Delta Electronics Thailand : Financial Statement Yearly / 2025

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

Delta Electronics (Thailand) Public Company Limited and its subsidiaries Report and consolidated and separate financial statements 31 December 2025 Independent Auditor's Report To the Shareholders of Delta Electronics (Thailand) Public Company Limited Opinion I have audited the accompanying consolidated financial statements of Delta Electronics (Thailand) Public Company Limited and its subsidiaries (the Group), which comprise the consolidated statement 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 year then ended, and notes to the consolidated financial statements, including material accounting policy information, and have also audited the separate financial statements of Delta Electronics (Thailand) Public Company Limited for the same period (collectively "the financial statements"). In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Delta Electronics (Thailand) Public Company Limited and its subsidiaries and of Delta Electronics (Thailand) Public Company Limited as at 31 December 2025, their financial performance and cash flows for the year then ended in accordance with Thai Financial Reporting Standards. Basis for Opinion I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Group in accordance with the Code of Ethics for Professional Accountants including Independence Standards issued by the Federation of Accounting Professions (Code of Ethics for Professional Accountants) that are relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code of Ethics for Professional Accountants. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Key Audit Matters Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters. I have fulfilled the responsibilities described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report, including in relation to these matters. Accordingly, my audit included the performance of procedures designed to respond to my assessment of the risks of material misstatement of the financial statements. The results of my audit procedures, including the procedures performed to address the matters below, provide the basis for my audit opinion on the accompanying financial statements as a whole. Key audit matters and how audit procedures respond to each matter are described below. Revenue recognition from sales of goods Revenue from sales of goods is one of the Company's significant accounts because the amounts of revenue recorded would directly affect the Company's profit or loss for the year. Moreover, the Company has a large number of customers with a variety of different commercial terms. There are therefore risks with respect to the amount and timing of revenue recognition. For this reason, I have paid particular attention to the Company's recognition of revenue from sales of goods in order to ensure that the revenue is recorded correctly and in accordance with the relevant accounting standards. I have examined the Company's revenue recognition by gaining an understanding and evaluating the effectiveness of the Company's internal controls with respect to revenue cycle. On a sampling basis, I also examined supporting documents for sales transactions occurring during the year and near the end of the accounting period. In addition, I reviewed credit notes issued by the Company to its customers after the period-end and performed analytical review procedures on the sales account to identify possible irregularities in sales transactions throughout the period. Reduction of inventory cost to net realisable value Estimating the net realisable value of inventory, as disclosed in the Note 9 to the financial statements, is an area of significant management judgement, and the inventories of the Company are high technology products, which become obsolete faster than some other products. There is a risk with respect to the amount of provision set aside for diminution in the value of inventory. I assessed and tested the Company's internal controls relevant to the determination of provision for diminution in the value of inventory by making enquiry of responsible executives, gaining an understanding of the controls and selecting representative samples to test the operation of the designed controls and I also assessed the method and the assumption applied by management in determining such provision by gaining an understanding of the basis applied in determining the provision for diminution in value of inventory, and reviewing the consistency of the application of that basis. In addition, I compared the data on inventory aging and inventory movement to identify product lines with indicators of lower than normal inventory turnover. I also compared details of net amount that an entity expects to realise from the sale of inventory after the date of the financial statements with the cost of inventory for each product line. Other Information Management is responsible for the other information. The other information comprise the information included in annual report of the Group, but does not include the financial statements and my auditor's report thereon. The annual report of the Group is expected to be made available to me after the date of this auditor's report. My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. When I read the annual report of the Group, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance for correction of the misstatement. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinion. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. I am responsible for the audit resulting in this independent auditor's report. Chatchai Kasemsrithanawat Certified Public Accountant (Thailand) No. 5813 EY Office Limited Bangkok: 13 February 2026 Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of financial position As at 31 December 2025 Consolidated financial statements (Unit: Baht) Separate financial statements Assets Note 2025 2024 2025 2024 Current assets Cash and cash equivalents 7 20,288,076,252 15,700,903,372 13,033,535,582 9,790,790,001 Trade and other current receivables 8 45,936,441,351 32,906,076,373 51,408,423,929 34,500,166,109 Inventories 9 34,731,292,463 31,697,443,577 23,748,507,251 22,728,246,921 Derivative assets 32.1 399,353,009 43,659,248 399,153,888 42,574,124 Other current assets 10 2,718,533,086 2,183,435,397 1,221,542,204 682,981,516 Total current assets 104,073,696,161 82,531,517,967 89,811,162,854 67,744,758,671 Non-current assets Deposits at bank with restrictions 395,376,930 32,043,369 - - Investments in subsidiary companies 11 - - 22,461,224,315 20,283,903,131 Investments in associated companies 2,857,305 774,274 2,000,000 1,000,000 Investment properties 12 155,566,198 152,765,026 - - Property, plant and equipment 13 45,687,806,063 37,721,164,261 31,741,626,241 24,706,385,370 Advances to contractors and for acquisitions of assets 1,666,278,700 854,511,828 1,666,278,700 831,564,466 Right-of-use assets 19 471,410,391 464,455,801 79,470,383 26,880,753 Goodwill 14 418,193,993 433,689,569 - - Other intangible assets 15 106,546,214 137,781,686 37,944,829 44,266,335 Deferred tax assets 25 639,360,325 591,110,409 - - Other non-current assets 513,842,172 176,871,185 45,310,230 29,890,975 Total non-current assets 50,057,238,291 40,565,167,408 56,033,854,698 45,923,891,030 Total assets 154,130,934,452 123,096,685,375 145,845,017,552 113,668,649,701 The accompanying notes are an integral part of the financial statements. Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 December 2025 (Unit: Baht) Consolidated financial statements Separate financial statements Liabilities and shareholders' equity Note 2025 2024 2025 2024 Current liabilities Short-term loans from financial institutions 16 140,000,000 160,199,844 - - Trade and other current payables 17 45,228,476,887 35,793,288,147 38,632,339,358 29,583,364,839 Current portion of long-term loans from financial institutions 171,255,420 - - - Current portion of lease liabilities 19 117,203,333 84,825,465 31,853,697 20,555,436 Income tax payable 521,261,922 334,558,046 286,110,419 202,615,676 Provision for top-up tax 25 3,437,882,645 - 3,437,882,645 - Liabilities and provision from tax assessments 30.4.1 - 113,201,431 - 113,201,431 Other current provisions 21 497,708,094 519,858,870 487,762,833 488,958,183 Derivative liabilities 32.1 26,107,168 217,559,660 25,258,115 215,979,421 Other current liabilities 18 2,128,902,941 1,240,991,261 1,650,189,774 1,026,930,854 Total current liabilities 52,268,798,410 38,464,482,724 44,551,396,841 31,651,605,840 Non-current liabilities Long-term loans from financial institutions, net of current portion 194,116,243 - - - Long-term loans from related parties 6 706,245,680 1,087,671,641 - - Lease liabilities, net of current portion 19 136,932,894 123,474,505 46,741,778 5,214,202 Deferred tax liabilities 25 327,983,569 386,415,239 - - Non-current provision for employee benefits 20 1,664,681,735 1,559,243,546 870,587,166 768,254,235 Other non-current provisions 21 1,502,106,693 1,254,749,936 1,248,945,020 986,275,548 Other non-current liabilities 603,162,548 278,834,089 211,301,464 6,514,634 Total non-current liabilities 5,135,229,362 4,690,388,956 2,377,575,428 1,766,258,619 Total liabilities 57,404,027,772 43,154,871,680 46,928,972,269 33,417,864,459 The accompanying notes are an integral part of the financial statements. Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 December 2025 Consolidated financial statements (Unit: Baht) Separate financial statements Note Shareholders' equity 2025 2024 2025 2024 Registered 12,590,000,000 ordinary shares of Baht 0.1 each Issued and fully paid 1,259,000,000 1,259,000,000 1,259,000,000 1,259,000,000 12,473,816,140 ordinary shares of Baht 0.1 each 1,247,381,614 1,247,381,614 1,247,381,614 1,247,381,614 Share premium 1,491,912,500 1,491,912,500 1,491,912,500 1,491,912,500 Difference from business combination under common control (1,339,694,088) (1,339,694,088) - - Retained earnings Appropriated - Statutory reserve 22 125,900,000 125,900,000 125,900,000 125,900,000 Unappropriated 100,855,493,603 81,834,974,334 96,050,851,169 77,385,591,128 Other components of shareholders' equity (5,654,086,949) (3,418,660,665) - - Total shareholders' equity 96,726,906,680 79,941,813,695 98,916,045,283 80,250,785,242 Total liabilities and shareholders' equity 154,130,934,452 123,096,685,375 145,845,017,552 113,668,649,701 - - - - Share capital The accompanying notes are an integral part of the financial statements. Directors Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income For the year ended 31 December 2025 (Unit: Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Profit or loss: Sales 194,798,505,898 162,063,374,674 174,143,349,932 138,605,765,413 Service income 3,354,910,685 2,669,367,821 262,095,261 379,680,022 Cost of sales (142,011,041,812) (122,488,678,299) (124,233,815,068) (100,889,419,013) Cost of services (2,536,268,245) (1,747,293,614) (208,543,159) (213,028,792) Gross profit 53,606,106,526 40,496,770,582 49,963,086,966 37,882,997,630 Gain (loss) on exchange 315,367,288 (70,106,652) 385,865,943 (85,019,750) Compensation for contract decommitment 1,535,057,348 1,029,018,735 1,507,159,368 1,027,918,818 Other income 877,856,111 975,515,433 745,512,607 868,446,881 Selling and distribution expenses 30.2.1 (17,932,723,973) (15,179,907,786) (16,340,417,310) (13,781,980,120) Administrative expenses (3,403,644,188) (3,461,444,974) (1,675,987,781) (1,984,747,388) Research and development expenses 30.2.2 (5,943,820,435) (3,995,494,936) (6,259,589,201) (4,481,879,309) Impairment loss on assets (114,511,472) - - - Other expenses (243,376,289) (163,167,755) (144,104,822) (153,444,266) Operating profit 28,696,310,916 19,631,182,647 28,181,525,770 19,292,292,496 Share of profit (loss) from investments in associates 1,083,031 (225,726) - - Finance income 253,145,709 284,518,061 143,987,876 101,986,643 Finance cost (63,688,723) (166,977,934) (1,194,948) (25,290,652) Profit before income tax 28,886,850,933 19,748,497,048 28,324,318,698 19,368,988,487 Income tax expenses 25 (4,072,527,340) (809,917,123) (3,847,029,730) (361,068,399) Profit for the year 24,814,323,593 18,938,579,925 24,477,288,968 19,007,920,088 The accompanying notes are an integral part of the financial statements. Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income (continued) For the year ended 31 December 2025 (Unit: Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 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 (2,235,426,284) (932,102,789) - - Other comprehensive income to be reclassified to profit or loss in subsequent periods (2,235,426,284) (932,102,789) - - Other comprehensive income not to be reclassified to profit or loss in subsequent periods: Remeasurement gain (loss) on defined benefit plans - net of income tax (55,848,690) 10,002,482 (74,073,293) - Other comprehensive income not to be reclassified to profit or loss in subsequent periods - net of income tax (55,848,690) 10,002,482 (74,073,293) - Other comprehensive income for the year (2,291,274,974) (922,100,307) (74,073,293) - Total comprehensive income for the year 22,523,048,619 18,016,479,618 24,403,215,675 19,007,920,088 Profit attributable to: Equity holders of the Company 24,814,323,593 18,938,579,925 24,477,288,968 19,007,920,088 Total comprehensive income attributable to: Equity holders of the Company 22,523,048,619 18,016,479,618 24,403,215,675 19,007,920,088 Earnings per share 27 Basic earnings per share Profit attributable to equity holders of the Company 1.99 1.52 1.96 1.52 The accompanying notes are an integral part of the financial statements. Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity For the year ended 31 December 2025 Consolidated financial statements Other components of shareholders' equity Other comprehensive income (Unit: Baht) Exchange differences Total equity Issued and Difference from business on translation of Total other attributable to fully paid combination under Retained earnings financial statements components of owners of share capital Share premium common control Appropriated Unappropriated in foreign currency shareholders' equity the Company Balance as at 1 January 2024 1,247,381,614 1,491,912,500 (1,339,694,088) 125,900,000 68,499,609,190 (2,486,557,876) (2,486,557,876) 67,538,551,340 Profit for the year - - - - 18,938,579,925 - - 18,938,579,925 Other comprehensive income for the year - - - - 10,002,482 (932,102,789) (932,102,789) (922,100,307) Total comprehensive income for the year - - - - 18,948,582,407 (932,102,789) (932,102,789) 18,016,479,618 Dividend paid (Note 23) - - - - (5,613,217,263) - - (5,613,217,263) Balance as at 31 December 2024 1,247,381,614 1,491,912,500 (1,339,694,088) 125,900,000 81,834,974,334 (3,418,660,665) (3,418,660,665) 79,941,813,695 - Balance as at 1 January 2025 1,247,381,614 1,491,912,500 (1,339,694,088) 125,900,000 81,834,974,334 (3,418,660,665) (3,418,660,665) 79,941,813,695 Profit for the year - - - - 24,814,323,593 - - 24,814,323,593 Other comprehensive income for the year - - - - (55,848,690) (2,235,426,284) (2,235,426,284) (2,291,274,974) Total comprehensive income for the year - - - - 24,758,474,903 (2,235,426,284) (2,235,426,284) 22,523,048,619 Dividend paid (Note 23) - - - - (5,737,955,634) - - (5,737,955,634) Balance as at 31 December 2025 1,247,381,614 1,491,912,500 (1,339,694,088) 125,900,000 100,855,493,603 (5,654,086,949) (5,654,086,949) 96,726,906,680 - The accompanying notes are an integral part of the financial statements. Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the year ended 31 December 2025 Separate financial statements (Unit: Baht) Issued and Total fully paid Retained earnings shareholders' share capital Share premium Appropriated Unappropriated equity Balance as at 1 January 2024 1,247,381,614 1,491,912,500 125,900,000 63,990,888,303 66,856,082,417 Profit for the year - - - 19,007,920,088 19,007,920,088 Other comprehensive income for the year - - - - - Total comprehensive income for the year - - - 19,007,920,088 19,007,920,088 Dividend paid (Note 23) - - - (5,613,217,263) (5,613,217,263) Balance as at 31 December 2024 1,247,381,614 1,491,912,500 125,900,000 77,385,591,128 80,250,785,242 - Balance as at 1 January 2025 1,247,381,614 1,491,912,500 125,900,000 77,385,591,128 80,250,785,242 Profit for the year - - - 24,477,288,968 24,477,288,968 Other comprehensive income for the year - - - (74,073,293) (74,073,293) Total comprehensive income for the year - - - 24,403,215,675 24,403,215,675 Dividend paid (Note 23) - - - (5,737,955,634) (5,737,955,634) Balance as at 31 December 2025 1,247,381,614 1,491,912,500 125,900,000 96,050,851,169 98,916,045,283 - The accompanying notes are an integral part of the financial statements. Delta Electronics (Thailand) Public Company Limited and its subsidiaries Cash flow statement For the year ended 31 December 2025 (Unit: Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Cash flows from operating activities: Profit before tax 28,886,850,933 19,748,497,048 28,324,318,698 19,368,988,487 Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation 8,132,403,579 6,670,986,831 6,577,904,460 5,274,200,883 Amortisation 61,796,653 67,254,419 10,872,278 11,620,136 Reversal of allowance for expected credit losses (16,328,464) (44,545,338) (37,961,574) (3,914,565) Reduction of inventory to net realisable value 1,080,748,237 900,145,019 793,459,607 624,535,558 Reversal of the reduction to