Interim report
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Thai Union Group Public Company Limited and its Subsidiaries Interim financial statements for the three-month and six-month periods ended 30 June 2026 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 Thai Union Group Public Company Limited I have reviewed the accompanying consolidated and separate statements of financial position of Thai Union Group Public Company Limited and its subsidiaries, and of Thai Union Group Public Company Limited, respectively, as at 3 0 June 2026; the consolidated and separate statements of income, comprehensive income for the three -month and six -month periods ended 30 June 2026 ; the consolidated and separate statements of changes in equity and cash flows for the six-month period ended 30 June 2026; and condensed 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 th is 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”. (Sujitra Masena) Certified Public Accountant Registration No. 8645 KPMG Phoomchai Audit Ltd. Bangkok 3 August 2026
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Thai Union Group Public Company Limited and its Subsidiaries Statement of financial position 30 June 31 December 30 June 31 December Assets Note 2026 2025 2026 2025 (Unaudited) (Unaudited) Current assets Cash and cash equivalents 6,504,914 8,562,954 1,101,537 337,684 Short-term investments and investments in debt instruments measured at amortised cost 8 8,026,371 5,199,312 - - Trade and other receivables, net 9, 18 20,523,385 18,074,412 3,502,058 4,021,885 Short-term loans to related and third parties, net 18 7,725 14,156 27,980,092 29,401,857 Inventories, net 46,772,217 47,639,087 5,330,018 5,031,093 Derivative assets 7 932,280 1,762,953 1,177,407 1,323,238 Other current assets 1,768,255 1,656,310 138,327 134,616 Assets held-for-sale - - - - Total current assets 84,535,147 82,909,184 39,229,439 40,250,373 Non-current assets Restricted deposits with financial institutions 3,078 3,077 - - Investments in subsidiaries, associates and joint ventures using cost method, net 10 - - 47,982,456 45,887,862 Investments accounted for using the equity method, net 10 9,408,830 8,953,320 - - Financial assets measured at fair value 7 694,589 627,048 228,231 199,415 Long-term loans to related parties, net 18 23,000 84,993 15,543,116 16,777,140 Investment properties, net 67,840 67,840 465,669 465,669 Property, plant and equipment, net 11 29,870,373 29,886,784 3,507,367 2,990,022 Right-of-use assets, net 1,080,746 1,013,230 154,256 111,214 Intangible assets, net 11 15,527,090 15,400,309 1,021,439 1,140,372 Goodwill, net 11 13,471,028 13,215,197 - - Derivative assets 7 152,863 122,882 152,864 98,478 Deferred tax assets 5,849,057 5,468,184 79,569 66,141 Other non-current assets 617,247 574,327 37,793 52,360 Total non-current assets 76,765,741 75,417,191 69,172,760 67,788,673 Total assets 161,300,888 158,326,375 108,402,199 108,039,046 Consolidated Separate financial statements financial statements (in thousand Baht) The accompanying condensed notes are an integral part of these interim financial statements. 2
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Thai Union Group Public Company Limited and its Subsidiaries Statement of financial position 30 June 31 December 30 June 31 December Liabilities and equity Note 2026 2025 2026 2025 (Unaudited) (Unaudited) Current liabilities Bank overdrafts and short-term loans from financial institutions 15,707,182 13,271,316 14,115,400 11,790,626 Trade and other payables 18 19,123,431 18,683,573 3,143,184 3,810,033 Short-term loans from related parties 18 - - 182,500 174,000 Current portion of long-term loans from financial institutions, net 12 8,579,769 5,588,267 8,563,482 5,571,833 Current portion of debentures, net 12 10,498,668 8,878,502 10,498,668 8,878,502 Current portion of lease liabilities, net 261,950 375,335 50,062 118,854 Income tax payable 607,629 481,430 - - Derivative liabilities 7 3,434,125 868,072 2,760,264 886,829 Other current liabilities 556,208 754,841 55,087 75,110 Total current liabilities 58,768,962 48,901,336 39,368,647 31,305,787 Non-current liabilities Long-term loans from financial institutions, net 12 20,694,202 23,089,274 20,681,949 23,068,652 Debentures, net 12 19,479,067 23,475,697 19,479,067 23,475,697 Lease liabilities, net 694,561 554,767 104,387 5,440 Employee benefit obligations 3,680,236 3,540,073 1,190,815 1,140,044 Deferred tax liabilities 3,559,426 3,966,014 - - Derivative liabilities 7 459,004 2,132,199 459,004 2,132,777 Other non-current liabilities 591,587 584,000 111,267 90,995 Total non-current liabilities 49,158,083 57,342,024 42,026,489 49,913,605 Total liabilities 107,927,045 106,243,360 81,395,136 81,219,392 financial statements financial statements (in thousand Baht) Consolidated Separate The accompanying condensed notes are an integral part of these interim financial statements. 3
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Thai Union Group Public Company Limited and its Subsidiaries Statement of financial position 30 June 31 December 30 June 31 December Liabilities and equity Note 2026 2025 2026 2025 (Unaudited) (Unaudited) Equity Share capital: Authorised share capital (2026: 5,455,132,696 ordinary shares, par value at Baht 0.25 per share, 2025: 5,655,132,696 ordinary shares, par value at Baht 0.25 per share) 1,363,783 1,413,783 1,363,783 1,413,783 Issued and paid-up share capital (2026: 4,255,132,696 ordinary shares, par value at Baht 0.25 per share, 2025: 4,455,132,696 ordinary shares, par value at Baht 0.25 per share)13 1,063,783 1,113,783 1,063,783 1,113,783 Premium on share capital 13 19,948,329 19,948,329 19,948,329 19,948,329 Retained earnings Appropriated - legal reserve 149,295 149,295 149,295 149,295 Reserve for treasury shares 4,310,371 7,292,752 4,310,371 7,292,752 Unappropriated 16,389,623 15,311,583 6,937,253 6,805,968 Less Treasury shares 13 (4,310,371) (7,292,752) (4,310,371) (7,292,752) Other components of equity 8,420,014 8,181,109 (1,091,597) (1,197,721) Total 45,971,044 44,704,099 27,007,063 26,819,654 Total equity attributable to owners of the Company 45,971,044 44,704,099 27,007,063 26,819,654 Non-controlling interests 7,402,799 7,378,916 - - Total equity 53,373,843 52,083,015 27,007,063 26,819,654 Total liabilities and equity 161,300,888 158,326,375 108,402,199 108,039,046 (in thousand Baht) Consolidated Separate financial statements financial statements The accompanying condensed notes are an integral part of these interim financial statements. 4
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Thai Union Group Public Company Limited and its Subsidiaries Statement of income (Unaudited) 2026 2025 2026 2025 Revenue from sales and services 33,845,147 33,389,105 4,675,512 4,533,054 Cost of sales and services (26,607,345) (26,822,237) (4,045,114) (4,005,294) Gross profit 7,237,802 6,566,868 630,398 527,760 Interest income 62,811 81,169 455,702 446,785 Dividend income 3,824 2,647 1,601,589 2,628,038 Other income 165,133 128,648 114,963 98,771 Profit before expenses 7,469,570 6,779,332 2,802,652 3,701,354 Selling expenses (2,704,105) (2,389,401) (172,785) (177,333) Administrative expenses (2,358,057) (2,250,036) (524,892) (661,807) Reversal of (loss from) impairment of financial assets, net (25,449) (18,196) 25,127 (625,735) Other gains (losses), net (74,163) 32,871 (152,015) (228,309) Finance costs (575,880) (586,268) (478,713) (533,107) Profit before share of profit from investments accounted for using the equity method 1,731,916 1,568,302 1,499,374 1,475,063 Share of profit from investments accounted for using the equity method 147,572 157,685 - - Profit before income tax 1,879,488 1,725,987 1,499,374 1,475,063 Income tax (expense) credit (336,676) (209,418) (29,259) 10,456 Profit for the period 1,542,812 1,516,569 1,470,115 1,485,519 Profit attributable to: Owners of the parent 1,264,053 1,272,570 1,470,115 1,485,519 Non-controlling interests 278,759 243,999 - - Profit for the period 1,542,812 1,516,569 1,470,115 1,485,519 Basic and diluted earnings per share for profit attributable to the owners of the Company (Baht) 0.33 0.32 0.38 0.37 Consolidated Separate financial statements financial statements Three-month period ended Three-month period ended 30 June 30 June (in thousand Baht) The accompanying condensed notes are an integral part of these interim financial statements. 5
