Interim report
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Delta Electronics (Thailand) Public Company Limited and its subsidiaries Review report and consolidated and separate financial information For the three-month and six-month periods ended 30 June 2025
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Independent Auditor’s Report on Review of Interim Financial Information To the Shareholders of Delta Electronics (Thailand) Public Company Limited I have reviewed the accompanying consolidated financial information of Delta Electronics (Thailand) Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the related consolidated statements of comprehensive income for the three-month and six-month periods then ended, and the related consolidated statements of changes in shareholders’ equity and cash flows for the six-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 Delta Electronics (Thailand) 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 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 34 Interim Financial Reporting. Chatchai Kasemsrithanawat Certified Public Accountant (Thailand) No. 5813 EY Office Limited Bangkok: 25 July 2025
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Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of financial position As at 30 June 2025 (Unit: Thousand Baht) Note 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Assets Current assets Cash and cash equivalents 12,967,191 15,700,903 7,773,871 9,790,790 Trade and other current receivables 3 38,496,225 32,906,076 40,747,907 34,500,166 Inventories 4 32,947,180 31,697,444 22,507,050 22,728,247 Derivative assets 17.2 392,789 43,659 392,785 42,574 Other current assets 5 2,766,893 2,183,436 1,247,743 682,982 Total current assets 87,570,278 82,531,518 72,669,356 67,744,759 Non-current assets Deposits at bank with restrictions 30,664 32,043 - - Investments in subsidiary companies 6 - - 22,015,232 20,283,903 Investments in associated companies 1,545 774 1,500 1,000 Investment properties 163,255 152,765 - - Property, plant and equipment 7 42,172,033 37,721,164 27,940,970 24,706,385 Advances to contractors and for acquisitions of assets 482,171 854,512 482,171 831,564 Right-of-use assets 459,689 464,456 14,852 26,881 Goodwill 424,467 433,690 - - Other intangible assets 121,874 137,782 42,015 44,266 Deferred tax assets 705,858 591,110 - - Other non-current assets 580,746 176,871 43,509 29,892 Total non-current assets 45,142,302 40,565,167 50,540,249 45,923,891 Total assets 132,712,580 123,096,685 123,209,605 113,668,650 The accompanying notes are an integral part of the interim financial statements. Consolidated financial statements Separate financial statements
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Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of financial position (continued) As at 30 June 2025 (Unit: Thousand Baht) Note 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Liabilities and shareholders' equity Current liabilities Short-term loans from financial institutions 51,000 160,200 - - Short-term loan from related party 2 50,000 - - - Trade and other current payables 8 39,314,953 35,793,288 32,781,241 29,583,365 Current portion of long-term loans from related parties 2 331,392 - - - Current portion of lease liabilities 86,641 84,825 6,791 20,555 Income tax payable 467,116 334,558 164,492 202,616 Provision for top-up tax 13 1,387,725 - 1,387,725 - Liabilities and provision from tax assessments 16.4.1 113,201 113,201 113,201 113,201 Other current provisions 11 494,594 519,859 482,066 488,958 Derivative liabilities 17.2 963 217,560 541 215,979 Other current liabilities 9 1,120,747 903,471 788,418 689,412 Total current liabilities 43,418,332 38,126,962 35,724,475 31,314,086 Non-current liabilities Long-term loans from related parties, net of current portion 2 839,950 1,087,672 - - Lease liabilities, net of current portion 133,065 123,475 7,097 5,214 Deferred tax liabilities 367,841 386,415 - - Non-current provision for employee benefits 10 1,654,985 1,559,244 796,870 768,254 Other non-current provisions 11 1,378,910 1,254,750 1,102,083 986,276 Other non-current liabilities 904,182 616,354 570,975 344,035 Total non-current liabilities 5,278,933 5,027,910 2,477,025 2,103,779 Total liabilities 48,697,265 43,154,872 38,201,500 33,417,865 The accompanying notes are an integral part of the interim financial statements. Consolidated financial statements Separate financial statements
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Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of financial position (continued) As at 30 June 2025 (Unit: Thousand Baht) 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Shareholders' equity Share capital Registered 12,590,000,000 ordinary shares of Baht 0.1 each 1,259,000 1,259,000 1,259,000 1,259,000 Issued and fully paid 12,473,816,140 ordinary shares of Baht 0.1 each 1,247,382 1,247,382 1,247,382 1,247,382 Share premium 1,491,912 1,491,912 1,491,912 1,491,912 Difference from business combination under common control (1,339,694) (1,339,694) - - Retained earnings Appropriated - Statutory reserve 125,900 125,900 125,900 125,900 Unappropriated 86,214,201 81,834,974 82,142,911 77,385,591 Other components of shareholders' equity (3,724,386) (3,418,661) - - Total shareholders' equity 84,015,315 79,941,813 85,008,105 80,250,785 Total liabilities and shareholders' equity 132,712,580 123,096,685 123,209,605 113,668,650 - - - - The accompanying notes are an integral part of the interim financial statements. Directors Consolidated financial statements Separate financial statements
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(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income For the three-month period ended 30 June 2025 (Unit: Thousand Baht, except basic earnings per share expressed in Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Profit or loss: Sales 43,607,092 40,963,871 39,127,640 33,928,746 Service income 882,887 808,307 38,519 149,538 Cost of sales (32,642,139) (30,092,685) (28,439,457) (23,719,920) Cost of services (738,899) (457,397) (31,137) (59,028) Gross profit 11,108,941 11,222,096 10,695,565 10,299,336 Gain (loss) on exchange (58,361) 379,390 (114,357) 365,226 Compensation for contract decommitment 161,190 251,759 161,190 251,826 Other income 128,719 235,482 109,375 192,675 Selling and distribution expenses 16.2.1 (3,766,906) (3,613,032) (3,346,153) (3,315,945) Administrative expenses (819,901) (784,025) (372,730) (407,081) Research and development expenses 16.2.2 (1,424,412) (1,005,899) (1,613,804) (856,247) Other expenses (5,559) (2,903) (5,230) (1,801) Operating profit 5,323,711 6,682,868 5,513,856 6,527,989 Share of profit from investments in associates 182 - - - Finance income 86,122 57,455 65,642 8,194 Finance cost (12,496) (22,117) (88) (10,404) Profit before income tax 5,397,519 6,718,206 5,579,410 6,525,779 Income tax expenses 13 (768,463) (153,182) (661,423) (84,037) Profit for the period 4,629,056 6,565,024 4,917,987 6,441,742 The accompanying notes are an integral part of the interim financial statements.
