Deferred tax assets	26	976,241	975,827	30,832,180	33,166,262
Other non-current assets		15,752,093	72,957	497,491,265	2,479,652
Total non-current assets		890,545,691	836,074,296	28,125,703,813	28,416,367,762
Total assets		2,220,990,438	2,011,379,020	70,144,541,590	68,362,448,425

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position (continued) As at 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Separate financial statements Separate financial statements

	Note	2025	2024	2025	2024
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institutions	18	365,951,337	136,410,843	11,557,676,398	4,636,311,270
Trade and other current payables	8, 19	813,808,292	723,593,853	25,702,141,073	24,593,399,337
Current portion of long-term loans	21	88,744,621	-	2,802,781,430	-
Current portion of lease liabilities	17.2	376,684	49,114	11,896,641	1,669,279
Corporate income tax payable		1,514,133	211,178	47,820,181	7,177,486
Other current liabilities	20	1,427,986	2,958,922	45,099,439	100,567,384
Liabilities held for sale	12	-	561,144	-	19,072,079
Total current liabilities		1,271,823,053	863,785,054	40,167,415,162	29,358,196,835
Non-current liabilities Long-term loans, net of current portion	21	-	214,517,621	-	7,290,992,725
Lease liabilities, net of current portion	17.2	36,391	-	1,149,321	-
Non-current provision for employee benefits	22	12,627,366	10,504,397	398,804,418	357,021,870
Provision for transaction under equity method of investments in subsidiaries	15.1	151,822,432	160,477,899	4,794,939,550	5,454,298,793
Total non-current liabilities		164,486,189	385,499,917	5,194,893,289	13,102,313,388
Total liabilities		1,436,309,242	1,249,284,971	45,362,308,451	42,460,510,223
Shareholders' equity
Share capital
Registered share capital
10,450,002,831 ordinary shares of 1 Baht each		307,334,363	307,334,363	10,450,002,831	10,450,002,831
Issued and fully paid-up share capital
10,450,002,831 ordinary shares of 1 Baht each		307,334,363	307,334,363	10,450,002,831	10,450,002,831
Share premium		170,071,563	170,071,563	5,745,765,441	5,745,765,441
Capital reserve for share-based payment transactions		15,119,880	12,590,025	493,880,733	408,064,023
Capital surplus from change in shareholding in the subsidiaries		248,117	248,117	3,068,995	3,068,995
Retained earnings
Appropriated - statutory reserve	23	31,100,160	31,100,160	1,045,000,283	1,045,000,283
Unappropriated		351,454,029	353,168,754	11,536,074,640	11,601,457,895
Other components of shareholders' equity		(90,646,916)	(105,845,725)	(4,491,559,784)	(3,127,870,844)
Reserve for assets disposal group classified as held for sale	12	-	(6,573,208)	-	(223,550,422)
Total shareholders' equity		784,681,196	762,094,049	24,782,233,139	25,901,938,202
Total liabilities and shareholders' equity		2,220,990,438	2,011,379,020	70,144,541,590	68,362,448,425
		-	-	-	-

The accompanying notes are an integral part of the financial statements.

Directors

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Income statement For the year ended 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Consolidated financial statements Consolidated financial statements

	Note	2025	2024	2025	2024
Revenues
Sales	8	4,219,404,361	4,193,297,146	138,296,559,982	147,110,751,754
Service income		10,288,697	7,110,327	338,784,091	252,097,991
Gain on derivative instruments		17,263,275	-	559,435,194	-
Exchange gains		-	2,094,909	-	113,174,301
Other income	8	7,780,232	7,328,157	252,985,116	256,969,454
Total revenues		4,254,736,565	4,209,830,539	139,447,764,383	147,732,993,500
Expenses
Cost of sales	8	4,004,117,982	3,971,637,136	131,232,685,194	139,323,528,264
Cost of service		9,410,636	6,468,179	309,909,783	229,232,231
Selling and distribution expenses		18,649,637	18,780,679	610,821,792	656,674,520
Administrative expenses	8	95,423,156	99,244,772	3,127,710,280	3,483,509,942
Loss on financial assets		3,236,437	4,093,487	104,880,254	153,044,811
Loss on derivative instruments		-	13,735,006	-	513,516,046
Exchange losses		25,088,629	-	820,318,167	-
Other expenses		13,780,919	-	453,246,214	-
Total expenses		4,169,707,396	4,113,959,259	136,659,571,684	144,359,505,814
Operating profit		85,029,169	95,871,280	2,788,192,699	3,373,487,686
Share of gain from investments in associates	14.2	1,916,454	6,760,185	64,645,568	237,031,337
Finance income		10,730,711	13,748,438	352,220,806	483,238,408
Finance cost	24	(24,277,860)	(32,347,489)	(794,193,134)	(1,135,543,165)
Profit before income tax expenses		73,398,474	84,032,414	2,410,865,939	2,958,214,266
Income tax expenses	26	(11,914,114)	(11,216,050)	(390,482,319)	(395,413,494)
Profit for the year		61,484,360	72,816,364	2,020,383,620	2,562,800,772
Profit attributable to:
Equity holders of the Company		62,200,517	73,945,438	2,044,368,257	2,602,720,081
Non-controlling interests of the subsidiaries		(716,157)	(1,129,074)	(23,984,637)	(39,919,309)
		61,484,360	72,816,364	2,020,383,620	2,562,800,772
Earnings per share	28
Basic earnings per share
Profit attributable to equity holders of the Company		0.0060	0.0071	0.20	0.25

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income For the year ended 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Consolidated financial statements Consolidated financial statements

