3rd Quarter Financial Statement 2025 30 September 2025

Nov 14, 2025 at 4:34 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 nine-month periods ended 30 September 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 September 2025; the consolidated and separate statements of comprehensive income for the three-month and nine-month periods ended 30 September 2025, the consolidated and separate statement of changes in equity and cash flows for the nine-month period ended 30 September 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

13 November 2025

Consolidated financial Separate financial statements statements

30 September 31 December 30 September 31 December

Assets Note 2025 2024 2025 2024

(Unaudited) (Unaudited)

(in thousand Baht)

Current assets Cash and cash equivalents		4,287,607	3,351,013	1,167,639	1,867,796
Trade accounts receivable	2, 3	1,384,530	1,404,193	832,366	906,222
Other current receivables	2	2,465,813	2,213,663	1,865,446	1,964,978
Current portion of finance lease receivables	2	27,407	12,211,517	-	259
Real estate development for sales		18,833,259	17,162,959	-	-
Short-term loans to related parties	2	572,107	466,322	2,278,388	2,176,268
Other current financial assets	4	2,757,282	1,941,374	2,980	103,543
Total current assets		30,328,005	38,751,041	6,146,819	7,019,066
Non-current assets
Restricted bank deposits	6	1,000	1,000	-	-
Other non-current financial assets		6,509,200	5,622,769	1,980,470	1,635,843
Investments in subsidiaries and fund	4	-	-	34,232,885	34,232,885
Investments in associates	4	14,128,048	15,153,731	14,825,550	14,852,418
Investments in joint ventures	4	30,865,330	33,011,337	5,838,713	5,838,713
Finance lease receivable	2	12,960,048	10,623,005	-	-
Long-term loans to related parties	2	421,733	405,664	66,787,255	68,354,461
Investment properties	5, 6	189,335,669	186,640,749	91,534,680	92,812,102
Property, plant and equipment		4,966,173	4,857,074	645,994	617,097
Goodwill		1,290,875	1,290,875	-	-
Deferred tax assets		3,778,263	3,627,133	2,596,931	2,487,293
Other non-current assets	2	5,064,142	4,230,373	616,709	439,055
Total non-current assets		269,320,481	265,463,710	219,059,187	221,269,867
Total assets		299,648,486	304,214,751	225,206,006	228,288,933

Consolidated financial Separate financial statements statements

30 September 31 December 30 September 31 December

Liabilities and equity Note 2025 2024 2025 2024

(Unaudited) (Unaudited)

(in thousand Baht)

Current liabilities
Short-term loans from financial institutions		2,750,000	3,050,000	1,750,000	2,050,000
Trade accounts payable	2	1,156,835	1,341,943	447,002	594,140
Other current payables	2, 4	7,638,108	7,242,882	3,570,503	4,241,665
Current portion of lease liabilities	2	3,021,156	5,702,797	2,513,424	2,388,493
Short-term loans from related parties	2	565,442	530,753	20,103,494	18,140,348
Current portion of long-term loans	6	14,385,672	14,275,796	13,165,427	12,976,896
Current portion of advance received from rental income	2	2,519,805	2,638,229	997,350	996,907
Income tax payable		751,472	948,532	410,663	336,168
Contractor payables		3,063,786	2,361,306	999,712	799,213
Total current liabilities		35,852,276	38,092,238	43,957,575	42,523,830
Non-current liabilities
Long-term loans from related parties	2	67,950	103,203	10,037,208	5,070,621
Long-term loans	6	46,313,558	51,549,579	40,872,838	48,985,340
Lease liabilities	2	50,740,296	51,597,292	39,597,065	40,286,138
Deferred tax liabilities		4,104,716	3,670,036	-	-
Advance received from rental income	2	34,940,075	37,143,746	14,185,552	14,847,376
Deposits received from customers	2	10,171,284	9,834,980	6,200,680	5,992,614
Non-current provisions for employee benefits		1,529,444	1,433,163	1,245,778	1,173,982
Provision for decommissioning and restoration		405,075	370,164	338,304	328,080
Guarantees for leases	2	574,162	574,162	16,032	16,032
Other non-current liabilities	2	68,734	17,206	-	-
Total non-current liabilities		148,915,294	156,293,531	112,493,457	116,700,183
Total liabilities		184,767,570	194,385,769	156,451,032	159,224,013

Consolidated financial Separate financial statements statements

30 September 31 December 30 September 31 December

Liabilities and equity 2025 2024 2025 2024

(Unaudited) (Unaudited)

