Message from Chairman

Dear Shareholders and Stakeholders,

Amid a global landscape confronted by structural challenges, including climate change, economic volatility, and geopolitical uncertainty, the energy sector is under mounting pressure to transition toward a low-carbon economy, as highlighted in the Global Corporate Sustainability Report 2025. For CKPower, these challenges represent both a responsibility and an opportunity to sharpen our strategic direction, ensuring a balance between business growth and long-term value creation.

Governance Delivering Verifiable Outcomes

Guided by our “Transition to Lasting Impact” philosophy, the Board of Directors ensures that critical decisions lead to measurable and trackable results. Our operations are grounded in corporate governance principles aligned with international standards, such as the ASEAN CG Scorecard and the G20/OECD Principles of Corporate Governance 2023, alongside the integration of environmental and social considerations into the Company’s corporate strategy and risk management framework. In addition, the Board of Directors remains dedicated to “Equitable Growth”—prioritizing human capital improvement, respect for human rights, and care for personnel safety and well-being across the value chain to ensure that growth is built on a responsible foundation. By linking sustainability materiality topics to corporate strategy and clear KPIs, we provide our stakeholders with a transparent roadmap to evaluate our progress.

Financial Performance

The 2025 performance confirms CKPower’s ability to remain resilient and execute planned business activities with precision. The company and its subsidiaries maintain a leading position in renewable energy, with renewable sources accounting for 93% of total installed capacity, allowing us to avoid more than 5.34 million tonnes of CO₂ equivalent in greenhouse gas emissions.

This operational strength has translated into sustained financial growth. In 2025, CKPower recorded a Net Profit attributable to Equity Holders of the Company of Baht 2,782 million, representing a 107% increase over the previous year. Our Net Interest-bearing Debt to Equity ratio stands at 0.50 times, significantly below our debenture covenant threshold of 3.0 times—reflecting our solid financial position and stringent financial discipline. This commitment to operational excellence has also led to the company being recognized as one of “Asia’s Best Companies 2025” at the Asia’s Best Companies Poll 2025 by FinanceAsia, further strengthening international stakeholders’ confidence in CKPower.

To ensure continued growth momentum, CKPower continues to expand its clean and renewable energy portfolio. This includes three additional solar power projects in collaboration with Bangkok Expressway and Metro Public Company Limited (BEM), the first of which commenced commercial operation in early December 2024 while the rest will be fully operational in 2026. The growth was also complemented by the ongoing construction of the Luang Prabang Hydroelectric Power Project, which will further strengthen renewable energy capabilities and create long-term, sustainable value for shareholders.

Risk Management

CKPower prioritizes risk management across all dimensions, with a particular emphasis on risks relating to climate change, global economic volatility, and technology. Under the enterprise risk management framework, which is subject to the oversight of the Board of Directors at the policy level, the company conducts regular reviews and improve the risk management framework and ensures transparency in information disclosures and accountability to support strategic decision-making and prudent operations.

Sustainable Development

CKPower is committed to conducting business based on good corporate governance, transparency, and accountability. The Board of Directors is responsible for overseeing and ensuring that sustainable development is seamlessly aligned with corporate strategy, with continuous and close monitoring on risk management and business performance. Our goal is to generate balanced value for the economy, society, and environment. The company has continued to earn recognition through ESG assessments and awards, demonstrating its verifiable performance.

Social and Community Development

CKPower takes its role in social development seriously. Through ongoing CSR initiatives, like the “Hinghoi” project, we use our knowledge in renewable energy to improve quality of life and promote renewable energy education. We remain active in conserving, protecting, and restoring natural resources, including supporting job creation for communities adjacent to the power plants and in remote areas in both Thailand and the Lao PDR. These efforts reflect the company’s commitment to creating shared long-term value with communities.

Good Corporate Governance

The company continuously fosters a strong culture of good corporate governance and risk management under the oversight of the Board of Directors and the relevant subcommittees. As a result, CKPower has received an “Excellent” Corporate Governance Report of Thai Listed Companies (CGR) rating for the 8^th consecutive year and has been recognized in the ASEAN Corporate Governance Scorecard 2024, reaffirming the company’s consistent implementation of internationally accepted corporate governance standards.

Long-Term Growth Goals

CKPower has defined its growth direction by focusing on the expansion of renewable power generation capacity to meet the increasing demand for clean energy across the ASEAN region and to tangibly and sustainably reduce reliance on fossil fuels.

Under the Board of Directors’ governance framework, the company carefully evaluates investment and project development decisions, while simultaneously striving to enhance operational efficiency and risk management to ensure that our business growth genuinely supports the energy transition to a Net Zero GHG Emissions society.

On behalf of the Board of Directors, management, and employees, I extend my heartfelt gratitude to our shareholders, financial institutions, partners, and all stakeholders for your sustained support and trust in CKPower.

CKPower remains committed to generating stable renewable electricity, founded on good governance, and to pursuing continuous operational enhancement to create long-term value and growth for the economy, society, and environment.