¹ Weighted average

The shareholders’ equity as of December 31, 2025 was THB 11,854.07 million, increased by 14.81 percent from THB 10,324.83 million at the end of 2024. This was resulted from a capital increase and an operating performance. The Company had registered capital of THB 3,518.96 million and retained earnings of THB 5,247.83 million.

Total revenues in 2025 amounted to THB 5,455.30 million, decreased by 14.87 percent from THB 6,408.12 million in 2024 as a result of a decrease in portfolio. The major sources of revenues were from interest income form loan receivables which mainly were interest income from hire purchase business, accounted for 76.02 percent of total revenue in 2025 and 75.68 of total revenue in 2024.

The total profit for the year 2025 amounted to THB 531.55 million increased THB 199.75 Baht or increased by 60.20 percent from THB 331.80 million in 2024. The net profit margin ratio in 2025 was 9.74 percent increased from 5.18 percent in 2024. The return on equity ratio in 2025 was 4.75 percent, increased from 3.17 percent at the end of 2024.

The total portfolio before allowance for expected credit losses in 2025 amounted to THB 58,790.94 million, decreased from THB 68,822.75 million in 2024 or decreased by 14.58 percent. This was resulted from a decrease in disbursement of the Company and its subsidiary. The disbursement in 2025 amounted to THB 15,807.19 million, decrease by 29.89 percent from THB 22,547.79 million in 2024. The NPLs ratio at the end of 2025 was at 8.10 percent of the total portfolio, increased from 6.97 percent at the end of 2024. This was the result of the contraction of portfolio of the Company and its subsidiary while the amount of non-performing loans slightly decreased. The allowance for expected credit losses to NPLs ratio was 53.58 percent at the end of 2025, decreased from 56.32 percent at the end of 2024.

Interest income from loan receivables in 2023 - 2025 amounted to THB 5,657.62 million, THB 5,747.76 million and THB 4,894.20 million respectively. Interest income in 2024 increased 1.59 percent from 2023 and interest income in 2025 decreased 14.85 percent from 2024. Interest income from loan receivables in 2023 - 2025 accounted for 87.06 percent 89.69 percent and 89.72 percent of total revenues respectively.

Interest Income from hire purchase agreements during 2023 - 2025 amounted to THB 4,813.16 million, THB 4,849.90 million, and THB 4,147.04 million respectively. The hire-purchase interest income in 2024 increased by 0.76 percent from 2023 due to the increase of hire purchase interest rate. Income in 2025 decreased by 14.49 percent from 2024 due to the decrease in hire purchase portfolio. The hire-purchase account receivables before allowance for expected credit losses at the end of the year 2023 - 2025 equaled to THB 67,716.34 million, THB 61,655.38 million and THB 52,597.97 million respectively. The hire-purchase interest income accounted for 74.06 percent, 75.68 percent and 76.02 percent of the total revenues of the Company and its subsidiaries during the year 2023 - 2025 respectively.

Interest income from financial leases agreements of the Company and its subsidiary during 2023 - 2025 amounted to THB 85.70 million, THB 88.41 million and THB 92.08 million respectively. This income in 2024 increased by 3.16 percent from 2023 and income in 2025 increased by 4.15 percent from 2024. The increase was from an increase in financial lease interest rate. The financial lease receivables before allowance for expected credit losses at the end of the year 2023 - 2025 equaled to THB 1,325.25 million, THB 1,199.19 million and THB 1,405.29 million respectively. Interest income from financial leases accounted for 1.32 percent, 1.38 percent and 1.69 percent of the total revenues of the Company and its subsidiaries respectively.

Interest income from loan business during 2023 - 2025 amounted to THB 758.76 million, THB 809.45 million and THB 655.08 million respectively. The loan income in 2024 increased by 6.68 percent from 2023 due to an increase in average interest rate, and loan income in 2025 decreased by 19.07 percent from 2024 due to a decrease in loan portfolio. The loan account receivables before allowance for expected credit losses at the end of the year 2023 - 2025 equaled to THB 6,215.88 million, THB 5,968.18 million and THB 4,787.68 million respectively. The interest income accounted for 11.68 percent, 12.63 percent and 12.01 percent of the total revenues of the Company and its subsidiaries during the year 2023 - 2025 respectively.

