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Financials

Annual Report 2025

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19 tables

Statement of financial position — Assets

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Statement of financial position — Assets from Annual Report 2025
Metric / unit 2025Consolidated financial statements2024Consolidated financial statements2025Separate financial statements2024Separate financial statements Source
Current assets
Cash and cash at financial institutionsthousand Baht 43,845,14054,065,33929,20238,995 PDF p. 204
Other current financial assets - unit trust in debt instrumentsthousand Baht 59,05658,077-- PDF p. 204
Trade accounts receivablethousand Baht 13,488,26213,583,754882,049980,612 PDF p. 204
Other current receivablesthousand Baht 5,768,07711,791,963256,008326,645 PDF p. 204
Short-term loans to and other current receivables from related partiesthousand Baht 1,063,5161,665,86815,163,96610,987,914 PDF p. 204
Inventoriesthousand Baht 65,347,20663,002,776-- PDF p. 204
Asset held for salethousand Baht 1,111,084--- PDF p. 204
Other current assetsthousand Baht 907,868968,41568,13443,233 PDF p. 204
Total current assetsthousand Baht 131,590,209145,136,19216,399,35912,377,399 PDF p. 204
Non-current assets
Investments in associates and joint venturesthousand Baht 68,944,01673,134,494-- PDF p. 204
Investments in subsidiariesthousand Baht --310,803,778318,688,003 PDF p. 204
Other non-current financial assetsthousand Baht 3,250,4242,560,47117,50010,000 PDF p. 204
Other non-current receivablesthousand Baht 2,092,2822,170,543142,573159,646 PDF p. 204
Long-term loans to and other non-current receivables from related partiesthousand Baht 192,008201,38417,447,16111,787,831 PDF p. 204
Investment propertiesthousand Baht 2,710,9882,869,361-- PDF p. 204
Property, plant and equipmentthousand Baht 89,480,59383,263,796112,928124,845 PDF p. 204
Right-of-use assetsthousand Baht 15,373,33414,051,85372,85395,924 PDF p. 204
Biological assetsthousand Baht 364,392--- PDF p. 204
Goodwillthousand Baht 139,158,238147,244,195-- PDF p. 204
Other intangible assetsthousand Baht 49,365,43551,275,036542,579359,902 PDF p. 204
Deferred tax assetsthousand Baht 6,608,0095,241,9925,532,8414,362,718 PDF p. 204
Other non-current assetsthousand Baht 461,095443,586-- PDF p. 204
Total non-current assetsthousand Baht 378,000,814382,456,711334,672,213335,588,869 PDF p. 204
Assets
Total assetsthousand Baht 509,591,023527,592,903351,071,572347,966,268 PDF p. 204
Definitions & sources

Original report: PDF p. 204 ↗

Statement of financial position — Liabilities and equity

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Statement of financial position — Liabilities and equity from Annual Report 2025
Metric / unit 2025Consolidated financial statements2024Consolidated financial statements2025Separate financial statements2024Separate financial statements Source
Current liabilities
Bank overdrafts and short-term loans from financial institutionsthousand Baht 7,683,92326,129,265-17,393,947 PDF p. 205
Trade accounts payablethousand Baht 13,422,95414,613,653-- PDF p. 205
Other current payablesthousand Baht 25,239,49725,526,1841,503,5651,377,000 PDF p. 205
Current portion of debentures and bondsthousand Baht 23,185,45626,130,16816,891,80821,737,748 PDF p. 205
Current portion of long-term loans from financial institutionsthousand Baht 12,795,1279,861,0475,000,0002,500,000 PDF p. 205
Current portion of long-term loans from other partythousand Baht -87,710-- PDF p. 205
Short-term loans from and other current payables to related partiesthousand Baht 905,308666,4827,175,38710,567,352 PDF p. 205
Current portion of lease liabilitiesthousand Baht 1,512,1911,544,91432,10364,415 PDF p. 205
Corporate income tax payablethousand Baht 3,423,3553,803,747-- PDF p. 205
Other current liabilitiesthousand Baht 487,727417,3311,3001,895 PDF p. 205
Total current liabilitiesthousand Baht 88,655,538108,780,50130,604,16353,642,357 PDF p. 205
Non-current liabilities
Long-term loans from and other non-current payables to related partiesthousand Baht 7,4075669,952,58315,987,418 PDF p. 205
Other non-current payablesthousand Baht 3,555,3161,471,4782,651,385982,066 PDF p. 205
Debentures and bondsthousand Baht 134,821,949128,931,308130,405,508118,082,814 PDF p. 205
Long-term loans from financial institutionsthousand Baht 48,951,52743,086,68234,930,30122,597,599 PDF p. 205
Long-term loans from other partythousand Baht 87,710--- PDF p. 205
Lease liabilitiesthousand Baht 5,499,5874,949,53842,93839,065 PDF p. 205
Deferred tax liabilitiesthousand Baht 6,561,1946,096,029-- PDF p. 205
Non-current provisions for employee benefitsthousand Baht 5,457,5655,081,272368,035345,762 PDF p. 205
Other non-current liabilitiesthousand Baht 172,848140,520-- PDF p. 205
Total non-current liabilitiesthousand Baht 205,115,103189,757,393178,350,750158,034,724 PDF p. 205
Liabilities
Total liabilitiesthousand Baht 293,770,641298,537,894208,954,913211,677,081 PDF p. 205
Equity
Authorised share capitalthousand Baht 25,160,00025,160,00025,160,00025,160,000 PDF p. 206
Issued and paid-up share capitalthousand Baht 25,130,48725,127,67525,130,48725,127,675 PDF p. 206
Premium on ordinary sharesthousand Baht 17,571,92117,526,85317,571,92117,526,853 PDF p. 206
Difference arising from common control transactionsthousand Baht (50,302,783)(50,302,783)31,03531,035 PDF p. 206
Difference arising from change in ownership interest in subsidiariesthousand Baht (4,847,319)(2,023,531)-- PDF p. 206
Appropriated - legal reservethousand Baht 2,900,0002,900,0002,900,0002,900,000 PDF p. 206
Unappropriatedthousand Baht 195,900,723186,359,92497,561,84691,107,468 PDF p. 206
Other components of equitythousand Baht (45,076,089)(30,379,816)(1,078,630)(403,844) PDF p. 206
Equity attributable to owners of the parentthousand Baht 141,276,940149,208,322142,116,659136,289,187 PDF p. 206
Non-controlling intereststhousand Baht 74,543,44279,846,687-- PDF p. 206
Total equitythousand Baht 215,820,382229,055,009142,116,659136,289,187 PDF p. 206
Liabilities and equity
Total liabilities and equitythousand Baht 509,591,023527,592,903351,071,572347,966,268 PDF p. 206
Definitions & sources

