Annual Report 2025 (56-1 One Report)

Charoen Pokphand Foods Public Company Limited

Annual Report 2025 (Form 56-1 One Report)

Sustainovation Behind Every Bite

Executives and Employees of

Charoen Pokphand Foods Public Company Limited

Message from Executives

GHG

The Company commits to achieving

Net-Zero greenhouse gas emissions

across the entire value chain by 2050

Charoen Pokphand Foods Public Company Limited and its subsidiaries conducted business under the vision "Kitchen of the World" with a commitment to creating sustainable food security for the World through developing high-quality, safe, and nutritious products that satisfy consumer preferences and are accessible in all circumstances. Additionally, the Company expanded its distribution network to various regions worldwide and developed products tailored to the environments and cultures of individual countries, thereby contributing to reducing inequalities in access to quality food.

Guided by the Sufficiency Economy Philosophy of His Majesty King Rama IX, and Charoen Pokphand Group's "Three Benefits" principle-prioritizing the Country, the People, and the Company Charoen Pokphand Foods Public Company Limited (CPF) and its subsidiaries are committed to ensuring Food Security. Through sustainable innovation, the Company strives to become a leading global food company under our vision to be the "Kitchen of the World." The Company is dedicated to creating products that nourish both physical and mental well-being, balancing economic growth with environmental restoration and shared value for society and farmers all built upon a solid foundation of good corporate governance and comprehensive respect for human rights.

The Company operates an integrated agro-industrial and food businesses across 17 countries and distributing products to over 50 countries worldwide, the Company places the utmost importance on nutrition and food safety. The Company is committed to continuously developing products that meet the preferences of consumers in each locality while maintaining cost efficiency to ensure that our products remain accessible and provide good value for consumers.

Throughout 2025, the global landscape continued to face multiple challenges, including weakened purchasing power amid economic slowdown, geopolitical conflicts, intensifying climate change and shifting seasonal patterns, uncertainty surrounding

U.S. tax policies and trade measures, as well as outbreaks of animal diseases in several countries. With a strong foundation built upon innovation and strategic risk management, the Company remained resilient in the face of these challenges in 2025.

Mr. Soopakij Chearavanont Chairman

The Company reported total sales revenue of THB 571,135 million, representing an increase 3% compared with 2024 in local currency terms.

(However, when translated into Thai Baht, total sales revenue decreased by 2% due to the impact of foreign exchange translation resulting from the appreciation of Thai Baht against local currencies.)

The Company recorded total assets of THB 861,796 million, income tax paid of THB 9,175 million, and net profit of THB 25,197 million. The Board of Directors has aproved to propose to the Annual General Meeting of Shareholders for the year 2026 the annual dividend payment of THB 1.25 per share.

Amid ongoing changes, challenges, and competition, the Company has undertaken business restructuring and optimized asset utilization to align with the evolving environment. At the same time, the Company has continued to cultivate a culture of innovation and drive digital transformation across the organization, with the objective of strengthening the Company's competitive capabilities.

The Company is committed to creating sustainable value in collaboration with society across all stakeholders. The Company places great importance on the protection of human rights, the conservation and responsible management of water resources, and the preservation of biodiversity throughout the supply chain. In addition, the Company is committed to becoming a low-carbon organization, taking concrete actions to address climate change. The Company is confident in the ability to achieve the target of Net-Zero greenhouse gas emissions by 2050 as pledged.

Finally, on behalf of the Board of Directors, executives, and all employees, we would like to express our sincere appreciation to our shareholders, business partners, customers, and all stakeholders for their continued trust and unwavering support. The Company remains steadfast in conducting its business in accordance with its vision of being the "Kitchen of the World," striving to strengthen sustainable food security and to grow alongside with society and the environment in a sustainable manner.

Mr. Prasit Boondoungprasert Chief Executive Officer

Vision

Kitchen of the World

Commitment

To ensure food security for consumers around the world

Mission

The Company operates integrated agro-industrial and food businesses to offer top-quality products in terms of nutrition, taste, food safety, and traceability. The Company emphasizes the creation of a world-class, modernized production process, as well as efficient and eco-friendly consumption of natural resources, in order to enhance its competencies and competitive edge on an international level. The Company takes into account the interests of all stakeholders to ensure sustainable growth while continuously generate appropriate returns to shareholders.

Ranked among the top 500 leading companies in the Asia-Pacific region -Time Asia-Pacific's Best

Company 2025

Ranked in the Top 10% of the S&P Global Corporate Sustainability Assessment 2025 for Emerging Markets. in the Food Products Industry Group

Received ESG Rating B in the Food Products sector

Rated AAA in the SET ESG Ratings for the Agribusiness and Food Industry category by the Stock Exchange of Thailand

Listed in the Dow Jones Sustainability Indices for Emerging Markets in Food Products Industry Group for the 11thconsecutive year

Listed as a member of the Thai Private Sector Collective Action Against Corruption (CAC) and awarded the CAC Change Agent Award 2025

Kitchen of the World

Strategic Goal: The success of customers is the success of CPF

Innovation and technology drive the strategy

Product / Channel Strategy Operational Strategy Foundation Strategy

Offer quality products at a great value

Reduce cost through efficiency improvement

Develop people to be both good and capable

Strengthen strategic partnerships

Pursue operational excellence

Be a responsible corporate citizen

Develop partnership

Move toward a digital organization

Corporate Governance and comprehensive respect for Human Rights

Three Benefits to Sustainability (for the Country, People and the Company)

Simplification

Adapt to Change

Integrity, Honesty and Reciprocity

Speed and Quality

Innovativeness

Scored

B for CDP Climate Change 2025,

B for CDP Forests 2025, and

B for CDP Water Security 2025.

Listed as a member of the FTSE4Good Index Series for the 8thconsecutive year.

