Financial Statement Q1/2026

‌Supalai Public Company Limited and its subsidiaries Review report and

consolidated and separate financial information For the three-month period ended 31 March 2026

To the Shareholders of Supalai Public Company Limited

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

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

procedures. A review is substantially less in scope than an audit conducted in accordance with the standards as applicable to auditing issued by the Federation of Accounting Professions and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

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

Krongkaew Limkittikul

Certified Public Accountant (Thailand) No. 5874

EY Office Limited Bangkok: 12 May 2026

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

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

Shareholders' equity

Share capital Registered

Consolidated financial statements Separate financial statements

Note 31 March 2026 31 December 2025 31 March 2026 31 December 2025 (Unaudited (Audited) (Unaudited (Audited)

but reviewed) but reviewed)

1,955,666,261 ordinary shares of Baht 1 each 1,955,666 1,955,666 1,955,666 1,955,666

Issued and fully paid-up

Directors

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

Consolidated financial statements Separate financial statements

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

(Unit: Thousand Baht)

Consolidated financial statements Separate financial statements

2026 2025 2026 2025

Profit for the period 422,542 408,433 221,890 351,895

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 1,102,462 80,661 - -

Other comprehensive income to be reclassified

to profit or loss in subsequent periods - net of income tax 1,102,462 80,661 - -

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

Supalai Public Company Limited and its subsidiaries Statements of changes in shareholders' equity

For the three-month period ended 31 March 2026

(Unaudited but reviewed)

(Unit: Thousand Baht)

Consolidated financial statements

Equity attributable to shareholders of the Company Surplus

Other comprehensive income for the period - - - - - - - - 275,544 275,544 (35,574) 239,970 Total comprehensive income for the period - - - - - - 404,796 - 275,544 680,340 (31,937) 648,403 Transfer of fair value reserve to retained earnings (Note 4) - - - - - - 132,354 - (132,354) - - -Balance as at 31 March 2025 1,953,054 1,498,995 29,623 61,466 214,569 - 52,529,246 - (2,430,967) 53,855,986 1,012,760 54,868,746

Other comprehensive income for the period - - - - - - - - 1,269,624 1,269,624 (29,146) 1,240,478 Total comprehensive income for the period - - - - - - 402,105 - 1,269,624 1,671,729 (8,709) 1,663,020 Transfer of fair value reserve to retained earnings (Note 4) - - - - - - 91,929 - (91,929) - - -Balance as at 31 March 2026 1,953,054 1,498,995 29,623 61,466 214,569 957,816 53,058,559 (957,816) (1,416,286) 55,399,980 1,048,793 56,448,773

-

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

Details of other components of shareholders' equity

(Unit: Thousand Baht)

Equity attributable to shareholders of the Company Other components of shareholders' equity

Other comprehensive income

Supalai Public Company Limited and its subsidiaries Statements of changes in shareholders' equity (continued) For the three-month period ended 31 March 2026

Separate financial statements

(Unaudited but reviewed)

(Unit: Thousand Baht)

Issued and

Retained earnings

Appropriated

Other components of shareholders' equity Other comprehensive

income

Fair value reserve of financial assets at

fair value through other Total

fully paid-up Statutory Treasury stock comprehensive income shareholders'

share capital Share premium reserve reserve Unappropriated Treasury stocks - net of income tax equity

Other comprehensive income for the period - - - - - - 288,688 288,688 Total comprehensive income for the period - - - - 351,895 - 288,688 640,583

Other comprehensive income for the period - - - - - - 147,122 147,122 Total comprehensive income for the period - - - - 221,890 - 147,122 369,012

-

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

Consolidated financial statements Separate financial statements

(paid from) operating activities:

Decrease in property development costs from transferring to

Finance cost 151,145 189,459 151,254 188,757 Profit from operating activities before changes in operating

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

Consolidated financial statements Separate financial statements

1. General information
   1. Basis of the preparation of interim financial statements

      These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, income, comprehensive income, changes in shareholders' equity and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis.

      The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements.

      The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language financial statements.

   2. Basis of consolidation

      The interim consolidated financial statements include the financial statements of Supalai Public Company Limited ("the Company") and its subsidiary companies ("the subsidiaries") (collectively as "the Group") and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2025, with no change in shareholding structure of subsidiaries during the current period.

