2nd Quarter Financial Statement 2025 30 June 2025

Aug 13, 2025 at 5:25 AM UTC · Issued by Central Pattana Public Co. Ltd.

‌Central Pattana Public Company Limited and its Subsidiaries

Condensed interim financial statements

for the three-month and six-month periods ended 30 June 2025

and

Independent auditor's review report

Independent Auditor's Report on Review of Interim Financial Information To the Board of Directors of Central Pattana Public Company Limited

I have reviewed the accompanying consolidated and separate statements of financial position of Central Pattana Public Company Limited and its subsidiaries, and of Central Pattana Public Company Limited, respectively, as at 30 June 2025; the consolidated and separate statements of comprehensive income for the three-month and six-month periods ended 30 June 2025, the consolidated and separate statement of changes in equity and cash flows for the six-month period ended 30 June 2025; and condensed notes ("interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34, "Interim Financial Reporting". My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34, "Interim Financial Reporting".

(Bunyarit Thanormcharoen) Certified Public Accountant Registration No. 7900

KPMG Phoomchai Audit Ltd. Bangkok

8 August 2025

		‌30 June	31 December		30 June		31 December
Assets	Note	2025 (Unaudited)	2024		2025 (Unaudited)		2024
(in thousand Baht)
Current assets
Cash and cash equivalents		3,044,320		3,351,013		1,165,732		1,867,796
Trade accounts receivable	2, 3	1,368,436		1,404,193		849,019		906,222
Other current receivables	2	2,524,895		2,213,663		1,621,302		1,964,978
Current portion of finance lease receivables	2	12,743,528		12,211,517		-		259
Real estate development for sales		18,473,584		17,162,959		-		-
Short-term loans to related parties	2	531,532		466,322		2,210,188		2,176,268
Other current financial assets	4	3,753,206		1,941,374		2,780		103,543
Total current assets		42,439,501		38,751,041		5,849,021		7,019,066
Non-current assets
Restricted bank deposits	6	1,000		1,000		-		-
Other non-current financial assets		5,765,405		5,622,769		1,307,281		1,635,843
Investments in subsidiaries and fund	4	-		-		34,232,885		34,232,885
Investments in associates	4	14,879,011		15,153,731		14,833,571		14,852,418
Investments in joint ventures	4	30,603,905		33,011,337		5,838,713		5,838,713
Finance lease receivable	2	11,056,842		10,623,005		-		-
Long-term loans to related parties	2	416,440		405,664		70,395,768		68,354,461
Investment properties	5, 6	187,932,827		186,640,749		91,892,667		92,812,102
Property, plant and equipment		4,847,590		4,857,074		635,416		617,097
Goodwill		1,290,875		1,290,875		-		-
Deferred tax assets		3,823,371		3,627,133		2,707,930		2,487,293
Other non-current assets	2	4,601,139		4,230,373		655,486		439,055
Total non-current assets		265,218,405		265,463,710		222,499,717		221,269,867
Total assets		307,657,906		304,214,751		228,348,738		228,288,933

		30 June	31 December		30 June		31 December
Liabilities and equity	Note	2025 (Unaudited)	2024		2025 (Unaudited)		2024
(in thousand Baht)
Current liabilities
Short-term loans from financial institutions		14,250,000		3,050,000		13,250,000		2,050,000
Trade accounts payable	2	1,120,100		1,341,943		488,613		594,140
Other current payables	2, 4	7,588,306		7,242,882		3,721,031		4,241,665
Current portion of lease liabilities	2	5,704,425		5,702,797		2,521,916		2,388,493
Short-term loans from related parties	2	553,353		530,753		17,975,696		18,140,348
Current portion of long-term loans	6	12,471,741		14,275,796		11,299,741		12,976,896
Current portion of advance received from rental income	2	2,598,710		2,638,229		998,483		996,907
Income tax payable		1,292,792		948,532		663,535		336,168
Contractor payables		2,648,438		2,361,306		1,009,789		799,213
Total current liabilities		48,227,865		38,092,238		51,928,804		42,523,830
Non-current liabilities
Long-term loans from related parties	2	73,711		103,203		4,255,206		5,070,621
Long-term loans	6	47,758,238		51,549,579		45,379,999		48,985,340
Lease liabilities	2	50,613,908		51,597,292		39,109,489		40,286,138
Deferred tax liabilities		3,821,785		3,670,036		-		-
Advance received from rental income	2	35,967,282		37,143,746		14,399,910		14,847,376
Deposits received from customers	2	9,980,644		9,834,980		6,093,249		5,992,614
Non-current provisions for employee benefits		1,486,819		1,433,163		1,212,168		1,173,982
Provision for decommissioning and restoration		401,126		370,164		334,892		328,080
Guarantees for leases	2	574,162		574,162		16,032		16,032
Other non-current liabilities		18,556		17,206		-		-
Total non-current liabilities		150,696,231		156,293,531		110,800,945		116,700,183
Total liabilities		198,924,096		194,385,769		162,729,749		159,224,013

30 June

31 December

30 June

31 December

Liabilities and equity

2025

(Unaudited)

2024

2025

(Unaudited)

2024

(in thousand Baht)

