Interim report
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KCE Electronics Public Company Limited and its subsidiaries Condensed interim financial statements for the three-month and nine-month periods ended 30 September 2025 and Independent auditor’s review report
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Independent auditor’s report on review of interim financial information To the Board of Directors of KCE Electronics Public Company Limited I have reviewed the accompanying consolidated and separate statements of financial position of KCE Electronics Public Company Limited and its subsidiaries, and of KCE Electronics Public Company Limited, respectively, as at 30 September 2025, the consolidated and separate statements of comprehensive income for the three-month and nine-month periods ended 30 September 2025, the consolidated and separate statements of changes in equity and cash flows for the nine-month period ended 30 September 2025 ; and con densed notes (“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, primari ly 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”. (Sumate Jangsamsee) Certified Public Accountant Registration No. 9362 KPMG Phoomchai Audit Ltd. Bangkok 11 November 2025
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KCE Electronics Public Company Limited and its subsidiaries Statement of financial position 30 September 31 December 30 September 31 December Assets Note 2025 2024 2025 2024 (Unaudited) (Unaudited) Current assets Cash and cash equivalents 1,541,518 1,566,087 383,716 241,410 Trade and other current receivables 4 3,387,680 3,645,929 2,628,739 2,779,970 Short-term loans to a related party 3 - - 900,000 450,000 Inventories 5 3,762,053 3,674,994 1,995,526 2,089,570 Other current financial assets 10 2,456 - 470 1,709 Other current assets 69,770 68,465 21,317 34,422 Total current assets 8,763,477 8,955,475 5,929,768 5,597,081 Non-current assets Investment in an associate 6 25,760 32,981 1,642 1,642 Investments in subsidiaries 6 - - 3,000,539 3,200,418 Contract costs assets 8 313,435 339,773 298,950 324,445 Investment properties 149,425 151,091 174,330 176,272 Property, plant and equipment 7 7,324,895 7,645,373 4,576,321 4,746,573 Right-of-use assets 48,029 58,474 16,716 21,076 Goodwill 2 491,737 450,354 - - Intangible assets 2 900,379 631,437 43,457 53,244 Deferred tax assets 119,662 123,058 50,407 48,737 Other non-current assets 51,837 27,665 41,284 23,668 Total non-current assets 9,425,159 9,460,206 8,203,646 8,596,075 Total assets 18,188,636 18,415,681 14,133,414 14,193,156 Consolidated financial Separate financial statements statements (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 2
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KCE Electronics Public Company Limited and its subsidiaries Statement of financial position 30 September 31 December 30 September 31 December Liabilities and equity Note 2025 2024 2025 2024 (Unaudited) (Unaudited) Current liabilities Short-term borrowings from financial institutions 720,580 996,000 391,000 454,000 Trade and other current payables 2,970,430 2,843,018 2,341,092 2,288,977 Current portion of long-term borrowings11 231,618 68,490 129,750 66,600 Current portion of lease liabilities 9,981 13,494 5,522 5,662 Short-term borrowings from related parties3 - - - 110,000 Income tax payable 41,678 64,368 7,366 - Other current financial liabilities - 143 - - Total current liabilities 3,974,287 3,985,513 2,874,730 2,925,239 Non-current liabilities Long-term borrowings 11 453,887 51,671 150,000 46,100 Lease liabilities 27,435 33,809 5,673 9,830 Deferred tax liabilities 253,244 175,299 - - Non-current provision for employee benefits 389,751 351,330 188,217 185,231 Total non-current liabilities 1,124,317 612,109 343,890 241,161 Total liabilities 5,098,604 4,597,622 3,218,620 3,166,400 Consolidated financial Separate financial statements statements (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 3
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KCE Electronics Public Company Limited and its subsidiaries Statement of financial position 30 September 31 December 30 September 31 December Liabilities and equity 2025 2024 2025 2024 (Unaudited) (Unaudited) Equity Share capital Authorised share capital 591,044 591,044 591,044 591,044 Issued and paid-up share capital 591,044 591,044 591,044 591,044 Share premium 2,160,859 2,160,859 2,160,859 2,160,859 Retained earnings Appropriated Legal reserve 59,140 59,140 59,140 59,140 Unappropriated 10,305,338 11,014,502 8,102,750 8,214,712 Other components of equity (79,656) (69,577) 1,001 1,001 Equity attributable to owners of the Company 13,036,725 13,755,968 10,914,794 11,026,756 Non-controlling interests 53,307 62,091 - - Total equity 13,090,032 13,818,059 10,914,794 11,026,756 Total liabilities and equity 18,188,636 18,415,681 14,133,414 14,193,156 (in thousand Baht) Consolidated financial Separate financial statements statements The accompanying notes form an integral part of the interim financial statements. 4