   3. Accounting policies

      The interim financial statements are prepared using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2025.

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

2. Related party transactions

   During the period, the Group has significant business transactions with related parties. Such transactions are arose in the ordinary course of business. There are no significant changes in the transfer pricing policy of transactions with related parties during the current period.

   Summaries of significant business transactions with related parties are as follows.

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

   Consolidated financial statements

   Separate financial statements

   2026 2025 2026 2025

   Transactions with subsidiaries

   (eliminated from the consolidated financial statements)

   Rental and service income	-	-	1	-
   Interest income	-	-	4	5
   Dividend income	-	-	38	65
   Project management income	-	-	-	1
   Building and project management fee	-	-	2	1
   Purchase of land	-	-	-	4
   Transactions with related parties
   Interest income	115	25	-	-
   Purchases of construction materials	26	29	25	27

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

   Consolidated financial statements

   (Unit: Thousand Baht)

   Separate financial statements

   31 March

   2026

   31 December

   2025

   31 March

   2026

   31 December

   2025

   Balances with subsidiaries

   (eliminated from the consolidated financial statements)

   (Audited) (Audited)

   Trade and other current receivables - - 10,052 10,579

   Trade and other current payables - related party (Note 8)

   Durafloor Co., Ltd. (Common director) 20,591 21,027 20,444 20,028

   Short-term loans to subsidiaries and interest receivables

   	31 December 2025		Increase		Decrease		31 March 2026
   Subsidiaries	(Audited) 1,054,648		37,056		(295,133)		796,571

   (Unit: Thousand Baht) Separate financial statements

   Long-term loans to related parties and interest receivables

   	31 December 2025		Increase		Decrease		31 March 2026
   Joint ventures	(Audited) 4,059,477		344,104		-		4,403,581
   Associates	994,014		616,186		(38,093)		1,572,107
   Total	5,053,491		960,290		(38,093		5,975,688

   (Unit: Thousand Baht) Consolidated financial statements

   Directors and management's benefits

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

   	2026		2025		2026		2025
   Short-term employee benefits	33,455		34,868		31,130		31,560
   Post-employment benefits	1,197		1,539		1,030		1,315
   Total	34,652		36,407		32,160		32,875

   Consolidated financial statements

   Separate financial statements

3. Property development costs

   Movements in property development costs during the three-month period ended 31 March 2026 are summarised below.

   	Consolidated	(Unit: Thousand Baht) Separate
   	financial statements	financial statements
   Net book value as at 1 January 2026	77,447,597	69,542,503
   Increase in land costs and development costs	1,961,539	1,647,492
   Increase in construction costs	1,592,294	1,489,662
   Increase in capitalised borrowing costs	56,405	54,603
   Costs of real estate sales for the period	(2,534,348)	(2,288,694)
   Transfer to investment properties	(140,587)	(140,587)
   Translation adjustment	227,433	-
   Net book value as at 31 March 2026	78,610,333	70,304,979
   Net book value as at 31 March 2026 which was mortgaged as collateral	28,656,960	26,212,571
   During the three-month periods ended	31 March 2026 and 2025,	the Group includes

   borrowing costs in property development costs. These are determined by applying capitalisation rates which are the weighted average of the financial charges on total borrowings during the periods as follows:

   Consolidated financial statements

   Separate financial statements

   Borrowing costs included in property development costs

   2026 2025 2026 2025

   (Million Baht) 56 72 55 68

   Capitalisation rates (Percent) 1.4 - 3.4 2.0 - 3.4 1.4 - 1.8 2.0 - 3.3

4. Other financial assets

Consolidated financial statements

(Unit: Thousand Baht)

Separate financial statements

31 March

2026

31 December

2025

31 March

2026

31 December

2025

(Audited) (Audited)

Debt instrument at amortised cost

Equity instruments of listed companies are measured at fair value with hierarchy level 1 and unit trusts in mutual funds are measured at fair value with hierarchy level 2.