Original report: PDF p. 205 ↗ PDF p. 206 ↗

Statement of income — Group and Company

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Statement of income — Group and Company from Annual Report 2025
Metric / unit 2025Consolidated financial statements2024Consolidated financial statements2025Separate financial statements2024Separate financial statements Source
Income statement
Revenue from sale of goodsthousand Baht 333,286,188340,288,809-- PDF p. 207
Management feesthousand Baht --11,248,01111,642,495 PDF p. 207
Dividend incomethousand Baht 15,44138,67019,681,91315,267,117 PDF p. 207
Interest incomethousand Baht 2,121,2022,375,1551,413,637788,697 PDF p. 207
Net gain on foreign exchangethousand Baht --9,8536,917 PDF p. 207
Other incomethousand Baht 1,418,2291,356,82235,25450,664 PDF p. 207
Total incomethousand Baht 336,841,060344,059,45632,388,66827,755,890 PDF p. 207
Cost of sale of goodsthousand Baht 229,778,056237,080,711-- PDF p. 207
Cost of rendering of servicesthousand Baht --3,759,1903,622,946 PDF p. 207
Distribution coststhousand Baht 40,881,50140,482,916-- PDF p. 207
Administrative expensesthousand Baht 21,579,91020,295,468582,846607,630 PDF p. 207
Net loss on foreign exchangethousand Baht 790,615326,549-- PDF p. 207
Finance coststhousand Baht 8,475,4628,433,3416,809,9806,418,374 PDF p. 207
Total expensesthousand Baht 301,505,544306,618,98511,152,01610,648,950 PDF p. 207
Share of profit of associates and joint ventures accounted for using equity methodthousand Baht 2,861,4295,575,973-- PDF p. 208
Profit before income tax expensethousand Baht 38,196,94543,016,44421,236,65217,106,940 PDF p. 208
Tax (expense) incomethousand Baht (7,043,610)(7,746,131)815,530409,437 PDF p. 208
Profit for the yearthousand Baht 31,153,33535,270,31322,052,18217,516,377 PDF p. 208
Owners of the parentthousand Baht 25,360,50427,215,62422,052,18217,516,377 PDF p. 208
Former shareholders before business restructuringthousand Baht -4,704,894-- PDF p. 208
Non-controlling intereststhousand Baht 5,792,8313,349,795-- PDF p. 208
Profit for the yearthousand Baht 31,153,33535,270,31322,052,18217,516,377 PDF p. 208
Definitions & sources

Original report: PDF p. 207 ↗ PDF p. 208 ↗

Statement of comprehensive income — Thai Beverage Public Company Limited and its Subsidiaries

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Statement of comprehensive income — Thai Beverage Public Company Limited and its Subsidiaries from Annual Report 2025
Metric / unit 2025Group, year ended 30 September2024Group, year ended 30 September2025Company, year ended 30 September2024Company, year ended 30 September Source
Comprehensive income
Profit for the yearthousand Baht 31,153,33535,270,31322,052,18217,516,377 PDF p. 209
Other comprehensive income — items that will not be reclassified subsequently to profit or loss
Gain (loss) on investments in equity instruments designated at fair value through other comprehensive incomethousand Baht 17,070(19,650)-- PDF p. 209
Gain on revaluation of landthousand Baht 2,536358,597-- PDF p. 209
Loss on remeasurement of defined benefit planthousand Baht (308,920)(310,716)(17,439)(20,053) PDF p. 209
Income tax relating to items that will not be reclassified subsequently to profit or lossthousand Baht 61,757(10,077)537864 PDF p. 209
Subtotalthousand Baht (227,557)18,154(16,902)(19,189) PDF p. 209
Other comprehensive income — items that will be reclassified subsequently to profit or loss
Loss on cash flow hedgesthousand Baht (1,159,234)(898,460)(800,931)(492,004) PDF p. 209
Share of other comprehensive income (expense) of associates and joint ventures accounted for using equity methodthousand Baht 34,168(1,554,431)-- PDF p. 209
Exchange differences on translating financial statementsthousand Baht (17,185,038)(41,706,168)-- PDF p. 209
Income tax relating to items that will be reclassified subsequently to profit or lossthousand Baht 167,920114,971160,18698,401 PDF p. 209
Subtotalthousand Baht (18,142,184)(44,044,088)(640,745)(393,603) PDF p. 209
Other comprehensive income
Other comprehensive income (expense) for the year, net of taxthousand Baht (18,369,741)(44,025,934)(657,647)(412,792) PDF p. 209
Comprehensive income
Total comprehensive income (expense) for the yearthousand Baht 12,783,594(8,755,621)21,394,53517,103,585 PDF p. 209
Total comprehensive income (expense) attributable to
Owners of the parentthousand Baht 10,459,469(7,131,569)21,394,53517,103,585 PDF p. 209
Former shareholders before business restructuringthousand Baht -(839,640)-- PDF p. 209
Non-controlling intereststhousand Baht 2,324,125(784,412)-- PDF p. 209
Total comprehensive income (expense) for the yearthousand Baht 12,783,594(8,755,621)21,394,53517,103,585 PDF p. 209
Definitions & sources

Original report: PDF p. 209 ↗

Statement of cash flows — Thai Beverage Public Company Limited and its Subsidiaries