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KCE Electronics Public Company Limited and its subsidiaries Statement of comprehensive income (Unaudited) 2025 2024 2025 2024 Revenues Revenues from sale of goods and rendering of services 3,443,919 3,802,297 2,080,407 2,177,460 Dividend income from subsidiaries - - 514,824 664,104 Other income 76,012 49,832 70,762 39,901 Total revenues 3,519,931 3,852,129 2,665,993 2,881,465 Expenses Cost of sale of goods and rendering of services 2,708,233 3,032,843 1,778,711 1,877,715 Distribution costs 88,317 121,685 97,831 110,846 Administrative expenses 385,282 466,437 185,265 218,957 Total expenses 3,181,832 3,620,965 2,061,807 2,207,518 Profit from operating activities 338,099 231,164 604,186 673,947 Finance costs (9,779) (9,833) (5,326) (4,612) Share of profit of investment in associate 3,147 3,832 - - Profit before income tax expense 331,467 225,163 598,860 669,335 Tax income (expense) (26,793) 299 (8,426) 10,020 Profit for the period 304,674 225,462 590,434 679,355 Other comprehensive income Items that will be reclassified subsequently to profit or loss Exchange differences on translating financial statements (16,583) (36,138) - - Other comprehensive expense for the period, net of tax (16,583) (36,138) - - Total comprehensive income for the period 288,091 189,324 590,434 679,355 Consolidated financial Separate financial statements statements Three-month period ended Three-month period ended 30 September 30 September (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 5
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KCE Electronics Public Company Limited and its subsidiaries Statement of comprehensive income (Unaudited) 2025 2024 2025 2024 Profit attributable to: Owners of the Company 297,395 216,318 590,434 679,355 Non-controlling interests 7,279 9,144 - - Profit for the period 304,674 225,462 590,434 679,355 Total comprehensive income attributable to: Owners of the Company 280,812 180,180 590,434 679,355 Non-controlling interests 7,279 9,144 - - Total comprehensive income for the period 288,091 189,324 590,434 679,355 Earnings per share (in Baht) Basic earnings per share 0.25 0.18 0.50 0.57 statements statements Consolidated financial Separate financial Three-month period ended Three-month period ended 30 September 30 September (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 6
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KCE Electronics Public Company Limited and its subsidiaries Statement of comprehensive income (Unaudited) Note 2025 2024 2025 2024 Revenues Revenues from sale of goods and rendering of services 8 10,053,314 11,593,933 6,037,157 6,687,882 Dividend income from subsidiaries - - 1,143,980 1,372,586 Dividend income from an associate 6 - - 15,404 13,668 Other income 235,621 288,648 188,655 105,062 Total revenues 10,288,935 11,882,581 7,385,196 8,179,198 Expenses Cost of sale of goods and rendering of services 8,144,019 8,956,213 5,261,471 5,553,410 Distribution costs 256,694 366,956 287,211 334,798 Administrative expenses 1,062,597 1,047,312 491,268 542,614 Total expenses 9,463,310 10,370,481 6,039,950 6,430,822 Profit from operating activities 825,625 1,512,100 1,345,246 1,748,376 Finance costs (28,126) (42,235) (16,445) (26,493) Share of profit of investment in associate6 8,647 11,737 - - Profit before income tax expense 806,146 1,481,602 1,328,801 1,721,883 Tax expense (77,146) (91,797) (22,257) (9,386) Profit for the period 729,000 1,389,805 1,306,544 1,712,497 Other comprehensive income Items that will be reclassified subsequently to profit or loss Exchange differences on translating financial statements (10,079) (12,549) - - Other comprehensive expense for the period, net of tax (10,079) (12,549) - - Total comprehensive income for the period 718,921 1,377,256 1,306,544 1,712,497 Consolidated financial Separate financial statements statements Nine-month period ended Nine-month period ended 30 September 30 September (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 7
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KCE Electronics Public Company Limited and its subsidiaries Statement of comprehensive income (Unaudited) 2025 2024 2025 2024 Profit attributable to: Owners of the Company 709,342 1,366,769 1,306,544 1,712,497 Non-controlling interests 19,658 23,036 - - Profit for the period 729,000 1,389,805 1,306,544 1,712,497 Total comprehensive income attributable to: Owners of the Company 699,263 1,354,220 1,306,544 1,712,497 Non-controlling interests 19,658 23,036 - - Total comprehensive income for the period 718,921 1,377,256 1,306,544 1,712,497 Earnings per share (in Baht) Basic earnings per share 0.60 1.16 1.11 1.45 Nine-month period ended Nine-month period ended 30 September 30 September (in thousand Baht) statements statements Consolidated financial Separate financial The accompanying notes form an integral part of the interim financial statements. 8
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KCE Electronics Public Company Limited and its subsidiaries Statement of changes in equity (Unaudited) Excess of investments arising from additional purchases of investments in subsidiaries at a price higher than the net book value of Change in Equity Issued and the subsidiaries percentage of Total other attributable to paid-up Share Legal Translation at the holding in components of owners of Non-controlling Total Note share capital premium reserve Unappropriated reserve acquisition date subsidiaries equity the parent interests equity Nine-month period ended 30 September 2024 Balance at 1 January 2024 591,044 2,160,859 59,140 10,916,658 (2,662) (38,558) 2,031 (39,189) 13,688,512 60,771 13,749,283 Transactions with owners, recorded directly in equity Distributions to owners