Equity

Share capital

Authorised share capital
(4,488,000,000 ordinary shares, par value at Baht 0.5 per share)	2,244,000	2,244,000	2,244,000	2,244,000
Issued and paid-up share capital
(4,488,000,000 ordinary shares, par value at
Baht 0.5 per share)	2,244,000	2,244,000	2,244,000	2,244,000
Premium on ordinary shares	8,558,558	8,558,558	8,558,558	8,558,558
Premium on treasury shares	396,053	396,053	396,053	396,053
Retained earnings
Appropriated
Legal reserve	224,400	224,400	224,400	224,400
Unappropriated	88,184,253	89,052,819	54,962,543	57,928,657
Other components of equity	(216,396)	105,787	(766,565)	(286,748)
Equity attributable to owners of the parent	99,390,868	100,581,617	65,618,989	69,064,920
Non-controlling interests	9,342,942	9,247,365	-	-
Total equity	108,733,810	109,828,982	65,618,989	69,064,920
Total liabilities and equity	307,657,906	304,214,751	228,348,738	228,288,933

Consolidated financial Separate financial statements statements

Three-month period ended Three-month period ended

30 June 30 June

2025 2024 2025 2024

(in thousand Baht)

Revenue
Revenue from rental and services	10,724,442	10,467,559	6,613,385	6,446,074
Revenue from hotel operation	442,299	451,929	-	-
Revenue from sale of real estate	493,892	1,956,672	-	-
Investment income	541,767	516,112	3,003,191	1,785,002
Other income	486,008	606,378	502,403	732,415
Total revenue	12,688,408	13,998,650	10,118,979	8,963,491
Expenses
Cost of rental and services	4,374,987	4,500,849	2,890,875	2,926,589
Cost of hotel operation	158,652	153,038	-	-
Cost of real estate sales	348,651	1,262,327	-	-
Administrative expenses	1,994,449	2,001,121	1,245,563	1,226,306
Total expenses	6,876,739	7,917,335	4,136,438	4,152,895
Profit from operating activities	5,811,669	6,081,315	5,982,541	4,810,596
Reversal of (impairment loss) from expected credit loss	(474)	(1,622)	(287)	16
Finance costs Share of profit of joint ventures and associates	(880,183)	(961,164)	(1,196,866)	(1,188,079)
accounted for using equity method	507,413	524,027	-	-
Profit before income tax expense	5,438,425	5,642,556	4,785,388	3,622,533
Tax expense	(1,043,042)	(1,042,189)	(542,864)	(530,297)
Profit for the period	4,395,383	4,600,367	4,242,524	3,092,236

Consolidated financial Separate financial

statements statements

Three-month period ended 30 June

2025		2024		2025	2024
Other comprehensive income			(in thousand Baht)
Items that will be reclassified subsequently to profit or loss Exchange differences on translating financial statements	(49,143)		2,878	-		-
Gain (loss) on cash flow hedges Share of profit of realised other comprehensive income of joint ventures accounted for using equity method	(4,567) 162		58,609 -	(4,567) -		58,609 -
Total items that will be reclassified subsequently to profit or loss	(53,548)		61,487	(4,567)		58,609

Item that will not be reclassified subsequently to profit or loss

Gain (loss) on investments in equity instruments designated

at FVOCI 119,112 125,168 (75,283) 125,168

Total item that will not be reclassified subsequently

to profit or loss 119,112 125,168 (75,283) 125,168 Other comprehensive income (expense)

for the period, net of tax 65,564		186,655		(79,850)		183,777
Total comprehensive income for the period 4,460,947			4,787,022		4,162,674		3,276,013
Profit attributable to: Owners of the parent 4,304,936			4,555,797		4,242,524		3,092,236
Non-controlling interests	90,447		44,570		-		-
	4,395,383		4,600,367		4,242,524		3,092,236
Total comprehensive income attributable to: Owners of the parent	4,376,749		4,751,573		4,162,674		3,276,013
Non-controlling interests	84,198		35,449		-		-
	4,460,947		4,787,022		4,162,674		3,276,013
Basic earnings per share (in Baht)	0.96		1.01		0.95		0.69

Consolidated financial Separate financial statements statements

Six-month period ended Six-month period ended

30 June 30 June

2025 2024 2025 2024

(in thousand Baht)

Revenue
Revenue from rental and services	21,516,050	20,375,245	13,274,978	12,358,095
Revenue from hotel operation	970,388	942,508	-	-
Revenue from sale of real estate	1,095,449	3,262,927	-	-
Investment income	1,047,639	985,245	3,901,051	2,469,544
Other income	726,339	1,135,815	1,022,701	1,210,094
Total revenue	25,355,865	26,701,740	18,198,730	16,037,733
Expenses
Cost of rental and services	8,681,403	8,831,512	5,742,706	5,717,694
Cost of hotel operation	330,079	308,505	-	-
Cost of real estate sales	748,627	2,084,383	-	-
Administrative expenses	4,038,655	3,999,101	2,521,236	2,483,885
Total expenses	13,798,764	15,223,501	8,263,942	8,201,579
Profit from operating activities	11,557,101	11,478,239	9,934,788	7,836,154
Reversal of (impairment loss) from expected credit loss	(3,988)	652	(424)	1,749
Finance costs Share of profit of joint ventures and associates	(1,763,442)	(1,849,279)	(2,381,837)	(2,289,678)
accounted for using equity method	1,029,465	1,119,779	-	-
Profit before income tax expense	10,819,136	10,749,391	7,552,527	5,548,225
Tax expense	(2,118,759)	(1,941,245)	(1,093,890)	(911,417)
Profit for the period	8,700,377	8,808,146	6,458,637	4,636,808

