Delta Electronics Thailand : Financial Statement Quarter 1 / 2025

About this update from Delta Electronics (thailand) Public Co. Ltd.

‌Delta Electronics (Thailand) Public Company Limited and its subsidiaries Review report and consolidated and separate financial information For the three-month period ended 31 March 2025 Independent Auditor's Report on Review of Interim Financial Information To the Shareholders of Delta Electronics (Thailand) Public Company Limited I have reviewed the accompanying consolidated financial information of Delta Electronics (Thailand) Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 March 2025, the related consolidated statements of comprehensive income, changes in shareholders' equity and cash flows for the three-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Delta Electronics (Thailand) Public Company Limited for the same period (collectively "the 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 . Chatchai Kasemsrithanawat Certified Public Accountant (Thailand) No. 5813 EY Office Limited Bangkok: 25 April 2025 ‌Consolidated financial statements‌ 31 March 2025 31 December 2024 (Unaudited (Audited) but reviewed) (Unit: Thousand Baht) Separate financial statements 31 March 2025 31 December 2024 (Unaudited (Audited) but reviewed) 3 4 17.2 5 17,126,963 15,700,903 12,173,919 9,790,790 37,016,552 32,906,076 39,145,947 34,500,166 30,935,604 31,697,444 21,526,895 22,728,247 64,079 43,659 64,079 42,574 2,294,185 2,183,436 806,634 682,982 87,437,383 82,531,518 73,717,474 67,744,759 Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of financial position As at 31 March 2025 Assets Current assets Cash and cash equivalents Trade and other current receivables Inventories Derivative assets Other current assets Total current assets Non-current assets Deposits at bank with restrictions Investments in subsidiary companies Investments in associated companies Investment properties Property, plant and equipment Advances to contractors and for acquisitions of assets Right-of-use assets Goodwill Other intangible assets Deferred tax assets Other non-current assets Total non-current assets Total assets 33,224 - 1,363 157,630 39,078,959 32,043 - 774 152,765 37,721,164 - 20,283,903 1,500 - 25,501,142 - 20,283,903 1,000 - 24,706,385 6 7 929,278 854,512 929,278 831,564 492,631 464,456 18,173 26,881 433,294 433,690 - - 130,198 137,782 43,139 44,266 633,063 591,110 - - 566,007 176,871 39,312 29,892 42,455,647 40,565,167 46,816,447 45,923,891 129,893,030 123,096,685 120,533,921 113,668,650 The accompanying notes are an integral part of the interim financial statements. Consolidated financial statements 31 March 2025 31 December 2024 (Unaudited (Audited) but reviewed) (Unit: Thousand Baht) Separate financial statements 31 March 2025 31 December 2024 (Unaudited (Audited) but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 March 2025 Liabilities and shareholders' equity Current liabilities Short-term loans from financial institutions Trade and other current payables Current portion of lease liabilities Income tax payable Provision for top-up tax Liabilities and provision from tax assessments Other current provisions Derivative liabilities Other current liabilities Total current liabilities Non-current liabilities Long-term loans from related parties Lease liabilities, net of current portion Deferred tax liabilities Non-current provision for employee benefits Other non-current provisions Other non-current liabilities Total non-current liabilities Total liabilities 121,000 160,200 - - 36,048,328 35,793,288 30,129,915 29,583,365 91,279 84,825 12,692 20,555 433,662 334,558 279,611 202,616 785,191 - 785,191 - 113,201 113,201 113,201 113,201 504,121 519,859 488,593 488,958 19,609 217,560 19,431 215,979 871,730 903,471 604,882 689,412 38,988,121 38,126,962 32,433,516 31,314,086 8 9 13 16.4.1 12 17.2 10 1,127,867 1,087,672 - - 148,167 123,475 4,473 5,214 373,890 386,415 - - 1,607,860 1,559,244 784,438 768,254 1,311,221 1,254,750 1,033,555 986,276 759,549 616,354 449,866 344,035 5,328,554 5,027,910 2,272,332 2,103,779 44,316,675 43,154,872 34,705,848 33,417,865 2 11 12 The accompanying notes are an integral part of the interim financial statements. Consolidated financial statements 31 March 2025 31 December 2024 (Unaudited (Audited) but reviewed) (Unit: Thousand Baht) Separate financial statements 31 March 2025 31 December 2024 (Unaudited (Audited) but reviewed) Shareholders' equity Share capital Registered 12,590,000,000 ordinary shares of Baht 0.1 each Issued and fully paid 12,473,816,140 ordinary shares of Baht 0.1 each Share premium Difference from business combination under common control Retained earnings Appropriated - Statutory reserve Unappropriated Other components of shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity 1,259,000 1,259,000 1,259,000 1,259,000 1,247,382 1,491,912 1,247,382 1,491,912 1,247,382 1,491,912 1,247,382 1,491,912 (1,339,694) (1,339,694) - - 125,900 125,900 125,900 125,900 87,323,100 81,834,974 82,962,879 77,385,591 (3,272,245) (3,418,661) - - 85,576,355 79,941,813 85,828,073 80,250,785 129,893,030 123,096,685 120,533,921 113,668,650 - - - - The accompanying notes are an integral part of the interim financial statements. Directors ‌Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income For the three-month period ended 31 March 2025 (Unit: Thousand Baht, except basic earnings per share expressed in Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 41,886,556 37,679,158 37, 849,222 309,569 (31,241,958) (29,769,400) (27, (566,889) (247,658) 10,926,931 7,971,669 10, 437,477 229,557 65,485 277,184 173,137 183,936 (3,137,183) (2,898,848) (2, (812,917) (705,015) ( (1,276,839) (647,861) (1, (148,776) (5,981) 6,227,315 4,404,641 6, 89 - 63,687 49,938 (18,486) (34,321) 6,272,605 4,420,258 6, (784,479) (112,749) ( 5,488,126 4,307,509 5, Note Profit or loss: Revenues Sales Service income Cost of sales Cost of services Gross profit Gain on exchange Compensation for contract decommitment Other income Selling and distribution expenses Administrative expenses Research and development expenses Other expenses Operating profit Share of profit from investments in associates Finance income Finance cost Profit before income tax Income tax expenses Profit for the period 497,456 30,881,302 67,621 86,938 411,135) (23,434,600) (25,750) (71,520) 128,192 7,462,120 450,480 217,436 57,896 277,988 120,816 139,982 16.2.1 745,597) (2,564,220) 381,726) (355,177) 16.2.2 206,769) (974,904) (18,136) (1,507) 405,156 4,201,718 - - 34,439 9,803 (120) (14,150) 439,475 4,197,371 13 862,187) (103,725) 577,288 4,093,646 The accompanying notes are an integral part of the interim financial statements. Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income (continued) For the three-month period ended 31 March 2025 (Unit: Thousand Baht, except basic earnings per share expressed in Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Note Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Exchange differences on translation of financial statements in foreign currency Other comprehensive income to be reclassified to profit or loss in subsequent periods 146,416 1,476,558 - - 146,416 1,476,558 - - Other comprehensive income for the period 146,416 1,476,558 - - Total comprehensive income for the period 5,634,542 5,784,067 5,577,288 4,093,646 Profit attributable to: Equity holders of the Company 5,488,126 4,307,509 5,577,288 4,093,646 Total comprehensive income attributable to: Equity holders of the Company 5,634,542 5,784,067 5,577,288 4,093,646 Earnings per share Basic earnings per share Profit attributable to equity holders of the Company 14 0.44 0.35 0.45 0.33 The accompanying notes are an integral part of the interim financial statements. ‌(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity For the three-month period ended 31 March 2025 (Unit: Thousand Baht) Consolidated financial statements Other components of shareholders' equity Other comprehensive income Exchange differences Issued and Difference from business on translation of Total other Total fully paid combination under Retained earnings financial statements components of shareholders' share capital Share premium common control Appropriated Unappropriated in foreign currency shareholders' equity equity Balance as at 1 January 2024 1,247,382 1,491,912 (1,339,694) 125,900 68,499,609 (2,486,558) (2,486,558) 67,538,551 Profit for the period - - - - 4,307,509 - - 4,307,509 Other comprehensive income for the period - - - - - 1,476,558 1,476,558 1,476,558 Total comprehensive income for the period - - - - 4,307,509 1,476,558 1,476,558 5,784,067 Balance as at 31 March 2024 1,247,382 1,491,912 (1,339,694) 125,900 72,807,118 (1,010,000) (1,010,000) 73,322,618 Balance as at 1 January 2025 1,247,382 1,491,912 (1,339,694) 125,900 81,834,974 (3,418,661) (3,418,661) 79,941,813 Profit for the period - - - - 5,488,126 - - 5,488,126 Other comprehensive income for the period - - - - - 146,416 146,416 146,416 Total comprehensive income for the period - - - - 5,488,126 146,416 146,416 5,634,542 Balance as at 31 March 2025 1,247,382 1,491,912 (1,339,694) 125,900 87,323,100 (3,272,245) (3,272,245) 85,576,355 - The accompanying notes are an integral part of the interim financial statements. ‌(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the three-month period ended 31 March 2025 Balance as at 1 January 2024 Profit for the period Other comprehensive income for the period Total comprehensive income for the period Balance as at 31 March 2024 Separate financial statements (U nit: Thousand Baht) Issued and Total fully paid Retained earnings shareholders' share capital Share premium Appropriated Unappropriated equity 1,247,382 1,491,912 125,900 63,990,888 66,856,082 - - - 4,093,646 4,093,646 - - - - - - - - 4,093,646 4,093,646 1,247,382 1,491,912 125,900 68,084,534 70,949,728 Balance as at 1 January 2025 Profit for the period Other comprehensive income for the period Total comprehensive income for the period Balance as at 31 March 2025 1,247,382 1,491,912 125,900 77,385,591 80,250,785 - - - 5,577,288 5,577,288 - - - - - - - - 5,577,288 5,577,288 1,247,382 1,491,912 125,900 82,962,879 85,828,073 - The accompanying notes are an integral part of the interim financial statements. ‌Delta Electronics (Thailand) Public Company Limited and its subsidiaries Cash flow statement For the three-month period ended 31 March 2025 Consolidated financial statements 2025 2024 (Unit: Thousand Baht) Separate financial statements 2025 2024 Cash flows from operating activities: Profit before tax Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation Amortisation Allowance for expected credit losses (reversal) Reduction of inventory to net realisable value Reversal of the reduction to net realisable value of the written-off obsolete and damaged inventories Provisions Provision for employee benefits (Gain) loss from disposal/writte-off of property, plant and equipment Share of profit from investments in associates Loss from write-off of other intangible assets Unrealised gain on exchange (Gain) loss on fair value adjustments of derivative instruments Finance income Finance cost Profit from operating activities before changes in operating assets and liabilities Decrease (increase) in operating assets: Trade and other current receivables Inventories Other current assets Other non-current assets Increase (decrease) in operating liabilities: Trade and other current payables Other current liabilities Cash paid for provisions Cash paid for employee benefits Other non-current liabilities Cash flows from operating activities Cash received from interest income Cash paid for interest expenses Cash paid for corporate income tax Net cash flows from operating activities 6,272,605 4,420,258 6,439,475 4,197,371 1,858,460 15,570 (21,300) 468,939 1,459,517 16,885 38,410 796,590 1,482,079 2,567 (22,209) 213,995 1,136,833 2,900 (27,617) 720,037 (193,743) 164,384 39,975 (4,191) (89) 535 (408,819) (218,371) (63,687) 18,486 (393,175) 196,994 42,589 (8,055) - - (1,308,382) 1,046,968 (49,938) 34,321 (158,124) 136,038 22,868 2,379 - - (391,816) (218,053) (34,439) 120 (350,628) 139,767 21,092 1,344 - - (1,292,329) 1,048,270 (9,803) 14,150 7,928,754 6,292,982 7,474,880 5,601,387 (3,885,922) 462,387 (103,392) (271,112) 483,705 254,769 (401,291) 97,035 (4,372,524) 1,145,481 (123,100) (9,420) 1,531,206 938,834 62,001 (5,225) 446,710 (1,036,409) (29,103) (332,699) (126,240) (124,419) (18,870) (17,502) 143,195 (155,472) 4,546,407 5,060,699 4, 37,829 40,178 (15,409) (35,218) (86,938) (86,714) 4,481,889 4,978,945 4, (1,669,110) (268,779) (76,331) (5,769) 10,259 6,118,473 1,471 (16,119) (117) 6,103,708 659,670 (82,921) (89,124) (6,684) 105,831 702,089 6,262 - (151) 708,200 The accompanying notes are an integral part of the interim financial statements. Delta Electronics (Thailand) Public Company Limited and its subsidiaries Cash flow statement (continued) For the three-month period ended 31 March 2025 Consolidated financial statements 2025 2024 (Unit: Thousand Baht) Separate financial statements 2025 2024 (1,181) - (500) (1,114) - - - - (500) - (1,158,019) - Supplemental disclosures of cash flows information Non-cash transaction Additions to right-of-use assets and lease liabilities Increase in others payable from purchase of plant and equipment 57,901 1,200,952 Cash flows from investing activities: Increase in deposits at bank with restrictions Increase in investments in subsidiary Increase in investments in associated companies Decrease (increase) in advances to contractors and for acquisitions of assets Acquisition of property, plant and equipment Cash paid to others payable for purchase of plant and equipment Proceeds from disposal of property, plant and equipment Acquisition of investment properties Acquisition of other intangible assets Net cash flows used in investing activities Cash flow from financing activities: Cash receipt from short-term loans from financial institutions Repayment of short-term loans from financial institutions Repayment of long-term loans from related party Payment of principal portion of lease liabilities Net cash flow used in financing activities Increase in translation adjustments Net increase in cash and cash equivalents before effect from currency translation Effect from currency translation of cash and cash