Corporate Presentation February 2026

&

?GCO

G R 0 U P

28 February 2026

Corporate Presentation

Member of

Dow Jones Sustainability Indices

Powered by the S&P GobaICGA

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01 02 03 04

Outlook &

Strategy

Project

Updates

Financial Performance

"Energizing Today For A Brighter Tomorrow"

Financial Performance

Japan Credit Rating

"A" credit rating with

RE big lot phase 2

Linden Cogen

Completion of the

Apex Clean Energy

2025 Year ended

"Stable" outlook from JCR 11 Projects : 448.10 MW

acquisition additional 10% interest in Linden

Early COD of 2 Additional projects

• Profit Sharing in 2025 was 7,823 MB,

  decreased by 26% YoY

• Operating Profit in 2025 was 4,439 MB, decreased by 52% YoY

• Net Profit in 2025 was

• EGCO has been assigned an "A" credit rating with a "Stable" outlook by Japan Credit Rating Agency, Ltd. (JCR), one of Japan's leading credit rating agencies

• The rating is supported by EGCO's well-diversified domestic and international

• EGCO Group has been selected for 11 solar projects with a total capacity of 448.10 MW from ERC's 2nd round under the "RE Big Lot" program

• The projects will enter into PPAs with a contract term of 25 years under the Feed-in

  • EGCO completed the acquisition of an additional 10% interest in Linden Cogeneration, a 980 MW natural gas-fired cogeneration facility in New Jersey on

    12 December 2025

  • Following the completion of the investment, EGCO's ownership interest in Linden

    Coldwater Solar 150 MW

    COD on

    14 November 2025

    Bowman Wind

    209 MW

    COD on

    19 December 2025

    4,727 MB, decreased by

    13% YoY

    power portfolio, generating stable cash flows under long-term PPAs

    Tariff (FiT) scheme

    • PPAs signing are in preparation with the target in Q2/2026

      TopCo increased to 38%

    • Expected to contribute more profit in 2026 supported by higher capacity payment

    • In Q4/2025, APEX successfully sold

      additional 3 projects totaling of 285 MW

      3

      
      
      

      EGCO AT A GLANCE

      Shareholders Structure

      Company Information

      
      
      

      Business Type	Resources/Energy & Utilities
      Market Capital	THB 65,018 million as of 28 February 2026
      Index	SET50 / SET50FF / SET100 / SET100FF / SETCLMV / SETESG
      Credit Rating
      SET ESG Ratings	AA
      CG Report
      Recognition	The 1st independent power producer in Thailand

      • TRIS rating : "AA" with Stable outlook

      • JCR rating : "A" with Stable outlook

      NVDR

      
      
      

      Foreign Investors

      5.41%

      4.17%

      526

      million shares

      25.41%

      
      
      

      Thai Investors 41.07%

      As of February 28, 2026

      23.94%

      TEPDIA

      5 Business Line

      
      
      

      The 1 power generating company in Thailand Listed on

      DJSI Emerging Markets Index in Electric Utilities sector For 5th consecutive years

      st

      
      
      

      1

      
      
      

      2

      
      
      

      3

      
      
      

      6,844 MWe

      As of 28 February 2026

      57%

      34%

      8%

      1%

      Overseas

      Thai IPP Thai SPP Thai VSPP

      Independent Power Producer (IPP) Small Power Producer (SPP)

      Very Small Power Producer (VSPP)

      4

      5

      
      
      

      Overseas Power Producer

      Other Businesses : Fin Tech, O&M, Innovation business, Management service, Oil pipeline, Industrial estate, Coal mining, LNG shipper, Water supply facility,

      Tank rental, Jetty management service, Logistics 4

      
      
      

      EGCO BUSINESS OVERVIEW

      EGCO operates/invests in 3 key areas covering the value chain

      
      
      

      1. Upstream

      2. Midstream

      3. Downstream

      Supply

      88%

      of operating profit from

      operating assets YE/2025

      Power Business

      Customer Solution & Startup

      Subsidiary

      • Industrial Estate: ERIE • Management Service: QMS

        IPP

        SPP

        VSPP

        Overseas

      • LNG Shipper License

      • KEGCO

(KN4)