The Group sells its equity interest and transfers the accumulated gain recognised in other comprehensive income to retained earnings as follows:

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

Consolidated financial statements

Separate financial statements

The Group receives dividends from equity instruments designated at FVOCI as follows:

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

Consolidated financial statements

Separate financial statements

2026 2025 2026 2025

Remaining instruments 8 7 - -

1. Investments in subsidiaries

   Dividend payment

   On 14 March 2026, the Annual General Meeting of Haadyai Nakarin Company Limited ("HN") passed resolutions approving dividend payments from retained earnings and operating results for 2025 of Baht 3.50 per share, totaling Baht 67.03 million. HN made payment of such dividend in April 2026.

2. Investments in joint ventures and associates

   Movements of the investment in joint venture and associate account during the three-month period ended 31 March 2026 are summarised below.

   Consolidated financial statements

   Carrying amounts based on equity methods

   (Unit: Thousand Baht)

   Separate financial statements

   Carrying amounts based on cost method - net

   Net book value as at 1 January 2026 6,379,417 172,200

   Increase in investments in associate 147,600 147,600

   Share of profit during the period 103,572 -

   Dividend received during the period (42,158) -

   Translation adjustment 400,892 -

   Net book value as at 31 March 2026 6,989,323 319,800

   On 7 July 2025, the Board of Directors' Meeting No. 7/2025 of the Company passed a resolution approving the Company's joint investment in an associate, SEA Estate Company Limited ("SEA"), which is a company incorporated in Thailand engaged in the construction of factory buildings and warehouses for rent. In August 2025, the Company entered into a joint investment agreement with two other investors and SEA was subsequently registered. The Company holds a 41 percent equity interest in SEA, which has a total registered share capital of Baht 1,200 million (comprising 12,000,000 ordinary shares with a par value of Baht 100 each).

   On 16 February 2026, SEA made issued a call for an additional share payment at a rate of 30 percent. The Company paid made an additional share subscription amounting payment of Baht 147.6 million in March 2026, in proportion to its shareholding. To date, SEA has called up a total of 65 percent of the share capital, and the Company has paid a cumulative amount of approximately Baht 319.8 million for the shares.

   The share of profit from investments in joint ventures and associates is calculated based on the financial statements prepared by the management of those entities. The Group's management believes that such financial statements would not be materially different if they had been audited or reviewed by independent auditors.

3. Bills of exchange payable

   Movements of the bill of exchange payable account during the three-month period ended 31 March 2026 are summarised below.

   (Unit: Thousand Baht)

   Balance as at 1 January 2026	6,163,034
   Add Issuance of bills of exchange	5,055,000
   Less Repayment	(5,055,000)
   Add Amortisation of prepaid interest expenses	26,141
   Less Prepaid interest expenses	(54,135)
   Balance as at 31 March 2026	6,135,040

   Consolidated / Separate financial statements

   Short-term unsecured bills of exchange are subject to interest rates ranging from 1.39 to 1.60 percent per annum (31 December 2025: ranging from 1.55 to 2.47 percent per annum). They will mature between April to December 2026.

4. Trade and other current payables

   	31 March		31 December		31 March		31 December
   	2026		2025		2026		2025
   			(Audited)				(Audited)
   Trade payables
   Related parties (Note 2)	20,591		21,027		20,444		20,028
   Unrelated parties	2,482,369		2,504,977		2,359,950		2,354,109
   Other current payable	98,866		128,589		88,079		83,007
   Accrued expenses	406,292		420,548		114,131		209,480
   Total trade and other current payables	3,008,118		3,075,141		2,582,604		2,666,624

   Consolidated financial statements

   (Unit: Thousand Baht)

   Separate financial statements

5. Long-term loans from banks

   	31 March		31 December		31 March		31 December
   	2026		2025		2026		2025
   			(Audited)				(Audited)
   Long-term loans from banks	10,706,433		9,960,957		10,366,938		9,808,081
   Less Current portion	(10,706,433)		(9,960,957)		(10,366,938)		(9,808,081)
   Long-term loans from banks, net	-		-		-		-

   Consolidated financial statements

   (Unit: Thousand Baht)

   Separate financial statements

   Movements of the long-term loan from bank account during the three-month period ended 31 March 2026 are summarised below.

