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Q3 26 Analyst Meeting Thai Union Group PCL. November 3, 2026 1
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The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance. These views are based on assumptions subject to various risks and uncertainties, including but not limited to developments in global trade policy and the imposition of U.S. tariffs, which could adversely affect economic conditions, our customers, and our business. No assurance is given that future events will occur, that projections will be achieved, or that the assumptions are correct. Actual results may differ materially from those projected. Disclaimer
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Q3 26 Analyst Meeting │ Investor Relations Department Agenda 3 01 Market update 02 9M & Q3 financial performance 03 Recognition & Sustainability highlights 04 Outlook and strategic priorities
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Q3 26 Analyst Meeting │ Investor Relations Department +2.9 +1.4 +2.6 -4.7 USD EUR GBP JPY TU delivered resilient Q3 26 performance despite a challenging global environment 1 2 Oil Prices Oct 2026: Brent crude remains elevated at around USD 114 per barrel (+57.8% from Jan 26) Q3 26: average freight rates remained elevated +88% YoY across both U.S. coasts 3 4 Foreign exchangeFreight rates 5 InflationRaw material prices Inflation is rising again in the US (3.7%) and euro area (3.8%), putting pressure on household budgets. This may support demand for affordable protein. USD/THB: 33.2 (+2.9% YoY) EUR/THB: 38.3 (+1.4% YoY) GBP/THB: 44.7 (+2.6% YoY) JPY/THB: 0.21 (-4.7% YoY)Tuna +52% (Sep 26 vs Jan 26) on weather and fishing closures; shrimp rebounding from Q2. 2,275 1,000 1,500 2,000 2,500 Jan Feb Mar Apr May Jun Jul Aug Sep 169 100 150 200 Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0 50 100 150 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Brent crude oil price (USD per barrel) Thailand to the U.S. (USD) CPI: U.S. vs Euro area (% YoY, Sep 25 – Sep 26) THB vs major currencies (Q3 26 avg. rate, % YoY) Tuna price (USD /ton) Shrimp price (THB /kg) 3.7 3.8 1.0 2.0 3.0 4.0 5.0 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 U.S. Euro area 0 2,000 4,000 6,000 8,000 10,000 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 East West Key drivers • Middle East shipping disruption • Carrier capacity management Key drivers • Ongoing geopolitical tensions • Higher fuel cost lifts fishing and transport costs We are driving sustainable growth through strategic initiatives: Productivity initiatives Disciplined execution Cost savingsPremiumization & innovation Source: Bloomberg, Drewry, Eurostat, Thai Union 4
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Q3 26 Analyst Meeting │ Investor Relations Department Agenda 5 01 Market update 02 9M & Q3 financial performance 03 Recognition & Sustainability highlights 04 Outlook and strategic priorities
