Financial Statement Quarter 1 / 2026

‌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 2026

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 2026, 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.

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 the standards as applicable to auditing issued by the Federation of Accounting Professions 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.

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: 27 April 2026

6

7

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

8

2

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

Note

6.2.1

1,259,000 1,259,000 1,259,000 1,259,000

(1,361,184) (1,339,694) - -

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

Directors

Note

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

Note

727,995 146,416 - -

727,995 146,416 -727,995 146,416 -

9,081,176 5,488,126 9,987,932 5,577,288

6.2.1 - 1,812

9,081,176 5,489,938

9,809,171 5,634,542 9,987,932 5,577,288

6.2.1 - 1,812

9,809,171 5,636,354

0.73 0.44 0.80 0.45

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

‌(Unaudited but reviewed)

-

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

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

10,444,422 6,273,995 11,373,388 6,439,475

13,067,415 7,940,325 13,256,367 7,474,880

292,000

(314,703)

(3,360)

(10,732)

(24,665)

867,729

27,415

-(36,273)

858,871

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

1. General information
   1. 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.

   2. 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 2025. However, during the current period, there were changes in the composition of the Group as described in Note 6.2 to the financial statements.

   3. 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 2025.

      The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2026, do not have any significant impact on the Group's financial statements.

2. 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
   	2026	2025		2026	2025
   Transactions with the parent company
   Sales of goods and raw materials	551	486		549	485
   Purchase of goods and raw materials	728	128		229	3
   Purchase of equipment	221	158		116	53
   Royalty paid (Note 15.2.1)	3,783	1,860		3,783	1,860
   Services paid	38	6		38	6
   Transactions with subsidiary companies
   (eliminated from the consolidated financial statements)
   Sales of goods and raw materials	-	-		25,013	12,592
   Purchase of goods and raw materials	-	-		422	289
   Purchase of equipment	-	-		147	101
   Commission paid	-	-		134	162
   Design and engineering fee paid (Note 15.2.2)	-	-		662	349
   Transactions with associated companies
   Purchase of goods and raw materials	116	60		116	60
   Transactions with related companies
   Sales of goods and raw materials	6,450	5,373		3,783	2,791
   Purchase of goods and raw materials	3,170	2,331		2,320	1,290
   Purchase of equipment	1,374	428		1,300	401
   Commission received	127	92		-	-
   Services income	37	83		-	-
   Royalty income	261	-		261	-
   Commission paid	453	291		447	280
   Design and engineering fee paid (Note 15.2.2)	551	340		540	327

   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 2026		31 December 2025		31 March 2026		31 December 2025
   			(Audited)				(Audited)
   Trade receivables - related parties (Note 3)
   Parent company	492		1,075		483		1,053
   Subsidiary companies	-		-		32,795		28,534
   Related companies (common shareholders)	7,622		7,382		4,389		4,047
   Total trade receivables - related parties	8,114		8,457		37,667		33,634
   Other current receivables - related parties (Note 3)
   Subsidiary companies	-		-		13		11
   Related companies (common shareholders)	106		272		106		260
   Total other current receivables - related parties	106		272		119		271
   Amounts due from related parties (Note 3)
   Subsidiary companies	-		-		1		1
   Total amounts due from related parties	-		-		1		1
   Trade payables - related parties (Note 8)
   Parent company	707		646		140		318
   Subsidiary companies	-		-		492		405
   Associated companies	28		31		28		31
   Related companies (common shareholders)	3,746		3,123		2,344		1,570
   Total trade payables - related parties	4,481		3,800		3,004		2,324
   Other current payables - related parties (Note 8)
   Parent company	2,181		1,278		2,069		1,269
   Subsidiary companies	-		-		560		442
   Related companies (common shareholders)	2,007		1,722		1,955		1,722
   Total other current payables - related parties	4,188		3,000		4,584		3,433
   Accrued expenses - related parties (Note 8)
   Parent company	848		361		848		361
   Related companies (common shareholders)	6		165		-		159
   Total accrued expenses - related parties	854		526		848		520

   Short-term loans to related party

   						(Unit: Million Baht)
   Consolidated financial statements
   Short-term loans		Balance as at 1 January 2026		Increase during the period		Balance as at 31 March 2026
   		(Restated)
   Related company (common shareholders)
   - ACT Genomics (Thailand) Company Limited		7		6		13
   Total short-term loan to related party		7		6		13

   Short-term loan to ACT Genomics (Thailand) Company Limited, carries interest at a rate of

   2.80 percent per annum, payable every three months. The principal amount is due for repayment within 1 year from the date the loan is granted.