equivalents Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 1,370,046 363,288 2,330,320 862,766 56,014 21,321 52,809 8,325 1,426,060 384,609 2,383,129 871,091 15,700,903 7,617,211 9,790,790 353,196 17,126,963 8,001,820 12,173,919 1,224,287 The accompanying notes are an integral part of the interim financial statements. (97,714) (74,766) 314,751 (1,874,250) (3,599,543) (1, (1,225,849) (1,151,434) (1, 18,799 61,770 (1,049) - (6,533) (12,284) (3,165,329) (4,387,854) (2, 314,751 (2,057,682) (1,114,281) 9,462 - - (4,005,769) 086,003) 183,499) - - (1,440) 51,116 10,844,430 - 10,827,478 (90,316) (12,074,213) - (12,051,530) - (38,032) - - (31,664) (31,800) (8,724) (11,121) (70,864) (1,299,615) (8,724) (1,235,173) 124,350 1,071,812 - - 369,156) 22,372 763,209 - 1,184,504 - 750,772 ‌Delta Electronics (Thailand) Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month period ended 31 March 2025 General information Basis of preparation of interim financial statements These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis. The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language interim financial statements. Basis of consolidation The interim consolidated financial statements include the financial statements of Delta Electronics (Thailand) Public Company Limited ("the Company") and its subsidiaries ("the subsidiaries") (collectively as "the Group") and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2024, with no change in shareholding structure of subsidiaries during the current period. Accounting policies The interim financial statements are prepared using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024. The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group's financial statements. Related party transactions During the period, the Group had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business. There were no significant changes in the transfer pricing policy of transactions with related parties during the current period. Summaries significant business transactions with related parties are as follows. (Unit: Million Baht) For the three-month periods ended 31 March Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Transactions with the parent company Sales of goods and raw materials 486 95 485 77 Purchase of goods and raw materials 128 79 3 2 Purchase of equipment 158 101 53 93 Royalty paid (Note 16.2.1) 1,860 1,799 1,860 1,799 Transactions with subsidiary companies (eliminated from the consolidated financial statements) Sales of goods and raw materials - - 12,592 8,564 Purchase of goods and raw materials - - 289 330 Purchase of equipment - - 101 103 Commission paid - - 162 175 Design and engineering fee paid (Note 16.2.2) - - 349 317 Transactions with associated companies Purchase of goods and raw materials 60 - 60 - Transactions with related companies Sales of goods and raw materials 5,373 4,316 2,791 1,458 Purchase of goods and raw materials 2,331 3,000 1,290 1,164 Purchase of equipment 428 308 401 296 Commission paid 291 315 280 309 Commission received 92 63 - - Services income 83 26 - - Design and engineering fee paid (Note 16.2.2) 340 239 327 231 The balances of the accounts between the Group and those related companies are as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 31 March 2025 31 December 2024 31 March 2025 31 December 2024 (Audited) (Audited) Trade receivables - related parties (Note 3) Parent company 438 237 436 229 Subsidiary companies - - 17,728 14,266 Related companies (common shareholders) 5,690 4,973 2,774 2,081 Total trade receivables - related parties 6,128 5,210 20,938 16,576 Other current receivables - related parties (Note 3) Parent company 2 - 2 - Subsidiary companies - - 20 28 Related companies (common shareholders) 6 78 3 74 Total other current receivables - related parties 8 78 25 102 Amounts due from related parties (Note 3) Subsidiary companies - - 2 2 Total amounts due from related parties - - 2 2 Trade payables - related parties (Note 9) Parent company 512 454 206 223 Subsidiary companies - - 288 237 Associated companies 18 23 18 23 Related companies (common shareholders) 2,596 2,606 1,200 1,016 Total trade payables - related parties 3,126 3,083 1,712 1,499 Other current payables - related parties (Note 9) Parent company 882 1,017 880 1,010 Subsidiary companies - - 356 384 Related companies (common shareholders) 1,023 877 1,023 759 Total other current payables - related parties 1,905 1,894 2,259 2,153 Accrued expenses - related parties (Note 9) Parent company 522 433 522 433 Related companies (common shareholders) 167 190 157 187 Total accrued expenses - related parties 689 623 679 620 Long-term loans from related parties ( Unit: Million Baht) Consolidated financial statements Long-term loans Balance as at 1 January 2025 Translation adjustment Balance