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(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income (continued) For the three-month period ended 30 June 2025 (Unit: Thousand Baht, except basic earnings per share expressed in Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Exchange differences on translation of financial statements in foreign currency (452,141) (168,756) - - Other comprehensive income to be reclassified to profit or loss in subsequent periods (452,141) (168,756) - - Other comprehensive income for the period (452,141) (168,756) - - Total comprehensive income for the period 4,176,915 6,396,268 4,917,987 6,441,742 Profit attributable to: Equity holders of the Company 4,629,056 6,565,024 4,917,987 6,441,742 Total comprehensive income attributable to: Equity holders of the Company 4,176,915 6,396,268 4,917,987 6,441,742 Earnings per share 14 Basic earnings per share Profit attributable to equity holders of the Company 0.37 0.53 0.39 0.52 The accompanying notes are an integral part of the interim financial statements.
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(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income For the six-month period ended 30 June 2025 (Unit: Thousand Baht, except basic earnings per share expressed in Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Profit or loss: Sales 85,493,648 78,643,029 76,625,096 64,810,048 Service income 1,732,109 1,117,876 81,850 236,476 Cost of sales (63,884,097) (59,862,085) (55,826,302) (47,154,520) Cost of services (1,305,788) (705,055) (56,887) (130,548) Gross profit 22,035,872 19,193,765 20,823,757 17,761,456 Gain on exchange 336,137 608,947 336,123 582,662 Compensation for contract decommitment 226,675 528,943 219,086 529,814 Other income 301,856 419,418 230,191 332,657 Selling and distribution expenses 16.2.1 (6,904,089) (6,511,880) (6,091,750) (5,880,165) Administrative expenses (1,632,818) (1,489,040) (754,456) (762,258) Research and development expenses 16.2.2 (2,701,251) (1,653,760) (2,820,573) (1,831,151) Other expenses (111,356) (8,884) (23,366) (3,308) Operating profit 11,551,026 11,087,509 11,919,012 10,729,707 Share of profit from investments in associates 271 - - - Finance income 149,809 107,393 100,081 17,997 Finance cost (30,982) (56,438) (208) (24,554) Profit before income tax 11,670,124 11,138,464 12,018,885 10,723,150 Income tax expenses 13 (1,552,942) (265,931) (1,523,610) (187,762) Profit for the period 10,117,182 10,872,533 10,495,275 10,535,388 The accompanying notes are an integral part of the interim financial statements.
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(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of comprehensive income (continued) For the six-month period ended 30 June 2025 (Unit: Thousand Baht, except basic earnings per share expressed in Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Exchange differences on translation of financial statements in foreign currency (305,725) 1,307,802 - - Other comprehensive income to be reclassified to profit or loss in subsequent periods (305,725) 1,307,802 - - Other comprehensive income for the period (305,725) 1,307,802 - - Total comprehensive income for the period 9,811,457 12,180,335 10,495,275 10,535,388 Profit attributable to: Equity holders of the Company 10,117,182 10,872,533 10,495,275 10,535,388 Total comprehensive income attributable to: Equity holders of the Company 9,811,457 12,180,335 10,495,275 10,535,388 Earnings per share 14 Basic earnings per share Profit attributable to equity holders of the Company 0.81 0.87 0.84 0.84 The accompanying notes are an integral part of the interim financial statements.
