From Managing Director

To Shareholders

In 2025, driven by its commitment to developing a strong organization with sustainable growth in line with its established objectives and goals, the Company continues to prioritize large-scale steel structure (Module) projects, oil rig decommissioning projects, and national infrastructure projects, which still offer future opportunities. With a high-quality and experienced team, the Company delivers quality work, on-time project completion, and operations that adhere to standards and safety. These remain core businesses that strengthen the Company’s position and earn customer recognition. However, these businesses generate non-recurring income due to their project-based bidding system. Therefore, the Company must adapt to focus on generating recurring income by continuously investing in renewable energy businesses, particularly electricity from solar and wind power. This year marks a period where the Company has begun to realize more tangible income and returns from its renewable energy investments, in line with its set targets, including:

• The Solar Power Generation Business in Thailand, both in Power Purchase Agreement (PPA) and Engineering, Procurement, and Construction (EPC) models, has expanded overall. Currently, the total installed and operational capacity exceeds 150 MW, an increase from 115 MW last year, representing approximately 30% growth.
• Wind Power Business: The 600 MW MONSOON Wind Power Project in the Lao People’s Democratic Republic, in which the Company holds an indirect stake of 15.87%, commenced commercial operation by the end of Q3/2025, ahead of its scheduled power generation and sales plan as per the contract. Furthermore, additional wind power projects are being developed in the Lao People’s Democratic Republic, which are currently under detailed study.
• The Real Estate Development and Logistics Business, focusing on commercial and industrial sectors, can generate stable income and will continue to develop projects that yield long-term returns.

Currently, the Company is driving its group businesses with a sustainability concept, focusing on recurring income and maximizing the utilization and development of existing land and buildings. This is particularly true for new businesses with high growth potential, such as utilizing the Company’s land for data center development projects. This business is a global trend and has attracted significant interest from international investors. Thailand possesses readiness in its infrastructure, especially the electricity supply, which is a key factor for project success. Therefore, the Company has assigned dedicated personnel to study project development. This is to ensure that investments yield appropriate long-term returns and acceptable risk management, ultimately benefiting shareholders and stakeholders.

On behalf of the Board of Directors and management, we extend our gratitude to all stakeholders for their continued trust and support in the Company’s operations. We assure you that the directors, management, and employees are committed to fostering business growth based on sustainable organizational development and adherence to good corporate governance principles. This commitment aims to ensure the Company’s stable growth and create long-term value for shareholders.