Interim report
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Business Online Public Company Limited and its subsidiaries Review report and consolidated and separate financial information For the three-month and nine-month periods ended 30 September 2025
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Independent Auditor’s Report on Review of Interim Financial Information To the Shareholders of Business Online Public Company Limited I have reviewed the accompanying consolidated financial information of Business Online Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 September 2025, the related consolidated statements of comprehensive income for the three-month and nine-month periods then ended, and the related consolidated statements of changes in shareholders’ equity and cash flows for the nine-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 Business Online Public Company Limited for the same periods (collectively “the interim financial information”). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard No. 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 Thai Standards on Auditing 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 No. 34 Interim Financial Reporting. Sarinda Hirunprasurtwutti Certified Public Accountant (Thailand) No. 4799 EY Office Limited Bangkok: 11 November 2025
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Business Online Public Company Limited and its subsidiaries Statements of financial position As at 30 September 2025 (Unit: Thousand Baht) Note 30 September 2025 31 December 2024 30 September 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Assets Current assets Cash and cash equivalents 285,066 369,969 152,729 240,525 Trade and other current receivables 4 342,207 203,868 339,649 200,893 Other current financial assets 5 27,702 100,298 - 60,000 Other current assets 86,901 20,236 86,017 15,199 Total current assets 741,876 694,371 578,395 516,617 Restricted bank deposits 6 64,000 14,200 64,000 14,200 Other non-current financial assets 7 569,465 568,784 569,465 568,784 Investment in subsidiaries 8 - - 65,000 62,000 Investment in joint venture 9 1,813 3,537 1,813 6,700 Investment in associate 10 30,526 30,554 30,000 30,000 Building improvement and equipment 11 67,659 35,591 66,044 33,761 Right-of-use assets 15.1 9,356 13,967 7,186 10,728 Intangible assets 12 45,193 40,880 42,563 37,191 Deferred tax assets 710 769 - - Other non-current assets 4,699 4,036 4,076 3,436 793,421 712,318 850,147 766,800 Total assets 1,535,297 1,406,689 1,428,542 1,283,417 The accompanying notes are an integral part of the financial statements. Consolidated financial statements Separate financial statements Non-current assets Total non-current assets
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Business Online Public Company Limited and its subsidiaries Statements of financial position (continued) As at 30 September 2025 (Unit: Thousand Baht) Note 30 September 2025 31 December 2024 30 September 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Liabilities and shareholders' equity Current liabilities Short-term loan from financial institution 13 50,000 - 50,000 - Trade and other current payables 14 200,135 137,366 158,123 117,872 Deferred income 124,193 88,045 113,131 78,875 Current portion of lease liabilities 15.2 4,684 4,810 3,602 3,699 Income tax payable 7,056 12,320 5,391 9,171 Dividend payable 950 813 950 813 Other current liabilities 3,136 1,983 2,970 1,889 Total current liabilities 390,154 245,337 334,167 212,319 Non-current liabilities Lease liabilities - net of current portion 15.2 6,487 11,212 4,988 8,620 Non-current provision for employee benefits 26,354 24,403 24,807 23,018 Provision for decommissioning costs 4,337 4,147 3,297 3,152 Deferred tax liabilities 80,009 80,195 77,271 78,434 Total non-current liabilities 117,187 119,957 110,363 113,224 Total liabilities 507,341 365,294 444,530 325,543 Shareholders’ equity Share capital Registered 820,505,500 ordinary shares of Baht 0.10 each 82,051 82,051 82,051 82,051 Issued and fully paid up 820,505,500 ordinary shares of Baht 0.10 each 82,051 82,051 82,051 82,051 Share premium 139,271 139,271 139,271 139,271 Retained earnings Appropriated - statutory reserve 8,260 8,260 8,260 8,260 Unappropriated 437,613 451,491 394,183 368,700 Other components of shareholders' equity 360,761 360,322 360,247 359,592 Total shareholders' equity 1,027,956 1,041,395 984,012 957,874 Total liabilities and shareholders' equity 1,535,297 1,406,689 1,428,542 1,283,417 The accompanying notes are an integral part of the financial statements. Directors Consolidated financial statements Separate financial statements
