Message from Chairman

Dear Shareholders,

In the year 2025, geopolitical risks and geoeconomic confrontation that affect global economic stability, and the energy situation posed key challenges to our business operations, arising from shifts in global trade, investment, and supply chains, which have led to a slowdown in certain domestic industries. On the other hand, there are opportunities to expand the customer base from new industries investing in Thailand that require energy security. The Company remains committed to driving the organization toward sustainability through the management and investment in power generation with clean‑energy innovation, alongside environmental stewardship, in order to achieve the Company’s greenhouse gas reduction targets: carbon neutrality within the year 2040 and net‑zero emissions within the year 2050. The Company also supports Thailand’s renewable energy targets and implementation plans.

The Board of Directors, the management team, and all employees have worked together with determination to advance the organization toward sustainability and to establish a foundation for managing changes in order to address emerging uncertainties, by applying their experience, knowledge, and capabilities to consider and adjust strategies to increase revenue from customers in new industries, optimize production cost, and ensure the stable delivery of electricity and steam products to industrial customers throughout the past year.

For the investment expansion in the renewable energy business in the year 2025, the Company is constructing Solar Rooftop and Floating projects with a total installed capacity of 5.0 Megawatts, which are expected to begin commercial operation in the year 2026, which will increase the Company’s proportion of renewable energy capacity to 21% of total capacity by equity portion which achieved the target of not less than 15% ahead of schedule in last year.

Furthermore, Solarist group (subsidiaries) signed to acknowledge and agree to the terms of the power purchase agreement with the Electricity Generating Authority of Thailand (EGAT) for a 25‑year term for five ground‑mounted solar farm projects with a total contracted capacity of 298 Megawatts.The scheduled commercial operation dates (SCOD) are set in the year 2028, aligning with the Company’s renewable energy investment plan to increase the proportion of renewable energy capacity to 50% of total capacity by equity portion by 2030.

The operational results in social aspect of the year 2025, the company reviewed the risks and impacts related to human rights. Furthermore, the results of the community satisfaction survey regarding the company’s environmental management and social responsibility efforts are rated as “Excellent” level.

Additionally, in the aspect of good corporate governance in the year 2025, the Company has received the “Excellent” (5-star) CG Score from Corporate Governance of Thai Listed Companies (CGR) conducted by Thai Institute of Directors (IOD) for 5 consecutive years. Moreover, the Company has received full 100 scores or 5 TIA in the evaluation of Annual Shareholders General Meeting’s quality (AGM CHECKLIST) from Thai Investor Association and the Securities and Exchange Commission (SEC) for 15 consecutive years. For the Cyber Security assessment, the Company received a score of 4.59 out of 5 higher than the average score of overall participants who participated in the Cyber Resilience Survey. In addition, based on the evaluation under the Privacy Maturity Model (PMM) project conducted by the Office of the Personal Data Protection Committee, the organization achieved a score of 3.37 out of 5, exceeding the average score of participating entities.

With a commitment to developing the organization towards sustainability by conducting business in accordance with ESG principles that prioritize Environmental, Social and Governance aspects to foster sustainable growth, the Company was awarded an "AAA" rating in the SET ESG Ratings Assessment for the year 2025 and listed in Thailand Sustainability Investment for 8 consecutive years.

The Company’s consolidated financial results were a net loss of THB (167.18) million, a decrease of THB 70.15 million or 29.56% from the previous year. This was due to the reduction in the electricity purchased under the new Power Purchase Agreement with the Electricity Generating Authority of Thailand (EGAT), decreased from 90 Megawatts to 30 Megawatts, effective from April 2024, together with, the economic slowdown, uncertainties related to the Thailand–Cambodia situation, and domestic politics which led to lower electricity demand from industrial customers. Additionally, the electricity selling price to industrial customers decreased from the past year in line with the Fuel Adjustment (Ft) under the government’s tariff‑reduction policy. Furthermore, the Company was impacted by the claw‑back of the natural gas price differential under government policy, resulting in a one‑time net natural gas cost of approximately THB 64 million. Nevertheless, improved operating efficiency of the new power plant reduced the fuel consumption rate per unit of electricity generated, supporting long‑term production cost control.

Based on the financial strength of the Company and its major shareholders, the Company received corporate and debenture credit ratings of “A-” with a “Stable” outlook from TRIS Rating. The Company also redeemed Debentures No. 1/2022, Tranche 1, due 2025 (SCG259A), in the total amount of THB 700 million, resulting in a reduction of interest‑bearing debt without any impact on liquidity or the ability to continue operations, reflecting a strong financial position and effective liquidity management.

On behalf of the company’s Board of Directors, I would like to show great appreciation to our shareholders, financial institutions, business partners and stakeholders for your continued trust and support the Company’s operation, as well as the management and all employees for their dedication and efforts. The Company assures that we will focus on the business development, aligning with good corporate governance practice, for the organization's sustainable future.

Mr.Sujarit Patchimnan

Chairman

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