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Q3 26 Analyst Meeting │ Investor Relations Department 9M 26: Sales in line with the FY target with record-high GPM drives 17.2% operating profit growth and 7.8% EPS growth SALES GROWTH STRONG EPS GROWTH +4.0% YoY 0.97 Sales recovered as expected, positively supported by solid organic growth Increased for the 4th consecutive year NET PROFIT THB 3.7bn Increased by 3.5% YoY , supported by operating expansion RECORD-HIGH 9M GPM 20.0% Reflects solid sales growth and continued production efficiency Q3 26 Analyst Meeting │ Investor Relations Department OPERATING PROFIT +17.2% YoY Strong growth despite temporary higher SG&A from external headwinds STABLE ND/E Stable from 1.18x (Dec 31, 25) (Sep 30, 26)1.18x(+7.8% YoY) 6
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Q3 26 Analyst Meeting │ Investor Relations Department Q3 26: Earnings momentum strengthens with continued sales growth, GPM sustained above 20.0%, and operating profit up 16.2% YoY 34,501 33,845 35,67934,501 33,845 35,679 Q3 25 Q2 26 Q3 26 +3.4% YoY +5.4% QoQ 6,549 7,238 7,2926,549 7,238 7,292 Q3 25 Q2 26 Q3 26 +11.4% YoY +0.7% QoQ 1,795 2,150 2,0871,795 2,150 2,087 Q3 25 Q2 26 Q3 26 +16.2% YoY -2.9% QoQ 1,304 1,264 1,3461,304 1,264 1,346 Q3 25 Q2 26 Q3 26 +3.2% YoY +6.5% QoQ 5.2% 6.4% 5.8%5.2% 6.4% 5.8% Total Sales Gross Profit Operating Profit Net Profit Sales marked the 3rd consecutive quarter of growth, supported by higher sales in Ambient, PetCare and Value- added categories along with a positive FX contribution GPM reached 20.4%, exceeding 20%, supported by a stronger business mix, productivity initiatives and cost savings. Operating profit increased, sales growth and stronger gross profit, despite higher SG&A from freight cost, marketing investment in Ambient branded business Net profit increased 3.2% YoY , continuing a gradual upward trend for the 4th consecutive quarter. Sales growth Positive GPM Operating profit strengthens Resilient net profit YoY Organic: +2.1% FX: +1.3% 19.0% 21.4% 20.4% 3.8% 3.7% 3.8% 19.0% 21.4% 20.4% 3.8% 3.7% 3.8% 7
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Q3 26 Analyst Meeting │ Investor Relations Department Q3 26: Higher sales contribution from Ambient at 50.2%, with stronger Ambient GPM, together with support from PetCare and Value-added growth mnQ3 26 sales: THB 35,679 Sales breakdown by channel (THB mn) Ambient Frozen PetCare Value-added mnTHB mnTHB mnTHB mnTHB LY) LY) LY) LY)( ( (( 17,912 9,919 5,105 2,743 GPM 25.7% GPM 26.8% GPM 13.4% GPM 21.9% 50.2% 50.0% 27.8% 30.0% 14.3% 13.4% 7.7% 6.7% 55.0% 45.0%Q3 25 56.7% 43.3%Q3 26 17,247 17,912 +3.9% YoY Private Label Brand 47.3% 52.7% 47.3% 52.7% 10,334 9,919 -4.0% YoY 1.4% 98.6% 3.4% 96.6% 4,624 5,105 +10.4% YoY 15.6% 84.4% 17.8% 82.2% 2,296 2,743 +19.5% YoY On track to achieve 2030 target, with PetCare and Value-added contributing 25 - 30% of total sales 8
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Q3 26 Analyst Meeting │ Investor Relations Department Q3 26 Ambient: delivered 3.9% YoY sales growth and 2.5 ppts GPM expansion, driven by brand premiumization, and production cost improvements YoY analysis: Sales (THB mn) and GPM (%) Volume (Tons) 45% Q3 25 59% 41% Q2 26 57% 43% Q3 26 57% 43% 9M 25 58% 9M 26 42% 17,247 16,853 17,912 48,606 49,901 55% +3.9% YoY +6.3% QoQ +2.7% YoY Brand Private label 19.4% 23.8% 21.9% GPM 56% Q3 25 47% 53% Q2 26 45% 55% Q3 26 46% 54% 9M 25 46% 9M 26 54% 92,701 85,236 88,656 254,439 253,899 44% -4.4% YoY +4.0% QoQ -0.2% YoY • In Q3 26, Ambient sales grew for the third consecutive quarter, rising 3.9% YoY to THB 17,912mn despite a 4.4% YoY decline in sales volume. Sales growth in premium products and brands lifted average selling price per unit, supporting Ambient sales growth in line with our ongoing premiumization strategy. • GPM improved to 21.9% from 19.4% in Q3 25, supported by sales growth in premium products, continued sales growth in mainstream products, and improved conversion cost efficiency. • These results reflect progress in our premiumization strategy, supported by continued marketing investment in premium brands. 20.3% 21.7% 9
