To all shareholders

This past year has been one of challenges and transitions, but also of resilience and renewed focus. EA's operations span the production of fuel from renewable sources such as biofuel, the generation of electricity from renewable sources such as wind farms and solar farms, the supply of products and systems to store and distribute electricity, such as industrial batteries and electric vehicle charging stations, and the assembly of electric commercial vehicles such as trucks, buses, and river ferries. We remain committed to our vision of a sustainable future, driven by innovation and excellence.

We have managed to stabilize the business by taking some tough decisions. We returned to a strong positive cash flow and sustained our profitability by focusing on our profitable businesses and pausing money-losing operations.

We have profitable businesses in the production of biofuels, electricity generation from wind and solar energy, as well as the operation of Thailand’s only electric vehicle charging business that has a positive cash flow. Together, these businesses contribute sixty percent of EA revenues and almost all of our profits. Our early entry into these sectors is now paying off handsomely with solid revenue streams and industry-leading profit margins.

We see huge growth and profit potential for EA in both the commercial electric vehicle business and the battery business. To capture these opportunities, we must change our business model. First, we must form a close partnership with a giant global player in these sectors to help us be more competitive and enable us to penetrate markets beyond Thailand. Second, we must commit less of our capital to such fast-changing sectors that offer very limited time to recoup investments.

Additionally, we are pleased to announce that our recovery plan has received a major boost from the success of a recent rights offering to shareholders, which raised Baht 7,426 million in capital. This fresh capital from our shareholders is a strong vote of confidence in the success of our rigorous restructuring efforts. These funds will be used primarily to reduce our debt, increase our creditworthiness, and invest in ongoing projects to quickly move to the next phase of our recovery plan.

Furthermore, we are excited about new opportunities abroad. EA has entered into a collaboration with the government of Lao PDR, aiming to enhance renewable energy capabilities and contribute to the economic value of Lao PDR. This partnership underscores our commitment to expanding our impact and leveraging our expertise in renewable energy on a global scale.

In addition to our efforts in renewable energy, we are proud to highlight EA's pioneering role in contributing to carbon neutrality by selling carbon credits. In the world's first carbon offset sale under a new system created by the UN Climate Accord or Paris Agreement, EA reached an agreement to sell carbon offset credits to Switzerland's KliK Foundation. By launching a fleet of more than 2,000 electric buses in Bangkok, we are earning carbon offset credits that contribute to reducing greenhouse gas emissions.

We are also delighted to share that EA has been included in the S&P Global Sustainability Yearbook 2025, placing our company among the top 10% of companies in the S&P Global Corporate Sustainability Assessment (CSA). The ranking is a part of the Dow Jones Sustainability Indices (DJSI). This recognition highlights EA's strong commitment to environment, social, and governance (ESG) excellence.

This report highlights our financial performance, strategic initiatives, and key accomplishments over the past year. Through the hard work and dedication of our team, we have achieved significant milestones that have reinforced our position in the market and set the stage for future success.

Looking ahead, we are excited about the opportunities that lie before us. We will continue to build on our strengths, embrace innovation, and drive sustainable growth. Our focus remains on delivering value to our shareholders, customers, and communities while upholding the highest standards of integrity and excellence.

We extend my heartfelt thanks to our partners, stakeholders and employees for their unwavering support and dedication. Together, we will continue to shape a bright and prosperous future for our company.

Thank you for your trust and confidence in our vision and leadership.