Slides
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Earning Call - Q2 / 2026 Results ( Opportunity Day ) 10th Aug 2026 GPSC
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Business Overview A Q&A Session | 2 Earning Call – Q2/2026 Results 10th Aug 2026 Business Highlight Operation Results Investment Update Financial ResultsBusiness Development Q2/2026 Highlight Strategy Update Financial Performance Action Plan & Growth
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VISION The Global Leading Innovative and Sustainable Power Company | 3 THE POWER AND SMART ENERGY FLAGSHIP OF PTT GROUP ASPIRATION To be top 3 power company in Southeast Asia with more than half of MW from Green Portfolio and with ultimate goals of achieving Net Zero GHG emissions by 2050 COMPANY INFORMATION (as of 6 Aug 2026) Business Type | Energy & Utilities listed on SET Paid -up Capital | THB 28,197 million Market Cap. | THB 144,511 million (2nd in power sector ) | 3
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Thailand Taiwan India Lao PDR China Electricity 7,421 MW Steam 3,117 Ton/hour Chilled Water 9,668 RT Industrial Water & Other Utilities Thailand Largest Private Utilities Network Empowering Energy Transition with a Well-diversified portfolio As of June 2026 Cake GPSC’s Business Portfolio by energy source Gas-fired Thermal WindSolarHydro Waste to energy Strategic Operating countries5 | 4 Thailand’s Largest Private Utilities Network with Strategic Location ~70% Pass-Through Based Revenue Structure GPSC’s 5-Country Power Platform, Led by Thailand’s Largest Private Utilities Network in the Strategic EEC Corridor Our Established Presence Operating Capacity as of Q1/2026
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Thailand Largest Private Utilities Network GPSC’s power and steam network in Map Ta Phut area (MTP) Cake | 5 Empowering Industries through Thailand’s Largest Utilities Network Power Distribution Distributions • 115 kV and 22 kV underground power networks. • Connection to EGAT and PEA networks (115 kV & 230 kV). • Cover 30 km2 in MTP area (Max. length transmission: Power 13 km cover MTP IE, PADAENG IE, WHA EIE, AIE, and RIL IE). Distributions • Cover 30 km2 in MTP area (Max. length transmission Steam 7 km, cover MTP IE, PADAENG IE, WHA EIE, AIE, and RIL IE) Steam Distribution
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GPSC Diversified Portfolio IPP GHECO- 1 (65%) Glow IPP (95%) HHPC (67.25%) XPCL (25%) RPCL (24.375%) CUP1 (100%) CUP2 (100%) CUP3 (100%) CUP4 (100%) Glow Energy Phase1 (~100%) Glow Energy Phase2/2R (~100%) Glow Energy Phase4 (~100%) Glow Energy Phase5 (~100%) Glow Energy CFB1&2 (~100%) Glow Energy CFB3 (~100%) Glow SPP11 Phase 1,2,3 (~100%) Glow SPP2R (~100%) IRPCCP (51%) NNEG (30%) BIC (30%) GRP Group (100%) WTE (100%) AEPL (39.9%) CFXD (25%) NAMLIK1 (40%) Private PPA & Rooftop Solar (100%) GETZ (100%) As of Dec 2025SPP (16.5% Coal, 83.5% Gas) VSPP Other (renewable & other) Balanced IPP, SPP, VSPP, and Overseas Portfolio Supports Resilience Against Gas Cost Volatility 1,871 MW 1,448 (Thailand) 2,330 MW & 3,117 T/h Steam 2,330 (Thailand) 62 MW 62 (Thailand) GRP1 (90%) ERU (100%) Solar PPA (100%) 9,403 MW 54 (Thailand) Conventional 58% Renewable & Share of profit 42% 2025 Net Profit Contributions : 6,399 MTHB 70% Pass-Through 30% Pass-Through with time lag Share of Profit (XPCL) & Dividend Income, AEPL Value Realization Interest Income from CFXD Revenue Structure Concept GIPP is capable for gas/diesel oil fuel switching | 6 Helios 3,4 (50%) Cooling Business
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Business Overview A Q&A Session | 7 Business Highlight Operation Results Investment Update Financial ResultsBusiness Development Q2/2026 Highlight Strategy Update Financial Performance Action Plan & Growth Earning Call – Q2/2026 Results 10th Aug 2026
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| 8 1H/2026 Business Performance Solid Performance supported by IU demand recovery, effective cost management, and solid share of profit Interim Peak Demand 36,759 MW 22 Apr 2026 at 10:50 PM Close to the record high in 2024 EBITDA Net Income +6% QoQ, -8% YoY +15% QoQ, +51% YoY 4,427 MTHB Sustainability pathway ▪ Ensure governance process ▪ Enhance proactive customer engagement ▪ Preserve financial discipline 1,719 MTHB +388% YoY 997 1,427 2,293 3,159 3,538 0.35 0.51 0.82 1.12 1.25 0 0.2 0.4 0.6 0.8 1 1.2 1.4 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 1H/2022 1H/2023 1H/2024 1H/2025 1H/2026 54,980 50,962 48,035 43,890 38,354 5,623 8,042 10,020 9,456 9,705 10% 16% 21% 22% 25% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% - 10,000 20,000 30,000 40,000 50,000 60,000 1H/2022 1H/2023 1H/2024 1H/2025 1H/2026 1H Revenue & EBITDA (MTHB) 1H Net Income (MTHB) Revenue EBITDA EBITDA Margin 0.0 0.5 1.0 1.5 2.0 2022 2023 2024 2025 2026 0.20 0.30 0.45 0.50 0.550.30 0.44 0.45 0.95 1H 2H 2022 2023 2024 2025 1H/2026 EPS 0.32 1.31 1.44 2.27 1.25 Payout Ratio 156% 56% 63% 64% 44% Schedule for Interim Dividend Payment XD Date Record Date Payment Date EPS Net Income 19 August 20 August 3 September THB/share EBITDA improved despite lower revenue from effective cost management, resulting in a higher EBITDA margin. Net income recovered strongly due to higher EBITDA, lower finance costs, and robust share of profit from associates The Board approved an interim dividend of 0.55 THB/Share reflecting the Company’s solid earnings recovery.