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Business Online Public Company Limited and its subsidiaries Statements of comprehensive income For the three-month period ended 30 September 2025 Consolidated financial statements Note 2025 2024 2025 2024 Profit or loss: Revenues Service income 16 221,511 174,427 196,859 149,514 Dividend income 7, 8 22,969 19,906 82,968 19,906 Other income 190 73 178 - Total revenues 244,670 194,406 280,005 169,420 Expenses Costs of services 97,082 51,070 82,664 37,156 Administrative expenses 46,938 49,679 44,153 34,105 Total expenses 144,020 100,749 126,817 71,261 Operating profit 100,650 93,657 153,188 98,159 Share of loss from investment in joint venture (284) (426) - - Share of profit from investment in associate 126 91 - - Finance income 2,050 2,349 647 1,149 Finance cost (356) (329) (299) (254) Profit before income tax expenses 102,186 95,342 153,536 99,054 Income tax expenses 17 (10,022) (11,323) (8,012) (11,872) Profit for the period 92,164 84,019 145,524 87,182 Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods Gain on change in value of debt investment designated at fair value through other comprehensive income - net of income tax 17 93 165 93 165 Share of other comprehensive income of joint venture - exchange differences on translation of financial statements in foreign currency (43) (428) - - Other comprehensive income to be reclassified to profit or loss in subsequent periods 50 (263) 93 165 Other comprehensive income for the period 50 (263) 93 165 Total comprehensive income for the period 92,214 83,756 145,617 87,347 The accompanying notes are an integral part of the financial statements. (Unaudited but reviewed) (Unit: Thousand Baht except earnings per share expressed in Baht) Separate financial statements
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Business Online Public Company Limited and its subsidiaries Statements of comprehensive income (continued) For the three-month period ended 30 September 2025 Consolidated financial statements Note 2025 2024 2025 2024 Basic earnings per share (Baht) 18 Profit attributable to equity holders of the Company 0.11 0.10 0.18 0.11 Weighted average number of ordinary shares (Thousand shares) 820,506 820,506 820,506 820,506 The accompanying notes are an integral part of the financial statements. (Unit: Thousand Baht except earnings per share expressed in Baht) Separate financial statements (Unaudited but reviewed)
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Business Online Public Company Limited and its subsidiaries Statements of comprehensive income For the nine-month period ended 30 September 2025 Consolidated financial statements Note 2025 2024 2025 2024 Profit or loss: Revenues Service income 16 595,415 528,303 518,096 450,691 Dividend income 7, 8, 10 49,000 42,875 109,299 43,145 Other income 322 217 443 89 Total revenues 644,737 571,395 627,838 493,925 Expenses Costs of services 238,117 181,248 195,658 140,199 Administrative expenses 136,838 126,951 126,608 105,871 Total expenses 374,955 308,199 322,266 246,070 Operating profit 269,782 263,196 305,572 247,855 Share of loss from investment in joint venture 9 (1,508) (1,712) - - Share of profit from investment in associate 10 272 201 - - Finance income 6,759 7,860 2,439 4,123 Finance cost (904) (1,031) (719) (792) Profit before income tax expenses 274,401 268,514 307,292 251,186 Income tax expenses 17 (29,822) (38,017) (23,352) (33,503) Profit for the period 244,579 230,497 283,940 217,683 Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods Gain on change in value of debt investment designated at fair value through other comprehensive income - net of income tax 17 655 146 655 146 Share of other comprehensive income of joint venture - exchange differences on translation of financial statements in foreign currency 9 (216) (240) - - Other comprehensive income to be reclassified to profit or loss in subsequent periods 439 (94) 655 146 Other comprehensive income for the period 439 (94) 655 146 Total comprehensive income for the period 245,018 230,403 284,595 217,829 The accompanying notes are an integral part of the financial statements. (Unaudited but reviewed) (Unit: Thousand Baht except earnings per share expressed in Baht) Separate financial statements
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Business Online Public Company Limited and its subsidiaries Statements of comprehensive income (continued) For the nine-month period ended 30 September 2025 Consolidated financial statements Note 2025 2024 2025 2024 Basic earnings per share (Baht) 18 Profit attributable to equity holders of the Company 0.30 0.28 0.35 0.27 Weighted average number of ordinary shares (Thousand shares) 820,506 820,506 820,506 820,506 The accompanying notes are an integral part of the financial statements. (Unaudited but reviewed) (Unit: Thousand Baht except earnings per share expressed in Baht) Separate financial statements