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For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Exchange differences Issued and Difference from business on translation of Total other Total fully paid combination under financial statements components of shareholders' share capital Share premium common control Appropriated Unappropriated in foreign currency shareholders' equity equity Balance as at 1 January 2024 1,247,382 1,491,912 (1,339,694) 125,900 68,499,609 (2,486,558) (2,486,558) 67,538,551 Profit for the period - - - - 10,872,533 - - 10,872,533 Other comprehensive income for the period - - - - - 1,307,802 1,307,802 1,307,802 Total comprehensive income for the period - - - - 10,872,533 1,307,802 1,307,802 12,180,335 Dividend paid (Note 12) - - - - (5,613,217) - - (5,613,217) Balance as at 30 June 2024 1,247,382 1,491,912 (1,339,694) 125,900 73,758,925 (1,178,756) (1,178,756) 74,105,669 Balance as at 1 January 2025 1,247,382 1,491,912 (1,339,694) 125,900 81,834,974 (3,418,661) (3,418,661) 79,941,813 Profit for the period - - - - 10,117,182 - - 10,117,182 Other comprehensive income for the period - - - - - (305,725) (305,725) (305,725) Total comprehensive income for the period - - - - 10,117,182 (305,725) (305,725) 9,811,457 Dividend paid (Note 12) - - - - (5,737,955) - - (5,737,955) Balance as at 30 June 2025 1,247,382 1,491,912 (1,339,694) 125,900 86,214,201 (3,724,386) (3,724,386) 84,015,315 - The accompanying notes are an integral part of the interim financial statements. Retained earnings (Unaudited but reviewed) Consolidated financial statements Other components of shareholders' equity Other comprehensive income Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity
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(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Issued and Total fully paid shareholders' share capital Share premium Appropriated Unappropriated equity Balance as at 1 January 2024 1,247,382 1,491,912 125,900 63,990,888 66,856,082 Profit for the period - - - 10,535,388 10,535,388 Other comprehensive income for the period - - - - - Total comprehensive income for the period - - - 10,535,388 10,535,388 Dividend paid (Note 12) - - - (5,613,217) (5,613,217) Balance as at 30 June 2024 1,247,382 1,491,912 125,900 68,913,059 71,778,253 Balance as at 1 January 2025 1,247,382 1,491,912 125,900 77,385,591 80,250,785 Profit for the period - - - 10,495,275 10,495,275 Other comprehensive income for the period - - - - - Total comprehensive income for the period - - - 10,495,275 10,495,275 Dividend paid (Note 12) - - - (5,737,955) (5,737,955) Balance as at 30 June 2025 1,247,382 1,491,912 125,900 82,142,911 85,008,105 - The accompanying notes are an integral part of the interim financial statements. Separate financial statements Retained earnings
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(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Cash flow statement For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Cash flows from operating activities: Profit before tax 11,670,124 11,138,464 12,018,885 10,723,150 Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation 3,940,039 3,067,477 3,055,941 2,409,034 Amortisation 50,617 34,899 5,912 5,799 Allowance for expected credit losses 105,857 135,331 39,332 157,866 Reduction of inventory to net realisable value 603,482 777,878 223,417 747,968 Reversal of the reduction to net realisable value of the written-off obsolete and damaged inventories (373,056) (652,511) (305,394) (560,954) Provisions 308,860 301,454 241,609 253,723 Provision for employee benefits 83,068 91,299 45,736 42,185 (Gain) loss from disposal/writte-off of property, plant and equipment (2,581) (11,603) 9,236 459 Share of profit from investments in associates (271) - - - Unrealised gain on exchange (141,367) (1,214,362) (90,826) (1,198,121) (Gain) loss on fair value adjustments of derivative instruments (565,727) 799,040 (565,649) 799,573 Finance income (149,809) (107,393) (100,081) (17,997) Finance cost 30,982 56,438 208 24,554 Profit from operating activities before changes in operating assets and liabilities 15,560,218 14,416,411 14,578,326 13,387,239 Decrease (increase) in operating assets: Trade and other current receivables (6,167,199) (2,766,771) (6,707,603) 237,354 Inventories (1,490,258) 1,598,449 303,174 1,932,871 Other current assets (485,183) (720,940) (559,627) (50,259) Other non-current assets (286,580) (13,540) (13,617) (6,004) Increase (decrease) in operating liabilities: Trade and other current payables 3,828,549 1,125,636 3,553,733 (455,603) Other current liabilities 245,574 (137,323) 116,676 (188,744) Cash paid for provisions (204,008) (34,453) (132,694) (9,035) Cash paid for employee benefits (42,293) (191,682) (17,120) (123,754) Other non-current liabilities 287,828 (106,182) 226,940 2,700 Cash flows from operating activities 11,246,648 13,169,605 11,348,188 14,726,765 Cash received from interest income 127,547 95,098 75,967 17,997 Cash paid for interest expenses (22,886) (55,510) - (26,303) Cash paid for corporate income tax (381,796) (632,318) (173,943) (350,627) Net cash flows from operating activities 10,969,513 12,576,875 11,250,212 14,367,832 The accompanying notes are an integral part of the interim financial statements.
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(Unaudited but reviewed) Delta Electronics (Thailand) Public Company Limited and its subsidiaries Cash flow statement (continued) For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Cash flows from investing activities: (Increase) decrease in deposits at bank with restrictions 1,379 (1,186) - - Increase in investments in subsidiary - - (1,731,329) (1,342,666) Increase in investments in associated companies (500) - (500) - Increase (decrease) in advances to contractors and for acquisitions of assets 372,341 (178,546) 349,393 (70,454) Acquisition of property, plant and equipment (7,509,283) (6,295,597) (5,109,035) (4,353,698) Cash paid to others payable for purchase of plant and equipment (1,226,207) (1,180,124) (1,183,825) (1,142,974) Proceeds from disposal of property, plant and equipment 34,503 86,791 - 20,094 Acquisition of investment properties (6,674) - - - Acquisition of other intangible assets (36,861) (37,982) (3,661) - Net cash flows used in investing activities (8,371,302) (7,606,644) (7,678,957) (6,889,698) Cash flow from financing activities: Cash receipt from short-term loans from financial institutions 51,116 21,612,529 - 21,527,643 Repayment of short-term loans from financial institutions (160,316) (23,156,740) - (23,119,170) Cash receipt from short-term loans from related party 50,000 - - - Repayment of long-term loans from related party - (38,032) - - Repayment of liabilities under lease agreements (65,283) (62,552) (17,625) (22,243) Dividend paid (5,737,955) (5,613,217) (5,737,955) (5,613,217) Net cash flow used in financing activities (5,862,438) (7,258,012) (5,755,580) (7,226,987) Increase in translation adjustments 347,335 852,531 - - Net increase (decrease) in cash and cash equivalents before effect from currency translation (2,916,892) (1,435,250) (2,184,325) 251,147 Effect from currency translation of cash and cash equivalents 183,180 (36,061) 167,406 (50,925) Net increase (decrease) in cash and cash equivalents (2,733,712) (1,471,311) (2,016,919) 200,222 Cash and cash equivalents at beginning of period 15,700,903 7,617,211 9,790,790 353,196 Cash and cash equivalents at end of period 12,967,191 6,145,900 7,773,871 553,418 - - - - Supplemental disclosures of cash flows information Non-cash transaction Additions to right-of-use assets and lease liabilities 70,660 14,425 5,536 - Increase in others payable from purchase of plant and equipment 1,325,251 1,091,037 1,173,162 970,849 The accompanying notes are an integral part of the interim financial statements.
