Quality Houses Public Co. Ltd.SET: QH

Financial Statement Q1 2026

· MarketScreener

Quality Houses Public Company Limited and its subsidiaries

Review report and consolidated and separate financial information

For the three-month period ended 31 March 2026

Independent Auditor's Report on Review of Interim Financial Information

To the Shareholders of Quality Houses Public Company Limited

I have reviewed the accompanying consolidated financial information of Quality Houses Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 March 2026 and 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 Quality Houses Public Company Limited for the same period (collectively "the interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with 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.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting.

Pimjai Manitkajohnkit

Certified Public Accountant (Thailand) No. 4521

EY Office Limited Bangkok: 11 May 2026

31 March

31 December

31 March

31 December

Note

2026

2025

2026

2025

(Unaudited

(Audited)

(Unaudited

(Audited)

but reviewed)

but reviewed)

Assets

Current assets

Cash and cash equivalents

2

2,335,315

1,477,138

1,064,257

299,953

Trade and other current receivables

2, 3

96,028

132,772

7,075

49,634

Land and construction in progress

4

18,265,072

19,022,417

9,174,633

9,747,404

Advance for construction work

1,509

1,553

1,509

1,509

Advance for construction material

12,087

12,087

4,571

4,571

Other current assets

140,378

78,361

39,008

3,667

Total current assets

20,850,389

20,724,328

10,291,053

10,106,738

Non-current assets

Investments in subsidiaries

5

-

-

8,305,986

8,301,640

Investments in associates

6

13,277,137

12,960,767

13,277,137

12,960,767

Long-term loans to and interest receivables

- related parties

2

-

-

6,770,513

6,794,049

Investment properties

435,306

436,180

435,306

436,180

Property, plant and equipment

1,290,496

1,304,158

182,918

180,089

Right-of-use assets

1,054,310

1,108,948

98,820

105,392

Land and project development costs

7

4,759,559

4,750,619

490,875

490,875

Deferred tax assets

755,043

771,630

224,495

229,684

Other non-current assets

2

19,946

22,671

14,873

17,518

Total non-current assets

21,591,797

21,354,973

29,800,923

29,516,194

Total assets

42,442,186

42,079,301

40,091,976

39,622,932

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

31 March

31 December

31 March

31 December

Note

2026

2025

2026

2025

(Unaudited

(Audited)

(Unaudited

(Audited)

but reviewed)

but reviewed)

Liabilities and shareholders' equity

Current liabilities

Trade and other current payables

2

237,569

339,922

101,356

169,208

Current portion of long-term loans

8

749,227

499,072

749,227

499,072

Current portion of unsecured debentures

9

3,499,039

999,890

3,499,039

999,890

Current portion of lease liabilities

2

226,483

224,138

31,227

30,443

Corporate income tax payable

51,585

43,223

30,784

30,784

Other current provisions

10

756,559

770,340

419,019

435,237

Advance received from customers

76,402

82,250

48,274

48,668

Deposits for rental and service

2

13,974

13,776

7,322

7,547

Retention guarantees

247,954

253,016

106,174

108,133

Current portion of rental income received

in advance

2

27,224

27,224

27,224

27,224

Compensatory damage payable

17

40,850

-

40,850

-

Other current liabilities

2

387,782

328,318

147,596

95,404

Total current liabilities

6,314,648

3,581,169

5,208,092

2,451,610

Non-current liabilities

Long-term loans, net of current portion

8

499,226

499,072

499,226

499,072

Unsecured debentures, net of current portion

9

3,319,795

5,795,254

3,319,795

5,795,254

Lease liabilities, net of current portion

2

953,895

1,011,588

83,696

91,872

Non-current provision for employee benefits

282,593

297,141

169,818

181,016

Other non-current provisions

10

311,787

332,818

51,107

41,893

Rental income received in advance - net of

current portion

2

263,164

269,859

263,164

269,859

Deferred tax liabilities

-

44

-

-

Deferred compensatory damage income

17

-

40,850

-

40,850

Other non-current financial liabilities

9,002

12,921

9,002

12,921

Total non-current liabilities

5,639,462

8,259,547

4,395,808

6,932,737

Total liabilities

11,954,110

11,840,716

9,603,900

9,384,347

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

31 March

31 December

31 March

31 December

Note

2026

2025

2026

2025

(Unaudited

(Audited)

(Unaudited

(Audited)

but reviewed)

but reviewed)

Shareholders' equity

Share capital

Registered

10,714,426,091 ordinary shares of Baht 1 each

10,714,426

10,714,426

10,714,426

10,714,426

Issued and fully paid

10,714,381,645 ordinary shares of Baht 1 each

10,714,382

10,714,382

10,714,382

10,714,382

Share premium

379,246

379,246

379,246

379,246

Treasury shares 11

(6,047)

(2,114)

(6,047)

(2,114)

Retained earnings

Appropriated - statutory reserve

1,071,443

1,071,443

1,071,443

1,071,443

Appropriated - treasury shares reserve 11

6,047

2,114

6,047

2,114

Unappropriated

18,824,639

18,351,214

18,824,639

18,351,214

Other components of shareholders' equity

(501,634)

(277,700)

(501,634)

(277,700)

Total shareholders' equity

30,488,076

30,238,585

30,488,076

30,238,585

Total liabilities and shareholders' equity

42,442,186

42,079,301

40,091,976

39,622,932

-

-

-

-

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



Directors



Quality Houses Public Company Limited and its subsidiaries Statement of comprehensive income For the three-month period ended 31 March 2026

(Unaudited but reviewed)

(Unit: Thousand Baht, except earnings per share expressed in Baht)

