The Office of the National Economic and Social Development Council reported that Thailand’s economy expanded by approximately 2.9% in 2025, representing a slight slowdown compared with the previous year. The moderation was mainly attributed to slower growth in both private and public consumption, as well as uncertainties in the global economy and ongoing trade tensions. Regarding the operating performance of Prime Road Power Public Company Limited (“the Company”), the past year presented challenges in terms of operating results and cash flow. Nevertheless, the Company implemented continuous cost management measures and operational efficiency improvements, which helped reduce the level of losses in 2025. At the same time, prudent financial cost management was carried out. These efforts represent an important step in strengthening the Company’s financial position and laying the foundation for future recovery and sustainable growth. As of the end of 2025, the Company had a total installed capacity of approximately 224 MW and a total contacted capacity of approximately 187 MW, with total revenue of THB 820mn, representing a decrease of 38% compared with the previous year. The Company’s primary revenue source remained solar power plant operations in Thailand. The Company reported a net loss of THB 223mn, representing a 20% reduction from the previous year, indicating that the loss decreased at a slower rate than the decline in total revenue. In terms of liquidity management, the Company placed strong emphasis on aligning its financial strategy with the challenging conditions in the bond market. According to data from the Thai Bond Market Association, the overall bond market grew by 4.7% in 2025, driven primarily by government bond issuance, while corporate bond issuance declined by 3.5%. This reflects investors’ cautious sentiment and ongoing uncertainty in the capital market. Under these circumstances, the Company adjusted its liquidity management approach and financial structure to better align with its financial position. With a strong commitment to responsible management and consideration for all stakeholders, the Company partially repaid the principal of four bond series, together with interest and special returns, totaling THB 502.47mn, representing 23.14% of the face value per unit for each bond series as of the issuance date. The repayment was completed on 27 February 2026. In addition, the Company has sought to revise certain bond repayment conditions to better align with its liquidity position and support long-term business operations. The Company has also planned its cash flow management through several approaches, including the potential divestment of certain solar power plant assets, the introduction of strategic partners, and cash flows generated from ongoing operations. 

        Throughout the past year, the Company remained committed to sustainable business practices, adhering to strong corporate governance while integrating Environmental, Social, and Governance (ESG) principles into its operations. The Company received certification for the Carbon Footprint for Organization (CFO) covering nine solar power plant projects. In addition, the Company has been recognized as a member of the Thai Private Sector Collective Action Against Corruption (CAC) at the “Very Good” level. These achievements reflect the Company’s commitment to transparent and responsible business conduct while supporting the energy industry’s transition toward Net Zero greenhouse gas emissions in the future.

        Looking ahead to 2026, the Company has refined its corporate strategy by prioritizing projects that require lower capital investment and can generate revenue within a shorter timeframe. The Company also aims to expand its customer base beyond government entities and large-scale clients. At the same time, the Company plans to develop new business units related to clean energy, such as energy efficiency products and utility systems, while continuously improving cost management and operational efficiency to strengthen profitability and ensure sustainable growth. From an external perspective, the renewable energy sector is expected to gain increasing attention, driven by the continuous growth in electricity demand, government policies supporting clean energy, and rising electricity demand from the industrial sector. Meanwhile, geopolitical uncertainties and energy price volatility are accelerating investment in renewable energy and energy-related technologies. Through continuous improvements in internal operational efficiency, combined with supportive external factors, the Company believes that 2026 will be an important year for strengthening its business foundation, enabling stable and sustainable long-term growth.

        Finally, on behalf of the Board of Directors and the management team of Prime Road Power Public Company Limited, I would like to express my sincere appreciation to our shareholders, bondholders, customers, business partners, and all stakeholders from both the public and private sectors for their continued trust and support. I would also like to extend my gratitude to our executives and employees for their dedication, commitment, and hard work. Their collective efforts are a key driving force that enables the Company to overcome challenges, strengthen its foundation, and move forward toward sustainable growth in the years ahead.