Recognized with an "Excellent" level corporate governance rating by the Thai Institute of Directors Association (IOD)

DISCLAIMER : THE USE BY CHAROEN POKPHAND FOODS PCL OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF CHAROEN POKPHAND FOODS PCL BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

12 Business Overview

Management and Corporate Governance Risk Management

% of Sales Revenue Contribution in 2025

As of 31 December 2025

38% 62%

Thailand Operations International Operations

33% Domestic

5% Export

18% Vietnam

8% China

36%

Republic of China (Taiwan)

Russia

the United States the Philippines Cambodia

United Kingdom

Malaysia India Türkiye Laos Belgium Sri Lanka

Associates and Joint Ventures *

Percent of shareholding represent both direct and indirect holding

Note : * Presenting only major associates and joint ventures

Annual Review 2025 Charoen Pokphand Foods Public Company Limited 13

The Company's manufacturing bases worldwide

As of 31 December 2025

Feed

Business Farm and Processing Business

Food Business

Swine Poultry Aquaculture

Asia

Thailand

China * *

Republic of China (Taiwan)

Vietnam

India

Cambodia

the Philippines

Malaysia

Laos

Sri Lanka

Europe

United Kingdom

Russia

Türkiye

Belgium

Poland*

North America

the United States

Canada*

South America

Brazil*

Note : * Business of associates and joint ventures (Businesses in which the Company has made investments and jointly participates with partners in business decision-making.)

Management and Corporate Governance

Risk Management

Business Overview

16

The Company operates a vertically integrated agro-industrial and food business in animal proteins, with main animals namely swine, broiler, shrimp, and layers. The process starts from animal feed production, commercial animal breeding, farm operation, primary processing, manufacturing of food and ready-to-eat products, meat and food products distribution as well as restaurants. The businesses are categorized into 3 product categories.

Raw Material

Feed Business

Farm and Processing Business

Main raw material

Corn

Soybean meal

Wheat

Cassava

Production and distribution of animal feed as well as pet snacks.

The Company is committed to develop innovation in feed production processes as well as pet snacks, while prioritizing environmental conservation and surrounding communities. In addition, raw material are primarily sourced locally to support local agricultural production with traceability system of raw materials.

Animal breeding, commercial farming, and primary processing

as well as distribution of fresh meat. The Company leverages modern technology and extensive field experience to foster competitive and environmentally friendly practices. Throughout

the entire farm process well-being of animals are prioritized based on international animal welfare principles, to produce the high-quality and safety products that meet international standards.

Annual Review 2025 Charoen Pokphand Foods Public Company Limited 17

Food Business Distribution Channels

Main Distribution Channels

Traditional market

Produces and distributes a variety of processed meat products, including semi cooked, cooked or ready-to-eat, as well as restaurants business. The Company's value added food products offers high nutritional value with affordable price. The Company also prioritizes modern and eco-friendly production innovations and maintain a comprehensive traceability system throughout the entire production process.

The Company distributes products through various channels, including our own channels such as Five Stars outlet, Chester's restaurants and Food World food court.

Modern trade

Such as cash and carry wholesaler, hypermarkets, supermarkets, mini supermarkets and convenience stores

Food service business

e-commerce

Annual Review 2025 Charoen Pokphand Foods Public Company Limited 51

Board of Directors

Corporate Governance and Sustainable Development Committee

Audit and Risk Management Committee

฿ ฿

Remuneration and Nominating Committee

Internal Audit Office

Technology and Cyber Security Committee

Company Secretary

Executive Committee

Corporate Compliance Office Risk Management Working Team

Chief Executive Officer (CEO)

Corporate Strategy Office Management Committee

Thailand

Livestock Business

Swine Business Integrated Poultry Business Layer Business Aquaculture Business Sausage and Ready-to-Eat Food Business Egg and Bread Processing Factory and Ready-to-Eat Paet Riew Business

Food Business

Asia*

China Taiwan Vietnam

The Philippines Malaysia Cambodia

Lao PDR India

Sri Lanka

Europe* UK

Russia Türkiye Poland Belgium

North America* USA

Finance & Accounting

Operational Excellence Engineering

Technology Excellence & International Projects Engineering

Human Resources

Information Technology and Application

General Administration

Risk Management Office

Investor Relations & Capital Market Office

Sustainability Management Office

Corporate Communication and Public Relation Office

Procurement

Note : * Country in which the Company has operating subsidiary

Table of Contents

Page

Part 1 Business Operation and Performance

1. Structure and Business Operation 1

2. Risk Management 42

3. Driving Business towards Sustainability 61

4. Management Discussion and Analysis 79

5. General Information 89

   Part 2 Corporate Governance

6. Corporate Governance and Sustainable Development Policy and Significant Actions in 2025 92

7. Corporate Governance Structure and Key Information on the Board of Directors, 124

   Sub-Committees, Executives, Employees, and Others

8. Internal Control System and Related Party Transactions 138

Part 3 Report of the Board of Directors' Responsibility on the Financial Statements and Financial Statements Attachments shown on the website

Attachment 1 Details of Directors, Executives, Company Secretary and Bookkeeper Attachment 2 Directors of Subsidiaries

Attachment 3 Details of Head of Internal Audit and Head of Compliance Attachment 4 Report of Sub-Committees

Attachment 5 Corporate Governance and Sustainable Development Policy and CPF Code of Conduct Attachment 6 Charters of Sub-Committees

Definition : "The Company" mentioned in Part 1-2 refers to Charoen Pokphand Foods Plc. ("CPF") and its subsidiaries (companies which CPF has direct and indirect control)

In case this Annual Report 2025 (Form 56-1 One Report) references information disclosed on the Company's website, the disclosed information shall be deemed to be part of Annual Report 2025 (Form 56-1 One Report). The Board of Directors certifies the correctness and completeness of disclosed information and annual information disclosure in this Annual Report 2025 (Form 56-1 One Report).

Charoen Pokphand Foods Public Company Limited

Part 1 Business Operation and Performance

1. Structure and Business Operation

   1. Business Overview

      1. Vision, goal and business strategies

         0

         Charoen Pokphand Foods Public Company Limited (CPF) and its subsidiaries ("Company"/1) operate a fully integrated agro-industrial and food business under the vision of "Kitchen of the World," with the purpose of ensuring food security for consumers worldwide through sustainable innovation and respect for human rights of all related stakeholders. The Company is guided by the Philosophy of Sufficiency Economy, initiated by His Majesty King Bhumibol Adulyadej, King Rama IX, and the "Three-Benefit Principle for Sustainability", which aims to create benefits for the country, the people, and the Company.