(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	93,762,760	89,052,819	57,650,482	57,928,657
Other components of equity	307,128	105,787	(318,519)	(286,748)
Equity attributable to owners of the parent	105,492,899	100,581,617	68,754,974	69,064,920
Non-controlling interests	9,388,017	9,247,365	-	-
Total equity	114,880,916	109,828,982	68,754,974	69,064,920
Total liabilities and equity	299,648,486	304,214,751	225,206,006	228,288,933

Consolidated financial Separate financial statements statements

Three-month period ended Three-month period ended

30 September 30 September

2025 2024 2025 2024

(in thousand Baht)

Revenue
Revenue from rental and services	10,834,638	10,779,463	6,763,104	6,670,533
Revenue from hotel operation	454,654	472,058	-	-
Revenue from sale of real estate	626,204	991,443	-	-
Investment income	352,299	509,260	1,019,748	913,279
Other income	1,642,900	40,746	848,178	513,637
Total revenue	13,910,695	12,792,970	8,631,030	8,097,449
Expenses
Cost of rental and services	4,354,281	4,506,043	2,885,063	2,949,052
Cost of hotel operation	154,111	158,700	-	-
Cost of real estate sales	434,643	627,134	-	-
Administrative expenses	1,961,229	1,987,184	1,266,226	1,248,559
Total expenses	6,904,264	7,279,061	4,151,289	4,197,611
Profit from operating activities	7,006,431	5,513,909	4,479,741	3,899,838
Reversal of (impairment loss) from expected credit loss	(388)	748	22	176
Finance costs Share of profit of joint ventures and associates	(888,725)	(968,622)	(1,165,831)	(1,216,347)
accounted for using equity method	581,716	632,927	-	-
Profit before income tax expense	6,699,034	5,178,962	3,313,932	2,683,667
Tax expense	(1,200,503)	(980,472)	(625,993)	(500,829)
Profit for the period	5,498,531	4,198,490	2,687,939	2,182,838

Consolidated financial Separate financial statements statements

Three-month period ended 30 September

2025 2024 2025 2024

(in thousand Baht)

Other comprehensive income

Items that will be reclassified subsequently to profit or loss

Exchange differences on translating financial statements

63,393

(312,925)

Loss on cash flow hedges

(62,952)

(59,694)

(62,952)

(59,694)

Total items that will be reclassified subsequently to

profit or loss

441

(372,619)

(62,952)

(59,694)

Item that will not be reclassified subsequently to profit or loss

Gain on investments in equity instruments designated

at FVOCI 691,874 76,785 510,998 76,785

Total item that will not be reclassified subsequently to profit or loss 691,874 76,785 510,998 76,785 Other comprehensive income (expense)

for the period, net of tax 692,315		(295,834)		448,046		17,091
Total comprehensive income for the period 6,190,846			3,902,656		3,135,985		2,199,929
Profit attributable to: Owners of the parent 5,424,336			4,125,675		2,687,939		2,182,838
Non-controlling interests	74,195		72,815		-		-
	5,498,531		4,198,490		2,687,939		2,182,838
Total comprehensive income attributable to: Owners of the parent	6,102,031		3,831,863		3,135,985		2,199,929
Non-controlling interests	88,815		70,793		-		-
	6,190,846		3,902,656		3,135,985		2,199,929
Basic earnings per share (in Baht)	1.21		0.92		0.60		0.49

Consolidated financial Separate financial statements statements

Nine-month period ended Nine-month period ended

30 September 30 September

Note 2025 2024 2025 2024

(in thousand Baht)

Revenue
Revenue from rental and services		32,350,688	31,154,708	20,038,082	19,028,628
Revenue from hotel operation		1,425,042	1,414,566	-	-
Revenue from sale of real estate		1,721,653	4,254,370	-	-
Investment income		1,399,938	1,494,505	4,920,799	3,382,823
Other income	2	2,369,239	1,176,561	1,870,879	1,723,731
Total revenue		39,266,560	39,494,710	26,829,760	24,135,182
Expenses
Cost of rental and services		13,035,684	13,337,555	8,627,769	8,666,746
Cost of hotel operation		484,190	467,205	-	-
Cost of real estate sales		1,183,270	2,711,517	-	-
Administrative expenses		5,999,884	5,986,285	3,787,462	3,732,444
Total expenses		20,703,028	22,502,562	12,415,231	12,399,190
Profit from operating activities		18,563,532	16,992,148	14,414,529	11,735,992
Reversal of (impairment loss) from expected credit loss		(4,376)	1,400	(402)	1,925
Finance costs Share of profit of joint ventures and associates		(2,652,167)	(2,817,901)	(3,547,668)	(3,506,025)
accounted for using equity method		1,611,181	1,752,706	-	-
Profit before income tax expense		17,518,170	15,928,353	10,866,459	8,231,892
Tax expense		(3,319,262)	(2,921,717)	(1,719,883)	(1,412,246)
Profit for the period		14,198,908	13,006,636	9,146,576	6,819,646