Consolidated financial Separate financial statements statements

Six-month period ended Six-month period ended

30 June 30 June

Other comprehensive income	2025	2024 (in thousand	2025 Baht)	2024
Items that will be reclassified subsequently to profit or loss Exchange differences on translating financial statements	(68,648)	89,001	-	-
Loss on cash flow hedges Share of profit of realised other comprehensive income of joint ventures accounted for using equity method	(173,641) 89,816	(62,136) -	(173,641) -	(62,136) -
Total items that will be reclassified subsequently to profit or loss	(152,473)	26,865	(173,641)	(62,136)

Item that will not be reclassified subsequently to profit or loss

Gain (loss) on investments in equity instruments designated

at FVOCI (156,136) 324,933 (306,176) 235,458

Total item that will not be reclassified subsequently

to profit or loss (156,136) 324,933 (306,176) 235,458 Other comprehensive income (expense)

for the period, net of tax (308,609)		351,798		(479,817)		173,322
Total comprehensive income for the period 8,391,768			9,159,944		5,978,820		4,810,130
Profit attributable to: Owners of the parent 8,532,143			8,709,964		6,458,637		4,636,808
Non-controlling interests	168,234		98,182		-		-
	8,700,377		8,808,146		6,458,637		4,636,808
Total comprehensive income attributable to: Owners of the parent	8,234,002		9,095,798		5,978,820		4,810,130
Non-controlling interests	157,766		64,146		-		-
	8,391,768		9,159,944		5,978,820		4,810,130
Basic earnings per share (in Baht)	1.90		1.94		1.44		1.03

Central Pattana Public Company Limited and its Subsidiaries

Statement of changes in equity (Unaudited)

Issued and

Consolidated financial statements

Other components of equity Exchange

differences Total Equity

Retained earnings on translating Cash flow other attributable to Non-

paid-up Share Share premium Legal financial hedges Fair value components owners of controlling Total share capital premium on treasury share reserve Unappropriated statements reserve reserve Other deficits of equity the parent interests equity

(in thousand Baht)

Six-month period ended 30 June 2024

Balance at 1 January 2024 2,244,000 8,558,558 396,053 224,400 80,687,082 47,357 14,438 237,664 (136,647) 162,812 92,272,905 8,308,832 100,581,737

Transactions with owners, recorded directly in equity

Distributions to owners Dividends to owners of the Company	- - - - (8,078,240) - - - - - (8,078,240)											(59,334)	(8,137,574)
Total transactions with owners, recorded directly in equity	- - - - (8,078,240) - - - - - (8,078,240)											(59,334)	(8,137,574)
Comprehensive income for the period
Profit	-	-	-	-	8,709,964	-	-	-	-	-	8,709,964	98,182	8,808,146

Other comprehensive income	- - - - - 123,037 (62,136) 324,933 - 385,834 385,834 (34,036)	351,798
Total comprehensive income (expense) for the period	- - - - 8,709,964 123,037 (62,136) 324,933 - 385,834 9,095,798 64,146	9,159,944

Balance at 30 June 2024 2,244,000 8,558,558 396,053 224,400 81,318,806 170,394 (47,698) 562,597 (136,647) 548,646 93,290,463 8,313,644 101,604,107

Central Pattana Public Company Limited and its Subsidiaries

Statement of changes in equity (Unaudited)

Issued and

Consolidated financial statements

Other components of equity

Share of other

Exchange comprehensive

differences income (expense) Total Equity

Retained earnings on translating of joint ventures other attributable to Non-

paid-up Share Share premium Legal financial Cashflow Fair value accounted for using components owners of controlling Total

Note share capital premium on treasury share reserve Unappropriated statements hedge reserve reserve Other deficits equity method of equity the parent interests equity

(in thousand Baht)

Six-month period ended 30 June 2025
Balance at 1 January 2025	2,244,000	8,558,558	396,053	224,400	89,052,819	1,481	(213,864) 544,633	(136,647)	(89,816) 105,787	100,581,617	9,247,365	109,828,982

Transactions with owners, recorded directly in equity
Distributions to owners
Dividends to owners of the Company	8	- - - - (9,424,751) - - - - - - (9,424,751) (62,189) (9,486,940)
Total transactions with owners, recorded directly in equity		- - - - (9,424,751) - - - - - - (9,424,751) (62,189) (9,486,940)
Comprehensive income for the period

Profit - - - - 8,532,143 - - - - - - 8,532,143 168,234 8,700,377

Other comprehensive income - - - - 24,042 (58,180) (173,641) (180,178) - 89,816 (322,183) (298,141) (10,468) (308,609)

Total comprehensive income (expense) for the period - - - - 8,556,185 (58,180) (173,641) (180,178) - 89,816 (322,183) 8,234,002 157,766 8,391,768 Balance at 30 June 2025 2,244,000 8,558,558 396,053 224,400 88,184,253 (56,699) (387,505) 364,455 (136,647) - (216,396) 99,390,868 9,342,942 108,733,810

Separate financial statements

Other components of equity

	Issued and			Retained earnings		Cash flow		Total other
	paid-up	Share	Share premium	Legal		hedges	Fair value	components
	share capital	premium	on treasury share	reserve Unappropriated		reserve	reserve	of equity Total equity
				(in thousand Baht)
Six-month period ended 30 June 2024
Balance at 1 January 2024	2,244,000	8,558,558	396,053	224,400	57,609,779	14,438	(290,379)	(275,941)	68,756,849

Transactions with owners, recorded directly in equity

Distributions to owners

Dividends to owners of the Company - - - - (8,078,240) - - - (8,078,240)