         The Company operates production bases in 17 countries/1 2, with investments in Thailand, Vietnam, China (including Taiwan), the United Kingdom, the United States, Russia, the Philippines, Cambodia, Malaysia, India, Türkiye, Laos, Belgium, and Sri Lanka, along with joint ventures in Canada, Poland, and Brazil. Additionally, the Company distributes meat and food products to over 50 countries across 5 continents. The Company aims to enhance food security by providing quality products with good nutrition suitable for all age groups at accessible prices through responsible marketing. This is supported by an innovation-driven corporate culture in which all employees emphasize creating new solutions to improve production and work efficiency, while protecting, preserving, and restoring the environment and creating shared value with surrounding communities throughout the supply chain. Under the "partner to grow" approach, the Company strives to jointly achieve success with customers and business partners, and collaborates to ensure access to food during times of crisis, while delivering appropriate economic returns and being responsible to all stakeholders in accordance with their rightful interests.

         
         
         

         Sustainovation refers to conducting business with an innovation-driven approach to sustainability, in which innovation and technology are applied as key enablers to drive strategies toward success. This includes AGRI TECH solutions such as Smart Farm management and Smart

         Operations to enhance production and work efficiency, strengthen global competitiveness, and ensure the efficient use of resources. It also encompasses environmental protection under the Green Operations concept to achieve the Net-Zero target by 2050 and to support the United Nations Sustainable Development Goals, as well as the Ten Principles of the United Nations Global Compact.

         To drive the Company's vision and purpose toward achieving its goals, the Board of Directors reviewed and approved the 2025 corporate targets and strategies proposed by the Chief Executive Officer. These are the three key strategic directions: (1) Product and distribution strategy: This focuses on delivering quality, localized

         products, and value-for-money prices. The Company aims to co-develop with partners and enhancing distribution channels to ensure easy access and a positive customer experience; (2) Operations strategy: This direction aims for excellence and cost

         /1 The "Company" refers to Charoen Pokphand Foods Plc. ("CPF") and its subsidiaries. (companies controlled directly and/or indirectly by CPF)

         /2 Ranked by income

         
         
         

         reduction through efficiency improvement. The Company is advancing toward becoming a digital organization by applying Artificial Intelligence for sustainability across data, processes, people development, partnerships, safety, and performance monitoring; and (3) Foundation-building strategy: This emphasizes the development of an organizational culture that supports innovation and digital transformation. It includes a strong commitment to environmental sustainability throughout the value chain, and the cultivation of a culture of good citizenship. The Company is further committed to building a strong foundation by upholding good corporate governance, maintaining transparency, accountability, and responsibility to all stakeholders through strict legal compliance and the promotion of ethical business conduct and fair operations. Additionally, the Company prioritizes its people and surrounding communities by enhancing professional skills, fostering organizational engagement, and ensuring the well-being and quality of life of employees and their families. By utilizing advanced digital technologies for full traceability and adhering to high animal welfare standards, the Company continues to progress toward its Net-Zero 2050 target.

         The driving of the organization must be carried out under good corporate governance, with respect for the human rights of all stakeholders, alongside enterprise-level strategic risk management and a comprehensive internal control system, including ensuring full compliance with all applicable regulations. The Company also focuses on creating shared value with surrounding communities, guided by the six CPF Way values: (1) Three-Benefit Principle for Sustainability, (2) Embrace Change, (3) People Development, (4) Make Difficult Things Easy, (5) Integrity, Honesty, and Gratitude, and (6) Innovation.

         The Company recognizes the importance of building sustainable food security across various countries and therefore expanded its business into international markets by implementing operating with technologies and innovations that respect local culture and meet the satisfaction of customers in each locality. The Company's model focuses primarily on local production to serve the domestic market, emphasizing on producing and distributing primarily within the respective country.

      2. History and key milestones

         History

         January 1978, CPF was registered as a limited company under the name "Charoen Pokphand Feedmill Company Limited", with initial registered capital of THB 5 million, engaging in livestock feed and livestock farming business in Thailand.

         December 1987, CPF was granted approval to list its common shares as listed securities on the Stock Exchange of Thailand under the trading symbol "CPF". The Company subsequently expanded into the integrated shrimp farming business in 1988 and was converted into a public company in January 1994.

         In 1998, CPF acquired the agro-industry and meat processing companies from Charoen Pokphand Group to be under CPF umbrella; whereas, the business acquisitions were completed in early 1999. CPF then renamed as "Charoen Pokphand Foods Public Company Limited" and announced the vision to become "Kitchen of the World". The Company subsequently expanded its investments overseas under a localization model, producing and distributing within each respective country.

         In 2005, the Company has started to use

         brand for its basic processed meat products and entered into ready-to-eat food business under the said brand for distribution in Thailand and for export as well as expanded the product distribution channels to retail and food outlets.
         
         

         As of December 31, 2025, CPF had paid-up capital of THB 8,406,962,585, comprising of 8,406,962,585 shares, and its market capitalization was THB 183,272 million.

         Key milestones in 2025

         • Additional investments in C.P. Pokphand Co., Ltd. ("CPP")

           In April 2025, CPF Investment Limited, a subsidiary in which CPF held 100% stake, acquired an additional 6,017,959,308 shares of CPP (representing 23.76% of CPP's total issued shares) for a total consideration of USD 1,100 million from ITOCHU Corporation, resulting in the CPF Group's shareholding in CPP increasing from 76.24% to 100.00%.

         • Share repurchase project to generate shareholder returns through effective financial management

           In October 2025, CPF Board of Directors passed the resolution to approve the share repurchase project to generate shareholder returns through effective financial management in the amount not exceeding THB 8,000 million. The

           number of ordinary shares to be repurchased is not exceeding 350 million shares; equal to 4.16% of total issued shares of CPF. The period for share repurchase is from October 8, 2025 to April 7, 2026.

         • Establishment of a Joint Venture with NH Foods Ltd. from Japan to operate processed pork product business

           In October 2025, CPF Food and Beverage Co., Ltd. ("CPFFB"), a subsidiary in which CPF holds 99.99% of the shares, entered into a joint venture agreement with NH Foods Ltd., the listed company on the Tokyo Stock Exchange, to jointly develop processed foods from pork for distribution in Asia, particularly Japan, Singapore, and Hong Kong. This will be carried out through the establishment of a joint venture company in Thailand, namely CPF NH Foods Co., Ltd. ("CPFNH') in which CPFFB holds 51.00% stake. As a result, CPFNH becomes an indirect subsidiary of CPF.