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Thai Union Group Public Company Limited and its Subsidiaries Statement of comprehensive income (Unaudited) 2026 2025 2026 2025 Profit for the period 1,542,812 1,516,569 1,470,115 1,485,519 Other comprehensive income (expense): Items that will not be reclassified subsequently to profit or loss Remeasurements gain (loss) of employee benefit obligations, net of income tax - (1,998) - 7,137 Change in fair value of equity instruments, net of income tax (48,103) (3,054) (35,015) (3,962) Change in fair value of hedging derivatives, net of income tax (11,334) (1,756) (11,334) (1,756) Decrease in other reserves (465) (522) - - Total items that will not be reclassified subsequently to profit or loss (59,902) (7,330) (46,349) 1,419 Items that will or may be reclassified subsequently to profit or loss Exchange differences on translation 302,875 (339,355) - - Share of comprehensive income from investments accounted for using the equity method, net of income tax 2,557 2,474 - - Hedging reserve reclassified, net of income tax 2,191,667 1,509,354 2,070,576 1,578,966 Change in fair value of hedging derivatives, net of income tax (2,538,099) (1,510,406) (2,166,510) (1,710,235) Total items that will or may be reclassified subsequently to profit or loss (41,000) (337,933) (95,934) (131,269) Other comprehensive expense for the period, net of income tax (100,902) (345,263) (142,283) (129,850) Total comprehensive income for the period 1,441,910 1,171,306 1,327,832 1,355,669 Total comprehensive income attributable to: Owners of the Company 1,188,255 879,538 1,327,832 1,355,669 Non-controlling interests 253,655 291,768 - - Total comprehensive income for the period 1,441,910 1,171,306 1,327,832 1,355,669 Three-month period ended Three-month period ended 30 June 30 June (in thousand Baht) financial statements financial statements Consolidated Separate The accompanying condensed notes are an integral part of these interim financial statements. 6
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Thai Union Group Public Company Limited and its Subsidiaries Statement of income (Unaudited) Note 2026 2025 2026 2025 Revenue from sales and services 6, 18 65,899,364 63,178,025 9,713,254 9,223,024 Cost of sales and services 18 (52,836,889) (50,999,666) (8,414,254) (8,224,465) Gross profit 13,062,475 12,178,359 1,299,000 998,559 Interest income 18 120,487 176,371 924,182 880,918 Dividend income 18 3,824 2,647 1,626,589 7,803,076 Other income 18 305,437 221,478 215,013 182,109 Profit before expenses 13,492,223 12,578,855 4,064,784 9,864,662 Selling expenses (5,140,622) (4,653,554) (361,738) (348,408) Administrative expenses (4,580,556) (4,686,289) (1,028,037) (1,429,192) Reversal of (loss from) impairment of financial assets, net (28,387) (28,050) 22,030 (626,318) Other gains (losses), net 14 (203,163) 46,539 (303,859) (496,852) Finance costs (1,106,122) (1,171,651) (953,196) (1,043,047) Profit before share of profit from investments accounted for using the equity method 2,433,373 2,085,850 1,439,984 5,920,845 Share of profit from investments accounted for using the equity method 10 451,412 448,775 - - Profit before income tax 2,884,785 2,534,625 1,439,984 5,920,845 Income tax (expense) credit 15 47,694 212,740 (9,416) 21,557 Profit for the period 2,932,479 2,747,365 1,430,568 5,942,402 Profit attributable to: Owners of the parent 2,377,323 2,291,818 1,430,568 5,942,402 Non-controlling interests 555,156 455,547 - - Profit for the period 2,932,479 2,747,365 1,430,568 5,942,402 Basic and diluted earnings per share for profit attributable to the owners of the Company (Baht) 16 0.62 0.56 0.37 1.46 Consolidated Separate financial statements financial statements Six-month period ended Six-month period ended 30 June 30 June (in thousand Baht) The accompanying condensed notes are an integral part of these interim financial statements. 7
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Thai Union Group Public Company Limited and its Subsidiaries Statement of comprehensive income (Unaudited) Note 2026 2025 2026 2025 Profit for the period 2,932,479 2,747,365 1,430,568 5,942,402 Other comprehensive income (expense): Items that will not be reclassified subsequently to profit or loss Remeasurements gain (loss) of employee benefit obligations, net of income tax - (2,085) - 7,137 Change in fair value of equity instruments, net of income tax 42,783 24,850 28,815 16,067 Change in fair value of hedging derivatives, net of income tax (39,189) (6,186) (39,189) (6,186) Decrease in other reserves (1,028) (1,075) - - Total items that will not be reclassified subsequently to profit or loss 2,566 15,504 (10,374) 17,018 Items that will or may be reclassified subsequently to profit or loss Exchange differences on translation 962,414 368,426 - - Share of comprehensive income (expenses) from investments accounted for using the equity method, net of income tax 10 (1,375) 1,487 - - Hedging reserve reclassified, net of income tax 2,357,903 2,196,139 2,331,973 2,166,287 Change in fair value of hedging derivatives, net of income tax (3,186,637) (2,337,947) (2,215,475) (2,261,243) Total items that will or may be reclassified subsequently to profit or loss 132,305 228,105 116,498 (94,956) Other comprehensive income (expense) for the period, net of income tax 134,871 243,609 106,124 (77,938) Total comprehensive income for the period 3,067,350 2,990,974 1,536,692 5,864,464 Total comprehensive income attributable to: Owners of the Company 2,616,228 2,478,941 1,536,692 5,864,464 Non-controlling interests 451,122 512,033 - - Total comprehensive income for the period 3,067,350 2,990,974 1,536,692 5,864,464 financial statements financial statements Consolidated Separate Six-month period ended Six-month period ended 30 June 30 June (in thousand Baht) The accompanying condensed notes are an integral part of these interim financial statements. 8