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Q3 26 Analyst Meeting │ Investor Relations Department Q3 26 Frozen: GPM remained resilient above the 10–12% target range despite temporary cost pressure • In Q3 26, Frozen sales decreased by 4.0% YoY, while sales volume declined by 10.6% YoY. The sales decline was primarily driven by weaker demand in the shrimp and feed segments. In the shrimp segment, softer demand in the U.S. was partially offset by improving demand in Thailand. Meanwhile, feed sales were pressured by lower demand for shrimp feed and intense competition in seabass and other fish feed. • Despite these headwinds, GPM remained resilient at 13.4%, above the Group’s target range of 10 –12%, although it declined slightly by 0.4 ppt YoY, mainly due to temporary raw material cost pressures affecting feed and shrimp products. YoY analysis:Sales (THB mn) and GPM (%) Volume (Tons) 53% Q3 25 48% 52% Q2 26 47% 53% Q3 26 45% 55% 9M 25 47% 9M 26 53% 10,334 9,995 9,919 28,809 29,334 47% -4.0% YoY -0.8% QoQ +1.8% YoY Brand Private label 19% Q3 25 83% 17% Q2 26 84% 16% Q3 26 80% 20% 9M 25 84% 9M 26 16% 75,305 62,831 67,326 198,336 189,303 81% -10.6% YoY +7.2% QoQ -4.6% YoY 13.8% 13.5% 13.4% 12.7% 12.8% GPM 10
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Q3 26 Analyst Meeting │ Investor Relations Department Q3 26 PetCare: Double-digit sales and volume growth, with GPM stable and above the FY target range of 23–25% In Q3 26, PetCare sales increased by 10.4% YoY to THB 5,105mn, with sales volume rising by 11.4%. Growth was driven by healthy demand from key customers in the U.S. and Europe, customer expansion, and the commercialization of new products. YoY analysis: Mid-pricedPremium Premium mix Sales (THB mn) and GPM (%) Volume (Tons) GPM remained broadly stable YoY at 25.7%, reflecting improved operational efficiency, cost control, and benefits from the ongoing transformation program. These gains were partially offset by higher costs for certain raw materials and packaging materials, as well as ongoing geopolitical uncertainties affecting the global supply chain. Remark: Private label under PetCare comprises World Pet Food companies, which are premiumized products, and OEM products, which are positioned in the mid -price segment. 99% Q3 25 3% 97% Q2 26 3% 97% Q3 26 1% 99% 9M 25 3% 9M 26 97%4,624 4,489 5,105 13,185 14,709 1% +10.4% YoY +13.7% QoQ +11.6% YoY Brand Private label 98% Q3 25 3% 97% Q2 26 3% 97% Q3 26 2% 98% 9M 25 3% 9M 26 97%28,166 29,758 31,376 83,874 91,931 2% +11.4% YoY +5.4% QoQ +9.6% YoY 25.8% 29.7% 25.7% 25.3% 26.6% GPM 44.9% 55.1% Q3 25 47.6% 52.4% Q2 26 46.8% 53.2% Q3 26 45 – 55% Normal range of premium mix 11