of the parent Dividends 9 - - - (1,536,716) - - - - (1,536,716) (28,626) (1,565,342) Total distributions to owners of the parent - - - (1,536,716) - - - - (1,536,716) (28,626) (1,565,342) Total transactions with owners, recorded directly in equity - - - (1,536,716) - - - - (1,536,716) (28,626) (1,565,342) Comprehensive income for the period Profit or loss - - - 1,366,769 - - - - 1,366,769 23,036 1,389,805 Other comprehensive income - - - - (12,549) - - (12,549) (12,549) - (12,549) Total comprehensive income (expense) for the period - - - 1,366,769 (12,549) - - (12,549) 1,354,220 23,036 1,377,256 Balance at 30 September 2024 591,044 2,160,859 59,140 10,746,711 (15,211) (38,558) 2,031 (51,738) 13,506,016 55,181 13,561,197 Consolidated financial statements Other components of equity Retained earnings (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 9
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KCE Electronics Public Company Limited and its subsidiaries Statement of changes in equity (Unaudited) Excess of investments arising from additional purchases of investments in subsidiaries at a price higher than the net book value of Change in Equity Issued and the subsidiaries percentage of Total other attributable to paid-up Share Legal Translation at the holding in components of owners of Non-controlling Total Note share capital premium reserve Unappropriated reserve acquisition date subsidiaries equity the parent interests equity Nine-month period ended 30 September 2025 Balance at 1 January 2025 591,044 2,160,859 59,140 11,014,502 (33,050) (38,558) 2,031 (69,577) 13,755,968 62,091 13,818,059 Transactions with owners, recorded directly in equity Distributions to owners of the parent Dividends 9 - - - (1,418,506) - - - - (1,418,506) (28,442) (1,446,948) Total distributions to owners of the parent - - - (1,418,506) - - - - (1,418,506) (28,442) (1,446,948) Total transactions with owners, recorded directly in equity - - - (1,418,506) - - - - (1,418,506) (28,442) (1,446,948) Comprehensive income for the period Profit or loss - - - 709,342 - - - - 709,342 19,658 729,000 Other comprehensive income - - - - (10,079) - - (10,079) (10,079) - (10,079) Total comprehensive income (expense) for the period - - - 709,342 (10,079) - - (10,079) 699,263 19,658 718,921 Balance at 30 September 2025 591,044 2,160,859 59,140 10,305,338 (43,129) (38,558) 2,031 (79,656) 13,036,725 53,307 13,090,032 Consolidated financial statements Other components of equity Retained earnings (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 10
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KCE Electronics Public Company Limited and its subsidiaries Statement of changes in equity (Unaudited) Other components of equity Change in Issued and percentage of paid-up Share holding in Total Note share capital premium Legal reserve Unappropriated subsidiaries equity Nine-month period ended 30 September 2024 Balance at 1 January 2024 591,044 2,160,859 59,140 7,992,046 1,001 10,804,090 Transactions with owners, recorded directly in equity Distributions to owners Dividends 9 - - - (1,536,716) - (1,536,716) Total distributions to owners - - - (1,536,716) - (1,536,716) Total transactions with owners, recorded directly in equity - - - (1,536,716) - (1,536,716) Comprehensive income for the period Profit or loss - - - 1,712,497 - 1,712,497 Total comprehensive income for the period - - - 1,712,497 - 1,712,497 Balance at 30 September 2024 591,044 2,160,859 59,140 8,167,827 1,001 10,979,871 Separate financial statements Retained earnings (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 11
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KCE Electronics Public Company Limited and its subsidiaries Statement of changes in equity (Unaudited) Other components of equity Change in Issued and percentage of paid-up Share holding in Total Note share capital premium Legal reserve Unappropriated subsidiaries equity Nine-month period ended 30 September 2025 Balance at 1 January 2025 591,044 2,160,859 59,140 8,214,712 1,001 11,026,756 Transactions with owners, recorded directly in equity Distributions to owners Dividends 9 - - - (1,418,506) - (1,418,506) Total distributions to owners - - - (1,418,506) - (1,418,506) Total transactions with owners, recorded directly in equity - - - (1,418,506) - (1,418,506) Comprehensive income for the period Profit or loss - - - 1,306,544 - 1,306,544 Total comprehensive income for the period - - - 1,306,544 - 1,306,544 Balance at 30 September 2025 591,044 2,160,859 59,140 8,102,750 1,001 10,914,794 Separate financial statements Retained earnings (in thousand Baht) The accompanying notes form an integral part of the interim financial statements. 12