   	Consolidated	(Unit: Thousand Baht) Separate
   	financial statements	financial statements
   Balance as at 1 January 2026	9,960,957	9,808,081
   Add Additional borrowings	22,973,802	21,915,701
   Less Repayment	(22,228,344)	(21,356,844)
   Translation adjustment	18	-
   Balance as at 31 March 2026	10,706,433	10,366,938
   Long-term credit facilities which have not yet been drawn down as at 31 March 2026	17,117,105	16,122,925

   These loans carry interest at fixed interest rates specified in the loan agreements or at the rates based on MLR, MMR, BBSY or BIBOR. Repayment is to be made each time a plot of land or a condominium unit is redeemed from mortgage at 70 percent of the selling price, and not less than the amount stipulated by the banks.

   The loans of the Group are secured by the mortgage of project land of the Group, including most present and future structures thereon.

   The loan agreements contain covenants and restrictions on the Group, pertaining to matters such as dividend payment and the maintenance of a certain debt to equity ratio.

6. Debentures

   (Unit: Thousand Baht) Consolidated /

   Separate financial statements

   	31 March 2026		31 December 2025
   Debentures	22,246,089		(Audited) 21,863,937
   Less Current portion	(7,592,298)		(9,121,926)
   Debentures, net	14,653,791		12,742,011

   Movements of the debenture account during the three-month period ended 31 March 2026 are summarised below.

   (Unit: Thousand Baht) Consolidated /

   Separate financial statements

   Balance as at 1 January 2026	21,863,937
   Add Issuance	4,753,820
   Amortisation of deferred debenture issuing costs	2,972
   Amortisation of deferred interest	130,641
   Less Redemption	(4,500,000)
   Deferred debenture issuing costs	(5,281)
   Balance as at 31 March 2026	22,246,089

   During the current period, the Company issues senior unsecured debentures as follows:

   Interest rate / discount rate (Percent per

   Selling price (Million

   Par value (Million

   Debenture

   Term

   Date of issue

   Maturity date

   annum)

   Baht)

   Baht)

   1/2026*

   1 year 10 Months

   25 February 2026

   24 December 2027

   1.78

   1,743

   1,800

   1/2026-1*

   3 years

   25 February 2026

   23 February 2029

   1.95

   377

   400

   2/2026*

   2 years 4 Months

   18 March 2026

   18 July 2028

   1.86

   2,634

   2,750

   * Zero Coupon Bond

   The debenture agreements contain covenants and restrictions on the Company, pertaining to matters such as the dividend payment and maintenance of a certain debt to equity ratio.

7. Treasury stocks

   On 13 May 2025, the Company's Board of Directors' meeting No. 5/2025 passed the resolution approving a program for management purposes to repurchase up to 120 million shares (par value of Baht 1 each), or 6.14 percent of the total number of shares in issue. The maximum budget of the program is Baht 2,000 million. The shares are to be repurchased on the Stock Exchange of Thailand from 19 May 2025 to 18 November 2025. The share resales period is determined after 3 months from the completion date of share repurchase but not later than 3 years.

   During 2025, the Company repurchased 67 million treasury shares at an average price of Baht

   14.38 per share, totaling approximately Baht 958 million. The Company appropriated retained earnings as a reserve for treasury shares in an amount equal to the cost of the treasury shares purchased until all treasury shares have been sold or the paid-up share capital has been reduced by canceling the unsold treasury shares. The Company recording the reserve as "Appropriated retained earnings - treasury stock reserve" in the statement of financial position.

   On 23 April 2026, the Board of Directors' Meeting No. 5/2026 passed a resolution approving the disposals of treasury shares held for financial management purposes totaling Baht 67 million, representing 3.41 percent of the Company's total issued and paid-up share capital. The disposal of such treasury shares will be carried out through the Stock Exchange of Thailand during the period from 29 April 2026 to 31 May 2027.

8. Income tax

   Interim income tax is calculated on profit before income tax for the period, using estimated effective tax rate for the year.

   Income tax for the three-month periods ended 31 March 2026 and 2025 is made up as follows:

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

   	2026		2025		2026		2025
   Current income tax:
   Interim income tax for the period	88,874		145,192		46,466		106,613
   Deferred tax:
   Relating to origination and reversal of
   temporary differences	18,432		(15,030)		10,630		(25,080)
   Income tax expense reported in income statements	107,306		130,162		57,096		81,533
   Income tax charged directly to other comprehensive income	18,387		21,618		13,798		39,084

   Consolidated financial statements

   Separate financial statements

   The Group is within the scope of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD). The Group operates in countries where Pillar Two legislation has gradually been enacted and is effective for fiscal years beginning on or after 1 January 2024. However, no current tax expense related to Pillar Two income taxes was recognised because the Group assesses to benefit from the "Transitional Safe Harbour" relief under the Pillar Two legislation.

