Dear All Shareholders

              The year 2025 marked another challenging year for the renewable energy industry, driven by a wide range of external factors, including dynamic global economic conditions, evolving government policies, and an increasingly competitive market. Nevertheless, the Company continued to operate with confidence in its capabilities, readiness, and the strength of its business structure, while continuously adapting its strategies to remain aligned with the changing environment in order to achieve sustainable growth and enhance long-term value for shareholders and all stakeholders.

During the past year, the Group achieved several significant milestones. Notably, the Group received the “Outstanding Award” at the Thailand Energy Awards 2025 for the second consecutive year for the “Oscar Save the World 1 Biomass Power Plant Project, Nakhon Si Thammarat Province” presented by the Department of Alternative Energy Development and Efficiency (DEDE), Ministry of Energy. In addition, the project was awarded Second Runner-Up at the “ASEAN Renewable Energy Projects Awards 2025”, continuing from its recognition in 2024. These achievements reflect the Group’s strong capabilities in managing clean energy projects that deliver outstanding benefits across economic, social, and environmental dimensions. Furthermore, the Group successfully redeemed Debentures No. 1/2023 in the amount of 1,200 million Baht, together with interest, in full and on schedule, demonstrating its solid financial position and readiness to support future growth. The Group also expanded its investments into new business sectors by acquiring a 51% common shares in Vita Prime Company Limited, marking its entry into the healthcare business, beginning with medical services specializing in obstetrics and gynaecology, as well as infertility treatment (Bangkok IVF Clinic). This investment is expected to enhance revenue generation and support expansion into high-growth healthcare businesses in the future. In addition, the Group invested in a municipal waste-to-energy power plant project with an installed capacity of 9.9 megawatts and a contracted power sales capacity of 8.0 megawatts with the Khorum Sub-district Administrative Organization, Uttaradit Province. The project has a total duration of 28 years and 6 months, covering the contract signing period, construction phase, and a 25-year operational period for municipal solid waste management services.

In addition, the Group places strong emphasis on conducting its business in accordance with the principles of good corporate governance, alongside its commitment to environmental, social, and governance (ESG) practices. The Group focuses on efficient resource utilization, reducing greenhouse gas emissions, and supporting the goal of achieving net-zero greenhouse gas emissions by 2050.

As of the end of 2025, the Group had a total of 53 projects under development and operation in Thailand, with a total contracted capacity of 302.86 megawatts. Of these, 24 projects were already in commercial operation, with a combined contracted capacity of 73.80 megawatts.  And, the projects currently under development include 28 Solar Big Lot projects with a total contracted capacity of 229.06 megawatts. In addition, there is 1 project in the process of executing a Power Purchase Agreement (PPA), namely a community waste-to-energy power plant project with a contracted capacity of 8 megawatts. These projects are scheduled to progressively commence commercial operations between 2027- 2030.

For the year 2026, the Group will continue to pursue its growth strategy in a prudent and sustainable manner, with the following key operational plans:

1. Collaborating with business partners through joint ventures to invest in solar power projects, including preparations to support Solar Big Lot projects in alignment with government policies and strategic direction.
2. Expanding investments into other renewable energy businesses, currently under feasibility studies and discussions with experienced partners, to enhance the strength and diversification of the Group’s business portfolio.
3. Considering mergers and acquisitions (M&A) of renewable power plants that have already achieved commercial operation, with a focus on projects demonstrating strong performance, stable cash flows, and attractive long-term returns.
4. Expanding operations in the Private Power Purchase Agreement (Private PPA) business, providing comprehensive solar energy solutions encompassing Solar Rooftop, Solar Floating, Ground-Mounted Solar, And Solar Carport, as well as electricity sales to government entities under the ESCO model and direct PPA investments, in line with increasingly clear government policies.
5. Advancing the expansion of new healthcare-related business lines, with plans to enter the aesthetics, wellness, and pharmaceutical business, aiming to provide integrated and holistic healthcare solutions. These businesses represent high-growth potential and a new S-curve that is expected to generate sustainable long-term returns for the Company and its shareholders.

On behalf of the Board of Directors and management, we would like to express our sincere appreciation to our shareholders, business partners, financial institutions, government and private sector organizations, and all stakeholders for their continued trust and support. We also extend our appreciation to all employees for their dedication and commitment in driving the organization forward. The Board and management reaffirm their commitment to conducting business with integrity, good corporate governance, and social responsibility, in order to ensure stable and sustainable growth in the years ahead.

   Mr. Narong Rathamarit

                                                                                                    Chairman of Board of Directors