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Q3 26 Analyst Meeting │ Investor Relations Department Q3 26 Value-added: Strong YoY sales and volume growth, with GPM improving on a higher-margin product mix • In Q3 26, Value-added sales increased by 19.5% YoY, driven by a 10.6% increase in sales volume. Growth reflected higher demand across all segments, particularly for Value -added and Packaging products, which grew in line with Ambient sales. In addition, the Ingredients segment benefited from strong demand for fish oil. • GPM improved by 1.3 ppts YoY to 26.8%, reflecting sales growth and a favorable product mix, particularly in the Ingredients segment. YoY analysis: Volume (Tons) 84% Q3 25 18% 82% Q2 26 18% 82% Q3 26 15% 85% 9M 25 17% 9M 26 83%2,296 2,508 2,743 7,079 7,634 16% +19.5% YoY +9.4% QoQ +7.8% YoY Brand Private label 96% Q3 25 5% 95% Q2 26 5% 95% Q3 26 3% 97% 9M 25 4% 9M 26 96%46,082 47,901 50,982 138,118 145,832 4% +10.6% YoY +6.4% QoQ +5.6% YoY 25.6% 22.1% 26.8% 26.6% 24.4% Sales (THB mn) and GPM (%) GPM 12
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Q3 26 Analyst Meeting │ Investor Relations Department 1.14x 1.18x 1.17x 1.15x 1.18x1.14x 1.18x 1.17x 1.15x 1.18x Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ROE strengthened and balance sheet stayed resilient, absorbing a temporary working capital build from elevated fish prices linked to the Middle East situation Inventory Days 10.3% Q3 25 9.9% Q4 25 9.9% Q1 26 10.3% Q2 26 10.4% Q3 26 Working Capital Days Net Debt to Equity 133 134 138 139 140 133 134 138 139 140 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 152 155 152 154 152152 155 152 154 152 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ROE ROCE 7.2% Q3 25 7.5% Q4 25 7.9% Q1 26 8.1% Q2 26 7.8% Q3 26 Net Debt to EBITDA 4.8x 5.0x 5.1x 4.9x 5.0x4.8x 5.0x 5.1x 4.9x 5.0x Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 13
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Q3 26 Analyst Meeting │ Investor Relations Department Agenda 14 01 Market update 02 9M & Q3 financial performance 03 Recognition & Sustainability highlights 04 Outlook and strategic priorities
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Q3 26 Analyst Meeting │ Investor Relations Department Thai Union earns industry recognition and advances sustainability initiatives Thai Union CFO received Outstanding CFO Award from Investment Analysts Association Thai Union CEO received the Wallace R. Stevens Lifetime Achievement Award from the Global Seafood Alliance Thai Union received eight Human Rights Model Organization Awards from Thailand’s Department of Rights and Liberties Protection Indian Ocean purse-seine fleet involved in the SIOTI Fishery Improvement Project achieved MSC certification for yellowfin tuna Thai Union’s global World Oceans Day cleanup activities removed more than 8 metric tons of waste Q3 26 Analyst Meeting │ Investor Relations Department AWARDS SUSTAINABILITY FOCUS TU, ITC and TFM achieved 100 points, an 'Excellent' rating in the 2026 AGM checklist conducted by Thai Investors Association 15
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Q3 26 Analyst Meeting │ Investor Relations Department Agenda 16 01 Market update 02 9M & Q3 financial performance 03 Recognition & Sustainability highlights 04 Outlook and strategic priorities