Consolidated financial statements Separate financial statements

Note

2026

2025

2026

2025

Profit or loss:

Revenues

Revenue from sales of real estate

1,283,806

962,720

895,567

456,730

Revenue from hotel operations

383,441

383,228

-

-

Revenue from office rental operations

2

6,694

19,191

6,694

19,191

Other income

Income from forfeiture of booking and down payments

36

97

5

67

Others

2

56,847

57,025

24,017

26,466

Total revenues

1,730,824

1,422,261

926,283

502,454

Expenses

Cost of real estate sold

2

980,442

741,623

659,249

342,745

Cost of hotel operations

2

258,307

253,694

-

-

Cost of office rental operations

2,470

9,064

2,470

9,064

Selling expenses

124,713

108,537

53,633

29,249

Administrative expenses

2

275,857

357,485

173,685

201,496

Total expenses

1,641,789

1,470,403

889,037

582,554

Profit (loss) from operating activities

89,035

(48,142)

37,246

(80,100)

Share of profit (loss) from investments in subsidiaries

5

-

-

4,346

(9,024)

Share of profit from investments in associates

6

440,235

497,154

440,235

497,154

Interest income

2

2,205

1,526

45,892

52,830

Finance cost

(35,862)

(55,414)

(53,875)

(73,537)

Profit before income tax

495,613

395,124

473,844

387,323

Income tax revenue (expense)

13

(32,299)

6,889

(10,530)

14,690

Profit for the period

463,314

402,013

463,314

402,013

Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods:

Share of other comprehensive income of associates - net of income tax 6, 13

(213,803)

72,930

(213,803)

72,930

Other comprehensive income to be reclassified

to profit or loss in subsequent periods - net of income tax

(213,803)

72,930

(213,803)

72,930

Other comprehensive income not to be reclassified to profit or loss

in subsequent periods:

Share of other comprehensive income of associates - net of income tax

6, 13

3,913

8,870

3,913

8,870

Other comprehensive income not to be reclassified to profit or loss

in subsequent periods - net of income tax

3,913

8,870

3,913

8,870

Other comprehensive income for the period

(209,890)

81,800

(209,890)

81,800

Total comprehensive income for the period

253,424

483,813

253,424

483,813

Earnings per share:

Basic earnings per share

Profit attributable to equity holders of the Company

12

0.04

0.04

0.04

0.04

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

Consolidated financial statements

Other components of shareholders' equity Other comprehensive income

Issued and

Retained earnings

Surplus on

Share of other

comprehensive

Total other

components of

paid-up

Appropriated

Appropriated

changes in value

income

shareholders'

Note

share capital

Share premium

Treasury shares

- statutory reserve

- treasury shares reserve

Unappropriated

of financial assets

of associates

equity

Total

10,714,382

379,246

-

1,071,443

-

17,869,434

1

(729,989)

(729,988)

29,304,517

-

-

-

-

-

402,013

-

-

-

402,013

-

-

-

-

-

-

-

81,800

81,800

81,800

-

-

-

-

-

402,013

-

81,800

81,800

483,813

-

-

-

-

-

(30,815)

-

30,815

30,815

-

10,714,382

379,246

-

1,071,443

-

18,240,632

1

(617,374)

(617,373)

29,788,330

10,714,382

379,246

(2,114)

1,071,443

2,114

18,351,214

1

(277,701)

(277,700)

30,238,585

-

-

-

-

-

463,314

-

-

-

463,314

-

-

-

-

-

-

-

(209,890)

(209,890)

(209,890)

-

-

-

-

-

463,314

-

(209,890)

(209,890)

253,424

11

-

-

(3,933)

-

3,933

(3,933)

-

-

-

(3,933)

-

-

-

-

-

14,044

-

(14,044)

(14,044)

-

10,714,382

379,246

(6,047)

1,071,443

6,047

18,824,639

1

(501,635)

(501,634)

30,488,076

Balance as at 1 January 2025

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period Investment in equity instruments derecognised

of associate during the period

Balance as at 31 March 2025

Balance as at 1 January 2026

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period Treasury shares

Investment in equity instruments derecognised of associate during the period

Balance as at 31 March 2026

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

Separate financial statements

Other components of shareholders' equity Other comprehensive income

Issued and

Retained earnings

Surplus on

Share of other

comprehensive

Total other

components of

paid-up

Appropriated

Appropriated

changes in value

income

shareholders'

Note

share capital

Share premium

Treasury shares

- statutory reserve

- treasury shares reserve

Unappropriated

of financial assets

of associates

equity

Total

10,714,382

379,246

-

1,071,443

-

17,869,434

1

(729,989)

(729,988)

29,304,517

-

-

-

-

-

402,013

-

-

-

402,013

-

-

-

-

-

-

-

81,800

81,800

81,800

-

-

-

-

-

402,013

-

81,800

81,800

483,813

-

-

-

-

-

(30,815)

-

30,815

30,815

-

10,714,382

379,246

-

1,071,443

-

18,240,632

1

(617,374)

(617,373)

29,788,330

10,714,382

379,246

(2,114)

1,071,443

2,114

18,351,214

1

(277,701)

(277,700)

30,238,585

-

-

-

-

-

463,314

-

-

-

463,314

-

-

-

-

-

-

-

(209,890)

(209,890)

(209,890)

-

-

-

-

-

463,314

-

(209,890)

(209,890)

253,424

11

-

-

(3,933)

-

3,933

(3,933)

-

-

-

(3,933)

-

-

-

-

-

14,044

-

(14,044)

(14,044)

-

10,714,382

379,246

(6,047)

1,071,443

6,047

18,824,639

1

(501,635)

(501,634)