net realisable value of the written-off obsolete and damaged inventories (1,414,155,819) (1,346,935,664) (1,177,886,342) (1,033,425,387) Provisions 727,562,928 1,037,415,841 672,193,110 898,328,511 Provision for employee benefits 166,417,389 149,401,482 96,199,666 84,369,527 (Gain) loss from disposal/writte-off of property, plant and equipment 19,393,148 (11,811,330) 31,190,809 2,966,126 Impairment loss on assets 114,511,472 - - - (Gain) loss from write-off of other intangible assets (293,284) 139,145 - - Share of (profit) loss from investments in associates (1,083,031) 225,726 - - Unrealised (gain) loss on exchange 143,438,383 (555,777,003) 103,778,627 (475,944,768) (Gain) loss on fair value valuation of derivative instruments (547,146,253) 735,964,588 (547,301,070) 736,005,624 Finance income (253,145,709) (284,518,061) (143,987,876) (101,986,643) Finance cost 63,688,723 166,977,934 1,194,948 25,290,652 operating assets and liabilities 37,164,658,885 27,233,420,637 34,703,975,341 25,411,034,141 Decrease (increase) in operating assets: Trade and other current receivables (14,079,657,762) 1,475,471,416 (17,439,086,567) 1,252,396,814 Inventories (2,603,477,034) 1,615,267,362 (635,833,595) 757,632,748 Other current assets (94,924,689) (697,929,859) (526,814,751) (169,252,251) Other non-current assets (238,051,981) 8,234,005 (14,619,255) (4,751,349) Increase (decrease) in operating liabilities: Trade and other current payables 7,815,457,530 2,927,884,448 7,645,510,426 2,316,172,277 Other current liabilities 927,956,437 125,749,990 654,016,864 173,295,784 Cash paid for provisions (463,970,337) (403,581,610) (380,324,684) (277,963,344) Cash paid for employee benefits (152,862,015) (114,133,346) (67,940,028) (43,298,774) Other non-current liabilities 324,328,459 104,793,686 204,786,830 158,451,095 Cash flows from operating activities 28,599,457,493 32,275,176,729 24,143,670,581 29,573,717,141 Cash received from interest income 248,140,528 267,770,847 143,987,876 101,986,643 Cash paid for interest expenses (40,116,405) (144,466,657) - (26,704,403) Cash paid for income tax resulting from tax assessments (122,473,618) - (122,473,618) - Cash paid for corporate income tax (607,246,891) (1,149,981,302) (312,718,447) (537,443,213) Net cash flows from operating activities 28,077,761,107 31,248,499,617 23,852,466,392 29,111,556,168 Profit from operating activities before changes in Delta Electronics (Thailand) Public Company Limited and its subsidiaries Cash flow statement (continued) For the year ended 31 December 2025 (Unit: Baht) Consolidated financial statements Separate financial statements Cash flows from investing activities: 2025 2024 2025 2024 (Increase) decrease in deposits at bank with restrictions (363,333,561) 2,369,822 - - Increase in investments in subsidiary - - (2,177,321,184) (1,535,306,037) Increase in investments in associated companies (1,000,000) (1,000,000) (1,000,000) (1,000,000) Increase in other long-term invesments (Increase) decrease in advances to contractors and for acquisitions of assets (800,000) (811,766,872) - 95,927,916 (800,000) (834,714,234) - 118,875,278 Acquisition of property, plant and equipment (13,663,642,237) ############# (10,558,344,594) (9,040,557,424) Cash paid to others payable for purchase of plant and equipment (1,293,843,553) (1,180,766,426) (1,253,525,741) (1,142,974,512) Proceeds from disposal of plant and equipment 48,676,157 99,281,087 - 37,461,321 Acquisition of investment properties (16,202,878) (29,351,001) - - Increase in right-of-use assets - (386,522) - (386,522) Acquisition of other intangible assets (29,946,767) (52,877,520) (4,550,772) (4,018,372) Net cash flows used in investing activities (16,131,859,711) ############# (14,830,256,525) (11,567,906,268) Cash flows from financing activities: Cash receipt from short-term loans from financial institutions 77,000,000 21,994,371,026 - 21,527,642,900 Repayment of short-term loans from financial institutions (97,115,800) ############# - (24,032,227,700) Cash receipt from short-term loans from related party 50,000,000 - - - Repayment of short-term loans from related party (50,000,000) - - - Cash receipt from long-term loans from financial institutions 365,371,663 - - - Cash receipt from long-term loans from related party - 384,624,000 - - Repayment of long-term loans from related party (434,898,655) (38,797,200) - - Repayment of liabilities under lease agreements (128,645,163) (124,278,189) (34,327,913) (43,306,393) Dividend paid (5,737,955,634) (5,613,217,263) (5,737,955,634) (5,613,217,263) Net cash flows used in financing activities (5,956,243,589) (7,756,453,957) (5,772,283,547) (8,161,108,456) Decrease in translation adjustments (1,489,947,966) (793,481,317) - - Net increase in cash and cash equivalents before effect from currency translation 4,499,709,841 7,937,054,455 3,249,926,320 9,382,541,444 Effect from currency translation of cash and cash equivalents 87,463,039 146,638,091 (7,180,739) 55,052,327 Net increase in cash and cash equivalents 4,587,172,880 8,083,692,546 3,242,745,581 9,437,593,771 Cash and cash equivalents at beginning of year 15,700,903,372 7,617,210,826 9,790,790,001 353,196,230 Cash and cash equivalents at end of year 20,288,076,252 15,700,903,372 13,033,535,582 9,790,790,001 Supplemental disclosures of cash flows information - - - - Non-cash transaction Additions to right-of-use assets and lease liabilities 165,903,776 76,531,522 85,958,802 7,054,348 Increase in others payable from purchase of plant and equipment 3,334,840,602 1,321,793,553 3,052,622,374 1,279,347,065 Transfer from investment properties to property and plant 6,645,220 58,105,500 - - Delta Electronics (Thailand) Public Company Limited and its subsidiaries Notes to financial statements For the year ended 31 December 2025 General information Delta Electronics (Thailand) Public Company Limited ("the Company") is a public company incorporated and domiciled in Thailand. Its parent company is Delta Electronics Inc., which is incorporated in Taiwan. The registered office of the Company is at 714 Moo 4, Tambon Prakasa, Amphur Muangsamutprakarn, Samutprakarn. The Group is principally engaged in the manufacture and distribution of electronic products, together with related research and development. Basis of preparation The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Professions Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development, issued under the Accounting Act B.E. 2543. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from the Thai language financial statements. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. Basis of consolidation The consolidated financial statements include the financial statements of Delta Electronics (Thailand) Public Company Limited ("the Company") and the following subsidiary companies ("the subsidiaries") (collectively as "the Group"): Country of Percentage of Company's name Nature of business incorporation shareholding 2025 2024 Percent Percent DET International Holding B.V. Holding business The Netherlands 100 100 Delta Green Industrial (Thailand) Company Manufacture and trading of Thailand 100 100 Limited electronic products Delta Energy Systems (Singapore) Pte. Ltd. Holding business and trading of electronic products Singapore 100 100 Delta Electronics (Vietnam) Company Limited Trading of electronic products Vietnam 100 100 Country of Percentage of Company's name Nature of business incorporation shareholding 2025 2024 Percent Percent Delta Electronics India Manufacturing Private Manufacture and trading of India 100 100 Limited electronic products PT Delta Electronics Indonesia Trading and installation of Indonesia 100 100 electronic products Delta Electronics Philippines Inc. Trading of electronic products Philippines 100 - The subsidiaries which the Company owns through DET International Holding B.V. are as follows: Country of Percentage of indirect Company's name Nature of business incorporation shareholding 2025 2024 Percent Percent DET Logistics (USA) Corporation Trading of electronic products USA 100 100 Delta Electronics (Slovakia) s.r.o. Manufacture and trading of Slovakia 100 100 electronic products Delta Energy Systems (Germany) GmbH Research, development, Germany 100 100 marketing and trading of electronic products Delta Energy Systems Mobility (Germany) GmbH (formerly known as "Delta Energy Systems Property (Germany) GmbH") (wholly owned by Manufacture trading of electronic products and property rental Germany 100 100 Delta Energy Systems (Germany) GmbH) Delta Energy Systems (India) Pvt. Ltd. * Manufacture and trading of electronic products Delta Energy Systems (Romania) S.R.L. ** Research and development of electronic products Eltek s.r.o. *** Manufacture and trading of electronic products India - 100 Romania - 100 Slovakia - 100 Delta Electronics (Automotive) Americas Inc. Research and development of electronic products USA 100 100 Delta Electronics (Hungary) Kft. Manufacture and trading of electric vehicle and electronics products Hungary 100 100 * Dissolution and the liquidation process has been completed. It is currently undergoing the final legal formalities required under Indian regulations. ** Dissolution and the liquidation process has been completed. *** Merged with Delta Electronics (Slovakia) s.r.o. on 1 April 2025. The subsidiaries which the Company owns through Delta Energy Systems (Singapore) Pte. Ltd. are as follows: Company's name Nature of business Country of incorporation Percentage of indirect shareholding Delta Electronics (Australia) Pty. Ltd. Trading of electronic products Australia 2025 Percent 100 2024 Percent 100 Delta Greentech (Netherlands) B.V. Holding business The Netherlands 100 100 Delta Energy Systems LLC Trading of electronic products Russia 100 100 (wholly owned by Delta Greentech (Netherlands) B.V.) Delta Electronics India Pvt. Ltd. Manufacture, research and development and trading of electronic products Delta Electronics (Myanmar) Co., Ltd. Manufacture and trading of electronic products Delta Energy Systems (UK) Limited Research and development of electronic products India 100 100 Myanmar 100 100 Scotland 100 100 The Company is deemed to have control over an investee or subsidiaries if it has rights, or is exposed, to variable returns from its involvement with the investee, and it has the ability to direct the activities that affect the amount of its returns. Subsidiaries are fully consolidated, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared using the same significant accounting policies as the Company. The assets and liabilities in the financial statements of overseas subsidiary companies are translated to Baht using the exchange rates prevailing on the end of reporting period, and revenues and expenses translated using monthly average exchange rates. The resulting differences are shown under the caption of "Exchange differences on translation of financial statements in foreign currency" in the statements of changes in shareholders' equity. Material balances and transactions between the Group have been eliminated from the consolidated financial statements. Non-controlling interests represent the portion of profit or loss and net assets of the subsidiaries that are not held by the Company and are presented separately in the consolidated profit or loss and within equity in the consolidated statement of financial position. The separate financial statements present investments in subsidiaries and associates under the cost method. New financial reporting standards Financial reporting standards that became effective in the current year During the year, the Group has adopted the revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards. The adoption of these financial reporting standards does not have any significant impact on the Group's financial statements. Financial reporting standard that will become effective for fiscal years beginning on or after 1 January 2026 The Federation of Accounting Professions issued a revised financial reporting standard, which is effective for fiscal years beginning on or after 1 January 2026. This financial reporting standard was aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards. The management of the Group believes that adoption of these amendments will not have any significant impact on the Group's financial statements. Accounting policies Revenue and expense recognition Sales of goods Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer, generally upon delivery of the goods. Revenue is measured at the amount of the consideration received or receivable, excluding value added tax, of goods supplied after deducting returns, discounts, allowances and price promotions to customers. Rendering of services Revenue from installation, repair and other services are recognised at a point in time upon completion of the service. Interest income Interest income is calculated using the effective interest method and recognised on an accrual basis. The effective interest rate is applied to the gross carrying amount of a financial asset, unless the financial assets subsequently become credit-impaired when it is applied to the net carrying amount of the financial asset (net of the expected credit loss allowance). Finance cost Interest expense from financial liabilities at amortised cost is calculated using the effective interest method and recognised on an accrual basis. Cash and cash equivalents Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions. Inventories Finished goods and work in process are valued at the lower of cost (under the first-in, first-out method) and net realisable value. The cost of inventories is measured using the standard cost method, which approximates actual cost and includes all production costs and attributable factory overheads. Raw materials are valued at the lower of cost (under the first-in, first-out method) and net realisable value and are charged to production costs whenever consumed. The cost of inventories is measured using the standard cost method, which approximates actual cost. Investments in subsidiaries and associates Investments in associates are accounted for in the consolidated financial statements using the equity method. Investments in subsidiaries and associates are accounted for in the separate financial statements using the cost method net of allowance for impairment loss (if any). Investment properties Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and allowance for loss on impairment (if any). Depreciation of investment properties is calculated by reference to their costs on the straight-line basis over estimated useful lives of 10 - 40 years. Depreciation of the investment properties is included in determining income. On disposal of investment properties, the difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period when the asset is derecognised. Property, plant and equipment/Depreciation Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any). Depreciation of plant and equipment is calculated by reference to their costs on a straight-line basis over the following estimated useful lives: Buildings 5 - 50 years Land improvement 10 years Machinery and equipment 3 - 7 years Molds 2 years Installation 5 - 20 years Furniture and office equipment 5 - 7 years Computer 3 years Motor vehicles 5 years Depreciation is included in determining income. No depreciation is provided for land and assets under installation and under construction. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on disposal of an asset is included in profit or loss when the asset is derecognised. Intangible assets Intangible assets acquired through business combination are initially recognised at their fair value on the date of business acquisition while intangible assets acquired in other cases are recognised at cost. Following the initial recognition, the intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses (if any). Intangible assets with finite lives are amortised on the straight-line basis over the economic useful life and tested for impairment whenever there is an indication that they may be impaired. The amortisation period and the amortisation method of such intangible assets are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss. A summary of the intangible assets with finite useful lives is as follow: Useful lives Patents 10 years Computer software 3 - 5 years Customer relationship 10 years Goodwill Goodwill is initially recorded at cost, which equals to the excess of cost of business combination over the fair value of the net assets acquired. If the fair value of the net assets acquired exceeds the cost of business combination, the excess is immediately recognised as gain in profit or loss. Goodwill is carried at cost less any accumulated impairment losses (if any). Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group's cash-generating units (or group of cash-generating units) that are expected to benefit from the synergies of the combination. The Group estimates the recoverable amount of each cash-generating unit (or group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in profit or loss. Impairment losses relating to goodwill cannot be reversed in future periods. Leases At inception of contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as a lessee The Group applied a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. At the commencement date of the lease (i.e. the date the underlying asset is available for use), the Group recognises right-of-use assets representing the right to use underlying assets and lease liabilities based on lease payments. Right-of-use assets Right-of-use assets are measured at cost, less accumulated depreciation, any accumulated impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities initially recognised, initial direct costs incurred, and lease payments made at or before the commencement date of the lease, and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located less any lease incentives received. Depreciation of right-of-use assets are calculated by reference to their costs, on the straight-line basis over the shorter of their estimated useful lives and the lease term. Land 1 - 99 years Buildings 2 - 6 years Machinery and equipment 5 years Motor vehicles 2 - 4 years If ownership of the leased asset is transferred to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. Lease liabilities Lease liabilities are measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be payable under residual value guarantees. Moreover, the lease payments include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. The Group discounted the present value of the lease payments by the interest rate implicit in the lease or the Group's incremental borrowing rate. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets A lease that has a lease term less than or equal to 12 months from commencement date or a lease of low-value assets is recognised as expenses on a straight-line basis over the lease term. The Group as a lessor A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset to a lessee. Lease receivables from operating leases is recognised as income in profit or loss on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying assets and recognised as an expense over the lease term on the same basis as the lease income. Related party transactions Related parties comprise individuals or enterprises that control, or are controlled by, the Group, whether directly or indirectly, or which are under common control with the Group. They also include associates, and individuals or enterprises which directly or indirectly own a voting interest in the Group that gives them significant influence over the Group, key management personnel and directors, and officers with authority in the planning and direction of the Company's operations. Foreign currencies The consolidated and separate financial statements are presented in Baht, which is also the Company's functional currency. Items of each entity included in the consolidated financial statements are measured using the functional currency of that entity. Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the end of reporting period. Gains and losses on exchange are included in determining income. Impairment of non-financial assets At the end of each reporting period, the Group performs impairment reviews in respect of the property, plant and equipment, right-of-use assets, investment properties and other intangible assets whenever events or changes in circumstances indicate that an asset may be impaired. The Group also carries out annual impairment reviews in respect of goodwill. An impairment loss is recognised when the recoverable amount of an asset, which is the higher of the asset's fair value less costs to sell and its value in use, is less than the carrying amount. In determining value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by a valuation model that, based on information available, reflects the amount that the Group could obtain from the disposal of the asset in an arm's length transaction between knowledgeable, willing parties, after deducting the costs of disposal. An impairment loss is recognised in profit or loss. In the assessment of asset impairment (except for goodwill), if there is any indication that previously recognised impairment losses may no longer exist or may have decreased, the Group estimates the asset's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. The increased carrying amount of the asset attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss. Employee benefits Short-term employee benefits Salaries, wages, bonuses and contributions to the social security fund are recognised as expenses when incurred. Post-employment benefits Defined contribution plans The Company and its employees have jointly established the provident fund. The fund is monthly contributed by employees and by the Company. The fund's assets are held in a separate trust fund and the contributions of the Company are recognised as expenses when incurred. Defined benefit plans The Group has obligations in respect of the severance payments, it must make to employees upon retirement under labor law. The Group treats these severance payment obligations as a defined benefit plan. The obligation under the defined benefit plan is determined by a professionally qualified independent actuary based on actuarial techniques, using the projected unit credit method. The liabilities under the defined benefit plan consist of the present value of the defined benefit obligation less fair value of plan assets. Net interest recognised in profit or loss consists of the interest cost on the defined benefit obligation net with the interest income on plan assets which calculated using the same rate as the discount rate applying for the post-employment benefit obligation. Actuarial gains and losses from defined benefit plans and return of plan assets net from interest income on plan assets are recognised immediately in other comprehensive income. Past service costs are recognised in profit or loss on the earlier of the date of the plan amendment or curtailment and the date that the Group recognises restructuring-related costs. Provisions Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Research and development expenses The Group