• CWF • BPU

• KLU • EGCO Cogen

  Replacement

  • Solarco

  • TWF

  • SPP2

• SPP3

• SPP4

• SPP5

  • QPL

    • O&M Power Plant Maintenance

: ESCO, PEPOI

JV Investment

IPP

SPP

VSPP Overseas

• Coal Mining

• Oil Pipeline • Water supply

  • KPG

  • GEC

  • GPS

  • XPCL

  • Linden Cogen

  • Gangdong

    : MME

    : TPN

    facility: CDI

    • BLCP

    • NED

      • NT1PC

      • NTPC

      • SBPL

      • Yunlin

  • Marcus Hook

  • Milford

  • Dighton

  • Downeast Wind

  • CDI - KCE

  • CDI - KPE

  • CDI - Solar projects

    • O&M Power Plant Maintenance: E&E, RES

  • Fin Tech: Peer Power

    • Tank rental: • Jetty

    • Logistics:

    • APEX

  • Wheatsborough

    • Innovation Business

      CDI

      management

      service: CDI

      CDI

      • PAJU ES

        Solar

        : Innopower

        5

        EGCO Group's Portfolio 6,844 MWe

        Xayaburi

        
        
        

        XPCL

        (1,280MW, 12.5%)

        Bolikhamxay

        NT1PC

        
        
        
        
        

        E&E

        48

        Power Plants

        Operating

        Under Construction

        6,788 MWe

        56 MWe

        GPS

        (26MW, 60%)

        Nakhon Sawan / Chai Nat / Phetchabun

        (645MW, 25%)

        (O&M, 40%)

        
        
        12

        Other Related Power Business

• Fin Tech, Innovation Business, LNG shipper

• Oil pipeline, Coal mining, Industrial estate

• O&M, Management service

• Water supply facility, Tank rental, Jetty service, Logistics

NED

(63MW, 67%)

Lop Buri

Solarco

Suphan Buri /

Nakorn Pathom

Laos

Roi Et

Khammouan

SPP5

(8MW, 100%)

NTPC

(1,070MW, 35%)

Gyeonggi

Paju ES

(1,823MW, 49%)

Seoul

Taiwan

Yunlin

(57MW, 49%)

TPN

(Oil Pipeline, 44.60%)

Saraburi

Thailand

Chaiyaphum

Si Sa Ket

SPP3

(8MW, 100%)

SPP4

(6MW, 100%)

South Korea

Gangdong

(20MW, 49%)

(640MW, 26.56%)

Taiwan Strait

SPP2

KPG

TWF

(7MW, 100%)

CWF

(80MW, 100%)

Marcus Hook

Maine

(8MW, 100%) (1,468MW, 50%)

Downeast Wind

Rayong

EGCO Cogen

BLCP

ESCO

ERIE

Solar

Wheatsborough

(912 MW, 50%)

(126 MW, 49%)

BPU

Ratchaburi

Replacement

(1,347MW, 50%)

(O&M, 100%)

(IE, 100%)

Biomass Natural Gas

Coal

Solar (125 MW, 49%)

Ohio

Pennsylvania

USA

Massachusetts

Dighton

(187 MW, 50%)

New Jersey

Milford

(205 MW, 50%)

(215MW, 100%)

Nakhon Si Thammarat

KEGCO (KN4)

(930MW, 100%)

Bangkok

(74MW, 80%)

Peer Power

(Fintech, 24%)

Innopower

(Innovation, 30%)

RES

(O&M, 60%)

Wind Farm

APEX

Virginia

Linden Cogen

YGP

Yala

Pathum Thani

KLU

Offshore Wind Farm Hydro

Fuel Cell

(1,903 MW, 17.46%) * 15 projects

(980 MW, 38%)

South Sumatra

MME

(20MW, 50%)

(102MW, 100%)

Quezon

As of 28 February 2026

Battery Storage Other Business Project Under

CDI - KPE

(63 MW, 30%)

CDI - Solar projects

(7.61 MW, 30%)

CDI - KCE

Indonesia

West Java

(Coal Mining, 40%)

CDI - RPU / KTI / Logistics

Philippines

QPL

(400MW, 100%)

PEPOI

(O&M, 100%)

SBPL

(455MW, 49%)

QMS

(Management, 100%)

Construction

(84 MW, 30%)