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(Unaudited but reviewed) Business Online Public Company Limited and its subsidiaries Statements of changes in shareholders' equity For the nine-month period ended 30 September 2025 (Unit: Thousand Baht) Share of other comprehensive income of Fair value reserve joint venture - exchange of investment differences on designated Total other Issued and Appropriated - translation of financial at fair value through components of Total paid up statutory statements in other comprehensives shareholders' shareholders' Note share capital Share premium reserve Unappropriated foreign currency income equity equity Balance as at 1 January 2024 82,051 139,271 8,260 440,010 898 358,934 359,832 1,029,424 Profit for the period - - - 230,497 - - - 230,497 Other comprehensive income for the period - - - - (240) 146 (94) (94) Total comprehensive income for the period - - - 230,497 (240) 146 (94) 230,403 Dividend paid 19 - - - (262,560) - - - (262,560) Balance as at 30 September 2024 82,051 139,271 8,260 407,947 658 359,080 359,738 997,267 Balance as at 1 January 2025 82,051 139,271 8,260 451,491 730 359,592 360,322 1,041,395 Profit for the period - - - 244,579 - - - 244,579 Other comprehensive income for the period - - - - (216) 655 439 439 Total comprehensive income for the period - - - 244,579 (216) 655 439 245,018 Dividend paid 19 - - - (258,457) - - - (258,457) Balance as at 30 September 2025 82,051 139,271 8,260 437,613 514 360,247 360,761 1,027,956 The accompanying notes are an integral part of the financial statements. Other components of shareholders' equity Consolidated financial statements Retained earnings Other comprehensive income Equity attributable to owner of the Company
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(Unaudited but reviewed) Business Online Public Company Limited and its subsidiaries Statements of changes in shareholders' equity (continued) For the nine-month period ended 30 September 2025 (Unit: Thousand Baht) Other components of shareholders' equity Other comprehensive income - Fair value reserve of investment designated Issued and Appropriated - at fair value through Total paid up statutory other comprehensives shareholders' Note share capital Share premium reserve Unappropriated income equity Balance as at 1 January 2024 82,051 139,271 8,260 387,945 358,934 976,461 Profit for the period - - - 217,683 - 217,683 Other comprehensive income for the period - - - - 146 146 Total comprehensive income for the period - - - 217,683 146 217,829 Dividend paid 19 - - - (262,560) - (262,560) Balance as at 30 September 2024 82,051 139,271 8,260 343,068 359,080 931,730 Balance as at 1 January 2025 82,051 139,271 8,260 368,700 359,592 957,874 Profit for the period - - - 283,940 - 283,940 Other comprehensive income for the period - - - - 655 655 Total comprehensive income for the period - - - 283,940 655 284,595 Dividend paid 19 - - - (258,457) - (258,457) Balance as at 30 September 2025 82,051 139,271 8,260 394,183 360,247 984,012 The accompanying notes are an integral part of the financial statements. Retained earnings Separate financial statements
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Business Online Public Company Limited and its subsidiaries Statements of cash flows For the nine-month period ended 30 September 2025 Consolidated financial statements 2025 2024 2025 2024 Cash flows from operating activities Profit before tax 274,401 268,514 307,292 251,186 Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation and amortisation 16,976 18,173 14,829 15,384 Share of loss from investment in joint venture 1,508 1,712 - - Allowance for impairment loss of investment in joint venture - - 4,887 - Share of profit from investment in associate (272) (201) - - Provision for employee benefits 1,951 1,867 1,789 1,733 Gain on sales of equipment (172) (21) (161) (20) Unrealised loss (gain) on exchange 439 (414) (51) 15 Net loss on derivative instruments at fair value through profit or loss 1,124 - 1,124 - Dividend income (49,000) (42,875) (109,299) (43,145) Finance income (6,759) (7,860) (2,439) (4,123) Finance cost 904 1,031 719 792 Profit from operating activities before changes in operating assets and liabilities 241,100 239,926 218,690 221,822 Decrease (increase) in operating assets: Trade and other current receivables (115,999) (80,812) (116,021) (77,937) Other current assets (66,665) 4,862 (70,818) 4,265 Other non-current assets (663) 168 (640) 169 Increase (decrease) in operating liabilities: Trade and other current payables 45,099 20,587 23,155 22,733 Deferred income 36,148 14,272 34,256 14,758 Other current liabilities 29 277 (43) 277 Payment of long-term employee benefits - (2,825) - (2,825) Cash flows from operating activities 139,049 196,455 88,579 183,262 Cash paid for corporate income tax (35,376) (50,709) (28,458) (43,061) Net cash from operating activities 103,673 145,746 60,121 140,201 The accompanying notes are an integral part of the financial statements. (Unaudited but reviewed) (Unit: Thousand Baht) Separate financial statements
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Business Online Public Company Limited and its subsidiaries Statements of cash flows (continued) For the nine-month period ended 30 September 2025 Consolidated financial statements 2025 2024 2025 2024 Cash flows from investing activities Decrease in fixed deposits 72,596 116,000 60,000 80,000 Increase in restricted bank deposits (49,800) - (49,800) - Cash paid for investment in subsidiary - - (3,000) (10,000) Cash received from other non-current financial assets 187 - 187 - Dividend received 26,331 23,239 86,330 23,239 Cash paid for purchase of building improvement and equipment (24,013) (20,688) (23,932) (20,688) Cash received from sales of equipment 187 25 176 23 Cash paid for purchase of computer software (9,077) (6,701) (9,077) (6,701) Cash