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4,750 5,703 6,316 6,461 7,058 6,896 7,421 13,666 2020 2021 2022 2023 2024 2025 Q2/2026 2030 22% 70% 6% 2% Our Generation Portfolio Q2/2026 | 9 Note: 1. Q2/2026 renewable operating capacity 48% from oversea and 1% from Thailand 2. Awarded RE Big lot expected to be signed by 2026 . Retaining Quality & Renewable Generation MW after Portfolio Rebalance Steam 2,771 T/h 3,117 T/h 3,294 T/h 72% 11% 17% 40% 49% 11% Solar | 63% Wind | 5% Hydro | 3% Waste | 0.1% Gas Renewable coal Strategic Divestment Pitch 6x since 2020 Renewable MW Gas Gas Accelerating growth, especially in renewable energyPower (MW) Upcoming Capacity SCOD Equity MW : 6 MW Type : Solar Location : Rayong Thailand SCOD : 2026 - 2027 PDP Bidding 8 + 97 MW3 Equity MW : 12+932 MW Type : Solar Location : Nakhon Ratchasima, Songkhla Thailand SCOD : 2028 - 2030 Private PPA HELIOS & IRPCCP AEPL acquisition CFXD FID SPPs Replacement COD Pipeline Equity MW : 9 MW Type : Natural Gas Location : Pathumthani Thailand SCOD : 1 April 2026 NNEG Phase3 Equity MW : ~1,000 – 1,400 MWp Type : Solar Location : India SCOD : 2026 AEPL RPCL 9% share acquisition +85 MW QoQ Q2 Partial COD 75 MWp Successfully COD Partial COD 0.8 MW
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2023 2024 2025 2026 IU Power Demand (GWh) 2023 2024 2025 2026 IU Steam Demand (KT) Update from Customers Robust IU Demand and Expanding Gas-Linked Sales Drive Long-Term SPP Growth 4 years record IU Demand for Steam & Power +3.1% YoY+0.7% YoY+8.7% YoY +3.4% YoY +11.5% YoY-1.4% YoY 1H WY 1H WY • Industrial demand hit a 4-year high, supported by strong operations and new customers while Force Majeure impact remained limited. • Strengthened customer engagement by hosting GPSC MTP Customer Conference 2026, attended by over 100 industrial customers. • New demand under discussion and study: 40–50 MW petrochemical and up to 750 MW data center (+250 MW from Q1/2026) | 10 SMR Knowledge sharing > 100 Customers Participates GPSC MTP Customer Knowledge Sharing Conference 2026 13 July 2026 13 July 2026
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- 50 100 150 200 250 300 - 5 10 15 20 25 30 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 $/T, $/BBL$/MMBTU Global Commodity Prices Movement JKM LNG Brent Crude Coal NEWC Volatile Feedstock Cost & Gas-linked Transition Interim MTOP Potential New Customers Gas Link MTOP Demand Expects to stay | 11 0 200 400 600 800 1,000 1,200 1,400 Thailand’s Gas Cost & Pool Gas Gulf Gas Myanmar LNG Pool Gas LNG 21.6 $ /MMBTU Russia invades Ukraine 12 days war Russia cuts Nord Stream 1 supply THB/MMBTU As of 30 July 2026 40% 50% 60% 70% 80% 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E GPSC & Glow SPP Gas Link Contract ✓ Target Contract Renewal Period ✓ Ensure stability and reliability Target 70% Gas Link by 2030 Currently 63% Gas-linked Transformation Toward 70% ✓ Increased Gas-linked Contract Transformation ✓ MTOP Mechanism : Average 75% volume commitment ✓ Optimize the use of competitive alternative fuels ✓ Enhance timely and cost-efficient spot procurement ✓ Explore fuel hedging opportunities Since US-Iran Crisis (as of 31 July 2026) Brent +24% JKM LNG +93% Coal NEWC +15% Our Strategic Actions US-Iran Mitigating fuel price volatility amid US–Iran tensions through flexible sourcing, spot procurement, and gas-link strategies.
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3 Consecutives Years Net Profit Enhancement Program 900 MTHB 700 MTHB500 MTHB Sustainable Growth ▪ Revenue Enhancement ▪ Opex & Capex reduction ▪ Efficiency Improvement ▪ SG&A optimization ▪ Interest cost diminish 571 MTHB Q2/2026 Progress WY Target (as of June2026) #107 Ongoing Projects1 #37 New Projects1 Recognition program & Reward Remark 1. Only high-certainty projects with realizable benefits are included #107 Ongoing Projects1 #84 New Projects1 993 MTHB Workstream Function Benefit Q2/26 MTHB Est.2026 MTHB Example Projects Operation 336 567 Plants operation schedule configuration Finance & Commercial 218 390 Loan restructure & prepayment, Supply Management IT & HR 12 28 Outsource service fee Procurement 5 9 Outsource external warehouse EBITDA Uplift 2026 Progress Workstream Function Benefit Q2/26 MTHB Est.2026 MTHB Example Projects Operation 336 567 Plants reserve shutdown schedule configuration Commercial 160 249 Fuel Optimization Finance 58 141 Loan restructure & prepayment IT & HR 12 28 Outsource service fee Procurement 5 9 Outsource external warehouse
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Business Overview A Q&A Session | 13 Business Highlight Operation Results Investment Update Financial ResultsBusiness Development Q2/2026 Highlight Strategy Update Financial Performance Action Plan & Growth Earning Call – Q2/2026 Results 10th Aug 2026
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4S STRATEGY SHIFT TO CUSTOMER-CENTRIC SOLUTIONS STRENGTHEN & EXPAND THE CORE • Top Quartile Performance • Customer-centric utility • Expansion into adjacencies NEW S-CURVE SCALE-UP GREEN ENERGY • Decarbonized solutions • RE vertical integration • Batteries & Ancillary Services • Data Center • Energy as a Service (EaaS) • Cooling as a Service (CaaS) • Distributed generation • Solar power scale-up • Wind power • Hybrid power (RE-Energy Storage System) | 14
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Identifying a green portfolio to support the needs of the PTT Group. S1 - Strengthen the Core & Reliability 0.63 1.00 0.64 0.38 2023 2024 2025 YTD2026 0.03 0.05 0.00 0.21 2023 2024 2025 YTD2026 MTP SAIFI Average No. of unit trip Stronger Reliability, Higher Dispatch and Improved Efficiency Lift Q2 2026 IPP Revenue | 15 Base line 1.631 Base line 1.32 (EEC Standard2) System Average Interruption Frequency Index (Unit : time/customer/year) Energy solutions and reliability Offer Contract Flexibility Reliability Performance Narrowing Cost-Revenue Gap with potential inventory gain in 2H/2026 1. GPSC average level in 2020-2021 2. EEC standard according to PEA ▪ Q2/2026 IPP revenue increased : ✓ GHECO-One operated smoothly at higher efficiency following the maintenance cycle. ✓ Glow IPP benefited from merit-order dispatch and EP gains. ✓ HHPC output increased driven by higher rainfall. ▪ Rising coal prices are expected to benefit GHECO-One from Q3 onward. ▪ Digitalization initiatives will strengthen fuel management and reduce operating costs. . 2026 Reliability Improvement Plan Spare Part Management Customer Collaboration AI & ML Integration Operation Excellence 1,336 62 1,447 - 200 400 600 800 1,000 1,200 1,400 1,600 Q2/2025 Q1/2026 Q2/2026 95 196 146 - 50 100 150 200 250 Q2/2025 Q1/2026 Q2/2026 100 164 227 - 50 100 150 200 250 Q2/2025 Q1/2026 Q2/2026 93% 2% 100% Energy Output (GWh) Availability % GHECO-One Glow IPP HHPC 96% 77% 100% Turnaround 1 Jan - 29 Mar