Consolidated financial Separate financial statements statements

Nine-month period ended Nine-month period ended

30 September 30 September

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	(5,255)	(223,924) -				-
Loss on cash flow hedges Share of profit of realised other comprehensive income of joint ventures accounted for using equity method	(236,593) 89,816	(121,830) (236,593) - -				(121,830) -
Total items that will be reclassified subsequently to profit or loss	(152,032)		(345,754)		(236,593)		(121,830)

Item that will not be reclassified subsequently to profit or loss

Gain on investments in equity instruments designated

at FVOCI 535,738		401,718		204,822		312,243
Total item that will not be reclassified subsequently to profit or loss 535,738		401,718		204,822		312,243
Other comprehensive income (expense) for the period, net of tax 383,706		55,964		(31,771)		190,413
Total comprehensive income for the period 14,582,614			13,062,600		9,114,805		7,010,059
Profit attributable to: Owners of the parent 13,956,479			12,835,639		9,146,576		6,819,646
Non-controlling interests	242,429		170,997		-		-
	14,198,908		13,006,636		9,146,576		6,819,646
Total comprehensive income attributable to: Owners of the parent	14,336,033		12,927,661		9,114,805		7,010,059
Non-controlling interests	246,581		134,939		-		-
	14,582,614		13,062,600		9,114,805		7,010,059
Basic earnings per share (in Baht)	3.11		2.86		2.04		1.52

Consolidated financial statements

Other components of equity

Issued and

Retained earnings

Exchange

differences Total Equity

on translating Cash flow other attributable to Non-

Nine-month period ended 30 September 2024	paid-up share capital	Share premium	Share premium on treasury share		Legal reserve	Unappropriated		financial statements		hedges Fair value reserve reserve (in thousand Baht)			Other deficits		components of equity		owners of the parent		controlling interests		Total equity
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)		(100,879)		(8,179,119)
Total transactions with owners, recorded directly in equity -		-		-	-		(8,078,240)		-		-	-		-		-		(8,078,240)		(100,879)		(8,179,119)

Changes in ownership interests in subsidiaries

Acquisition of non-controlling interests

without a change in control	-	-	-	-	-	-	-	-	-	-	-	825,000	825,000
Total changes in ownership interests in subsidiaries	-	-	-	-	-	-	-	-	-	-	-	825,000	825,000
Total transactions with owners, recorded directly in equity -		-	-	-	(8,078,240)	-	-	-	-	-	(8,078,240)	724,121	(7,354,119)
Comprehensive income for the period Profit -		-	-	-	12,835,639	-	-	-	-	-	12,835,639	170,997	13,006,636
Other comprehensive income	-	-	-	-	-	(187,866)	(121,830)	401,718	-	92,022	92,022	(36,058)	55,964
Total comprehensive income (expense) for the period	-	-	-	-	12,835,639	(187,866)	(121,830)	401,718	-	92,022	12,927,661	134,939	13,062,600
Balance at 30 September 2024	2,244,000	8,558,558	396,053	224,400	85,444,481	(140,509)	(107,392)	639,382	(136,647)	254,834	97,122,326	9,167,892	106,290,218

Consolidated financial statements

Other components of equity

Share of other

Issued and

Retained earnings

Exchange comprehensive

differences income (expense) Total Equity

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)