Service incomes during 2023 - 2025 amounted to THB 657.62 million, THB 411.99 million and THB 274.43 million respectively. Service incomes comprised of brokerage income, fee and other service incomes. Service incomes were mainly from brokerage income which accounted for 79.95 percent of service income in 2025.

Brokerage income during 2023 - 2025 amounted to THB 605.48 million, THB 348.51 million and THB 219.41 million respectively. This income 2024 decreased by 42.44 percent from 2023, and in 2025 decreased by 37.04 percent from 2024 due to a decrease of new disbursement.

Other incomes included penalty income, dividend income, additional income from solar PPA business and etc. Other incomes from the Company and its subsidiaries during 2023 - 2025 amounted to THB 183.47 million, THB 248.37 million and THB 286.67 million respectively. Other other incomes in 2024 increased by 35.37 percent from 2023 and incomes in 2025 increased by 15.42 percent from 2024.

Selling and administrative expenses of the Company and its subsidiaries during 2023 - 2025 amounted to THB 1,281.31 million, THB 1,286.09 million and THB 1,243.68 million respectively. Selling and administrative expenses in 2024 increased by 0.37 percent from 2023, and expense in 2025 decreased by 3.30 percent from 2024, attributable to effective cost management.

The cost to income ratio in 2025 was 34.83 percent, increased from 30.48 percent in 2024 and from 27.91 in 2023. Selling and administrative expenses accounted for 25.78 percent, 21.47 percent and 25.99 percent of the total expenses exclude income tax expenses of the Company and its subsidiaries during 2023 - 2025 respectively. The selling and administrative expenses were mainly employee expenses.

Expected credit losses and loss on assets foreclosed expenses of the Company and its subsidiary during 2023 - 2025 amounted to THB 1,779.05 million, THB 2,490.38 million and THB 1,633.60 million respectively. Expected credit losses and loss on assets foreclosed in 2024 increased by 39.98 percent from 2023, due to an increase in loss from declining in value of asset foreclosed resulting from an increase in asset repossessions, and an increase in loss on sale of asset foreclosed. In 2025 this expense decreased by 34.40 percent from 2024. This was attributable to a reductionin provisions according to the decrease in delinquency which is a result of an improvement in debt collection, quality of new portfolio, and a decrease in assets foreclosed. The expected credit losses and loss on assets foreclosed accounted for 35.80 percent, 41.58 percent and 34.14 percent of total expenses exclude income tax expenses during 2023 - 2025 respectively. The Company had expected credit losses to average loan receivable ratio (Credit cost) in 2023 - 2025 equal to 1.67 percent, 1.58 percent and 0.74 percent respectively.

Financial cost was the main cost of the Company’s business which consisted of interest expenses and guarantee fees. The financial cost of the Company and its subsidiaries during 2023 - 2025 amounted to THB 1,909.51 million, THB 2,213.40 million and THB 1,908.04 million respectively. Financial cost in 2024 increased by 15.91 percent from 2023 due to higher interest expenses. In 2025, finance cost decreased by 13.80 percent from 2024 due to a decrease of the borrowings amount in accordance with the portfolio decrease. The interest expense rate in 2023 - 2025 were equal to 3.14 percent, 3.49 percent and 3.57 percent respectively. During the year 2023 - 2025, the financial cost accounted for 38.42 percent, 36.95 percent and 39.87 percent of the total expenses exclude income tax expense respectively.

The total assets of the Company and its subsidiaries at the end of the year 2023 - 2025 amounted to THB 77,528.92 million, THB 72,687.50 million and THB 61,273.35 million respectively. Total assets at the end of 2024 decreased by 6.24 percent from end of 2023 and total assets at the end of 2025 decreased by 15.70 percent from end of 2024. The decrease in total assets in 2025 was a result of the contraction of the loan portfolio due to the decrease in disbursement. The Company and its subsidiary's main assets are hire purchase receivables (net of allowance for expected credit losses) which were the main assets of the Company and its subsidiary which accounted for 84.86 percent, 81.49 percent and 82.14 percent of the total assets at the end of the year 2023 - 2025 respectively. The main assets of the Company and its subsidiaries were summarized as follows:

Total portfolio (net of allowance for expected credit losses) of the Company and its subsidiary at the end of the year 2023 - 2025 amounted to THB 73,052.27 million, THB 66,121.19 million and THB 56,240.88 million respectively. Total portfolio at the end of 2024 decreased by 9.49 percent from end of 2023 and total assets at the end of 2025 decreased by 14.94 percent from end of 2024. The detail of types of portfolio are as follow;

The hire-purchase receivables (net of allowance for expected credit losses) of the Company and its subsidiary at the end of the year 2023 - 2025 amounted to THB 65,790.00 million, THB 59,234.90 million and THB 50,327.10 million respectively. The hire-purchase receivables at the end of 2024 decreased by 9.96 percent from end of 2023 and hire-purchase receivables at the end of 2025 decreased by 15.03 percent from end of 2024 due to the decrease of disbursement. The disbursement in 2025 amounted to THB 13,076.06 million, decreased 27.15 percent from THB 17,949.19 million in 2024.

The financial lease receivable (net of allowance for expected credit losses) of the Company and its subsidiary at the end of the year 2023 - 2025 amounted to THB 1,300.34 million, THB 1,167.69 million and THB 1,369.04 million respectively. Financial lease receivables at the end of 2024 decreased by 10.20 percent from end of 2023 and financial lease receivables at the end of 2025 increased by 17.24 percent from end of 2024 due to the decrease in disbursement. Financial lease disbursement in 2025 amounted to THB 820.62 million increased by 69.20 percent from THB 485.01 million from 2024.

The loan receivables (net of allowance for expected credit losses/ doubtful accounts) of the Company and its subsidiary at the end of the year 2023 - 2025 amounted to THB 5,961.93 million, THB 5,718.60 million and THB 4,544.75 million respectively. The loan receivables at the end of 2024 decreased by 4.08 percent from end of 2023 and loan receivables at the end of 2025 decreased by 20.53 percent from end of 2024. The decrease in the loan receivables were mainly from a decrease of the disbursement of the Company and its subsidiary. The disbursement in 2025 amounted to THB 1,910.50 million decreased 48.24 percent from THB 3,691.22 million in 2024. The majority of disbursement were from and car loan of the and the subsidiary in the amount of THB 957.11 million.

The Company and its subsidiary had the customer’s status classification under Thai Financial Report Standard 9 to assess the quality of the receivables. The Company classify receivables status by state of credit risk.

Note: * The hire purchase receivables were calculated from the hire purchase receivables before subtracting allowance for expected credit risk.

Note: * The financial lease receivables were calculated from the financial lease receivables before subtracting allowance for expected credit risk.

Note: * The loan receivables were calculated from the loan receivables before subtracting allowance for expected credit risk.

Non-performing loans to total lending (NPL ratio) at the end of the year 2023 – 2025 of the Company and its subsidiary were at 4.70 percent 6.97 percent and 8.10 percent respectively.

The Company and its subsidiary have adequate provision for expected credit losses according to financial reporting standards. Management judgement is used in estimating the allowance for expected credit losses of debtors who are having problems making principal and/or interest payments, with management taking into consideration analysis of debtor status performed on an individual and a group basis, the probability of default, estimated losses arising from the default, historical collection experience, collateral value, statistical data and economic factors. These are used in determining assumptions and forward-looking scenarios, as well as probability weighted outcomes.

The allowance for expected credit losses to NPL ratio at the end of 2025 was 53.58 percent, reflecting the adequacy of the provision for credit losses of the Company and its subsidiary according to financial reporting standards.

Land, Building and Equipment and Intangible assets (Intangible assets such as computer programs) of the Company and its subsidiaries at the end of the year 2023 – 2025 amounted to THB 497.63 million, THB 929.30 million and THB 783.31 million respectively. The increase in 2024 was primarily attributable to additions of office fixtures and equipment resulting from the Company’s relocation of head office, as well as investments in solar equipment for the subsidiary’s solar PPA business.

Assets foreclosed of the Company and its subsidiary such as vehicles and equipment repossessed from contractual customers’ default, at the end of the year 2023 – 2025 amounted to THB 1,570.43 million, THB 2,513.80 million and THB 1,826.38 million respectively, comprised of 1,522 contracts, 2,598 contracts and 2,066 contracts respectively. The increase of the assets foreclosed in 2024 was a result of the Company’s repossession of assets from customers with overdue payments. The number of contracts of assets foreclosed are considered to be low compared to total contracts in 2023 – 2025 which were 69,912 contracts, 67,727 contracts and 62,529 contracts, respectively.