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2023 2024 2025 2026 IU Power Demand (GWh) 2023 2024 2025 2026 IU Steam Demand (KT) S1 - Update from Customers Robust IU Demand and Expanding Gas-Linked Sales Drive Long-Term SPP Growth 4 years record IU Demand for Steam & Power +3.1% YoY+0.7% YoY+8.7% YoY +3.4% YoY +11.5% YoY-1.4% YoY 1H WY 1H WY • Industrial demand hit a 4-year high, supported by strong operations and new customers while Force Majeure impact remained limited. • Strengthened customer engagement by hosting GPSC MTP Customer Conference 2026, attended by over 100 industrial customers. • New demand under discussion and study: 40–50 MW petrochemical and up to 750 MW data center (+250 MW from Q1/2026) | 16 SMR Knowledge sharing > 100 Customers Participates GPSC MTP Customer Knowledge Sharing Conference 2026 13 July 2026 13 July 2026
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| 17 S2 - Scale-Up Green Energy in Thailand Advancing Renewable Energy in Thailand to Accomplish Decarbonization Mission Existing 54 MW On Site : Closer location Power Purchase Power plant Grid To be 3rd Party AccessDirect PPA 2,000 MW PDP bidding Customer Supports national renewable targets Supports customers’ decarbonization targets Contract Tenor Long-term 25 years shorter and more flexible Tariff Fixed FiT Commercially negotiated may include grid tariffs premium Revenue Visibility High long-term offtake Moderate - High depend on customer demand Profitability Stable returns but limited upside Potentially higher margins Key Risks Project execution, plant availability Customer credit, demand risk and contract renewal Return Profile Stable cash flow and long-term earnings visibility Growth and margin enhancement Government PPA IUs / Corporate PPA Data Center & Others Renewable Sales to Corporate and Government Off-takers Offer Distinct Benefits and Trade-Offs RE-100 Target Supply : 2GW by 2030 CBAM Data Center Electronic New Customers Captive Demand & Existing Customers Petrochemical Automotive Chemical & Specialty NEPC Approves Direct PPAs Beyond Data Centers Customers Under Negotiation 3 – 4 projects >50 MW each
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| 18 S2 - Accelerate Gov’t Awarded PPA Securing Long-Term Growth Through 105 Equity MW of Government PPAs Existing 54 MW Project Helios 1 Helios 2 Helios 3 Helios 4.1 Helios 4.2 NATHAP Contract (MW) 48.6 61.4 8 8 8 74.88 Location Nakhon Ratchasima Nakhon Ratchasima Nakhon Ratchasima Nakhon Ratchasima Nakhon Ratchasima Songkhla Off-taker EGAT EGAT PEA PEA PEA EGAT Tariff (THB/unit) 2.1579 2.1579 2.1679 2.1679 2.1579 2.1579 + 0.5 SCOD 2028 2028 2030 2030 2028 2028 PPA Status within Aug within Aug PPA Signed PPA Signed PPA Signed within Aug Private PPA 52 MW Existing 20 MW Under Construction /Study Gov’t PPA 105 Equity MW (signed PPA 12 MW) Other Target Opportunities 50 : 50 PPA Singing Bidding & Award 2022-2023 EPC Phase SCOD 12 - 18 months Project Timeline Gov’t Proceed Nov-2025 36,520 40,795 46,122 64,047 36,450 41,951 50,568 71,340 36,652 42,965 53,599 77,374 20,000 40,000 60,000 80,000 2026 2030 2035 2050 Peak Demand (MW) BAU Draft PDP2026 Low Draft PDP2026 High Avg Growth BAU 2.45%/Low 2.90% /High 3.23% Current Thailand Dependable Capacity ✓ PPA extension amid gas turbine supply constraints and rising data center demand ✓ Additional gas-fired capacity required to address the baseload supply shortfall ✓ Renewables to account for 60–70% of new energy to support Net Zero targets PDP2026 Opportunity
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S2 - Portfolio Management Update STS 2026 Shapes the Next Phase of AEPL Growth; Expansion Continues with Higher Margins from Improved Irradiation and New COD MUSD | 19 QoQ Avaada Energy Private Limited (AEPL, 39.90%) AEPL Growth Opportunities 1,392 3,842 3,990 4,696 5,968 7,256 7,702 6,838 8,046 8,148 3,744 4,634 9,525 20,399 21,716 22,242 Jul-21 FY2022 FY2023 FY2024 FY2025 1H2026 Secured Pipeline Under Construction In Operation Highlight Unit Q2/25 Q1/26 Q2/26 QoQ YoY Operating MWp MW 5,356 7,067 7,256 +189 +1,900 CUF (DC) % 18.6% 17.9% 19.2% +1.3% +0.6% Revenue MINR 6,154 7,369 8,853 +1,484 +2,699 EBITDA MINR 5,009 5,734 7,404 +1,670 +2,395 AEPL’s MW Growth Pipeline BiddingEPC IPO 2027 M&A Q2/2026 Highlight Revenue, EBITDA, and share of profit improved, supported by higher CUF and contributions from newly operational projects. ❑ Added 189 MWp from COD, increasing operating capacity to 7,256 MWp. ❑ Capacity Utilization Factor (CUF) improved to 19.2% on higher solar irradiation, lifting EBITDA margin to 84%, up both QoQ and YoY . ❑ Finance costs and depreciation rose following new CODs. AEPL STS 2026 : Nagpur COD Projects : +1,288 MWp from 1H/2026 • Accelerate IPO readiness by IPO Committee team • Mitigate key development risks, including land, right-of-way, curtailment, and competition. • Strengthen execution with regional teams, in-house EPC/O&M, and vendor development. • Enhance operations from better forecasting, battery storage, and lower auxiliary power costs. 11 - 13 June 2026