30,488,076

Balance as at 1 January 2025

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period Investment in equity instruments derecognised

of associate during the period

Balance as at 31 March 2025

Balance as at 1 January 2026

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period Treasury shares

Investment in equity instruments derecognised of associate during the period

Balance as at 31 March 2026

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

Consolidated financial statementsSeparate financial statements

2026

2025

2026

2025

Cash flows from operating activities

Profit before tax

495,613

395,124

473,844

387,323

Adjustments to reconcile profit before tax to net cash provided by (paid from)

operating activities:

Decrease in land and construction in progress as a result

of transferring to cost of sales

962,463

730,834

637,412

319,590

Depreciation

20,891

24,026

2,023

4,862

Depreciation of right-of-use assets

54,638

54,638

6,571

6,571

Allowance for expected credit losses (reversal)

140

(147)

-

-

Unrealised loss on exchange

(4,962)

221

-

-

Loss on change in fair value of derivatives

(3,919)

5,886

(3,919)

5,886

Share of loss (profit) from investments in subsidiaries

-

-

(4,346)

9,024

Share of profit from investments in associates

(440,235)

(497,154)

(440,235)

(497,154)

Income from forfeiture of booking and down payments

(36)

(97)

(5)

(67)

Interest income

(2,205)

(1,526)

(45,892)

(52,830)

Loss (gain) on sales of equipment

(403)

151

(191)

(1)

Provision for loss arising from litigations

2,890

24,199

9,762

327

Reversal of provision for loss arising from litigations

(23,921)

(545)

(548)

(545)

Reversal of provision for loss on diminution in value of projects

(13,987)

(23,020)

(1,484)

(1,640)

Provision for housing repairment

9,553

8,795

6,298

4,370

Provision for employee benefits

6,458

6,415

3,581

3,639

Transfer deferred financial fees to finance cost

987

1,359

987

1,359

Interest expenses

23,379

40,350

50,772

69,483

Interest expenses from lease liabilities

9,953

11,786

1,157

1,479

Profit from operating activities before changes in

operating assets and liabilities Decrease (increase) in operating assets

Trade and other current receivables

1,097,297

41,566

781,295

3,200

695,787

42,559

261,676

(3,957)

Land and construction in progress

(161,902)

(259,654)

(58,368)

(128,576)

Advance for construction work

44

-

-

-

Advance for construction material

-

491

-

268

Other current assets

(53,528)

(62,021)

(30,676)

(42,080)

Land and project development costs

(5,983)

(138,006)

-

-

Other non-current assets

Increase (decrease) in operating liabilities Trade and other current payables

2,725

(88,934)

465

(114,085)

2,645

(54,433)

350

(75,397)

Advance received from customers

(12,507)

2,042

(7,084)

4,211

Deposits for rental and service

198

(1,698)

(225)

175

Retention guarantees

(5,062)

(5,933)

(1,959)

(4,796)

Other current liabilities

36,131

62,844

29,676

45,141

Cash paid for long-term employee benefits

(21,006)

(7,864)

(14,779)

(4,245)

Cash flows from operating activities

829,039

261,076

603,143

52,770

Cash paid for income tax

(15,884)

(13,142)

(10,006)

-

Net cash flows from operating activities

813,155

247,934

593,137

52,770

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

Consolidated financial statementsSeparate financial statements

2026

2025

2026

2025

Cash flows from investing activities

Dividends received from associates

18,950

23,162

18,950

23,162

Investments in associates

(144,855)

-

(144,855)

-

Decrease in long-term loans to related party

-

-

21,500

127,000

Interest received

2,205

1,526

47,928

55,240

Increase in property, plant and equipment - net of disposals

(5,952)

(6,103)

(3,787)

(934)

Cash received from decreasing in capital unit of associate

39,880

16,974

39,880

16,974

Net cash flows from (used in) investing activities

(89,772)

35,559

(20,384)

221,442

Cash flows from financing activities

Cash received from long-term loan

250,000

-

250,000

-

Repayment of long-term loans

-

(187,500)

-

(187,500)

Cash paid for treasury shares

(2,710)

-

(2,710)

-

Cash paid for interest expenses

(47,195)

(61,569)

(47,190)

(61,563)

Cash paid for lease liabilities

(65,301)

(76,052)

(8,549)

(19,300)

Net cash flows from (used in) financing activities

134,794

(325,121)

191,551

(268,363)

Net increase (decrease) in cash and cash equivalents

858,177

(41,628)

764,304

5,849

Cash and cash equivalents at beginning of period

1,477,138

1,463,215

299,953

397,556

Cash and cash equivalents at end of period

2,335,315

1,421,587

1,064,257

403,405

-

-

Supplemental cash flows information

Non-cash transactions

Interest expenses recorded as cost of projects

32,186

43,711

4,789

14,573

Increase (decrease) in share of other comprehensive income

of associates - net of income tax

(209,890)

81,800

(209,890)

81,800

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

Quality Houses Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month period ended 31 March 2026
  1. General information
    1. Corporate information

      Quality Houses Public Company Limited ("the Company") is a public company incorporated and domiciled in Thailand. The Company is principally engaged in property development. The registered office of the Company is at 7th Floor, Q. House Lumpini Building, No.1 South Sathorn Road, Tungmahamek, Sathorn, Bangkok.

    2. Basis for preparation of interim financial information

      This interim financial information is 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 information is 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 information should therefore be read in conjunction with the latest annual financial statements.

      The interim financial information in Thai language is the official statutory financial information of the Company. The interim financial information in English language has been translated from the Thai language interim financial information.