Note 2025 2024 2025 2024

Profit for the year 61,484,360 72,816,364 2,020,383,620 2,562,800,772

Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods Exchange differences on translation of
financial statements in foreign currency Exchange differences on translation of financial statements in foreign currency recycled to profit or loss		16,039,481 5,710,286		(31,298,374) -		537,571,720 194,375,432		(1,114,632,197) -
Share of other comprehensive income from investments in associates	14.2	22,250		(120,971)		719,092		(4,068,992)
Other comprehensive income to be reclassified
to profit or loss in subsequent periods - net of income tax		21,772,017		(31,419,345)		732,666,244		(1,118,701,189)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods Exchange differences on translation of financial statements in functional currency to presentation currency		-		-		(1,878,460,129)		(154,458,566)
Gain on investments in equity designated at fair value
through other comprehensive income		-		352,706		-		13,289,776
Remeasurement gain (loss) on defined benefit plans	22	(524,608)		94,160		(16,810,223)		3,202,348
Less: Income tax effect	26	(91,703)		(104,112)		(2,940,723)		(3,471,197)
Other comprehensive income not to be reclassified
to profit or loss in subsequent periods - net of income tax			(616,311)		342,754		(1,898,211,075)		(141,437,639)
Other comprehensive income for the year			21,155,706		(31,076,591)		(1,165,544,831)		(1,260,138,828)
Total comprehensive income for the year			82,640,066		41,739,773		854,838,789		1,302,661,944
Total comprehensive income attributable to: Equity holders of the Company			83,356,223		42,868,847		884,478,793		1,342,493,039
Non-controlling interests of the subsidiaries			(716,157)		(1,129,074)		(29,640,004)		(39,831,095)
			82,640,066		41,739,773		854,838,789		1,302,661,944
The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Income statement For the year ended 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Separate financial statements Separate financial statements

	Note	2025	2024	2025	2024
Revenues
Sales	8	3,666,415,364	3,350,596,469	120,062,256,757	117,410,008,065
Gain on derivative instruments		-	15,859	-	548,279
Exchange gains		-	1,528,484	-	87,215,291
Other income	8	4,814,220	4,862,019	157,677,188	171,253,187
Total revenues		3,671,229,584	3,357,002,831	120,219,933,945	117,669,024,822
Expenses
Cost of sales	8	3,535,498,531	3,261,200,000	115,783,899,434	114,287,979,418
Selling and distribution expenses		4,130,105	3,922,515	135,563,113	137,785,787
Administrative expenses	8	45,443,854	44,838,800	1,492,453,643	1,565,066,470
Loss on financial assets		2,006,990	2,212,435	66,660,930	76,490,870
Loss on derivative instruments		942,018	-	31,288,535	-
Exchange losses		7,202,487	-	235,263,160	-
Total expenses		3,595,223,985	3,312,173,750	117,745,128,815	116,067,322,545
Operating profit		76,005,599	44,829,081	2,474,805,130	1,601,702,277
Share of gain from investments in associates	14.2	2,109,403	6,651,692	70,828,319	233,341,581
Share of gain from investments in subsidiaries	15.2	582,777	43,633,984	38,017,820	1,511,278,101
Finance income		106,766	1,860,473	3,504,778	67,099,302
Finance cost	24	(14,899,697)	(22,268,739)	(486,526,821)	(783,630,059)
Profit before income tax expenses		63,904,848	74,706,491	2,100,629,226	2,629,791,202
Income tax expenses	26	(1,704,331)	(761,053)	(56,260,969)	(27,071,121)
Profit for the year		62,200,517	73,945,438	2,044,368,257	2,602,720,081
Earnings per share	28
Basic earnings per share
Profit attributable to equity holders of the Company		0.0060	0.0071	0.20	0.25

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income For the year ended 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Separate financial statements Separate financial statements

Note 2025 2024 2025 2024

Profit for the year 62,200,517 73,945,438 2,044,368,257 2,602,720,081

Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods Share of other comprehensive income from
investments in associates Share of other comprehensive income from investments in subsidiaries	14.2 15.2	30,330 15,168,479		(118,326) (31,301,019)		978,021 508,137,801		(3,979,011) (1,114,722,178)
Share of other comprehensive income from investments in subsidiaries recycled to profit or loss		6,573,208		-		223,550,422		-
Other comprehensive income to be reclassified
to profit or loss in subsequent periods - net of income tax		21,772,017		(31,419,345)		732,666,244		(1,118,701,189)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods Exchange differences on translation of financial statements in functional currency to presentation currency		-		-		(1,872,804,762)		(154,546,780)
Share of other comprehensive income from
investments in subsidiaries	15.2	211,690		1,047,959		6,783,307		36,934,903
Remeasurement loss on defined benefit plans	22	(736,298)		(601,093)		(23,593,530)		(20,442,779)
Less: Income tax effect	26	(91,703)		(104,112)		(2,940,723)		(3,471,197)
Other comprehensive income not to be reclassified
to profit or loss in subsequent periods - net of income tax			(616,311)		342,754		(1,892,555,708)		(141,525,853)
Other comprehensive income for the year			21,155,706		(31,076,591)		(1,159,889,464)		(1,260,227,042)
Total comprehensive income for the year			83,356,223		42,868,847		884,478,793		1,342,493,039
The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity

For the year ended 31 December 2025

Consolidated financial statements

Equity attributable to owners of the Company

(Unit: US Dollar)

Balance as at 1 January 2024

Profit for the year

Other comprehensive income for the year Total comprehensive income for the year Dividend paid

Share-based payment transactions Decrease in capital surplus from change in

shareholding in the subsidiaries

Loss on derecognition of financial assets designated at fair value through other comprehensive income

Reserve for assets disposal group classified as held for sale

Balance as at 31 December 2024

Balance as at 1 January 2025

Profit for the year

Other comprehensive income for the year Total comprehensive income for the year Dividend paid

Share-based payment transactions

Decrease in reserve for assets disposal group classified as held for sale

Decrease in equity attributable to non-controlling interests of the subsidiaries

Balance as at 31 December 2025

Other components of shareholders' equity Other comprehensive income

				Loss on
		Exchange	Share of other	investments
Capital surplus		differences on	comprehensive	in equity designated	Total other	Reserve for assets	Total equity	Equity attributable
Issued and Capital reserve for from change in	Retained earnings	translation of	income from	at fair value	components of	disposal group	attributable to	to non-controlling Total

