Financial Statement Yearly 2025

Supalai Public Company Limited and its subsidiaries Report and consolidated and separate financial statements 31 December 2025

To the Shareholders of Supalai Public Company Limited

I have audited the accompanying consolidated financial statements of Supalai 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 income, 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 Supalai 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 Supalai Public Company Limited and its subsidiaries and of

Supalai 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.

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 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 matter and how audit procedures respond for each matter are described below.

Revenue recognition from sales of real estate

The amount of revenue from sales of real estate is highly significant. In addition, the Group has variety of sales conditions. Recording of revenue recognition and presentation in the

financial statements in accordance with the Thai Financial Reporting Standards are important as they directly affect the operating results which are interested by the users of the financial statements.

I assessed and tested the effectiveness of the Group's internal controls relating to the revenue cycle, on a sampling basis, examined sale transactions during the year and supporting documents such as sales contracts and ownership transfer documents etc., expanded the audit scope of sale transactions near the end of the reporting period with respect to the accuracy and timing of revenue recognition. I also performed analytical procedures on disaggregated

data, including reconciliation of sales to cash receipts, to detect possible irregularities in sale transactions throughout the period, particularly accounting entries made through journal vouchers.

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.

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.

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.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements. I am responsible for the direction, supervision and review of the audit work performed for the purposes 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.

Krongkaew Limkittikul

Certified Public Accountant (Thailand) No. 5874

EY Office Limited

Bangkok: 24 February 2026

(Unit: Baht)

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

(Unit: Baht)

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

Share capital Registered

(Unit: Baht)

Note 2025 2024 2025 2024

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

Issued and fully paid-up

1,953,054,030 ordinary shares of Baht 1 each 1,953,054,030 1,953,054,030 1,953,054,030 1,953,054,030

Share premium 1,498,995,415 1,498,995,415 1,498,995,415 1,498,995,415

Surplus on change in ownership interests of subsidiaries 29,622,600 29,622,600 - -Treasury share premium 61,466,231 61,466,231 - -Retained earnings

Appropriated

Statutory reserve 20 214,569,156 214,569,156 214,569,156 214,569,156

Treasury stock reserve 21 957,816,300 - 957,816,300 -

Unappropriated 52,564,525,005 51,992,095,888 47,134,500,832 47,040,805,214

Treasury stocks 21 (957,816,300) - (957,816,300) -

Other components of shareholders' equity (2,593,981,278) (2,574,157,330) (58,175,903) (162,639,494)

Equity attributable to owners of the Company 53,728,251,159 53,175,645,990 50,742,943,530 50,544,784,321 Non-controlling interests of the subsidiaries 1,057,502,326 1,044,696,572 - -Total shareholders' equity 54,785,753,485 54,220,342,562 50,742,943,530 50,544,784,321 Total liabilities and shareholders' equity 99,284,878,050 96,231,064,092 94,133,584,551 91,267,938,703

- - - -

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

Directors

(Unit: Baht)

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

(Unit: Baht)

2025 2024 2025 2024

Profit for the year 4,063,432,702 6,271,650,447 3,536,589,230 5,576,749,000

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

Exchange differences on translation of financial statements

in foreign currency (101,011,995) (1,509,230,772) - -

Other comprehensive income to be reclassified to

profit or loss in subsequent periods - net of income tax (101,011,995) (1,509,230,772) - -

Other comprehensive income not to be reclassified to profit or loss in subsequent periods

Remeasurement gain on defined benefit plans

- net of income tax 17,689,884 - 17,397,120 -

Gain on changes in value of equity investments

designated at fair value through other comprehensive income

- net of income tax 272,705,826 650,410,972 302,548,401 767,768,409

Other comprehensive income not to be reclassified to

profit or loss in subsequent periods - net of income tax 290,395,710 650,410,972 319,945,521 767,768,409

Other comprehensive income for the year 189,383,715 (858,819,800) 319,945,521 767,768,409

Total comprehensive income for the year 4,252,816,417 5,412,830,647 3,856,534,751 6,344,517,409

Equity holders of the Company 4,210,980,711 5,335,518,047 3,856,534,751 6,344,517,409 Non-controlling interests of the subsidiaries 41,835,706 77,312,600

4,252,816,417 5,412,830,647

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

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

For the year ended 31 December 2025

(Unit: Baht)

Consolidated financial statements

Equity attributable to shareholders of the Company

Transfer of fair value reserve to retained earnings (Note 8) - - - - - - 198,084,810 - (198,084,810) - - -