(Tank and Jetty Service / Water supply / Logistics, 30%) 6

EGCO POWER PLANT PORTFOLIO

USA

1,480 MWe

1,025 MWe

455 MWe

Including under construction projects

ISO-NE NYISO

PJM

Thailand

2,926 MWe

2,040 MWe

673 MWe

213 MWe

Laos

696 MWe

696 MWe

South Korea

903 MWe

893 MWe

10 MWe

Taiwan

170 MWe

170 MWe

Power Plants

Philippines

623 MWe

623 MWe

Operating

Under Construction

Total

6,788 MWe

56 MWe

Indonesia

46 MWe

44 MWe

2 MWe

As of 28 Feดbruary 2026

*MWe stands for Megawatt Equity 7

EGCO POWER PLANT PORTFOLIO

Power Generation Business

As of 28 February 2026, EGCO currently has 48 power plants with total of 6,844 MWe (operating and under construction projects)

Power Business by Type

Under Construction

Thermal 1,296 MWe

BLCP, QPL, SBPL

19%

Combined-Cycle

4,002 MWe

Renewable

1,546 MWe

23%

6,844

MWe

58%

NED, SPP2, SPP3, SPP4, SPP5,

YGP, GPS, TWF, CWF, Solarco,

KEGCO, KPG, PAJU ES,

BPU, KLU,

Linden Cogen,

CDI - KCE, CDI - KPE,

Marcus Hook, Milford, Dighton EGCO Cogen Replacement

(Overseas)

1%

34% IPP

Overseas

56%

6,844 MWe

(56 MWe

under construction)

8%

1% SPP

VSPP

Overseas 57%

Gangdong, NTPC, NT1PC, XPCL, Yunlin, CDI-Solar projects

APEX; Mulligan Solar, Great Pathfinder Wind, Angelo Solar, Big Elm Solar, Timbermill Wind, Great Kiskadee Storage, Downeast Wind, Prosperity Wind,

Under Construction: APEX

2,926

Power Business by Offtake

Industrial User 160 MWe

Laos 10% 696

2%

Philippines

Power Pool 1,567 MWe 23%

Taiwan

Indonesia

Under Construction - Overseas

9% 623

2% 170

1% 46

1% 56 (APEX)

75% PPA 5,117 MWe

6,844

MWe

Wheatsborough Solar, Angelo Battery Storage, Coldwater Solar, Bowman Wind

8

01 02

03 04

Outlook & Strategy

Project

Updates

Company

Overview

Profit Sharing

Operating Profit

Net Profit

7,823 MB

-26% YoY

4,439 MB

-52% YoY

4,727 MB

-13% YoY

• In 2025, the company recorded the profit sharing of 7,823 MB, decreased by 2,764 MB or 26% YoY

• Lower electricity sales unit price from PAJU ES

• Lower electricity sales unit price and higher fuel cost from BLCP

• Longer maintenance period from NT1PC compared to the previous year

• In 2025, the company recorded the operating profit of 4,439 MB, decreased by 4,844 MB or 52% YoY

• Lower electricity sales unit price of QPL under the new PSA contract

• Lower profit sharing from PAJU ES, BLCP, and NT1PC

  • In 2025, the company recorded the net profit of 4,727 MB, decreased by 685 MB or 13% YoY

  • Lower operating profit from subsidiary, joint venture companies and unrealized loss from FX and impairment

  • However, gain on divestment from RISEC and BRWF

10

OPERATING PROFIT OF OPERATING ASSETS : BREAKDOWN YE/2025

(Excluding holding company)

Total in YE/2025 10,455 MB* By Fuel Type 10,455 MB*

Unit: Million Baht (MB)

Domestic 23% or 2,396 MB

Overseas 77% or 8,059 MB

Conventional 6,159

59%

Unit: Million Baht (MB)

Hydro 1,763

Other Business 1,242

QPL 1,002

10%

12%

17%

Renewable 3,054

Others 1,242

12%

29%

SBPL 912 9%

PAJU ES 890 9%

KPG 885 8%

KEGCO 754 7%

COMPASS 657 6%

-10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

By Business Line 10,455 MB*

Unit: Million Baht (MB)

LINDEN 553 5%

3%

BLCP 117 1%

Overseas (77%)

Domestic (23%)

PP 6,619

Others 1,440

IPP 1,756

SPP 834

-2%

14%

17%

8%

Others -198

63%

-15% -10% -5%

0% 5% 10% 15%

-10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

*Note: Operating Profit = Profit before FX, Deferred Tax, TFRIC 4, Impact of Financial Instruments and Impairment

Operating Profit = operating profit of operating asset - holding company (YE/2025: 4,439 = 10,455 - 6,016) 11