         • Investment in the animal health products business in the People's Republic of China

           In November 2025, Chia Tai Bio-Tech (Beijing) Co. Ltd. ("CT Bio-Tech"), a subsidiary in China in which CPF indirectly held 50.43% stake, acquired a 60.00% equity interest in Wuhan Huateng Jikang Bio-Tech Co., Ltd. ("Wuhan Huateng"), a company that engages in production and sale of veterinary diagnostic testing products in the People's Republic of China. As a result, Wuhan Huateng becomes an indirect subsidiary of CPF.

         • Investment in real estate business in Malaysia

         In October 2025, Charoen Pokphand Holdings (Malaysia) Sdn. Bhd. ("CPHM"), a subsidiary in Malaysia in which CPF indirectly held 100.00% stake, acquired 100% of the issued and paid-up shares of Pertanian Pertiwi Sdn. Bhd. ("PPTW"), a company incorporated in Malaysia that operates a business of leasing land and buildings, with the CPHM Group being the lessee of such properties for its operations. As a result, PPTW becomes an indirect subsidiary of CPF.

      3. Use of proceeds from debentures offering

         Due to the proceeds received from debentures offering and issuance by CPF until December 31, 2025. Currently, CPF already used all proceeds according to the purpose of each debenture as disclosed in the registration statement.

      4. Commitments stipulated in the debenture registration statements

CPF provides representations and warranties as well as responsibilities as the debenture issuer according to terms and conditions stating the rights and duties of the debenture issuer and the debenture holders of each debenture such as maintain debt to equity ratio.

The Company's 3 main product categories consisted of : 1) Feed, i.e. the production and distribution of animal feed and pet snack, 2) Farm and Processing, i.e. animals breeding, farming, primary meat processing as well as distribution of primary processed meat products, and 3) Food, i.e. production and distribution of processed food both semi-cooked and cooked, and ready-to-eat food, including restaurant businesses.

(1) Products and business innovation (1.1) Feed business

The Company conducts animal feed business in 11 countries worldwide, namely Thailand, Vietnam, Türkiye,

India, Republic of China (Taiwan), Malaysia, the Philippines, Cambodia, Laos, Russia with joint ventures in China and Canada. The primary products in feed business are swine feed, chicken feed, duck feed and shrimp feed, available in the form of feed concentrate, powder feed and pelleted feeds. The feed business is primarily focused on production and distribution within the country of operation. In addition, the Company operates the production and distribution of pet snacks under the main brands Jerhigh and Jinny which are produced from byproducts of the broiler business and further developed to create added value (Waste to Value) with safe production standards at an international level.

Quality food products begin with high-quality animal feed. The Company places importance on continuous research and development of innovations in nutrition and production processes to formulate feed that meets the needs of

each animal species and life stage. This supports strong animal health, improves growth, and enhances feed conversion efficiency. All production processes follow international standards and integrate advanced technologies-including automation, robotics, and digital management to control quality, reduce

costs, and strengthen long-term competitiveness.

The Company prioritizes sustainable and efficient animal feed production, ensuring high standards across the entire process: (1) Strategic factory location and design, taking into consideration various resources, geographical conditions, and the impact on surrounding communities; (2) Nutritionally optimized feed formulas, tailored to species, breed, and life stage; (3) High-quality raw materials selection that meet nutritional standards and are fully traceable, sourcing premium raw materials that meet nutritional standards; (4) Advanced production and quality control, utilizing AI and automation in Green & Smart

Factories for precision manufacturing and data management; (5) efficient logistics and eco-friendly packaging; and (6) Customer-centric sales and after-sales services.

Factory Location and Design: The Company places importance on selecting factory locations within agro-industrial areas, prioritizing environmental conditions and utilities. The factories are designed to be situated on elevated ground with sufficient water sources and are located at a distance from communities and animal farming areas to reduce contamination risks and maintain occupational health and

safety standards. The factory design follows the Green Factory concept and Smart Factory systems, addressing potential environmental impacts through measures such as Wet Scrubber air treatment for boiler emissions, ozone systems for odor control, and cyclone dust collection systems. Additionally, the Company is actively reducing coal dependency in production. To enhance efficiency, artificial intelligence (AI) and full automation are integrated into operations, including AI Vision technology for comprehensive quality control at every stage of production, reducing labor requirements in high-risk areas to improve accuracy and safety.

Feed Formulations: The Company places importance on producing animal feed that meets the nutritional requirements of animals by formulating feed with appropriate nutrients for each species and life stage, while continuously advancing innovations in animal nutrition. This includes research and development of probiotics, which are beneficial microorganisms that help strengthen immunity, improve animal

health, reduce disease risks, and decrease the use of antibiotics, resulting in high-quality meat free from residues. In addition, the Company develops specialized feed formulas, such as the Benja Chicken formula made with selected brown rice grains rich in GABA, which helps enhance meat tenderness and flavor, as well as environmentally friendly feed formulas that focus on nutrient balance and reducing nitrogen emissions from animal waste to minimize environmental impact.

Raw Material Selection: The main raw materials used in animal feed production consist of corn, soybean meal, fish meal, rice bran, and other vitamin and mineral components. The Company places great importance on the quality of raw materials, which is a key factor in producing high-quality animal feed. The Company prioritizes sourcing raw materials from domestic producers to support the local economy and farmers. However, if domestic raw materials are insufficient to meet

production needs-due to limited supply or not meeting the required standards imports will be made from overseas. In 2025, the Company imported raw materials for production, accounting for 29% of the total raw material cost used in feed production.

The Company procures raw materials through a rigorous quality control system and analysis in certified laboratories. This ensures that all sources are legally compliant and that production processes remain responsible toward both the environment and labor. In addition, the Company places importance on building a sustainable supply chain by sourcing agricultural raw materials that are fully traceable, while supporting farmer development through training and crop-planning programs to achieve high-quality yields. The Company has also developed the "ForFarm"

application to enhance farm-management systems for crop farmers, enabling real-time monitoring of cultivation areas, area and weather analysis, market-price tracking, and knowledge sharing between farmers and experts. This helps farmers manage cultivation efficiently and improve their quality of life. Moreover, the system ensures full traceability back to the cultivation source, providing assurance that all planting areas have legally valid land-rights documents, are free from forest encroachment, and do not involve crop-residue burning after harvest.