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Thai Union Group Public Company Limited and its Subsidiaries Statement of changes in equity (Unaudited) Share of other Issued comprehensive and Changes in income (expenses) Changes in Total equity paid-up Premium Appropriated Reserve Exchange fair value of from investments ownership Total other attributable to Non- share on share - Legal for treasury Treasury differences equity Hedging accounted for using Other interest in components owners of controlling Total Note capital capital reserve shares Unappropriated shares on translation instruments reserves the equity method reserves subsidiaries of equity the Company interest equity Six-month period ended 30 June 2025 Balance at 1 January 2025 1,113,783 19,948,329 149,295 2,982,381 18,101,438 (2,982,381) (2,994,474) (602,493) 381,060 (210,034) (66,386) 12,814,505 9,322,178 48,635,023 7,677,656 56,312,679 Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the parent Treasury shares - - - 4,310,371 (4,310,371) (4,310,371) - - - - - - - (4,310,371) - (4,310,371) Dividend payment 17 - - - - (1,446,017) - - - - - - - - (1,446,017) (785,486) (2,231,503) Total contributions by and distributions to owners - - - 4,310,371 (5,756,388) (4,310,371) - - - - - - - (5,756,388) (785,486) (6,541,874) Changes in ownership interests in subsidiary Net increase in non-controlling interest from change in investment in subsidiaries - - - - - - - - - - - (224,447) (224,447) (224,447) (2,648) (227,095) Total changes in ownership interests in subsidiary - - - - - - - - - - - (224,447) (224,447) (224,447) (2,648) (227,095) Comprehensive income (expense) for the period Profit - - - - 2,291,818 - - - - - - - - 2,291,818 455,547 2,747,365 Other comprehensive income (expense) - - - - 522 - 386,597 24,850 (225,258) 1,487 (1,075) - 186,601 187,123 56,486 243,609 Total comprehensive income (expense) for the period - - - - 2,292,340 - 386,597 24,850 (225,258) 1,487 (1,075) - 186,601 2,478,941 512,033 2,990,974 Balance at 30 June 2025 1,113,783 19,948,329 149,295 7,292,752 14,637,390 (7,292,752) (2,607,877) (577,643) 155,802 (208,547) (67,461) 12,590,058 9,284,332 45,133,129 7,401,555 52,534,684 Six-month period ended 30 June 2026 Balance at 1 January 2026 1,113,783 19,948,329 149,295 7,292,752 15,311,583 (7,292,752) (3,819,279) (481,026) 136,526 (220,288) (64,177) 12,629,353 8,181,109 44,704,099 7,378,916 52,083,015 Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the parent Capital reduction from unsold treasury shares 13 (50,000) - - (2,982,381) 50,000 2,982,381 - - - - - - - - - - Dividend payment 17 - - - - (1,349,283) - - - - - - - - (1,349,283) (427,239) (1,776,522) Total contributions by and distributions to owners of the parent (50,000) - - (2,982,381) (1,299,283) 2,982,381 - - - - - - - (1,349,283) (427,239) (1,776,522) Comprehensive income (expense) for the period Profit - - - - 2,377,323 - - - - - - - - 2,377,323 555,156 2,932,479 Other comprehensive income (expense) - - - - - - 960,766 42,783 (762,241) (1,375) (1,028) - 238,905 238,905 (104,034) 134,871 Total comprehensive income (expense) for the period - - - - 2,377,323 - 960,766 42,783 (762,241) (1,375) (1,028) - 238,905 2,616,228 451,122 3,067,350 Balance at 30 June 2026 1,063,783 19,948,329 149,295 4,310,371 16,389,623 (4,310,371) (2,858,513) (438,243) (625,715) (221,663) (65,205) 12,629,353 8,420,014 45,971,044 7,402,799 53,373,843 Consolidated financial statements Retained earnings Other components of equity (in thousand Baht) The accompanying condensed notes are an integral part of these interim financial statements. 9
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Thai Union Group Public Company Limited and its Subsidiaries Statement of changes in equity (Unaudited) Change in Issued and Premium Appropriated Reserve fair value of Total other paid-up on share - Legal for treasury Treasury equity Hedging component Total Note share capital capital reserve shares Unappropriated shares instruments reserves of equity equity Six-month period ended 30 June 2025 Balance at 1 January 2025 1,113,783 19,948,329 149,295 2,982,381 3,728,572 (2,982,381) (352,635) (607,338) (959,973) 23,980,006 Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the parent Treasury shares - - - 4,310,371 (4,310,371) (4,310,371) - - - (4,310,371) Dividend payment 17 - - - - (1,446,017) - - - - (1,446,017) Total contributions by and distributions to owners of the parent - - - 4,310,371 (5,756,388) (4,310,371) - - - (5,756,388) Comprehensive income (expense) for the period Profit - - - - 5,942,402 - - - - 5,942,402 Other comprehensive income (expense) - - - - 7,137 - 16,067 (101,142) (85,075) (77,938) Total comprehensive income (expense) for the period - - - - 5,949,539 - 16,067 (101,142) (85,075) 5,864,464 Balance at 30 June 2025 1,113,783 19,948,329 149,295 7,292,752 3,921,723 (7,292,752) (336,568) (708,480) (1,045,048) 24,088,082 Six-month period ended 30 June 2026 Balance at 1 January 2026 1,113,783 19,948,329 149,295 7,292,752 6,805,968 (7,292,752) (273,369) (924,352) (1,197,721) 26,819,654 Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the parent Capital reduction from unsold treasury shares 13 (50,000) - - (2,982,381) 50,000 2,982,381 - - - - Dividend payment 17 - - - - (1,349,283) - - - - (1,349,283) Total contributions by and distributions to owners of the parent (50,000) - - (2,982,381) (1,299,283) 2,982,381 - - - (1,349,283) Comprehensive income for the period Profit - - - - 1,430,568 - - - - 1,430,568 Other comprehensive income - - - - - - 28,815 77,309 106,124 106,124 Total comprehensive income for the period - - - - 1,430,568 - 28,815 77,309 106,124 1,536,692 Balance at 30 June 2026 1,063,783 19,948,329 149,295 4,310,371 6,937,253 (4,310,371) (244,554) (847,043) (1,091,597) 27,007,063 Separate financial statements Retained earnings Other components of equity (in thousand Baht) The accompanying condensed notes are an integral part of these interim financial statements. 10
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Thai Union Group Public Company Limited and its Subsidiaries Statement of cash flows (Unaudited) Note 2026 2025 2026 2025 Net cash from (used in) operating activities 19 5,009,521 3,196,289 (399,381) 1,384,442 Cash flows from investing activities Net cash payments for short-term investments (2,383,248) (712,400) - - Decrease (increase) in restricted deposits with financial institutions (1) 719 - - Purchases of property, plant and equipment and intangible assets (1,785,196) (2,008,093) (740,890) (139,498) Proceeds from disposals of property, plant and equipment and intangible assets 183,824 75,601 2,846 16,815 Cash payment for investments in a subsidiary - - (450,000) (295,204) Cash payment for investments in associate - - - (3,625,780) Cash payment for investments in joint venture (87,710) - - - Cash payments for investments in equity instruments - (5,267) - - Cash receipts from investments in debt instruments 348,000 346,320 - - Cash payment for investments in debt instruments (729,405) - - - Proceeds from sale of investment in subsidiaries 29 - 6,551 68,577 Proceeds (cash payment) from sale of investments in associate and joint venture 35,000 (13,998) - - Net cash receipts from (payments for) short-term loans to related parties and third parties 6,948 (127,408) 2,190,731 (6,967,275) Cash receipts from long-term loans to related parties 87,710 - 34,800 247,343 Cash payments for long-term loans to related parties (23,000) - (14,582) (96,820) Interest received 126,684 191,383 920,663 827,151 Dividend received 70,824 112,647 1,626,589 7,803,076 Net cash from (used in) investing activities (4,149,541) (2,140,496) 3,576,708 (2,161,615) Cash flows from financing activities Net cash receipts from short-term loans from financial institutions 2,169,338 2,855,412 2,325,014 2,371,541 Net cash receipts from short-term loans from related parties - - 8,500 1,630,062 Cash receipts from long-term loans from financial institutions - 4,917,925 - 4,917,925 Repayments for long-term loans from financial institutions 12 (7,875) (28,532) - - Repayments for debentures 12 (2,408,197) - (2,408,197) - Financing fees paid for long-term loans from financial institutions - (5,827) - (5,827) Interest and other finance costs paid (1,075,216) (1,089,148) (945,297) (960,047) Cash paid for lease liabilities (269,376) (234,941) (44,815) (52,138) Cash receipts from non-controlling interests from change in interest in subsidiaries - 68,577 - - Cash paid for non-controlling interests from change in interest in subsidiaries - (295,204) - - Dividends paid to the owners of the parent (1,349,279) (1,445,518) (1,349,279) (1,445,518) Dividends paid to non-controlling interests (426,733) (785,055) - - Net cash payments for repurchase of treasury shares - (4,310,371) - (4,310,371) Net cash from (used in) financing activities (3,367,338) (352,682) (2,414,074) 2,145,627 Net increase (decrease) in cash and cash equivalents (2,507,358) 703,111 763,253 1,368,454 Cash and cash equivalents at 1 January 8,431,844 8,280,651 337,684 687,840 Exchange differences on cash and cash equivalents 217,918 34,661 600 70 Cash and cash equivalents at 30 June 6,142,404 9,018,423 1,101,537 2,056,364 Supplemental disclosures of cash flows information Cash and cash equivalents consisted of : Cash and cash equivalents 6,504,914 9,246,880 1,101,537 2,056,364 Bank overdraft (362,510) (228,457) - - Net 6,142,404 9,018,423 1,101,537 2,056,364 Non-cash items Payable balances from purchase of property, plant and equipment, and intangible assets 300,499 259,847 33,277 37,453 Acquisitions of right-of-use assets under lease contracts 450,663 246,479 250,800 15,660 Increase in investment in subsidiaries by converting loan to and accrued interest income to investment - - 1,651,279 1,981,532 30 June 30 June (in thousand Baht) Consolidated Separate financial statements financial statements Six-month period ended Six-month period ended The accompanying condensed notes are an integral part of these interim financial statements. 11
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 12 Note Contents 1 General information 2 Basis of preparation of the interim financial statements 3 Thai Financial Reporting Standards (TFRS) not yet adopted 4 Material accounting policies 5 Critical accounting estimates, assumptions and judgments 6 Segment information and disaggregation of revenue 7 Financial instruments 8 Short-term investments and investments in debt instruments measured at amortised cost 9 Trade and other receivables, net 10 Investments using cost method and investments accounted for using the equity method , net 11 Property, plant and equipment, intangible assets and goodwill, net 12 Long-term loans from financial institutions and debentures, net 13 Share capital, premium on share capital and treasury shares 14 Other gains (losses), net 15 Income tax 16 Basic and diluted earnings per share 17 Dividends 18 Related parties 19 Cash flows information 20 Commitments and contingent liabilities 21 Event after the reporting period
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 13 1 General information Thai Union Group Public Company Limited (the “Company”) is a public limited company, which is listed on the Stock Exchange of Thailand, and is incorporated and domiciled in Thailand. The current address of the Company’s registered office is at 72/1 Moo 7, Sethakit 1 Road, Tambon Tarsrai, Amphur Muang, Samutsakorn. The Company has 19 branches in Bangkok and Samutsakorn. For reporting purposes, the Company and its subsidiaries are referred to as ‘the Group’. The Company operates its business in Thailand and its subsidiaries conduct business in Thailand and overseas. The principal activities of the Company and the Thai subsidiaries are the manufacture and sale of frozen, chilled and canned seafood. Some Thai subsidiaries are also engaged in packaging, printing, pet food and food ingredients. Overseas subsidiaries principally operate the following businesses. Subsidiaries in the US distribute pet food, lobster and other seafood products and import shrimp and other frozen seafood products for sales to restaurant chains, retailers and wholesalers . Subsidiaries in Europe manufacture and distribute ambient and chilled seafood products to countries in Europe, the US and Australia under their trademarks. Subsidiaries in Asia manufacture and distribute seafood products, ingredients and animal feeds. These interim consolidated and separate financial statements are presented in Thai Baht and rounded to the nearest thousand, unless otherwise stated. These interim consolidated and separate financial statements have been reviewed, not audited. These interim consolidated and separate financial statements were authorised for issue by the Board of Directors on 3 August 2026. 2 Basis of preparation of the interim financial statements The 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 activities, 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 subsidiaries for the year ended 31 December 2025. An English version of these interim financial statements has been prepared from the interim financial statements that is in the Thai language. In the event of a conflict or a difference in interpretation between the two languages, the Thai language interim financial statements shall prevail.
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 14 3 Thai Financial Reporting Standards (TFRS) not yet adopted New and revised TFRS, which are relevant to the Group’s operations and expected to have material impacts on the consolidated and separate financial statements when initially adopted , will become effective for the financial statements in annual reporting periods beginning on or after 1 January of the following years and earlier application is permitted; however, the Group has not early adopted the new or amended accounting standards in preparing these interim financial statements. TFRS Topic Effective TFRS 18 Presentation and Disclosure in Financial Statements 2028 TAS 7 Statement of Cash Flows 2028 (a) TFRS 18 Presentation and Disclosure in Financial Statements TFRS 18 will replace TAS 1 Presentation of Financial Statements and introduces the following key new requirements. • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities’ net profit will not change. • Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. (b) Consequential amendments arising from the issuance of TFRS 18 Presentation and Disclosure in Financial Statements - Amendments to TAS 7 Statement of Cash Flows The amendments have been made to align with TFRS 18 that introduces consequential amendments to this standard which require entities to use the newly defined operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The consequential amendments also introduce new requirements for the classification of interest and dividend cash flows in the statement of cash flows. Management is currently considering the potential impact from these new and revised TFRS on the financial statements in the initial period adopted. 4 Material accounting policies 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 2025. 5 Critical accounting estimates, assumptions and judgments Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing this interim financial statements, critical accounting estimates, assumptions and judgments are consistent with those used in the annual financial statements for the year ended 31 December 2025.
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 15 6 Segment information and disaggregation of revenue The Global Leadership Team (GLT) is the Group’s chief operating decision maker. Management has determined the operating segments based on the information reviewed by the GLT for the purposes of allocating resources and assessing performance. For management purposes, the Group organises business units based on its products and services and has four reportable segments: • ambient seafood • frozen and chilled seafood and related businesses • pet food • value-added and other businesses The chief operating decision maker monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and assessing performance. The Group measures segment performance based on a calculation of gro ss profit, which is consistent with the statement of income. Transactions between operating segments are recorded in the same manner as transactions with third parties. These transactions have been eliminated in the consolidated financial statements. Details of revenue disaggregation are similar to revenue information that is disclosed in segment information .
