Message from Chairman

In alignment with our focus on "Transition in Action," CKPower has emphasized tangible action at every level of the organization this year. By deepening collaboration with stakeholders, we have championed clean electricity production, mitigated environmental impacts, and enhanced value creation across all operations. Our commitment to good governance remains steadfast, with operations guided by the ASEAN CG Scorecard principles in alignment with G20/OECD standards.

Financial Performance: CKPower’s achievements in 2024 exemplify its steady progress toward sustainable and stable growth. Renewable energy accounts for 93% of CKPower and its subsidiaries' total installed capacity, reducing over 7.4 million tons of CO2 equivalent annually. In 2024, CKPower reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of 4,939 million baht, representing a 15% increase from the previous year. Additionally, the company's net interest-bearing debt-to-equity ratio stood at 0.52 times, which is lower than the debentures covenant requirement of maintaining this ratio below 3.00 times. This highlights the company's competitiveness, financial strength, and stable business operations amidst global economic challenges and competition in the energy industry. Furthermore, the Company has several clean energy projects under construction, including the Luang Prabang hydropower project, which is progressing well and is on schedule. As of the end of 2024, the construction progress was at 42%. Additionally, there are three solar power projects that the company is jointly developing with Bangkok Expressway and Metro Public Company Limited (BEM) to support the use of solar energy for its mass transit rail system. The first project has been completed and began selling electricity in December 2024, while the remaining projects will gradually start commercial electricity sales in 2025. This reinforces our position as a leading renewable energy producer with one of the lowest carbon footprints in the region. In 2024, the company held a 16% market share in renewable energy generation within the country.

Risk Management: CKPower places significant emphasis on risk management across all dimensions, particularly climate-related risks and global economic shifts. Through a proactive and systematic approach, we have maintained stability in electricity generation while continuing to support regional energy security. In the realm of cybersecurity and data protection, CKPower has implemented internationally recognized standards: ISO 27001, to strengthen information security systems, mitigate cyber risks, and safeguard against potential damages. These measures ensure resilient operations in the digital age and foster confidence among all stakeholders. Furthermore, CKPower has adopted IFRS S2 standards to evaluate financial impacts of climate risks and TNFD frameworks to enhance natural resource and ecosystem management. These efforts position us to effectively navigate future changes and challenges.

Sustainable Development:CKPower remains unwavering in its commitment to clean energy leadership by embedding sustainability principles throughout the organization and promoting environmentally friendly renewable energy production. In 2024, CKPower received national and international recognitions for its sustainability initiatives, including the following notable achievements:

• SET ESG Ratings: Achieving the highest “AAA” rating for the second consecutive year from the Stock Exchange of Thailand, reflecting excellence in environmental, social, and governance practices.
• “Climate Action Leading Organization (CALO)” Award: Recognized by the Ministry of Natural Resources and Environment for leadership in greenhouse gas reduction and sustainable energy management.
• Asia Responsible Enterprise Awards 2024, Social Empowerment Category: Awarded for impactful and sustainable community projects, particularly the "Hinghoi" initiative for the third consecutive year.
• Corporate Governance Report of Thai Listed Companies (CGR): Rated “Excellent” for the seventh consecutive year, affirming CKPower’s adherence to highest corporate governance standards.

Social and Community Development: CKPower recognizes its critical role in advancing community and social development. Initiatives such as the "Hinghoi" project promote renewable energy education, improve quality of life, and create sustainable livelihoods for communities nearby our power plants and in remote areas of Thailand and the Lao PDR. This project has earned the Asia Responsible Enterprise Awards 2024 for the fourth consecutive year.

Long-Term Growth Goals:CKPower is committed to long-term growth by expanding renewable energy capacity to meet the increasing demand for clean energy across the ASEAN region. Our strategic focus includes innovative projects such as studying and developing energy from green hydrogen and Renewable Energy Certificates (RECs), aimed at strengthening energy security and driving sustainable growth.

On behalf of the Board of Directors, executives, and employees, I extend my heartfelt gratitude to our shareholders, financial institutions, partners, and all stakeholders for your unwavering support and trust in our organization. Your collaboration serves as a vital driving force behind our success in creating positive impacts across environmental, social, and governance dimensions.

At the heart of CKPower lies our commitment to stable renewable electricity generation, which serves as a critical foundation for supporting the region’s energy security while fostering sustainable development for communities and the economy. With your support and partnership, CKPower is ready to move forward with full strength toward a stable and sustainable future, creating value and passing on sustainability to all sectors of society.