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1,406 1,695 2,548 2,351 1,638 1,810 2,154 2,637 8,697 4,8322,608 3,031 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 0 500 1,000 1,500 2,000 2,500 3,000 Q1 Q2 Q3 Q4 Output 2025 (GWh) Output 2026 (GWh) Water Flow 2025 (CMS) Water Flow 2026 (CMS) S2 - Portfolio Management Update Stronger Core Operations at CFXD and XPCL, Alongside Continued Portfolio Rebalancing to Enhance ROE and ROIC MUSD | 20 QoQ AEPL Growth Opportunities BiddingEPC IPO 2027 M&A Changfang & Xidao (CFXD, 25%) Xayaburi Power (XPCL, 25%) 60% 59% 63% 73% 71% 67% 73% 70% 75% 70% 73% 76% 75% 77% 73% 78% 79% 85%WTG Availability Improvement Core operations improved YoY but declined QoQ seasonally. ▪ %CUF increased to 20.3% up from 16.2% YoY . ▪ Average wind speed rose to 7.3 m/s from 6.5 m/s. ▪ Recognized a 170 MTHB LD Claims ▪ FX gain declined YoY Seasonal Performance Q2/2026 Performance improved YoY (+) Higher water inflow increased power generation by 115 GWh (+) FX gains and lower interest expense (-) Higher maintenance costs and depreciation under unit-of-production method 3,694 4,062 6,399 3,538 3.50% 3.80% 6.04% 6.32% 8 – 12% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% - 2,000 4,000 6,000 8,000 10,000 12,000 2023 2024 2025 1H/2026 2030 onward Portfolio Rebalance Enhance ROE Enable Strategic Fit Ensure Right Timing ▪ Acquire 50% GRP ▪ Restructure Nouvo Plus2024 2025 ▪ Increase 9.375% in RPCL IPP (1,400 MW) ▪ Sell-back 3.03% AEPL Share ▪ Divest 40% in TSR’s Thai Solar Farm (80 MW) ▪ Divest 33.33% CCE (8.6 MW) ▪ Transfer CFBs into Glow Energy ▪ Transfer Cooling Assets to CoolCoonext (CCX) 2026 ▪ Divest 90% SYE solar farm in Taiwan (55.7MW) ▪ Investment Upside : NNEG data center customer 48 MW Net Income (MTHB) ROE Target
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4.5GW 5.5GW 15.2GW 2025 2026 2031E | 21 S3 - Data Center Opportunity Advancing data center projects in Thailand and India. Existing 54 MW Asean Tariffs for Data Center 0 40 80 120 160 200 Singapore Malaysia Phillippines Thailand Vietnam Indonesia $/mWh 3 - 4 DC projects are under development in EEC Area with Target at least 300 MW ✓ Fit for Data Center Demand Cluster ✓ Reliable Utilities Source ✓ Green Power Opportunity Synergy from existing capacity >1,000 MW supply available NEPC approves data center–related measures ❑ Higher electricity tariffs for data centers ❑ Grid capacity and water supply guarantee charges 95 110 120 130 150 175 180 196 273 390 India Thailand UAE Malaysia Hong Kong Germany UK USA Japan Singapore Colocation Service Rate ($/kW per month) 5.8 6.0 6.5 6.5 6.9 7.0 7.5 8.0 Thailand Malaysia India UAE Germany Singapore USA Hong Kong UK Japan GPU Computing Pricing ($/GPU/hour) Competitive Cost for Data Usage Data Demand Boom 20% growth every year CAGR 22% Source : Reference from Big Tech Gov’t Support Tax Holiday 21 Years & Land Access Expansion of Sub-sea Cable Infrastructure Readiness Attractiveness Thailand Opportunity No Peer Big Tech Companies in these countries Platform : 30–50 MW Aspiration : 200–300 MW (medium term) Target > 300 MW India Opportunity Reference : Bloomberg BNEF Regulatory tailwinds Data Localization Laws DPDPA 2023 (Nov 2025 Enforcement) Data must be stored locally India Data Center Installed Capacity ✓ Payment and Transaction ✓ Capital Markets and Securities ✓ Digital Lending ✓ Insurance ✓ Potential Other Sectors Source : Mordor Intelligence, India Data Center Market Report
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S4 - Getz Strategic Actions Capturing PDP 2026-driven demand to build a scalable Solar and Cooling Business 51% “Partner of Choice in Innovative Clean Energy Solution” 100% 49% Getz portfolio as of Q2/2026 6,834 RT Solar EPC Private PPA Cooling Business ~ 5,200 MB 24.4 MW 9.6 MWh BESS PDP 2026 Opportunities Getz Growth & Aspiration Getz Strategic Focus Demand Growth to by 2050~70 GW 2026 2050 ~36 GW >50 GW Renewable ~2x Utility-Scale Solar & BESS Expansion Green Power Demand Data Center Infrastructure Integrate Solutions to Support Opportunity Growth Private PPA Cooling EPC+O&M EaaS 2050 Up to 30% or 15 GW of RE opportunity Solar Business (EPC+PPPA) Cooling 2026 2030 6,000 MTHB 60,000 MTHB 21,400 RT 100,000 RT 10x growth by 2030 5x growth by 2030 Expected capacity Growth to ~ 800 MW per year during 2027-2030 before grid capacity’s full Target to capture 13,000 MTHB/Year 2029-2030 1,000 RT …Road to IPO… Key Achievement Cooling Business COD New Project 1,000 RT in May 2026 RT: Refrigeration Tonnes Equity of Getz RT: Refrigeration Tonnes at Coolconnext level RT: Refrigeration Tonnes at Coolconnext level
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Business Overview A Q&A Session | 23 Business Highlight Operation Results Investment Update Financial ResultsBusiness Development Q1/2026 Highlight Strategy Update Financial Performance Action Plan & Growth Earning Call – Q2/2026 Results 10th Aug 2026
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24 *Includes transportation costs and is exempt from customs import duties. Financial Results | Key Drivers (1) Identifying a green portfolio to support the needs of the PTT Group. | 24 Identifying a green portfolio to support the needs of the PTT Group. Identifying a green portfolio to support the needs of the PTT Group. Natural Gas Cost (THB/MMBTU) 0.3672 0.2539 0.1839 0.1572 0.0972 0.1406 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 QoQ : 0.0434 (0.1406 vs 0.0972) YoY : 0.1133 (0.1406 vs 0.2539) 331 317 297 284 289 362 344 360 310 299 299 358331 317 298 285 289 363 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 IPP Gas Price Blended Gas SPP Gas Price YoY QoQ IPP 14% 25% SPP 15% 26% Blended 1% 20% Ft (THB/kWh) 33.77 32.39 32.14 31.42 32.68 33.10 33.20 29.30 30.45 31.43 32.00 31.85 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 USDTHB USDTWD QoQ : THB depreciation while TWD appreciation vs USD YoY : THB and TWD depreciation vs USD as of end-Quarter (Buying rate) Coal Cost (USD/Ton JPU) 214 198 187 173 169 138 121 109 106 105 104 116 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 IPP business SPP business YoY QoQ IPP 30% 18% SPP 6% 12% Foreign Currency Note: Coal price includes transportation costs and is exempt from customs import duties.
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Financial Results | Key Drivers (2) | 25 25 Identifying a green portfolio to support the needs of the PTT Group. Identifying a green portfolio to support the needs of the PTT Group. Identifying a green portfolio to support the needs of the PTT Group. IPP’s Availability Rate (%) Electricity Sales volume (GWh) IU Steam Sales volume (kton) Identifying a green portfolio to support the needs of the PTT Group. Average SPP Electricity Prices (THB/kWh) IPP VSPP SPP • QoQ : Increased by 0.26 Baht/kWh or 8% • YoY : Decreased by 0.10 Baht/kWh or 3% Q2/25 Q1/26 Q2/26 96% 93% 77% 2% 100% 100% GIPP GHECO-One 3,227 3,629 3,697 Q2/25 Q1/26 Q2/26 1,742 422 1,820 3,318 3,120 3,213 60 61 70 5,120 3,603 5,103 Q2/25 Q1/26 Q2/26 3.45 3.55 3.44 3.58 3.65 3.32 3.24 3.29 3.55 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 | 25 0.3% YoY 42% QoQ 15% YoY 2% QoQ