    3. Basis of consolidation

      The interim financial information include the financial statements of Quality Houses Public Company Limited ("the Company") and its subsidiary companies ("the subsidiaries") (collectively as "the Group") and has been prepared by applying on the same basis as that applied for the preparation of the consolidated financial statements for the year ended 31 December 2025, with no changes in structure of subsidiaries during the current period.

    4. Accounting policies

      The interim financial information is prepared by 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 periods, the Group had significant business transactions with its related parties. These transactions which have been concluded on commercial terms and bases agreed upon in the ordinary course of businesses between the Group and those related parties. There were no significant changes in the transfer pricing policy of transactions with related parties during the current periods. Below is a summary of significant related party transactions:

    (Unit: Million Baht) For the three-month periods ended 31 March

    2026

    2025

    2026

    2025

    Transactions with subsidiaries

    (eliminated from the consolidated financial statements)

    Interest income

    -

    -

    46

    53

    Material cost

    Transactions with associates

    -

    -

    -

    4

    Goods and service cost

    4

    5

    2

    4

    Office rental expenses

    150

    147

    8

    8

    Building management income

    14

    18

    5

    7

    Office rental income

    7

    10

    7

    10

    Other service income

    -

    1

    -

    1

    Interest income

    1

    2

    -

    -

    Dividend income

    19

    23

    19

    23

    Transactions with related companies

    Material cost

    2

    5

    -

    -

    Building management income

    8

    8

    1

    1

    Office rental income

    -

    5

    -

    5

    Other service income

    1

    1

    -

    -

    Consolidated Separate financial statements financial statements

    The balances of the accounts between the Group and those related parties are as follows:

    (Unit: Thousand Baht) Consolidated financial statements Separate financial statements

    31 March

    2026

    31 December

    2025

    31 March

    2026

    31 December

    2025

    (Audited) (Audited)

    Deposits at financial institution (shown under cash and cash equivalents)

    Associate

    Land and Houses Bank Plc.

    1,961,410

    1,090,410

    935,426

    214,461

    Other current receivables - related parties (Note 3)

    Subsidiaries

    -

    -

    1,702

    1,643

    Associates

    31,627

    25,144

    4,618

    3,968

    Related companies (common directors

    or common shareholders)

    6,556

    6,045

    553

    551

    Total

    38,183

    31,189

    6,873

    6,162

    Deposit for rental and service - related party (shown under other non-current assets)

    Associate

    7,614

    7,511

    7,614

    7,511

    Trade and other current payables - related parties

    Trade accounts payable - related parties

    Subsidiary

    -

    -

    -

    301

    Associate

    -

    2,241

    -

    -

    Related company (common directors

    or common shareholders)

    935

    1,466

    290

    270

    Total trade accounts payable

    - related parties

    935

    3,707

    290

    571

    Other current payable - related parties

    Subsidiary

    -

    -

    591

    591

    Associates

    1,345

    3,001

    940

    1,380

    Related companies (common directors

    or common shareholders)

    67

    5

    -

    -

    Total other current payable - related parties

    1,412

    3,006

    1,531

    1,971

    Total

    2,347

    6,713

    1,821

    2,542

    (Unit: Thousand Baht) Consolidated financial statements Separate financial statements

    31 March

    2026

    31 December

    2025

    31 March

    2026

    31 December

    2025

    (Audited) (Audited)

    Accrued expenses - related party (shown under other current liabilities)

    Associate

    86,397

    81,437

    -

    -

    Rental income received in advance - related party

    Associate

    Current portion

    27,224

    27,224

    27,224

    27,224

    Non-current portion

    263,164

    269,859

    263,164

    269,859

    Total

    290,388

    297,083

    290,388

    297,083

    Lease liabilities - related parties

    Associates

    Lease payments

    1,271,412

    1,335,464

    113,724

    121,436

    Less: Deferred interested

    (103,508)

    (113,309)

    (7,410)

    (8,462)

    Total

    1,167,904

    1,222,155

    106,314

    112,974

    Less: Current portion

    (221,963)

    (219,670)

    (28,210)

    (27,461)

    Lease liabilities - net of current portion

    945,941

    1,002,485

    78,104

    85,513

    Consolidated financial statements

    Separate financial statements

    (Unit: Thousand Baht)

    31 March

    2026

    31 December

    2025

    31 March

    2026

    31 December

    2025 Interest policy

    (Audited) (Audited) (% p.a.)

    Long-term loans to and interest receivables - related parties

    Subsidiary

    Casa Ville Co., Ltd.

    Related party

    -

    -

    6,770,513

    6,794,049

    2.51% to 3.11%

    (2025:2.51% to 3.21%)

    Harbour View Corporation

    75,436

    72,527

    -

    -

    SOFR + 3.43%, 4.00%

    and 8.00%

    Total

    75,436

    72,527

    6,770,513

    6,794,049

    Less: Allowance for expected credit losses

    (75,436)

    (72,527)

    -

    -

    Net

    -

    -

    6,770,513

    6,794,049

    During the periods, the movements of loans to and interest receivables with related parties were as follows:

    1 January

    (Unit: Thousand Baht) Consolidated financial statements

    31 March

    2026 Increase Decrease 2026

    Long-term loans to and interest receivables - related party

    Harbour View Corporation

    72,527

    2,909

    - 75,436

    Less: Allowance for expected credit losses

    (72,527)

    (2,909)

    - (75,436)

    Net

    -

    -

    - -

    Related party

    1 January

    (Unit: Thousand Baht) Separate financial statements

    31 March

    2026 Increase Decrease 2026

    Long-term loans to and interest receivables - related party

    Subsidiary

    Casa Ville Co., Ltd. 6,794,049 45,665 (69,201) 6,770,513

    Directors and management's benefits

    During the three-month periods ended 31 March 2026 and 2025, the Group had employee benefit expenses payable to their directors and management as below:

    (Unit: Million Baht)

    2026

    2025

    Short-term employee benefits

    Long-term post-employment benefits

    15

    -

    16

    -

    Total

    15

    16

    Consolidated and separate financial statements

  3. Trade and other current receivables

    Consolidated financial statements

    (Unit: Thousand Baht)

    Separate financial statements

    31 March

    2026

    31 December

    2025

    31 March

    2026

    31 December

    2025

    Trade accounts receivable - unrelated parties Aged of receivables

    (Audited) (Audited)

    Up to 3 months

    57,994

    54,314

    - 97

    3 - 6 months

    364

    78

    - -

    6 - 12 months

    14

    5

    - -

    Over 12 months

    219

    275

    - -

    Total trade accounts receivable -

    unrelated parties

    58,591

    54,672

    -

    97

    Less: Allowance for expected

    credit losses

    (1,081)

    (941)

    -

    -

    Total trade accounts receivable -

    unrelated parties, net

    57,510

    53,731

    -

    97

    Total trade accounts receivable - net

    57,510

    53,731

    -

    97

    Other current receivables

    Other current receivables - related

    parties (Note 2)

    38,183

    31,189

    6,873

    6,162

    Other current receivables - unrelated

    parties

    335

    47,852

    202

    43,375

    Total other current receivables

    38,518

    79,041

    7,075

    49,537

    Total trade and other current

    receivables - net

    96,028

    132,772

    7,075

    49,634

  4. Land and construction in progress

    (Unit: Thousand Baht)

    31 March

    31 December

    31 March

    31 December

    2026

    2025

    2026

    2025

    Land and construction in progress

    18,786,599

    (Audited)

    19,557,931

    9,308,449

    (Audited)

    9,882,704

    Less: Provision for loss on diminution

    in value of projects

    (521,527)

    (535,514)

    (133,816)

    (135,300)

    Land and construction in progress - net

    18,265,072

    19,022,417

    9,174,633

    9,747,404

    Consolidated Separate financial statements financial statements

    Movements in the provision for loss on diminution in value of projects during the three-month period ended 31 March 2026 are summarised below:

    Consolidated financial statements

    (Unit: Thousand Baht)

    Separate financial statements

    Balance as at 1 January 2026 535,514 135,300 Provision reversal according to revenue

    recognition during the period (13,987) (1,484)

    Balance as at 31 March 2026 521,527 133,816

  5. Investments in subsidiaries

    1. Details of investments in subsidiaries as presented in separate financial statements are as follows:

      (Unit: Thousand Baht)

      Separate financial statements

      Company's name

      Carrying amounts based on cost method - net

      Carrying amounts based on equity method

      31 March 31 December 31 March 31 December

      2026 2025 2026 2025

      (Audited) (Audited)

      Casa Ville Co., Ltd. 2,999,999 2,999,999 7,821,043 7,840,999

      Q.H. International Co., Ltd. 25,000 25,000 502,728 485,132

      Property Host Co., Ltd. 5,000 5,000 3,724 3,856

      Centre Point Hospitality Co., Ltd. 4,999 4,999 (48,888) (55,821) The Confidence Co., Ltd.* - - - -

      Q.H. Management Co., Ltd.

      (and 19% held through The Confidence Co., Ltd.) 88,635 88,635 27,379 27,474

      Q.H. International (BVI) Co., Ltd.** - - - -

      Casa Ville (Rayong 2553) Co. Ltd.* - - - -

      Casa Ville (Petchburi 2553) Co. Ltd.* - - - -

      Q. House Precast Co., Ltd.* - - - -

      Gusto Village Co., Ltd.* - - - -

      Casa Ville (Chonburi 2554) Co., Ltd.* - - - -Casa Ville (Prachuapkhirikhan 2554) Co., Ltd.* - - - -Total 3,123,633 3,123,633 8,305,986 8,301,640

      * 100% held through Casa Ville Co., Ltd.

      ** 100% held through Q.H. International Co., Ltd.

    2. Share of comprehensive income

      During the periods, the Company has recognised its share of comprehensive income from investments in subsidiaries in the separate financial statements as follows:

      Company's name

      (Unit: Thousand Baht) Separate financial statements

      Share of profit (loss) from investments in subsidiaries

      For the three-month periods ended 31 March

      2026

      2025

      Casa Ville Co., Ltd.

      (19,956)

      (30,682)

      Q.H. International Co., Ltd.

      17,596

      16,421

      Property Host Co., Ltd.

      (132)

      (245)

      Centre Point Hospitality Co., Ltd.

      6,933

      5,569

      Q.H. Management Co., Ltd.

      (95)

      (87)

      Total

      4,346

      (9,024)

  6. Investments in associates

    1. Details of investments in associates

      (Unit: Thousand Baht) Consolidated and separate financial statements

      Company's name

      Carrying amounts based on cost method

      Carrying amounts based on equity method

      31 March 31 December 31 March 31 December

      2026 2025 2026 2025

      (Audited) (Audited)

      Quality House Business Complex

      Leasehold Real Estate Investment Trust

      Quality Houses Hotel and Residence

      1,808,683

      1,848,563

      1,071,198

      1,079,750

      Freehold and Leasehold Real Estate

      Investment Trust

      1,197,655

      1,052,800

      481,947

      341,833

      Home Product Center Plc.

      759,959

      759,959

      5,951,063

      5,670,787

      LH Financial Group Plc.