received from interest income 7,337 9,344 2,623 4,661 Net cash from investing activities 23,748 121,219 63,507 70,534 Cash flows from financing activities Cash received from short-term loan from financial institution 50,000 - 50,000 - Payment of lease liabilities (3,894) (3,813) (2,994) (2,932) Interest paid (110) - (110) - Dividend paid (258,320) (262,210) (258,320) (262,210) Net cash used in financing activities (212,324) (266,023) (211,424) (265,142) Net increase (decrease) in cash and cash equivalents (84,903) 942 (87,796) (54,407) Cash and cash equivalents at beginning of period 369,969 311,618 240,525 237,161 Cash and cash equivalents at end of period 285,066 312,560 152,729 182,754 Supplemental cash flow information: Non-cash related transactions from operating activities: Payable for purchase of building improvement and equipment 17,448 4,956 17,364 4,927 Increase in dividend receivable 22,969 19,906 22,969 19,906 Increase in dividend payable 137 350 137 350 The accompanying notes are an integral part of the financial statements. (Unaudited but reviewed) (Unit: Thousand Baht) Separate financial statements
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(Unaudited but reviewed) 1 Business Online Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month and nine-month periods ended 30 September 2025 1. General information 1.1 Corporate information Business Online Public Company Limited (“the Company”) is a public company incorporated and domiciled in Thailand. Its major shareholders are Advanced Research Group Co., Ltd., which is incorporate d in Thailand, and CTOS Holdings Sdn Bhd, which is incorporated in Malaysia. Its principal activity is service provider and developer of local and global financial information system and as an online and offline business information service provider as well as consulting service and database management. The registered office of the Company is at 1023 MS Siam Tower, 28th Floor, Rama III Road, Kwang Chong Nonsi, Khet Yannawa, Bangkok. 1.2 Basis for the preparation of interim financial statements These interim financial statements are prepared in accordance with T hai Accounting Standard No. 34 Interim Financial Reporting , with the Company present ing condensed interim financial statements. The Company has presented the st atements of financial position, comprehensive income, changes in shareholders’ equity, and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis . The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language financial statements. 1.3 Basis of consolidation The interim consolidated financial statements included the financial statements of Business Online Public Company Limited and its subsidiaries and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2024 . There ha s been no changes in the shareholding structure of subsidiaries during the period.
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(Unaudited but reviewed) 2 2. Accounting policies The interim financial statements are prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024. The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group’s financial statements. 3. Related party transactions During the periods, the Group had significant business transactions with related parties. Such transactions were concluded on commercial terms and bases agreed upon between the Group and those related parties and were in ordinary course of business. There were no significant changes in the transfer pricing policy of transactions with related parties during the current period. Significant business transactions with related parties were summarised as follows: (Unit: Thousand Baht) For the three-month periods ended 30 September Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Transaction with subsidiaries (eliminated from the consolidated financial statements) Service income - - 2,877 2,178 Cost of services - - 354 311 Dividend income - - 59,999 Transaction with joint venture Service income 6 33 6 33 Transaction with related companies Service income 24,831 11,956 24,831 11,956 Service fee expenses 5,172 4,598 4,853 4,321 Cost of services 2,573 2,871 2,069 2,331 Purchase of equipment 1,895 3,687 1,895 3,687 Dividend income 22,969 19,906 22,969 19,906
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(Unaudited but reviewed) 3 (Unit: Thousand Baht) For the nine-month periods ended 30 September Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Transaction with subsidiaries (eliminated from the consolidated financial statements) Service income - - 7,800 6,603 Cost of services - - 979 2,576 Dividend income - - 59,999 - Transaction with joint venture Service income 56 98 56 98 Transaction with associated company Dividend income - - 300 270 Transaction with related companies Service income 57,602 43,484 57,602 43,484 Service fee expenses 13,812 12,853 13,033 11,956 Cost of services 7,653 8,421 6,157 6,811 Purchase of equipment 4,646 4,645 4,646 4,645 Dividend income 49,000 42,875 49,000 42,875 As at 30 September 2025 and 31 December 2024 , the outstanding balances between the Company and its related parties are as follows: (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 30 September 2025 31 December 2024 30 September 2025 31 December 2024 (Audited) (Audited) Trade and other current receivables - related parties (Note 4) Subsidiaries - - 1,982 2,265 Related companies (Common shareholders and/or directors) 43,564 7,688 42,971 7,667 Total trade and other current receivables - related parties 43,564 7,688 44,953 9,932