Note	fully paid-up share capital	Share premium	share-based payment transactions	shareholding in the subsidiaries	Appropriated - statutory reserve	Unappropriated	financial statements	investments in associates	through other comprehensive income	shareholders' equity	classified as held for sale	owners of the Company	interests of the subsidiaries	shareholders' equity
	307,334,363	170,071,563	10,814,997	257,238	31,100,160	322,002,366	(74,735,902)	(858,723)	(5,841,823)	(81,436,448)	-	760,144,239	6,184,879	766,329,118
	-	-	-	-	-	73,945,438	-	-	-	-	-	73,945,438	(1,129,074)	72,816,364
	-	-	-	-	-	(9,952)	(31,298,374)	(120,971)	352,706	(31,066,639)	-	(31,076,591)	-	(31,076,591)
	-	-	-	-	-	73,935,486	(31,298,374)	(120,971)	352,706	(31,066,639)	-	42,868,847	(1,129,074)	41,739,773
31	-	-	-	-	-	(42,684,944)	-	-	-	-	-	(42,684,944)	-	(42,684,944)
	-	-	1,775,028	-	-	-	-	-	-	-	-	1,775,028	-	1,775,028
	-	-	-	(9,121)	-	-	-	-	-	-	-	(9,121)	4,221	(4,900)
	-	-	-	-	-	(84,154)	-	-	84,154	84,154	-	-	-	-
12	-	-	-	-	-	-	6,573,208	-	-	6,573,208	(6,573,208)	-	-	-
	307,334,363	170,071,563	12,590,025	248,117	31,100,160	353,168,754	(99,461,068)	(979,694)	(5,404,963)	(105,845,725)	(6,573,208)	762,094,049	5,060,026	767,154,075
	307,334,363	170,071,563	12,590,025	248,117	31,100,160	353,168,754	(99,461,068)	(979,694)	(5,404,963)	(105,845,725)	(6,573,208)	762,094,049	5,060,026	767,154,075
	-	-	-	-	-	62,200,517	-	-	-	-	-	62,200,517	(716,157)	61,484,360
	-	-	-	-	-	(616,311)	16,039,481	22,250	-	16,061,731	5,710,286	21,155,706	-	21,155,706
	-	-	-	-	-	61,584,206	16,039,481	22,250	-	16,061,731	5,710,286	83,356,223	(716,157)	82,640,066
31	-	-	-	-	-	(63,298,931)	-	-	-	-	-	(63,298,931)	-	(63,298,931)
	-	-	2,529,855	-	-	-	-	-	-	-	-	2,529,855	-	2,529,855
12	-	-	-	-	-	-	(862,922)	-	-	(862,922)	862,922	-	-	-
	-	-	-	-	-	-	-	-	-	-	-	-	(4,054,673)	(4,054,673)
	307,334,363	170,071,563	15,119,880	248,117	31,100,160	351,454,029	(84,284,509)	(957,444)	(5,404,963)	(90,646,916)	-	784,681,196	289,196	784,970,392
	-	-	-	-	-	-				-		-	-	-

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity

For the year ended 31 December 2025

Consolidated financial statements

Equity attributable to owners of the Company

(Unit: Baht)

Balance as at 1 January 2024

Profit for the year

Other comprehensive income for the year Total comprehensive income for the year Dividend paid

Share-based payment transactions Decrease in capital surplus from change in

shareholding in the subsidiaries

Loss on derecognition of financial assets designated at fair value through other comprehensive income

Reserve for assets disposal group classified as held for sale

Balance as at 31 December 2024

Balance as at 1 January 2025

Profit for the year

Other comprehensive income for the year Total comprehensive income for the year Dividend paid

Share-based payment transactions

Decrease in reserve for assets disposal group classified as held for sale

Decrease in equity attributable to non-controlling interests of the subsidiaries

Balance as at 31 December 2025

Other components of shareholders' equity Other comprehensive income

				Loss on
		Exchange	Share of other	investments
Capital surplus		differences on	comprehensive	in equity designated	Total other	Reserve for assets	Total equity	Equity attributable
Issued and Capital reserve for from change in	Retained earnings	translation of	income from	at fair value	components of	disposal group	attributable to	to non-controlling Total

Note	fully paid-up share capital	Share premium	share-based payment transactions	shareholding in the subsidiaries	Appropriated - statutory reserve	Unappropriated	financial statements	investments in associates	through other comprehensive income	shareholders' equity	classified as held for sale	owners of the Company	interests of the subsidiaries	shareholders' equity
	10,450,002,831	5,745,765,441	347,703,000	3,378,805	1,045,000,283	10,517,118,997	(1,875,317,271)	(22,249,729)	(196,757,981)	(2,094,324,981)	-	26,014,644,376	211,666,820	26,226,311,196
	-	-	-	-	-	2,602,720,081	-	-	-	-	-	2,602,720,081	(39,919,309)	2,562,800,772
	-	-	-	-	-	(268,849)	(1,269,178,977)	(4,068,992)	13,289,776	(1,259,958,193)	-	(1,260,227,042)	88,214	(1,260,138,828)
	-	-	-	-	-	2,602,451,232	(1,269,178,977)	(4,068,992)	13,289,776	(1,259,958,193)	-	1,342,493,039	(39,831,095)	1,302,661,944
31	-	-	-	-	-	(1,515,250,426)	-	-	-	-	-	(1,515,250,426)	-	(1,515,250,426)
	-	-	60,361,023	-	-	-	-	-	-	-	-	60,361,023	-	60,361,023
	-	-	-	(309,810)	-	-	-	-	-	-	-	(309,810)	143,371	(166,439)
	-	-	-	-	-	(2,861,908)	-	-	2,861,908	2,861,908	-	-	-	-
12	-	-	-	-	-	-	223,550,422	-	-	223,550,422	(223,550,422)	-	-	-
	10,450,002,831	5,745,765,441	408,064,023	3,068,995	1,045,000,283	11,601,457,895	(2,920,945,826)	(26,318,721)	(180,606,297)	(3,127,870,844)	(223,550,422)	25,901,938,202	171,979,096	26,073,917,298
	10,450,002,831	5,745,765,441	408,064,023	3,068,995	1,045,000,283	11,601,457,895	(2,920,945,826)	(26,318,721)	(180,606,297)	(3,127,870,844)	(223,550,422)	25,901,938,202	171,979,096	26,073,917,298
	-	-	-	-	-	2,044,368,257	-	-	-	-	-	2,044,368,257	(23,984,637)	2,020,383,620
	-	-	-	-	-	(19,750,946)	(1,335,233,042)	719,092	-	(1,334,513,950)	194,375,432	(1,159,889,464)	(5,655,367)	(1,165,544,831)
	-	-	-	-	-	2,024,617,311	(1,335,233,042)	719,092	-	(1,334,513,950)	194,375,432	884,478,793	(29,640,004)	854,838,789
31	-	-	-	-	-	(2,090,000,566)	-	-	-	-	-	(2,090,000,566)	-	(2,090,000,566)
	-	-	85,816,710	-	-	-	-	-	-	-	-	85,816,710	-	85,816,710
12	-	-	-	-	-	-	(29,174,990)	-	-	(29,174,990)	29,174,990	-	-	-
	-	-	-	-	-	-	-	-	-	-	-	-	(133,205,545)	(133,205,545)
	10,450,002,831	5,745,765,441	493,880,733	3,068,995	1,045,000,283	11,536,074,640	(4,285,353,858)	(25,599,629)	(180,606,297)	(4,491,559,784)	-	24,782,233,139	9,133,547	24,791,366,686
	-	-	-	-	-	-				-	-	-	-	-

