Electricity Generating Public Co Limited/ADR (EYUBY) April 2026 Annual General Meeting Transcript

Distinguished guests and participants, I'm Kun Kanok Leung Sai Thong, the Corporate Secretary, and I will be the Master of Ceremony today so that I will walk all of you through all the meeting procedures. On behalf of the Board of Directors, the Management and the Employee of ECHO. Welcome to the AGM of 2026. In this meeting, we would collect and distribute the images, photos and videos of all participants for the production of the minutes of the meeting. For today's meeting, the AGM is conducted according to the resolution of the Board of Directors number two of this year conducted on the 27th of February 2026 the agenda items was already listed in the invitation letter for the record date for the shareholders who can attend the meeting is on the 16th of March of this year the invitation letter was already distributed according to the stock exchange of Thailand system on March the 18th 2026 and also TSD is the one who already distributed the invitation letter to all of you while the Thai post on March the 25th 2026 we would like to make sure that you have enough time to study the information in advance today the meeting is conducted electronically and in order to make sure that it's in line with all the related laws and regulation we get the service provided by invent tech system Thailand they are the service provider who is certified according to the guideline of Edda and for the zoom meeting control system it was already certified also today's meeting is live broadcast through Inventech Connect. During our meeting if you have any technical problems please connect to our call center at 02-460-9220 or line ID at Inventech Connect. And for the detail is in the attachment number 9. Up next may I invite our chairman Khun Prasad Sinsuk Prasad to open the AGM of 2026 of ECHO. Good afternoon, all the shareholders. I am Prasad, Sinsuk Prasad, the chairman and the chair of the IC of ECHO. On behalf of all the employees and the board of directors, we are pleased to have all of you in this meeting. First of all, may I introduce our board of directors, starting from the first row to my right, Koon Pasuk Lohan Shun, lead independent director, vice chairman, chairman of CC and the NRC member, is Koon Nut Chana Lao Ha Thai Mong Kon, independent director, chairwoman of the AC and the NRC member. Next is Mr. Shinichiro Suzuki, Director, Chairman of NRC, and IC member. To my left, the President, the IC member, the CC member, and the ROC member. The second row to my right, to my far right, is The independent director, a CC member Today, he is on his mansion overseas, so he will be joining us online. Number eight is คุณพิสุทย์เพียนมานากุณ, the director, the NRC member, ROC member. Number nine, คุณทีระบุทย์เวทธรรม, director, and IC member. Number 10, คุณพัชรินระพีพอนพง, Director, and the NRC Member Number 11, คุณสมคิดเลอดภายทูน, Independent Director, CC, and ROC Member Number 12, Mr. Toshihiro Oki, Director Number 13, Mr. Christopher Starling, Director, and IC member. Number 14, Mr. Masatoshi Inoue, Director, and ROC member. So we have all 15 directors in attendance, that is 100% of the total number of the director. Up next, may I invite Khun Thawad Chai Samarad Warnit, our president, to introduce our management attending the AGM today. Good afternoon, all shareholders. May I introduce high-level management attending the meeting today? Number 1, คุณสมเกียตสุทธิวานิศ CFO Number 2, คุณทวัสหิรันจารุกร SEVP Operation Number 3, Mr. John Palumbo SEVP BDD And number four, Koon Prasiddh Laoha Wierapharp SEVP BDD, thank you. We also have today, Koon Amandad Peam Poon Watana Sukh, the auditor from Pricewaterhouse Cooper ABAS Limited to be with us in order to reply to any questions concerning our finance. And also we have Khun Prida Meksi Suwan from Baker and McKenzie to inspect our ATM starting from the inspection of the documents of the shareholders and proxy holders, quorum counting and vote counting to ensure the transparency of the meeting. The screen is showing the numbers of the attendants.

May I inform shareholders that we now have shareholders attending in person, meaning electronically. As shown on screen, 31 persons representing 180951 proxies, 311, number of shares 340 million. In total, we have 342 total number of shares, 340 million. And total, 64% of total paid-up capital, 526 million shares. And therefore, we have quorum, according to the company's articles of association stipulating at least 25% and one-third of all shares. So may I proceed to deliberate on various agenda items. I give the floor to Corporate Secretary Kun Kun Kanuk to inform you about voting procedures, Q&A. Voting, we comply with the following rules of the Stock Exchange of Thailand. The principle is one vote, one share, and one shareholder has equal share as proxy. Votes cannot be split except for custodians who can split votes, and shareholders with stakes in particular agenda have no right to vote, and voters or proxies must vote, agree, disagree, or absent. Disagree abstention will be deducted from the total of votes attending, and the remainders will be deemed voting for that particular item, and proxies will vote in line with shareholders' intention. In normal agendas, we take the majority rule except two items. Number six on directors' remuneration requiring at least two-thirds of total votes of shareholders attending. and number seven election of directors to replace retiring directors requiring four in five of all eligible voters attending. In case of equal votes, the chairman will be the decider of votes. Now, electronic voting per each agenda item. We will show you how to video.

