The world is currently undergoing a transformational shift across economic, social, and environmental dimensions. Also, government policies are evolving to address climate crises, geopolitical challenges, and rapid technological advancements,highlighting the crucial role of energy in shaping the future. Both the public and private sectors must transition away from depleting natural resources and seek sustainable energy alternatives. Recognizing this, our company has developed a strategic plan to strengthen our growth and reinforce our resilience through energy innovation. The transition of energy infrastructure is a key focus, ensuring that we are well-prepared for the changes ahead.

We are also proactively identifying new business opportunities to mitigate external risks and expand our investments. Currently, we have initiated investments in operating power plants and aim to further expand into diverse environmentally friendly energy sectors both domestically and internationally. GUNKUL remains open and committed to collaborating with partners and stakeholders to drive the renewable energy sector with a strong emphasis on community, society, and environmental sustainability.

Given the interconnection between environmental concerns and business operations, we have set clear climate action goals that align with national greenhouse gas reduction targets. We are determined to contribute meaningfully to sustainable climate solutions, starting with internal process enhancements, technology adoption, and efficient knowledge transfer. Additionally, we continue to allocate the necessary resources to ensure a smooth energy transition. At the same time, we remain committed to stakeholder engagement through the Sustainable Value Creation approach, fostering mutual growth across all sectors. This commitment reinforces GUNKUL as a socially and environmentally responsible organization, operating under transparent and ethical corporate governance principles.

Thanks to the dedication of our Board of Directors, management, and employees, GUNKUL has consistently upheld the highest standards of corporate governance. In 2024, we once again achieved a 5-star rating (“Excellence CG Scoring”) in the Corporate Governance Report of Thai Listed Companies (CGR) for the eighth consecutive year, as assessed by the Thai Institute of Directors Association (IOD) with support from the Stock Exchange of Thailand (SET). Additionally, we were recognized as a SET ESG Ratings AA-level sustainable stock.

Our company remains committed to leading the clean energy industry by investing in advanced technologies and innovative solutions in collaboration with government agencies, private enterprises, and stakeholders across all sectors. Innovation is at the core of our business, and we aim to enhance our clean energy production capabilities while advancing sustainable greenhouse gas reduction initiatives. In 2025, we will further refine our policies and implement internationally recognized assessment criteria to ensure accountability and measurable progress.

On behalf of the Board of Directors, management, andemployees, I extend my heartfelt gratitude to our shareholders,investors, business partners, and all stakeholders for your continued trust and support. We remain steadfast in our mission to deliver energy solutions that create value while fostering a balanced and sustainable world.

Dr. Gunkul Dhumrongpiyawut

Chairman of the Board of Directors

The year 2024 has been filled with economic and geopolitical challenges that have significantly impacted the global energy industry. The economic slowdown and high interest rates have increased financial costs, affecting investments in large-scale projects. Simultaneously, international conflicts have led to energy price volatility and supply chain disruptions. Policies from major global economies, such as the United States and China, have further heightened uncertainty, impacting the costs of key raw materials in the energy sector. Despite these challenges, Gunkul Engineering Public Company Limited (the “Company” or “GUNKUL”), as a leader in renewable energy and integrated electrical systems, has adapted its strategies and enhanced its operations to navigate the energy transition, which is a global megatrend. Supported by government initiatives that promote clean energy adoption, greenhouse gas reduction, and national energy security, we have positioned ourselves for sustainable growth in the evolving energy landscape.

Among the significant impacts on the Company wasthe expiration of power purchase agreements (Adder) for some of our power plants, which contributed to a decline in net profit from THB 3,010 million in 2022 to THB 1,475 million in 2023. However, through strategic adjustments and efficient business management, we demonstrated resilience and a swift recovery.

In 2024, we successfully rebounded to a net profit of THB 1,661 million, marking a 12.61% increase from 2023. This recovery was driven by our robust energy ecosystem, which encompasses both engineering, procurement, and construction (EPC) services and electrical equipment distribution-sectors that have continued to expand through public and private sector projects. Revenue from these business units has effectively offset the declining revenue from power plants with expiringAdder contracts, ensuring sustained business growthdespite economic headwinds.In 2024, GUNKUL has aggressively expanded its clean energy investments, particularly in renewable power plant projects.

This includes government tenders and private sector collaborations. Notably, we have signed Power Purchase Agreements (PPAs) under the Feed-in Tariff (FiT) program for 15 projects with a total capacity of 652.4 MW, which are set to commence commercial operation (COD) between 2026 and 2030. Additional agreements will be gradually signed, with a total investment of approximately THB 38,000 million allocated for these projects. With sufficient capital and a low debt-to-equity ratio, GUNKUL is well-positioned for future expansion. We have set an ambitious target to increase our renewable energy capacity to 2,000 MW by 2026, aligning with Thailand’s clean energy transition.

Company Growth Plan and Strategic Direction1. Short-Term Strategy The Company is focused on developing and securing construction projects related to substations, power transmission systems, and electrical transmission equipment to support renewable energy projects and government tenders. A key milestone is the construction of Thailand’s first 500kV high-voltage transmission line, awarded by the Electricity Generating Authority of Thailand (EGAT), demonstrating the Company’s capabilities in advanced energy infrastructure. Additionally, we are expediting the completion of submarine cable and underground power transmission projects to ensure on-time delivery, generate revenue, and strengthen our short-term financial position.2. Medium- and Long-Term Strategy The Company will focus on developing newly awarded projects with Power Purchase Agreements (PPAs) in 2024, ensuring they commence commercial operation (COD) as scheduled. Investments in innovative electrical equipment and smart energy solutions will continue to support the expanding clean energy market. The Company aims to expand its solar rooftop (Private PPA) business for industrial facilities, alongside energy storage solutions and engineering and technology-related businesses. These initiatives will establish new growth drivers (New S-Curve) for the Company. In the long term, the Company is committed to supporting Thailand’s renewable energy growth in alignment with the Power Development Plan (PDP). We will actively participate in government tenders, expand collaborations with domestic and international partners, and increase investments in diverse clean energyprojects. All operations will adhere to good corporate governance and environmental responsibility, with the ultimate goal of achieving Carbon Neutrality by 2050 and Net Zero emissions by 2065.

On behalf of the Board of Directors, management, and employees of Gunkul Engineering Public Company Limited, I extend my sincere appreciation to our shareholders, customers, business partners, financial institutions, government agencies, and all stakeholders for your continued trust and support. We reaffirm our commitment to enhancing operational standards and service quality, ensuring sustainable business growth under the vision “not only the energy, we care” delivering clean energy solutions while creating long-term value for society, the environment, and all stakeholders.

Dr. Somboon Aueatchasai

Chief Executive Officer