In 2025, the Company expanded its collaboration across the soybean supply chain by signing a Memorandum of Understanding (MoU) with Bunge, a global agribusiness and food company and a major soybean exporter, to jointly develop and integrate a traceability system for soybeans and soybean-based raw materials sourced from non-deforested areas, enhanced through blockchain technology. This collaboration covers agricultural raw materials sourced in Brazil and aims to promote an environmentally friendly and sustainable agricultural supply chain. In addition, the Company signed a Memorandum of Understanding (MoU) to participate in the Responsible Commodities Facility (RCF) Soy Traceability Project, a pilot initiative demonstrating the feasibility of establishing full traceability throughout the value chain of soybean meal under a mass-balance model from Brazilian farmers' cultivation areas to animal-protein producers and ultimately to meat products. FoodChain ID, an independent organization, is responsible for data collection and verification. This collaboration aligns with the Company's goal to reduce greenhouse gas emissions and achieve "Net Zero" by 2050 through the use of digital platforms and regenerative agriculture, driving responsible business practices for society and the environment.

The Company prioritizes managing risks arising from fluctuations in raw material prices, which may result from changing weather conditions or unforeseen events. Therefore, the Company systematically plans and implements strategies to mitigate these impacts, such as efficient raw material storage, entering into forward purchase contracts, and using alternative locally sourced raw materials to reduce costs, diversify raw material options, and support local farmers while maintaining appropriate nutritional value such as paddy rice, broken rice, and rice bran for animal feed production.

Production and Quality Control: The Company prioritizes Green Operation and Smart Operation to increase resource efficiency, reduce environmental impacts, and strengthen long-term sustainable competitiveness. The Company applies automation and digital technologies together with robotics in its production processes to enhance employee safety, reduce contamination risks, and improve operational efficiency. Artificial intelligence (AI) is also utilized to optimize production steps, minimize losses, and maintain product quality in accordance with international standards. In addition, factories in each country are certified by independent organizations based on the Company's requirements, customer specifications, and local regulations. All livestock feed products in Thailand are certified for carbon footprint, reflecting the Company's commitment to reducing carbon emissions across the value chain through sourcing raw materials from non-deforestation areas, implementing production systems that minimize losses, phasing out coal, and adopting renewable energy such as solar power and biomass to support sustainable production.

Packaging and Transportation: The Company has implemented automation systems in the packaging process to reduce employee health impacts and has adopted large bulk feed tanks to reduce the use of plastic packaging. The

Company also delivers feed through an Automatic Feed Transport System, which uses feed-delivery trucks that transfer feed directly into customers' farm silos through a

pipeline system, thereby avoiding biosecurity risks associated with trucks entering farms and reducing delivery time. In addition, the Company manages product transportation to ensure timely delivery in accordance with customer requirements while maintaining product quality.

Technologies are also applied in transport management, such as using a Global Positioning System (GPS) to track feed-delivery vehicles, along with plans to transition to transport vehicles that utilize lower-emission fuels in the future.

Sales and After-sales Service: The Company recognizes that the success of farmers is fundamental to the sustainability of the animal feed business. Therefore, the Company provides technical support through expert teams who advise on the proper use of animal feed, along with guidance on animal farming, farm management, health monitoring, and the application of technology in farming processes. In addition, the Company offers personnel recruitment and development services for customers to strengthen their business capabilities. The Company distributes animal feed both directly and through agents, adhering to responsible marketing principles, while expanding online channels to facilitate access for farmers in remote areas and to support systematic customer data management. Customer satisfaction survey results are continuously used to improve products and services in line with evolving needs.

The animal feed industry, driven by modern technologies, is expanding in line with the growth of the market and rising demand for animal protein in many countries, accompanied by a shift from traditional farming toward more advanced industrial systems, particularly in developing nations. Competition within the industry is shaped by key factors such as nutritionally rich feed that supports animal growth, as well as effective farm-management practices that help farmers raise animals efficiently, ensuring animal health, strength, and growth within an optimal timeframe.

(1.2) Farm and processing business

The Company's farm and processing business is comprised of commercial animal breeding, farming, primary processing operations, and distribution in meat and food

products. The main products include animal breeds, live animals, primary processed meats, and eggs. The main products are swine, broiler, layer, duck, and shrimp. The Company has farm and processing businesses in 15 countries, namely Thailand, Vietnam, Russia, Cambodia, the Philippines, the Republic of China (Taiwan), China, Malaysia, the United States, Laos, India, Türkiye, Sri Lanka, and joint ventures in Canada, Brazil and Poland. Each country has a different nature of business operations based on its market opportunities and suitability. The farm and processing business operates under 7 key success factors.

The Company prioritizes every stage of the production process, ensuring efficiency, sustainability, and safety:

1. Environmentally friendly site selection and farm/factory design,

   (2) High-quality raw materials and breeds, (3) Animal welfare and strict biosecurity measures, (4) Safe and standardized primary

   processing, (5) Eco-friendly packaging, and (6) Product distribution and presentation to customers through channels accessible to consumers, providing accurate and complete information, while supporting innovation in sales development, as well as ensuring efficient transportation under good occupational health standards. The farm management system developed by the Company has also been transferred to farmers under the Company's contract farming program.

   
   
   

   Location and Farm Design: The Company prioritizes farm site selection based on risk management considerations and ensuring no negative impact on surrounding biodiversity, under the concepts of Smart Farm and Green Farm. Operations are conducted in accordance with animal welfare principles and the Biosecurity System, beginning with choosing locations suitable for animal farming, equipped with adequate utilities, and operating under a

   
   
   

   closed system certified by government authorities in each country. Animal transportation is designed to reduce the risk of infection during transit, while farm areas are structured to separate

   animal-raising zones from external areas, with access control measures implemented in line with biosecurity standards. The Company has also established operational

   guidelines for farm personnel and related parties, particularly during disease-outbreak situations such as African Swine Fever

   and COVID-19. In addition, the Company utilizes the "AXONS VRegist" innovation, a platform that screens individuals, assesses risk levels, and enhances confidence in workplace safety.