OPERATING PROFIT OF OPERATING ASSETS

(Excluding holding company) Decreased by 35.1% YoY mainly due to lower QPL contribution from scheduled maintenance and lower electricity tariff under the new PSA

Operating Profit Breakdown by Business Type* Operating Profit Breakdown by Power Plant Type*

Unit: Million Baht (MB) Unit: Million Baht (MB)

-35.1% YoY

16,120

-35.1% YoY

16,120

-60.9% YoY

-23.2% QoQ

4,128

2,101

66%

10,455

75%

Profit Sharing of investment in JV

4,128

-60.9% YoY

-23.2% QoQ

10,455

73%

Others VSPP SPP

IPP

111%

58%

1,614

34%

Operating

Profit of

2,101 1,614

4%

42%

-11%

67%

33%

25%

subsidiaries

16%

27%

-1%

21%

Overseas

Q4/24 Q3/25 Q4/25 2024 2025 Q4/24 Q3/25 Q4/25 2024 2025

*Note: Operating Profit = Profit before FX, Deferred Tax, TFRIC 4, Impact of Financial Instruments and Impairment Operating Profit = operating profit of operating asset - holding company (YE/2025: 4,439 = 10,455 - 6,016)

12

Unit: Million Baht (MB)

Net Profit

2025

Operating Instruments

Financial

Deferred Impact from Impact from

Profit

Tax Exchange

Gain on 2025

Income

Rate

Lease

Income

Impairment Divestment Net Profit

OPERATING PROFIT AND NET PROFIT

Operating Profit

Unit: Million Baht (MB)

-

4,439

(270)

(4,574)

9,283

(469)

(1,087)

51

(94)

(756)

2,643 4,727

4,439

2024

Change of Operating Performance

Change

of AP

Under 2025

Construction

Operating Profit in 2025 was 4,439 MB, decreased by 4,844 MB or 52% from 2024 mainly due to:

• Decrease in change of operating performance mainly from :

  • Lower QPL contribution from scheduled maintenance and lower electricity prices under the new PSA

  • Lower electricity sales from PAJU ES

  • Longer maintenance period from NT1PC

• Decrease in change of AP from IPPs

Net Profit in 2025 was 4,727 MB. The significant details are as follows:

1. Unrealized loss from foreign exchange mainly from NTD depreciation against EUR and THB appreciation against USD

2. Loss from impairment on CWF

3. Gain on Divestment from RISEC and BRWF

13

CONSOLIDATED FINANCIAL POSITION

BALANCE SHEET

Unit: Million Baht (MB)

Total assets

-8.0%

Total liabilities and equity

-8.0%

Cash and cash equivalent

Other current assets Lease receivable

Property, plant and equipment

15%

10%

6%

18%

241,063

35,438

24,868

14,156

44,635

221,707

7%

3%

43%

4%

241,063

17,535

221,707

10% Current portion of long-term loan from financial institutions

4% Other current liabilities

38% Long-term loan

3% Other non-current liabilities

Other non-current assets 51%

121,966

121,440

55% 4

45%

Total equity

31 Dec 2024 31 Dec 2025 31 Dec 2024 31 Dec 2025

Total assets as of 31 Dec 2025 were 221,707 MB, decreased by 19,356 MB or 8.0% from 31 Dec 2024. The details are as follows:

• Current assets decreased by 10,434 MB mainly from cash and cash

  equivalents together with loan repayment and new project investment

• Non-current assets decreased by 8,922 MB mainly from property, plant and equipment due to BRWF's divestment

Total liabilities as of 31 Dec 2025 were 121,661 MB, decreased by 14,761 MB or

10.8% from 31 Dec 2024. The details are as follows:

• Current liabilities increased by 5,628 MB from reclassification of long-term loans from financial institutions to current portion

• Non-current liabilities decreased by 20,389 MB mainly from repayment of long-term loans from financial institutions and reclassification of long-term loan to current liabilities

Total equity as of 31 Dec 2025 was 100,046 MB, decreased by 4,594 MB or 4.4%

from 31 Dec 2024

14

KEY CONSOLIDATED FINANCIAL RATIO

15

HISTORICAL DIVIDEND PAYMENT

EGCO's dividend payment policy: approximately 40% of the consolidated net profit after income tax

7.08%

5.70%

5.26%*

4.90%

4.13%

4.18%

3.48%

3.58%

3.82%

3.14%

3.01%

3.25%

3.50%

2.81%

Share Price

as of 28 Feb 2026

123.50 Baht/Share

Dividend

Yield (%)