Total transactions with owners, recorded directly in equity - - - - (8,078,240) - - - (8,078,240)

Comprehensive income for the period
Profit	-	-	-	-	4,636,808	-	-	-	4,636,808
Other comprehensive income	-	-	-	-	-	(62,136)	235,458	173,322	173,322
Total comprehensive income (expense) for the period	-	-	-	-	4,636,808	(62,136)	235,458	173,322	4,810,130
Balance at 30 June 2024	2,244,000	8,558,558	396,053	224,400	54,168,347	(47,698)	(54,921)	(102,619)	65,488,739

Separate financial statements

Other components of equity

Issued and

Retained earnings

Cash flow Total other

Six-month period ended 30 June 2025	Note	paid-up share capital	Share premium	Share premium on treasury share		Legal reserve	Unappropriated (in thousand Baht)		hedges reserve	Fair value reserve		components of equity		Total equity
Balance at 1 January 2025		2,244,000	8,558,558	396,053		224,400	57,928,657		(213,864)	(72,884)		(286,748)		69,064,920
Transactions with owners, recorded directly in equity Distributions to owners
Dividends to owners of the Company 8	-		-		-	-		(9,424,751)	-		-		-		(9,424,751)
Total transactions with owners, recorded directly in equity	-		-		-	-		(9,424,751)	-		-		-		(9,424,751)
Comprehensive income for the period Profit	-		-		-	-		6,458,637	-		-		-		6,458,637
Other comprehensive income	-		-		-	-		-	(173,641)		(306,176)		(479,817)		(479,817)
Total comprehensive income (expense) for the period	-		-		-	-		6,458,637	(173,641)		(306,176)		(479,817)		5,978,820
Balance at 30 June 2025	2,244,000		8,558,558		396,053	224,400		54,962,543	(387,505)		(379,060)		(766,565)		65,618,989

Consolidated financial Separate financial statements statements

Six-month period ended 30 June

2025 2024 2025 2024

(in thousand Baht)

Cash flows from operating activities
Profit for the period	8,700,377	8,808,146		6,458,637		4,636,808
Adjustments to reconcile profit (loss) to cash receipts (payments)
Real estate development for sales decrease from
transfer to cost of sale	748,627	2,084,383		-		-
Depreciation and amortisation expenses	4,533,767	4,455,962		2,983,288		2,860,007
Investment income	(1,047,639)	(985,245)		(3,901,051)		(2,469,544)
Finance costs	1,763,442	1,849,279		2,381,837		2,289,678
(Reversal of) impairment loss from expected credit loss	3,988	(652)		424		(1,749)
Loss on write off of investment properties	2,658	7,946		536		1,700
Gain on sale of other current financial assets	(3,969)	-		(3,321)		-
Loss on sale of investments in associate	-	6,629		-		-
Gain on sales of assets	(2,943)	(60,933)		(3,847)		(4,671)
Recognition of advance received from rental income	(1,314,967)	(1,132,750)		(500,645)		(313,205)
Non-current provisions for employee benefits	88,625	58,904		68,717		42,267
Share of profit of associates and joint ventures
accounted for using equity method	(1,029,465)	(1,119,779)		-		-
Unrealised loss from change in valuation of financial instruments	108,863	52,013		5,172		-
Tax expense	2,118,759	1,941,245		1,093,890		911,417
	14,670,123	15,965,148		8,583,637		7,952,708
Changes in operating assets and liabilities
Trade accounts receivable	31,769	270,432		56,779 307,874
Other current receivables	(333,375)	(290,543)		343,676 142,816
Real estate development for sales	(1,613,786)	(1,711,988)		- -
Finance lease receivables	19,625		87,936		259		(30,326)
Other non-current assets	(33,147)		26,898		3,625		1,518
Trade accounts payable	(138,816)		(524,623)		(105,527)		(9,060)
Other current payables	(502)		631,722		(465,724)		279,742
Advance received from rental income	98,984		12,746,742		54,755		12,498,666
Deposits received from customers	145,664		213,579		100,635		257,861
Provisions for employee benefit paid	(34,969)		(27,106)		(30,531)		(21,908)
Guarantees for leases	-		557,829		-		-
Other non-current liabilities	1,350		2,013		-		-
Net cash generated from operations	12,812,920		27,948,039		8,541,584		21,379,891
Taxes received	20,921		575,605		-		559,019
Taxes paid	(1,698,098)		(2,582,916)		(867,205)		(1,418,633)
NTehtecaacschomfrpoamnyoinpgernaottiensgfaocrmtivaintieins tegral part of the interim financial statements.11,135,743		25,940,728		7,674,379		20,520,277

Consolidated financial statements

Separate financial statements

Six-month period ended Six-month period ended 30 June 30 June

2025 2024 2025 2024

(in thousand Baht)