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26 Financial Results | Key Financial Highlights 26 Identifying a green portfolio to support the needs of the PTT Group. Q2/2026 Strong EBITDA driven from GHECO-One Operational recovery and AEPL’s Seasonal High EBITDA NI EPS 38,354 MTHB 5,278 MTHB 1,819 MTHB 0.65 THB/share Revenue GPSC Higher IPP performance: • GHECO-One Operational recovery: higher AP revenue from resume operation • HHPC: Higher dispatch from EGAT (+63 GWh) Higher SPP IU demands : (QoQ: Steam +2%, IU Power +3%, EGAT +3%) from customer’s plan operation & market demand Investment AEPL: Higher %CUF due to seasonality and additional COD +189 MW in Q2/2026 XPCL: Higher revenue from water inflow • CFXD: Low season revenue Q2/2026 Q2/2026 Key Events 6M/2026 21,714 MTHB 9,705 MTHB 3,538 MTHB 1.25 THB/share GPSC Higher SPP IU demands: (Steam +12%, IU Power +3%) from market demand HHPC Higher dispatch from EGAT • GHECO-One: better EP margins from positive coal price impact & better heating value but lower AP from 88-day outage in 1Q26 • GIPP: Lower AP from 18-day outage in 1Q2026 EBITDA Uplift: Realized 571 MB from 107 ongoing projects Investment XPCL: Higher water inflow & accounting gain from EIR remeasurement AEPL: +1,288 MW additional COD but lower %CUF • CFXD: Unrealized loss from USD/TWD depreciation vs Jan-May 2026 LD Claim and better plant availability 30% QoQ 6% QoQ ▲12% YTD3% YTD13% YTD 19% QoQ | 26 6M/2026 Key Events 6% QoQ ▲12% YTD
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Financial Results | Q2/2026 Performance Review Identifying a green portfolio to support the needs of the PTT Group. Performance QoQ Q2/2026 (+100 MTHB) : Driven by GHECO-1’s Operational Recovery and AEPL’s Seasonal High Highlights : Q2/2026 NI 1,819 MTHB (+100 MTHB : +6% vs Q1/2026) Unit : MTHB | 27 Share of profit & Dividend 901 (487) 1,719 (73) (158) 136 (220) 1,819 NI Q1'2026 (A) Gross Profit SGA FX Impact Others & Tax Share of Profit & Dividend NCI NI Q2'2026 (A) Higher Gross Profit (+901) Higher IPP contribution margin mainly from; Gheco-One : Higher AP from resuming operations after 88-days planned outage and efficiency improvement in Q1/2026 GIPP : Higher AP due to planned outage 18 days in Q1/2026 HHPC : Higher dispatch to EGAT (227 vs 164 GWh) (+63 GWh) Lower SPP contribution margin mainly from Lower energy margin due to higher fuel cost, partially offset with higher Ft Higher demands both EGAT and IU (EGAT +3%, IU Power +3%, Steam +2%) Higher SGA (+73) mainly from donation & CSR and external service for business development FX Impact (-158) lower unrealized gain on GPSCTC (loan to GRSCTW) due to lower FX depreciation <USD/THB> Others & Tax (+136) Others (+199) Gheco-One’s asset write-off in Q1/2026 and lower finance costs DD&A: mainly from higher production at HHPC under UOP method and Gheco-1’s major overhaul, reflecting higher overhaul costs and a shorter depreciation period. Tax (+63) DTA & DTL adjustment from the recognition of derivative contracts and the reversal of liability provisions in Q1/2026 Share of profit & Dividend (-220) Share of profit (-225) CFXD: lower revenue (seasonal) (CUF 42.4% in Q1/26 vs 20.3% in Q2/26) XPCL: in Q1/26 recognized accounting gain from EIR remeasurement due to loan refinancing, partly offset by higher revenue from higher water inflow AEPL: higher %CUF (17.9% > 19.2%), additional COD additional COD new projects
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Financial Results | Cashflow & Financial Position GPSC repaid fixed-rate loans and bonds in 2024, targeting > 70% fixed-rate exposure while benefiting from the declining interest rate trend. Identifying a green portfolio to support the needs of the PTT Group. 28 Identifying a green portfolio to support the needs of the PTT Group. Identifying a green portfolio to support the needs of the PTT Group. Identifying a green portfolio to support the needs of the PTT Group. Solid Cash Inflow from Operation and Strong Balance Sheets Cashflows Financial Position Debt Profile Interest Rates 62% Fixed Rate Dec-25 Jun-26 Net Debt to Equity 0.76 0.72 Interest Coverage 1.85 2.07 Average Cost of Debt 3.2% p.a. 3.1% p.a. Average Loan life 4.5 Yrs 4.2 Yrs Unit : MTHB Identifying a green portfolio to support the needs of the PTT Group. AA+ Credit Ratings A+ (Thailand) BBB- (International) Other Current assets Cash & Equivalents Total asset Total Liabilities and Equity 260,118 260,118 As of 30 Jun 2026 Investment in associates & others PPE & Non-Current Assets 117,570 105,207 37,341 169,852 45,774 26,167 17,702 | 28 Other Liabilities Interest-bearing Debt Equity Financing 21,305 7,542 622 148 2,679 7,167 18,527 Cash flow from operations (before tax) Tax paid Investing Ending Cash Dec-25 Ending Cash & Short-term investments Jun-26 Unit : MTHB ◼ Inflow ◼ outflow EBITDA Margin 25% Dividend Cash 17,702 MTHB Fixed deposit 825 MTHB
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Q3/2026 & FY2026 Outlook Identifying a green portfolio to support the needs of the PTT Group. FS2025 Key Drivers Outlook 2021 Pool Gas (THB/MMBTU) Coal* (USD/Ton) FX (THB/USD) Ft (St/kWh) SPP Demands Q3/2026 Q3/2026 Q3/2026 Q3/2026 Q3/2026 FY2026 FY2026 FY2026 FY2026 FY2026 ~ 380 - 390 ~ 330 - 340 ~ 32.6 THB/USD ~ 32 - 33.5 THB/USD ~ 31 – 32 TWD/USD ~ 125 - 130 16.23 (+2 St/kWh QoQ) ~ 14.06 ~ 125 - 130 *NEWC Index Power ~ 3,270 GWh 2% Steam ~ 3.60 – 3.70 MT Power ~ 12,800 GWh 2% Steam ~ 14.60 MT 7% ~ 31.5 TWD/USD Focus Area : Fuel Management, EBITDA Uplift, Financial Expense Reduction, Re-Balancing & Monetization | 29 (-10 St/kWh YoY) (Subject to government)
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Business Overview A Q&A Session | 30 Business Highlight Operation Results Investment Update Financial ResultsBusiness Development Q2/2026 Highlight Strategy Update Financial Performance Action Plan & Growth Earning Call – Q2/2026 Results 10th Aug 2026
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Rising Power Demand Unlocks Thailand’s Next Capacity Growth PDP 2026 Opportunities Current Thailand Dependable Capacity 7,421 MW Current Operating MW In-Operation 13,666 MW 2030 Committed MW Future Equity Capacity | 31 Positioned to capture additional capacity in Thailand and Oversea Operation Best-in-Class ~ 70% Renewable Capacity Participation bidding target >25% Operational Competency Financial Capability Strategic Enablers Solar Wind Hydro ESS Battery Explore opportunities & Partnership Most - Advanced Progress with 4th Gen SMR 1st private SMR in Thailand For captive industrial customers SMR 200-300 MW/siteConventionalRenewable PDP2026 Capacity Bidding Interests & Opportunities ❑ High Reliability Standard Gas Supply/Network LNG Shipper/Co-load Renewable EPC OEM Technical Partners ❑ Existing Debt Head Room LNG Shipper/Co-load ❑ Experienced O&M ❑ Common Spare Part Sharing ❑ Asset Monetization ❑ PTT Group Credit Support Renew Conventional 4,750 MW GPSC in 2020 PV Module Land Plot