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 16 The following tables present the Group’s operating results by segments: Consolidated financial statements Frozen and chilled Ambient seafood Value-added For the six-month period ended seafood and related Pet food and other Total reportable 30 June 2026 business businesses business businesses segments Eliminations Total (in thousand Baht) Total revenue from sales and services 39,460,651 21,754,120 12,559,104 8,862,848 82,636,723 (16,737,359) 65,899,364 Less Inter-segment (7,471,872) (2,338,426) (2,955,152) (3,971,909) (16,737,359) 16,737,359 - Revenue from external customers 31,988,779 19,415,694 9,603,952 4,890,939 65,899,364 - 65,899,364 Results Segment gross profit 6,634,372 2,400,739 2,540,469 1,443,734 13,019,314 43,161 13,062,475 Selling and administrative expenses (9,721,178) Operating profit 3,341,297 Finance costs (1,106,122) Share of profit from investments accounted for using the equity method 451,412 Other income 198,198 Profit before income tax 2,884,785 Income tax credit 47,694 Profit for the period 2,932,479 Timing of revenue recognition At a point in time 31,988,779 19,415,694 9,603,952 4,890,939 65,899,364 - 65,899,364
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 17 Consolidated financial statements Frozen and chilled Ambient seafood Value-added For the six-month period ended seafood and related Pet food and other Total reportable 30 June 2025 business businesses business businesses segments Eliminations Total (in thousand Baht) Total revenue from sales and services 38,671,568 20,234,607 10,992,627 8,782,666 78,681,468 (15,503,443) 63,178,025 Less Inter-segment (7,312,677) (1,759,386) (2,431,493) (3,999,887) (15,503,443) 15,503,443 - Revenue from external customers 31,358,891 18,475,221 8,561,134 4,782,779 63,178,025 - 63,178,025 Results Segment gross profit 6,378,227 2,234,969 2,186,971 1,566,118 12,366,285 (187,926) 12,178,359 Selling and administrative expenses (9,339,843) Operating profit 2,838,516 Finance costs (1,171,651) Share of profit from investment accounted for using the equity method 448,775 Other income 418,985 Profit before income tax 2,534,625 Income tax credit 212,740 Profit for the period 2,747,365 Timing of revenue recognition At a point in time 31,358,891 18,475,221 8,561,134 4,782,779 63,178,025 - 63,178,025
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 18 Separate financial statements For the six-month period ended 30 June 2026 2025 (in thousand Baht) Total revenue - recognition at point in time Ambient seafood business 6,484,447 5,553,461 Frozen and chilled seafood and related businesses 2,264,924 2,921,228 Value-added and other businesses 963,883 748,335 Total 9,713,254 9,223,024 Disaggregation of revenue Geographic information Revenue from external customers based on the location of the customers is as follows: Consolidated financial statements For the six-month period ended 30 June 2026 2025 (in thousand Baht) Revenue from external customers Thailand 9,068,445 7,459,419 US 25,528,779 24,279,037 Japan 2,974,752 3,283,814 Europe 19,690,173 19,047,580 Others 8,637,215 9,108,175 Total revenue from external customers 65,899,364 63,178,025
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 19 7 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, but does not include fair value information for financial assets and financial liabilities mea sured at amortised cost if the carrying amount is a reasonable approximation of fair value. Consolidated financial statements Level 1 Level 2 Level 3 Total 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 (in thousand Baht) Assets Financial assets measured at FVPL Debt instruments - - - - 89,196 82,753 89,196 82,753 Equity instruments - - 243 193 - - 243 193 measured at FVOCI Equity instruments 349,356 305,339 - - 255,794 238,763 605,150 544,102 Derivatives Foreign currency forward contracts - - 756,077 1,623,252 - - 756,077 1,623,252 Cross-currency interest rate swaps - - 206,496 191,372 - - 206,496 191,372 Interest rate swaps - - 107,134 19,933 - - 107,134 19,933 Other derivatives - - 15,436 51,278 - - 15,436 51,278 Total 349,356 305,339 1,085,386 1,886,028 344,990 321,516 1,779,732 2,512,883 Liabilities Derivatives Foreign currency forward contracts - - 1,908,363 409,624 - - 1,908,363 409,624 Cross-currency interest rate swaps - - 1,830,991 2,369,472 - - 1,830,991 2,369,472 Interest rate swaps - - 62,078 172,449 - - 62,078 172,449 Other derivatives - - 91,697 48,726 - - 91,697 48,726 Total - - 3,893,129 3,000,271 - - 3,893,129 3,000,271
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 20 Separate financial statements Level 1 Level 2 Level 3 Total 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 (in thousand Baht) Assets Financial assets measured at FVOCI Equity instruments 211,731 182,915 - - 16,500 16,500 228,231 199,415 Derivatives Foreign currency forward contracts - - 1,016,641 1,210,411 - - 1,016,641 1,210,411 Cross-currency interest rate swaps - - 206,496 191,372 - - 206,496 191,372 Interest rate swaps - - 107,134 19,933 - - 107,134 19,933 Total 211,731 182,915 1,330,271 1,421,716 16,500 16,500 1,558,502 1,621,131 Liabilities Derivatives Foreign currency forward contracts - - 1,326,199 477,685 - - 1,326,199 477,685 Cross-currency interest rate swaps - - 1,830,991 2,369,472 - - 1,830,991 2,369,472 Interest rate swaps - - 62,078 172,449 - - 62,078 172,449 Total - - 3,219,268 3,019,606 - - 3,219,268 3,019,606 There were no transfers between these levels during the period.
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 21 Financial assets and financial liabilities are approximately to the carrying amounts as follows: - Cash and cash equivalents, including restricted deposits with financial institutions - Short-term investments - Trade and other receivables - Short-term and long-term loans to related and third parties - Other current and non-current assets - Short-term and long-term loans from financial institutions, related and third parties - Trade and other payables - Debentures - Other current and non-current liabilities The fair values of long-term loans to and long-term loans from equal their carrying amount, as the impact of discounting is not significant. Fair values and valuation techniques are categorised into hierarchy based on inputs used as follows: Level 1: The fair value of financial instruments traded in the active market is based on quoted market prices at the statement of financial position date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. Level 2: The fair value of financial instruments that are not traded Over the counter and not traded on stock exchanges. Inputs to valuation techniques used to measure fair value market other than unadjusted quoted prices in active markets may be included, either observable directly (i.e. as prices) or indirectly (i.e. derived from prices). The valuation techniques include the present value of the future cash flows based on observable yield curves and the forward exchange rates at the reporting date. Level 3: The fair value of financial instruments is not based on observable market data. The Group’s valuation techniques to measure fair value in level 3 are option-pricing models, and the discounted cash flow analysis. There were no changes in valuation techniques of the Group during the period. The Group classified debt investments that do not qualify for measurement at either amortised cost or FVOCI at FVPL. Financial assets mandatorily measured at FVPL include the following: Consolidated financial statements 30 June 2026 31 December 2025 (in thousand Baht) Financial assets measured at FVPL Debt instruments - convertible notes 89,196 82,753 Equity instruments - mutual funds 243 193 Total financial assets measured at FVPL 89,439 82,946