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(Unaudited but reviewed) 1 Delta Electronics (Thailand) Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month and six-month periods ended 30 June 2025 1. General information 1.1 Basis of 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 present ing condensed interim financial statements. The Company has presented the statements of financial position, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis. The interim financial 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 r eported. 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 interim financial statements. 1.2 Basis of consolidation The interim consolidated financial statements include the financial statements of Delta Electronics (Thailand) Public Company Limited (“the Company”) and its subsidiar ies (“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 2024, with no change in shareholding structure of subsidiaries during the current period. 1.3 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 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.
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(Unaudited but reviewed) 2 2. Related party transactions During the period, the Group had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business. There were no significant changes in the transfer pricing policy of transactions with related parties during the current period. Summaries significant business transactions with related parties are as follows. (Unit: Million Baht) For the three-month periods ended 30 June Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Transactions with the parent company Sales of goods and raw materials 498 72 491 56 Purchase of goods and raw materials 598 44 14 2 Purchase of equipment 104 142 104 138 Royalty paid (Note 16.2.1) 1,954 2,269 1,954 2,269 Service paid 34 14 34 14 Transactions with subsidiary companies (eliminated from the consolidated financial statements) Sales of goods and raw materials - - 15,060 8,992 Purchase of goods and raw materials - - 616 350 Purchase of equipment - - 33 1 Commission paid - - 196 171 Design and engineering fee paid (Note 16.2.2) - - 634 118 Transactions with associated companies Purchase of goods and raw materials 63 - 63 - Transactions with related companies Sales of goods and raw materials 6,299 5,513 3,010 1,889 Purchase of goods and raw materials 4,704 3,220 3,445 1,335 Purchase of equipment 587 649 535 620 Commission paid 245 255 239 245 Commission received 69 67 - - Services income 46 97 - - Design and engineering fee paid (Note 16.2.2) 380 301 379 293
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(Unaudited but reviewed) 3 (Unit: Million Baht) For the six-month periods ended 30 June Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Transactions with the parent company Sales of goods and raw materials 984 167 976 133 Purchase of goods and raw materials 726 123 17 4 Purchase of equipment 262 243 157 231 Royalty paid (Note 16.2.1) 3,814 4,068 3,814 4,068 Service paid 64 29 64 29 Transactions with subsidiary companies (eliminated from the consolidated financial statements) Sales of goods and raw materials - - 27,652 17,556 Purchase of goods and raw materials - - 905 680 Purchase of equipment - - 134 104 Commission paid - - 358 346 Design and engineering fee paid (Note 16.2.2) - - 983 435 Transactions with associated companies Purchase of goods and raw materials 123 - 123 - Transactions with related companies Sales of goods and raw materials 11,672 9,829 5,801 3,347 Purchase of goods and raw materials 7,035 6,220 4,735 2,499 Purchase of equipment 1,015 957 936 916 Commission paid 536 570 519 554 Commission received 161 130 - - Services income 129 123 - - Design and engineering fee paid (Note 16.2.2) 720 540 706 524
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(Unaudited but reviewed) 4 The balances of the accounts between the Group and those related companies are as follows: (Unit: Million Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Audited) (Audited) Trade receivables - related parties (Note 3) Parent company 417 237 407 229 Subsidiary companies - - 20,274 14,266 Related companies (common shareholders) 6,498 4,973 2,944 2,081 Total trade receivables - related parties 6,915 5,210 23,265 16,576 Other current receivables - related parties (Note 3) Parent company 1 - 1 - Subsidiary companies - - 25 28 Related companies (common shareholders) 14 78 10 74 Total other current receivables - related parties 15 78 36 102 Amounts due from related parties (Note 3) Subsidiary companies - - - 2 Total amounts due from related parties - - - 2 Trade payables - related parties (Note 8) Parent company 846 454 241 223 Subsidiary companies - - 342 237 Associated companies 22 23 22 23 Related companies (common shareholders) 3,055 2,606 1,403 1,016 Total trade payables - related parties 3,923 3,083 2,008 1,499 Other current payables - related parties (Note 8) Parent company 669 1,017 661 1,010 Subsidiary companies - - 302 384 Related companies (common shareholders) 1,282 877 1,098 759 Total other current payables - related parties 1,951 1,894 2,061 2,153 Accrued expenses - related parties (Note 8) Parent company 528 433 528 433 Related companies (common shareholders) 152 190 147 187 Total accrued expenses - related parties 680 623 675 620
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(Unaudited but reviewed) 5 Short-term loan from related party (Unit: Million Baht) Consolidated financial statements Short-term loans Balance as at 1 January 2025 Increase during the period Balance as at 30 June 2025 Related company (common shareholders) - Eltek Power Company Limited - 50 50 Total short-term loan from related party - 50 50 Song-term loan from Eltek Power Company Limited, which is unsecured, carries interest at a rate of 2.30 percent per annum, payable every three months . The principal repayments is scheduled for April 2026. Long-term loans from related parties (Unit: Million Baht) Consolidated financial statements Long-term loans Balance as at 1 January 2025 Translation adjustment Balance as at 30 June 2025 Related companies (common shareholders) - Eltek AS 733 55 788 - Delta International Holding Limited B.V. 355 28 383 Total long-term loans from related parties 1,088 83 1,171 Long-term loans from Eltek AS, which are unsecured, carry interest at a rate of EURIBOR + 0.50 percent per annum, payable every three months and six months. The principal repayments of EUR 9 million, or approximately Baht 331 million and EUR 12 million, or approximately Baht 457 million are scheduled for June 2026 and October 2027, respectively. Long-term loan from Delta International Holding Limited B.V., which is unsecured, carries interest at a rate of 4.45 percent per annum, payable every three months . The principal repayments of EUR 10 million, or approximately Baht 383 million is scheduled for August 2029.
