Message from Managing Director

Dear Esteemed Stakeholders and Shareholders,

The year 2025 presented the global economy and energy industry with continued volatility stemming from multiple converging forces — economic uncertainty, evolving energy dynamics, and geopolitical headwinds. Against this backdrop, Ratch Pathana Energy Public Company Limited navigated the year with operational resilience and strategic discipline, maintaining stable electricity and steam supply to our industrial customers without interruption. This performance reflects the strength of our integrated business model, underpinned by effective revenue stabilization and rigorous cost management.

Our business is anchored in the principle of balanced value creation across economic, social, and environmental dimensions. In 2025, renewable energy revenue reached THB 578.13 million, representing 21.56% of total revenue — a year-on-year increase of 3.58 % underscoring our steady progression toward a cleaner, low-carbon energy portfolio in alignment with long-term industry trajectories.

On the investment front of the year 2025, the Company is constructing Solar Rooftop and Floating solar power projects with a total installed capacity of 5.0 Megawatts, which are expected to begin commercial operation in 2026, which will increase the Company’s proportion of renewable energy capacity to 21% of total capacity by equity portion from renewable energy now accounts for 19% as of year-end 2025 — surpassing our 15% target set for 2030 ahead of schedule. In addition, the Solarist group (subsidiaries) signed to acknowledge and agree to the terms of the power purchase agreement with the Electricity Generating Authority of Thailand (EGAT) for a 25-year term for five ground‑mounted solar farm projects with a total contracted capacity of 298 Megawatts, with the scheduled commercial operation date (SCOD) in 2028. "This initiative is consistent with the company’s renewable energy investment expansion plan, which is aligned with the enhanced and more ambitious climate change management objectives to increase the proportion of renewable energy capacity to 50% of total capacity by equity portion within the year 2030.

On the environmental front, the Company reduced Scope 1 and Scope 2 greenhouse gas (GHG) emissions to 290,737 tCO₂e, representing a 45.53% reduction from the 2022 baseline. The Company’s greenhouse gas reduction targets to achieve carbon neutrality within the year 2040 and net‑zero emissions within the year 2050.

Our biomass power plants continued to deliver meaningful co-benefits by diverting agricultural residues equivalent to over 37,300 rai from open burning, reinforcing our commitment to circular economy principles and supporting Thailand's transition to a low-carbon energy system. Community co-creation remains central to our operating philosophy. Through our agricultural biomass procurement program, the Company generated income of over THB 286 million distributed to more than 2,500 farming households, fostering inclusive economic growth in the communities where we operate — grounded in the respect for human rights and meaningful stakeholder engagement.

In the area of corporate governance, the Company received a Corporate Governance Rating (CGR) of "Excellent" for the sixth consecutive year, achieved a SET ESG Rating of AAA, and earned Sustainability Disclosure Acknowledgement for the eighth consecutive year. We also renewed our Collective Action Coalition Against Corruption (CAC) membership for the third time and maintained a perfect score of 100 on the AGM Checklist for the sixteenth consecutive year.

Looking ahead, Ratch Pathana Energy will continue to accelerate our energy transition journey advancing the deployment of clean energy, deepening decarbonization efforts, and co-creating shared value with communities and stakeholders. We remain steadfast in our commitment to building a sustainable energy future for the long term.