9. Earnings per share

   Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares held by external shareholders (excluding the weighted average number of treasury stock during the period).

   The following tables set forth the computation of basic earnings per share for the three-month periods ended 31 March 2026 and 2025.

   For the three-month periods ended 31 March

   	2026	2025		2026	2025
   Profit for the period (Thousand Baht)	402,105	404,796		221,890	351,895
   Weighted average number of
   ordinary shares (Thousand shares)	1,886,454	1,953,054		1,886,454	1,953,054
   Earnings per share (Baht/share)	0.21	0.21		0.12	0.18

   Consolidated financial statements

   Separate financial statements

   (Unaudited but reviewed)

10. Segment information

    During the current period, the Group does not change the organisation of their reportable segments from those disclosed in the latest annual financial statements.

    The following tables present revenue and profit information regarding the Group's operating segments dividing for the three-month periods ended 31 March 2026 and 2025.

    (Unit: Thousand Baht)

    For the three-month periods ended 31 March

    Revenues	2026		2025		2026		2025		2026		2025		2026		2025
    External customers	3,731,354		3,585,534		60,214		48,482		-		-		3,791,568		3,634,016
    Inter-segment	1,389		300		1,824		5,132		(3,213)		(5,432)		-		-
    Total revenues	3,732,743		3,585,834		62,038		53,614		(3,213)		(5,432)		3,791,568		3,634,016
    Segment profit	402,910		528,543		10,295		2,261		-		-		413,205		530,804
    Unallocated income and expenses													116,643		7,791
    Profit before income tax expenses													529,848		538,595
    Income tax expenses													(107,306)		(130,162)
    Profit for the period													422,542		408,433

    Real estate business

    Hotel business and management

    Eliminations of

    inter-segment revenues Consolidated

    12

11. Commitments and contingent liabilities
    1. Commitments and guarantees

       	31 March		31 December		31 March		31 December
       	2026		2025		2026		2025
       			(Audited)				(Audited)
       Capital commitments (Million Baht)
       Project construction contracts	5,309		5,119		3,761		3,715
       Land purchase contracts	1,711		2,262		1,711		2,262
       Uncalled portion of investments in
       joint ventures and associates
       Thai equity capital (Million Baht)	172		-		172		-
       Foreign equity capital (Million AUD)	86		86		-		-
       Guarantees (Million Baht)
       Guarantee utility usage	4,715		4,621		4,315		4,346
       Guarantee trade creditors	21		21		21		21

       Consolidated financial statements

       Separate financial statements

    2. Litigation

       As at 31 March 2026, the Group was sued for a total of approximately Baht 176 million in various cases, in respect of breach of contract, cancellation of contract, refund claims and damage claims. The cases are currently being heard by the Appeal and Supreme Courts. However, in the opinion of Group's lawyers and management believe that the Group will not incur any losses as a result of litigation.

12. Financial Instrument Fair values of financial instruments

    Most of the Group's financial instruments are classified as short-term or have interest rates that are close to market rate. Therefore, the carrying amounts of these financial instruments is estimated to approximate their fair value.

13. Events after the reporting period

    On 21 April 2026, the 2026 Annual General Meeting of the Company's shareholders resolved to approve the payment of dividend from 2025 operating results at the rate of Baht 1.25 per share to the shareholders. In September 2025, the Company paid an interim dividend for the first six-month period of 2025 at the rate of Baht 0.55 per share, as approved by the Board of Directors' meeting No. 8/2025 dated 13 August 2025. The Company therefore has to pay the dividend for the remaining six-month period of 2025 at the rate of Baht 0.70 per share. The dividend is set to be paid on 19 May 2026 and will be recorded in the second quarter of the current year.

14. Approval of interim financial statements

These interim financial statements were authorised for issue by the Company's Board of

Directors on 12 May 2026.