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 22 Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in level 3 debt instruments measured at FVPL: Consolidated financial statements (in thousand Baht) Opening balance at 1 January 2026 82,753 Fair value gains on debt instruments measured at FVPL 1,950 Translation adjustment 4,493 Closing balance at 30 June 2026 89,196 The Group’s valuation processes The Group’s finance department includes a working team that values financial assets for financial reporting purposes, including Level 3 fair values. This team reports directly to the Chief Financial Officer (CFO) and the Group Treasury Committee. Discussio ns of valuation processes and results are held between the CFO and the valuation team at least once every quarter, in line with the Group’s quarterly reporting dates. Significant unobservable inputs of fair value hierarchy level 3 used by the Group are derived and evaluated as follows: - Discount rates for financial assets and financial liabilities are determined using a Capital Asset Pricing Model (CAPM) to calculate a pre -tax rate that reflects current market assessments of the time value of money and the risk specific to the asset. - Risk adjustments are specific to the counterparties. 8 Short-term investments and investments in debt instruments measured at amortised cost Consolidated financial statements 30 June 31 December 2026 2025 (in thousand Baht) Current portion Fixed deposit at bank due later than three months 6,667,445 4,350,000 849,312 Investment in corporate bonds 1,358,926 849,312 Total short-term investments and investments in debt instruments measured at amortised cost 8,026,371 5,199,312
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 23 As at 30 June 2026, the fixed deposits at bank due later than three months of Baht 6,667.4 million (31 December 2025: Baht 4,350.0 million) bear fixed interest rates between 1.10% to 4.13% per annum (31 December 2025: between 1.20% to 1.60% per annum) and will mature by November 2026 (31 December 2025: matured by September 2026). As at 30 June 2026, a subsidiary of the Group has investments in corporate bonds paying between 1.31% to 3.38% per annum (31 December 2025: between 1.31% to 3.34% per annum) of interest. They have maturity dates ranging from 1 to 12 months (31 December 2025: ranging from 1 to 4 months) from the reporting date. 9 Trade and other receivables, net Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2026 2025 2026 2025 (in thousand Baht) Trade receivables - third parties 16,933,816 15,433,095 1,515,547 1,295,632 Trade receivables - related parties 47,691 39,368 791,789 1,451,695 16,981,507 15,472,463 2,307,336 2,747,327 Less loss allowance - third parties (359,889) (323,370) (3,618) (3,546) Less loss allowance - related parties (3) (1) (3) (1) (359,892) (323,371) (3,621) (3,547) Trade receivables, net 16,621,615 15,149,092 2,303,715 2,743,780 Other receivables 3,901,770 2,925,320 1,198,343 1,278,105 Total trade and other receivables, net 20,523,385 18,074,412 3,502,058 4,021,885 Trade receivables can be analysed by aging as follows: Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2026 2025 2026 2025 (in thousand Baht) Trade accounts receivables Not yet due 12,285,232 11,287,411 1,966,784 2,368,832 Up to 3 months 3,410,882 3,386,474 319,307 298,654 3 - 6 months 475,461 370,518 17,793 75,603 6 - 12 months 306,445 160,105 827 971 Over 12 months 503,487 267,955 2,625 3,267 16,981,507 15,472,463 2,307,336 2,747,327 Less loss allowance for trade receivables (359,892) (323,371) (3,621) (3,547) Trade receivables, net 16,621,615 15,149,092 2,303,715 2,743,780
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 24 10 Investments using cost method and investments accounted for using the equity method, net Investments recognised in the statement of financial position are as follows: Consolidated financial statements Separate financial statements 30 June 2026 31 December 2025 30 June 2026 31 December 2025 (in thousand Baht) Investments in subsidiaries, associates and joint ventures, net Subsidiaries - - 40,508,723 38,414,129 Associates 9,081,710 8,583,415 7,473,733 7,415,087 Joint ventures 327,120 369,905 - 58,646 Total investments, net 9,408,830 8,953,320 47,982,456 45,887,862 The amounts recognised in the statement of income and statement of comprehensive income are as follows: Consolidated financial statements For the six-month period ended 30 June 2026 2025 (in thousand Baht) Share of profit (loss), net Associates 455,993 453,946 Joint ventures (4,581) (5,171) Total share of profit from investments accounted for using the equity method 451,412 448,775 Share of comprehensive income (expenses), net of income tax Associates (1,365) 2,043 Joint ventures (10) (556) Total share of comprehensive income (expenses) from investments accounted for using the equity method (1,375) 1,487
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 25 10.1 Investments in subsidiaries The movements of investments in subsidiaries during the period are as follows: Separate financial statements For the six-month period ended 30 June 2026 investments using cost method (in thousand Baht) Opening net book value 38,414,129 Addition 450,000 Reclassification 1,651,279 Disposal (6,685) Closing net book value 40,508,723 In March 2026, the Company purchased the additional share of Thai Union Ingredients Co., Ltd. (“TUI”), a 100% subsidiary of the Company, amounting to Baht 450.0 million and then TUI repaid the short-term loans to the Company Baht 451.4 million. The Company’s shareholding remains unchanged at 100%. In March 2026, the Company disposed of the investment in a subsidiary, Thai Union South East Asia Pte. Ltd. (“TUSEA”) with 100% shareholding due to dissolution. As a result, the Company recognised a loss on disposal of investment amounting to Baht 0.1 million, while the Group recognised a gain on dispose of investment of Baht 0.5 million, which was presented under other gains (losses) in the separate and consolidated statements of income for the six-month period ended 30 June 2026, respectively. In June 2026, the Company and Thai Union European Seafood 1 S.A. (“TUES1”), a 100% subsidiary of the Company entered into the Contribution Agreement for a contribution of USD 50.0 million, equivalent to Baht 1,651.3 million which required converting long-term loans into an investment. On 12 February 2026, the Board of Directors’ meeting of Thai Union Feedmill Public Company Limited (“TFM”) passed a resolution to approve TFM or its newly established subsidiary in Ecuador to invest in constructing a factory for the aquaculture business in Ecuador, with an investment value not exceeding USD 55.0 million or equivalent to Baht 1,711.1 million, and the construction is expected to be completed by 2028. As of 30 June 2026, the subsidiary of TFM was in the process of being incorporate, and no capital had been contributed by TFM to such subsidiary.
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 26 10.2 Investments in associates The movements of investments in associates during the period are as follows: Consolidated financial statements Separate financial statements For the six-month period ended 30 June 2026 investments using equity method investments using cost method (in thousand Baht) Opening net book value 8,583,415 7,415,087 Share of profit, net 455,993 - Share of comprehensive expense (1,868) - Reclassification 52,224 58,646 Dividend received (67,000) - Translation adjustment 58,946 - Closing net book value 9,081,710 7,473,733 10.3 Investments in joint ventures The movements of investments in joint ventures during the period are as follows: Consolidated financial statements Separate financial statements For the six-month period ended 30 June 2026 investments using equity method investments using cost method (in thousand Baht) Opening net book value 369,905 58,646 Addition 87,710 - Share of loss, net (4,581) - Share of comprehensive expense (10) - Disposal (80,245) - Reclassification (52,224) (58,646) Translation adjustment 6,565 - Closing net book value 327,120 - In April 2026, the Group ’s s ubsidiary additionally paid for Food and Beverage United Co., Ltd. (“F&B”) share of Baht 87.7 million then F&B repaid the long -term loan to the Group’s subsidiary in an equivalent amount. And the Group’s subsidiary entered into the Sale and Purchase Agreement to sell its total investment in F&B to a third party with amount of Baht 35.0 million. The Group recognised a gain on disposal of investment of Bant 35.2 million in the consolidated statements of income for the six-month period ended 30 June 2026.