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KCE Electronics Public Company Limited and its subsidiaries Statement of cash flows (Unaudited) 2025 2024 2025 2024 Cash flows from operating activities Profit for the period 729,000 1,389,805 1,306,544 1,712,497 Adjustments to reconcile profit to cash receipts (payments) Tax expense 77,146 91,797 22,257 9,386 Share of profit of associate accounted for using equity method, net of tax (8,647) (11,737) - - Depreciation and amortisation 830,732 789,321 471,349 465,942 Amortisation on contract costs assets 35,299 22,973 34,456 22,500 (Reversal of) expected credit loss 2,582 (9) 2,583 - Loss on inventories devaluation 15,402 40,635 19,166 16,034 Loss on return of capital of investment in subsidiary - - 13,822 - Gain (loss) on disposal of machinery and equipment (9,718) (162,626) (10,007) 6,570 Loss from write-off inventories - 32,568 - 32,568 Loss from write-off of equipment 1,098 1,901 974 810 (Reversal of) impairment loss on machinery and equipment 3,976 61,361 (3,433) 54,731 Provision for employee benefits 54,558 23,081 11,977 11,516 Unrealised gain (loss) on exchange rate and fair value changes in derivatives (7,985) 88,898 6,668 54,206 Dividends received from subsidiaries - - (1,143,980) (1,372,586) Dividends received from an associate - - (15,404) (13,668) Interest expense 24,439 37,532 14,352 23,696 1,747,882 2,405,500 731,324 1,024,202 Changes in operating assets and liabilities Trade and other current receivables 511,966 105,380 (307,136) 175,242 Inventories 117,849 (215,996) 74,878 (103,750) Other current financial assets - 62,296 1,709 42,783 Other current assets 22,518 21,569 13,503 11,003 Contract costs assets (8,961) (12,647) (8,961) (9,965) Other non-current assets (2,567) (21,399) (1,618) 4,989 Trade and other current payables (377,152) 500,768 157,432 381,419 Other current financial liabilities (143) - - - Employee benefits paid (16,137) (18,218) (8,991) (8,160) Net cash generated from operating 1,995,255 2,827,253 652,140 1,517,763 Taxes received (paid) (86,854) (161,213) 2,967 (59,286) Net cash from operating activities 1,908,401 2,666,040 655,107 1,458,477 (in thousand Baht) 30 September 30 September Consolidated financial Separate financial statements statements Nine-month period ended Nine-month period ended The accompanying notes form an integral part of the interim financial statements. 13
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KCE Electronics Public Company Limited and its subsidiaries Statement of cash flows (Unaudited) 2025 2024 2025 2024 Cash flows from investing activities Acquisition of investments in a subsidiary - - - (6) Proceeds from disposals of machinery and equipment 12,966 140,964 9,480 14,558 Proceeds from disposals of intangible assets - - 4,365 - Acquisition of property, plant and equipment (394,626) (183,862) (239,502) (125,312) Acquisition of intangible assets (8,329) (1,879) (3,378) (938) Net cash outflow on acquisition of a subsidiary (353,210) - - - Dividend received from subsidiaries - - 1,143,980 1,372,586 Dividend received from an associate 15,404 13,668 15,404 13,668 Net cash from (used in) investing activities (727,795) (31,109) 930,349 1,274,556 Cash flows from financing activities Interest paid (25,845) (48,534) (14,397) (32,598) Net decrease in short-term borrowings from financial institutions (275,420) (544,000) (63,000) (465,000) Payment of lease liabilities (10,204) (15,341) (4,297) (12,256) Proceeds from short-term borrowings from a related party - - - 175,000 Repayment of short-term borrowings from related parties - - (110,000) (175,000) Proceeds from long-term borrowings from financial instituitions 650,000 - 250,000 - Repayment of long-term borrowings from financial institutions(84,289) (753,930) (82,950) (623,706) Dividend paid (1,446,948) (1,565,342) (1,418,506) (1,536,716) Net cash used in financing activities (1,192,706) (2,927,147) (1,443,150) (2,670,276) Net increase (decrease) in cash and cash equivalents before effect of exchange rate (12,100) (292,216) 142,306 62,757 Effect of exchange rate changes on balances held in foreign currencies (12,469) (10,276) - - Net increase (decrease) in cash and cash equivalents (24,569) (302,492) 142,306 62,757 Cash and cash equivalents at 1 January 1,566,087 1,766,784 241,410 479,388 Cash and cash equivalents at 30 September 1,541,518 1,464,292 383,716 542,145 Supplemental disclosure of cash flows information 1) Net (increase) decrease in other current receivables from disposal of machinery and equipment (2,722) 112 (8,188) 5,709 2) Net decrease in trust receipts from purchases of machinery and equipment - (5,499) - (5,499) 3) Net increase in other current payables from purchases of machinery and equipment 50,487 98,674 64,176 89,834 4) Net (increase) decrease in right-of-use assets 3,371 6,699 (4,360) 11,526 5) Borrowing costs relating to the acquisition of assets 975 6,702 285 6,395 30 September 30 September (in thousand Baht) Consolidated financial Separate financial statements statements Nine-month period ended Nine-month period ended The accompanying notes form an integral part of the interim financial statements. 14
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 15 Note Contents 1 Basis of preparation of the interim financial statements 2 Acquisitions of business 3 Related parties 4 Trade receivables 5 Inventories 6 Investments in subsidiaries and associate 7 Property, plant and equipment 8 Segment information and disaggregation of revenue 9 Dividends 10 Financial instruments 11 Interest-bearing liabilities 12 Commitments with non-related parties 13 Events after the reporting period