Total liabilities of the Company and its subsidiaries at the end of the year 2023 – 2025 amounted to THB 66,870.37 million, THB 62,362.66 million and THB 49,419.28 million respectively. The total liabilities at the end of 2024 decreased 6.74 percent from end of 2023 and total liabilities at the end of 2025 decreased 20.76 percent from end of 2024.

(Million Baht)

Source: Audited 2023 - 2025 consolidated financial statements of Asia Sermkij Leasing Public Company Limited.

Note: ¹ Other liabilities consisted of lease liabilities, amounts due to related parties, income tax payable, other current liabilities, deposits relating to collateral of customers, derivative liabilities, provision for long-term employee benefit, and other non-current liabilities.

The Company and its subsidiaries had short-term borrowings (Including the current portion of long-term borrowings that due within 1 year) at the end of 2023 – 2025 amounted to THB 31,931.36 million, THB 28,356.72 million and THB 19,880.31 million respectively, or equaled to 47.75 percent, 45.47 percent and 40.23 percent of total liabilities at the end of 2023 - 2025 respectively.

Debt to equity ratio of the Company and its subsidiaries at the end of the year 2023 – 2025 equaled to 6.27 times, 6.04 times and 4.17 times respectively. Debt to equity ratio in 2025 decreased as a result of an increase in shareholders’ equity arising from a capital increase.

Shareholders’ equity of the Company and its subsidiaries at the end of the year 2023 – 2025 amounted to THB 10,658.55 million, THB 10,324.84 million and THB 11,854.07 million respectively. Shareholders’ equity in 2025 increased from capital increase and operating profit. The retained earnings at the end of 2025 equaled to THB 5,247.83 million, increased from THB 4,893.99 million in 2024.

Return on equity during 2023 – 2025 equaled 11.71 percent, 3.17 percent and 4.75 respectively.

As at December 31, 2025 the loan repayment and the installment to be obtained in different period were summarized as follows:

(Unit : Million Baht)

The Company and its subsidiaries have the loan repayment due in 1 year less than installment expected to be obtained within 1 year in the amount of THB 4,178.90 million. In addition, the Company and its subsidiaries still have the unused credit line from financial institutions amounting to approximately THB 12,318 million. These factors reflected the credibility and sufficiency in the financial status of the Company and its subsidiaries

The Company and its subsidiaries have improved the funding structure by gradually increasing the long-term borrowings to short-term borrowings ratio to prevent liquidity risk. In the end of 2025, the Company and its subsidiaries had long-term borrowings to short-term borrowings ratio at 89:11.

The Company and its subsidiaries had the profit before tax during the year 2023 – 2025 amounted to THB 1,528.84 million, THB 418.25 million and THB 669.98 million respectively. After adjusting the non-cash expenditures and the change in assets and liabilities, the Company and its subsidiaries had the net cash flow used in operating activities during the year 2024 in the amount of THB 7,357.34 million. This was attributable to the expansion of the portfolio, with cash outflows for the increase in hire-purchase receivables amounting to THB 9,857.57 million. For the years 2024–2025, the Company and its subsidiaries generated net cash from operating activities of THB 5,806.31 million and THB 11,157.19 million, respectively, as a result of the contraction of portfolio. Net cash inflows from hire-purchase receivables amounted to THB 1,663.11 million in 2024 and THB 5,537.07 million in 2025.

The net cash flow used in investing activities of the Company and its subsidiaries during the year 2023 – 2025 amounted to THB 310.35 million, THB 487.21 million and THB 39.63 million respectively. These amounts were primarily attributable to investments in the acquisition of equipment and vehicles such as office fixtures and equipment, and solar cell equipment.

Moreover, the net cash flow from financing activities of the Company and its subsidiaries in the year 2023 amounted to THB 7,617.37 million. For the year 2024 and 2025, the Company and its subsidiaries had the net cash used in financing activities in the amount of THB 4,893.45 million and THB 11,767.59 million. The use of cash was mainly from the repayment of bank loans and debentures.

The Company has to comply with the borrowing covenant by maintaining debt to equity ratio of not more than 10 times which the Company has always fulfilled the obligation. As of December 2025, the Company has debt to equity ratio at 4.17 times.