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(Unaudited but reviewed) 4 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 30 September 2025 31 December 2024 30 September 2025 31 December 2024 (Audited) (Audited) Trade and other current payables - related parties (Note 14) Subsidiaries - - 38 650 Related companies (Common shareholders and/or directors) 6,445 5,132 6,320 5,068 Total trade and other current payables - related parties 6,445 5,132 6,358 5,718 Deferred income - related parties Subsidiaries - - 200 - Related companies (Common shareholders and/or directors) 56 561 56 561 Total deferred income - related parties 56 561 256 561 Directors and management’s benefits During the three-month and nine-month periods ended 30 September 2025 and 2024, the Group had employee benefit expenses of their directors and management as below. (Unit: Thousand Baht) For the three-month periods ended 30 September Consolidated/Separate financial statements 2025 2024 Short-term employee benefits 8,261 6,539 Post-employment benefits 89 66 Total 8,350 6,605 (Unit: Thousand Baht) For the nine-month periods ended 30 September Consolidated/Separate financial statements 2025 2024 Short-term employee benefits 24,686 19,479 Post-employment benefits 266 197 Total 24,952 19,676
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(Unaudited but reviewed) 5 4. Trade and other current receivables (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 30 September 2025 31 December 2024 30 September 2025 31 December 2024 (Audited) (Audited) Trade receivables - related parties Aged on the basis of due dates Not yet due 6,041 4,957 7,013 5,685 Past due Up to 3 months - - - 1,487 6 - 12 months 1,405 1,468 1,405 1,468 Total trade receivables - related parties 7,446 6,425 8,418 8,640 Trade receivables - unrelated parties Aged on the basis of due dates Not yet due 37,198 25,339 35,035 24,455 Past due Up to 3 months 40,463 33,408 40,369 32,693 3 - 6 months 149 107 149 107 6 - 12 months 7,078 - 7,078 - Total trade receivables - unrelated parties 84,888 58,854 82,631 57,255 Total trade receivables - net 92,334 65,279 91,049 65,895 Other current receivables Other current receivables - unrelated parties 545 359 544 344 Accrued income - related parties 33,781 1,170 33,781 1,220 Accrued income - unrelated parties 175,222 102,575 174,193 100,012 Prepaid expense - related parties 2,337 93 2,754 72 Prepaid expense - unrelated parties 37,988 34,392 37,328 33,350 Total other current receivables 249,873 138,589 248,600 134,998 Total trade and other current receivables - net 342,207 203,868 339,649 200,893 5. Other current financial assets As at 30 September 2025 , the Group had investment in 6 months fixed deposits of Baht 27.70 million (the Company only: Nil) (31 December 2024 : Baht 100.30 million (the Company only: Baht 60.00 million)) which carried interests of 4.20 percent per annum (31 December 2024: 2.00 - 4.20 percent per annum).
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(Unaudited but reviewed) 6 6. Restricted banks deposits As at 30 September 20 25, the Company pledged fixed deposits at banks approximately Baht 64.00 million (31 December 2024: Baht 14.20 million), consisting of fixed deposits with two banks of Baht 14.00 million (31 December 2024: Baht 14.20 million) to secure bank overdrafts and letter of guarantees issued by the banks on behalf of the Company and fixed deposit with one bank of Baht 50.00 million (31 December 2024: Nil) to secure short-term loan from financial institution. 7. Other non-current financial assets As at 30 September 2025 and 31 December 2024 , other non -current financial assets consisted of: (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 30 September 2025 31 December 2024 30 September 2025 31 December 2024 (Audited) (Audited) Debt instruments at fair value through OCI Government bond 10,189 9,321 10,189 9,321 Equity instruments at fair value through OCI Non-listed equity instruments (4 companies) 559,276 559,463 559,276 559,463 Total other non-current financial assets 569,465 568,784 569,465 568,784 Movements in debt instruments at fair value through OCI during the nine-month period ended 30 September 2025 are summarised below. (Unit: Thousand Baht) Consolidated /Separate financial statements Fair value Debt instruments Balance as at 1 January 2025 9,321 Interest income recognised during period 128 Interest received during period (79) Gain on change in value of investment 819 Balance as at 30 September 2025 10,189