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity

For the year ended 31 December 2025

Separate financial statements

Other components of shareholders' equity Other comprehensive income

(Unit: US Dollar)

Share of other Loss on

comprehensive investments

Capital surplus income from in equity designated Total other Reserve for assets

Issued and

Capital reserve for

from change in

Retained earnings

investments in at fair value components of disposal group Total

		fully paid-up		share-based payment	shareholding in	Appropriated -		associates	through other	shareholders'	classified as held	shareholders'
	Note	share capital	Share premium	transactions	the subsidiaries	statutory reserve	Unappropriated	and subsidiaries	comprehensive income	equity	for sale	equity
Balance as at 1 January 2024		307,334,363	170,071,563	10,814,997	257,238	31,100,160	322,002,366	(77,594,625)	(3,841,823)	(81,436,448)	-	760,144,239
Profit for the year		-	-	-	-	-	73,945,438	-	-	-	-	73,945,438
Other comprehensive income for the year		-	-	-	-	-	(9,952)	(31,066,639)	-	(31,066,639)	-	(31,076,591)
Total comprehensive income for the year		-	-	-	-	-	73,935,486	(31,066,639)	-	(31,066,639)	-	42,868,847
Dividend paid	31	-	-	-	-	-	(42,684,944)	-	-	-	-	(42,684,944)
Share-based payment transactions		-	-	1,775,028	-	-	-	-	-	-	-	1,775,028
Decrease in capital surplus from change in
shareholding in the subsidiaries		-	-	-	(9,121)	-	-	-	-	-	-	(9,121)
Loss on derecognition of financial assets designated
at fair value through other comprehensive income		-	-	-	-	-	(84,154)	84,154	-	84,154	-	-
Reserve for assets disposal group classified as held for sale	12	-	-	-	-	-	-	6,573,208	-	6,573,208	(6,573,208)	-
Balance as at 31 December 2024		307,334,363	170,071,563	12,590,025	248,117	31,100,160	353,168,754	(102,003,902)	(3,841,823)	(105,845,725)	(6,573,208)	762,094,049
Balance as at 1 January 2025		307,334,363	170,071,563	12,590,025	248,117	31,100,160	353,168,754	(102,003,902)	(3,841,823)	(105,845,725)	(6,573,208)	762,094,049
Profit for the year		-	-	-	-	-	62,200,517	-	-	-	-	62,200,517
Other comprehensive income for the year		-	-	-	-	-	(616,311)	15,198,809	-	15,198,809	6,573,208	21,155,706
Total comprehensive income for the year		-	-	-	-	-	61,584,206	15,198,809	-	15,198,809	6,573,208	83,356,223
Dividend paid	31	-	-	-	-	-	(63,298,931)	-	-	-	-	(63,298,931)
Share-based payment transactions		-	-	2,529,855	-	-	-	-	-	-	-	2,529,855
Balance as at 31 December 2025		307,334,363	170,071,563	15,119,880	248,117	31,100,160	351,454,029	(86,805,093)	(3,841,823)	(90,646,916)	-	784,681,196

- - - - - - -

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity

For the year ended 31 December 2025

Separate financial statements

Other components of shareholders' equity

(Unit: Baht)

			Other comprehensive income
			Share of other	Loss on
			comprehensive	investments
Capital surplus Capital reserve for from change in	Retained earnings	Exchange differences	income from investments in	in equity designated at fair value	Total other components of	Reserve for assets disposal group Total