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Structural Business Risk Gas Cost Volatile & Regulated Ft Powering the Next Chapter Thermal Coal EBITDA Uplift Gas Link IRPCCP - Helios Gas Cost Restructuring Policy & NEW PDP Geopolitical & Climate Risk FX Volatilities Navigating Challenges, Delivering Success, Shaping the Future | 32 Challenges Adaptive Next Chapter 2019 2020 2021 2022 2023 2024 2025 - 2026 Glow Acquisition & Synergy COVID-19 Pandemics Regulated FT Energy Crisis Oversea Investment : AEPL, CFXD Petrochemical Down Cycle GHECO-One S/D EV3.5Energy Transition SPPs Replacement COD Award RE Biglot Energy Reform/PDP CFXD COD Some PPAs Expires Fossil fuel - based business/ PPA Expiration Gas Link Transformation >70% Top-Quartile Performance AEPL IPO & Portfolio Rebalance PPA Extension & PDP Bidding New Business Focus Solar EPC, Data Center Gas Link Transformation 63% Maintain Reliability & Efficiency Flexible Fuel Management Conventional Power Assets Transition Gas Link Transformation >70% Top Quartile Performance AI Implementation Oversea RE Investment : AEPL, CFXD ~ 50% Renewable AEPL IPO 70% Renewable MW Committed Growth Perspectives & Portfolio Management Acquisition : GLOW, RPCL, GRP Divestment : TSR, CCE, SYE On-going Portfolio Rebalance PPA Extension & PDP Bidding Solar EPC, Cooling District , Data CenterNew Business : Solar EPC, Cooling District
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 IR Contact +662 140 4600 ir@gpscgroup.com www.gpscgroup.com Thank You GPSC Feedback survey for Analyst Meeting 3Q2024 Patchuda Tuntrawarasilp Patchuda.t@gpscgroup.com Pradchaya Boonkhat Pradchaya.b@gpscgroup.com Kunlaphat Trongpanich Kunlaphat.t@gpscgroup.com Tanapol Pattanasiripong Tanapol.p@gpscgroup.com
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 Appendix
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Financial Highlight Q2/2026 | 35 Helios 3, 4.1 8 MW COD Potential Upside Solar Wind ESS CCUS 3rd party access 6.8 GW operating 20,628 Company Financial Highlight (unit: MTHB) Q2/25 Q1/26 Q2/26 Change +/(-) 1H/25 1H/26 Change +/(-) YoY QoQ YoY Operating Revenue 22,476 16,640 21,714 (3%) 30% 43,890 38,354 (13%) Cost of sales (excluding depreciation and amortization) (17,354) (11,766) (15,938) (8%) 35% (33,519) (27,705) (17%) Gross Profit 5,123 4,874 5,775 13% 18% 10,371 10,649 3% Selling and administrative expenses (517) (489) (562) 9% 15% (1,037) (1,051) 1% Other operating income 60 42 64 7% 54% 121 106 (12%) EBITDA 4,666 4,427 5,278 13% 19% 9,456 9,705 3% Depreciation and Amortization (2,347) (2,290) (2,386) 2% 4% (4,671) (4,676) 0% EBIT 2,319 2,137 2,892 25% 35% 4,785 5,029 5% Finance Cost (1,292) (1,137) (1,109) (14%) (2%) (2,673) (2,245) (16%) Other non-operating income and expenses 293 41 285 (3%) 595% 535 326 (39%) Dividend received and shares of profit of associates and joint ventures 588 391 171 (71%) (56%) 709 562 (21%) Income tax expenses 11 (73) (135) (1324%) 86% (56) (208) 273% Profit before FX and extraordinary items 1,919 1,360 2,104 10% 55% 3,300 3,464 5% Net foreign exchange gain (loss) 301 226 68 (77%) (70%) 244 294 20% Net Profit 2,220 1,586 2,172 (2%) 37% 3,545 3,757 6% Non-controlling interests (201) 134 (353) 76% (364%) (385) (219) (43%) Net profit for the company 2,019 1,719 1,819 (10%) 6% 3,159 3,538 12% Q2/26 EBITDA grew 19% QoQ and 13% YoY, driven by improved IPP performance Remark : /a including 515 MTHB gain from bargaining purchase (RPCL 9.375%)
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| 36 Financial Ratio Q2/2026 Financial performance strengthened, with improvements across all key financial ratios Q2/2025 Q1/2026 Q2/2026 Liquidity Ratio Current Ratio 2.02 1.78 1.53 Profitability & Efficiency Ratio EBITDA Margin 21.30% 23.11% 24.10% Net Profit Margin 5.69% 8.71% 8.54% Return on Asset (ROA) 3.04% 3.39% 3.64% Return on Equity (ROE) 4.51% 6.51% 6.32% Debt Ratio Net Debt/Equity 0.82 0.71 0.72 Net Debt/EBITDA 5.68 4.99 4.79 EPS (THB/share) 0.72 0.61 0.65Remark : Current Ratio decreased YoY, QoQ due to bond maturity on Nov-26 and Jun-27.
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Financial Results | Q2/2026 Performance Review Identifying a green portfolio to support the needs of the PTT Group. Performance YoY Q2/2026 (-200 MTHB) : Stronger IPP Performance Supports Resilient Earnings Highlights : Q2/2026 NI 1,819 MTHB (-200 MTHB : -10% vs Q2/2025) Unit : MTHB | 37 Share of profit & Dividend 653 2,019 (44) (233) (6) (417) (152) 1,819 NI Q2/2025 (A) Gross Profit SGA FX Impact Others & Tax Share of Profit & Dividend NCI NI Q2/2026(A) Higher Gross Profit (+653) Higher IPP contribution margin mainly from; Gheco-One : mainly from higher EM from positive coal price & heating value impact and better heat rate after planned outage HHPC : higher dispatch to EGAT (227 vs 100 GWh) (+127 GWh) Lower SPP contribution margin mainly from lower Ft, higher fuel cost and EGAT demand, partially offset with higher IU power & steam demands Higher SGA (+44) mainly from donation & CSR and employee expenses FX Impact (-233) lower unrealized gain on GRSCTW (loan to CFXD) due to lower FX depreciation <USD/TWD> Others & Tax (-6) Others (+140) mainly from lower finance cost , partially offset with higher DD&A mainly from higher production at HHPC under UOP method and Gheco-1’s major overhaul, reflecting higher overhaul costs and a shorter depreciation period. Tax (+146) from DTA adjustment related to the disposal of power plant assets in Q2/2025 Share of profit & Dividend (-417) Share of profit (-417) CFXD: mainly from lower unrealized FX gain due to lower FX depreciation <USD/TWD> AEPL: mainly from recognizing deferred tax adjustment from loss carry forward in 2021, partially offset with higher revenue from additional COD new projects XPCL: higher revenue due to higher water inflows from China RPCL: reclassified from an equity investment to an associate, with share of profit recognized from December 2025.