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(Unaudited but reviewed) 7 During the three -month and nine-month periods ended 30 September 2025, the Company received dividend income from National Credit Bureau Co., Ltd. of Baht 23.0 million and Baht 49.0 million (2024: Baht 19.9 million and Baht 42.9 million) 8. Investments in subsidiaries Details of investments in subsidiaries as presented in the separate financial statements are as follows: (Unit: Thousand Baht) Company’s name Nature of business Paid-up capital Shareholding percentage Cost Dividend received during the nine-month period ended 30 September 31 December 30 September 31 December 30 September 31 December 30 September 30 September 2025 2024 2025 2024 2025 2024 2025 2024 (%) (%) (Audited) D&B (Thailand) Co., Ltd. Business information service 5,000 2,000 100 100 5,000 2,000 59,999 - BOL Digital Co., Ltd. Social business service 60,000 60,000 100 100 60,000 60,000 - - 65,000 62,000 59,999 - D&B (Thailand) Company Limited On 13 June 2025, the Company additionally paid for its investment in the subsidiary of Baht 3 million ( 400,000 ordinary shares, called up at Baht 7.5 per share). The subsidiary registered the additional issued and paid up share capital with the Ministry of Commerce on 13 June 2025. 9. Investment in joint venture 9.1 Details of investment in joint venture: (Unit: Thousand Baht) Consolidated financial statements Joint ventures Nature of business Shareholding percentage Cost Carrying amounts based on equity method 30 September 31 December 30 September 31 December 30 September 31 December 2025 2024 2025 2024 2025 2024 (%) (%) (Audited) (Audited) Business Information Co., Ltd. Provision of services by providing system with making decision tools 50 50 15,500 15,500 1,813 3,537 (Unit: Thousand Baht) Separate financial statements Joint ventures Cost Allowance for impairment of investments Carrying amounts based on cost method - net 30 September 31 December 30 September 31 December 30 September 31 December 2025 2024 2025 2024 2025 2024 (Audited) (Audited) (Audited) Business Information Co., Ltd. 15,500 15,500 (13,687) (8,800) 1,813 6,700
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(Unaudited but reviewed) 8 9.2 Share of comprehensive income During the nine-month periods ended 30 September 2025 and 2024 , the Company recognised its share of comprehensive income from investment in the joint venture in the consolidated financial statements as follows: (Unit: Thousand Baht) Consolidated financial statements Joint ventures Share of loss from investments in joint venture during the nine-month periods ended 30 September Share of other comprehensive income from investments in joint venture during the nine-month periods ended 30 September 2025 2024 2025 2024 Business Information Co., Ltd. (1,508) (1,712) (216) (240) On 13 May 2025, the Company’s Board of Directors Meeting passed a resolution to approve proceeding with the dissolution of Business Information Co., Ltd. in Vietnam which was investment in joint venture of the Company and a company. Such transaction is on the preparation process. 10. Investment in associate 10.1 Details of associate: (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Company’s name Nature of business Country of incorporation Percentage of shareholding Carrying amount based on equity method Carrying amount based on cost method 30 September 31 December 30 September 31 December 30 September 31 December 2025 2024 2025 2024 2025 2024 (%) (%) (Audited) (Audited) Abiks Development Co., Ltd. Property Development Thailand 20 20 30,526 30,554 30,000 30,000 During the nine-month periods ended 30 September 2025 and 2024 , the Company recognised share of profit from investment in associate in the consolidated financial statements and recognised dividend income in the separate financial statements as follows: (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Company’s name Share of profit from investment in associate for the nine-month periods ended 30 September Dividend received during the nine-month periods ended 30 September 2025 2024 2025 2024 Abiks Development Co., Ltd. 272 201 300 270
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(Unaudited but reviewed) 9 11. Building improvement and equipment Movements in the building improvement and equipment account during the nine-month period ended 30 September 2025 are summarised below. (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Net book value as at 1 January 2025 35,591 33,761 Acquisition during the period - at cost 41,244 41,079 Disposal/write-off - net (15) (15) Depreciation charged for the period (9,161) (8,781) Net book value as at 30 September 2025 67,659 66,044 12. Intangible assets Movements in intangible assets account during the nine-month period ended 30 September 2025 are summarised below. (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Net book value as at 1 January 2025 40,880 37,191 Acquisition during the period - at cost 9,077 9,077 Amortisation charged for the period (4,764) (3,705) Net book value as at 30 September 2025 45,193 42,563 13. Short-term loan from financial institution As at 30 September 2025 , the Company had short-term loan from financial institution in promissory note of Baht 50 million (31 December 2024: Nil), which carried interest at 2.50 percent per annum. Credit facility of the Company, including short-term loan from a financial institution is secured by fixed deposits of the Company.