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Statement of cash flows — Thai Beverage Public Company Limited and its Subsidiaries from Annual Report 2025
Metric / unit 2025Group, year ended 30 September2024Group, year ended 30 September2025Company, year ended 30 September2024Company, year ended 30 September Source
Cash flows from operating activities
Profit for the yearthousand Baht 31,153,33535,270,31322,052,18217,516,377 PDF p. 215
Adjustments to reconcile profit (loss) to cash receipts (payments)
Depreciation and amortisationthousand Baht 10,346,45710,200,588160,789181,389 PDF p. 215
Interest incomethousand Baht (2,121,202)(2,375,155)(1,413,637)(788,697) PDF p. 215
Finance coststhousand Baht 8,475,4628,433,3416,809,9806,418,374 PDF p. 215
Unrealised gain on foreign exchangethousand Baht (231,221)(102,590)(168)(50) PDF p. 215
Expected credit loss and write-off of trade and other current receivablesthousand Baht 22,69744,762-- PDF p. 215
Amortisation of advance payments to a specialistthousand Baht 100,000100,00018,75018,750 PDF p. 215
(Reversal of) loss on inventories devaluationthousand Baht 18,050(111,638)-- PDF p. 215
Gain on sale and fair value adjustments for current investmentsthousand Baht (979)(39,615)-- PDF p. 215
Gain on disposal of investment in associatethousand Baht (4,920)--- PDF p. 215
Loss on change of interest in an associatethousand Baht 17,045--- PDF p. 215
Gain on bargain purchasethousand Baht (200,143)--- PDF p. 215
Write-off of inventories and property, plant and equipment from disaster incidentsthousand Baht 12,6621,785-- PDF p. 215
(Gain) loss on disposal and write-off of property, plant and equipment, investment properties and other intangible assetsthousand Baht (32,771)(79,599)396926 PDF p. 215
(Reversal of) impairment loss on property, plant and equipment, and intangible assetsthousand Baht 161,283(19,069)-- PDF p. 215
Loss on disposal of biological assetsthousand Baht 31,658--- PDF p. 215
Loss on change in fair value of biological assetsthousand Baht 20,821--- PDF p. 215
Dividend incomethousand Baht (15,441)(38,670)(19,681,913)(15,267,117) PDF p. 215
Employee benefit expensesthousand Baht 450,180433,59834,59234,819 PDF p. 215
Expense in relation to long-term incentive planthousand Baht 142,912171,7066,4864,882 PDF p. 215
Insurance claim from flood and fire incidentthousand Baht (5,596)(71,593)-- PDF p. 215
Share of profit of associates and joint ventures accounted for using equity methodthousand Baht (2,861,429)(5,575,973)-- PDF p. 215
Tax expense (income)thousand Baht 7,043,6107,746,131(815,530)(409,437) PDF p. 215
Subtotalthousand Baht 52,522,47053,988,3227,171,9277,710,216 PDF p. 215
Changes in operating assets and liabilities
Trade accounts receivablesthousand Baht 130,455(258,015)98,563(82,532) PDF p. 216
Other current receivables from related partiesthousand Baht 651,803(1,244,777)(45,197)26,160 PDF p. 216
Other current receivablesthousand Baht 4,856,188(5,385,429)(257,122)(266,635) PDF p. 216
Other non-current receivablethousand Baht (15,566)101,452(1,677)37 PDF p. 216
Inventoriesthousand Baht (2,006,565)(1,836,540)-- PDF p. 216
Other current assetsthousand Baht 71,349166,286(24,901)(36,699) PDF p. 216
Trade accounts payablethousand Baht (1,194,391)260,308-- PDF p. 216
Other current payables to related partiesthousand Baht 231,933297,833(2,060,437)2,895,378 PDF p. 216
Other current payablesthousand Baht (1,041,683)(1,718,380)(81,749)16,589 PDF p. 216
Other non-current payablethousand Baht 2,083,8381,268,958-- PDF p. 216
Other current liabilitiesthousand Baht (49,466)2,039,607(595)61 PDF p. 216
Non-current provisions for employee benefitsthousand Baht (375,364)(408,068)(29,759)(21,266) PDF p. 216
Other non-current liabilitiesthousand Baht (1,974,298)(1,122,213)-- PDF p. 216
Reimbursement from business interruptionthousand Baht 118,68537,975-- PDF p. 216
Cash flows from operating activities
Net cash generated from operationsthousand Baht 54,009,38846,187,3194,769,05310,241,309 PDF p. 216
Taxes (paid) receivedthousand Baht (7,976,317)(8,006,407)133,88948,655 PDF p. 216
Net cash from operating activitiesthousand Baht 46,033,07138,180,9124,902,94210,289,964 PDF p. 216
Cash flows from investing activities
Interest receivedthousand Baht 2,076,9762,987,9021,446,353803,141 PDF p. 216
Dividends receivedthousand Baht 2,682,8304,663,23419,681,91315,267,117 PDF p. 216
Decrease in current investmentsthousand Baht 327,3215,661,124-- PDF p. 216
Increase in short-term loans to related partiesthousand Baht --(65,736,523)(41,949,268) PDF p. 216
Decrease in short-term loans to related partiesthousand Baht --59,124,68034,288,472 PDF p. 216
Increase in long-term loans to related partiesthousand Baht --(6,730,200)(3,500) PDF p. 216
Decrease in long-term loans to related partiesthousand Baht --3,526,495783,869 PDF p. 216
Cash outflow on investments in subsidiariesthousand Baht ---(3,072,422) PDF p. 216
Proceed from capital reduction of subsidiarythousand Baht --7,884,225- PDF p. 216
Acquisition of subsidiaries, net of cash acquiredthousand Baht (784,535)(1,817)-- PDF p. 216
Acquisition of interest in joint venturesthousand Baht (10,090)(392,700)-- PDF p. 216
Proceed from disposal of investment in associatethousand Baht 6,418--- PDF p. 216
Proceeds from disposal of other non-current financial assetsthousand Baht -21,520-- PDF p. 216
Acquisition of other non-current financial assetsthousand Baht (3,048,074)(2,342,264)(7,500)- PDF p. 216
Acquisition of investment propertiesthousand Baht (2,541)(56,598)-- PDF p. 216
Acquisition of property, plant and equipmentthousand Baht (12,998,491)(8,969,115)(32,426)(27,507) PDF p. 216
Proceeds from sale of property, plant and equipmentthousand Baht 169,374250,074171344 PDF p. 217
Payment for biological assetsthousand Baht (403,699)--- PDF p. 217
Proceeds from disposal of biological assetsthousand Baht 588--- PDF p. 217
Acquisition of other intangible assetsthousand Baht (666,708)(453,134)(237,646)(112,864) PDF p. 217
Proceeds from sale of other intangible assetsthousand Baht 382362128 PDF p. 217
Increase in other non-current assetsthousand Baht (2,493)(123,285)-- PDF p. 217
Reimbursement from property insurance claimthousand Baht 5,596140,353-- PDF p. 217
Net cash (used in) from investing activitiesthousand Baht (12,647,146)1,385,65618,919,5545,977,390 PDF p. 217
Cash flows from financing activities
Interest paidthousand Baht (7,999,254)(8,262,319)(6,296,298)(6,199,258) PDF p. 217
Deferred finance cost paidthousand Baht (895,924)(629,422)(895,924)(617,851) PDF p. 217
Payment to owners to redeem the entity's sharesthousand Baht (62,014)(17,840)-- PDF p. 217
Payment of change in ownership interest in subsidiaries without a change in controlthousand Baht (5,679,371)(332,708)-- PDF p. 217
Dividends paid to owners of the parentthousand Baht (15,580,902)(15,076,605)(15,580,902)(15,076,605) PDF p. 217
Dividends paid to non-controlling intereststhousand Baht (5,645,439)(6,029,427)-- PDF p. 217
Decrease in bank overdraftsthousand Baht (501,225)(63,803)-(185,160) PDF p. 217
Proceeds from short-term loans from financial institutionsthousand Baht 45,386,97572,143,78420,000,00031,600,000 PDF p. 217
Repayment of short-term loans from financial institutionsthousand Baht (63,684,779)(66,342,379)(37,400,000)(17,800,000) PDF p. 217
Proceeds from short-term loans from related partiesthousand Baht --107,710,182117,098,835 PDF p. 217
Repayment of short-term loans from related partiesthousand Baht --(105,979,145)(106,623,818) PDF p. 217
Proceeds from long-term loans from related partiesthousand Baht --741,037,000 PDF p. 217
Repayment of long-term loans from related partiesthousand Baht --(9,091,775)(11,930,865) PDF p. 217
Proceeds from issuing debenturesthousand Baht 58,000,00022,000,00058,000,00022,000,000 PDF p. 217
Repayment of debentures and bondsthousand Baht (54,306,101)(26,300,000)(49,960,000)(26,300,000) PDF p. 217
Proceeds from long-term loans from financial institutionsthousand Baht 22,004,91126,512,20518,230,00015,615,600 PDF p. 217
Repayment of long-term loans from financial institutionsthousand Baht (12,242,318)(26,217,953)(2,500,000)(18,770,400) PDF p. 217
Payment of lease liabilitiesthousand Baht (2,090,633)(3,121,348)(68,501)(82,068) PDF p. 217
Net cash used in financing activitiesthousand Baht (43,296,074)(31,737,815)(23,832,289)(16,234,590) PDF p. 217
Cash and cash equivalents
Net (decrease) increase in cash and cash equivalentsthousand Baht (9,910,149)7,828,753(9,793)32,764 PDF p. 218
Cash and cash equivalents at 1 October 2024/2023thousand Baht 31,996,87626,414,96038,9956,231 PDF p. 218
Exchange differences on translating financial statementsthousand Baht 1,169,365(2,246,837)-- PDF p. 218
Cash and cash equivalents at 30 Septemberthousand Baht 23,256,09231,996,87629,20238,995 PDF p. 218
Current investments - short-term depositthousand Baht 20,589,04822,068,463-- PDF p. 218
Cash and cash at financial institutionsthousand Baht 43,845,14054,065,33929,20238,995 PDF p. 218
Non-cash transactions
Payable for acquisition of assetsthousand Baht 1,727,1071,642,632641,140 PDF p. 218
Receivable from share-based paymentthousand Baht --5,3281,094 PDF p. 218
Dividend payablethousand Baht 71,02275,062-- PDF p. 218
Addition of right-of-use assetsthousand Baht 1,889,6451,905,34240,06214,420 PDF p. 218
Definitions & sources