as at 31 March 2025 Related companies (common shareholders) - Eltek AS 733 27 760 - Delta International Holding Limited B.V. 355 13 368 Total long-term loans from related parties 1,088 40 1,128 Long-term loans from Eltek AS, which are unsecured, carry interest at a rate of EURIBOR + 0.50 percent per annum, payable every three months and six months. The principal repayments of EUR 9 million, or approximately Baht 320 million and EUR 12 million, or approximately Baht 441 million are scheduled for June 2026 and October 2027, respectively. Long-term loan from Delta International Holding Limited B.V., which is unsecured, carries interest at a rate of 4.45 percent per annum, payable every three months. The principal repayments of EUR 10 million, or approximately Baht 367 million is scheduled for August 2029. Directors and management's benefits (Unit: Million Baht) For the three-month periods ended 31 March Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Short-term employee benefits 46 47 28 22 Post-employment benefits 3 4 3 3 Total 49 51 31 25 Trade and other current receivables (Unit: Million Baht) Consolidated financial statements Separate financial statements 31 March 2025 31 December 2024 31 March 2025 31 December 2024 (Audited) (Audited) Trade receivables, related parties (Note 2) Aged on the basis of due dates Not yet due 6,093 5,125 19,931 16,093 Past due Up to 3 months 30 76 997 477 3 - 6 months 5 9 10 6 Total 6,128 5,210 20,938 16,576 Trade receivables, unrelated parties Aged on the basis of due dates Not yet due 27,795 24,027 16,234 15,282 Past due Up to 3 months 2,121 2,470 1,238 1,586 3 - 6 months 296 407 142 342 6 - 12 months 214 154 159 121 Over 12 months 50 27 7 - Total 30,476 27,085 17,780 17,331 Total trade receivables 36,604 32,295 38,718 33,907 Less: Allowance for expected credit losses (298) (320) (195) (217) Total trade receivables - net 36,306 31,975 38,523 33,690 Other current receivables Amounts due from related parties (Note 2) - - 2 2 Other current receivables - related parties (Note 2) 8 78 25 102 Other current receivables - unrelated parties 672 847 568 706 Interest receivables - unrelated parties 31 6 28 - Total other current receivables 711 931 623 810 Trade and other current receivables - net 37,017 32,906 39,146 34,500 Inventories (Unit: Million Baht) Consolidated financial statements Separate financial statements 31 March 2025 31 December 2024 31 March 2025 31 December 2024 (Audited) (Audited) Inventories - cost 36,462 36,923 24,561 25,706 Reduce cost to net realisable value (5,526) (5,226) (3,034) (2,978) Inventories - net 30,936 31,697 21,527 22,728 Movements in the reduce cost to net realisable value of inventory account are summarised below. (Unit: Million Baht) Consolidated financial statements Separate financial statements Balance as at 1 January 2025 (5,226) (2,978) Increase during the period (498) (214) Reversal of the reduction to net realisable value of the written off obsolete and damaged inventories during the period 194 158 Reversal during the period 29 - Translation adjustment (25) - Balance as at 31 March 2025 (5,526) (3,034) Other current assets (Unit: Million Baht) Consolidated financial statements Separate financial statements 31 March 2025 31 December 2024 31 March 2025 31 December 2024 (Audited) (Audited) Input tax refundable 1,066 1,154 462 599 Advance payments 410 136 187 5 Prepaid expenses 593 724 138 64 Prepaid tax 137 131 - - Others 88 38 20 15 Total other current assets 2,294 2,183 807 683 Investments in subsidiaries Details of investments in subsidiaries as presented in separate financial statements (Unit: Million Baht) Company's name Paid-up capital Cost Foreign currency 31 March 2025 31 December 2024 31 March 2025 31 December 2024 (Million) (Million) (Audited) DET International Holding B.V. USD 269 269 9,622 9,622 Delta Green Industrial (Thailand) Company Limited THB 206 206 206 206 Delta Energy Systems (Singapore) Pte. Ltd. USD 311 311 10,463 10,463 Delta Electronics (Vietnam) Company Limited USD 0.1 0.1 3 3 Delta Electronics India Manufacturing Private Limited INR 2,941 2,941 1,293 1,293 PT Delta Electronics Indonesia IDR 10,000 10,000 21 21 Subtotal 21,608 21,608 Less: Allowance for impairment loss of investments in subsidiaries (1,324) (1,324) Total investments in subsidiaries - net 20,284 20,284 No dividend was received from the above subsidiaries during the three-month periods ended 31 March 2025 and 2024. Significant events during the current period Subsidiaries indirectly owned by the Company Dissolution of a subsidiary company Delta Energy Systems (India) Pvt. Ltd., a subsidiary which the Company indirectly held 100%, has registered its dissolution and registered the completion of its liquidation during the current quarter. Property, plant and equipment