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(Unaudited but reviewed) 6 Directors and management’s benefits (Unit: Million Baht) For the three-month periods ended 30 June Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Short-term employee benefits 49 52 24 20 Post-employment benefits 3 3 3 3 Total 52 55 27 23 (Unit: Million Baht) For the six-month periods ended 30 June Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Short-term employee benefits 95 99 52 42 Post-employment benefits 6 7 6 6 Total 101 106 58 48
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(Unaudited but reviewed) 7 3. Trade and other current receivables (Unit: Million Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Audited) (Audited) Trade receivables, related parties (Note 2) Aged on the basis of due dates Not yet due 6,757 5,125 21,939 16,093 Past due Up to 3 months 124 76 1,675 477 3 - 6 months 32 9 7 6 6 - 12 months 2 - 4 - Total 6,915 5,210 23,625 16,576 Trade receivables, unrelated parties Aged on the basis of due dates Not yet due 27,332 24,027 15,086 15,282 Past due Up to 3 months 3,284 2,470 1,411 1,586 3 - 6 months 277 407 143 342 6 - 12 months 277 154 113 121 Over 12 months 23 27 - - Total 31,193 27,085 16,753 17,331 Total trade receivables 38,108 32,295 40,378 33,907 Less: Allowance for expected credit losses (423) (320) (256) (217) Total trade receivables - net 37,685 31,975 40,122 33,690 Other current receivables Amounts due from related parties (Note 2) - - - 2 Other current receivables - related parties (Note 2) 15 78 36 102 Other current receivables - unrelated parties 604 803 527 702 Accrued income - unrelated parties 167 44 39 4 Interest receivables - unrelated parties 25 6 24 - Total other current receivables 811 931 626 810 Trade and other current receivables - net 38,496 32,906 40,748 34,500
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(Unaudited but reviewed) 8 4. Inventories (Unit: Million Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Audited) (Audited) Inventories - cost 38,413 36,923 25,403 25,706 Reduce cost to net realisable value (5,466) (5,226) (2,896) (2,978) Inventories - net 32,947 31,697 22,507 22,728 Movements in the reduce cost to net realisable value of inventory account are summarised below. (Unit: Million Baht) Consolidated financial statements Separate financial statements Balance as at 1 January 2025 (5,226) (2,978) Increase during the period (652) (223) Reversal of the reduction to net realisable value of the written off obsolete and damaged inventories during the period 373 305 Reversal during the period 49 - Translation adjustment (10) - Balance as at 30 June 2025 (5,466) (2,896) 5. Other current assets (Unit: Million Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Audited) (Audited) Input tax refundable 1,592 1,154 846 599 Advance payments 262 136 140 5 Prepaid expenses 645 724 244 64 Prepaid tax 214 131 - - Others 54 38 18 15 Total other current assets 2,767 2,183 1,248 683
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(Unaudited but reviewed) 9 6. Investments in subsidiaries 6.1 Details of investments in subsidiaries as presented in separate financial statements (Unit: Million Baht) Company’s name Paid-up capital Cost Foreign currency 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Million) (Million) (Audited) DET International Holding B.V. USD 288 269 10,249 9,622 Delta Green Industrial (Thailand) Company Limited THB 206 206 206 206 Delta Energy Systems (Singapore) Pte. Ltd. USD 345 311 11,560 10,463 Delta Electronics (Vietnam) Company Limited USD 0.1 0.1 3 3 Delta Electronics India Manufacturing Private Limited INR 2,941 2,941 1,293 1,293 PT Delta Electronics Indonesia IDR 10,000 10,000 21 21 Delta Electronics Philippines Inc. PHP 12 - 7 - Subtotal 23,339 21,608 Less: Allowance for impairment loss of investments in subsidiaries (1,324) (1,324) Total investments in subsidiaries - net 22,015 20,284 No dividend was received from the above subsidiar ies during the three-month and six-month periods ended 30 June 2025 and 2024. 6.2 Significant events during the current period 6.2.1 Subsidiaries directly owned by the Company a) Establishment of new subsidiary Delta Electronics Philippines Inc. On 28 August 2023, a meeting of the Company’s Board of Directors passed a resolution approving the establishment of a subsidiary, Delta Electronics Philippines Inc., to support and expand the business of power electronics, automation and energy infrastructure . The subsidiary was incorporated in Philippines on 3 March 2025, with a registered capital of PHP 15 million. The Company holds 100% of the new subsidiary’s share capital. Delta Electronics Philippines Inc. called up PHP 12 million, or approximately Baht 7 million and has not commenced operations in the current quarter.