Original report: PDF p. 215 ↗ PDF p. 216 ↗ PDF p. 217 ↗ PDF p. 218 ↗

Financial Highlights — Statement of Income

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Financial Highlights — Statement of Income from Annual Report 2025
Metric / unit 2025Group, Oct 2024–Sep 20252024Group, Oct 2023–Sep 2024 Source
Statement of Income
Revenue from salesMil. Baht 333,286340,289 PDF p. 8
Total revenuesMil. Baht 336,841344,059 PDF p. 8
Cost of salesMil. Baht 229,778237,081 PDF p. 8
Gross profitMil. Baht 103,508103,208 PDF p. 8
Operating profitMil. Baht 40,25642,103 PDF p. 8
EBITMil. Baht 46,67251,449 PDF p. 8
Net profitMil. Baht 31,15335,270 PDF p. 8
Depreciation and amortizationMil. Baht 10,34610,201 PDF p. 8
EBITDAMil. Baht 57,01861,650 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Financial Highlights — Statement of Financial Position

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Financial Highlights — Statement of Financial Position from Annual Report 2025
Metric / unit 2025Group, as at 30 September 20252024Group, as at 30 September 2024 Source
Statement of Financial Position
Current assetsMil. Baht 131,590145,136 PDF p. 8
Non-current assetsMil. Baht 378,001382,457 PDF p. 8
Total assetsMil. Baht 509,591527,593 PDF p. 8
Current liabilitiesMil. Baht 88,656108,781 PDF p. 8
Non-current liabilitiesMil. Baht 205,115189,757 PDF p. 8
Total liabilitiesMil. Baht 293,771298,538 PDF p. 8
EquityMil. Baht 215,820229,055 PDF p. 8
Total liabilities and equityMil. Baht 509,591527,593 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Financial Highlights — Liquidity Ratios

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Financial Highlights — Liquidity Ratios from Annual Report 2025
Metric / unit 2025Group, Oct 2024–Sep 20252024Group, Oct 2023–Sep 2024 Source
Liquidity Ratios
Current ratiotimes 1.481.33 PDF p. 8
Quick ratiotimes 0.750.76 PDF p. 8
Average collection perioddays 14.8214.44 PDF p. 8
Average inventory perioddays 101.9495.73 PDF p. 8
Average payable perioddays 22.2722.52 PDF p. 8
Cash cycledays 94.5087.65 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Financial Highlights — Profitability, Efficiency and Leverage Ratios

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Financial Highlights — Profitability, Efficiency and Leverage Ratios from Annual Report 2025
Metric / unit 2025Group, Oct 2024–Sep 20252024Group, Oct 2023–Sep 2024 Source
Profitability Ratios
Gross profit margin% 31.0630.33 PDF p. 9
EBITDA margin% 17.1118.12 PDF p. 9
EBIT margin% 14.0015.12 PDF p. 9
Operating cash flows to operating profit ratio% 114.3590.68 PDF p. 9
Net profit margin% 9.3510.36 PDF p. 9
Return on equity% 14.0113.01 PDF p. 9
Efficiency Ratios
Return on assets% 6.016.19 PDF p. 9
Return on fixed assets% 36.0742.20 PDF p. 9
Total assets turnovertimes 0.640.60 PDF p. 9
Leverage Ratios
Liability to equity ratiotimes 1.361.30 PDF p. 9
Interest bearing debt to equity ratio*times 1.051.02 PDF p. 9
Net interest bearing debt to EBITDA ratio*times 3.222.92 PDF p. 9
Interest coverage ratiotimes 6.737.31 PDF p. 9
Definitions & sources

Original report: PDF p. 9 ↗

* Interest bearing debt from bank, debentures, bonds and other party

Management Discussion and Analysis — Financial Ratios and Per Share Data

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Management Discussion and Analysis — Financial Ratios and Per Share Data from Annual Report 2025
Metric / unit 2025Group, as at 30-Sep-25 unless metric is per-share earnings for the year2024Group, as at 30-Sep-24 unless metric is per-share earnings for the year Source
Financial Ratios
Current Ratio (times)times 1.481.33 PDF p. 152
Liability to Equity Ratio (Gearing Ratio) (times)times 1.361.30 PDF p. 152
Interest Bearing Debt to Equity Ratio (times) *times 1.051.02 PDF p. 152
Net Interest Bearing Debt to Equity Ratio (times) *times 0.850.79 PDF p. 152
Interest Bearing Debt to EBITDA (times) *times 3.993.80 PDF p. 152
Net Interest Bearing Debt to EBITDA (times) *times 3.222.92 PDF p. 152
Per Share Data
Net asset value per share (Baht)Baht per share 5.625.94 PDF p. 152
Earnings per share for the year (Baht)Baht per share 1.011.15 PDF p. 152
Definitions & sources

Original report: PDF p. 152 ↗

* Interest Bearing Debt from bank, debentures, bonds and others.

** Include net profit of F&N Group attributable to former shareholders during the year, based on the Group’s percentage interest received from the business restructuring under common control.

** Include net profit of F&N Group attributable to former shareholders during the year, based on the Group’s percentage interest received from the business restructuring under common control (source physical page 153).

Shareholder Returns — Dividends and Earnings per Share

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Shareholder Returns — Dividends and Earnings per Share from Annual Report 2025
Metric / unit 2025Group dividend for the year; Oct 2024–Sep 20252024Group dividend for the year; Oct 2023–Sep 2024 Source
Dividend payout ratio (%)
Dividend for the year (million Baht)million Baht 15,580.9015,579.16 PDF p. 153
Number of shares issued (million shares)million shares 25,13025,128 PDF p. 153
Interim dividend per share (Baht)Baht per share 0.150.15 PDF p. 153
Final dividend per share (Baht)Baht per share 0.470.47 PDF p. 153
Total dividend per share (Baht)Baht per share 0.620.62 PDF p. 153
Dividend payout ratio (%)% 61.4457.24 PDF p. 153
Earnings per share
Earnings per share basic (Baht)Baht per share 1.011.08 PDF p. 153
Earnings per share after business restructuring (Baht)Baht per share 1.011.15 PDF p. 153
Definitions & sources

Original report: PDF p. 153 ↗

The current policy of the Board of Directors is to recommend to our shareholders a dividend of not less than 50% of net profits after deduction of all specified reserve, subject to cash flow and investments plan and as the Board of Directors deems appropriate.

For the financial year ended 30 September 2025, the Board of Directors has recommended total dividend of Baht 15,580.90 million.

* Includes net profit of F&N Group attributable to former shareholders during the year, based on the Group’s percentage interest received from the business restructuring under common control.