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 16 These notes form an integral part of the interim financial statements. The interim financial statements issued for Thai regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language statutory financial statements and were approved and authorised for issue by the Board of Directors on 11 November 2025. 1 Basis of preparation of the interim financial statements The condensed interim financial statements are presented in the same format as the annual financial statements together with notes to the interim financial statements on a condensed basis (“interim financial statements”) in accordance with Thai Accounting Standard (TAS) No. 34 Interim Financial Reporting, guidelines promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission. The interim financial statements focus on new activit ies, events and circumstances to avoid repetition of information previously reported in annual financial statements. Accordingly, these interim financial statements should be read in conjunction with the financial statements of the Company and its subsidia ries for the year ended 31 December 2024. In preparing these interim financial statements, judgements and estimates are made by management in applying the Group’s accounting policies. Actual results may differ from these estimates. The accounting policies, methods of computation and the key sources of estimation uncertainty were the same as those that described in the financial statements for the year ended 31 December 202 4. 2 Acquisitions of business (a) Acquisition of KCE Printed Circuit Boards GmbH On 1 April 2025, the Group obtained control of KCE Printed Circuit Boards GmbH which is engaged in the business of sales agent in foreign countries and incorporate d under the laws of the Germany as per the definitive Share Purchase Agreement dated 2 1 January 2025 through its subsidiary, Circuit Holding Co., Ltd., by acquiring 100% of the shares and voting interests in the company. The consideration consisted of a cash payment of EURO 10.65 million (Baht 392.15 million). The Group incurred acquisition-related costs of Baht 10.41 million which have been included in administrative expenses. Taking control of KCE Printed Circuit Boards GmbH will enable the Group to align the Group’s marketing strategy with its strategic goals more effectively. The acquisition is expected to provide the Group to improve management of sales office expenses in the European region, contributing to increase profit share and assets in the Group's consolidated financial statements.
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 17 During the period from the acquisition date to 30 September 2025, KCE Printed Circuit Boards GmbH contributed revenue of EURO 15.04 million ( Baht 565.98 million) and loss of EURO 0.26 million (Baht 9.65 million) to the Group’s results. If the acquisition had occurred on 1 January 2025, management estimates that consolidated revenue would have been Baht 10,390.99 million and consolidated profit would have been Baht 751.12 million for the nine-month period ended 30 September 2025. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2025. Identifiable assets acquired and liabilities assumed Fair value Note (in thousand Baht) Cash and cash equivalents 38,935 Trade receivables 251,557 Inventories 216,158 Other current assets 21,226 Property, plant and equipment 7 4,555 Intangible assets – software license 19 Intangible assets – customer relationship 324,026 Other non-current assets 4,449 Trade and other current payables (392,586) Deferred tax liabilities (94,373) Non-current provision for employee benefits (19,761) Total identifiable net assets 354,205 Controlling interest (%) 100 Total identifiable net assets received 354,205 Goodwill arising from the acquisition 37,940 Total consideration transferred 392,145 Cash acquired with the business 38,935 Cash paid 392,145 Net cash outflows 353,210 Goodwill The goodwill is attributable mainly to the marketing skills and technical talent of KCE Printed Circuit Boards GmbH’s work force, and the synergies expected to be achieved from integrating the company.
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 18 3 Related parties Significant transactions with related parties Consolidated financial statements Separate financial statements Nine-month period ended 30 September 2025 2024 2025 2024 (in thousand Baht) Subsidiaries Sales of goods - - 1,538,813 684,374 Rendering of service - - 37,348 66,565 Rental income - - 1,956 2,103 Interest income - - 15,014 - Other income - - 21,493 13,741 Purchases of goods - - 1,936,817 1,948,197 Purchases of property, plant and equipment - - 9,238 336 Sales of property, plant and equipment - - 9,331 2,363 Sales of intangible asset - - 4,365 - Dividend income - - 1,143,980 1,372,586 Commission expense - - 192,618 130,159 Interest expense - - 171 - Other expenses - - 10,437 2,792 Associate Purchases of raw materials 87,922 74,575 56,535 44,521 Purchases of property, plant and equipment 4,740 9,785 4,740 9,594 Dividend income 15,404 13,668 15,404 13,668 Other expenses 2,330 4,851 1,508 4,406 Other income 710 752 710 752 Key management personnel Key management personnel compensation Short-term employee benefits 125,733 108,865 44,389 43,028 Retirement benefits 1,973 1,804 782 960 Total key management personnel compensation 127,706 110,669 45,171 43,988