Nine-month period ended 30 September 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 9	-		-		-		-		(9,424,751)		-	-	-		-		-		-		(9,424,751)		(105,929)		(9,530,680)
Total transactions with owners, recorded directly in equity	-		-		-		-		(9,424,751)		-	-	-		-		-		-		(9,424,751)		(105,929)		(9,530,680)
Comprehensive income for the period Profit	-		-		-		-		13,956,479		-	-	-		-		-		-		13,956,479		242,429		14,198,908
Other comprehensive income	-		-		-		-		178,213		(9,407)	(236,593)	357,525		-		89,816		201,341		379,554		4,152		383,706
Total comprehensive income (expense) for the period	-		-		-		-		14,134,692		(9,407)	(236,593)	357,525		-		89,816		201,341		14,336,033		246,581		14,582,614
Balance at 30 September 2025	2,244,000		8,558,558		396,053		224,400		93,762,760		(7,926)	(450,457)	902,158		(136,647)		-		307,128		105,492,899		9,388,017		114,880,916

Separate financial statements

Retained earnings

Other components of equity

	Issued and paid-up	Share		Share premium		Legal				Cash flow hedges	Fair value	Total other components
Nine-month period ended 30 September 2024	share capital	premium		on treasury share		reserve	Unappropriated (in thousand Baht)			reserve	reserve	of equity		Total equity
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	-		-		-	-		6,819,646	-		-		-		6,819,646
Other comprehensive income	-		-		-	-		-	(121,830)		312,243		190,413		190,413
Total comprehensive income (expense) for the period	-		-		-	-		6,819,646	(121,830)		312,243		190,413		7,010,059
Balance at 30 September 2024	2,244,000		8,558,558		396,053	224,400		56,351,185	(107,392)		21,864		(85,528)		67,688,668

Separate financial statements

Retained earnings

Other components of equity

	Issued and paid-up	Share		Share premium		Legal			Cash flow hedges	Fair value		Total other components
Nine-month period ended 30 September 2025	Note	share capital	premium	on treasury share		reserve	Unappropriated (in thousand Baht)		reserve	reserve		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 9	-		-		-	-		(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	-		-		-	-		9,146,576	-		-		-		9,146,576
Other comprehensive income	-		-		-	-		-	(236,593)		204,822		(31,771)		(31,771)
Total comprehensive income (expense) for the period	-		-		-	-		9,146,576	(236,593)		204,822		(31,771)		9,114,805
Balance at 30 September 2025	2,244,000		8,558,558		396,053	224,400		57,650,482	(450,457)		131,938		(318,519)		68,754,974

Consolidated financial Separate financial statements statements

Nine-month period ended

30 September

Nine-month period ended

30 September

2025 2024 2025 2024

(in thousand Baht)

Cash flows from operating activities
Profit for the period	14,198,908	13,006,636	9,146,576	6,819,646
Adjustments to reconcile profit (loss) to cash receipts (payments)
Real estate development for sales decrease from
transfer to cost of sale	1,183,270	2,711,517	-	-
Depreciation and amortisation expenses	6,820,587	6,711,702	4,493,845	4,328,043
Investment income	(1,399,938)	(1,494,505)	(4,920,799)	(3,382,823)
Finance costs	2,652,167	2,817,901	3,547,668	3,506,025
(Reversal of) impairment loss from expected credit loss	4,376	(1,400)	402	(1,925)
Loss on write off of investment properties	5,336	20,422	2,518	13,953
Gain on sale of other current financial assets	(28,144)	-	(3,453)	-
Gain on sale of investments in associate	-	(7,311)	-	(3,374)
Gain on sales of assets	(1,055,039)	(62,034)	(6,147)	(5,069)
Recognition of advance received from rental income	(1,973,910)	(1,806,545)	(750,306)	(573,137)
Non-current provisions for employee benefits	132,938	88,348	103,075	63,401
Share of profit of associates and joint ventures
accounted for using equity method	(1,611,181)	(1,752,706)	-	-
Unrealised loss from change in valuation of financial instruments	223,427	73,645	5,252	21,284
Tax expense	3,319,262	2,921,717	1,719,883	1,412,246
	22,472,059	23,227,387	13,338,514	12,198,270
Changes in operating assets and liabilities
Trade accounts receivable	15,287	517,435	73,454	392,001
Other current receivables	(251,461)	(307,274)	100,062	87,882
Real estate development for sales	(2,324,929)	(3,175,623)	-	-
Finance lease receivables	12,361,927	36,963	259	2,285
Other non-current assets	(632,650)	(148,832)	3,118	(33,252)
Trade accounts payable	(99,826)	(650,841)	(147,138)	(75,196)
Other current payables	(157,116)	275,534	(569,425)	103,385
Advance received from rental income	142,312	12,943,592	88,925	12,462,098
Deposits received from customers	336,304	354,632	208,066	391,326
Provisions for employee benefit paid	(36,657)	(30,999)	(31,279)	(25,625)
Guarantees for leases	-	557,829	-	-
Other non-current liabilities	51,528	3,097	-	-
Net cash generated from operations	31,876,778	33,602,900	13,064,556	25,503,174
Taxes received	79,634	575,966	6,982	559,019
Taxes paid	(3,247,443)	(3,540,508)	(1,747,083)	(1,770,911)
Net cash from operating activities	28,708,969	30,638,358	11,324,455	24,291,282