* Includes net profit of F&N Group attributable to former shareholders during the year, based on the Group’s percentage interest received from the business restructuring under common control.

Management Discussion and Analysis — Receivables and Inventory Turnover

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Management Discussion and Analysis — Receivables and Inventory Turnover from Annual Report 2025
Metric / unit 2025Group; Oct 2024–Sep 20252024Group; Oct 2023–Sep 2024 Source
Accounts receivable turnover
Accounts Receivable Turnover (days)days 1514 PDF p. 153
Inventory turnover: finished goods
Spirits Businessdays 5655 PDF p. 153
Beer Businessdays 1010 PDF p. 153
Non-alcohol Businessdays 3029 PDF p. 153
Food Businessdays 1111 PDF p. 153
Others Businessdays 5057 PDF p. 153
Definitions & sources

Original report: PDF p. 153 ↗

Original continuation on physical page 153; inventory ratios retain business-specific scopes.

Group equity movements, year ended 30 September 2024

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Group equity movements, year ended 30 September 2024 from Annual Report 2025
Metric / unit 2024Consolidated financial statements; Issued and paid-up share capital2024Consolidated financial statements; Premium on ordinary shares2024Consolidated financial statements; Difference arising from common control transactions2024Consolidated financial statements; Difference on change in ownership interest in subsidiaries2024Consolidated financial statements; Legal reserve2024Consolidated financial statements; Retained earnings — unappropriated2024Consolidated financial statements; Other capital reserves — share-based payment2024Consolidated financial statements; Translation reserve2024Consolidated financial statements; Revaluation reserve2024Consolidated financial statements; Fair value reserve2024Consolidated financial statements; Hedging reserve2024Consolidated financial statements; Share of OCI of associates and joint ventures accounted for using equity method2024Consolidated financial statements; Total other components of equity2024Consolidated financial statements; Equity attributable to owners of the parent2024Consolidated financial statements; Former shareholders before business restructuring2024Consolidated financial statements; Non-controlling interests2024Consolidated financial statements; Total equity Source
Equity movements
Balance at 1 October 2023 - as reportedthousand Baht 25,124,75417,480,078(20,491,612)(1,875,092)2,900,000174,443,73085,1536,443,0827,498,51950,495(4,091)(10,332,949)3,740,209201,322,067-40,200,146241,522,213 PDF p. 210
Impact of businesses acquisitions and business combination under common controlthousand Baht -----7,786-(3,266,018)892,832(292,549)39,3272,395,874(230,534)(222,748)71,737,417-71,514,669 PDF p. 210
Balance at 1 October 2023 - restatedthousand Baht 25,124,75417,480,078(20,491,612)(1,875,092)2,900,000174,451,51685,1533,177,0648,391,351(242,054)35,236(7,937,075)3,509,675201,099,31971,737,41740,200,146313,036,882 PDF p. 210
Share-based payment transactionsthousand Baht 2,92146,775----(31,826)-----(31,826)17,870(10,710)-7,160 PDF p. 210
Dividendsthousand Baht -----(15,076,605)-------(15,076,605)(2,614,203)(3,312,657)(21,003,465) PDF p. 210
Total distributions to owners of the parentthousand Baht 2,92146,775---(15,076,605)(31,826)-----(31,826)(15,058,735)(2,624,913)(3,312,657)(20,996,305) PDF p. 210
Acquisition of non-controlling interests without a change in controlthousand Baht ---(148,439)---------(148,439)-(184,269)(332,708) PDF p. 210
Acquisition of businesses combination under common controlthousand Baht --(29,811,171)--1,976-(10,306,398)1,374,399(446,588)(89,493)9,725,021256,941(29,552,254)(68,272,864)43,927,879(53,897,239) PDF p. 210
Total changes in ownership interests in subsidiariesthousand Baht --(29,811,171)(148,439)-1,976-(10,306,398)1,374,399(446,588)(89,493)9,725,021256,941(29,700,693)(68,272,864)43,743,610(54,229,947) PDF p. 210
Total transactions with owners, recorded directly in equitythousand Baht 2,92146,775(29,811,171)(148,439)-(15,074,629)(31,826)(10,306,398)1,374,399(446,588)(89,493)9,725,021225,115(44,759,428)(70,897,777)40,430,953(75,226,252) PDF p. 210
Profitthousand Baht -----27,215,624-------27,215,6244,704,8943,349,79535,270,313 PDF p. 211
Other comprehensive income (expense)thousand Baht -----(232,587)-(32,161,179)190,887(4,876)(551,497)(1,587,941)(34,114,606)(34,347,193)(5,544,534)(4,134,207)(44,025,934) PDF p. 211
Total comprehensive income (expense) for the yearthousand Baht -----26,983,037-(32,161,179)190,887(4,876)(551,497)(1,587,941)(34,114,606)(7,131,569)(839,640)(784,412)(8,755,621) PDF p. 211
Balance at 30 September 2024thousand Baht 25,127,67517,526,853(50,302,783)(2,023,531)2,900,000186,359,92453,327(39,290,513)9,956,637(693,518)(605,754)200,005(30,379,816)149,208,322-79,846,687229,055,009 PDF p. 211
Definitions & sources

Original report: PDF p. 210 ↗ PDF p. 211 ↗

Group equity movements, year ended 30 September 2025

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Group equity movements, year ended 30 September 2025 from Annual Report 2025
Metric / unit 2025Consolidated financial statements; Issued and paid-up share capital2025Consolidated financial statements; Premium on ordinary shares2025Consolidated financial statements; Difference arising from common control transactions2025Consolidated financial statements; Difference on change in ownership interest in subsidiaries2025Consolidated financial statements; Legal reserve2025Consolidated financial statements; Retained earnings — unappropriated2025Consolidated financial statements; Other capital reserves — share-based payment2025Consolidated financial statements; Translation reserve2025Consolidated financial statements; Revaluation reserve2025Consolidated financial statements; Fair value reserve2025Consolidated financial statements; Hedging reserve2025Consolidated financial statements; Share of OCI of associates and joint ventures accounted for using equity method2025Consolidated financial statements; Total other components of equity2025Consolidated financial statements; Equity attributable to owners of the parent2025Consolidated financial statements; Non-controlling interests2025Consolidated financial statements; Total equity Source
Equity movements
Balance at 1 October 2024thousand Baht 25,127,67517,526,853(50,302,783)(2,023,531)2,900,000186,359,92453,327(39,290,513)9,956,637(693,518)(605,754)200,005(30,379,816)149,208,32279,846,687229,055,009 PDF p. 212
Share-based payment transactionsthousand Baht 2,81245,068----(34,041)-----(34,041)13,839-13,839 PDF p. 212
Dividendsthousand Baht -----(15,580,902)-------(15,580,902)(5,641,285)(21,222,187) PDF p. 212
Total distributions to owners of the parentthousand Baht 2,81245,068---(15,580,902)(34,041)-----(34,041)(15,567,063)(5,641,285)(21,208,348) PDF p. 212
Acquisition of non-controlling interests without a change in controlthousand Baht ---(2,823,788)---------(2,823,788)(2,946,250)(5,770,038) PDF p. 212
Acquisition of non-con- trolling interests through business combinationthousand Baht --------------960,165960,165 PDF p. 212
Total changes in ownership interests in subsidiariesthousand Baht ---(2,823,788)---------(2,823,788)(1,986,085)(4,809,873) PDF p. 212
Total transactions with owners, recorded directly in equitythousand Baht 2,81245,068-(2,823,788)-(15,580,902)(34,041)-----(34,041)(18,390,851)(7,627,370)(26,018,221) PDF p. 212
Profitthousand Baht -----25,360,504-------25,360,5045,792,83131,153,335 PDF p. 212
Other comprehensive income (expense)thousand Baht -----(238,803)-(13,801,913)2,5367,676(894,340)23,809(14,662,232)(14,901,035)(3,468,706)(18,369,741) PDF p. 212
Total comprehensive income (expense) for the yearthousand Baht -----25,121,701-(13,801,913)2,5367,676(894,340)23,809(14,662,232)10,459,4692,324,12512,783,594 PDF p. 212
Balance at 30 September 2025thousand Baht 25,130,48717,571,921(50,302,783)(4,847,319)2,900,000195,900,72319,286(53,092,426)9,959,173(685,842)(1,500,094)223,814(45,076,089)141,276,94074,543,442215,820,382 PDF p. 212
Definitions & sources