   The farm design and animal farming operation system are tailored to the specific behaviors and life stages of each animal. This approach creates an environment that promotes optimal health and animal growth.

   • The Company's livestock farming system operates under closed facilities with an Evaporative Cooling System, following animal welfare principles, with adequate space that allows animals to express natural behaviors appropriately. The facilities are equipped with lighting control systems aligned with the behavioral needs of each animal type and life stage. The system regulates temperature through water evaporation ventilation and incorporates Smart Farm technologies, using computer and digital systems for farming and environmental control, automatic feeding and watering systems, digital animal health monitoring, and systems that control and prevent disease-carrying vectors from entering the raising areas.

   • The Company's aquaculture farming system is a closed system on the ground with Probiotic Farming, which is environmentally friendly. Operations are conducted in accordance with animal welfare principles together with disease prevention measures, alongside a Recirculation Aquaculture System to reduce the use of natural water sources. The Company aims to enhance production processes to ensure efficient water use by reducing water withdrawal per production unit, minimizing wastewater, and designing treatment systems that allow treated water to be reused.

   The Company's shrimp farming business applies the "CPF Combine" model, which integrates continuously developed innovations with farm management under a biosecurity system. The farming process is monitored automatically through digital technologies, using sensing systems to analyze and control conditions in ponds and hatcheries in real time, while managing operations from upstream to consumers.

   
   
   

   The Company's closed-system livestock farms operate under the Green Farm policy, emphasizing biodiversity conservation within the farm and surrounding communities. This includes efficient resource management, waste treatment, water purification, and green space expansion to enhance

   soil quality and maintain ecological balance. The Company has implemented several key initiatives to transform waste into valuable resources. These include utilizing biomass-boiler ash as a substitute for hydrated lime in disease prevention, treats wastewater to generate biogas for use as electricity and cooking gas for local communities. Furthermore, the Company converts organic sludge to reduce waste volume, repuposes eggshells for fertilizer production in agricultural areas, and processes packaging waste into fuel to reduce landfill disposal. By converting farm waste into biomass and biogas, these initiatives provide essential renewable energy sources for swine farms. This integrated approach significantly reduces waste, air pollution, and greenhouse gas emissions while mitigating climate change impacts through the Circular Economy approach. To further minimize environmental

   impact, the Company has implemented air filtration systems in swine farms to effectively reduce odors. Additionally, in Thailand operation, the Company repurposes biogas-treated wastewater, which meets legal standards and is rich in nutrients beneficial for agriculture. Through the "Sharing Bio-Fertilizer Water with Communities" project, this treated water is distributed to local farmers, helping to reduce costs, increase income, and support environmental sustainability.

   In addition to producing biogas as a renewable energy source for its operations, the Company also utilizes solar power to generate electricity in its farms and actively promotes the adoption of this system among contract farms.

   The Company recognizes the growing severity and frequency of floods and droughts and their impact on agricultural operations. To address this issue, the Company focuses on developing sustainable water management processes throughout the production chain. The 3Rs principles have been implemented, namely "Reduce" water consumption, "Recycle" by reusing treated water, and "Reuse" water to reduce the water use per production unit. In addition, the Company has collaborated with government agencies and surrounding communities to monitor the water quantity and quality situation in key water sources to ensure that the water quality is suitable for community use, as well as preserve water resources as aquatic and plant habitats to maintain biodiversity. Water storage has been created to be used in times of drought which enable water sharing with communities around the establishment. The Company also engages with communities by listening to concerns regarding water use and allocating personnel to educate and raise awareness among relevant stakeholders, both in communities and business partners, on water resource management, as well as developing plans to manage water scarcity risks. All these operations not only reduce operational risks to both the Company and its business partners, but also reduce the possible impact on surrounding communities in the current and future drought conditions.

   Raw material Selection and Breed Development: The main inputs for animal farming consist of animal feed and breeding stock, which are produced under the Group's integrated food production system. The Company produces day-old chicks, piglets, ducklings, and other animals for commercial farming, and selects and imports great-grandparent or grandparent breeding from overseas to improve genetic lines. Examples include importing broiler grandparent from the Americas, Europe, and Australia; importing layer grandparent from Europe; and importing swine great-grandparent from the Americas and Europe. For shrimp, the Company uses its own genetically developed strains. The Company has developed its breeds to suit the environment and consumption demands of each country where it operates by developing natural breeds based on genetic selecting process. It has adopted scientific principles and medical technologies in breeding to produce healthy breeds with good disease resistance, high yields, suitable for the farming environment of each country, as well as being able to respond to consumer satisfaction and ever-changing market demands.

   
   
   

   Animal Farming: The Company continually develops animal farming systems and technologies, focusing on providing animals with conditions suitable for the natural behaviors of each

   species. Environmental and labor management standards are integrated into modern farming practices to ensure production safety in accordance with regulations in each country. The Company advances animal farming based on animal welfare principles (5 Freedoms) while optimizing the use of space, without the use of growth hormones. The research team develops farming methods rooted in understanding species specific behaviors, combined with strong genetic lines and nutritionally appropriate feed for each life stage. Biotechnology is applied to analyze and improve feeding and farming practices tailored to each species and age group, ensuring animals live in environments

   
   
   

   free from distress and

   with the freedom to express natural behaviors.

   The Company has a global health policy of "One Health", adhering to animal welfare standards and the responsible and reasonable use of antimicrobials. The Company also promotes stable and safe food production for the health and quality of life of people, animal, and environment sustainably. Therefore, the Company always prioritizes animal health. Probiotics have been used in farm operation to enhance their immunity and reduce the risk of diseases. Animal health checks are carried out throughout the farming process and antibiotics are used responsibly to cure diseases under close supervision of veterinary officers. This is conducted in accordance

   with animal welfare, adhering to the principle of "responsible use of antimicrobials" under the "Policy on Responsible Use of Antimicrobials in Animals", which includes:

   1. Antimicrobials must be used under close supervision of veterinary officers and only for necessary treatment.

   2. Avoid the use of antibiotics for the purpose of accelerating growth in animals.

   3. Create feed innovation to keep animals healthy and reduce the need for antimicrobials when having diseases, such as the use of probiotics in farm operation.