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Q3 26 Analyst Meeting │ Investor Relations Department FY 26 Guidance Key factors +4 to 6% YoY • Sales growth supported by volume growth across key categories, and favorable FX from THB depreciation. ~19.5 to 20.5% • GPM is expected to be driven by stronger margins in Ambient and Petcare, premium product mix, and continued conversion cost improvement. ~14.0 to 14.5% • Full-year impact from U.S. tariffs. • Higher marketing investment to support branded-product growth. • Higher freight cost due to ongoing oil price increase. • Partially offset by lower transformation costs. ~ THB 4.0 to 4.5bn (previous 5.0 - 5.5bn) • 9M 2026 CAPEX totaled THB 2.7bn. • Lower investment requirements support the revised FY guidance, with continued focus on projects offering attractive returns. At least 50% dividend payout ratio Remark: • Thai Union’s 2026 financial targets are based on current forecast which may subject to change if key operating factors that e ffect the Company’s performance variate from the assumptions. • *Potential translation sensitivity for 1 THB/USD change is estimating impact on topline 1.0%. Maintaining overall targets while revising CAPEX guidance Sales Growth 17 GPM SG&A to sales CAPEX Dividend policy
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Q3 26 Analyst Meeting │ Investor Relations Department Key priorities: Driving sales growth, margin expansion and balance sheet strength ACCELERATE SALES GROWTH STRENGTHEN CAPITAL DISCIPLINE Expand Ambient brand through premiumization, while strengthening mainstream products Scale PetCare through organic growth and selective M&A OPTIMIZE COST AND EFFICIENCY Streamline the production network and simplify processes to maximize asset utilization Optimize SG&A and capture cross- business synergies 18 Refinance debt to reduce financial costs by 3 – 5% in FY 27 Improve working-capital through inventory, receivables, and payables management Prioritize CAPEX to projects with stronger returns Target net debt/EBITDA below 5.0x and net debt/equity under 1.18x
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Q3 26 Analyst Meeting │ Investor Relations Department We continue to advance the execution of Strategy 2030 PREMIUM BRANDS Build growth through innovation and consumer experience MAINSTREAM BRANDS Strengthen through consumer activation and new usage occasions SEALECT x BUTTERBEAR Partnership with active fan community PETIT NAVIRE summer activation boosted conversion JOHN WEST occasion- and solution-led launches Expand branded ambient in key markets Premiumization, innovation, brand investment Accelerate PetCare Premium wet food and treats Scale-up OEM ambient globally Commercial excellence for private label Win in feed business Thailand, Ecuador and Indonesia growth Become a culinary powerhouse Innovation and operational excellence Parmentier premium platform expands to UK King Oscar heritage to global premium brand Strategy 2030: Organic Growth Drivers 19
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Q&A
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Appendix
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Q3 26 Analyst Meeting │ Investor Relations Department Q3 26: Resilient sales growth supported by a fifth consecutive quarter of organic sales growth, with GPM remaining above 20% Remark: *Adjusted net profit and adjusted NPM excludes transformation costs (please refer to the appendix). ** Based on adjusted numbers from Q1 23 to Q4 23, which excluded Red Lobster’s share of loss and tax credit. *** Comparing reported net profit in Q1 24, Q2 24, Q3 24, and Q4 24 to adjusted