   Long-term loans from related parties

   (Unit: Million Baht)
   Consolidated financial statements
   Long-term loans		Balance as at 1 January 2026		Repayment during the period	Translation adjustment	Balance as at 31 March 2026
   Related company (common shareholders)
   - Eltek AS		334		(113)	5	226
   - Delta International Holding Limited B.V.		372		-	4	376
   Total long-term loans from related parties		706		(113)	9	602

   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. The principal repayments of EUR 6 million, or approximately Baht 226 million is scheduled for October 2027.

   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 376 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
   	2026		2025		2026		2025
   Short-term employee benefits	58		49		41		31
   Post-employment benefits	5		3		4		3
   Total	63		52		45		34

3. Trade and other current receivables

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2026		31 December 2025		31 March 2026		31 December 2025
   			(Audited)				(Audited)
   			(Restated)
   Trade receivables, related parties (Note 2)
   Aged on the basis of due dates
   Not yet due	7,406		8,074		35,939		31,690
   Past due
   Up to 3 months	680		366		990		1,923
   3 - 6 months	16		8		723		10
   6 - 12 months	11		8		14		10
   Over 12 months	1		1		1		1
   Total	8,114		8,457		37,667		33,634
   Trade receivables, unrelated parties
   Aged on the basis of due dates
   Not yet due	43,002		31,206		21,910		14,470
   Past due
   Up to 3 months	3,433		4,224		1,730		1,571
   3 - 6 months	323		243		103		160
   6 - 12 months	88		43		64		6
   Over 12 months	43		42		1		-
   Total	46,889		35,758		23,808		16,207
   Total trade receivables	55,003		44,215		61,475		49,841
   Less: Allowance for expected credit losses	(298)		(297)		(154)		(179)
   Total trade receivables - net	54,705		43,918		61,321		49,662

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2026		31 December 2025		31 March 2026		31 December 2025
   			(Audited)				(Audited)
   			(Restated)
   Other current receivables
   Amounts due from related parties (Note 2)	-		-		1		1
   Other current receivables - related parties (Note 2)	106		272		119		271
   Other current receivables - unrelated parties	2,088		1,775		1,901		1,474
   Interest receivables - unrelated parties	58		1		58		-
   Total other current receivables	2,252		2,048		2,079		1,746
   Trade and other current receivables - net	56,957		45,966		63,400		51,408

4. Inventories

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2026		31 December 2025		31 March 2026		31 December 2025
   			(Audited)				(Audited)
   Inventories - cost	47,646		39,526		32,617		26,342
   Reduce cost to net realisable value	(4,956)		(4,795)		(2,644)		(2,593)
   Inventories - net	42,690		34,731		29,973		23,749

   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 2026	(4,795)		(2,593)
   Increase during the period	(424)		(217)
   Reversal of the reduction to net realisable value of the written off obsolete and damaged inventories during the period	190		166
   Reversal during the period	84		-
   Translation adjustment	(11)		-
   Balance as at 31 March 2026	(4,956)		(2,644)

5. Other current assets

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2026		31 December 2025		31 March 2026		31 December 2025
   			(Audited)				(Audited)
   			(Restated)
   Input tax refundable	1,998		1,820		1,183		1,138
   Advance payments	165		311		22		5
   Prepaid expenses	400		481		87		58
   Prepaid tax	55		69		-		-
   Others	74		38		60		21
   Total other current assets	2,692		2,719		1,352		1,222

6. Investments in subsidiaries
   1. 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 2026	31 December 2025		31 March 2026	31 December 2025
      			(Million)	(Million)			(Audited)
      DET International Holding B.V.		USD	288	288		10,249	10,249
      Delta Green Industrial (Thailand) Company Limited		THB	206	206		206	206
      Delta Energy Systems (Singapore) Pte. Ltd.		USD	345	345		11,560	11,560
      Delta Electronics (Vietnam) Company Limited		USD	0.1	0.1		3	3
      Delta Electronics India Manufacturing Private Limited		INR	4,153	4,153		1,739	1,739
      PT Delta Electronics Indonesia		IDR	10,000	10,000		21	21
      Delta Electronics Philippines Inc.		PHP	12	12		7	7
      Subtotal						23,785	23,785
      Less: Allowance for impairment loss of investments in subsidiaries						(1,324)	(1,324)
      Total investments in subsidiaries - net						22,461	22,461

      No dividend was received from the above subsidiaries during the three-month periods ended 31 March 2026 and 2025.