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Financial Results | 6M/2026 Performance Review Identifying a green portfolio to support the needs of the PTT Group. Performance YTD 6M 6M/2026 (+379 MTHB) : Driven by Stronger SPP Margins and Lower Finance Costs Highlights : 6M/2026 NI 3,538 MTHB (+379 MTHB : +12% vs 6M/2025) Unit : MTHB | 38 Share of profit & Dividend 3,159 278 (14) 50 46 (147) 166 3,538 NI 6M/2025 (A) Gross Profit SGA FX Impact Others & Tax Share of Profit & Dividend NCI NI 6M/2026 (A) Higher Gross Profit (+278) Higher SPP contribution margin mainly from; Higher energy margin due to lower fuel cost, partially offset with higher Ft Higher IU demand (Power +3%, Steam +12%) Lower EGAT power demand due to GSPP3 & GSPP11 Ph.1 PPA expiration Lower IPP contribution margin mainly from; SRC : reach CAH in May 2025 and PPA already expired in Aug 2025 Gheco-One: lower AP due to 88-days planned outage and efficiency improvement in Q1/2026, partly offset by higher energy margin from favorable coal price and lower heating value loss GIPP : lower AP due to planned outage 18 days in Q1/2026 HHPC : Higher dispatch to EGAT (390 vs 194 GWh) (+196 GWh) FX Impact (+50) higher unrealized gain mainly from USD deposit Others & Tax (+46) Others (+198) mainly from lower finance cost , partially offset with Gheco-One’s asset write-off during planned outage in Q1/2026 Tax (+152) from DTA adjustment from TFRS16 in Q2/2025 Share of profit & Dividend (-147) Share of profit (-107) CFXD: mainly from unrealized FX loss, partly offset by higher LD claim and higher revenue from better %CUF (31.35% vs 28.52%) AEPL: mainly from recognizing deferred tax adjustment from loss carry forward in 2021 and lower %CUF (19.17% > 18.50%) partially offset with higher revenue from additional COD new projects XPCL: in Q1/26 recognized accounting gain from EIR remeasurement due to loan refinancing and higher revenue from higher water inflow Dividend (-40) reclassified from an equity investment to an associate in Dec 2025
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Sustainability Strategy | 39 Vision Environmental : Low Carbon Utilities Social : Empower Better Living Governance : Creating the Value of Sustainable Growth Mission Power Accessibility Enhance stability of access by investing in Renewables such as Solar Rooftop and Solar floating Quality of Life Empower better living by providing occupational training program, light for a better life program and zero- waste village Ecosystem Ecosystem of driving clean energy, cultivating the circular economy concept, and easing environmental impacts Sustainable Innovation Sustainable Innovation for the corporation to drive improvement initiatives through AI and Blockchain, innovation culture and young social innovator Sustainability Framework Human EmpowermentSustainability IntegrationStrategic SDGs Long Term Values Creation Innovative & Sustainable Energy Innovative Leader & Capturing the Future Sustainability Market Embedded sustainability for leverage our products, processes and management Driving innovation for low- carbon technologies and expanding into future-focused markets Building performance of sustainability for people
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Identifying a green portfolio to support the needs of the PTT Group. Identifying a green portfolio to support the needs of the PTT Group. “GPSC shall play a key role in the PTT Group’s decarbonization leader while enhancing the reliability of electricity within the group. Additionally, it should pursue opportunities for growth in new business areas." Bidding Complete Transaction on 16 October 2024 Increase financial capability and investment capacity from restructuring ERU Project Update Matching Inflow-Outflow : - EGAT Minimum Maintain 260 KT (รวมเรือเดินทาง 1 ล า) + efficiency GCV Loss - AO ปรับการ spray น ้า/เกลี่ยกอง Diversify - Trader vs. Miner Balance - Price : Competitive สุด 66K Tons Fuel reduction CO2e reduction | 40 Fuel Link Potential New Fuel Link FT Link 757 MUSD* (Capped Amount) already paid 96.32 MUSD Electricity 250 MW Steam 175 Ton/hour Long Stop Date 31 August 2026 Refund with 4% Interest from paid investment when Termination Capacity Investment Customer Termination Condition Fuel Petroleum Pitch Existing Agreement Target SCOD Q1/2029 Siam Solar Energy 1 (SSE1) Location 10 locations in Suphanburi and Kanchanaburi province Land own by SSE1 PPA Capacity 80 MWac (Installed Capacity 91.1 MWdc) Off taker PEA (End of existing PPA 2028-2029/ with automatic 5years renewal) Tariff Scheme Adder 6.50 THB/kWh for 10yrs + TOU1/ (Expired) After 10yrs (TOU1/ + Ft wholesale) Avg. ~3.70 THB/kWh2/ GPSC Investment 1,697 MTHB (Book Value as of Q3-2024 =1,411 MTHB) Reaffirming limited impact from ERU with target COD in Q1/2029 Customer Thaioil Negotiate with TOP to extend the long-stop date, subject to mutual agreement ✓ consider an extension of the long-stop date ✓ confirm the agreed return commitment ✓ establish a cash flow return mechanism
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 Name Type Shareholding (%) Total capacity (MW) Equity Power capacity (MW) Equity Operating Power capacity (MW) Steam (T/H) Industrial water (Cu.m/H) COD Tenor IPP Glow IPP IPP GLOW (95%) 713 677 677 - - 2003 25 Huay Ho IPP GLOW (67%) 152 102 102 - - 1999 30 GHECO-One IPP GLOW (65%) 660 429 429 - - 2012 25 XPCL IPP GPSC (25%) 1,285 321 321 - - 2019 29 RPCL IPP GPSC (24.3725%) 1,400 341 341 - - 2008 25 Total IPP 4,210 1,871 1,871 - - SPP CUP-1 SPP GPSC (100%) 226 226 226 890 720 2006 25 CUP-2 SPP GPSC (100%) 113 113 113 170 510 2008 25 CUP-3 SPP GPSC (100%) - - - 280 770 2009 IU Rayong Expansion (CUP-3) SPP GPSC (100%) 15 15 15 - - 2019 n/a CUP-4 SPP GPSC (100%) 49 49 49 140 - 2019 Long-term Glow Energy Phase 1 SPP GLOW (100%) - - - - 1,250 1994 - Glow Energy Phase 2 SPP GLOW (100%) 70 70 70 206 - 1996 - Glow Energy Phase 2 (SPP replacement) SPP GLOW (100%) 200 200 200 460 1,667 2022-23 25 Glow Energy Phase 4 SPP GLOW (100%) 77 77 77 137 2,050 2005 25 Glow Energy Phase 5 SPP GLOW (100%) 328 328 328 160 - 2011 10-20 Glow SPP 2 SPP GLOW (100%) 213 213 213 140 - 1999 25 Glow SPP 2 (SPP replacement) SPP GLOW (100%) 100 100 100 230 - 2024 25 Glow SPP 3 (transferred to Glow Energy) SPP GLOW (100%) 300 300 300 50 150 1999 25 Glow SPP 11 Phase 1 SPP GLOW (100%) 120 120 120 - 360 2000 25 Glow SPP 11 Phase 3 SPP GLOW (100%) 42 42 42 - - 2006 10-20 Glow SPP 11 Phase 2 SPP GLOW (100%) 110 110 110 - 212 2012 25 Glow Energy CFB 3 SPP GLOW (100%) 85 85 85 79 - 2010 10-20 IRPC-CP Phase 1 - 2 SPP GPSC (51%) 240 122.4 122.4 153 - 2015, 2017 25-27 IRPC-CP Phase 3 SPP GPSC (51%) 70 36 36 - - 2024 - Industrial water อัพเดทตัวเลข 1. Glow energy phase 2 replacement >> power, steam, industrial water 2. Glow energy phase 1 >> น ้ำอุตสำหกรรม GPSC | Power Plant Portfolio (1/2) | 41 IRPC-CP Phase 1 SPP GPSC (51%) 45 23 23 86.7 - 2015 25-27 IRPC-CP Phase 2 SPP GPSC (51%) 195 99.4 99.4 66.3 - 2017 25