Original report: PDF p. 212 ↗

Company equity movements, year ended 30 September 2024

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Company equity movements, year ended 30 September 2024 from Annual Report 2025
Metric / unit 2024Separate financial statements; Issued and paid-up share capital2024Separate financial statements; Premium on ordinary shares2024Separate financial statements; Difference arising from common control transactions2024Separate financial statements; Legal reserve2024Separate financial statements; Retained earnings — unappropriated2024Separate financial statements; Other capital reserves — share-based payment2024Separate financial statements; Hedging reserve2024Separate financial statements; Total other components of equity2024Separate financial statements; Total equity Source
Equity movements
Balance at 1 October 2023thousand Baht 25,124,75417,480,07831,0352,900,00088,686,88585,153(63,568)21,585134,244,337 PDF p. 213
Share-based payment transactionsthousand Baht 2,92146,775---(31,826)-(31,826)17,870 PDF p. 213
Dividendsthousand Baht ----(15,076,605)---(15,076,605) PDF p. 213
Total transactions with owners, recorded directly in equitythousand Baht 2,92146,775--(15,076,605)(31,826)-(31,826)(15,058,735) PDF p. 213
Profitthousand Baht ----17,516,377---17,516,377 PDF p. 213
Other comprehensive income (expense)thousand Baht ----(19,189)-(393,603)(393,603)(412,792) PDF p. 213
Total comprehensive income (expense) for the yearthousand Baht ----17,497,188-(393,603)(393,603)17,103,585 PDF p. 213
Balance at 30 September 2024thousand Baht 25,127,67517,526,85331,0352,900,00091,107,46853,327(457,171)(403,844)136,289,187 PDF p. 213
Definitions & sources

Original report: PDF p. 213 ↗

Company equity movements, year ended 30 September 2025

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Company equity movements, year ended 30 September 2025 from Annual Report 2025
Metric / unit 2025Separate financial statements; Issued and paid-up share capital2025Separate financial statements; Premium on ordinary shares2025Separate financial statements; Difference arising from common control transactions2025Separate financial statements; Legal reserve2025Separate financial statements; Retained earnings — unappropriated2025Separate financial statements; Other capital reserves — share-based payment2025Separate financial statements; Hedging reserve2025Separate financial statements; Total other components of equity2025Separate financial statements; Total equity Source
Equity movements
Balance at 1 October 2024thousand Baht 25,127,67517,526,85331,0352,900,00091,107,46853,327(457,171)(403,844)136,289,187 PDF p. 214
Share-based payment transactionsthousand Baht 2,81245,068---(34,041)-(34,041)13,839 PDF p. 214
Dividendsthousand Baht ----(15,580,902)---(15,580,902) PDF p. 214
Total transactions with owners, recorded directly in equitythousand Baht 2,81245,068--(15,580,902)(34,041)-(34,041)(15,567,063) PDF p. 214
Profitthousand Baht ----22,052,182---22,052,182 PDF p. 214
Other comprehensive income (expense)thousand Baht ----(16,902)-(640,745)(640,745)(657,647) PDF p. 214
Total comprehensive income (expense) for the yearthousand Baht ----22,035,280-(640,745)(640,745)21,394,535 PDF p. 214
Balance at 30 September 2025thousand Baht 25,130,48717,571,92131,0352,900,00097,561,84619,286(1,097,916)(1,078,630)142,116,659 PDF p. 214
Definitions & sources

Original report: PDF p. 214 ↗

Sale Revenue chart

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Sale Revenue chart from Annual Report 2025
Metric / unit 2025Oct 2024 – Sep 20252024Oct 2023 – Sep 2024 Source
Financial highlights
Sale RevenueBillion Baht 333340 PDF p. 10
Definitions & sources

Original report: PDF p. 10 ↗

Values and year labels visually checked against source image highlights-010.png; bbox evidence is highlights-10-11.xhtml.

2025 Sales Revenue Breakdown chart

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2025 Sales Revenue Breakdown chart from Annual Report 2025
Metric / unit 2025Spirits2025Beer2025Non-alcoholic Beverage2025Food2025Others Source
Financial highlights
2025 Sales Revenue Breakdown% 35372071 PDF p. 10
Definitions & sources

Original report: PDF p. 10 ↗

Source chart percentages visually mapped to their labels; sum is 100%.

Sale Volume chart

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Sale Volume chart from Annual Report 2025
Metric / unit 2025Oct 2024 – Sep 20252024Oct 2023 – Sep 2024 Source
Financial highlights
SpiritsMillion Liters 656678 PDF p. 11
BeerMillion Liters 2,5022,435 PDF p. 11
Non-alcoholic BeverageMillion Liters 3,2523,249 PDF p. 11
Definitions & sources

Original report: PDF p. 11 ↗

Each year/business series visually verified against source image highlights-011.png; color legend: green Oct 2024–Sep 2025, gold Oct 2023–Sep 2024. See bbox evidence highlights-10-11.xhtml.

Where the money comes from

Segment information

By business

Business segment results - revenue and income (consolidated) 14 lines
Business segment results - revenue and income (consolidated)
Item / unit 2025Spirits2024Spirits2025Beer2024Beer2025Non-alcoholic beverages2024Non-alcoholic beverages2025Food2024Food2025Others2024Others2025Elimination2024Elimination2025Total2024Total Source
Disaggregation of revenue - Primary geographical markets
Thailandmillion Baht 98,151102,94864,08161,20235,40636,62019,84819,974--(99)(220)217,387220,524 PDF p. 310
Vietnammillion Baht 2250,14858,319--------50,15058,321 PDF p. 310
Malaysiamillion Baht 4862665120,41219,3952,0082,208756730(62)(22)23,22822,424 PDF p. 310
Myanmarmillion Baht 15,60412,8336,9524,64935------(19)22,59117,463 PDF p. 310
Singaporemillion Baht 4844406,6237,7074-3,7033,944(51)-10,32711,699 PDF p. 310
Othersmillion Baht 4,7954,8751,9312,0712,2982,08039106540726--9,6039,858 PDF p. 310
Total revenuemillion Baht 118,604120,728123,222126,33264,77465,80221,89922,2884,9995,400(212)(261)333,286340,289 PDF p. 310
Timing of revenue recognition
At a point in timemillion Baht 118,604120,728123,222126,33264,77465,80221,89922,2884,8505,154(212)(261)333,137340,043 PDF p. 310
Over timemillion Baht --------149246--149246 PDF p. 310
Information about reportable segments
External revenuesmillion Baht 118,585120,690123,186126,30064,71465,70921,82622,2394,9755,351--333,286340,289 PDF p. 310
Inter-segment revenuemillion Baht 19383632609373492449(212)(261)-- PDF p. 310
Interest incomemillion Baht 3111911,5021,82227532222201120--2,1212,375 PDF p. 310
Other incomemillion Baht 80957933521126749214116561120(179)(172)1,4341,395 PDF p. 310
Total allocated incomemillion Baht 119,724121,498125,059128,36565,31666,61622,06222,4735,0715,540(391)(433)336,841344,059 PDF p. 310
Notes

Columns appear in order Spirits, Beer, Non-alcoholic beverages, Food, Others, Elimination, Total, each with 2025 then 2024. Consolidated financial statements.