   2. Significant events during the current period
      1. Subsidiaries directly owned by the Company

         1. Purchase of investment in the subsidiary

            On 1 January 2026, Delta Electronics Int'l (Singapore) Pte. Ltd. (the Company's major shareholder) sold its 100% interest in Eltek Power Company Limited to two subsidiary companies: (1) 99.9975% to Delta Green Industrial (Thailand) Co., Ltd. and (2) 0.0025% to Delta Energy Systems (Singapore) Pte. Ltd. for a total consideration of approximately Baht 94.7 million. Both subsidiaries completed the payment for this investment on 22 January 2026.

            The above purchase of investment in the subsidiary is considered to be a business combination under common control. The difference between the cost of this business combination under common control and the net book value of the assets of Eltek Power Company Limited, amounting to approximately Baht 21.5 million, was therefore recorded as "Difference from business combination under common control" and separately presented in the consolidated statements of changes in shareholders' equity.

            The net book values of assets and liabilities as at 1 January 2026 (acquisition date) and the cash payment made to purchase the investment in Eltek Power Company Limited are as follows:

            	(Unit: Million Baht)
            Consolidated financial statements
            Net book values of assets and liabilities as at the acquisition date
            Cash and cash equivalents	40.2
            Trade and other current receivables	29.7
            Short-term loans to related party	7.0
            Other current assets	0.4
            Other non-current assets	0.8
            Trade and other current payables	(1.9)
            Other current liabilities	(0.2)
            Non-current provision for employee benefits	(2.8)
            Total net assets	73.2
            Plus: Difference from business combination under common control	21.5
            Cash payment for purchase of investment in subsidiary	94.7
            Less: Cash and cash equivalents of the subsidiary	(40.2)
            Net cash paid for purchase of investment in subsidiary	54.5

            As the acquisition of Eltek Power Company Limited is a business combination under common control, the Company has treated Eltek Power Company Limited as if it had been a subsidiary of the Company since it was established. Accordingly, the Company has accordingly restated the consolidated statements of financial position as at 31 December 2025, and the related consolidated statements of comprehensive income, changes in shareholders' equity and cash flows for the three-month period ended 31 March 2025 for comparative purposes.

            The amounts of restatement affecting the consolidated statements of financial position as at 31 December 2025 were summarised below.

            	(Unit: Million Baht)
            	Consolidated financial statements
            	Increase from restatement
            Assets
            Cash and cash equivalents	40.2
            Trade and other current receivables	29.7
            Short-term loans to related party	7.0
            Other current assets	0.4
            Other non-current assets	0.8
            Liabilities
            Trade and other current payables	1.9
            Other current liabilities	0.2
            Non-current provision for employee benefits	2.8
            Shareholders' equity
            Equity attributable to shareholders of subsidiary before business combination under common control	73.2

            The amounts of restatement affecting the consolidated statements of comprehensive income for the three-month period ended 31 March 2025 were summarised below.

            	(Unit: Million Baht)
            	Consolidated financial statements
            	Increase (decrease) from restatement
            Profit or loss:
            Sales	14.4
            Cost of sales	(9.6)
            Gross profit	4.8
            Selling and distribution expenses	(2.7)
            Administrative expenses	(0.7)
            Income tax	0.4
            Profit for the period	1.8
            Other comprehensive income:
            Other comprehensive income for the period	-
            Total comprehensive income for the period	1.8
            Profit attributable to:
            Shareholders of subsidiary before business combination under common control	1.8
            Total comprehensive income attributable to:
            Shareholders of subsidiary before business combination under common control	1.8

            The amounts of restatement affecting the consolidated statements of cash flows for the three-month period ended 31 March 2025 were summarised below.

            	(Unit: Million Baht)
            	Consolidated financial statements
            	Increase (decrease) from restatement
            Net cash flows from operating activities	17.7
            Net cash flows used in investing activities	(0.9)

      2. Subsidiaries indirectly owned by the Company

         1. Dissolution of a subsidiary companies

            • Delta Energy Systems (India) Pvt. Ltd., a subsidiary indirectly held 100% by the Company, has registered its dissolution and completed the liquidation process. It is currently undergoing the final legal formalities required under Indian regulations.