net profit in Q1 23, Q2 23, Q3 23, and Q4 23, respectively. Q1 22 16.9% Q2 22 18.2% Q3 22 17.3% Q4 22 15.1% Q1 23 16.9% Q2 23 18.4% Q3 23 17.8% Q4 23 17.3% Q1 24 18.5% Q2 24 19.5% Q3 24 18.7% Q4 24 18.8% Q1 25 19.7% Q2 25 19.0% Q3 25 18.3% Q4 25 18.2% Q1 26 21.4% Q2 26 20.4% Q3 26 36.3 38.9 40.8 39.6 32.7 17.5% 33.9 35.5 33.2 35.3 34.8 35.134.1 33.4 34.5 35.0 32.1 33.8 35.7 29.8 GPM 4.2% 6.2% 3.1% 2.3% 3.1% 4.0% 4.2% 3.5% 3.6% 3.5% 3.8% 4.0% 4.7%4.8% 4.3% 3.4% 4.4% 3.8% 4.5% 3.8% 4.4% 2.9% 3.3% 3.5% 3.8% 3.7% 4.1% 3.8% 4.1% 3.5% NPM Sales (THB bn) Sales Gross profit Net profit 16.5 8.5 14.7 2.9 -10.0 -12.6 -16.8 -10.3 1.7 3.6 2.7 -1.2 -10.3 -5.4 -1.0 -0.1 15.4 -3.2 15.8 -2.2 -22.6 -12.7 -15.8 -7.9 16.8 13.7 9.0 3.6 -2.3 0.5 -3.6 -2.2 -3.2 -30.7 30.7 -35.9 -57.1 -34.3 -47.0 20.5 53.9 14.2 4.4 -18.7 -11.6 4.4 -6.8 -16.5 61.4 24.7 15.7 -0.3 8.9 13.2 -7.3 -22.7Adjusted net profit* (%YoY) *** %YoY growth ** 7.6 3.8 9.2 -6.3 Adjusted NPM* 1.4 10.2 -0.7 -8.9 3.4 11.4 3.2 -3.4 22
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Q3 26 Analyst Meeting │ Investor Relations Department Jan 26 175 Sep 26 155 Mar 26 2,000 Sep 26 2,275 Disciplined cost management and effective inventory planning continue to support strong profitability despite elevated raw material prices TUNA (USD/ton) SHRIMP (THB/kg) 1,660 1,510 1,550 1,573 1,693 1,768 2,075 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 169 139 153 158 160 128 147 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 FY25 Avg. at 1,573 9M 26 Avg. at 1,845 FY25 Avg. at 155 9M 26 Avg. at 145 High fuel costs remain support elevated tuna prices through increased fishing and transportation expenses. Shrimp prices started to increase in Q3 26 in line with seasonal trends and are expected to remain elevated through Q4 26, supported by festive season demand. Quarterly avg. Monthly avg. Quarterly avg. Monthly avg. Strong sourcing network supports raw material security during supply constraints. Higher shrimp prices support revenue and profitability. 23 Abnormally long and severe monsoon conditions, with sea surface temperatures up ~3°C, limit tuna catches. Year-end production shutdowns across several processors may result in slower fish purchasing activity
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Q3 26 Analyst Meeting │ Investor Relations Department Q3 26: THB depreciation across major currencies provided a positive tailwind to export business Q1 21 30.3 Q2 21 31.4 Q3 21 32.9 Q1 22 33.1 Q2 22 34.4 Q3 22 36.4 Q4 22 36.4 Q1 23 33.9 Q3 23 35.2 Q1 25 34.0 Q2 24 36.7 Q2 25 33.1 Q4 23 35.7 Q3 24 34.8 Q4 25 32.2 Q2 23 34.5 Q1 26 31.6 Q4 21 33.4 Q2 26 32.6 Q4 24 34.0 Q3 26 33.2 Q1 24 35.7 Q3 25 32.3 Quarterly avg. Q2 21 37.8 Q3 21 38.8 Q4 21 38.2 Q1 22 37.1 Q2 22 36.6 Q3 22 36.7 Q4 22 37.1 Q1 23 36.4 Q2 23 37.5 Q3 23 38.3 Q2 25 37.5Q3 24 38.2 Q4 23 38.3 Q2 24 39.5 Q4 25 37.4 Q4 24 36.3 Q1 26 37.0Q1 21 36.5 Q2 26 37.9 Q1 25 35.7 Q3 26 38.3 Q1 24 38.7 Q3 25 37.7 Quarterly avg. Q1 21 41.7 Q2 21 43.9 Q2 24 46.3 Q3 21 45.4 Q3 24 45.2 Q1 24 45.2 Q4 24 43.6 Q4 21 45.0 Q1 25 42.7 Q1 22 44.4 Q2 25 44.2Q2 22 43.2 Q3 22 42.8 Q4 22 42.6 Q4 25 42.8 Q1 23 41.2 Q1 26 42.6 Q2 23 43.1 Q2 26 43.7 Q3 23 44.5 Q3 26 44.7 Q4 23 44.2 Q3 25 43.6 Quarterly avg. USD/THB Avg. in Q3 26: 1 USD / 33.2 THB (+2.9% YoY) EUR/THB Avg. in Q3 26: 1 EUR / 38.3 THB (+1.4% YoY) GBP/THB Avg. in Q3 