Issued and

	Note	fully paid-up share capital	Share premium	share-based payment transactions	shareholding in the subsidiaries	Appropriated - statutory reserve	Unappropriated	on translation of financial statements	associates and subsidiaries	through other comprehensive income	shareholders' equity	classified as held for sale	shareholders' equity
Balance as at 1 January 2024		10,450,002,831	5,745,765,441	347,703,000	3,378,805	1,045,000,283	10,517,118,997	651,699,301	(2,612,882,501)	(133,141,781)	(2,094,324,981)	-	26,014,644,376
Profit for the year		-	-	-	-	-	2,602,720,081	-	-	-	-	-	2,602,720,081
Other comprehensive income for the year		-	-	-	-	-	(268,849)	(154,546,780)	(1,105,411,413)	-	(1,259,958,193)	-	(1,260,227,042)
Total comprehensive income for the year		-	-	-	-	-	2,602,451,232	(154,546,780)	(1,105,411,413)	-	(1,259,958,193)	-	1,342,493,039
Dividend paid	31	-	-	-	-	-	(1,515,250,426)	-	-	-	-	-	(1,515,250,426)
Share-based payment transactions		-	-	60,361,023	-	-	-	-	-	-	-	-	60,361,023
Decrease in capital surplus from change in
shareholding in the subsidiaries		-	-	-	(309,810)	-	-	-	-	-	-	-	(309,810)
Loss on derecognition of financial assets designated
at fair value through other comprehensive income		-	-	-	-	-	(2,861,908)	-	2,861,908	-	2,861,908	-	-
Reserve for assets disposal group classified as held for sale	12	-	-	-	-	-	-	-	223,550,422	-	223,550,422	(223,550,422)	-
Balance as at 31 December 2024		10,450,002,831	5,745,765,441	408,064,023	3,068,995	1,045,000,283	11,601,457,895	497,152,521	(3,491,881,584)	(133,141,781)	(3,127,870,844)	(223,550,422)	25,901,938,202
Balance as at 1 January 2025		10,450,002,831	5,745,765,441	408,064,023	3,068,995	1,045,000,283	11,601,457,895	497,152,521	(3,491,881,584)	(133,141,781)	(3,127,870,844)	(223,550,422)	25,901,938,202
Profit for the year		-	-	-	-	-	2,044,368,257	-	-	-	-	-	2,044,368,257
Other comprehensive income for the year		-	-	-	-	-	(19,750,946)	(1,872,804,762)	509,115,822	-	(1,363,688,940)	223,550,422	(1,159,889,464)
Total comprehensive income for the year		-	-	-	-	-	2,024,617,311	(1,872,804,762)	509,115,822	-	(1,363,688,940)	223,550,422	884,478,793
Dividend paid	31	-	-	-	-	-	(2,090,000,566)	-	-	-	-	-	(2,090,000,566)
Share-based payment transactions		-	-	85,816,710	-	-	-	-	-	-	-	-	85,816,710
Balance as at 31 December 2025		10,450,002,831	5,745,765,441	493,880,733	3,068,995	1,045,000,283	11,536,074,640	(1,375,652,241)	(2,982,765,762)	(133,141,781)	(4,491,559,784)	-	24,782,233,139
		-	-	-	-	-	-				-		-
The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of cash flows

For the year ended 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Consolidated financial statements Consolidated financial statements

	2025	2024	2025	2024
Cash flows from operating activities
Profit before tax	73,398,474	84,032,414	2,410,865,939	2,958,214,266
Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation	63,480,593	70,951,051	2,082,938,207	2,499,719,508
Impairment loss on assets	395,389	322,495	12,669,618	10,897,339
Allowance for expected credit losses (reversal)	(344,066)	643,621	(11,095,133)	22,661,636
Allowance for reduction of inventories to net realisable value (reversal)	(6,375,014)	1,090,342	(207,958,831)	31,976,947
Loss on disposal of investment in a subsidiary	555,153	-	18,238,094	-
Loss (gain) on disposal of property, plant and equipment	3,244,878	(1,770,254)	103,612,113	(60,081,259)
Loss (gain) on leases modification and termination	13,458	(223,798)	442,081	(6,864,644)
Share of gain from investments in associates	(1,916,454)	(6,760,185)	(64,645,568)	(237,031,337)
Provision for employee benefits	1,811,935	1,685,658	59,479,471	57,951,498
Share-based payment transactions	2,529,855	1,775,028	85,816,710	60,361,023
Unrealised gain on derivative instruments	(1,058,991)	(301,378)	(33,093,493)	(16,328,151)
Unrealised loss (gain) on exchange	1,699,921	(179,102)	55,184,564	(4,494,675)
Finance income	(10,730,711)	(13,748,438)	(352,220,806)	(483,238,408)
Interest expenses	23,416,709	30,768,701	765,584,314	1,079,063,218
Profit from operating activities before changes in
operating assets and liabilities Operating assets (increase) decrease Trade and other current receivables	150,121,129 79,861,591	168,286,155 (66,537,340)	4,925,817,280 2,725,830,945	5,912,806,961 (2,177,000,628)
Inventories	(53,952,371)	(14,465,389)	(1,653,576,836)	(559,642,226)
Advances payment for raw materials and molds	(4,651,560)	3,015,672	(153,457,506)	103,166,082
Other current assets Operating liabilities increase (decrease) Trade and other current payables	53,664,925 (124,596,447)	(11,772,142) 181,872,827	1,773,168,590 (4,258,094,629)	(397,074,550) 6,480,039,856
Other current liabilities	(11,888,833)	(8,169,593)	(395,962,063)	(292,726,428)
Provision for employee benefits	(253,075)	(234,823)	(8,164,723)	(6,287,018)
Other non-current liabilities	4,924,214	(284,723)	159,767,182	(10,203,620)
Cash flows from operating activities	93,229,573	251,710,644	3,115,328,240	9,053,078,429
Interest received	10,730,711	13,748,438	352,220,806	483,238,408
Corporate income tax paid	(8,609,941)	(3,758,591)	(280,325,818)	(130,244,333)
Net cash flows from operating activities	95,350,343	261,700,491	3,187,223,228	9,406,072,504
The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of cash flows (continued)

For the year ended 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Consolidated financial statements Consolidated financial statements