      2,849,800

      2,849,800

      5,772,929

      5,868,397

      Total

      6,616,097

      6,511,122

      13,277,137

      12,960,767

    2. Share of comprehensive income and dividend received

      During the periods, the Company has summarised its share of comprehensive income and dividend received from investments in associates as follows:

      (Unit: Thousand Baht) Consolidated and separate financial statements

      For the three-month periods ended 31 March

      Share of other comprehensive

      2026

      2025

      2026

      2025

      Quality House Business Complex

      Freehold Real Estate Investment Trust

      Quality Houses Hotel and Residence

      31,328

      31,135

      -

      -

      Freehold and Leasehold Real Estate

      Investment Trust

      14,209

      48,505

      -

      -

      Home Product Center Plc.

      278,956

      339,240

      1,320

      105

      LH Financial Group Plc.

      115,742

      78,274

      (211,210)

      81,695

      Total

      440,235

      497,154

      (209,890)

      81,800

      Company's name

      Share of profit from investments in associates

      income from investment in associates

      (Unit: Thousand Baht)

      Company's name Dividend received For the three-month

      periods ended 31 March

      2026 2025

      Quality Houses Hotel and Residence Freehold and Leasehold

      Real Estate Investment Trust 18,950 23,162

      Total 18,950 23,162

    3. Fair values of investments in listed associates

      In respect of investments in associated companies that are listed companies on the Stock Exchange of Thailand, their fair values are as follows:

      (Unit: Million Baht)

      Company's name Fair values as at

      31 March

      31 December

      2026

      2025

      Quality QHouse Business Complex Leasehold Real Estate Investment Trust

      728

      699

      Quality Houses Hotel and Residence Freehold and Leasehold

      Real Estate Investment Trust

      882

      679

      Home Product Center Plc.

      16,070

      17,246

      LH Financial Group Plc.

      2,939

      2,590

      Total

      20,619

      21,214

      Quality House Business Complex Leasehold Real Estate Investment Trust "QHBREIT"

      On 27 February 2026, Quality Houses Business Complex Leasehold Property Fund announced a reduction in the par value of its trust units by Baht 0.1950 per unit, from Baht 8.6097 per unit to Baht 8.4147 per unit. Such reduction in par value did not have any impact on the number of trust units outstanding. The Company received proceeds from the reduction in par value in the amount of Baht 40 million in March 2026.

      Quality Houses Hotel and Residence Freehold and Leasehold Real Estate Investment Trust "QHHRREIT"

      In February 2026, the Company exercised its subscription rights to acquire 21,620,076 units of Quality Houses Hotel and Residence Real Estate Investment Trust (QHHRREIT) at a subscription price of Baht 6.7 per unit, representing a total consideration of Baht 145 million. The exercise of the subscription rights to acquire additional ordinary units in QHHRREIT did not result in any change in the Company's ownership interest in QHHRREIT.

      Home Product Center Public Company Limited "HMPRO"

      During the year 2025 and current period, Home Product Center Public Company Limited has repurchased some of its ordinary shares, resulting in an increase in the Company's shareholding proportion in HMPRO compared to the number of shares held by external shareholders. However, the Company has not recognized any profit or loss from the repurchase of HMPRO shares, as the repurchase is solely for financial management purposes.

  7. Land and project development costs

(Unit: Thousand Baht)

31 March

31 December

31 March

31 December

2026

2025

2026

2025

Land and project development costs

4,920,700

(Audited) 4,911,760

561,280

(Audited) 561,280

Less: Provision for loss on diminution in value of projects

(161,141)

(161,141)

(70,405)

(70,405)

Land and project development costs - net

4,759,559

4,750,619

490,875

490,875

8.

Long-term loans

Consolidated Separate financial statements financial statements

Movement of the long-term loans account during the three-month period ended 31 March 2026 are summarised below:

(Unit: Thousand Baht)

Balance as at 1 January 2026

998,144

Add: Additional borrowing

250,000

Amortised the deferred transaction cost during the period

309

Balance as at 31 March 2026

1,248,453

Consolidated and separate financial statements

  1. Unsecured debentures

    Consolidated and separate financial statements

    Number of debenture (Unit) Amount (Thousand Baht)

    31 March

    31 December

    31 March

    31 December

    Type of debenture

    Interest rate

    Age

    Maturity date

    2026

    2025

    2026

    2025

    (Audited)

    (Audited)

    Unsubordinated and unsecured debentures

    - No. 2/2023

    Fixed rate of 3.43% p.a.

    3 years

    25 April 2026

    1,000,000

    1,000,000

    1,000,000

    1,000,000

    - No. 1/2024

    Fixed rate of 3.17% p.a.

    3 years

    28 February 2027

    2,500,000

    2,500,000

    2,500,000

    2,500,000

    - No. 2/2024

    Fixed rate of 3.18% p.a.

    3 years

    9 December 2027

    1,500,000

    1,500,000

    1,500,000

    1,500,000

    - No. 1/2025

    Fixed rate of 2.52% p.a.

    3 years

    5 May 2028

    2,000,000

    2,000,000

    2,000,000

    2,000,000

    Total debentures - at face value

    7,000,000

    7,000,000

    7,000,000

    7,000,000

    Less: Unamortised portion of deferred transaction costs

    (3,595)

    (4,273)

    Less: Discount on debentures

    (177,570)

    (200,582)

    Debentures - net

    6,818,835

    6,795,145

    Less: Current portion of debentures

    (3,499,039)

    (999,890)

    Debentures - net of current portion

    3,319,796

    5,795,255

    All of unsecured debentures include covenants and restrictions. These pertain to, among other things, dividend payment and the maintenance of certain financial ratios.