In addition, the farm and processing business is conducted under the concept of "smart farm" system by adopting electronic technologies such as the Internet of Things and Artificial Intelligence to develop the most efficient farming process to reduce labor and contact with animals to

minimize the risk of transmission of various infections to animals in accordance with biosecurity standard, which is a new approach used by farmers to increase their produce and production process efficiency and to develop agriculture sector sustainably.

The Company implements a Contract Farming Program to support efficient and sustainable animal farming among small-scale farmers. Under this program, product quality, quantity, and income are determined based on mutually agreed production standards, helping reduce risks from fluctuations in livestock prices while enhancing job stability and long-term sustainability for farmers. The Company provides

livestock breeds, animal feed, and advanced farm management technologies, supported by a team of technical experts and veterinarians who oversee animal health throughout the farming process.

Primary processing:The Company adheres to animal welfare principles in primary meat processing through processing plants certified by government authorities in the countries where it operates. The Company determines appropriate distances between farms and processing plants and uses transport vehicles designed to minimize animal stress by controlling stocking density. Upon arrival at the processing plant, vehicles must be parked in temperature controlled holding areas before entering the slaughtering, meat trimming, and packing. The Company controls production in accordance with safety standards and employee operating procedures and seeks certification from independent external organizations in line with the requirements of the Company, customers, and applicable national laws. The main raw materials are meat sourced from the Company's farm operations, while external procurement must pass strict quality inspections that comply with the Company's

food safety standards. The Company adheres to animal welfare principles in basic meat processing through processing plants certified by government authorities in the countries where it operates.

Packaging: The Company focuses on packaging design that meets functional needs, enhances consumer experience through design, and maintains food cleanliness and safety. The Company develops packaging for the animal farming business with an emphasis on sustainability and efficiency, achieved through designs that reduce material usage without compromising quality, such as reducing packaging thickness and improving structural design for transportation and storage. These efforts also support product quality, reduce contamination, and improve usability. The organization works toward using 100% recyclable packaging by shifting to mono-material structures

to facilitate recycling, reduce plastic waste, and promote efficient resource use. In addition, the Company develops packaging innovations, such as the use of rPET for egg trays, biodegradable bagasse pulp, and paper-coating technologies as alternatives to plastic. The Company also develops packaging solutions that extend shelf life, reduce transportation costs, and enhance usability to support a sustainable and environmentally friendly livestock and animal processing industry.

Sales and after-sales service: In the farm and processing business, the Company's products include animal breeds, live animals, meat cuts, chicken eggs, and byproducts from farm operation. Distribution channels for animal breeds and live animals are mainly on-site sales. Meat, eggs, and byproducts from farm operations are distributed both domestically and internationally.

Domestic distribution channels include sales through traditional markets, and modern trade, using a cold-chain transportation system that maintains meat temperature at no more than 4 degrees Celsius throughout delivery. The Company conducts its business based on responsible marketing principles, avoiding communication or advertising that may cause misunderstanding and ensuring accurate product information and standards in compliance with legal requirements. The Company also supports sales innovations for partners, such as upgrading meat stalls in traditional markets to meet cleanliness and safety standards, and developing modern sales systems with partners, including establishing Shop-in-Shop formats in Lotus's stores in Thailand and modernizing Five Star retail outlets to align with diverse consumer behaviors in each country. In addition, the Company conducts satisfaction surveys with distributors and consumers to gather information and feedback for further improvement of products and services. In addition, the Company also sources products from other producers worldwide (Global Sourcing) through a network of internationally certified production facilities to support international trade. This includes the distribution of shrimp products from India, Ecuador, and Indonesia for sale in the United States, as well as the import of beef products from Australia for distribution in Thailand. These operations enhance supply chain flexibility, enabling the Company to respond appropriately to market demand in each region and strengthening the Company's global competitiveness.

The Company places importance on creating innovation on meat products in response to the needs of consumers in each segment, including those with increased health concerns. Details of the products are as follows:

• Cheeva Pork innovation involves the development of breeds, feed, and farming techniques, to produce pork rich in good fatty acids and omega-3.

• Kurobuta Pork is made from a foreign breed of swine that has been developed and improved to be able to grow well in the Thai environment. Its unique characteristic is softer meat compared to normal pork because the muscle layer of Kurobuta Pork contains 30% more white fat than regular pork and has lower cholesterol.

• Benja Chicken innovation involves feeding chickens with specially selected brown rice grains which help strengthen the chickens' muscle structure, making its meat more fragrant, tenderer, and juicier compared to normal chicken. Benja Chickens are raised in a cage free area and chemical-free.

• CP Pacific Shrimp has been raised under the "3 Clean" principles, which consist of clean floor, clean water, and contamination-free baby shrimps. With a clean environment, shrimps live comfortably and are well-fed resulting in a good growth rate. The use of probiotics enhances farming efficiency, reduces possible diseases without the use of antibiotics, and be environmentally friendly.

• U Farm Carbon-Neutral Cage-Free Egg or Carbon-Free Cage-Free Eggs support conscious consumers to participate in handling global climate change issue.

• Omega-3 Eggs are fresh, organic eggs that are rich in omega-3 and beneficial for the nervous system and the brain. They also contain choline and vitamin B2 which helps the nervous system function properly. Layers hens are raised in a closed housing system to ensure that they are 100% disease-free. No hormones and antibiotics are used throughout the process.

The livestock farming and primary meat processing industry continue to grow as a result of population expansion and consumers' improved access to quality meat at an affordable price. The Company maintains a leading position through key factors, including the development of robust livestock breeds with strong disease resistance and efficient productivity, supported by farming methods that improve feed conversion within a short period and a stringent disease-prevention system. The Company also excels in high-quality meat innovations that comply with international production standards.