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 19 Balance with related parties Consolidated financial statements Separate financial statements 30 September 31 December 30 September 31 December As at 2025 2024 2025 2024 (in thousand Baht) Trade receivables Subsidiaries - - 1,039,620 766,483 Total - - 1,039,620 766,483 Other current receivables Subsidiaries - - 28,572 17,140 Total - - 28,572 17,140 Short-term loans to Subsidiaries - - 900,000 450,000 Total - - 900,000 450,000 Trade payables Subsidiaries - - 982,220 809,227 Associate 33,173 29,243 23,184 18,035 Total 33,173 29,243 1,005,404 827,262 Other payables for purchase of machineries and equipment Subsidiaries - - 1,400 - Associate 2,796 - 2,796 - Total 2,796 - 4,196 - Other current payables Subsidiaries - - 538 186,820 Total - - 538 186,820 Short-term loans from Subsidiaries - - - 110,000 Total - - - 110,000
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 20 4 Trade receivables Consolidated financial statements Separate financial statements 30 September 31 December 30 September 31 December 2025 2024 2025 2024 (in thousand Baht) Within credit terms 2,895,128 2,918,694 2,187,506 2,190,789 Overdue: Less than 3 months 274,010 615,708 272,648 509,255 3 - 6 months 114,670 20,857 87,519 16,163 6 - 12 months 1,593 115 - 102 Over 12 months 4,024 552 - - Total 3,289,425 3,555,926 2,547,673 2,716,309 Less allowance for expected credit loss (14,595) (864) (2,583) - Net 3,274,830 3,555,062 2,545,090 2,716,309 The normal credit terms granted by the Group range from 60 days to 160 days. 5 Inventories Inventories as at 30 September 2025 included finished goods (made to order) of Baht 794 million (31 December 2024: Baht 900 million) in the consolidated f inancial statements and Baht 528 million (31 December 2024: Baht 543 million) in the separate financial statements, which had been delivered to the customers’ warehouses but the title of the inventory shall remain with the Group until the customers’ requisition to their production process. The Group will receive the payment for these inventories after the customers’ requisition to their production process, and following conditions within the periods specified in the agreements. As at 30 September 2025, the allowance for decline in value in inventory of the Group and the Company amounting to Baht 150.9 million and Baht 82.7 million, respectively (31 December 2024: Baht 135.5 million and Baht 63.5 million, respectively).
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 21 6 Investments in subsidiaries and associate Consolidated financial statements Separate financial statements Equity Method Cost Method For the nine-month period ended 30 September 2025 2024 2025 2024 (in thousand Baht) Subsidiaries At 1 January - - 3,200,418 2,849,476 Acquisition through Entire Business Transfer - - - 150,936 Increase - - - 6 Investment received - - (199,879) - At 30 September - - 3,000,539 3,000,418 Associate At 1 January 32,981 31,873 1,642 1,642 Share of profit from investment in associate using equity method 8,647 11,737 - - Dividend income (15,404) (13,668) - - Foreign currency translation differences for foreign operations (464) (2,796) - - At 30 September 25,760 27,146 1,642 1,642 On 26 July 2024, the Extraordinary General Meeting of the Shareholders of K.C.E. International Co., Ltd., a subsidiary, approved the dissolution of the Company. The liquidator of the subsidiary registered the dissolution with the Ministry of Commerce on 15 August 2024. Subsequently, the subsidiary returned its capital to the Company and registered the completion of liquidation with the Ministry of Commerce on 5 September 2025.
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 22 7 Property, plant and equipment Acquisitions, disp osals and transfers of property, plant and equipment excluded right -of-use assets during the nine-month period ended 30 September 2025 and 2024 were as follows: For the nine-month period ended Consolidated financial statements Separate financial statements 30 September Note 2025 2024 2025 2024 (in thousand Baht) Net book value at 1 January 7,645,373 8,124,498 4,746,573 5,115,811 Acquisitions during the period - cost 436,505 316,492 289,025 223,064 Acquisition through Entire Business Transfer - net book value - - - 1,020 Acquisitions through business combinations 2 4,555 - - - Disposals/write-off - net book value (79,174) (18,965) (10,122) (16,228) Depreciation for the period (748,666) (750,523) (452,588) (446,935) Difference from changes in foreign currency exchange rate (2,962) (3,681) - - Reversal of (loss on) impairment 69,264 (61,361) 3,433 (54,731) Net book value at 30 September 7,324,895 7,606,460 4,576,321 4,822,001 Mortgage and pledge 7.1 The Company and its subsidiar y, Thai Laminate Manufacturer Co., Ltd., entered into negative pledge memorandums which are part of bank overdrafts and loan facility. Under these memorandums, the Company and its subsidiaries are not allowed to dispose of, transfer, mortgage or provide any lien on their assets, as stipulated in such memorandums. 7.2 The subsidiaries have mortgaged and pledged the following property, plant and equipment. 7.2.1 KCE Singapore Pte., Ltd. has mortgaged its office building with a total net book value as at 30 September 2025 of Baht 128 million (31 December 2024: Baht 131 million), as collateral for loans from banks. 7.2.2 Chemtronic Products Co., Ltd. has mortgaged its land and construction with a total net book value as at 30 September 2025 of Baht 115 million (31 December 2024: Baht 117 million), as collateral for loans from banks. 7.2.3 KCE America Partner Co., Ltd, an indirect subsidiary, has mortgaged its land and construction with a total net book value as at 30 September 2025 of Baht 121 million (31 December 2024: Baht 125 million), as collateral for loans from banks.