	2025	2024	2025	2024
Cash flows from investing activities
Decrease in term deposits at financial institutions	1,026,654	2,361,884	30,715,253	79,927,933
Decrease in restricted bank deposits	763	174,607	16,502	5,936,899
Proceeds from disposal of an associate	34,885	-	1,182,062	-
Proceeds from disposal of a subsidiary	5,947,677	-	199,590,979	-
Cash paid for acquisition of investment in a subsidiary
from non-controlling interest of the subsidiary	-	(4,900)	-	(166,439)
Dividend received from associates	1,247,484	253,204	40,733,182	9,101,149
Cash received from disposal of equity investment	-	1,802,977	-	61,314,728
Acquisition of plant and equipment	(82,509,252)	(47,581,992)	(2,708,039,587)	(1,664,128,721)
Proceeds from disposal of property, plant and equipment	7,322,136	14,030,629	239,188,830	506,682,883
Decrease (increase) in other non-current assets	(3,974,405)	657,388	(129,516,765)	33,247,524
Net cash flows used in investing activities	(70,904,058)	(28,306,203)	(2,326,129,544)	(968,084,044)
Cash flows from financing activities
Increase (decrease) in short-term loans from financial institutions	253,108,486	(192,888,680)	8,115,935,933	(6,686,293,736)
Cash received from long-term loans from financial institutions	523,586,655	142,175,603	17,317,829,456	4,834,778,522
Cash received from long-term loan from a related party	-	19,533,884	-	664,334,383
Repayment of long-term loan from a related party	(19,664,855)	-	(637,880,035)	-
Repayment of long-term loans	(649,401,290)	(210,017,947)	(21,335,902,378)	(7,583,058,234)
Payment of principal portion of lease liabilities	(4,613,241)	(4,568,945)	(151,264,267)	(160,971,143)
Interest paid	(23,379,857)	(31,802,912)	(764,709,540)	(1,118,511,931)
Dividend paid	(63,298,931)	(42,684,944)	(2,090,000,566)	(1,515,250,426)
Net cash flows from (used in) financing activities	16,336,967	(320,253,941)	454,008,603	(11,564,972,565)
Cash and cash equivalents classified as held for sale	-	(4,522,091)	-	(153,696,134)
Increase (decrease) in translation adjustments	19,642,888	(31,752,885)	180,665,132	(973,786,021)
Net increase (decrease) in cash and cash equivalents	60,426,140	(123,134,629)	1,495,767,419	(4,254,466,260)
Cash and cash equivalents at beginning of year	171,556,217	294,690,846	5,830,826,970	10,085,293,230
Cash and cash equivalents at end of year (Note 6)	231,982,357	171,556,217	7,326,594,389	5,830,826,970
Supplemental cash flows information	-	-	-	-
Non-cash items consist of
Purchases of plant and equipment that had not yet been paid	4,455,700	2,136,403	140,722,353	72,611,734
Increase in right-of-use assets from lease liabilities	1,602,245	3,447,279	53,292,203	117,227,143
Increase (decrease) in right-of-use assets from leases modification/termination	163,022	(639,178)	5,310,269	(21,582,978)
Increase (decrease) in lease liabilities from leases modification/termination	176,480	(862,976)	5,752,350	(28,447,622)
Sales of equipment that had not yet been received	6,369,194	530,878	201,155,374	18,043,390
Transfer assets to assets held for sales	-	13,452,983	-	457,237,968
Transfer liabilities to liabilities held for sales	-	3,057,405	-	103,914,623

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of cash flows For the year ended 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Separate financial statements Separate financial statements

	2025		2024		2025		2024
Cash flows from operating activities
Profit before tax	63,904,848		74,706,491		2,100,629,226		2,629,791,202
Adjustments to reconcile profit before tax to net cash
provided by (paid from) operating activities:
Depreciation	38,242,703		38,732,849		1,254,040,607		1,364,627,918
Allowance for expected credit losses (reversal)	(411,911)		645,192		(13,313,186)		22,716,950
Impairment loss on assets	-		27,585		-		938,137
Allowance for reduction of inventories to net realisable value (reversal)	(4,100,591)		4,524,289		(133,257,975)		153,852,647
Loss on disposal of investment in a subsidiary	555,153		-		18,238,094		-
Loss on liquidation of investment in subsidiaries	72,928		-		2,365,596		-
Loss (gain) on disposal of equipment	140,072		(901,345)		4,424,533		(30,493,310)
Share of gain from investments in associates	(2,109,403)		(6,651,692)		(70,828,319)		(233,341,581)
Share of gain from investments in subsidiaries	(582,777)		(43,633,984)		(38,017,820)		(1,511,278,101)
Provision for employee benefits	1,445,538		1,144,962		47,399,647		40,263,482
Unrealised loss on exchange	2,027,807		818,589		66,043,473		29,171,093
Finance income	(106,766)		(1,860,473)		(3,504,778)		(67,099,302)
Interest expenses	14,335,087		20,860,548		468,046,338		732,890,636
Profit from operating activities before changes in
operating assets and liabilities	113,412,688	88,413,011		3,702,265,436		3,132,039,771
Operating assets (increase) decrease
Trade and other current receivables	(53,751,689)	25,460,751		(1,577,058,342)		1,028,798,544
Inventories	(81,071,178)	(48,712,864)		(2,566,474,981)		(1,802,088,972)
Advances payment for raw materials and molds	(4,769,306)	3,813,098		(155,693,085)		131,137,079
Other current assets	(40,688,191)	14,590,853		(1,330,297,241)		511,925,989
Operating liabilities increase (decrease)
Trade and other current payables	87,677,634		139,923,574		2,754,287,571		4,923,971,102
Other current liabilities	(1,583,548)		150,287		(51,966,288)		4,953,209
Provision for employee benefits	(58,867)		(114,308)		(1,941,636)		(4,050,721)
Cash flows from operating activities	19,167,543		223,524,402		773,121,434		7,926,686,001
Interest received	106,766		1,566,035		3,504,778		56,377,001
Corporate income tax paid	(400,338)		(432,191)		(13,021,787)		(14,753,215)
Net cash flows from operating activities	18,873,971		224,658,246		763,604,425		7,968,309,787
The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statement of cash flows (continued) For the year ended 31 December 2025

(Unit: US Dollar) (Unit: Baht)