  2. Provisions

    31 March

    31 December

    31 March

    31 December

    2026

    2025

    2026

    2025

    (Audited)

    (Audited)

    Other current provisions

    Provision for public utility maintenance

    240,553

    239,922

    122,964

    123,600

    Provision for housing repairment

    389,924

    403,277

    219,865

    233,390

    Provision for compensation for Housing

    Estate Juristic Persons

    126,082

    127,141

    76,190

    78,247

    Total other current provisions

    756,559

    770,340

    419,019

    435,237

    Other non-current provisions

    Provision for litigations

    311,787

    332,818

    51,107

    41,893

    Total other non-current provisions

    311,787

    332,818

    51,107

    41,893

    Total

    1,068,346

    1,103,158

    470,126

    477,130

    Consolidated financial statements

    (Unit: Thousand Baht)

    Separate financial statements

  3. Treasury shares

    On 9 May 2025, a meeting of the Company's Board of Directors passed a resolution approving the first treasury share repurchase scheme for financial management purposes, whereby the total number of shares to be repurchased shall not exceed 750 million shares, representing approximately 7% of the total issued and paid-up shares, with a maximum repurchase amount of Baht 1,200 million. The shares were to be repurchased on the Stock Exchange of Thailand within a six-month period from 4 June 2025 to 28 November 2025. As at 28 November 2025, being the end of the repurchase period in accordance with the Board of Directors' resolution, the Company had repurchased a total of 1.7 million ordinary shares under the scheme, representing 0.016% of the issued and paid-up share capital, amounting to Baht 2.11 million.

    On 24 February 2026, a meeting of the Company's Board of Directors passed a resolution approving the second treasury share repurchase scheme for financial management purposes, whereby the total number of shares to be repurchased shall not exceed 750 million shares, representing approximately 7% of the total issued and paid-up shares, with a maximum repurchase amount of Baht 1,200 million. The shares are to be repurchased on the Stock Exchange of Thailand within a six-month period from 16 March 2026 to 15 September 2026. During the period, the Company repurchased a total of 2.9 million ordinary shares under the scheme, representing 0.027% of the issued and paid-up share capital, amounting to Baht 3.93 million.

    As at 31 March 2026, total number of treasury shares repurchased under both schemes are

    4.6 million shares, representing 0.043% of the total issued and paid-up shares, amounting to Baht 6.05 million. The Company appropriated retained earnings in an equivalent amount to the treasury share reserve.

  4. Earnings per share

    Basic earnings per share for the three-month periods ended 31 March 2026 and 2025 are as follows:

    Consolidated and separate financial statements For the three-month periods ended 31 March 2026 2025

    Profit for the calculation of

    earnings per share (Thousand Baht) 463,314 402,013 Weighted average number of ordinary shares

    (Thousand shares)*

    10,712,419

    10,714,382

    Basic earnings per share (Baht per share)

    *Number of ordinary shares net of treasury shares

    0.04

    0.04

  5. Income tax

    Interim corporate income tax is 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: Thousand Baht) For the three-month periods ended 31 March

    Consolidated financial statements

    Separate financial statements

    Current income tax:

    Interim income tax charge

    Deferred tax:

    Relating to origination and reversal of temporary differences

    (Revenue) income tax expenses reported in the statements of comprehensive

    2026 2025 2026 2025

    15,756

    12,000

    5,341

    -

    16,543

    (18,889)

    5,189

    (14,690)

    income 32,299 (6,889) 10,530 (14,690)

    The amounts of income tax relating to each component of other comprehensive income for the three-month periods ended 31 March 2026 and 2025 are as follows:

    (Unit: Thousand Baht) For the three-month periods ended 31 March

    2026

    2025

    2026

    2025

    Deferred tax relating to share of other

    comprehensive income of associates

    (57,307)

    16,983

    (57,307)

    16,983

    Consolidated financial statements

    Separate financial statements

  6. Segment information

    The Group is organised into business units based on its 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, respectively.

    (Unit: Million Baht)

    For the three-month period ended 31 March 2026

    Real estate business Other

    Revenues

    External customers

    984

    300

    383

    7

    23

    1,697

    -

    1,697

    Inter-segment

    -

    -

    -

    -

    16

    16

    (16)

    -

    Total revenues

    984

    300

    383

    7

    39

    1,713

    (16)

    1,697

    Operating results

    Segment profit (loss)

    64

    13

    23

    4

    24

    128

    -

    128

    Other income

    1

    Administrative expenses

    (72)

    Share of profit from investments in

    associates

    440

    Finance cost

    (2)

    Income tax expense

    (32)

    Profit for the period

    463

    Sales of land and houses

    Sales of condominium units

    Hotel business

    Rental business

    Other business

    Total reportable segments

    transactions and

    eliminations Consolidated

    (Unit: Million Baht)

    For the three-month period ended 31 March 2025

    Real estate business Other

    Revenues

    External customers

    905

    58

    383

    19

    27

    1,392

    -

    1,392

    Inter-segment

    6

    -

    -

    -

    15

    21

    (21)

    -

    Total revenues

    911

    58

    383

    19

    42

    1,413

    (21)

    1,392

    Operating results

    Segment profit (loss)

    (38)

    (35)

    22

    8

    24

    (19)

    -

    (19)

    Administrative expenses

    (80)

    Share of profit from investments in

    associates

    497

    Finance cost

    (3)

    Income tax revenue

    7

    Profit for the period

    402

    Sales of land and houses

    Sales of condominium units

    Hotel business

    Rental business

    Other business

    Total reportable segments

    transactions and

    eliminations Consolidated

  7. Commitments and contingent liabilities

    The Group has the following outstanding commitments and contingent liabilities.