Cash flows from investing activities
Interest received	41,657	40,269	986,194	741,195
Dividends received	1,364,588	807,653	2,783,024	1,451,839
(Increase) decrease in other current financial assets	34,406	(192,483)	103,844	-
Acquisition of investments in associate	-	(6,684,902)	-	(5,154,902)
Cash received from sales and capital reduction of investments
in associates and joint venture	610,034	90,669	18,847	21,151
Acquisition of other non-current financial assets	(567,125)	(22,226)	(33,657)	-
Cash received from reduction capital of non-current financial assets	169,357	21,623	-	-
Repayments of loans to related parties	(56,585)	(77,820)	(8,982,741)	(10,094,346)
Cash received from repayment of loans to related parties	-	-	7,039,348	7,366,161
Acquisition of investment properties	(3,400,621)	(4,426,347)	(890,801)	(1,192,825)
Acquisition of building and equipment	(277,741)	(267,411)	(94,865)	(95,758)
Advance payment for purchase of investment properties	(700,968)	(329,256)	(409,696)	(17,199)
Proceeds from sales of investment properties	32,511	168,433	9,561	193,743
Repayment of contractor payables	(1,093,862)	(658,239)	(597,708)	(956,598)
Net cash used in investing activities	(3,844,349)	(11,530,037)	(68,650)	(7,737,539)
Cash flows from financing activities
Interest paid	(958,565)	(1,114,645)	(1,325,898)	(1,583,758)
Dividends paid to owners	(9,486,940)	(8,137,574)	(9,424,751)	(8,078,240)
Payment of lease liabilities	(2,369,080)	(2,446,148)	(2,206,355)	(2,253,141)
Cash received from loans from related parties	12,900	13,500	3,562,309	4,295,232
Repayments of loans from related parties	-	(28,500)	(4,535,955)	(3,241,796)
Cash received from loans from financial institutions and issuing debentures	13,300,000	31,630,000	13,300,000	30,130,000
Repayments of loans from financial institutions and debentures	(7,990,043)	(32,496,058)	(7,677,143)	(31,381,458)
Net cash used in financing activities	(7,491,728)	(12,579,425)	(8,307,793)	(12,113,161)

Net increase (decrease) in cash and cash equivalents, before effect

Consolidated financial Separate financial statements statements

Six-month period ended Six-month period ended

30 June 30 June

2025 2024 2025 2024

(in thousand Baht)

of exchange rate changes	(200,334)		1,831,266		(702,064)		669,577
Effect of exchange rate changes on cash and cash equivalents	(106,359)		(248,443)		-		-
Net increase (decrease) in cash and cash equivalents	(306,693)		1,582,823		(702,064)		669,577
Cash and cash equivalents at 1 January	3,351,013		3,168,528		1,867,796		1,968,150
Cash and cash equivalents at 30 June	3,044,320		4,751,351		1,165,732		2,637,727
Non-cash transactions
Contractor payables which payments have not yet been made 1,871,219		873,544		972,328		564,661
which payments have not yet been made 294,484		373,458		-		-
Repayment of other current financial asset to capital return 1,842,665		-		-		-

Trade accounts payable from real estate development for sales

‌Note	Contents
1	Basis of preparation of the interim financial statements
2	Related parties
3	Trade accounts receivable
4	Investments in subsidiaries, associates, and joint ventures
5	Investment properties
6	Loans from financial institutions and debentures
7	Segment information and disaggregation of revenue
8	Dividends
9	Commitments with non-related parties
10	Events after the reporting period

These notes form an integral part of the interim financial statements.

‌The interim financial statements issued for Thai regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language statutory financial statements, and were approved and authorised for issue by the Board of Directors on 8 August 2025.

‌Basis of preparation of the interim financial statements
The condensed interim financial statements are presented in the same format as the annual financial statements together with notes to the interim financial statements on a condensed basis ("interim financial statements") in accordance with Thai Accounting Standard (TAS) No. 34 Interim Financial Reporting, guidelines promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission. The interim financial statements focus on new activities, events and circumstances to avoid repetition of information previously reported in annual financial statements. Accordingly, these interim financial statements should be read in conjunction with the financial statements of the Company and its subsidiaries for the year ended 31 December 2024.
Revised TFRS for annual periods beginning on or after 1 January 2025 has no material impact on the financial statements of the Group.
In preparing these interim financial statements, judgements and estimates are made by management in applying the Group's accounting policies. Actual results may differ from these estimates. The accounting policies, methods of computation and the key sources of estimation uncertainty were the same as those that described in the financial statements for the year ended 31 December 2024.

‌Related parties

Significant transactions with related parties	Consolidated		Separate
Significant transactions with related parties	financial statements		financial statements
Six-month period ended 30 June	2025	2024	2025	2024
(in thousand Baht)
Subsidiaries and fund
Revenue from rental and services	-	-	76,553	78,335
Management income	-	-	418,316	429,398
Interest income	-	-	1,090,646	986,477
Dividend income	-	-	2,107,420	1,004,999
Other income	-	-	191,327	189,389
Cost of rental and services	-	-	19,998	18,911
Administrative expenses	-	-	10,271	607
Interest expenses	-	-	548,535	521,268
Sale of investment properties	-	-	-	159,383
Associates
Revenue from rental and services	1,316,489	1,052,938	486,608	232,293
Management income	392,529	364,629	288,862	273,921
Interest income	988,063	919,968	9,454	9,855
Dividend income	-	-	674,510	445,051
Other income	30,613	211,667	30,612	211,666
Cost of rental and services	39,753	44,370	4,276	4,230
Administrative expenses	224,544	222,893	10,387	19,229
Interest expenses	7,546	12,453	604	685