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 Name Type Shareholding (%) Total capacity (MW) Equity Power capacity (MW) Equity Operating Power capacity (MW) Steam (T/H) Industrial water (Cu.m/H) COD Tenor (year) NNEG Phase 1-2 SPP GPSC (30%) 185 56 56 12 - 2016, 2020 21-25 NNEG Phase 3 SPP GPSC (30%) 30 9 9 1.59 - Q1-2026 - BIC-1 SPP GPSC (25%) 117 29.25 29.25 5 - 2013 25 BIC-2 SPP GPSC (25%) 117 29.25 29.25 5 - 2017 25 Total SPP 2,807 2,330 2,321 3,117 7,689 VSPP and others Rayong Waste to Energy (WTE) VSPP GPSC (100%) 9.8 9.8 9.8 - - 2021 18 CHPP (Solar) VSPP GPSC (100%) 5 5 5 - - 2016 25 GRP (NPS, WXA, PPS) VSPP GPSC (100%) 40 40 40 - - 2014-15 25 GRP1 (Sheng Yang) Solar GPSC (90%) 56 50 50 - - 2016-21 20 AEPL (Renewable Energy Platform) Solar, Wind GPSC (39.9%) 22,242 8,874 2,895 - - 2018-30 10-25 TSR (SSE1) VSPP GPSC (40%) - - - - - 2013 25 NL1PC Hydro GPSC (40%) 65 26 26 - - 2019 24 Chonburi Clean Energy (CCE) VSPP GLOW (33%) - - - - - 2019 20 CFXD (Offshore wind farm) Wind GPSC (25%) 595 149 149 - - 2022-25 20 Helios 3 – 4 Solar GPSC (50%) 24 12 - - - 2030 25 Private PPA Solar GPSC Gr. (100%) 49 49 47 - - 2012-26 Long-term Total VSPP and others 23,087 9,215 3,222 - - ERU ERU (Under construction) Petroleum Pitch GPSC (100%) 250 250 - 175 - 2029 25 Total ERU 250 250 - 175 - Total capacity 30,354 13,666 7,421 3,294 7,689 Note: - Total committed equity capacity as of June 30, 2026 - Equity capacity includes 100% stake in GLOW, Private PPA and ERU GPSC | Power Plant Portfolio (2/2) | 42 NNEG SPP GPSC (30%) 125 38 38 9 - 2016 25 NNEG Expansion SPP GPSC (30%) 60 18 18 3 - 2020 21 NNEG Expansion 2 SPP GPSC (30%) 30 9 - 1.59 - 2024 -
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 Main Unit Description Duration 2026 Q1 Q2 Q3 Q4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CUP-1 GTG-11 3 Days GTG-12 16 Days GTG-13 3 Days GTG-14 3 Days GTG-15 3 Days GTG-16 8 Days CUP-2 GTG-21 3 Days GTG-22 16 Days ST-21 23 Days CUP-3 AB-31 13 Days AB-32 13 Days RDF Power Plant 33 Days 22/620/6 2026 Maintenance Schedule | Sriracha and Rayong Plants | 43 25/910/9 27/625/6 17/615/6 9/117/11 14/17/1 10/28/2 12/727/6 30/88/8 13/61/6 13/101/10 25/61/6 22/1115/11
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 Main Units Description Duration 2026 Q1 Q2 Q3 Q4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Glow IPP Unit11 23 Days Unit12 23 Days GHECO-One GHECO-One 88 Days GEN COGEN 5 Days GEN Phase2 (GT41) 7 Days GEN Phase2 (GT42) 13 Days GEN Phase2 (GT61) 13 Days GEN Phase2 (GT62) 13 Days GEN CFB2 40 Days GEN CFB3 40 Days GEN Phase4 11 Days GEN Phase 5 7 Days GSPP2 CTG2 7 Days GSPP2 CTG2A/CTG2B 7 Days GSPP2 CTG71 5 Days GSPP2 CTG72 5 Days MI 2/1120/10 2026 Maintenance Schedule | GLOW's Main Units GHECO-One GHECO-One 55 Days HHPC Unit_1 14 Days Unit_2 14 Days | 44 23/31/3 30/922/8 29/31/1 13/712/7 15/1111/11 11/16/1 17/816/08 16/1212/12 28/123/1 24/823/8 27/1123/11 25/210/2 7/96/9 5/111/11 30/31/3 16/112/1 17/215/2 21/1014/10 9/63/6 27/421/4 7/61/6 5/71/7 29/725/7
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 Main Units Description Duration 2026 Q1 Q2 Q3 Q4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec GSPP11 GT1/GT2/ST3 5 Days GT1 5 Days GT2 5 Days GEG3 7 Days MI 2/1120/10 2026 Maintenance Schedule | GLOW's Main Units GHECO-One GHECO-One 55 Days HHPC Unit_1 14 Days Unit_2 14 Days | 45 14/1010/10 25/124/1 27/725/7 16/412/4 25/1119/11
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 2026 Maintenance Schedule | IRPC -CP , CHP -II | 46 Main Unit Duration 2026 Q1 Q2 Q3 Q4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Block 1 CTG 21 8 days Law (1) 1 Level A (5) 1 HRSG 21 8 days Law (1) 1 Level A (5) 1 CTG 22 8 days Law (1) 1 Level A (5) 1 HRSG 22 8 days Law (1) 1 Level A (5) 1 STG 23 5 days YI (5) Block 2 CTG 31 8 days 1 Law (1) 1 Level A (5) HRSG 31 8 days 1 Law (1) 1 Level A (5) CTG 32 8 days 1 Level A (5) Law (1) 1 HRSG 32 8 days 1 Level A (5) Law (1) 1 STG 33 5 days YI (5) Aux. Boiler 1 days Law (1) Notes: • RMI : Remote Minor Inspection • YI : Yearly Inspection, A: Inspection Level A, B: Inspection Level B, C: Inspection Level C • Law : Inspection by Law • 1 : Reserve for clearing GT pulsation 1 day
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 2026 Maintenance Schedule | CHP -III | 47 Main Unit Duration 2025 Q1 Q2 Q3 Q4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CTG 61 19 days EPC (12) 1 RMI+Law(5) 1 HRSG 61 19 days EPC (12) 1 RMI+Law(5) 1 STG 63 19 days EPC (12) Law (1) YI(5) 1 Notes: • RMI : Remote Minor Inspection • YI : Yearly Inspection, A: Inspection Level A, B: Inspection Level B, C: Inspection Level C • Law : Inspection by Law • 1 : Reserve for clearing GT pulsation 1 day
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| 48 Accelerate toward Net Zero 2050 PTT Group Emission Scope 1& 2 “GPSC shall play as PTT Group’s leader in Power Decarbonization while enhancing the reliability of electricity for industrial customers” Carbon Neutrality 2050 & Net Zero 2060 Reduction 15% 2035 & Net Zero 2050 Aligning with Thailand National Policy Key signpost ▪ Regulation & TPA ▪ Carbon Law ▪ Technology deployment
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TEXT PRIMARY SECONDARY 100 90 80 70 60 50 40 30 20 10 GRAYSCALE IR PALETTE 2IR PALETTE 1 IR PALETTE 3 IR PALETTE 4 Disclaimer The information contained here is being furnish on a confidential basis for discussion purposes only and only for the use of the recipient, and may be subject to completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this document does not constitute an offer to sell or purchase any security of engage in any transaction. The information contained herein has been obtained from sources that Global Power Synergy Public Company Limited (“GPSC”) considers to be reliable; however, GPSC makes no representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein. Any projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such projections, valuations and analyses may be based on subjective assessments and assumptions and may utilize one among alternative methodologies that produce differing results; accordingly, such projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. The recipient should make an independent evaluation and judgement with respect to the matters contained herein. 49