records research and development costs as expenses when incurred. Income tax Income tax expense represents the sum of corporate income tax currently payable and deferred tax. Current tax Current income tax is provided in the accounts at the amount expected to be paid to the taxation authorities, based on taxable profits determined in accordance with tax legislation. Deferred tax Deferred income tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts at the end of each reporting period, using the tax rates enacted at the end of the reporting period. The Group recognises deferred tax liabilities for all taxable temporary differences while it recognises deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent that it is probable that future taxable profit will be available against which such deductible temporary differences and tax losses carried forward can be utilised. At each reporting date, the Group reviews and reduces the carrying amount of deferred tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. The Group records deferred tax directly to shareholders' equity if the tax relates to items that are recorded directly to shareholders' equity. Financial instruments The Group initially measures financial assets at its fair value plus, in the case of financial assets that are not measured at fair value through profit or loss, transaction costs. However, trade receivables, that do not contain a significant financing component, are measured at the transaction price as disclosed in the accounting policy relating to revenue recognition. Classification and measurement of financial assets Financial assets are classified, at initial recognition, as to be subsequently measured at amortised cost, fair value through other comprehensive income ("FVOCI"), or fair value through profit or loss ("FVTPL"). The classification of financial assets at initial recognition is driven by the Group's business model for managing the financial assets and the contractual cash flows characteristics of the financial assets. Financial assets at amortised cost The Group measures financial assets at amortised cost if the financial asset is held in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate ("EIR") method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at FVTPL Financial assets measured at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognised in profit or loss. These financial assets include derivatives, security investments held for trading, equity investments which the Group has not irrevocably elected to classify at FVOCI and financial assets with cash flows that are not solely payments of principal and interest. Classification and measurement of financial liabilities Except for derivative liabilities, at initial recognition the Group's financial liabilities are recognised at fair value net of transaction costs and classified as liabilities to be subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. In determining amortised cost, the Group takes into account any fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in profit or loss. Derecognition of financial instruments A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or have been transferred and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has transferred control of the asset. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss. Impairment of financial assets The Group recognises an allowance for expected credit losses ("ECLs") for all debt instruments not held at FVTPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure (a lifetime ECL). The Group considers a significant increase in credit risk to have occurred when contractual payments are more than 30 days past due and considers a financial asset as credit impaired or default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to have a significant increase in credit risk and to be in default using other internal or external information, such as credit rating of issuers. For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. ECLs are calculated based on its historical credit loss experience and adjusted for forward-looking factors specific to the debtors and the economic environment. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Offsetting of financial instruments Financial assets and financial liabilities are offset, and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Derivatives The Group uses derivatives, such as forward currency contracts to hedge its foreign currency risks. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. The subsequent changes are recognised in profit or loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Derivatives are presented as non-current assets or non-current liabilities if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyer and seller (market participants) at the measurement date. The Group applies a quoted market price in an active market to measure their assets and liabilities that are required to be measured at fair value by relevant financial reporting standards. Except in case of no active market of an identical asset or liability or when a quoted market price is not available, the Group measures fair value using valuation technique that are appropriate in the circumstances and maximises the use of relevant observable inputs related to assets and liabilities that are required to be measured at fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy into three levels based on categorise of input to be used in fair value measurement as follows: Level 1 - Use of quoted market prices in an active market for such assets or liabilities Level 2 - Use of other observable inputs for such assets or liabilities, whether directly or indirectly Level 3 - Use of unobservable inputs such as estimates of future cash flows

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