Business segment results - expenses, profit and tax (consolidated) 9 lines
Business segment results - expenses, profit and tax (consolidated)
Item / unit 2025Spirits2024Spirits2025Beer2024Beer2025Non-alcoholic beverages2024Non-alcoholic beverages2025Food2024Food2025Others2024Others2025Elimination2024Elimination2025Total2024Total Source
Business segment results
Cost of sale of goodsmillion Baht 78,46579,89493,43197,63941,08042,11413,30213,6493,6883,998(188)(213)229,778237,081 PDF p. 311
Distribution costsmillion Baht 7,9477,43913,31813,32013,31813,6875,5355,266857859(93)(88)40,88240,483 PDF p. 311
Administrative expensesmillion Baht 8,2096,9695,6965,4544,7224,7213,1072,908746702(110)(132)22,37020,622 PDF p. 311
Finance costsmillion Baht 1,9111,8544,3344,5031,7571,3454544071915--8,4758,124 PDF p. 311
Total allocated expensesmillion Baht 96,53296,156116,779120,91660,87761,86722,39822,2305,3105,574(391)(433)301,505306,310 PDF p. 311
Share of profit (loss) of associates and joint ventures accounted for using equity methodmillion Baht (18)(7)3601442,2212,7162932065---2,8613,059 PDF p. 311
Profit (loss) before income tax expensemillion Baht 23,17425,3358,6407,5936,6607,465(43)449(234)(34)--38,19740,808 PDF p. 311
Tax expensemillion Baht (3,294)(3,950)(2,137)(2,372)(1,519)(1,222)(85)(148)(9)(54)--(7,044)(7,746) PDF p. 311
Allocated profit (loss) for the yearmillion Baht 19,88021,3856,5035,2215,1416,243(128)301(243)(88)--31,15333,062 PDF p. 311
Notes

Rows with Total-only values (unallocated items, profit for the year) list the Total 2025 and 2024 values only; the unallocated items rows have no segment values printed.

Allocated profit (loss) attributable to owners of the parent and non-controlling interests 4 lines
Allocated profit (loss) attributable to owners of the parent and non-controlling interests
Item / unit 2025Spirits2024Spirits2025Beer2024Beer2025Non-alcoholic beverages2024Non-alcoholic beverages2025Food2024Food2025Others2024Others2025Total2024Total Source
Allocate profit (loss) attributable to owners of the parent
Profit (loss) attributable to owners of the parentmillion Baht 19,17120,7704,1692,7352,4141,455(168)64(225)(17)25,36125,007 PDF p. 312
Former shareholder before business restructuringmillion Baht ---(147)-4,689-234-(71)-4,705 PDF p. 312
Non-controlling interestsmillion Baht 7096152,3342,6332,72799403(18)-5,7923,350 PDF p. 312
Allocated profit (loss) totalmillion Baht 19,88021,3856,5035,2215,1416,243(128)301(243)(88)31,15333,062 PDF p. 312
Notes

No Elimination column in this table. Row label 'Profit attributable to owners of the parent' wraps across two lines; the quote shows the second line only. Row 'Allocated profit (loss) total' is the unlabelled subtotal row.

Business segment financial position - assets 5 lines
Business segment financial position - assets
Item / unit 2025Spirits2024Spirits2025Beer2024Beer2025Non-alcoholic beverages2024Non-alcoholic beverages2025Food2024Food2025Others2024Others2025Total2024Total Source
Business segment financial position
Inventoriesmillion Baht 47,67544,9257,7817,5817,8498,2341,3021,36674089765,34763,003 PDF p. 312
Property, plant and equipmentmillion Baht 25,13424,53518,18017,20936,85032,4656,2715,9533,0463,10289,48183,264 PDF p. 312
Goodwillmillion Baht 11,70611,708109,047117,0597,0687,09010,56310,608774779139,158147,244 PDF p. 312
Other assetsmillion Baht 24,16027,85269,95076,194105,929114,28111,90411,6913,6624,064215,605234,082 PDF p. 312
Total assetsmillion Baht 108,675109,020204,958218,043157,696162,07030,04029,6188,2228,842509,591527,593 PDF p. 312
Notes

Consolidated financial statements.

Business segment financial position - liabilities 3 lines
Business segment financial position - liabilities
Item / unit 2025Spirits2024Spirits2025Beer2024Beer2025Non-alcoholic beverages2024Non-alcoholic beverages2025Food2024Food2025Others2024Others2025Total2024Total Source
Business segment financial position
Loans and borrowingmillion Baht 54,44854,054112,708121,11444,45332,43715,80615,14311132227,526222,780 PDF p. 313
Other liabilitiesmillion Baht 15,98315,27722,77921,31619,18619,7456,4115,9791,8861,99566,24564,312 PDF p. 313
Total allocated liabilitiesmillion Baht 70,43169,331135,487142,43063,63952,18222,21721,1221,9972,027293,771287,092 PDF p. 313
Notes

Consolidated financial statements.

Capital expenditure, depreciation, amortisation, and gain (loss) on disposal of assets by segment 7 lines
Capital expenditure, depreciation, amortisation, and gain (loss) on disposal of assets by segment
Item / unit 2025Spirits2024Spirits2025Beer2024Beer2025Non-alcoholic beverages2024Non-alcoholic beverages2025Food2024Food2025Others2024Others2025Total2024Total Source
For the year ended 30 September
Capital expendituremillion Baht 3,4493,0355,1131,8877,9104,3521,7291,68633737018,53811,330 PDF p. 313
Depreciationmillion Baht 2,0862,0803,0193,0372,8422,6891,4331,3532142149,5949,373 PDF p. 313
Amortisationmillion Baht 82553533764954121109147234752828 PDF p. 313
Gain (loss) on disposal of assetsmillion Baht 482613186103(5)(21)142576151 PDF p. 313
Capital expenditure was as follows
Property, plant and equipmentmillion Baht 2,6582,6883,7571,1937,4313,4991,1521,09110414315,1028,614 PDF p. 313
Intangible assetsmillion Baht 28311312611775498886134149706514 PDF p. 313
Right-of-use assetsmillion Baht 5082341,23057740480448950999782,7302,202 PDF p. 313
Notes

Consolidated financial statements. Header: 'Capital expenditure, depreciation, amortisation, and gain (loss) on disposal of assets for the year ended 30 September were as follows'.