Movements of the property, plant and equipment account are summarised below. (Unit: Million Baht) Consolidated financial statements Separate financial statements Net book value as at 1 January 2025 37,721 24,706 Acquisitions during period - cost 3,075 2,271 Disposals/write-off during period - net book value at disposal/write-off date (15) (2) Depreciation for the period (1,826) (1,474) Translation adjustment 124 - Net book value as at 31 March 2025 39,079 25,501 ‌Short-term loans from financial institutions (Unit: Million Baht) Interest rate Consolidated financial statements Separate financial statements (percent per annum) 31 March 2025 31 December 2024 31 March 2025 31 December 2024 (Audited) (Audited) Short-term loans from financial institutions 2.16 - 5.00 121 160 - - Total 121 160 - - ‌Trade and other current payables (Unit: Million Baht) Consolidated financial statements Separate financial statements 31 March 2025 31 December 2024 31 March 2025 31 December 2024 (Audited) (Audited) Trade payables - related parties (Note 2) 3,126 3,083 1,712 1,499 Trade payables - unrelated parties 22,369 22,351 19,932 20,363 Other current payables - related parties (Note 2) 1,905 1,894 2,259 2,153 Other current payables - unrelated parties 1,958 2,412 1,756 1,854 Accrued expenses - related parties (Note 2) 689 623 679 620 Accrued expenses - unrelated parties 3,303 3,098 2,356 1,911 Advance received - unrelated parties 2,698 2,332 1,436 1,183 Total trade and other current payables 36,048 35,793 30,130 29,583 ‌Other current liabilities (Unit: Million Baht) Consolidated financial statements Separate financial statements 31 March 2025 31 December 2024 31 March 2025 31 December 2024 (Audited) (Audited) Withholding tax payable 122 357 62 290 Value added tax payable 165 107 110 10 Others 585 439 433 389 Total other current liabilities 872 903 605 689 Non-current provision for employee benefits Movements of the non-current provision for employee benefits account are summarised below. (Unit: Million Baht) Consolidated financial statements Separate financial statements Balance as at 1 January 2025 1,559 768 Recognition during the period 40 23 Paid during the period (19) (7) Translation adjustment 28 - Balance as at 31 March 2025 1,608 784 Provisions (Unit: Million Baht) Consolidated financial statements Separate financial statements Other Warranty provisions Total Warranty Total Balance as at 1 January 2025 1,744 31 1,775 1,475 1,475 Recognition during the period 206 10 216 168 168 Paid during the period (120) (6) (126) (89) (89) Reversal during the period (32) (20) (52) (32) (32) Translation adjustment 2 - 2 - - Balance as at 31 March 2025 1,800 15 1,815 1,522 1,522 Other current provisions 489 31 520 489 489 Other non-current provisions 1,255 - 1,255 986 986 Balance as at 31 December 2024 (Audited) 1,744 31 1,775 1,475 1,475 Other current provisions 489 15 504 489 489 Other non-current provisions 1,311 - 1,311 1,033 1,033 Balance as at 31 March 2025 1,800 15 1,815 1,522 1,522 Warranty The Group recognised a provision for the expected warranty claims on products based on past experience of the level of repairs and returns with current sales for each type of products under current warranty. Income tax Interim corporate income tax was calculated on profit before income tax for the period, using the estimated effective tax rate for the year. Income tax expenses for the three-month periods ended 31 March 2025 and 2024 are made up as follows: (Unit: Million Baht) For the three-month periods ended 31 March Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Current income tax: Interim corporate income tax charge (164) (143) (77) (104) Adjustment in respect of income tax of previous year 108 - - - Top-up tax (785) - (785) - Deferred tax: Relating to origination and reversal of temporary differences 54 44 - - Translation adjustment 3 (14) - - Income tax expense reported in profit or loss (784) (113) (862) (104) The Group is within the scope of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD). The Group operates in several countries where Pillar Two legislation has been enacted and is effective for fiscal years beginning on or after 1 January 2025. The estimated top-up tax expense related to Pillar Two income taxes arises from the operation in Thailand. Earnings per share Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period. (Unaudited but reviewed) Segment information The Group is organised into business units based on their products and services. During the current period, the Group has not changed the organisation of their reportable segments from the last annual financial statements. The following tables present revenue and profit information regarding the Group's operating segments for the three-month periods ended 31 March 2025 and 