9.50

Unit:

2.50

6.00

6.00

6.25

6.25

6.50

7.00

6.50

6.50

6.50

6.50

6.50

6.50

6.50

3.50

3.50

3.25

3.25

3.25

3.25

3.25

3.25

3.50

3.25

3.25

3.25

3.25

2.75

2.75

3.00

3.00

3.25

3.50

3.50

3.25

3.00

3.25

3.25

3.25

3.25

3.25

Baht/Share

Special Payment

Second Payment

Interim

Payment

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

*Annualized dividend yield

**The second dividend payment of THB 3.25 per share from the net profit is subject to approval of the 2026 Annual General Meeting 16

Company

Overview

03 04

Financial

Performance

Outlook &

Strategy

PT Chandra Daya Investasi (CDI)

"Infrastructure and Utility Business in Indonesia"

CDI : Business Overview

Public

60%

30%

10%

Water supply facility

Logistics

Power business

Tank and jetty management

4 Main Businesses

18

PT Chandra Daya Investasi (CDI)

"Infrastructure and Utility Business in Indonesia"

Existing Operations

Under Construction & Development

Ground-mounted solar Floating solar

project in KCE's power plant area project in a reservoir of KTI Phase 2 (Expect to COD in 2026)

Increase

in capacity of KPE power plant phase 2

Planning to build

additional reservoir and water treatment plants

Developments of storage tank, pipeline systems and supporting

facilities to support CAP's CA-EDC plant

• a production capacity of 400,000 tons per year for solid caustic soda

• 500,000 tons per year for ethylene dichloride

• Expanded to land logistics through the

acquisition of SCG Barito Logistics

Planning to scale

up the shipping management and land logistic business focusing on Indonesia's logistics industry

vessels

(Under construction)

vessels (Target acquisition in 2026)

Power business (KCE)

Total installed Capacity (KCE, KPE)

Solar projects

MW / MWe MW / MWe

Water supply facility (KTI)

Sole water supplier for industrial in KIEC area and area nearby

Reservoir 5.4 million m³

Water Supplier - Gresik's SPAM Plant 1,000 lps Capacity 3,600 lps - Sumbawa 89 lps (Desalination plant)

Tank and jetty management service (RPU)

An integrated intermediary tank rental service along with Jetty management service

Jetties and

Tanks

Logistics (CSI / MIM / SBL)

Marine logistics

land logistics

Chemical and Gas Vessels

(5,000 - 8,600 DWT each)

Trucks

(Aim to acquire 145 more in 2026)

Data as of 31 December 2025 19

Apex Clean Energy (APEX)

Project Information

"A private utility-scale renewable development company in U.S."

APEX Portfolio (Capacity Equity)

Unit: MW

Solar-Under Development

75 Projects (15,817 MW)

Standalone Storage

-Under Development

22 Projects

(4,630 MW)

Under Construction

3 Projects (318 MW)

87%

13%

(Dec 2025)

(2 projects) (1 project)

278 MW 40 MW

196 Projects

54,101 MW

Operating Projects

12 Projects

1,585

MW

Wind-Under Development

84 Projects (31,751 MW)

(1) APEX holds 25% of total installed capacity

(2) APEX holds 40% of total installed capacity

(3) APEX holds 51% of total installed capacity

Mulligan Solar (1)

Angelo Solar Coldwater Solar Timbermill Wind

Prosperity Wind

18 MW

195 MW

150 MW

189 MW

300 MW

Great Kiskadee Storage (2) 40 MW

Wheatsborough Solar (3) 64 MW

Big Elm Solar 200 MW

Great Pathfinder (1) 56 MW

Downeast Wind (3) 64 MW

Bowman Wind 209 MW Angelo Battery Storage 100 MW

APEX - Sold projects (MW)

Unit: MW Actual Sold Projects

3,000

2,500

2,000

1,500

1,000

500

-

920

Forecast Sold Projects

2,705 2,373

1,493

1,033 1,000 1,000

300

2021

- 79

2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F

Cumulative Net Operating Capacity (MW)

Unit: MW

6,000

5,000

4,000

3,000

2,000

1,000

-

Actual Net Operating

Forecast Net Operating

5,333

4,313

2,280

3,293

1,643

1,585

658

- 70

294

2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F

*Note: Sold projects include under development, under construction and operation 20