By geography

Geographical information (consolidated) 7 lines
Geographical information (consolidated)
Item / unit 2025Revenue2024Revenue2025Property, plant and equipment2024Property, plant and equipment Source
Geographical information
Thailandmillion Baht 217,968222,71152,62052,659 PDF p. 314
Vietnammillion Baht 51,78060,0395,7555,211 PDF p. 314
Malaysiamillion Baht 23,40621,79916,77712,164 PDF p. 314
Myanmarmillion Baht 23,33416,5134,9435,246 PDF p. 314
Singaporemillion Baht 10,56412,0084,6815,362 PDF p. 314
Othersmillion Baht 9,78910,9894,7052,622 PDF p. 314
Totalmillion Baht 336,841344,05989,48183,264 PDF p. 314
Notes

Revenue is based on the geographical location of customers. Assets are based on the geographical location of the assets. Operating units of the Group are mainly located in Thailand; portions of products are exported directly or indirectly through foreign subsidiaries to external customers. Revenue total here (336,841) equals Total allocated income on the segment table, not Total revenue (333,286).

Debt

Borrowings

Loans and borrowings - non-current, total and maturity

Loans and borrowings - non-current, total and maturity
Item / unit 2025Consolidated2024Consolidated2025Separate2024Separate Source
Non-current - Long-term loans from related parties
Unsecuredmillion Baht --9,95315,987 PDF p. 296
Non-current - Long-term loans from other party
Unsecuredmillion Baht 88--- PDF p. 296
Non-current - Debentures and bonds
Unsecuredmillion Baht 134,822128,931130,405118,083 PDF p. 296
Non-current - Long-term loans from financial institutions
Unsecuredmillion Baht 48,95143,08734,93022,598 PDF p. 296
Non-current
Total non-currentmillion Baht 183,861172,018175,288156,668 PDF p. 296
Total
Grand totalmillion Baht 227,526234,226203,069205,515 PDF p. 296
Maturity of loans and borrowings
One year or lessmillion Baht 43,66562,20827,78148,847 PDF p. 296
More than one year but less than five yearsmillion Baht 167,218158,372158,645143,022 PDF p. 296
More than five yearsmillion Baht 16,64313,64616,64313,646 PDF p. 296
Totalmillion Baht 227,526234,226203,069205,515 PDF p. 296
Notes

Header of maturity table: 'The periods to maturity of loan and borrowing as at 30 September were as follows'.

Note 16(b) Lease liabilities - maturity analysis and balance sheet amounts

Note 16(b) Lease liabilities - maturity analysis and balance sheet amounts
Item / unit 2025Consolidated2024Consolidated2025Separate2024Separate Source
Maturity analysis - contractual undiscounted cash flows
One year or lessmillion Baht 1,8771,8643467 PDF p. 289
More than one year but less than five yearsmillion Baht 4,0443,3294641 PDF p. 289
More than five yearsmillion Baht 4,3433,312-- PDF p. 289
Total undiscounted lease liabilitiesmillion Baht 10,2648,50580108 PDF p. 289
Lease liabilities included in the statement of financial position
Currentmillion Baht 1,5121,5453264 PDF p. 289
Non-currentmillion Baht 5,5004,9504339 PDF p. 289
Borrowing notes 2 tables

Loans and borrowings - current

Loans and borrowings - current
Item / unit 2025Consolidated2024Consolidated2025Separate2024Separate Source
Current - Bank overdrafts
Unsecured with letters of comfortmillion Baht 22--- PDF p. 295
Current - Short-term promissory notes
Securedmillion Baht 224373-- PDF p. 295
Unsecured with letters of comfortmillion Baht 3,5574,133-- PDF p. 295
Unsecuredmillion Baht 3,88118,508-14,400 PDF p. 295
Current - Bill of exchange
Unsecuredmillion Baht -2,994-2,994 PDF p. 295
Current
Bank overdrafts and short-term loans from financial institutionsmillion Baht 7,68426,129-17,394 PDF p. 295
Current portion of debentures and bonds
Unsecuredmillion Baht 23,18626,13016,89221,738 PDF p. 295
Short-term loans from related parties
Unsecuredmillion Baht --5,8897,215 PDF p. 295
Current portion of long-term loans from financial institutions
Unsecuredmillion Baht 12,7959,8615,0002,500 PDF p. 295
Current
Total currentmillion Baht 43,66562,20827,78148,847 PDF p. 295
Notes

Current portion of long-term loans from other party: consolidated 2025 '-', 2024 88 (row label wraps across lines).

Available credit facilities at 30 September

Available credit facilities at 30 September
Item / unit 2025Consolidated2024Consolidated2025Separate2024Separate Source
Available credit facilities
Remaining approved debentures and bonds facilitiesmillion Baht 117,028121,51851,68959,729 PDF p. 301
Overdraft and promissory note credit facilitiesmillion Baht 87,66170,72241,15826,958 PDF p. 301

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Shareholder Returns – Dividends policy The current policy of the Board of Directors is to recommend to our shareholders a dividend of not less than 50% of net profits after deduction of all specified reserve, subject to cash flow and investments plan and as the Board of Directors deems appropriate. Company policy PDF p. 153

Dividends declared and proposed

ItemValuePeriod / scopeSource
Interim dividend per share (Baht) 0.15 Baht per share FY2025 (Oct 2024 - Sep 2025) PDF p. 153
Final dividend per share (Baht) 0.47 Baht per share FY2025 (Oct 2024 - Sep 2025) PDF p. 153
Total dividend per share (Baht) 0.62 Baht per share FY2025 (Oct 2024 - Sep 2025) PDF p. 153
Interim dividend per share (Baht) 0.15 Baht per share FY2024 (Oct 2023 - Sep 2024) comparative PDF p. 153
Final dividend per share (Baht) 0.47 Baht per share FY2024 (Oct 2023 - Sep 2024) comparative PDF p. 153
Total dividend per share (Baht) 0.62 Baht per share FY2024 (Oct 2023 - Sep 2024) comparative PDF p. 153
Dividend for the year (million Baht) 15,580.90 million Baht FY2025 (Oct 2024 - Sep 2025); comparative FY2024 15,579.16 PDF p. 153
Interim dividend of 2025 9 May 2025 FY2025 interim dividend, approval date PDF p. 324
Annual dividend of 2024 31 January 2025 Approved by shareholders; paid February 2025 PDF p. 324
Event after the reporting period At the Board of Directors’ meeting of the Company held on 25 November 2025, the Board of Directors had resolution to propose the allocation of dividend of Baht 0.62 per share, totalling Baht 15,581 million. FY2025 dividend proposal · As at 2025-11-25 PDF p. 339

Payout

ItemValuePeriod / scopeSource
Dividend payout ratio (%) 61.44% FY2025 (Oct 2024 - Sep 2025); comparative FY2024 57.24 PDF p. 153

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
Audit firm KPMG Phoomchai Audit Ltd. Group and Company, year ended 30 September 2025 PDF p. 203
Nittaya Chetchotiros Nittaya Chetchotiros Group and Company, year ended 30 September 2025 PDF p. 203
Opinion present fairly, in all material respects Consolidated and separate financial statements, year ended 30 September 2025 PDF p. 201

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.