Let's do it.

We give opportunity for shareholders and shareholders. to comment and ask questions in two segments. First, advanced questions. We have invited shareholders to submit advanced questions through various channels, including QR code, as indicated in the invitation letter and enclosure 14, and also asking questions live, to ask questions live. You have two options, starting with sending messages. You can type your question and press send. Alternatively, through video conference channel, and we will ask you to open the camera upon signaling. We are showing the Q&A Video. comedian auntie sheaw s j We request that shareholders ask questions or comments following presentation of information per agenda in case comment is irrelevant to that said agenda we shall save them for AOB or for relevant agenda item in case of influx of questions we would like to exercise our discretion to select questions however we shall document those questions in the meeting proceedings we reserve the right to edit out questioners who violate rights of

others and rules and regulations to prevent disruption and disturbances of the meeting next I would like to invite the chairman to proceed according to different agenda items may i lead you to the agenda items we have eight agenda items all together and this year we also opened the opportunity for the shareholders to propose the agenda item for the agm and also to nominate the candidates for the directors from the first of october 2025 and that was published through the channel of the stock exchange of thailand and the website of the company and there is a no one proposed for the agenda item and the nomination of the directors we also open the channels to ask the question and give your comments and we already collected six questions in advance and those questions would be replied in a relevant agenda item. Now may I walk us through to the agenda item 1 to consider and approve the minutes of the shareholders 2025 and or general meeting. So please consider the minutes of the meeting of 2025 AGM conducted on the 11th of April 2025. Details is as attached in the attachment number one. We also published it on our website from the 24th of April last year and there is no shareholders asking for the correction. The board of directors sees that the minutes of the meeting of 2025 AGM is correct so please kindly adopt those minutes of the meeting may ask the corporate secretary to give us the detail for the Q&A session well you can ask the question through two channels the first one is texting you just go to the agenda item that you desire and this is agenda item one type your questions and send and the other channel is through the video conference select your decide agenda item and then choose ask question by video and audio and when you get your cue please turn on your camera and your mic and please identify yourself before you ask each question and there is no questions submitted in advance and no questions through q a and video conference thank you very much and for this agenda item please kindly approve the resolution requires the majority of the votes from the shareholders present and casting the votes you have one minute for the voting so please give your vote through the electronic channel out of time for voting for agenda item one and for the results of the voting please acknowledge the results as shown on the screen. So it's considered that the shareholders approve the minutes of the meeting. Up next, may I lead us to Agenda 2 to acknowledge the company's performance in 2025. ECHO has published our one report according to the regulations of the SEC. It has portrayed the performance of the company in all dimensions, social, economic and environment, in order to reflect our sustainable growth under good governance. We already published the OneReport in the electronic form so that you can get easier access by scanning the QR code shown on the registration form and the attachment number 2. The production of the electronic annual report is to cut down on the use of the paper in order to conserve our environmental resources. In this agenda item, may I invite you to watch the video clips concerning our operation and performance of ECO in 2025 and our future trend for 2026.