Significant transactions with related parties	Consolidated		Separate
Significant transactions with related parties	financial statements		financial statements
Six-month period ended 30 June	2025	2024	2025	2024
(in thousand Baht)
Joint ventures
Revenue from rental and services	23,445	30,784	7,611	8,179
Management income	492	497	492	497
Other income	10,274	17,799	10,274	14,623
Interest income	700	348	224	214
Cost of rental and services	616	-	-	-
Administrative expenses	2,452	1,851	2,452	1,851
Interest expenses	402	-	-	-
Other related parties
Revenue from rental and services	2,021,152	1,985,390	1,314,702	1,290,357
Other income	1,134	7,829	1,104	8,731
Cost of rental and services	61,172	14,739	54,256	7,729
Management fee	121,272	109,655	117,835	106,100
Administrative expenses	47,021	30,103	39,324	19,994
Interest expenses	817,419	755,308	817,003	754,889
Key management
Key management personnel compensation
Short-term benefits	185,083	144,999	178,038	136,736
Long-term benefits	7,071	7,458	7,071	7,051
Total key management personnel compensation	192,154	152,457	185,109	143,787

Significant balances as at 30 June 2025 and 31 December 2024 with related parties were as follows:

Consolidated			Separate
	financial statements		financial statements
	30 June	31 December	30 June	31 December
As at	2025	2024	2025	2024
(in thousand Baht)
Trade accounts receivable
Subsidiaries and fund	-	-	87,239	113,893
Associates	116,882	99,990	71,268	63,800
Joint ventures	11,653	13,180	4,357	4,490
Other related parties	262,841	209,297	139,281	119,080
Total	391,376	322,467	302,145	301,263
Other current receivables
Accrued income
Associates	73,660	66,712	52,027	47,821
Joint ventures	12,500	12,500	-	-
Total	86,160	79,212	52,027	47,821

Consolidated			Separate
	financial statements		financial statements
	30 June	31 December	30 June	31 December
As at	2025	2024	2025	2024
(in thousand Baht)
Other current receivables
Associates	4,899	7,177	4,498	4,542
Joint ventures	24	-	17	-
Other related parties	64,994	64,994	64,994	64,994
Total	69,917	72,171	69,509	69,536
Current portion of finance lease
receivable
Associate	12,716,636	12,187,037	-	-
Short-term loans to
Subsidiaries	-	-	1,678,656	1,709,946
Associates	12,389	12,394	12,389	12,394
Joint ventures	519,143	453,928	519,143	453,928
Total	531,532	466,322	2,210,188	2,176,268
Finance lease receivable
Associate	10,781,585	10,332,574	-	-
Long-term loans to
Subsidiaries	-	-	69,979,328	67,948,797
Associates	369,360	360,228	369,360	360,228
Joint ventures	47,080	45,436	47,080	45,436
Total	416,440	405,664	70,395,768	68,354,461
Other non-current assets
Deposit
Associates	2,552,380	2,485,187	35,577	33,380

Loans to subsidiaries, associates, and joint ventures are unsecured and denominated in Thai Baht and carry interests at the rate as stipulated in the agreements.

Consolidated			Separate
	financial statements		financial statements
	30 June	31 December	30 June	31 December
As at	2025	2024	2025	2024
(in thousand Baht)
Trade accounts payable
Subsidiaries and fund	-	-	110,274	25,798
Associates	9,598	17,532	7,984	13,004
Other related parties	13,013	38,507	9,461	32,699
Total	22,611	56,039	127,719	71,501
Other current payables
Subsidiaries and fund	-	-	4,716	383,420
Associates	5,908	5,829	4,231	3,697
Total	5,908	5,829	8,947	387,117

Consolidated			Separate
	financial statements		financial statements
	30 June	31 December	30 June	31 December
As at	2025	2024	2025	2024
(in thousand Baht)
Short-term loans from
Subsidiaries	-	-	17,975,696	18,140,348
Other related parties	553,353	530,753	-	-
Total	553,353	530,753	17,975,696	18,140,348
Lease liabilities
Subsidiaries and fund	-	-	13,346,092	13,797,668
Associates	542,690	680,221	59,978	61,973
Joint ventures	33,957	36,052	-	-
Other related parties	14,937,287	14,289,302	14,756,680	14,108,393
Total	15,513,934	15,005,575	28,162,750	27,968,034
Advance received from rental
income
Subsidiaries and fund	-	-	12,655	15,411
Associates	29,194,952	30,316,132	11,222,433	11,606,113
Total	29,194,952	30,316,132	11,235,088	11,621,524
Less: Current portion of advance
received from rental income	(1,976,669)	(1,985,373)	(782,408)	(781,977)
Net	27,218,283	28,330,759	10,452,680	10,839,547
Long-term loans from
Subsidiaries	-	-	4,255,206	5,070,621
Other related parties	73,711	103,203	-	-
Total	73,711	103,203	4,255,206	5,070,621
Deposits received from customers
Subsidiaries and fund	-	-	7,234	12,085
Associates	4,233	4,233	-	-
Joint ventures	13,429	13,429	4,822	4,822
Other related parties	476,926	458,764	282,690	275,049
Total	494,588	476,426	294,746	291,956
Guarantees for leases
Other related party	573,862	573,862	16,032	16,032

Loans from subsidiaries and related parties are unsecured and denominated in Thai Baht and carry interests at the rate as stipulated in the agreements.

Significant agreement with related parties

As at 30 June 2025, the Group had collateral of subsidiaries of Baht 1,119 million (31 December 2024: Baht 1,063 million).