Separate financial statements Separate financial statements

2025		2024		2025	2024
Cash flows from investing activities Cash paid for additional investment in a subsidiary	-		(10,000,000)	-		(342,884,000)
Cash paid for acquisition of investment in a subsidiary from non-controlling interest of the subsidiary	-		(4,900)	-		(166,439)
Proceeds from disposal of an associate	34,885		-	1,182,062		-
Proceeds from disposal of a subsidiary	5,947,677		-	199,590,979		-
Cash received from subsidiaries for capital return	2,179,342		-	70,417,364		-
Advance received from disposal of a subsidiary	-		1,189,545	-		40,455,632
Cash received from long-term loan to a related party	-		7,500,000	-		255,042,625
Cash received from interest	-		1,879,005	-		63,896,849
Dividend received from subsidiaries	-		55,743,937	-		1,991,202,236
Dividend received from associate	997,973		-	32,278,625		-
Acquisition of plant and equipment	(69,795,406)		(37,633,304)	(2,289,299,501)		(1,311,026,276)
Proceeds from disposal of equipment	3,019,263		7,675,511	99,619,532		267,549,849
Increase in other non-current assets	(1,712)		(49,897)	(57,537)		(1,779,417)
Net cash flows from (used in) investing activities	(57,617,978)		26,299,897	(1,886,268,476)		962,291,059
Cash flows from financing activities Increase (decrease) in short-term loans from financial institutions	228,325,397		(71,483,208)	7,305,599,422		(2,517,253,254)
Repayment of long-term loans	(125,942,600)		(205,171,445)	(4,085,602,291)		(7,418,231,962)
Payment of principal portion of lease liabilities	(383,942)		(314,663)	(12,582,502)		(11,075,711)
Interest paid	(15,159,766)		(23,554,346)	(495,084,709)		(830,049,181)
Dividend paid	(63,298,931)		(42,684,944)	(2,090,000,566)		(1,515,250,426)
Net cash flows from (used in) financing activities	23,540,158		(343,208,606)	622,329,354		(12,291,860,534)
Increase (decrease) in translation adjustments	-		-	(50,861,994)		197,192,376
Net decrease in cash and cash equivalents	(15,203,849)		(92,250,463)	(551,196,691)		(3,164,067,312)
Cash and cash equivalents at beginning of year	29,526,616		121,777,079	1,003,546,196		4,167,613,508
Cash and cash equivalents at end of year (Note 6)	14,322,767		29,526,616	452,349,505		1,003,546,196
Supplemental cash flows information	-		-	-		-
Non-cash items consist of Purchases of plant and equipment that had not yet been paid	2,034,360		566,447	64,250,280		19,252,308
Increase in right-of-use assets from lease liabilities	667,335		-	22,612,299		-
Sales of equipment that had not yet been received	72,952		193,274	2,304,024		6,568,972
Transfer assets to asset held for sales	-		35,309	-		1,200,077
Transfer liabilities to liabilities held for sales	-		561,144	-		19,072,079

The accompanying notes are an integral part of the financial statements.

Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Notes to financial statements For the year ended 31 December 2025

General information of the Company
Cal-Comp Electronics (Thailand) Public Company Limited ("the Company") is a public company incorporated and domiciled in Thailand. Its parent company is Kinpo Electronics, Inc., which was incorporated in Taiwan. The Company is principally engaged in the manufacture of electronic products, such as computer peripheral, telecommunication equipment and automation equipment. The registered office of the Company is at No. 191/54, 191/57, 18th Floor, CTI Tower, Rachadapisek Road, Kwang Klongtoey, Khet Klongtoey, Bangkok 10110. The Company has 4 branches in Thailand, located at Samut Sakorn, Petchaburi and Nakhonratchasima.

Basis of preparation

The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Professions Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development, issued under the Accounting Act B.E. 2543.
The management of the Group has determined US Dollar as the functional currency and presents its financial statements in US Dollar. However, the regulatory requirements in Thailand require the entity to present its financial statements in Baht, so the Group also presents its financial statements in Baht by translating from US Dollar.
Assets and liabilities are translated into Baht at the rate of exchange prevailing at the reporting period end date. Revenues and expenses are translated into Baht at the monthly average exchange rate. Differences are recorded as "Exchange differences on translation of financial statements in functional currency to presentation currency" in other comprehensive income.
The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from the Thai language financial statements.
The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies.

Basis of consolidation

The consolidated financial statements include the financial statements of Cal-Comp Electronics (Thailand) Public Company Limited ("the Company") and the following subsidiary companies ("the subsidiaries") (collectively as "the Group"):

Country of Percentage of

Company's name Nature of business incorporation shareholding

						2025		2024
Held by the Company						Percent		Percent
Logistar International Holding Co., Ltd.		Holding company		British Virgin Islands		8		9
Cal-Comp Optical Electronics (Suzhou) Co., Ltd. Cal-Comp Electronics &		Manufacture of electronic products Group company's		The People's Republic of China Taiwan		100 100		100 100
Communications Co., Ltd. Cal Comp (Malaysia) SDN. BHD.		distributor and research and development Manufacture of		Malaysia		-		100
Cal-Comp Electronics (USA) Co., Ltd.	electronic products Manufacture of		United States		100		100
Cal-Comp Industria e Comercio de	electronic products Manufacture of		of America Brazil		100		100
Electronicos e Informatica Ltda. Cal-Comp Industria de Semicondutores S.A.	electronic products Manufacturer of		Brazil		-		58
Cal-Comp Electronics (Sao Paulo) Industria e comercio de Electronicos e Informatica Ltda. Cal-Comp Electronics de Mexico	electronic products Manufacturer of electronic products Manufacture of		Brazil Mexico		100 100		100 100
Co., S.A. de C.V. Cal-Comp Automation and Industrial	electronic products Provide service of design		Thailand		100		100
4.0 Service (Thailand) Co., Ltd. Cal-Comp Precision Holding Co., Ltd.	factory automation solution Holding company		Cayman Islands		100		100
Cal-Comp Semiconductor, LTD. Held by its subsidiaries Logistar International Holding Co., Ltd.	Holding company Holding company		Cayman Islands British Virgin Islands		- 92		100 91

(92% held by Cal-Comp Electronics & Communications Co., Ltd.)

Cal-Comp Precision (Singapore) Limited	Manufacture and	Singapore	100	100
(100% held by Cal-Comp Precision Holding	distributor of plastic
Co., Ltd.)	components
Cal-Comp Precision (Thailand) Limited	Manufacture and	Thailand	100	100
(100% held by Cal-Comp Precision	distributor of plastic
(Singapore) Limited)	components