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(Unaudited but reviewed) 10 b) Additional investment in subsidiary companies - On 3 December 2024, a meeting of the Company’s Board of Directors passed a resolution to increase the Company’s investment in DET International Holding B.V. by USD 5 million, or approximately Baht 171 million, to enable the latter to invest in Delta Electronics (Automotive) Americas Inc. to support the expansion of research and development activities. The Company made the additional investment in the current quarter. - On 14 February 2025, a meeting of the Company’s Board of Directors passed a resolution to increase the Company’s investment in DET International Holding B.V. by EUR 12 million, or approximately Baht 456 million, to enable the latter to invest in Delta Electronics (Slovakia), s.r.o. for land acquisition to support production expansion. The Company made the additional investment in the current quarter. - On 26 April 2024, a meeting of the Company’s Board of Directors passed a resolution to increase the Company’s investment in Delta Energy Systems (Singapore) Pte. Ltd. by USD 34 million, or approximately Baht 1,097 million, to enable the latter to invest in Delta Electronics India Pvt. Ltd. to support infrastructure improvements at the research and development center. The Company made the additional investment in the current quarter. The above additional investment had no impact on the investment structure of the Group. 6.2.2 Subsidiaries indirectly owned by the Company a) Dissolution of a subsidiary company Delta Energy Systems (India) Pvt. Ltd., a subsidiary which the Company indirectly held 100%, has registered its dissolution and registered the completion of its liquidation in the first quarter during the current year. b) The merger of subsidiaries in Slovakia On 25 October 2024, a meeting of the Company’s Board of Directors passed a resolution to merge two subsidiaries in Slovakia, Delta Electronics (Slovakia), s.r.o. and Eltek s.r.o., with the merged business to belong to Delta Electronics (Slovakia), s.r.o. The subsidiaries’ merger was completed on 1 April 2025. The merger had no impact on the consolidated financial statements because it was a merger of subsidiaries within a group of companies under common control.
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(Unaudited but reviewed) 11 7. Property, plant and equipment Movements of the property, plant and equipment account are summarised below. (Unit: Million Baht) Consolidated financial statements Separate financial statements Net book value as at 1 January 2025 37,721 24,706 Acquisitions during period - cost 8,836 6,282 Disposals/write-off during period - net book value at disposal/write-off date (38) (9) Depreciation for the period (3,875) (3,038) Translation adjustment (472) - Net book value as at 30 June 2025 42,172 27,941 8. Trade and other current payables (Unit: Million Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Audited) (Audited) Trade payables - related parties (Note 2) 3,923 3,083 2,008 1,499 Trade payables - unrelated parties 23,736 22,351 21,367 20,363 Other current payables - related parties (Note 2) 1,951 1,894 2,061 2,153 Other current payables - unrelated parties 2,747 2,412 2,367 1,854 Accrued expenses - related parties (Note 2) 680 623 675 620 Accrued expenses - unrelated parties 3,960 3,098 3,013 1,911 Advance received - unrelated parties 2,318 2,332 1,290 1,183 Total trade and other current payables 39,315 35,793 32,781 29,583
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(Unaudited but reviewed) 12 9. Other current liabilities (Unit: Million Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Audited) (Audited) Withholding tax payable 211 357 101 290 Value added tax payable 151 107 31 10 Others 759 439 656 389 Total other current liabilities 1,121 903 788 689 10. Non-current provision for employee benefits Movements of the non-current provision for employee benefits account are summarised below. (Unit: Million Baht) Consolidated financial statements Separate financial statements Balance as at 1 January 2025 1,559 768 Recognition during the period 83 46 Paid during the period (42) (17) Translation adjustment 55 - Balance as at 30 June 2025 1,655 797 11. Provisions (Unit: Million Baht) Consolidated financial statements Separate financial statements Other Warranty provisions Total Warranty Total Balance as at 1 January 2025 1,744 31 1,775 1,475 1,475 Recognition during the period 392 15 407 298 298 Paid during the period (194) (10) (204) (133) (133) Reversal during the period (72) (26) (98) (56) (56) Translation adjustment (8) 2 (6) - - Balance as at 30 June 2025 1,862 12 1,874 1,584 1,584
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(Unaudited but reviewed) 13 (Unit: Million Baht) Consolidated financial statements Separate financial statements Other Warranty provisions Total Warranty Total Other current provisions 489 31 520 489 489 Other non-current provisions 1,255 - 1,255 986 986 Balance as at 31 December 2024 (Audited) 1,744 31 1,775 1,475 1,475 Other current provisions 483 12 495 482 482 Other non-current provisions 1,379 - 1,379 1,102 1,102 Balance as at 30 June 2025 1,862 12 1,874 1,584 1,584 Warranty The Group recognised a provision for the expected warranty claims on products based on past experience of the level of repairs and returns with current sales for each type of products under current warranty. 12. Dividends Dividends declared in 2025 and 2024 consisted of the followings: Dividends Approved by Total dividends Dividend per share (Million Baht) (Baht) Final dividend for year 2024 Annual General Meeting of the shareholders on 2 April 2025 5,738 0.46 Final dividend for year 2023 Annual General Meeting of the shareholders on 11 April 2024 5,613 0.45
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(Unaudited but reviewed) 14 13. Income tax Interim corporate income tax was calculated on profit before income tax for the period, using the estimated effective tax rate for the year. Income tax expenses for the three-month and six-month periods ended 30 June 2025 and 2024 are made up as follows: (Unit: Million Baht) For the three-month periods ended 30 June Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Current income tax: Interim corporate income tax charge (252) (195) (58) (84) Top-up tax (603) - (603) - Deferred tax: Relating to origination and reversal of temporary differences 79 42 - - Translation adjustment 8 - - - Income tax expense reported in profit or loss (798) (153) (661) (84) (Unit: Million Baht) For the six-month periods ended 30 June Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Current income tax: Current income tax charge (416) (338) (136) (188) Adjustment in respect of income tax of previous year 108 - - - Top-up tax (1,388) - (1,388) - Deferred tax: Relating to origination and reversal of temporary differences 133 86 - - Translation adjustment 10 (14) - - Income tax expense reported in profit or loss (1,553) (266) (1,524) (188)
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(Unaudited but reviewed) 15 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 several countries where Pillar Two legislation has been enacted and is effective for fiscal years beginning on or after 1 January 2025. The estimated top-up tax expense related to Pillar Two income taxes arises from the operation in Thailand. 14. 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.