‌Trade accounts receivable

Consolidated financial statements			Separate financial statements
	30 June	31 December	30 June	31 December
	2025	2024	2025	2024
(in million Baht)
Personal: non-related parties
Within credit terms	5	7	1	2
Overdue:
Less than 3 months	9	12	2	4
3 - 6 months	5	2	1	1
6 - 12 months	1	2	-	1
Over 12 months	1	3	-	-
Total	21	26	4	8
Less: allowance for expected credit loss	(2)	(3)	(1)	(1)
Net	19	23	3	7
Deposits from overdue customers	117	98	62	52
Corporate: non-related parties
Within credit terms	24	125	18	50
Overdue:
Less than 3 months	170	205	50	90
3 - 6 months	94	50	29	19
6 - 12 months	11	17	3	11
Over 12 months	59	87	8	12
Total	358	484	108	182
Less: allowance for expected credit loss	(69)	(64)	(6)	(6)
Net	289	420	102	176
Accrued income under operating leases	669	639	442	422
Deposits from overdue customers	8,050	7,949	4,821	4,669
Related parties
Within credit terms	154	115	156	151
Overdue:
Less than 3 months	72	63	56	47
3 - 6 months	14	42	9	47
6 - 12 months	48	5	48	10
Over 12 months	9	21	17	31
Total	297	246	286	286
Accrued income under operating leases	94	76	16	15
Deposits from overdue customers	495	475	288	277

The normal credit term granted by the Group ranges from 1 days to 30 days.

‌Investments in subsidiaries, associates, and joint ventures

Material movements for the six-month period ended 30 June 2025	Consolidated financial statements	Separate financial statements
(in million Baht)
Associates
Decrease capital	(267)	(19)
Joint venture
Decrease capital	(2,186)	-

CPN Retail Growth Leasehold REIT (Associate)

In March 2025, the Group received cash from reducing the net value of CPN Retail Growth Leasehold REIT at the rate of 0.1673 Baht per unit, amounting to Baht 226.53 million, and received dividends from the investment unit at the rate of 0.0987 Baht per unit, amounting to Baht 148.70 million.

In June 2025, the Group received cash from reducing the net value of CPN Retail Growth Leasehold REIT at the rate of 0.0155 Baht per unit, amounting to Baht 21.87 million, and received dividends from the investment unit at the rate of 0.2505 Baht per unit, amounting to Baht 353.37 million.

CPN Commercial Growth Leasehold Property Fund (Associate)

In March 2025, the Company received cash from reducing the net value of CPN Commercial Growth Leasehold Property Fund at the rate of 0.0390 Baht per unit, amounting to Baht 4.16 million, and received dividends from the investment units at the rate of 0.2271 Baht per unit, amounting to Baht

24.22 million.

In June 2025, the Company received cash from reducing the net value of CPN Commercial Growth Leasehold Property Fund at the rate of 0.1377 Baht per unit, amounting to Baht 14.69 million, and received dividends from the investment units at the rate of 0.1284 Baht per unit, amounting to Baht

13.70 million.

Porto Worldwide Limited (Joint venture)

In February 2025, Porto Worldwide Limited sold the shares of Grab Holdings Limited to Chipper Global Limited, an indirect subsidiary, of 11.18 million shares amounting to USD 54.45 million (equivalent to Baht 1,842.67 million) by offset against the capital return received based on shareholding proportion from Porto Worldwide Limited in April 2025 of USD 65.78 million (equivalent to Baht 2,185.45 million).

Collateral

As at 30 June 2025, the Company had a part of investment in associate at cost of Baht 991.5 million which was used as collateral for the joint investment agreement with Dusit Thani Public Company Limited (31 December 2024: Baht 991.5 million).

Central Pattana Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month and six-month periods ended 30 June 2025 (Unaudited)

‌Investment properties

Transaction movement of investment properties is as follows:

Consolidated financial statements Separate financial statements

Owned properties Own properties

		Buildings					Buildings
		and	Assets under	Right-of-use			and	Assets under	Right-of-use
Land		improvements	construction	assets	Total	Land	improvements	construction	assets	Total
(in million Baht)
At 1 January 2025	51,480	65,866	14,951	54,344	186,641	11,271	28,047	1,148	52,346	92,812
Additions	23	245	4,908	325	5,501	-	75	1,785	112	1,972
Disposals/ write-off	-	(32)	-	(3)	(35)	-	(5)	(1)	-	(6)
Transferred assets	(20)	598	(685)	87	(20)	-	254	(254)	-	-
Difference from
translating in
consolidated financial
statements	-	(12)	-	-	(12)	-	-	-	-	-
Less: depreciation
charge for the period	-	(2,468)	-	(1,674)	(4,142)	-	(1,180)	-	(1,705)	(2,885)
At 30 June 2025	51,483	64,197	19,174	53,079	187,933	11,271	27,191	2,678	50,753	91,893

Central Pattana Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month and six-month periods ended 30 June 2025 (Unaudited)

‌Loans from financial institutions and debentures

As at 30 June 2025 and 31 December 2024, investment properties had secured loans with guaranteed assets of the Group.

Restricted bank deposits were fixed deposits which the Group had used for credit guarantee facility.

As at 30 June 2025, the Group had unutilised credit facilities totalling Baht 7,939 million (31 December 2024: Baht 14,203 million).

Interest rate swaps used for hedging of loans

30 June 2025
Consolidated financial statements/ Separate financial statements
	Carrying amount	Fair value
	Hedging instruments	Level 2
(in million Baht)
Financial liabilities
Interest rate swap contract	61	61
Cross currency swap contract	460	460

‌Segment information and disaggregation of revenue

The Group has three reportable segments, as described below, which are the Group's strategic divisions. The strategic divisions offer different products and services. The chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. The following summary describes the operations in each of the Group's reportable segments.

