Message From Chairman

Dear Shareholders and Stakeholders,

In 2024, RATCH Group continued to drive its business forward according to its goals amidst challenges from significant external factors impacting the country, such as geopolitical tensions in various regions affecting global and domestic energy prices, and the implementation of tax measures as a mechanism to achieve net-zero greenhouse gas emissions. Despite these challenges, the Company remained committed to operating its business to create sustainable economic value while upholding governance and responsibility to the community, society, and the environment. We are pleased to report that this year, the Company began recognizing revenue from four power plant projects, including, the Paiton Power Plant project in Indonesia with a total installed capacity of 741.52 MW, under a long-term Power Purchase Agreement (PPA) with the Indonesian state-owned electricity company (LPN), expiring in 2042; the Hin Kong Combined Heat and Power Plant, Unit 1 in Ratchaburi with a capacity of 392.70 MW, which began supplying electricity to the Electricity Generating Authority of Thailand (EGAT) under a 25-year PPA; the Calabanga Solar Power Plant project in the Philippines with a capacity of 36.30 MW, part of which is sold to the Aboitiz Group for 10 years, with the remainder sold in the Philippines’ wholesale electricity market; and the REN Korat Energy Cogeneration Power Plant with a capacity of 12.48 MW, supplying electricity to industrial customers in the Nakhon Ratchasima Industrial Estate. The total installed capacity of these four projects based on the Company’s investment proportion is 1,183 MW.

In 2024, the Company recognized an investment share of 10,815 MW, of which 9,056 MW (87%) has already been generating revenue. The remaining 1,759 MW is under development and construction, expected to generate revenue from 2025 to 2033. For renewable energy, the Company recognized 2,972.22 MW (27.48% of total capacity) in 2024. The Company targets a fuel mix of 30:70 for renewable and fossil fuels in 2030, and 40:60 in 2035.

Adapting Strategy to Seize Opportunities in Energy Transition

Global climate change is a key factor driving countries towards a low-carbon society and the goal of net-zero greenhouse gas emissions by 2050. We are currently in an energy transition phase, and the Company has begun engaging in this ecosystem to explore potential growth opportunities. This year, the Company partnered with business stakeholders to explore energy innovations and promising projects, including energy storage systems using

batteries, green hydrogen production from solar, wind, and hydropower, and small modular reactor (SMR) technology for electricity generation. Furthermore, the Company is reviewing its strategic plans and investment strategies to align with global and national energy transition trends. This will provide opportunities to expand the existing business base and seek new core businesses, driving the Company’s growth solidly and sustainably.