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(Unaudited but reviewed) 16 15. Segment information The Group is organised into business units based on their products and services. During the current period, the Group has not changed the organisation of their reportable segments from the last annual financial statements. The following tables present revenue and profit information regarding the Group’s operating segments for the three-month and six-month periods ended 30 June 2025 and 2024. (Unit: Million Baht) For the three-month periods ended 30 June Power electronics segment Mobility segment Infrastructure segment Automation segment Others Consolidated financial statements 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Revenue Sales from external customers 24,966 22,759 9,910 11,648 7,621 5,605 1,103 939 7 13 43,607 40,964 Service income from external customers 39 84 34 36 613 598 106 77 91 13 883 808 Total revenue 25,005 22,843 9,944 11,684 8,234 6,203 1,209 1,016 98 26 44,490 41,772 Segment profit (loss) 5,090 5,248 129 845 333 143 14 59 (469) (475) 5,097 5,820 Unallocated income (expenses): Gain (loss) on exchange rate (58) 379 Compensation for contract decommitment 161 252 Other income 129 235 Other expenses (6) (3) Finance income 86 57 Finance cost (12) (22) Profit before income tax 5,397 6,718 Income tax expenses (768) (153) Profit for the period 4,629 6,565
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(Unaudited but reviewed) 17 (Unit: Million Baht) For the six-month periods ended 30 June Power electronics segment Mobility segment Infrastructure segment Automation segment Others Consolidated financial statements 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Revenue Sales from external customers 49,843 42,685 19,708 22,526 13,761 11,541 2,172 1,853 10 38 85,494 78,643 Service income from external customers 62 120 48 67 1,342 763 158 141 122 27 1,732 1,118 Total revenue 49,905 42,805 19,756 22,593 15,103 12,304 2,330 1,994 132 65 87,226 79,761 Segment profit (loss) 10,862 8,483 161 1,713 541 218 58 92 (825) (967) 10,797 9,539 Unallocated income (expenses): Gain on exchange rate 336 609 Compensation for contract decommitment 227 529 Other income 302 419 Other expenses (111) (9) Finance income 150 107 Finance cost (31) (56) Profit before income tax 11,670 11,138 Income tax expenses (1,553) (265) Profit for the period 10,117 10,873
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(Unaudited but reviewed) 18 16. Commitments and contingent liabilities 16.1 Significant capital commitments As at 30 June 2025, the Group had significant capital commitments amounting to Baht 7,684 million, EUR 18 million or approximately Baht 690 million, and INR 6,331 million or approximately Baht 2,404 million in respect of the building construction, purchase of machinery and equipment (the Company only: Baht 7,684 million). 16.2 Significant long-term service commitments 16.2.1 Intellectual Property & Technology License commitments The Company entered into the Intellectual Property & Technology License Agreement with Delta Electronics Inc. (“Licensor”), whereby the Licensor granted the Company the right to manufacture and sell products that apply the Licensor’s patents and technology , including improvements thereof. In consideration for the rights, the Company agrees to pay a royalty to the Licensor at a percentage of revenue from sales of products manufactured under the licenses, with that percentage determined on an arm’s length basis. The percentage is to be amicably reviewed by the parties annually before each anniversary of the effective date, which was 1 January 2018. The agreement matures annually and renews continuously for further periods of one year until terminated by either party. The Company has recorded the related expense as “Royalty expenses”, which are presented under the caption of “Selling and distribution expenses” in the statements of comprehensive income. 16.2.2 Research and development service commitments The Company entered into the research and development service agreements with the subsidiary companies and related companies. Under these agreements , the subsidiary companies and related companies provide research and development services (design and engineering) to the Company and charge fees equal to the local operational costs incurred on product research and development plus a margin, on an arm’s length basis. These agreements mature annually. The Company has recorded the design and engineering fees as “Research and development expenses” in the statements of comprehensive income.