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(Unaudited but reviewed) 10 14. Trade and other current payables (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 30 September 31 December 30 September 31 December 2025 2024 2025 2024 (Audited) (Audited) Trade payables - related parties 1,143 1,203 1,143 1,203 Trade payables - unrelated parties 70,507 5,497 40,785 5,497 Accrued project cost - related parties 420 527 458 1,177 Accrued project cost - unrelated parties 58,482 83,377 49,012 66,480 Accrued expenses - related parties 778 660 743 660 Accrued expenses - unrelated parties 28,874 35,378 26,796 32,616 Other current payables - related parties 4,104 2,742 4,014 2,678 Other current payables - unrelated parties 35,827 7,982 35,172 7,561 Total trade and other current payables 200,135 137,366 158,123 117,872 15. Lease The Group has lease contracts for assets used in its operations. Leases generally have lease term between 3 - 9 years. 15.1 Right-of-use assets Movement of right -of-use assets for the nine-month period ended 30 September 2025 are summarised below. (Unit: Thousand Baht) Consolidated financial statements - building and building improvement Separate financial statements - building and building improvement Net book value as at 1 January 2025 13,967 10,728 Decrease during the period (1,560) (1,199) Depreciation for the period (3,051) (2,343) Net book value as at 30 September 2025 9,356 7,186
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(Unaudited but reviewed) 11 15.2 Lease liabilities Movements of the lease liability account for the nine-month period ended 30 September 2025 are summarised below. (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Net book value as at 1 January 2025 16,022 12,319 Decrease (1,560) (1,199) Accretion of interest 794 609 Repayments (3,894) (2,994) Transfer out (191) (145) Net book value as at 30 September 2025 11,171 8,590 Less: Current portion (4,684) (3,602) Net book value as at 30 September 2025 - net of current portion 6,487 4,988 16. Service income Service income of the Group classified by nature of services are as follows: (Unit: Thousand Baht) For the three-month periods ended 30 September Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Revenue from information services 88,008 102,086 61,333 75,678 Revenue from information services under the BOI investment promotion privilege 41,827 24,301 41,827 24,301 Revenue from data and risk management services 78,754 37,963 78,754 37,963 Other service income 12,922 10,077 14,945 11,572 Total service income 221,511 174,427 196,859 149,514
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(Unaudited but reviewed) 12 (Unit: Thousand Baht) For the nine-month periods ended 30 September Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Revenue from information services 279,905 330,698 197,059 248,657 Revenue from information services under the BOI investment promotion privilege 115,841 57,165 115,841 57,165 Revenue from data and risk management services 155,449 97,099 155,449 97,099 Other service income 44,220 43,341 49,747 47,770 Total service income 595,415 528,303 518,096 450,691 17. Income tax Interim corporate income tax was calculated on profit before income tax for the period s, using the estimated effective tax rate for the year. Income tax for the three-month and nine-month periods ended 30 September 2025 and 2024 are made up as follows: (Unit: Thousand Baht) For the three-month periods ended 30 September Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Current income tax: Interim corporate income tax 10,112 11,456 8,190 12,017 Deferred tax: Relating to origination and reversal of temporary differences (90) (133) (178) (145) Income tax reported in profit or loss 10,022 11,323 8,012 11,872 (Unit: Thousand Baht) For the nine-month periods ended 30 September Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Current income tax: Interim corporate income tax 30,113 37,859 24,679 33,379 Deferred tax: Relating to origination and reversal of temporary differences (291) 158 (1,327) 124 Income tax reported in profit or loss 29,822 38,017 23,352 33,503
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(Unaudited but reviewed) 13 The amounts of income tax relating to each component of other comprehensive income for the three-month and nine-month periods ended 30 September 2025 and 2024 are as follows: (Unit: Thousand Baht) For the three-month periods ended 30 September Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Deferred tax relating to gain on change in fair value of investment in financial assets 24 42 24 42 (Unit: Thousand Baht) For the nine-month periods ended 30 September Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Deferred tax relating to gain on change in fair value of investment in financial assets 164 37 164 37 18. Basic earnings per share Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period. 19. Dividends Dividends Approved by Total dividends (Million Baht) Dividend per share (Baht) Final dividends for 2024 Annual General Meeting of the Company’s shareholders on 1 April 2025 135.38 0.165 Interim dividends for operation result 1 January 2025 to 30 June 2025 Board of Directors’ meeting on 5 August 2025 123.08 0.150 Total dividend paid 2025 258.46 Final dividends for 2023 Annual General Meeting of the Company’s shareholders on 2 April 2024 143.59 0.175 Interim dividends for operation result 1 January 2024 to 30 June 2024 Board of Directors’ meeting on 8 August 2024 118.97 0.145 Total dividend paid 2024 262.56