            • Delta Electronics (Hungary) Kft., a subsidiary 100% indirectly held by the Company, registered its dissolution and completed the liquidation process in the current quarter.

         2. Additional investment in subsidiary company

            On 13 February 2026, a meeting of the Company's Board of Directors approved an additional investment by Delta Energy Systems (Germany) GmbH, a subsidiary indirectly held by the Company, in Delta Energy Systems Mobility (Germany) GmbH by EUR

            15.5 million, or approximately Baht 583 million, for the purpose of supporting capital expenditures and providing working capital for business operations. The company made this additional investment during the current quarter.

            The above additional investment had no impact on the investment structure of the Group.

7. 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 2026	45,688		31,742
   Acquisitions during period - cost	4,545		4,014
   Transfers from investment properties - net book value	6		-
   Disposals/write-off during period - net book value at disposal/write-off date	(7)		-
   Depreciation for the period	(2,274)		(1,901)
   Impairment loss during the period	(245)		(245)
   Translation adjustment	1		-
   Net book value as at 31 March 2026	47,714		33,610

8. ‌Trade and other current payables

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2026		31 December 2025		31 March 2026		31 December 2025
   			(Audited)				(Audited)
   			(Restated)
   Trade payables - related parties (Note 2)	4,481		3,800		3,004		2,324
   Trade payables - unrelated parties	33,509		27,916		31,188		25,600
   Other current payables - related parties (Note 2)	4,188		3,000		4,584		3,433
   Other current payables - unrelated parties	3,430		3,282		3,123		2,467
   Accrued expenses - related parties (Note 2)	854		526		848		520
   Accrued expenses - unrelated parties	4,900		4,231		3,961		3,084
   Advance received - unrelated parties	2,123		2,475		1,094		1,204
   Total trade and other current payables	53,485		45,230		47,802		38,632

9. ‌Other current liabilities

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2026		31 December 2025		31 March 2026		31 December 2025
   			(Audited)				(Audited)
   			(Restated)
   Withholding tax payable	245		493		138		432
   Value added tax payable	289		186		69		30
   Advance received from compensation for contract decommitment	241		339		241		339
   Construction retention	834		794		834		794
   Others	220		317		74		55
   Total other current liabilities	1,829		2,129		1,356		1,650

10. 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 2026 - as restated	(1,667)		(871)
    Recognition during the period	(76)		(27)
    Paid during the period	27		11
    Translation adjustment	12		-
    Balance as at 31 March 2026	(1,704)		(887)

11. Provisions

    (Unit: Million Baht)
    	Consolidated financial statements					Separate financial statements
    			Other
    	Warranty		provisions	Total		Warranty		Total
    Balance as at 1 January 2026	1,991		9	2,000		1,737		1,737
    Recognition during the period	203		14	217		144		144
    Paid during the period	(36)		(17)	(53)		(3)		(3)
    Reversal during the period	(65)		(7)	(72)		(7)		(7)
    Translation adjustment/unrealised loss on exchange rate	53		4	57		12		12
    Balance as at 31 March 2026	2,146		3	2,149		1,883		1,883
    Other current provisions	489		9	498		488		488
    Other non-current provisions	1,502		-	1,502		1,249		1,249
    Balance as at 31 December 2025 (Audited)	1,991		9	2,000		1,737		1,737
    Other current provisions	471		3	474		471		471
    Other non-current provisions	1,675		-	1,675		1,412		1,412
    Balance as at 31 March 2026	2,146		3	2,149		1,883		1,883

    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.

12. 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 2026 and 2025 are made up as follows:

    (Unit: Million Baht)
    For the three-month periods ended 31 March
    	Consolidated financial statements				Separate financial statements
    	2026		2025		2026		2025
    			(Restated)
    Current income tax:
    Interim corporate income tax charge	(121)		(164)		(102)		(77)
    Adjustment in respect of income tax of previous year	39		108		-		-
    Top-up tax	(1,283)		(785)		(1,283)		(785)
    Deferred tax:
    Relating to origination and reversal of temporary differences	3		54		-		-
    Translation adjustment	(1)		3		-		-
    Income tax expense reported in profit or loss	(1,363)		(784)		(1,385)		(862)

    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 currently effective. The estimated top-up tax expense related to Pillar Two income taxes arises from the operation in Thailand.

