Message from the Presidents

The year marked an important phase of execution, with several renewable energy projects achieving commercial operation across key markets. In Japan, the Kushinashi Solar Power Project (14 megawatts) successfully commenced operations, while in the Republic of Korea, the KOPOS Onshore Wind Power Project (19.2 megawatts) reached commercial operation, while the Nakwol1 Offshore Wind Farm (total capacity of 364.8 megawatts) achieved partial commercial operation during the year and continues to progress toward full commercial operation targeted for mid-2026. In the Republic of the Philippines, B.Grimm Power achieved another milestone with the successful commercial operation of the 65-megawatt ARECO Solar PV Power Project.

In Thailand, the U-Tapao Solar Power Project (18 megawatts) achieved commercial operation, alongside the continued rollout of solar rooftop projects totaling 75.5 megawatts to support industrial and commercial customers, and additional solar rooftop projects totaling 31.2 megawatts across other countries. These achievements reflect our disciplined approach to project development and our ability to deliver assets that contribute immediately to clean energy generation and long-term value creation.

In Thailand, our focus also remained on strengthening the stability and competitiveness of our core energy sources, while expanding our industrial solutions across both conventional and renewable energy. Several renewable energy projects progressed during the year, including the continued rollout of solar rooftop and solar farm solutions for industrial and commercial customers, as well as projects under government power purchase agreements. The introduction of a new formula for power purchase agreement enhanced the balance between returns for power producers and affordability for electricity users, providing greater transparency and predictability in cost recovery. Strategic LNG sourcing further strengthened fuel security and improved our readiness for evolving regulatory and market frameworks, reinforcing the resilience of our Thailand-based operations.

Internationally, we advanced our growth and diversification strategy by progressing renewable energy projects across multiple markets, together with strong synergies developed with our local partners. Several overseas projects achieved commercial operation within timeline and budget, expanding our geographic footprint and reducing reliance on any single market. These international assets not only contribute incremental earnings but also strengthen B.Grimm Power’s long-term growth Message from the Chairman and the Presidents 10 optionality by positioning the Company in markets with favorable renewable energy fundamentals and supportive policy environments.

Collectively, progress across Thailand and international businesses, together with continued portfolio diversification and strategic execution, supported resilient operational performance and enhanced the stability of our overall earnings base.

As part of our strategic diversification, we expanded beyond power generation into data centre infrastructure through a strategic partnership with Digital Edge, one of the leading data centre platforms in the Asia Pacific. This collaboration extends our capabilities into Digital Infrastructure-as-a-Service (DIaaS) with the development of a 96 megawatts data centre scheduled to be completed by 2027. This initiative leverages long-term infrastructure assets and B.Grimm Power’s reliable energy platforms to support the growing demand for hyperscale and AI-driven digital services. Through the development of AI-ready data centre campuses within Thailand’s Eastern Economic Corridor, we aim to apply our strengths in energy reliability, infrastructure development, and sustainability to support the fast-growing digital economy and reinforce Thailand’s position as a regional digital and innovation hub.

Within the DIaaS framework, we have developed an in-house energy platform and proprietary software designed to support emerging market mechanisms such as Third-Party Access under Direct Power Purchase Agreements. Building on our experience in advanced energy trading and merchant electricity markets overseas, these capabilities enhance our readiness for the potential introduction of energy transition in Thailand, enabling more flexible energy sourcing, transparent settlement, and closer engagement with data centre and industrial customers under evolving regulatory and market frameworks. Sustainability, innovation, and people remain central to our execution. Continued recognition by leading global ESG benchmarks underscores our commitment to responsible growth, strong governance, and social contribution. We continue to invest in human capital, leadership development, and community partnerships — recognising that long-term success is built on capable people and trusted relationships.

In parallel, we continue to strengthen our capital structure through disciplined capital allocation, active balance sheet management, and prudent foreign exchange risk management. We may selectively pursue asset monetization opportunities to unlock value from mature or non-core assets, enabling the recycling of capital into investments with more attractive risk-adjusted returns. This approach enhances financial flexibility, supports future growth opportunities, and underpins sustainable shareholder returns, reflecting our commitment to strong and proactive portfolio management. As we look ahead, we remain focused on growth, value-accretive investments, and progress toward our long-term targets of 10,000 megawatts by 2030, with more than 50% of our capacity from renewable energy, and net-zero emissions by 2050. With clear strategic priorities and strong partnerships, B.Grimm Power is ready to power a more resilient, sustainable, and inclusive future.

We are committed to delivering sustainable and competitive returns to shareholders through effective capital allocation, operational excellence, and selective investment in growth opportunities with clear longterm value. By strengthening earnings resilience, expanding future growth engines, and maintaining financial flexibility, we aim to enhance shareholder value while progressing toward our strategic goals of scale, sustainability, and net-zero ambitions.