2024. (Unit: Million Baht) For the three-month periods ended 31 March Power electronics segment Mobility segment Infrastructure segment Automation segment Others Consolidated financial statements 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Revenue Sales from external customers 24,877 19,926 9,798 10,878 6,140 5,936 1,069 914 3 25 41,887 37,679 Service income from external customers 23 36 14 31 729 165 52 64 31 14 849 310 Total revenue 24,900 19,962 9,812 10,909 6,869 6,101 1,121 978 34 39 42,736 37,989 Segment profit (loss) 5,772 3,235 32 868 208 75 44 33 (356) (492) 5,700 3,719 Unallocated income (expenses): Gain on exchange rate 437 230 Compensation for contract decommitment 65 277 Other income 173 184 Other expenses (149) (6) Finance income 64 50 Finance cost (18) (34) Profit before income tax expenses 6,272 4,420 Income tax expenses (784) (112) Profit for the period 5,488 4,308 Commitments and contingent liabilities Significant capital commitments As at 31 March 2025, the Group had significant capital commitments amounting to Baht 6,051 million, EUR 13 million or approximately Baht 480 million, and INR 6,334 million or approximately Baht 2,513 million in respect of the building construction, purchase of machinery and equipment (the Company only: Baht 6,051 million). Significant long-term service commitments Intellectual Property & Technology License commitments The Company entered into the Intellectual Property & Technology License Agreement with Delta Electronics Inc. ("Licensor"), whereby the Licensor granted the Company the right to manufacture and sell products that apply the Licensor's patents and technology, including improvements thereof. In consideration for the rights, the Company agrees to pay a royalty to the Licensor at a percentage of revenue from sales of products manufactured under the licenses, with that percentage determined on an arm's length basis. The percentage is to be amicably reviewed by the parties annually before each anniversary of the effective date, which was 1 January 2018. The agreement matures annually and renews continuously for further periods of one year until terminated by either party. The Company has recorded the related expense as "Royalty expenses", which are presented under the caption of "Selling and distribution expenses" in the statements of comprehensive income. Research and development service commitments The Company entered into the research and development service agreements with the subsidiary companies and related companies. Under these agreements, the subsidiary companies and related companies provide research and development services (design and engineering) to the Company and charge fees equal to the local operational costs incurred on product research and development plus a margin, on an arm's length basis. These agreements mature annually. The Company has recorded the design and engineering fees as "Research and development expenses" in the statements of comprehensive income. ‌Guarantee obligations As at 31 March 2025, the Group had the following significant outstanding letters of guarantee required in the ordinary course of its businesses: Outstanding letters of guarantee totaling approximately Baht 228 million have been issued by banks to meet requirements of the Company (including a letter of guarantee for approximately Baht 163 million issued by banks to meet obligations of the Company to the Revenue Department in relation to the tax assessment as mentioned in Note 16.4.1 to the financial statements). Outstanding letters of guarantee for totals of approximately Baht 85 million, INR 1,382 million or approximately Baht 548 million, EUR 0.5 million or approximately Baht 20 million and AUD 3 million or approximately Baht 58 million have been issued by banks to meet requirements of the subsidiaries. Tax assessment a. On 23 August 2017, the Company received tax assessment notices for the year 2007 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 79 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 3 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee. On 21 August 2018, the Company received tax assessment notices for the year 2008 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 49 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 4 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee. On 20 August 2019, the Company received tax assessment notices for the year 2009 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 23 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 5 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee. However, the Company has recorded provisions for the tax assessments as mentioned in a., b., and c., with approximately Baht 113 million (including penalties and surcharges) under the captions of "Liabilities and provision from tax assessments" in the statement of financial position. The Indian tax authorities assessed corporate income tax of approximately INR 169 million or approximately Baht 67 million, covering the years 2007 - 2016, and sales tax and excise duties of approximately INR 148 million or approximately Baht 59 million, covering the years 2014 - 2020, against the subsidiary in India. The subsidiary has appealed the assessments. The management of the subsidiary believe that the outcome of the cases will be favorable to the subsidiary and therefore no provision for these contingent liabilities have been made in the accounts. ‌Litigation ‌During the year 2024, Vicor Corporation filed a complaint with the U.S. International Trade Commission (ITC), requesting a formal investigation into the Group's alleged patent infringement. The ITC completed the investigation and issued a final determination on 13 February 2025, finding that Vicor's patent infringement claim had partial merit. As a result, the ITC issued a limited exclusion order against the Group. ‌However, the Group's redesigns do not infringe Vicor Corporation's patents according to the ITC's final determination. ‌Financial instruments ‌Fair value of financial instruments ‌Since the majority of the Group's financial instruments are short-term in nature or carrying interest at rates close to the market interest rates, its fair value is not expected to be materially different from the amounts presented in the statement of financial position. ‌Fair value hierarchy As at 31 March 2025, the Group had the financial assets and financial liabilities that were measured at fair value using different levels of inputs as follows: (Unit: Million Baht) Consolidated financial statements Level 1 Level 2 Level 3 Total Assets measured at fair value Derivatives Foreign currency forward contracts - 64 - 64 Liabilities measured at fair value Derivatives Foreign currency forward contracts - 20 - 20 (Unit: Million Baht) Separate financial statements Level 1 Level 2 Level 3 Total Assets measured at fair value Derivatives Foreign currency forward contracts - 64 - 64 Liabilities measured at fair value Derivatives Foreign currency forward contracts - 19 - 19 During the current period, there were no changes in the methods and the assumptions used to estimate the fair value of financial instruments and there were no transfers between the levels of the fair value hierarchy. Foreign currency risk and financial derivatives As at 31 March 2025, the significant outstanding balances of the Group's financial assets and financial liabilities denominated in foreign currencies are as follows: (Unit: Million foreign currency unit) Foreign Consolidated financial statements Separate financial statements currency Financial assets Financial liabilities Financial assets Financial liabilities US dollar 1,264 858 1,175 694 Euro 14 19 11 18 Japanese yen 240 529 166 522 (Unit: Baht per 1 foreign currency unit) Foreign currency Average exchange rate as at 31 March 2025 US dollar 33.9265 Euro 36.7392 Japanese yen 0.2272 The Group manages its exposure to foreign currency risk by using derivatives when considered appropriate. As at 31 March 2025, the outstanding derivatives for managing the exposure to foreign currency risk are as follows: Consolidated financial statements Amount Forward rate Maturity date Forward contracts to "Sell" USD/THB USD 118 million 33.5050 - 34.6220 THB/USD April - July 2025 Forward contracts to "Buy" USD/INR USD 3 million 86.0000 - 86.2675 INR/USD April 2025 JPY/THB JPY 210 million 0.2247 - 0.2259 THB/JPY April - May 2025 Separate financial statements Amount Forward rate Maturity date Forward contracts to "Sell" USD/THB USD 118 million 33.5050 - 34.6220 THB/USD April - July 2025 Forward contracts to "Buy" JPY/THB JPY 210 million 0.2247 - 0.2259 THB/JPY April - May 2025 Events after the reporting period The merger of subsidiaries in Slovakia On 25 October 2024, a meeting of the Company's Board of Directors passed a resolution to merge two subsidiaries in Slovakia, Delta Electronics (Slovakia), s.r.o. and Eltek s.r.o., with the merged business to belong to Delta Electronics (Slovakia), s.r.o. The subsidiaries' merger was completed on 1 April 2025. The merger had no impact on the consolidated financial statements because it was a merger of subsidiaries within a group of companies under common control. On 2 April 2025, the 2025 Annual General Meeting of the Company's shareholders approved the payment of a dividend of Baht 0.46 per share for 2024, totaling Baht 5,738 million. Approval of interim financial statements These interim financial statements were authorised for issue by the Company's Board of Directors on 25 April 2025.

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