13. 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)

14. 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 2026 and 2025.

    (Unit: Million Baht)

    For the three-month periods ended 31 March

    	2026		2025		2026		2025		2026		2025		2026		2025		2026		2025		2026		2025
    											(Restated)												(Restated)
    Revenue
    Sales from external customers	43,843		24,877		5,593		9,798		9,746		6,154		1,261		1,069		16		3		60,459		41,901
    Service income from external customers	99		23		119		14		260		729		117		52		333		31		928		849
    Total revenue	43,942		24,900		5,712		9,812		10,006		6,883		1,378		1,121		349		34		61,387		42,750
    Segment profit (loss)	9,570		5,772		(484)		32		927		209		15		44		(338)		(356)		9,690		5,701
    Unallocated income (expenses):
    Gain on exchange rate																					318		438
    Compensation for contract decommitment																					379		65
    Royalty income																					261		-
    Other income																					163		173
    Impairment loss on assets																					(245)		-
    Impairment loss on goodwill																					(207)		-
    Other expenses																					(11)		(149)
    Share of profit from investments in associates																					1		-
    Finance income																					104		64
    Finance cost																					(9)		(18)
    Profit before income tax expenses																					10,444		6,274
    Income tax expenses																					(1,363)		(784)
    Profit for the period																					9,081		5,490

    Power electronics segment

    Mobility segment

    Infrastructure segment

    Automation

    segment Others

    Consolidated financial statements

15. Commitments and contingent liabilities
    1. Significant capital commitments

       As at 31 March 2026, the Group had significant capital commitments amounting to Baht 20,930 million, EUR 11 million or approximately Baht 396 million, and INR 3,135 million or approximately Baht 1,092 million in respect of the building construction, purchase of machinery and equipment (the Company only: Baht 20,930 million).

    2. Significant long-term service commitments

       1. 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.

       2. 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.

    3. ‌Guarantee obligations

       As at 31 March 2026, the Group had the following significant outstanding letters of guarantee required in the ordinary course of its businesses:

       1. Outstanding letters of guarantee totaling approximately Baht 69 million have been issued by banks to meet requirements of the Company.

       2. Outstanding letters of guarantee for totals of approximately Baht 87 million, INR 1,302 million or approximately Baht 453 million, EUR 1 million or approximately Baht 21 million and AUD 2 million or approximately Baht 56 million have been issued by banks to meet requirements of the subsidiaries.

    4. Tax assessment

       The Indian tax authorities assessed corporate income tax of approximately INR 232 million or approximately Baht 81 million, covering the years 2007 - 2016, and sales tax and excise duties of approximately INR 171 million or approximately Baht 60 million, covering the years 2014 - 2025, against the subsidiary in India. The subsidiary has appealed the assessments. The management of the subsidiary believes 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.

16. Financial instruments
    1. 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.

    2. Fair value hierarchy

       As at 31 March 2026 , 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 - 26 - 26

       Liabilities measured at fair value

       Derivatives

       Foreign currency forward contracts - 914 - 914

       (Unit: Million Baht) Separate financial statements

       Level 1 Level 2 Level 3 Total

       Assets measured at fair value

       Derivatives

       Foreign currency forward contracts - 18 - 18

       Liabilities measured at fair value

       Derivatives

       Foreign currency forward contracts - 914 - 914

       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.

17. Foreign currency risk and financial derivatives

As at 31 March 2026, the significant outstanding balances of the Group's financial assets and financial liabilities denominated in foreign currencies are as follows:

The Group manages its exposure to foreign currency risk by using derivatives when considered appropriate. As at 31 March 2026 , the outstanding derivatives for managing the exposure to foreign currency risk are as follows:

1. Events after the reporting period

   On 8 April 2026, at the 2026 Annual General Meeting of the Company's shareholders, the following resolutions were approved:

   1. Approved a dividend payment of Baht 0.60 per share for 2025, totaling Baht 7,484 million.

   2. Approve the Group's restructuring plan under which the Company will acquire Delta Green Industrial (Thailand) Company Limited, a wholly owned subsidiary. The consideration for the business transfer will be determined based on fair value, as assessed by an independent valuer. The business transfer is expected to be completed by 2026.

2. Approval of interim financial statements

These interim financial statements were authorised for issue by the Company's Board of Directors on 27 April 2026.