Balance as at 31 December 2025 1,953,054,030 1,498,995,415 29,622,600 61,466,231 214,569,156 957,816,300 52,564,525,005 (957,816,300) (2,593,981,278) 53,728,251,159 1,057,502,326 54,785,753,485

-

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

Details of other components of shareholders' equity

(Unit: Baht)

Consolidated financial statements

Equity attributable to shareholders of the Company

Other components of shareholders' equity

Other comprehensive income

Fair value reserve of

Other comprehensive income for the year (1,509,230,772) 655,209,857 (854,020,915) Total comprehensive income for the year (1,509,230,772) 655,209,857 (854,020,915) Transfer of fair value reserve to retained earnings (Note 8) - (1,038,257,156) (1,038,257,156) Balance as at 31 December 2024 (2,047,003,757) (527,153,573) (2,574,157,330)

Other comprehensive income for the year (101,011,995) 279,272,857 178,260,862 Total comprehensive income for the year (101,011,995) 279,272,857 178,260,862 Transfer of fair value reserve to retained earnings (Note 8) - (198,084,810) (198,084,810) Balance as at 31 December 2025 (2,148,015,752) (445,965,526) (2,593,981,278)

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

Supalai Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the year ended 31 December 2025

(Unit: Baht)

Separate financial statements

Other components

of shareholders' equity Other comprehensive

income Fair value reserve of

Issued and

Retained earnings

Appropriated

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

Transfer of fair value reserve to retained earnings (Note 8) - - - - 198,084,810 - (198,084,810) -

Balance as at 31 December 2025 1,953,054,030 1,498,995,415 214,569,156 957,816,300 47,134,500,832 (957,816,300) (58,175,903) 50,742,943,530

-

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

(Unit: Baht)

(paid from) operating activities:

Decrease in property development costs from transferring to

Finance cost 724,551,229 708,504,388 716,221,127 698,742,696

Profit from operating activities before

(Unit: Baht)

1. General information

   Supalai 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 1011 Supalai Grand Tower, Rama 3 Road, Chongnonsri, Yannawa, Bangkok.

2. Basis of preparation

   1. The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Profession 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.

   2. Basis of consolidation

      1. The consolidated financial statements include the financial statements of Supalai Public Company Limited ("the Company") and the following subsidiary companies ("the subsidiaries") (collectively as "the Group"):

         Nature of Company's name business	Country of incorporation		Percentage of shareholding
         				2025	2024
         				(Percent)	(Percent)
         Investments in subsidiaries (held by the Company)
         Supalai Northeast Company Limited Property development		Thailand		99	99
         Phuket Estate Company Limited Hotel and property		Thailand		82	82
         development
         Haadyai Nakarin Company Limited Property development		Thailand		57	57
         Supalai Property Management Company Limited Hotel management and		Thailand		100	100
         property development
         Supalai Philippines Incorporate Investment in securities		Philippines		100	100
         Supalai Singapore Holdings Pte. Ltd. Holdings company		Singapore		100	100

         Nature of Country of Percentage of

         Company's name business incorporation shareholding 2025 2024

         (Percent) (Percent)

         Investment in subsidiary (held by Supalai Singapore Holdings Pte. Ltd.)

         Supalai Australia Holdings Pty Ltd Holdings company Australia 100 100

         Investments in subsidiaries (held by Supalai Australia Holdings Pty Ltd)

         Supalai Rippleside Development Pty Ltd	Holdings company	Australia	100	100
         Supalai Officer Development Pty Ltd	Holdings company	Australia	100	100
         Supalai Greenvale Development Pty Ltd	Holdings company	Australia	100	100
         Investment in subsidiary (held by Supalai Rippleside Development Pty Ltd)
         Balmoral Quay Pty Ltd	Property development	Australia	100	100

      2. 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.

      3. 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.

      4. The financial statements of the subsidiaries are prepared using the same significant accounting policies as the Company.

      5. The assets and liabilities in the financial statements of overseas subsidiaries are translated to Baht using the exchange rate 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 statement of changes in shareholders' equity.

      6. Material balances and transactions between the Group have been eliminated from the consolidated financial statements.

      7. 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.

   3. The separate financial statements present investments in subsidiaries and associates under the cost method.

   4. The Group has interests in joint operations which are joint arrangements whereby subsidiaries have rights to assets and obligations relating to the joint arrangements. The Group recognises assets, liabilities, revenues and expenses in relation to its interest in the following joint operations in the consolidated and separate financial statements of subsidiaries from the date that joint control commences until the date that joint control ceases.