Consolidated financial statements Separate financial statements

Nine-month period ended Nine-month period ended

30 September 30 September

2025 2024 2025 2024

(in thousand Baht)

Cash flows from investing activities
Interest received	68,415	54,937	1,438,685	1,167,806
Dividends received	1,703,789	1,073,930	3,282,782	1,822,957
(Increase) decrease in other current financial assets	1,221,182	(343,026)	103,977	(110,000)
Acquisition of investments in subsidiaries and associate	-	(6,743,452)	-	(7,136,002)
Cash received from sales and capital reduction of investments in associates	681,150	287,980	26,868	43,319
Acquisition of other non-current financial assets	(623,457)	(287,154)	(63,958)	(27,915)
Cash received from sales and reduction capital of non-current financial assets	169,434	22,897	-	-
Repayments of loans to related parties	(92,978)	(99,507)	(15,274,764)	(14,044,027)
Cash received from repayment of loans to related parties	-	-	16,938,651	12,877,438
Acquisition of investment properties	(7,056,465)	(5,774,663)	(1,652,475)	(1,988,715)
Acquisition of building and equipment	(527,150)	(466,679)	(146,757)	(136,078)
Advance payment for purchase of investment properties	(934,773)	(551,626)	(465,486)	(163,607)
Proceeds from sales of investment properties	973,285	171,138	19,451	212,518
Repayment of contractor payables	(938,085)	(1,019,703)	(821,315)	(1,003,004)
Net cash from (used in) investing activities	(5,355,653)	(13,674,928)	3,385,659	(8,485,310)
Cash flows from financing activities
Proceeds from change in ownership interest in subsidiaries
without a change in control	-	825,000	-	-
Interest paid	(1,245,056)	(1,544,170)	(1,955,709)	(2,245,472)
Dividends paid to owners	(9,530,680)	(8,179,119)	(9,424,751)	(8,078,240)
Payment of lease liabilities	(5,657,687)	(2,913,144)	(2,321,612)	(2,253,140)
Cash received from loans from related parties	20,250	17,250	20,686,095	6,072,416
Repayments of loans from related parties	-	(853,500)	(13,765,651)	(4,438,389)
Cash received from loans from financial institutions and issuing debentures	21,012,262	47,030,000	17,800,000	45,230,000
Repayments of loans from financial institutions and debentures	(26,784,543)	(50,440,975)	(26,428,643)	(49,268,408)
Net cash used in financing activities	(22,185,454)	(16,058,658)	(15,410,271)	(14,981,233)

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

Consolidated financial Separate financial statements statements

Nine-month period ended Nine-month period ended

30 September 30 September

2025 2024 2025 2024

(in thousand Baht)

of exchange rate changes	1,167,862	904,772	(700,157)	824,739
Effect of exchange rate changes on cash and cash equivalents	(231,268)	95,382	-	-
Net increase (decrease) in cash and cash equivalents	936,594	1,000,154	(700,157)	824,739
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 September	4,287,607	4,168,682	1,167,639	2,792,889
Non-cash transactions
Contractor payables which payments have not yet been made	2,553,045	1,176,182	1,265,759	528,813
Trade accounts payable from real estate development for sales
which payments have not yet been made	302,723	420,518	-	-
Return of capital used to settle other current financial assets	1,842,665	-	-	-

Note Contents

Basis of preparation of the interim financial statements
Related parties
Trade accounts receivable
Investments in subsidiaries, associates, and joint ventures
Investment properties
Loans from financial institutions and debentures
Segment information and disaggregation of revenue
Treasury shares
Dividends
Commitments with non-related parties
Event 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 13 November 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 financial statements financial statements

Nine-month period ended 30 September 2025 2024 2025 2024

(in thousand Baht)