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(Unaudited but reviewed) 19 16.3 Guarantee obligations As at 30 June 2025 , the Group had the following significant outstanding letters of guarantee required in the ordinary course of its businesses: 16.3.1 Outstanding letters of guarantee totaling approximately Baht 231 million have been issued by banks to meet requirements of the Company (including a letter of guarantee for approximately Baht 163 million issued by banks to meet obligations of the Company to the Revenue Department in relation to the tax assessment as mentioned in Note 16.4.1 to the financial statements). 16.3.2 Outstanding letters of guarantee for totals of approximately Baht 84 million, INR 1,298 million or approximately Baht 493 million, EUR 0.5 million or approximately Baht 21 million and AUD 3 million or approximately Baht 58 million have been issued by banks to meet requirements of the subsidiaries. 16.4 Tax assessment 16.4.1 a. On 23 August 2017, the Company received tax assessment notices for the year 2007 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 79 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 3 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee. b. On 21 August 2018, the Company received tax assessment notices for the year 2008 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 49 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 4 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee. c. On 20 August 2019, the Company received tax assessment notices for the year 2009 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 23 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 5 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee.
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(Unaudited but reviewed) 20 However, the Company has recorded provisions for the tax assessments as mentioned in a., b. , and c., with approximately Baht 113 million (including penalties and surcharges) under the captions of “Liabilities and provision from tax assessments” in the statement of financial position. 16.4.2 The Indian tax authorities assessed corporate income tax of approximately INR 169 million or approximately Baht 64 million, covering the years 2007 - 2016, and sales tax and excise duties of approximately INR 149 million or approximately Baht 57 million, covering the years 2014 - 2025, against the subsidiary in India. The subsidiary has appealed the assessments. The management of the subsidiary believe that the outcome of the cases will be favorable to the subsidiary and therefore no provision for these contingent liabilities have been made in the accounts. 16.5 Litigation During the year 2024, the United States International Trade Commission (ITC) investigated into the Group for alleged infringement of Vicor Corporation’s patents according to a complaint filed by Vicor Corporation. The ITC completed the investigation and issued a final determination on 13 February 2025 finding that Vicor's patent infringement claim had partial merit. Vicor Corporation also filed a lawsuit (“Lawsuit”) against Delta Electronics Inc. (the parent company) and certain customers of the Company with the U.S. District Court for the Eastern District of Texas in parallel with the filing of a complaint with the I TC, as mentioned above, alleging infringement of Vicor Corporation’s patents. To resolve this patent dispute, the parent company engaged in negotiations and entered into a settlement agreement with Vicor Corporation. Under the settlement agreement, the Company is responsible for making certain payments on behalf of its customers as their indemnitor. Pursuant to the settlement agreement, the court issued an order dismissing the case with prejudice on 10 May 2025, thus precluding any refiling of the same cas e. Accordingly, the Lawsuit is considered fully resolved. The Company recorded the payment on behalf of its customers during the current quarter. The management of the Company believes that no further losses resulting from this Lawsuit will arise.
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(Unaudited but reviewed) 21 17. Financial instruments 17.1 Fair value of financial instruments Since the majority of the Group’s financial instruments are short -term in nature or carrying interest at rates close to the market interest rates, its fair value is not expected to be materially different from the amounts presented in the statement of financial position. 17.2 Fair value hierarchy As at 30 June 2025, the Group had the financial assets and financial liabilities that were measured at fair value using different levels of inputs as follows: (Unit: Million Baht) Consolidated financial statements Level 1 Level 2 Level 3 Total Assets measured at fair value Derivatives Foreign currency forward contracts - 393 - 393 Liabilities measured at fair value Derivatives Foreign currency forward contracts - 1 - 1 (Unit: Million Baht) Separate financial statements Level 1 Level 2 Level 3 Total Assets measured at fair value Derivatives Foreign currency forward contracts - 393 - 393 Liabilities measured at fair value Derivatives Foreign currency forward contracts - 1 - 1 During the current period, there were no changes in the methods and the assumptions used to estimate the fair value of financial instruments and there were no transfers between the levels of the fair value hierarchy.
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(Unaudited but reviewed) 22 18. Foreign currency risk and financial derivatives As at 30 June 2025, the significant outstanding balances of the Group’s financial assets and financial liabilities denominated in foreign currencies are as follows: (Unit: Million foreign currency unit) Foreign Consolidated financial statements Separate financial statements currency Financial assets Financial liabilities Financial assets Financial liabilities US dollar 1,595 878 1,300 695 Euro 16 16 9 16 Japanese yen 312 1,308 211 626 (Unit: Baht per 1 foreign currency unit) Foreign currency Average exchange rate as at 30 June 2025 US dollar 32.5564 Euro 38.1554 Japanese yen 0.2258 The Group manages its exposure to foreign currency risk by using derivatives when considered appropriate. As at 30 June 2025, the outstanding derivatives for managing the exposure to foreign currency risk are as follows: Consolidated financial statements Amount Forward rate Maturity date Forward contracts to “Sell” USD/THB USD 541 million 32.1150 - 34.4120 THB/USD July - October 2025 Forward contracts to “Buy” USD/INR USD 5 million 85.6300 - 86.1100 INR/USD July 2025 JPY/THB JPY 230 million 0.2260 - 0.2295 THB/JPY July - August 2025 Separate financial statements Amount Forward rate Maturity date Forward contracts to “Sell” USD/THB USD 541 million 32.1150 - 34.4120 THB/USD July - October 2025 Forward contracts to “Buy” JPY/THB JPY 230 million 0.2260 - 0.2295 THB/JPY July - August 2025
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(Unaudited but reviewed) 23 19. Approval of interim financial statements These interim financial statements were authorised for issue by the Company’s Board of Directors on 25 July 2025.