      Company's name	Nature of business		Country of incorporation		Percentage of shareholding
      						2025	2024
      Peet No 119 Pty Ltd		Property development		Australia		(Percent) 50	(Percent) 50
      AW BidCo 1 Pty Limited & Supalai Australia Holdings Pty Ltd		Property development		Australia		50	50
      Mirvac McCormacks Road Pty Limited & Supalai Australia Holdings Pty Ltd		Property development		Australia		50	50

3. New financial reporting standards
   1. 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.

   2. Financial reporting standards that will become effective for fiscal years beginning on or after 1 January 2026

      The Federation of Accounting Professions issued a number of revised financial reporting standards, which are effective for fiscal years beginning on or after 1 January 2026. 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 management of the Group believes that adoption of these amendments will not have any significant impact on the Group's financial statements.

4. Accounting policies
   1. Revenue and expense recognition

      1. Revenue from sales of real estate

         Revenue from sales of real estate is recognised at the point in time when control of the real estate is transferred to the customer, generally upon transfer of the legal ownership. Revenue from sales of real estate is measured at the amount of the consideration received after deducting discounts and considerations payable to the customer. The terms of payment are in accordance with the payment schedule specified in the customer contract. Considerations received before transferring control of the real estate to the customer are presented under the caption of "Deposits and advances received from customers" in the statement of financial position.

      2. Revenue from rental and services

         Rental income is recognised as revenue on straight-line basis over the period of the lease. Service revenue is recognised at a point in time upon completion of the service.

      3. 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).

      4. Dividends

         Dividends are recognised when the right to receive the dividends is established.

      5. Cost of real estate sales

         In determining the costs of land and houses sold and cost of residential condominium units sold, the anticipated total development costs (taking into account actual costs incurred to date) are attributed to land and houses and residential condominium units on the basis of the saleable area.

         Cost of real estate sales includes cost of other goods, such as furniture and fixtures, that are considered part of the house or residential condominium unit and transferred to a customer in accordance with the contract.

         Selling expenses directly associated with projects, such as specific business tax and transfer fees, are recognised as expenses when the sale occurs.

      6. Finance cost

         Interest expense from financial liabilities at amortised cost is calculated using the effective interest method and recognised on an accrual basis.

   2. 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.

   3. Property development costs

      Property development costs are stated at the lower of cost and net realisable value. Cost consists of the cost of land, land improvement costs, design fees, utilities, construction costs, capitalised borrowing costs and other related expenses, as well as estimated project development costs.

      The Group recognises losses on diminution in value of projects (if any) in profit or loss.

   4. Cost to obtain contracts with customers

      The Group recognises a commission paid to obtain a customer contract as an asset and amortises it to expenses on a systematic basis that is consistent with the pattern of revenue recognition. An impairment loss is recognised to the extent that the carrying amount of an asset recognised exceeds the remaining amount of the consideration that the entity expects to receive less direct costs.

   5. Investments in subsidiaries, joint ventures and associates

      Investments in joint ventures and 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 and less allowance for loss on impairment (if any).

   6. Investment properties

      Investment properties are measured initially at cost, including transaction costs. Subsequent to the 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 5, 20 and 30 years. Depreciation of the investment properties is included in profit or loss.

      No depreciation is provided on land and land held for development.

      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.

   7. Property, building and equipment and 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 building and equipment is calculated by reference to their costs on the straight-line basis over the following estimated useful lives:

      Buildings	20, 30	years
      Building improvements and structures	5, 20	years
      Machinery and equipment	5	years
      Furniture, fixtures and office equipment	3, 5	years
      Motor vehicles	5	years

      Depreciation is included in profit or loss.

      No depreciation is provided on land and land improvements.

      An item of property, building 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.

   8. Borrowing costs

      Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

   9. Intangible asset - computer software

      Computer software is initially recognised at cost. Following the initial recognition, computer software is carried at cost less any accumulated amortisation and allowance for loss on impairment of assets (if any).

      Computer software is amortised on the straight-line basis over the economic useful live of

      10 years and tested for impairment whenever there is an indication that the computer software may be impaired. The amortisation period and the amortisation method of such computer software are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss.

   10. 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. 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 that are expected to benefit from the synergies of the combination. The Group estimates the recoverable amount of each cash-generating unit 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.

   11. Unamortised costs relating to the issuance of the debentures

       Expenses incurred in connection with the debentures issued are capitalised and shown as a deduction from such debentures in the statements of financial position and amortised to interest expenses using the effective interest rate over the term of the debentures.