Subsidiaries and fund Revenue from rental and services	-	-	114,202	118,505
Management income	-	-	690,227	622,455
Interest income	-	-	1,597,648	1,513,729
Dividend income	-	-	2,263,689	1,153,454
Other income	-	-	295,595	284,254
Cost of rental and services	-	-	33,688	28,901
Administrative expenses	-	-	14,869	3,254
Interest expenses	-	-	826,614	793,406
Sale of investment properties	-	-	-	177,041
Associates Revenue from rental and services	1,970,573	1,683,173	751,354	449,843
Management income	611,180	537,151	447,297	402,093
Interest income	1,306,265	1,399,602	14,090	14,837
Dividend income	-	-	1,017,953	667,671
Other income	1,284,336	227,704	245,337	227,703
Cost of rental and services	66,033	63,911	4,112	5,978
Administrative expenses	336,228	331,835	14,573	26,446
Interest expenses	11,494	16,006	918	863

Significant transactions with related parties

Consolidated Separate financial statements financial statements

Nine-month period ended 30 September	2025	2024	2025	2024
(in thousand Baht)
Joint ventures Revenue from rental and services	35,215	43,268	11,449	12,333
Management income	858	743	858	743
Other income	1,194	469	387	339
Interest income	15,275	27,396	15,275	22,614
Cost of rental and services	4,952	-	-	-
Administrative expenses	2,913	3,102	2,913	3,102
Interest expenses	596	143	-	-
Other related parties Revenue from rental and services	3,028,005	3,002,362	1,959,739	1,962,314
Other income	8,266	39,524	7,996	41,856
Cost of rental and services	75,396	29,063	63,841	18,594
Management fee	188,691	211,441	183,904	206,314
Administrative expenses	102,477	70,383	89,103	53,959
Interest expenses	1,241,626	1,146,749	1,241,002	1,146,121
Key management Key management personnel compensation Short-term benefits	273,849	215,792	261,369	202,800
Long-term benefits	10,607	11,187	10,607	10,577
Total key management personnel compensation	284,456	226,979	271,976	213,377

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

	Consolidated financial statements 30 September 31 December		Separate financial statements 30 September 31 December
As at	2025 2024		2025 2024
Trade accounts receivable Subsidiaries and fund	-	(in thousand Baht) - 99,082		113,893
Associates	143,425	99,990	102,157	63,800
Joint ventures	13,987	13,180	5,283	4,490
Other related parties	254,529	209,297	128,700	119,080
Total	411,941	322,467	335,222	301,263
Other current receivables Accrued income Associates	83,509	66,712	65,285	47,821
Joint ventures	12,500	12,500	-	-
Total	96,009	79,212	65,285	47,821

	Consolidated financial statements 30 September 31 December		Separate financial statements 30 September 31 December
As at	2025 2024		2025 2024
Other current receivables		(in thousa	nd Baht)
Associates	12,587	7,177	4,403	4,542
Joint ventures	110	-	-	-
Other related parties	64,994	64,994	64,994	64,994
Total	77,691	72,171	69,397	69,536
Current portion of finance lease
receivable
Associate	-	12,187,037	-	-
Short-term loans to
Subsidiaries	-	-	1,706,281	1,709,946
Associates	12,389	12,394	12,389	12,394
Joint ventures	559,718	453,928	559,718	453,928
Total	572,107	466,322	2,278,388	2,176,268
Finance lease receivable
Associates	12,694,845	10,332,574	-	-
Long-term loans to
Subsidiaries	-	-	66,365,522	67,948,797
Associates	373,834	360,228	373,834	360,228
Joint ventures	47,899	45,436	47,899	45,436
Total	421,733	405,664	66,787,255	68,354,461
Other non-current assets
Deposit
Associates	1,060,237	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

financial statements

Separate

financial statements

30 September 31 December

As at

2025 2024

(in thousand Baht)

Trade accounts payable

Subsidiaries and fund	-	-	21,972	25,798
Associates	16,651	17,532	13,618	13,004
Joint ventures	495	-	-	-
Other related parties	30,765	38,507	28,800	32,699
Total	47,911	56,039	64,390	71,501