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(Unaudited but reviewed) 14 20. Financial information by segment Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance. The Group is principally engaged in one segment, i.e. an online and offline information service provider and developer of financial news and other information services. Its operations are carried on only in Thailand. Segment performance is measured based on operating profit or loss, on a basis consistent with that used to measure operating profit or loss in the financial statements. As a result, all of the revenues and operating profits as presented in the comprehensive income statements and assets as reflected in these financial statements pertain exclusively to the aforementioned reportable operating segment and geographical area. 21. Commitments and contingent liabilities As at 30 September 2025, the Group has commitments and contingent liabilities other than those disclosed in other notes to financial statements as follows: 21.1 Service agreements The Company has entered into agreement with a government enterprise to obtain the right to operate an online business information service and on 23 April 2012, the Company extended the agreement for 5 years with the government enterprise (2016 - 2020) to obtain the right to operate an online business information service. The agreement would be terminated in December 2020. In addition, the Company signed in the memorandum of understanding of the cooperation of business information service which the term of such memorandum is 15 years (2021 - 2035). The Company has to pay the fee at the fixed rate of service income or minimum guarantee for per year as specified in the agreements and such memorandum in order to continue the project. Subsequently, in August 2020, the Company has entered into new agreement with such government enterprise for the period of 5 years to obtain the right to operate an online business information service. The agreement will be effective from 1 January 2021 onward. In July 2021, D&B (Thailand) Co., Ltd., a subsidiary company, extended an agreement with two overseas companies to obtain the trademark license to provide services to customers. The subsidiary company is liable to pay a fee as specified in the agreement. The agreement is for the period of 5 years.
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(Unaudited but reviewed) 15 In December 2022, the Company entered into a five-year business collaboration agreement with an overseas company granting the Company for the rights to distribute the product in Thailand. Under the agreement, the Company is obliged to pay minimum license fees at a stipulated rate. In December 2022, BOL Digital Co., Ltd., a subsidiary company entered into a license agreement with an overseas company to obtain the license to receive the security rating data. The subsidiary is liable to pay a fee as specified in the agreement. The agreement will be effective from 21 December 2022 and for the period of 4 years. In addition, the Group entered into service agreements related to cost of providing services with other companies. As at 30 September 2025 and 31 December 2024, the future payments under these service agreements are due as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 30 September 31 December 30 September 31 December 2025 2024 2025 2024 (Audited) (Audited) Payable: In up to 1 year 9.77 25.47 8.86 25.81 In over 1 and up to 5 years 6.83 12.79 5.25 11.27 21.2 Capital commitments As at 3 0 September 2025, the Company had capital commitments of approximately Baht 0.75 million (31 December 2024: Nil), relating to the development and production of website. 21.3 License agreements The Company has entered into an agreement with a related company and an overseas company granting the Company for the rights to utilise software applications to another related company. Under the agreement, the Company is obliged to pay a fee as stipulated in the agreement. The agreement does not stipulate a definite term. 21.4 Bank guarantees As at 30 September 2025 , there were outstanding bank guarantees of Baht 52.1 million issued by a bank on behalf of the Company in respect of certain performance bonds as required in the normal course of business to guarantee contractual performance (31 December 2024: Baht 32.5 million).
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(Unaudited but reviewed) 16 22. Financial Instruments 22.1 Fair value of financial instruments Set out below, is a comparison of the carrying amounts and fair values of financial assets : (Unit: Million Baht) Consolidated/Separate financial statements 30 September 2025 31 December 2024 Carrying amount - cost Fair value Carrying amount - cost Fair value Financial assets Investment in debt instruments 10 10 10 9 Investment in equity instruments of non-listed companies 109 559 109 559 Total 119 569 119 568 22.2 Fair value hierarchy As of 30 September 2025 , the Company had the assets that were measured at fair value using different levels of inputs as follows: (Unit: Million Baht) Consolidated/Separate financial statements 30 September 2025 31 December 2024 Level 2 Level 3 Total Level 2 Level 3 Total Financial assets at fair value through OCI Investments in debt instruments 10 - 10 9 - 9 Investments in equity instruments of non-listed companies - 559 559 - 559 559 During the current period, there were no change of methods, assumptions used in fair value measurement and no transfers within the fair value hierarchy. 23. Approval of interim financial statements These interim financial statements have been authorised for issue by the Board of Directors of the Company on 11 November 2025.