26: 1 GBP / 44.7 THB (+2.6% YoY) JPY/THB Avg. in Q3 26: 1 JPY / 0.21 THB (-4.7% YoY) FY 24 actual: 38.2 FY 25 actual: 37.1 FY 26 budget: 37.7 FY 24 actual: 45.1 FY 25 actual: 43.3 FY 26 budget: 43.6 FY 24 actual: 35.3 FY 25 actual 32.9 FY 26 budget: 32.5 2021 32.0 2022 35.1 2023 34.8 2024 35.3 2025 32.9 2021 37.8 2022 36.9 2023 37.6 2024 38.2 2025 37.1 2022 0.27 2023 0.25 2024 0.23 2025 0.22 2021 44.0 2022 43.3 2023 43.3 2024 45.1 2025 43.3 Quarterly avg. FY 24 actual: 0.23 FY 25 actual: 0.22 FY 26 budget: 0.23 9M 21 0.29 Q3 21 0.30 Q4 21 0.29 Q1 22 0.28 Q2 22 0.27 Q3 22 0.26 Q4 22 0.26 Q1 23 0.26 Q2 23 0.25 Q3 23 0.24 Q4 23 0.24 Q1 24 0.24 Q4 24 0.22 Q3 25 0.22 Q3 24 0.23 Q4 25 0.21 Q1 25 0.22 Q1 26 0.20 Q2 24 0.24 Q2 26 0.20 Q2 25 0.23 Q3 26 0.21 Q2 21 0.29 9M 26 32.5 9M 26 37.7 9M 26 43.7 9M 26 0.2124
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Q3 26 Analyst Meeting │ Investor Relations Department 9M 26: Despite strong FCF generation of THB 5.5bn, net debt rose to THB 63bn, mainly due to dividend payments. Net Debt/Equity remained stable at 1.18x 9,528 2,672 1,379 3,813 EBITDA 699 Change in net working capital 242 Change in other assets and liabilities 456 Other non- cash expenses Net CAPEX Sep 30, 26Other investing & Financing activities 1,046 Dividend received 199 Dividends paidNet interestNet income tax paid 777 61,471 62,828 Dec 31, 25 Equity Equity 52,083 (THB mn) Income tax paid and other investing & financing activities Debt ND/E 1.18x Kd* = 3.31% +5,459 Remark: *Kd refers to cost of debt for the year 2025 vs Q3 2026. (Kd = 12-month rolling finance cost / avg. interest-bearing debt) 53,307 ND/E 1.18x Kd* = 3.04%Free Cash Flow (FCF) THB mn 25
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Q3 26 Analyst Meeting │ Investor Relations Department26 0.32 0.32 0.32 0.25 0.25 0.32 0.45 0.40 0.30 0.31 0.35 0.400.31 0.31 0.34 0.15 0.22 0.40 0.50 0.44 0.24 0.35 0.35 2015 57% 2016 52% 2017 59% 2018 60% 2019 58% 2020 57% 2021 57% 2022 57% 2023 57% 2024 58% 2025 65% 2026 0.63 0.63 0.66 0.40 0.47 0.72 0.95 0.84 0.54 0.66 0.70 60% Dividend per share (DPS) and Payout Ratio Payout ratio DPS 1H DPS 2H DPS: THB 0.40 per share Ex-Dividend Date August 14, 2026 Record Date: August 17, 2026 Payment Date: August 28, 2026 Interim Dividend for the period: January 1 to June 30, 2026 Strongest interim dividend since 2022, increasing significantly by 14.3% from last year, with an attractive 3.4% dividend yield
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Q3 26 Analyst Meeting │ Investor Relations Department Product Innovation Updates 27 Stir & Serve Taste approved by The Good Housekeeping Institute Stir & Serve won the UK Consumer Convenience Packaging Award 2026 The Grocer New Product Award (Silver) John West Stir & Serve: Spicy Mexican Sauce Taste of the Year Norwegian and Scottish smoked salmons Brand-new Hawesta Pulled Tuna Pouch range launched in Germany Tuna & Kidney Bean Protein Salad won Nourish Gold Stir & Serve won Nourish Bronze King Oscar launched new pulled tuna products Parmentier launched sardine Omega Bon products King Oscar launched new mussels products Genova launched premium yellowfin tuna products Petit Navire launched ET HOP! shredded tuna products Captain Vkusov launched ready-to-eat tuna products John West launched Atlantic salmon fillet products PREMIUM BRANDS MAINSTREAM BRANDS