   12. Leases

       At inception of contract, the Group assesses whether the contract is a lease when 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 recognises right-of-use assets and lease liabilities for all lease at the date the underlying asset is available for use (the commencement date of the lease). However, the Group recognises rental expenses on a straight-line basis over the lease term not more than 12 months or leases of low-value assets.

       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.

   13. 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 joint ventures, 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, directors, and officers with authority in the planning and direction of the Group's operations.

   14. 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 profit or loss.

   15. Impairment of non-financial assets

       At the end of each reporting period, the Group performs impairment reviews in respect of the property, building and equipment, 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.

       An impairment loss is recognised in profit or loss.

   16. 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 Group in Thailand and its employees have jointly established a provident fund. The fund is monthly contributed by employees and by the Group. The fund's assets are held in a separate trust fund and the Group's contributions 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.

       Actuarial gains and losses arising from defined benefit plans are recognised immediately in other comprehensive income.

   17. 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.

   18. 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 they recognise 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.

   19. Financial instruments 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. The cash flows are solely payments of principal and interest on the principal amount outstanding complied with the period specified in the contract.

       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 designated at FVOCI (equity instruments)

       Upon initial recognition, the Group can elect to irrevocably classify its equity investments which are not held for trading as equity instruments designated at FVOCI. The classification is determined on an instrument-by-instrument basis.

       Gains and losses recognised in other comprehensive income on these financial assets are never recycled to profit or loss.

       Dividends are recognised as other income in profit or loss, except when the dividends clearly represent a recovery of part of the cost of the financial asset, in which case, the gains are recognised in other comprehensive income.

       Equity instruments designated at FVOCI are not subject to impairment assessment.

       Classification and measurement of financial liabilities

       The Group's financial liabilities are initially recognised at fair value net of transaction costs and classified as liabilities to be subsequently measured at amortised cost. In determining amortised cost, the Group takes into account any discounts or premiums on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in profit or loss.

       Regular way purchases and sales of financial assets

       Regular way purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace are recognised on the trade date, i.e., the date on which the Group commits to purchase or sell the asset.

       Derecognition of financial instruments

       A financial asset is primarily derecognised when the rights to receive cash flows from the asset have been 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 expired. 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. 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 trade receivables, the Group applies a simplified approach in calculating ECLs. The Group recognises an allowance for expected credit losses based on lifetime ECLs at each reporting date. It is 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.

   20. 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

       At the end of each reporting period, the Group determines whether transfers have occurred between levels within the fair value hierarchy for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis.

5. Significant accounting judgements and estimates

   The preparation of financial statements in conformity with financial reporting standards at times requires management to make subjective judgements and estimates regarding matters that are inherently uncertain. These judgements and estimates affect reported amounts and disclosures and actual results could differ from these estimates. Significant judgements and estimates are as follows:

   Impairment loss of investments in subsidiaries and associates

   The Company treats investments in subsidiaries and associates in the separate financial statements as impaired when the management judges that there has been a significant or prolonged decline in the fair value below their costs or where other objective evidence of impairment exists. The determination of what is "significant" or "prolonged" requires judgment.

   Property, building and equipment and depreciation

   In determining depreciation of building and equipment, the management is required to make estimates of the useful lives and residual values of the building and equipment and to review estimate useful lives and residual values when there are any changes.

   In addition, the management is required to review property, building and equipment for impairment on a periodical basis and to record impairment losses when it is determined that their recoverable amount is lower than the carrying amount. This requires judgments regarding forecast of future revenues and expenses relating to the assets subject to the review.

   Goodwill

   The initial recognition and measurement of goodwill, and subsequent impairment testing, require management to make estimates of cash flows to be generated by the asset or the cash-generating units and to choose a suitable discount rate in order to calculate the present value of those cash flows.

   Classification of long-term loans

   In classifying the current portion of long-term loans from banks, the management has used judgement to estimate collateral redemptions and loan settlement in accordance with the terms and conditions stipulated in the loan agreements.

   Project development costs estimation

   In calculating costs of land and houses and residential condominium units sold, the Group has to estimate all project development costs, comprising land and land improvement costs, design and construction costs, public utilities costs, borrowing costs and other related costs. The management estimates these costs based on their experience in the business and revisits the estimations on a periodical basis or when the actual costs incurred significantly vary from the estimated costs.

6. Related party transactions

During the years, the Group had significant business transactions with related parties. Such transactions, which were summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Group and those related parties.

Consolidated

Separate

(Unit: Million Baht)

financial statements financial statements Transfer pricing policy

2025 2024 2025 2024

(eliminated from the consolidated financial statements)

from third parties