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 23 8 Segment information and disaggregation of revenue The Company and its subsidiaries’ operations mainly involve business segments in manufacture and sale of prepreg and laminate , printed circuit board, and chemical products with production facilities in Thailand and operate in both local and overseas market s. Financial information of the Company and its subsidiaries by business for the nine-month periods ended 30 September 2025 and 2024 are as follows: Consolidated financial statements Reportable segments Prepreg and Laminate Printed Circuit Board business For the nine-month period ended Business America Europe Asia Total Chemical business Eliminating entries Total 30 September 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (in thousand Baht) Information about reportable segments Revenues from external customers 562,367 683,357 2,111,872 2,371,476 4,532,467 5,315,260 2,377,214 2,734,992 9,021,553 10,421,728 469,394 488,848 - - 10,053,314 11,593,933 Inter-segment revenues 1,475,140 1,616,936 131,314 392,603 1,316,078 - 2,289,107 2,102,960 3,736,499 2,495,563 201,190 209,094 (5,412,829) (4,321,593) - - Total revenues 2,037,507 2,300,293 2,243,186 2,764,079 5,848,545 5,315,260 4,666,321 4,837,952 12,758,052 12,917,291 670,584 697,942 (5,412,829) (4,321,593) 10,053,314 11,593,933 Disaggregation of revenue Revenues from sales 2,025,656 2,286,516 2,243,186 2,764,079 5,848,545 5,315,260 4,585,731 4,742,142 12,677,462 12,821,481 670,584 697,942 (5,320,388) (4,212,006) 10,053,314 11,593,933 Revenues from rendering of services 11,851 13,777 - - - - 80,590 95,810 80,590 95,810 - - (92,441) (109,587) - - Total revenues 2,037,507 2,300,293 2,243,186 2,764,079 5,848,545 5,315,260 4,666,321 4,837,952 12,758,052 12,917,291 670,584 697,942 (5,412,829) (4,321,593) 10,053,314 11,593,933 Timing of revenue recognition At a point in time 2,037,507 2,300,293 2,243,186 2,764,079 5,848,545 5,315,260 4,666,321 4,837,952 12,758,052 12,917,291 670,584 697,942 (5,412,829) (4,321,593) 10,053,314 11,593,933 Total 2,037,507 2,300,293 2,243,186 2,764,079 5,848,545 5,315,260 4,666,321 4,837,952 12,758,052 12,917,291 670,584 697,942 (5,412,829) (4,321,593) 10,053,314 11,593,933
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 24 Consolidated financial statements Reportable segments Prepreg and Printed Circuit Board business For the nine-month period ended Laminate business America Europe Asia Total Chemical business Eliminating entries Total 30 September 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (in thousand Baht) Segment operating profit 358,086 482,329 1,631,493 2,110,965 217,301 256,103 (297,585) (211,677) 1,909,295 2,637,720 Unallocated profit and expenses: Other income 235,621 288,648 Distribution costs (256,694) (366,956) Administrative expenses (1,062,597) (1,047,312) Finance costs (28,126) (42,235) Share of profit from investment in associate 8,647 11,737 Income tax expense (77,146) (91,797) Profit for the period 729,000 1,389,805 Segment assets as at 30 September 2025/ 31 December 2024 2,222,192 1,945,877 24,440,651 24,823,052 590,641 656,421 (9,064,848) (9,009,669) 18,188,636 18,415,681 Segment liabilities as at 30 September 2025/ 31 December 2024 927,516 439,963 7,825,239 7,181,938 135,219 111,909 (3,789,370) (3,136,188) 5,098,604 4,597,622 For the nine -month period ended 30 September 2025, the Group had total revenues which were converted to US dollar amounted of US dollar 304 million (2024: US dollar 326 million).
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 25 Separate financial statements Reportable segment Printed Circuit Board business America Europe Asia Total For the nine-month period ended 30 September 2025 2024 2025 2024 2025 2024 2025 2024 (in thousand Baht) Disaggregation of revenue Revenues from sales 1,593,223 1,625,023 3,402,019 3,929,170 1,004,567 1,067,124 5,999,809 6,621,317 Revenues from rendering of services - - - - 37,348 66,565 37,348 66,565 Total revenues 1,593,223 1,625,023 3,402,019 3,929,170 1,041,915 1,133,689 6,037,157 6,687,882 Timing of revenue recognition At a point in time 1,593,223 1,625,023 3,402,019 3,929,170 1,041,915 1,133,689 6,037,157 6,687,882 Total 1,593,223 1,625,023 3,402,019 3,929,170 1,041,915 1,133,689 6,037,157 6,687,882
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 26 Contract Balances The following table provides information about receivables and contract cost assets with customers. Consolidated financial statements Separate financial statements 30 September 2025 31 December 2024 30 September 2025 31 December 2024 (in thousand Baht) Trade receivables - net 3,274,830 3,555,062 2,545,090 2,716,309 Contract costs assets 313,435 339,773 298,950 324,445 The amount of amortisation which is included in the consolidated statement of comprehensive income for the nine-month period ended 30 September 2025 were Baht 35.3 million (2024: Baht 23.0 million) and the separate statement of comprehensive income for the nine -month period then ended were Baht 34.5 million (2024: Baht 22.5 million). There was no impairment loss recognised from the said assets. 9 Dividends Approval date Payment schedule Dividend rate per share Amount (in Baht) (in million Baht) Paid in 2025 Annual dividend 22 April 2025 9 May 2025 0.60 709 Interim dividend 13 August 2025 10 September 2025 0.60 709 Paid in 2024 Annual dividend 18 April 2024 10 May 2024 0.70 827 Interim dividend 13 August 2024 11 September 2024 0.60 709 10 Financial instruments Carrying amounts and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities measured at amortised cost if the carrying amount is a reasonable approximation of fair value.