As at	Consolidated financial statements 30 September 31 December 2025 2024			Separate financial statements 30 September 31 December 2025 2024
Other current payables			(in thousan		d Baht)
Subsidiaries and fund	-		-		5,921	383,420
Associates	9,983		5,829		6,919	3,697
Total	9,983		5,829		12,840	387,117
Short-term loans from
Subsidiaries	-		-		20,103,494	18,140,348
Other related parties	565,442		530,753		-	-
Total	565,442		530,753		20,103,494	18,140,348
Lease liabilities
Subsidiaries and fund	-		-		13,381,960	13,797,668
Associates	484,372	680,221		49,380 61,973
Joint ventures	33,064	36,052		- -
Other related parties	15,318,453		14,289,302	15,137,552		14,108,393
Total	15,835,889		15,005,575	28,568,892		27,968,034
Advance received from rental
income
Subsidiaries and fund	-		-		11,255	15,411
Associates	28,700,148		30,316,132		11,028,219	11,606,113
Total	28,700,148		30,316,132		11,039,474	11,621,524
Less: Current portion of advance
received from rental income	(1,976,312)		(1,985,373)		(782,374)	(781,977)
Net	26,723,836		28,330,759		10,257,100	10,839,547
Long-term loans from
Subsidiaries	-		-		10,037,208	5,070,621
Other related parties	67,950		103,203		-	-
Total	67,950		103,203		10,037,208	5,070,621
Deposits received from customers
Subsidiaries and fund	-		-		7,652	12,085
Associates	4,233		4,233		-	-
Joint ventures	13,700		13,429		4,822	4,822
Other related parties	477,265		458,764		280,392	275,049
Total	495,198		476,426		292,866	291,956
Guarantees for leases
Other related party	573,862		573,862		16,032	16,032
Other non-current liabilities
Associate	49,026		-		-	-

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

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 12,850 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 of Baht 3.25 million.
As at 30 September 2025, the Group had collateral of subsidiaries of Baht 1,269 million

(31 December 2024: Baht 1,063 million).

Trade accounts receivable Consolidated financial statements Separate financial statements

30 September		31 December		30 September		31 December
2025		2024		2025		2024
Personal: non-related parties		(in million Baht)
Within credit terms Overdue: Less than 3 months	5 10	7 12					1 2		2 4
3 - 6 months	1	2				-			1
6 - 12 months	3	2					1		1
Over 12 months	2	3				-		-
Total	21		26		4		8
Less: allowance for expected credit loss	(3)		(3)		(1)		(1)
Net	18		23		3		7
Deposits from overdue customers	91		98		50		52
Corporate: non-related parties Within credit terms	101		125		21		50
Overdue: Less than 3 months	169		205		34		90
3 - 6 months	10		50		2		19
6 - 12 months	23		17		5		11
Over 12 months	70		87		6		12
Total	373		484		68		182
Less: allowance for expected credit loss	(68)		(64)		(6)		(6)
Net	305		420		62		176
Accrued income under operating leases	650		639		432		422
Deposits from overdue customers	8,203		7,949		4,701		4,669
Related parties Within credit terms	173		115		184		151
Overdue: Less than 3 months	64		63		59		47
3 - 6 months	14		42		12		47
6 - 12 months	16		5		12		10
Over 12 months	46		21		54		31
Total	313		246		321		286
Accrued income under operating leases	99		76		14		15
Deposits from overdue customers	495		475		282		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 nine-month period ended 30 September 2025
Consolidated financial statements Separate financial statements
(in million Baht)
Associates
Decrease capital (338) (27)
Joint venture
Decrease capital (2,186) -
Praram 9 Square Hotel Company Limited (Indirect subsidiary)
On 14 August 2025, the Group's Board of Directors approved the dissolution and liquidation of Praram 9 Square Hotel Company Limited, an indirect subsidiary, which was registered its dissolution with the Ministry of Commerce on 22 September 2025, and such Company is currently in the process of liquidation.
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.
In September 2025, the Group received cash from reducing the net value of CPN Retail Growth Leasehold REIT at the rate of 0.0439 Baht per unit, amounting to Baht 61.93 million, and received dividends from the investment unit at the rate of 0.2261 Baht per unit, amounting to Baht 318.95 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.
In September 2025, the Company received cash from reducing the net value of CPN Commercial Growth Leasehold Property Fund at the rate of 0.0752 Baht per unit, amounting to Baht 8.02 million, and received dividends from the investment units at the rate of 0.1909 Baht per unit, amounting to Baht
20.36 million.
GLAND Office Leasehold Real Estate Investment Trust (Associate)
In July 2025, the Group received the return from share capital from GLAND Office Leasehold Real Estate Investment Trust of Baht 1.11 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 September 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 nine-month periods ended 30 September 2025 (Unaudited)

Investment properties

Transaction movement of investment properties is as follows:

Consolidated financial statements Separate financial statements

		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	505	8,282	1,104	9,914	-	105	2,806	176	3,087
Disposals/ write-off	-	(958)	(4)	(3)	(965)	-	(10)	(6)	-	(16)
Transferred assets (20) Difference from		5,398	(7,571)	2,173	(20)	- 1,116		(1,116)	-	-
consolidated financial statements -		(7)	(1)	-	(8)	- -		-	-	-
Less: depreciation charge for the period	-	(3,686)	-	(2,540)	(6,226)	-	(1,767)	-	(2,581)	(4,348)
At 30 September 2025	51,483	67,118	15,657	55,078	189,336	11,271	27,491	2,832	49,941	91,535

Owned properties Own properties

translating in

Loans from financial institutions and debentures
As at 30 September 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.
Long-term loans from financial institutions
In June 2025, the Group entered into a loan agreement of Ringgit Malaysian 314.5 million (equivalent to Baht 2,412.26 million) credit facility agreement with a financial institution. Under the terms of the agreement, the Group had to repay the principal within 10 years from the drawdown date and pay interest on a monthly basis.
In July 2025, the Group entered into a loan agreement of Baht 800 million with a financial institution. Such agreement stipulated that the Group had to repay the principal within 3 years from the drawdown date and pay interest on a monthly basis.
Under the loan agreements and conditions regarding the rights and obligations of the borrower stipulate certain covenants which, among other things, require the Group to maintain a debt-to-equity ratio and the debt service coverage ratio (DSCR) at the rate prescribed in the agreement.
Details of collateral assets presented at book value were as follows:
Consolidated financial statements
30 September 31 December
2025 2024
(in million Baht)
Investment properties 9,402 5,818
Financial instruments used for hedging 30 September 2025 Consolidated financial statements/ Separate financial statements Carrying amount Fair value
Hedging instruments Level 2
(in million Baht)
Financial liabilities
Forward exchange contracts 2 2
Interest rate swap contracts 70 70
Cross currency swap contracts 532 532
As at 30 September 2025, the Group had unutilised credit facilities totalling Baht 15,427 million (31 December 2024: Baht 14,203 million).
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 nine-month periods ended 30 September 2025 (Unaudited)

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

Consolidated financial statements Segment 1 Segment 2 Segment 3 Total

Nine-month period ended 30 September	2025	2024	2025	2024	2025	2024	2025	2024
(in million Baht)
Information about reportable segments
External revenue	32,351	31,155	1,425	1,415	1,722	4,254	35,498	36,824
Inter-segment revenue	216	213	3	1	-	-	219	214
Total segment revenue	32,567	31,368	1,428	1,416	1,722	4,254	35,717	37,038
Timing of revenue recognition
At a point in time	883	807	1,428	1,416	1,722	4,254	4,033	6,477
Over time	31,684	30,561	-	-	-	-	31,684	30,561
Total revenue	32,567	31,368	1,428	1,416	1,722	4,254	35,717	37,038
Segment profit before income tax	18,113	16,615	469	505	508	1,531	19,090	18,651
Segment assets
as at 30 September/ 31 December	190,507	187,841	3,700	3,570	18,928	17,250	213,135	208,661
Segment liabilities
as at 30 September/ 31 December	38,152	39,962	813	767	1,558	1,414	40,523	42,143

For the nine-month period ended 30 September 2025 2024

Timing of revenue recognition (in million Baht)

Over time	19,610	18,610
Total revenue	20,038	19,029

At a point in time 428 419

Reconciliations of reportable segment profit or loss Consolidated financial statements

For the nine-month period ended 30 September 2025 2024

(in million Baht)

Reportable segments	19,090	18,651
Elimination of inter-segment losses	(161)	(250)
Unallocated amounts:
- Other income	2,369	1,177
- Other expenses	(5,391)	(5,403)
- Share of profit of investments in associates and joint ventures	1,611	1,753
Total	17,518	15,928
	30 September	31 December
	2025	2024
(in million Baht)
Assets
Total assets for reportable segments	213,135	208,661
Other unallocated amounts
- Investment	54,260	55,729
- Deferred tax assets	3,778	3,627
- Other assets	28,475	36,198
Total consolidated assets	299,648	304,215
Liabilities
Total liabilities for reportable segments	40,523	42,143
Other unallocated amounts
- Loans	64,083	69,509
- Deferred tax liabilities	4,105	3,670
- Other liabilities	76,057	79,064
Total consolidated liabilities	184,768	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.

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