    1. The Group has the following outstanding commitments in respect of construction of projects as follow:

      (Unit: Million Baht)

      31 March 2026

      31 December 2025

      Construction contracts

      364

      (Audited)

      367

    2. The Group has entered into several lease agreements to lease motor vehicles and equipment, with a term of generally 1 year.

      The Group has the following future minimum lease payments required under those operating leases contracts as follows:

      Payable:

      (Unit: Million Baht) 31 March 2026 31 December 2025

      (Audited)

      in up to 1 year 5 5

    3. As at 31 March 2026, the Group has commitments in respect of various service commitments totaling Baht 54 million (31 December 2025: Baht 46 million).

    4. As at 31 March 2026 and 31 December 2025, the Group has servitude over land of approximately 55 Rai of which the cost is included in the cost of projects.

  8. Bank guarantees

There were outstanding bank guarantees issued by the banks on behalf of the Group in respect of certain performance bonds as required in the normal course of business as follows:

(Unit: Million Baht)

31 March 2026

31 December 2025

Letters of guarantee for arrangement

(Audited)

and maintenance of public utilities

1,207

1,291

Letters of guarantee for electricity usage

5

6

Other letters of guarantee

29

29

Total

1,241

1,326

17.

Litigations

  1. Between 2017 and 2026, various customers sued the Company and its subsidiaries for compensatory damages from purchase of land and houses of their projects, as at 31 March 2026, totaling Baht 1,434 million (31 December 2025: Baht 1,289 million). The lawsuits are currently in the judicial process. For reasons of prudence, the Company and its subsidiaries have set aside provisions totaling Baht 235 million (31 December 2025: Baht 257 million), which the Company and its subsidiaries deemed to be an appropriate amount.

  2. In 2017, the Company was filed as a defendant by a construction contractor company, plaintiff, for breach of hire of work agreement, with the plaintiff demanding outstanding payment and compensatory damages as at 31 March 2026, totaling Baht 135 million (31 December 2025: Baht 135 million). In October 2019, the Court of First Instance dismissed the case and rendered a judgement ordering that plaintiff pay the compensatory damages arising from the counterclaim of Baht 77 million together with interest.

    The Company demanded that the bank, as an issuer of the letter of guarantees, settle the payment on behalf of the plaintiff in accordance with the judgement of the Court and subsequently received the amount of Baht 41 million in May 2020 in accordance with the facilities stated in the letter of guarantee. The amount received was presented as "Deferred compensatory damage income" in the statement of financial position and will be recognised in profit or loss when the lawsuit is finalised.

    In October 2022, the Court of Appeal overturned the prior judgement and ordered the Company to pay the outstanding payment and retention to the plaintiff. After offsetting the debt with the plaintiff's obligation to pay the compensatory damages, the Company was required to pay an additional amount of Baht 3 million together with interest and return the letter of guarantee to the plaintiff.

    In March 2026, the Supreme Court rendered a final judgment requiring the Company to pay the plaintiff amount of Baht 0.7 million together with interest, and to return the related bank guarantee to the plaintiff. The Company has recognized the abovementioned liability in the financial statements and reclassified deferred compensatory damage income to compensatory damage payable, which is presented as current liabilities in statement of financial position.

  3. Between 2018 and 2025, Housing Estate Juristic Persons sued the Company and its subsidiaries as a defendant/co-defendant for a breach of agreement under the Land Development Act B.E. 2543, demanding compensatory damages of the Company and its subsidiaries, as at 31 March 2026, totaling Baht 899 million (31 December 2025: Baht 899 million). The lawsuits are currently in the judicial process. For reasons of prudence, the Company and its subsidiaries have set aside provision of Baht 77 million (31 December 2025: Baht 76 million) for the loss arising from these litigations, which the Company and its subsidiaries deemed to be an appropriate amount.

  4. As of 31 March 2026, the complainant filed a lawsuit against the Nonthaburi Provincial Land Allocation Committee (the respondent) in the Central Administrative Court, regarding their permission for land allocation of the Company and a subsidiary. The Company and the subsidiary were involved in a lawsuit as an interpleader and the respondent.

The Company and the subsidiary's believe that they have fully complied with the permits issued by the Land Allocation Committee of Nonthaburi Province. Consequently, the Company and the subsidiary have not recognised any potential damages arising from this lawsuit in the financial statements.

  1. Events after the reporting period

    1. On 21 April 2026, the Annual General Meeting of the Company's Shareholders passed a resolution approving a dividend payment at a rate of Baht 0.09 per share from the operating results of the year 2025, or a total amount of approximately Baht 964 million. The Company had previously paid an interim dividend of Baht 0.02 per share to its shareholders on 15 September 2025. The remaining final dividend of Baht 0.07 per share, or a total amount of approximately Baht 750 million, is scheduled to be paid on 19 May 2026.

    2. On 3 April 2026, Quality Houses Business Complex Leasehold Property Fund announced its seventh capital reduction by decreasing the par value per trust unit by Baht 0.1000, from Baht 8.4147 per unit to Baht 8.3147 per unit, resulting in a total capital reduction of Baht 20 million. The payment of the capital reduction to unitholders was made on 30 April 2026.

    3. As at 30 April 2026, the Company drew down the remaining portion of a long-term loan from a financial institution in the amount of Baht 1,250 million. The loan bears interest at the rate of THOR+1% per annum, is unsecured, and was used to repayment of maturing debentures. The loan is repayable in instalments every six months, commencing in July 2026 and ending in January 2029.

  2. Approval of interim financial information

This interim financial information was issued on 11 May 2026 by an acknowledgement of the Audit Committee who has been assigned by the Company's Board of Directors.

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