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 27 11 Property, plant and equipment, intangible assets, and goodwill, net Movements of property, plant and equipment, intangible assets, and goodwill for the period are as follows: Consolidated financial statements For the six-month period ended 30 June 2026 Property, plant and equipment Intangible assets Goodwill (in thousand Baht) Opening net book value 29,886,784 15,400,309 13,215,197 Additions 1,647,390 9,358 - Reclassification 8,953 (8,953) - Disposals and write-offs, net (208,881) (801) - Depreciation and amortisation (1,695,559) (195,782) - Translation adjustment 231,686 322,959 255,831 Closing net book value 29,870,373 15,527,090 13,471,028 Separate financial statements For the six-month period ended 30 June 2026 Property, plant and equipment Intangible assets (in thousand Baht) Opening net book value 2,990,022 1,140,372 Additions 725,365 1,957 Reclassification (447) 447 Disposals and write-offs, net (1,560) - Depreciation and amortisation (206,013) (121,337) Closing net book value 3,507,367 1,021,439 12 Long-term loans from financial institutions and debentures, net 12.1 Long-term loans from financial institutions, net Consolidated financial statements Separate financial statements 30 June 2026 31 December 2025 30 June 2026 31 December 2025 (in thousand Baht) Current portion 8,579,769 5,588,267 8,563,482 5,571,833 Non-current portion 20,694,202 23,089,274 20,681,949 23,068,652 Total long-term loans from financial institutions, net 29,273,971 28,677,541 29,245,431 28,640,485
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 28 The movement of long-term loans from financial institutions during the period are as follows: For the six-month period ended 30 June 2026 Consolidated financial statements Separate financial statements (in thousand Baht) Opening balance 28,677,541 28,640,485 Repayment (7,875) - Amortisation of financial fees 27,757 27,702 Unrealised loss on foreign exchange rates 577,244 577,244 Translation adjustment (696) - Closing balance 29,273,971 29,245,431 As at 30 June 2026, long -term loans from financial institutions are for operation purchases of machinery, investments in subsidiaries, associates and joint ventures and the construction of factories. The long-term loans of IDR 15,262.3 million, equivalent to Baht 28.5 million (31 December 2025: IDR 19,606.5 million, equivalent to Baht 37.1 million) are secured against the Group’s property, plant and equipment. The Group and the Company are subject to certain financial covenants, including limitations on indebtedness, capital leases and capital expenditures, transactions with affiliates, distributions, and dividend payments. Borrowing facilities The Group had the following unused credit facilities from financial institutions: Consolidated financial statements 30 June 31 December 2026 2025 (in million) Baht Baht 26,590 Baht 31,380 US Dollar USD 266 USD 257 Euro EUR 1 EUR 1 Rupiah IDR 37,048 IDR 52,433 12.2 Debentures, net Movements during the six-month period ended 30 June 2026 are as follows: Consolidated and separate financial statements For the six-month period ended 30 June 2026 (in thousand Baht) Opening balance 32,354,199 Repayment (2,408,197) Amortisation of issuance costs 4,306 Unrealised loss on foreign exchange rates 262,073 Realised gain on foreign exchange rates (234,646) Closing balance 29,977,735
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 29 The fair values of debentures as at 30 June 2026 are Baht 30,208.7 million. These fair values are based on the closing price by reference to the Thai Bond Dealing Centre as at the date of the statement of financial position, which is within level 2 of the fair value hierarchy. 13 Share capital, premium on share capital and treasury shares Number of issued and paid-up shares capital Issued and paid-up share capital Premium on share capital Treasury share Total (in thousand) (in thousand Baht) At 1 January 2026 4,455,133 1,113,783 19,948,329 (7,292,752) 13,769,360 Capital reduction from unsold treasury shares (200,000) (50,000) - 2,982,381 2,932,381 As at 30 June 2026 4,255,133 1,063,783 19,948,329 (4,310,371) 16,701,741 The Board of Directors' Meeting No. 7/2025 of the Company, held on 15 December 2025, passed a resolution to resell 200,000,000 repurchased shares that were acquired for Baht 2,982.4 million in 2024, as approved by the Board of Directors' Meeting No. 1/2024 . The resale period was from 22 to 26 December 2025. By the end of the resale period, the Company was unable to sell these repurchased shares. Accordingly, on 8 January 2026, the Company reduced the number of registered shares and registered a reduction of its registered capital with the Ministry of Commerce. The registered and paid-up share capital decreased from 4,455,132,696 shares to 4,255,132,696 shares, with a par value of Baht 0.25 per share, totaling Baht 50.0 million, which has been recognised in the equity. 14 Other gains (losses), net Consolidated Separate financial statements financial statements For the six-month period ended 30 June 2026 2025 2026 2025 (in thousand Baht) Gains (losses) on exchange rates, net 136,370 526,479 (127,294) 69,555 Losses on financial instruments, net (340,803) (429,934) (156,432) (477,348) Others 1,270 (50,006) (20,133) (89,059) Total other gains (losses), net (203,163) 46,539 (303,859) (496,852) 15 Income tax Consolidated Separate financial statements financial statements For the six-month period ended 30 June 2026 2025 2026 2025 (in thousand Baht) Current income tax (568,761) (422,297) (27,657) 21,637 Deferred income tax 616,455 635,037 18,241 (80) Total income tax credit (expense) 47,694 212,740 (9,416) 21,557 The interim income tax is accrued based on management’s estimate using the weighted average tax rate that would be applicable to the expected total annual earnings. The estimated average annual tax rates used by the Group and the Company are 1.7% and -0.7%, respectively (30 June 2025: 8.4% and 0.4%, respectively). The change in estimated average tax rate of the Group is mainly due to a one -time recognition of deferred tax assets on accumulated tax losses of a foreign subsidiary that had ceased operations, following confirmation of non-recoverability loan during the period.
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 30 The Group became subject to the global minimum tax under the Emergency Decree on Top -up Tax, B.E. 2567, which is effective from 1 January 2025 onwards. The Group is liable for additional current tax expenses in relation to its operation in Thailand, where the effective tax rate is below 15 percent due to BOI tax privilege. The Group recognised tax expense regarding the top -up tax in the consolidated statement of income for the six-month period ended 30 June 2026 of Baht 89.0 million (30 June 2025: Baht 31.0 million). In this regard, the Group applied the temporary mandatory exception from recognising deferred tax accounting for the top-up tax. 16 Basic and diluted earnings per share Basic e arnings per share is calculated by dividing the profit for the period attributable to shareholders of the parent (excluded other comprehensive income) by the weighted average number of ordinary shares issued during the period. Consolidated Separate financial statements financial statements For the six-month period ended 30 June 2026 2025 2026 2025 (in thousand Baht) Net profit attributable to the owners of the parent 2,377,323 2,291,818 1,430,568 5,942,402 Weighted average number of ordinary shares outstanding not include treasury shares* (in thousand shares) 3,855,094 4,082,427 3,855,094 4,082,427 Basic earnings per share (Baht per share) 0.62 0.56 0.37 1.46 * As at 30 June 2026, there are 400 million treasury shares (30 June 2025: 600 million treasury shares) (Note 13). There are no dilutive potential ordinary shares issued during the period presented, so no diluted earnings per share is presented. 17 Dividends Approval date Payment schedule Dividend rate per share Amount (Baht) (in million Baht) 2026 2025 Annual dividend 8 April 2026 24 April 2026 0.35 1,349.3 2025 2024 Annual dividend 8 April 2025 25 April 2025 0.35 1,489.3* * The actual dividend paid amount for the annual dividend was difference from the amount which approved by the Annual General Meeting of the Company due to the varying number of shares resulting from the Company's treasury share program after the dividend declaration date.