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 27 Consolidated financial statements Carrying amount Fair value Note Financial instruments measured at FVTPL Financial instruments measured at amortised cost - net Total Level 1 Level 2 Level 3 Total (in thousand Baht) At 30 September 2025 Financial assets Other financial assets: Forward currency exchange contracts and foreign currency option agreements 12 2,456 - 2,456 - 2,456 - 2,456 Total other financial assets 2,456 - 2,456 At 31 December 2024 Financial liabilities Other financial liabilities: Forward currency exchange contracts 12 143 - 143 - 143 - 143 Total other financial liabilities 143 - 143
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 28 Separate financial statements Carrying amount Fair value Note Financial instruments measured at FVTPL Financial instruments measured at amortised cost - net Total Level 1 Level 2 Level 3 Total (in thousand Baht) At 30 September 2025 Financial assets Other financial assets: Forward currency exchange contracts and foreign currency option agreements 12 470 - 470 - 470 - 470 Total other financial assets 470 - 470 At 31 December 2024 Financial assets Other financial assets: Forward currency exchange contracts 12 1,709 - 1,709 - 1,709 - 1,709 Total other financial assets 1,709 - 1,709
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 29 The following table presents valuation technique of financial instruments measured at fair value in the statement of financial position. Type Valuation technique Forward currency exchange contracts and foreign currency option agreements The fair value of forward currency exchange contracts and foreign currency option agreements determined the price from an agreement announced by financial institutions. 11 Interest-bearing liabilities In July 2025, KCE Technology Co., Ltd., a subsidiary, entered into a long -term loan agreement with a local financial institution for Baht 400 million with no collateral, bearing interest at the rate reference THOR (Thai Overnight Repurchase Rate) plus rates as specified in agreement. The loan is quarterly repayable of Baht 33.33 million for each installment, commencing in March 2026 covering 3 years and 6 months. The subsidiary has to comply with certain conditions, including maintaining debt service coverage ratio (DSCR) of not less than 1.25:1 and debt to equity ratio of not more than 2. As at 30 September 2025, the subsidiary had fully drawn down the loan. 12 Commitments with non-related parties At 30 September 2025 Consolidated financial statements Separate financial statements (in thousand baht) Capital commitments Buildings and other constructions 34,931 34,931 Machinery and equipment 164,205 71,040 Total 199,136 105,971 Future minimum lease payments under non-cancellable long-term services contracts Within one year 32,830 15,285 After one year but within five years 2,718 1,561 Total 35,548 16,846 Other commitments Unrecognized purchase orders for raw materials 498,472 209,078 Bank guarantees 9,212 4,612 Total 507,684 213,690
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KCE Electronics Public Company Limited and its subsidiaries Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 September 2025 (Unaudited) 30 Forward currency exchange contracts As at 30 September 2025, the Group and the Company had outstanding forward exchange contracts as follows: Currency Amount Maturity date Contract exchange rate (Thousand) (Per unit of foreign currency) The Group Selling contract US dollar / Baht 1,200 7 October 2025 - 3 November 2025 32.2640 - 34.5050 EURO / Baht 3,300 9 October 2025 - 9 January 2026 37.8350 - 38.4400 EURO / US dollar 600 2 - 22 October 2025 1.1480 - 1.1780 The Company Selling contract EURO / Baht 3,000 9 October 2025 - 20 November 2025 37.8350 - 38.4400 EURO / US dollar 600 2 - 22 October 2025 1.1480 - 1.1780 Foreign currency option agreements As at 30 September 2025, the Group and the Company had outstanding foreign currency option agreements as follows: Currency Sell amount Strike rate Settlement date (Thousand) (Per unit of foreign currency) The Group Call option US dollar 500 41.0000 28 November 2025 Call option US dollar 500 32.0000 28 November 2025 The Company Call option US dollar 500 41.0000 28 November 2025 Call option US dollar 500 32.0000 28 November 2025 13 Events after the reporting period On 20 October 2025, the meeting of the Company’s Board of Directors approve d the business restructuring of the Company’s subsidiaries by amalgamating Chemtronic Technology (Thailand) Co., Ltd., in which the Company holds 94.75% of the total issued shares, with Chemtronic Products Co., Ltd., in which the Company holds 94.96% of the total issued shares. The amalgamation was expected to complete within the first quarter of 2026.