Segment 1

Development of shopping center buildings, office building and condominiums for rent including provision of food center services, utility services, operator of play land and

water theme park in the shopping center buildings

Segment 2

Hotel business

Segment 3

Real estate business for sales of land and houses and condominium units

Information regarding the results of each reportable segment is included. Performance is measured based on segment profit before tax, as included in the internal management reports that are reviewed by the Group's CODM. Segment profit before tax is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.

Central Pattana Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month and six-month periods ended 30 June 2025 (Unaudited)

Segment revenue and results for the six-month periods ended 30 June 2025 and 2024 were as follows:

Consolidated financial statements

Segment 1 Segment 2 Segment 3 Total

Six-month period ended 30 June	2025	2024	2025	2024	2025	2024	2025	2024
(in million Baht)
Information about reportable segments
External revenue	21,516	20,375	970	943	1,095	3,263	23,581	24,581
Inter-segment revenue	144	140	2	-	-	-	146	140
Total revenue	21,660	20,515	972	943	1,095	3,263	23,727	24,721
Timing of revenue recognition
At a point in time	575	540	972	943	1,095	3,263	2,642	4,746
Over time	21,085	19,975	-	-	-	-	21,085	19,975
Total revenue	21,660	20,515	972	943	1,095	3,263	23,727	24,721
Segment profit before income tax	12,204	10,689	328	346	327	1,180	12,859	12,215
Segment assets
as at 30 June/ 31 December	189,078	187,841	3,615	3,570	18,561	17,250	211,254	208,661
Segment liabilities
as at 30 June/ 31 December	38,999	39,962	735	767	1,480	1,414	41,214	42,143

Separate financial statements
	Segment 1
For the six-month period ended 30 June	2025	2024
Timing of revenue recognition	(in million Baht)
At a point in time	282	278
Over time	12,993	12,080
Total revenue	13,275	12,358

Reconciliations of reportable segment profit or loss	Consolidated financial statements
For the six-month period ended 30 June	2025	2024
(in million Baht)
Reportable segments	12,859	12,215
Elimination of inter-segment losses	(159)	(302)
Unallocated amounts:
- Other income	726	1,136
- Other expenses	(3,636)	(3,420)
- Share of profit of investments in associates and joint ventures	1,029	1,120
Total	10,819	10,749

	30 June	31 December
	2025	2024
(in million Baht)
Assets
Total assets for reportable segments	211,254	208,661
Other unallocated amounts
- Investment	55,002	55,729
- Deferred tax assets	3,823	3,627
- Other assets	37,579	36,198
Total consolidated assets	307,658	304,215
Liabilities
Total liabilities for reportable segments	41,214	42,143
Other unallocated amounts
- Loans	75,107	69,509
- Deferred tax liabilities	3,822	3,670
- Other liabilities	78,781	79,064
Total consolidated liabilities	198,924	194,386

Geographical information

The Group is mostly managed and operates principally in Thailand. There are no material revenues derived from, or assets located in, foreign countries.

‌Dividends

Approval date of Shareholders' Meeting

Payment schedule

Dividend rate per

Amount

(in Baht)

(in million Baht)

2024 Annual dividend

29 April 2025

May 2025

2.1

9,425

‌Commitments with non-related parties

	Consolidated	Separate
At 30 June 2025	financial statements	financial statements
(in million Baht)
Capital commitments
Buildings and facility systems	6,727	2,380
Other commitments
Bank guarantees	1,906	763
Service agreements	89	-
Real estate development for sales agreements	4,958	-
Total	6,953	763

‌Events after the reporting period
1. On 2 July 2025, the Group entered into a loan agreement of Baht 800 million with a financial institution. Such agreement stipulated the Group to repay the principal within 3 years from loan utilised date and the repayment interest of is scheduled every month. The loan facility is secured by land and buildings owned of the Group. The Group is required to comply with the terms and conditions stipulated in the loan agreement.
2. In July 2025, the Group entered into an agreement to amend the payment terms for the lease of a shopping center project (renewal period). The lease term remains 30 years, and the rental payments will be paid by installments. The first installment covers the rent for the first 10 years (from 16 August 2025 to 15 August 2035) in amounting to Baht 12,853 million. The rental expense from the 11th year until the end of the lease term will be determined through future negotiations between CPN Retail Growth Leasehold REIT (CPNREIT) and the Group. Additionally, the Group entered into a lease agreement for additional area in the shopping center building, with a lease term of 30 years starting from 16 August 2025 to 15 August 2055. The rental payments will be paid by installments The first installment covers the rent for the first 10 years (from 16 August 2025 to 15 August 2035) in amounting to Baht 124 million. The rental expense from the 11th year until the end of the lease term will be determined through future negotiations between CPNREIT and the Group. The lease agreements may be renewed under mutually agreed conditions, provided that written notice is given at least 12 months prior to the lease expiration date. In addition, the Group entered into a purchase agreement with CPNREIT for the acquisition of assets used in the operation of the shopping center, totalling Baht 3.25 million.
3. At the Board of Directors' Meeting of the Company held on 8 August 2025, approved the share repurchase project for financial management purposes with the number of shares to be repurchased not exceeding 111 million shares or equal to the amount of not exceeding 2.47% of the total paid up capital of the Company and the maximum amount not exceeding Baht 5,000 million. The share repurchase will be conducted through the Stock Exchange of Thailand during 18 August 2025 - 17 February 2026.

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