Answer The Company's 9M/2025 sales by product category, by sales channel, and by operation are as follows:

Answer In 9M/2025, the cost of raw materials accounted for approximately 50.0% of the Company's total cost of goods sold (COGS). The Company’s main raw materials include butter oil/ Anhydrous Milk Fat, cheeses, palm oil, wheat flour, powdered milk, sugar, etc.

In 9M/2025, average cost of raw materials increased by approximately 8% compared to the same period last year. The average cost of raw materials rose during the second half of 2024, then began to stabilize from early 2025 through Q3/2025, with a stable trend expected to continue through the end of 2025.

In Q3/2025, the Company temporarily halted its butter production line for one month to carry out the final phase of the production process improvement and capacity expansion project, which is expected to be completed by the end of this year. The production line has resumed normal operations and has been gradually ramping up production levels. This is expected to enhance butter production efficiency from Q4/2025 onwards.

Answer Butter Oil is one of the Company’s main raw materials, which accounted for approximately 14.6% of the Company’s 9M/2025 total cost of goods sold (COGS). Although the price of butter oil has been increasing since the second half of 2024, it has started to stabilize in Q2/2025, with a stable trend expected to continue through the end of 2025. Meanwhile, the prices of some main raw materials are trending upward, while others are declining. As a result, average cost of raw materials is expected to remain relatively stable through the end of 2025.

Answer The %SG&A to Sales in 9M/2025 decreased significantly compared to the same period last year, driven by strong sales growth, improved operational efficiency, effective cost management, and the full utilization of the KCG Logistics Park distribution center and solar rooftops since the end of 2024. The %SG&A to Sales is expected to continue decreasing in Q4/2025 compared to the same period last year, which is the Company’s peak sales season of the year, reflecting the Company’s ongoing commitment to operational efficiency and effective expense management.

Answer The Company purchases in foreign currencies approximately 50% of COGS. However, the Company meticulously manages exchange rates and hedges the foreign exchange rates by buying forward contracts. The Company also has a foreign currency deposit account (Foreign Currency Deposit or FCD), which will help reduce the impact of exchange rate fluctuations.

Answer The Company has strong and well-known products that have been trusted by consumers for a long time. The Company also has a flexible value chain, allowing the Company to create new products for customers and promptly meet customer needs from the following components.

• • Production plants certified by international standards for food industry quality and standards, such as GHP (Good Hygiene Practice), HACCP, ISO9001: 2015, Halal and Hal-Q.
• Various distribution channels throughout Thailand, including Business-to-Business (B2B), Business-to-Customer (B2C), online, and exports to 15 countries.
• Efficient logistics including temperature-controlled transportation, which is very important to maintain the freshness and quality of the products.
• Innovation excellence under KCG Excellence Center, which focuses on research, development, and innovation for new product development. The Company is also fully equipped with laboratory, equipment, technology, and personnel such as the RDI (Research Development and Innovation)/ Professional Chefs of the Company that help develop delightful recipes/ Sales and marketing that understand customer needs, which enhances the Company to quickly respond to the needs of both B2C and B2B customers, supported by the Company’s ability to create new menus that keeps up with consumer trends that change quickly, ability to provide solutions to B2B customers starting from creating menu, developing specific formulas for each customer, adjusting the production formulation, controlling production quality in the commercial scale, and efficiently managing the optimal production costs.

Answer The Company is the market leader in both the butter and cheese product categories. Its Butter and Spreads products hold the No. 1 market share at 46.5%, while its Cheese products hold the No. 1 market share at 38.9%. For Sweet Biscuits, the Company also ranks No. 4 with a market share of 6.1%.

Answer The market share data reported by the Company in 2021 were based on a custom report prepared by Euromonitor International, covering both B2B and B2C markets. In contrast, the 2025 market share data cover B2C markets only. Additionally, the product category classifications differ between the two reports. For example, in 2021, the data covered only the Butter market, whereas in 2025, it covers the Butter and Spreads market. Similarly, Biscuits data in 2021 reflected the Plain Biscuits segment (a subcategory of Sweet Biscuits), while in 2025, the data cover the overall Sweet Biscuits market.

Answer Under the FTA, import tariffs on dairy products from Australia and New Zealand have been gradually zero for several years. All the remaining products including ready-to-drink milk, skimmed milk powder, and whipping cream were already reduced to zero tariffs on 1 January 2025. Overall, the situation should be beneficial to the Company since the Company can switch some products from manufacturing to importing instead in the future if the cost of importing is better.

For the negotiations on the Thailand-European Free Trade Association (EFTA) Free Trade Agreement (FTA), which consists of four member countries: Switzerland, Norway, Iceland, and Liechtenstein, the Company expects that it should take at least another 3-5 years. However, the Company considers that the FTA with Europe will not cause the Company to a disadvantageous situation since the Company has been preparing to develop products made from raw materials from Europe. The taste of products using raw materials from Europe is different from raw materials from Australia and New Zealand. The Company can also import more trading goods from Europe than we currently do.

Answer In addition to the impact of economic conditions, the Company anticipates a potential oversupply of dairy products in the United States and a possible increase in demand from the Oceania region. The market may also experience periods of volatility.

The United States has imposed reciprocal tariffs on goods from Thailand at a rate of 19%, effective on 7 August 2025. This rate is comparable to those applied to other countries in the region, so it is expected that Thailand will be able to maintain its competitiveness. Although there is still some uncertainty arising from reciprocal tariffs, the impact on the Company is expected to be relatively limited since the Company does not export products to the United States. On the contrary, the Company may benefit from opportunities to import raw materials or finished goods from the U.S., should tariffs on such imports be reduced to economically viable levels, thereby enhancing the Company’s sourcing and competitiveness. Furthermore, the Company has gradually purchased some raw materials through year-end, aimed at mitigating potential impacts of volatility stemming from the U.S. reciprocal tariff measures.