		Country of	Percentage of
Company's name	Nature of business	incorporation	shareholding
2025				2024
			Percent		Percent
Cal-Comp Precision (Malaysia) Sdn. Bhd.	Manufacture and	Malaysia	100		100
(100% held by Cal-Comp Precision	distributor of plastic
(Singapore) Limited)	components
Cal-Comp Precision (Dongguan) Limited	Manufacture and	The People's	100		100
(100% held by Cal-Comp Precision	distributor of plastic	Republic of China
(Singapore) Limited)	components
Cal-Comp Precision (Philippines), Inc.	Manufacture and	Philippines	100		100
(100% held by Cal-Comp Precision	distributor of plastic
(Singapore) Limited)	components
Cal-Comp Precision (Yue Yang) Co., Ltd.	Manufacture and	The People's	100		100
(100% held by Cal-Comp Precision	distributor of plastic	Republic of China
(Singapore) Limited)	components
Cal-Comp USA (San Diego), Inc.	Manufacturer of	United States	100		100
(100% held by Cal-Comp Electronics (USA)	electronic products	of America
Co., Ltd.)
ICKP (Beijing) Technology Development	Manufacturer of	The People's	80		80
Co., Ltd. (80% held by Cal-Comp Optical	electronic products	Republic of China
Electronics (Suzhou) Co., Ltd.)
Cal-Comp Optical Electronics (Yue Yang)	Manufacturer of	The People's	100		100
Co., Ltd. (100% held by Cal-Comp Optical	electronic products	Republic of China
Electronics (Suzhou) Co., Ltd.)
NKG Advanced Intelligence &	Research and	The People's	100		100
Technology Development (Yue Yang)	development of products	Republic of China
Co., Ltd. (100% held by Cal-Comp Optical
Electronics (Suzhou) Co., Ltd.)

The financial statements of the subsidiaries were prepared by the management of the subsidiaries and audited by their auditors, except the financial statements of Logistar International Holding Co., Ltd., Cal Comp (Malaysia) SDN. BHD., Cal-Comp Semiconductor, LTD. and Cal-Comp Automation and Industrial 4.0 Service (Thailand) Co., Ltd. which were prepared by the management, with no material effect to the financial statements.

The Company is deemed to have control over an investee or subsidiaries if it has rights, or is exposed, to variable returns from its involvement with the investee, and it has the ability to direct the activities that affect the amount of its returns.
Subsidiaries are fully consolidated, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases.
The financial statements of the subsidiaries are prepared using the same significant accounting policies as the Company.
The financial statements of all subsidiaries and associates are prepared in their respective functional currencies. Where the functional currency is not US Dollar, the assets and liabilities in the financial statements are translated to US Dollar using the exchange rate prevailing at the end of reporting period, and revenues and expenses translated using monthly average exchange rates. The resulting differences are shown under the caption of "Exchange differences on translation of financial statements" in the statements of changes in shareholders' equity.
Material balances and transactions between the Group have been eliminated from the consolidated financial statements.
Non-controlling interests represent the portion of profit or loss and net assets of the subsidiaries that are not held by the Company and are presented separately in the consolidated profit or loss and within equity in the consolidated statement of financial position.

The separate financial statements present investments in subsidiaries and associates under the equity method.

New financial reporting standards
1. Financial reporting standards that became effective in the current year
  During the year, the Group has adopted the revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards.
  The adoption of these financial reporting standards does not have any significant impact on
  the Group's financial statements.
2. Financial reporting standard that will become effective for fiscal years beginning on or after 1 January 2026
  The Federation of Accounting Professions issued a revised financial reporting standard, which is effective for fiscal years beginning on or after 1 January 2026. This financial reporting standard was aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards.
  The management of the Group believes that adoption of these amendments will not have any
  significant impact on the Group's financial statements.

Accounting policies

Revenue and expense recognition
Sales of goods
Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer, generally upon delivery of the goods. Revenue is measured at the amount of the consideration received or receivable, excluding value added tax, of goods supplied after deducting returns and discounts to customers.
Rendering of services
Service income is recognised at a point in time upon completion of the service.
Interest income
Interest income is calculated using the effective interest method and recognised on an accrual basis. The effective interest rate is applied to the gross carrying amount of a financial asset, unless the financial assets subsequently become credit-impaired when it is applied to the net carrying amount of the financial asset (net of the expected credit loss allowance).
Dividends
Dividends are recognised when the right to receive the dividends is established.
Expenses
Expenses are recognised on an accrual basis.
Finance cost
Interest expense from financial liabilities at amortised cost is calculated using the effective interest method and recognised on an accrual basis.
Cash and cash equivalents
Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions.
Inventories
Finished goods and work in process are valued at the lower of cost (under the average method) and net realisable value. The cost of inventories includes all production costs and attributable factory overheads.
Raw materials, spare parts and factory supplies are valued at the lower of average cost and net realisable value and are charged to production costs whenever consumed.
Investments in subsidiaries and associates
Investments in subsidiaries and associates are accounted for in the consolidated and separate financial statements using the equity method.

Property, plant and equipment and depreciation

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any).

Depreciation of plant and equipment is calculated by reference to their costs, on the straight-line basis over the following estimated useful lives:

Buildings and building improvements	-	3 - 51	years
Machinery and equipment	-	2 - 20	years
Molds and spare parts	-	1 - 15	years
Office furniture and equipment	-	1 - 11	years
Motor vehicles	-	5 - 11	years
Miscellaneous equipment and research	-	1 - 21	years

and development equipment

Depreciation is included in determining income.

No depreciation is provided on land, land improvements, construction in progress and equipment under installation.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on disposal of an asset is included in profit or loss when the asset is derecognised.

Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant that relates to an asset will be, recognised as a deduction of the book value of the related asset and the grant is recognised in profit or loss over the life of a depreciable asset as a reduced depreciation expense. The grant that relates to an expense item is recognised as income over the period when the related costs are incurred.
Intangible assets and amortisation
Intangible assets acquired through business combination are initially recognised at their fair value on the date of business acquisition while intangible assets acquired in other cases are recognised at cost. Following the initial recognition, the intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses (if any).
Intangible assets with finite lives are amortised on the straight-line basis over the economic useful life and tested for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method of such intangible asset are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss.
Leases

At inception of contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group applied a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. At the commencement date of the lease (i.e. the date the underlying asset is available for use), the Group recognises right-of-use assets representing the right to use underlying assets and lease liabilities based on lease payments.

Right-of-use assets

Right-of-use assets are measured at cost, less accumulated depreciation, any accumulated impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities initially recognised, initial direct costs incurred, and lease payments made at or before the commencement date of the lease less any lease incentives received.

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