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 31 18 Related parties Relationship with subsidiaries, associate, key management and persons or other related parties and pricing policy have no material changes from the financial statements for the year ended 31 December 2025. Consolidated Separate Significant transactions with related parties financial statements financial statements For the six-month period ended 30 June 2026 2025 2026 2025 (in thousand Baht) Revenue from sales and services Subsidiaries - - 3,521,830 3,439,760 Associates 3,558 3,956 905 250 Joint ventures 1,005 11,396 1,005 872 Other related parties 375,446 293,811 155,265 120,576 Interest income Subsidiaries - - 948,053 914,433 Joint ventures 930 1,414 - - Dividend income Subsidiaries - - 1,557,031 7,691,322 Associates - - 67,000 110,000 Other income Subsidiaries - - 188,762 156,406 Associates 15,518 16,355 - 23 Joint ventures - 4 - 4 Other related parties 523 258 212 224 Purchases of goods and services Subsidiaries - - 1,403,099 1,318,492 Associates 629,862 502,126 8 - Joint ventures 95,073 139,763 2,859 22 Other related parties 425,712 406,263 51,993 44,960 Purchase of property, plant and equipment Other related parties 709,728 47,422 665,669 - Directors and key management remunerations Short-term employee benefits 166,320 146,704 144,008 141,931 Post-employment benefits 5,160 11,794 5,160 8,265 Other long-term benefits 30,069 20,189 26,396 20,189 Total directors and key management remunerations 201,549 178,687 175,564 170,385
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 32 Balances as at 30 June 2026 and 31 December 2025 with related parties were as follows: Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2026 2025 2026 2025 (in thousand Baht) Trade accounts receivable (not include loss allowance) Subsidiaries - - 773,293 1,436,363 Associates 1,095 1,965 17 176 Joint ventures 2,223 4,393 540 531 Other related parties 44,373 33,010 17,939 14,625 Accrued interest income Subsidiaries - - 306,785 359,915 Joint ventures 33 242 - - Short-term loans to related parties Subsidiaries - - 27,980,092 29,401,857 Long-term loans to related parties Subsidiaries - - 15,543,116 16,777,140 Joint ventures 23,000 84,993 - - Derivative assets Subsidiaries - - 391,453 8,934 Trade accounts payable Subsidiaries - - 455,076 538,847 Associates 8,407 36,904 - 15 Joint ventures 7,122 26,351 7 - Other related parties 33,261 67,932 - 2,561 Short-term loans from Subsidiaries - - 182,500 174,000 Lease liabilities Subsidiaries - - 119,040 17,700 Other related parties 49,904 114,642 - 85,331 Derivative liabilities Subsidiaries - - 2,257 135,231
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 33 19 Cash flows information Reconciliation of net profit to cash flows from operating activities is shown below: Consolidated financial statements Separate financial statements For the six-month period ended 30 June 2026 2025 2026 2025 (in thousand Baht) Profit before income tax: 2,884,785 2,534,625 1,439,984 5,920,845 Adjustment items: Depreciation expense 1,915,353 1,895,337 245,158 245,410 Amortisation expense 195,782 197,770 121,337 122,241 Amortisation of discount/premium from debt instruments 5,039 3,693 - - (Reversal of) impairment loss for accounts receivable 28,387 28,050 74 (709) (Reversal of) impairment loss for loans to related parties - - (22,105) 627,957 (Reversal of) impairment loss for diminution in value of inventories 102,206 344,038 (13,200) (37,908) Impairment loss on investment in a subsidiary - - - 75,000 Employee benefit obligations 192,114 174,662 63,868 63,250 (Gain) loss on disposals and write-off property, plant and equipment and intangible assets, net 25,859 (3,029) (1,286) (2,959) (Gain) loss on sale of investments (35,702) 13,998 134 (5,606) Share of profit from investments accounted for using the equity method (451,412) (448,775) - - Fair value adjustments to investments measured at FVPL (2,000) (1,990) - - Fair value adjustments to financial instruments, net 825,992 2,675,884 373,231 2,866,538 Gain on exchange rates (1,042,142) (2,152,177) (565,502) (1,667,875) Dividend income (3,824) (2,647) (1,626,589) (7,803,076) Finance costs 1,106,122 1,171,651 953,196 1,043,047 Interest income (120,487) (176,371) (924,182) (880,918) Total 2,741,287 3,720,094 (1,395,866) (5,355,608)
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 34 Consolidated financial statements Separate financial statements For the six-month period ended 30 June 2026 2025 2026 2025 (in thousand Baht) Changes in operating assets and liabilities: (Increase) decrease in trade and other receivables (1,443,654) (733,825) 575,784 569,639 (Increase) decrease in inventories 1,424,575 (1,625,638) (285,725) 395,004 (Increase) decrease in other current assets (82,900) (126,812) 1,737 2,835 (Increase) decrease in other non-current assets 58,602 (78,164) 27,006 (341) Increase (decrease) in trade and other payables 66,143 172,854 (716,346) (95,515) Increase (decrease) in other current liabilities (194,995) (283,014) (20,023) 5,005 Increase (decrease) in other non-current liabilities (11,711) 81,612 20,272 (14,358) Cash paid for employee benefit obligations (61,915) (72,202) (13,098) (32,556) Total (245,855) (2,665,189) (410,393) 829,713 Profit before income tax 2,884,785 2,534,625 1,439,984 5,920,845 Adjustment items 2,741,287 3,720,094 (1,395,866) (5,355,608) Changes in operating assets and liabilities (245,855) (2,665,189) (410,393) 829,713 Cash flows receipts from (used in) operations 5,380,217 3,589,530 (366,275) 1,394,950 - Income tax paid (370,696) (393,241) (33,106) (10,508) Net cash from (used in) operating activities 5,009,521 3,196,289 (399,381) 1,384,442 20 Commitments and contingent liabilities 20.1 Capital commitments The Group had these capital commitments as at the statement of financial position date which were not recognised: At 30 June 2026 Consolidated financial statements Separate financial statements (in million) Capital commitments Factory, building and warehouse construction agreements Baht 504.4 EUR 0.2 Baht 4.4 - Purchase of machinery and equipment agreements Baht 417.5 EUR 0.9 USD 2.7 JPY 77.4 IDR 156.5 Baht 57.9 EUR 0.3 - - - Purchase of intangible assets agreements Baht 23.0 Baht 19.6
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Thai Union Group Public Company Limited and its Subsidiaries Condensed notes to the interim financial statements For the three-month and six-month periods ended 30 June 2026 (Unaudited) 35 20.2 Guarantees a) As at 30 June 2026, there were outstanding bank guarantees of Baht 23.8 million issued on behalf of the Company in the normal course of business. b) As at 30 June 2026 there were outstanding bank guarantees of Baht 98.6 million, EUR 5.3 million, NOK 1.0 million and PLN 3.0 million issued on behalf of the subsidiaries in the normal course of business. c) As at 30 June 2026, there were outstanding letters of guarantees of Baht 354.5 million issued on behalf of the Company and a subsidiary to financial institutions to secure credit facilities of the Group’s joint ventures. d) As at 30 June 2026, there were outstanding bank guarantees of EUR 10.9 million and IDR 90,750.0 million issued on behalf of the Company to secure credit facilities of its subsidiaries. 20.3 Litigation Claim for Thai Union North America, Inc. (“TUNA”)’s Alleged Breach of a Limited Guaranty Related to Red Lobster (“RL”) The litigation is currently in pre -trial proceedings. As of 30 June 2026, TUNA and the Group’s management maintain that the limited guaranty terminated and continue to vigorously defend the litigation. Claim by the Red Lobster General Unsecured Creditors’ Trust (the “Trust”) As of 30 June 2026, the Group is a defendant in litigation initiated by RL and its creditors represented by the Trust. The action alleges that certain historical acts and transactions involving the Group, its affiliates, and certain individuals contributed to losses allegedly suffered by the Trust . The matter remains at an early stage of litigation. The Group disputes these allegations and intends to vigorously defend against the claims. Based on the current progress of the litigation, management considers that the claim remains subject to ongoing legal proceedings and that there is uncertainty regarding the ultimate outcome. Accordingly, the Group has not recognised provision regarding these matters in the consolidated statement of financial position as at 30 June 2026. 21 Event after the reporting period On 3 August 2026, the Board of Directors’ meeting of the Company passed a resolution to approve an interim dividend payment of Baht 0.40 per share or totaling of Baht 1,542.0 million to the Company’s shareholders. The interim dividend is expected to be paid on 28 August 2026.