What is it that says here? Well, I think there are some loSEs that are all on the other side of the world. I can also say that it is not- It's a way that is built in the state of the auditorium which was under the authority. That is, because ECO Group is a landmark, and that will support my personal business value and then open-minded. the most powerful energy of the world. In the past last year, ECO Group has a great organization to help the project in many different countries. In Asia Pacific, the official project has been in the GDG-SERVATRAS in Brazil, by the purchasing of the CACON in Philippines, and the GDG-SERVATRAS, being a project for the CACON in the VW. When working in the United States, ECO Group has to offer the project The price is 49% in Pinnacle 2, DIGAR, Downey's Wind and Weedsboro Solar. The price is 38%. The price is 49% in Pinnacle 2, DIGAR, Downey's Wind and Weedsboro Solar. to increase the impact in the project. Out of the area, we offer Eco Group the revenue that is huge here at the top of the year to increase the quality of 37,950,000£ £4,439,000£ a £9,600,000£ a £4,727,000£ It is important to understand the importance of the CBI Group and the CBI Syaburi which can be understood by the Pinnacle 2 which is the importance of the APEX and the importance of the APEX which can be understood by the RISEX and BOCO ROCK WINFARM From the business of the ECO Group, the ECO Group can be understood by the PINACO Group This year is to honor the สัยปัญผลสร่วมจากผลรกอบการปี 2568 ในอัตรา 6.50 สัยต่างฝ่อนหุ้น หรือคิดเป็นอัตราผลตอบแทนจากเนื่องปัญผล 100 ละ 5.26 ต่อปี เพราะพลังงานที่ย่างยืนต้องมาพร้อมความปร่วมใสและความรับผิดชอบ ในปี 2568 คง ได้ยกระดับระบบการกํากับ ดูแลกิจการให้เข้มแขงยิ่งขึ้น It tous is going to be inhaling to help the promotion of And look at the I want to take part to the experience of the experience of the work I am and provide the work I know in my community. It is easy to find out that I want to give my experience and learn to the story of the work I do. The texture of the work I find out for many people I know is that I know half a year What if you're already up to and I can find out I will find out when I know the interview or I have to help it, I guess that there is a really hard thing This is an easy-to-peer. It is an easy-to-peer and easy-to-peer and easy-to-peer and easy-to-peer. In the time of Thailand, the Eco Group is still designed to drive the vehicle of the Eco Group. The Eco Group is designed to drive the Eco Group for the Eco Group. The architectural cross-exas of ESG The ECHO Group could tell the process to data the Navigate The vodka needs to understand the situation Visualization of a personnel and create a new job and system of achievement in the first place of the professional development shop The ZESG Ratings with the current system of the A-A-A-A and the first certificate of the autonomous ecosystem and the second year of the K-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A-A and the ASEAN CG Scorecard ASEAN Asset Class Public Company Limited Rvm to create credit on the AAA and create credit rating from Japan Credit Rating Agency in ASEAN CG Scorecard and create credit rating from Thailand This is a creative process and creative process and creative process . Thank you so much for joining us. that will change all the time to be a chance. We don't have to look at just the front of us in the front of us, but we have to wait for us to build one goal. It's the desire to keep and keep and keep to bring the power and the power of society and to build the power of the power of society and to build the power of society. ECHO Group, we are not here, to build the power of the power of society.

So our performance in 2026 is deemed a good year successful a successful year for the company we have addressed problems in many projects we have expanded our investment in renewables as well as power plants we have conducted the asset recycling therefore consolidating our financial stability I would like to add a little bit from the video in terms of energy security, national energy security. During the floods disaster in Hat Yai last year, the Pachana Power Plant was flooded and unable to operate. We fully ran Khanom power plant to supply electricity to the southern part of Thailand, therefore recovering the situation. And we commend the company's performance and contribution. In other aspects, you can study the details from our one report. Next, I would like to open the floor for Q&A. If you wish to ask questions, you can use two channels, messaging specifying the agenda item type question and present alternatively via video conference choose agenda item to press ask question once you receive a signal please open the camera identify yourself before asking questions. So for item two we receive one advanced question from Kun Kolisara Mung Sakun asking that over the last five years the company has new investments and divesting assets such as Star Energy Risek and Mokorok Wind Farm. So the question is over the long term what is the companies take on positioning of ECO as holding company to grow in energy and related business or as an investment holding company focusing on portfolio management? The president will address this question. Thank you shareholder for the question. ECO has conducted business as a holding company with its main source of income from dividends received from joint ventures and associates in line with our main strategy focusing on investment in power and related business. Eco invests in the method of M&A as well as developing projects from green field stage as well as portfolios management and what those projects well the consideration is optimization after optimization we should we shall divest to recycle the capital to invest in projects that can generate long-term value for the company to serve as our long-term growth engine another advanced question from who would like to ask about the company's future performance the president will again address it going forward echo will continue to be to grow consistently and steadily echo has provisioned investment budgets for various projects averaging about 30 billion baht per year focusing on gas-fired power plants as well as renewables in response to energy transition at the same time generating appropriate returns to the company. Going forward, the company will continue to invest in where we already have our footprints, as well as considering technologies to replace power plants that use fossil fuels towards more renewables. At the same time, we have to manage our assets in line with investment and to reassure that ECHO's future will be that of growth. We received another question from Kun Chusak, is a good attending shareholder regarding performance of BLCP, that BLCP has operating profits down from, the profit is down 3, 4, 8 million baht from rising costs of fuel from initial Czech BLCP use, bituminous coal from Indonesia and Australia, Newcastle coal. despite overview of 2025 prices increased a little bit now when coal prices did not increase why your cost increased significantly why the contradiction couldn't what will answer regarding cost, fewer cost of BLCP coal. The book calculation, BLCP needs to hold reserve coal according to contract and therefore it requires, so there is a time lag per each tranche of purchase. When coal price is cheap, it doesn't mean the cost will be cheaper instantly with the time lags, higher costs in previous periods can result in higher costs.