(1.3) Food business

The Company food business operates in 15 countries, namely Thailand, the United States, China, UK, Vietnam, the Republic of China (Taiwan), the Philippines, Malaysia, Russia, Cambodia, India, Laos, Türkiye, Belgium, Sri Lanka, and joint ventures in Poland. The Company places importance on research and development to produce quality food in terms of nutritional value and taste in line with consumer satisfaction. The Company ensures safe processes throughout the value chain, taking into account environmental and social impacts while maintain affordable prices and diversity in line with the needs of consumers worldwide in each age group and locality. It also promotes convenience for consumers to access products through various distribution channels, including its own channels and other channels.

The Company adds value to its livestock and primary meat processing business by developing processed and ready-to-eat food products, focusing on research and development to align with evolving consumer preferences and behaviors. This is achieved through cutting-edge production technologies, including robotics and digital systems, all certified under international standards. In addition to reducing environmental impact and fostering social development, the company's traceable production system ensures quality and food safety at every stage. Furthermore, the Company develops transportation systems that comply with occupational health and safety standards, and provides transparent and responsible labeling and packaging for consumers.

Types of food products produced and distributed: The Company develops safe food and ready-to-eat meals to meet consumers' needs and promote their health. This includes the following products:

• Sausage Products are made from high-quality ingredients using a modern, fully automated, and continuous production process that ensures safety, global standards compliance, and full traceability. The Company is committed to innovation and product development to meet evolving consumer demands. Notable innovations include broth-filled sausages, which enhance flavor by incorporating rich, concentrated broth inside the

  sausage, offering a unique and savory experience. Additionally, the Company has introduced Retort sausages in the Vietnamese market, designed for long shelf life without refrigeration, catering to consumer preferences for convenience and easy storage.

• Ready-to-eat meal are crafted from high-quality ingredients using a modern, clean, and safe production process that meets international standards. With a focus on innovation, the Company develops food that is "Good for your body, and mind", aligning with diverse consumer preferences and market trends. Leveraging deep expertise in consumer tastes and market insights, the Company has introduced Thai Cube, offering authentic Thai cuisine in a convenient ready-to-eat format, and Authentic Asia, a premium frozen food line featuring items like Emperor Shrimp Dumplings and Tom Yum Shrimp Wonton Noodles. Additionally, the Company has developed processed egg innovations to enhance convenience and nutrition, including ready-to-eat peeled boiled eggs, soft-boiled eggs with a fresh-cooked texture, and powdered eggs for extended shelf life and versatile use.

• Semi-cooked Meat Products or Ready-to-cook products are made from quality meats such as salted meat and marinated meats with various seasonings that are in a ready-to-cook state. These products are produced from modern processing plants certified by international standards to ensure fresh, clean, safe and traceable products. It is suitable for entrepreneurs in the hotel, restaurant and catering industries, or consumers who want convenience cooking.

• Alternative protein products designed for flexitarian consumers, offering protein levels comparable to meat and high fiber content, with appearance and texture similar to conventional meat. These products serve consumers who do not eat meat but still seek high-protein options to support their health, while also addressing food security and environmental considerations, under the Meat Zero trademark.

• Wellness products developed from the Company's strengths as a "Protein Expert," creating continuous innovation in health foods and beverages through research and advanced production technologies. These products aim to meet consumer trends toward greater health consciousness despite having limited time for self-care, such as Nutrimax medical nutrition products and Peptide Shot and Fiber Shot health beverages.

The Company's food products are distributed under the CP brand, other brands of the Company as well as under the customer's brands. The Company distributes food products through various distribution channels to make its food products accessible to consumers. These include 1) traditional trade or wet markets, 2) modern trade and wholesale and retail channels such as convenience stores, supermarket, hypermarkets and wholesale centers, 3) food service channels such as hotel restaurants, general restaurants, fast food restaurants, food courts, and catering businesses, 4) the Company's own distribution channels, which cover its restaurants and food courts. In addition, the Company exports food products through its representative branches, distributors, and importers in various countries.

Raw Material Procurement: The Company produces food using meat products sourced primarily from its own farming operations, as well as from its Contract Farming program. This program operates under agreements between the Company and farmers, defining the quality, quantity, and income based on the agreed quality of the yield. Additionally, the Company collaborates with local farmers to create shared value by supporting the production of agricultural products used as food ingredients. The Company also shares knowledge and promotes sustainable farming practices, focusing on ecosystem balance and maintaining product quality.

For the international food trading business, in addition to sourcing products from the Company's own production, the Company also procures food products from various origins worldwide through Global Sourcing to meet customer needs under the Company's sales network, in accordance with fair and traceable procurement practices. Examples of imported products include avocados imported from Peru for distribution in the United Kingdom and Denmark and rice from Thailand for distribution in Italy.

Production: The Company places utmost focus on quality and safety standards throughout the production process and continually advances production innovation through the use of automation and robotics to enhance efficiency, supported by safe operating procedures. The Company also employs the digital traceability system "AXONS Trace" to monitor information across the entire food chain, from raw materials and production processes to product distribution, ensuring completeness and transparency. In addition, the Company develops production processes that

comply with national and international standards, along with sustainability-related innovations, such as reducing greenhouse gas emissions, waste management, value creation from byproducts, water management, the use of renewable energy, and converting used cooking oil into Sustainable Aviation Fuel (SAF). Each operating site in every country obtains certification from independent external organizations based on the requirements of the Company, customers, and

applicable laws. Furthermore, the poultry business in Thailand operates the Space Safety Standard project to strengthen food security. Chicken products are certified to meet the highest safety standards in accordance with NASA's criteria to ensure that every meal delivers quality, nutritional value, and residue-free safety at a level recognized by leading global organizations.

The Company places strong emphasis on quality and safety to ensure its food products promote health and meet evolving consumer needs. Continuous innovation in food development is driven through the CPF Food Research and Development Center, established as a central hub for research and innovation, supported by a multidisciplinary team of over 350 experts in fields including food science, nutrition, biotechnology, biochemistry, packaging materials science, and food engineering.

To enhance competitiveness, advanced technologies such as AI and bioinformatics are integrated to enable precise, data-driven analysis of raw material structures and active ingredients at the molecular level. In product testing and development, the Company combines science with artistry through one of Asia's most advanced sensory evaluation capabilities, complemented by chemical analysis to ensure consistent quality, taste, and texture aligned with consumer expectations. This is undertaken alongside ongoing research in environmentally friendly packaging materials.