Interim report
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GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION ( UNAUDITED ) 30 JUNE 2026
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AUDITOR’S REPORT ON THE REVIEW OF THE INTERIM FINANCIAL INFORMATION To the Shareholders of Global Power Synergy Public Company Limited I have reviewed the interim consolidated financial information of Global Power Synergy Public Company Limited and its subsidiaries, and the interim separate financial information of Global Power Synergy Public Company Limited. These comprise the consolidated and separate statements of financial position as at 30 June 2026, the related consolidated and separate statements of income and comprehensive income for the three-month and six-month periods then ended, the related consolidated and separate statements of changes in equity, and cash flows for six-month period then ended, and the condensed notes to the interim financial information. Management is responsible for the preparation and presentation of this interim consolidated and separate financial information in accordance with Thai Accounting Standard 34, “Interim Financial Reporting”. My responsibility is to express a conclusion on this interim consolidated and separate financial information based on my review. Scope of review I conducted my review in accordance with the Thai Standard on Review Engagements 2410, “Review of interim financial information performed by the independent auditor of the entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion. Conclusion Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim consolidated and separate financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34, “Interim Financial Reporting”. PricewaterhouseCoopers ABAS Ltd. Rodjanart Banyatananusard Certified Public Accountant (Thailand) No. 8435 Bangkok 6 August 2026
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2 Global Power Synergy Public Company Limited Statement of Financial Position As at 30 June 2026 Unaudited Audited Unaudited Audited 30 June31 December 30 June31 December 2026 2025 2026 2025 Notes Baht Baht Baht Baht Assets Current assets Cash and cash equivalents 8 17,701,858,11521,304,628,72410,117,347,48511,863,418,864 Financial assets measured at amortised cost9 3,086,916,3982,200,448,9132,561,372,2351,000,000,000 Trade receivables 10, 2012,035,033,71410,468,111,2392,617,400,2132,118,278,728 Current portion of lease receivable, net 419,088,247382,491,051 - - Other current receivables 20 1,344,297,6491,359,538,239445,613,517266,100,731 Short-term loan to a related party 20 26,056,211 - - 1,202,038,423 Current portion of long-term loans to related parties20 - - 1,302,095,971 91,744,400 Fuel, spare parts and supplies, net 6,637,895,9016,348,184,843765,455,908737,649,837 Derivative assets 6 14,885,196 14,422,924 - 9,557,279 Group of assets classified as held for sale11 2,171,421,571 - - - Other current assets 850,742,979747,894,365207,520,999150,414,293 Total current assets 44,288,195,98142,825,720,29818,016,806,32817,439,202,555 Non-current assets Lease receivable, net 504,364,203697,229,233 - - Investments in associates 12 43,793,441,51942,981,629,1452,951,809,1662,951,434,191 Investments in joint ventures 12 1,897,274,3921,809,040,1551,132,729,0901,132,729,090 Investments in subsidiaries 12 - - 181,654,562,548181,648,662,548 Financial assets measured at fair value through other comprehensive income6 53,500,001 53,500,001 1,500,001 1,500,001 Long-term loans to and interest receivables from related parties, net 20 6,265,767,8387,000,828,9414,743,730,1797,142,229,281 Property, plant and equipment, net 13 82,765,859,46286,935,691,42511,645,079,15012,236,817,413 Intangible assets, net 13 33,929,015,79835,134,200,154628,049,262656,800,034 Right-of-use assets, net 14 3,077,324,4072,978,517,897305,997,294331,786,615 Goodwill 36,089,835,84136,095,181,939 - - Deferred tax assets, net 4,043,090,6234,027,399,106659,005,472588,123,184 Derivative assets 6 37,187,187 - - - Other non-current assets, net 20 3,373,308,9323,720,155,099 31,843,015 55,404,636 Total non-current assets 215,829,970,203221,433,373,095203,754,305,177206,745,486,993 Total assets 260,118,166,184264,259,093,393221,771,111,505224,184,689,548 The condensed notes to the interim financial information are an integral part of this interim financial information. Consolidated Separate financial information financial information
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3 Global Power Synergy Public Company Limited Statement of Financial Position As at 30 June 2026 Unaudited Audited Unaudited Audited 30 June31 December 30 June31 December 2026 2025 2026 2025 Notes Baht Baht Baht Baht Liabilities and equity Current liabilities Trade payables 20 6,051,890,9965,256,400,1181,562,759,3811,200,186,508 Other current payables 20 2,057,932,3843,084,251,9431,097,452,6401,829,272,365 Payables for assets under construction 114,601,579243,432,680 24,431,327 66,599,123 Short-term loan from related parties 20 - - 11,008,032,29012,987,082,355 Current portion of lease liabilities, net 203,917,991138,159,037142,467,039 70,253,294 Current portion of long-term loans from financial institutions, net 15 7,093,244,2138,828,253,392949,030,734678,959,405 Current portion of long-term loans from a related party, net 20 - - 116,997,500744,345,942 Current portion of debentures, net 16 9,998,537,2665,998,874,8369,998,537,2665,998,874,836 Derivative liabilities 6 345,670,714 338,941 345,670,714 - Liabilities related with group of assets classified as held for sale 11 1,799,846,731 - - - Other current liabilities 1,187,888,7361,262,777,388193,640,250192,005,724 Total current liabilities 28,853,530,61024,812,488,33525,439,019,14123,767,579,552 Non-current liabilities Lease liabilities, net 3,284,192,3583,208,585,442285,869,705386,203,228 Derivative liabilities 6 91,130,460 119,434,766 - - Long-term loans from financial institutions, net15 37,504,936,11142,440,196,9508,416,980,7819,010,259,374 Long-term loan from other party 15 146,259,099131,615,400 - - Long-term loans from a related party, net 20 - - 122,516,2502,062,307,387 Debentures, net 16 50,464,291,06254,459,679,49350,464,291,06254,459,679,493 Provisions for employee benefits 691,722,992674,815,705411,144,511404,625,098 Deferred tax liabilities, net 6,965,965,4417,177,695,431 - - Retentions 21,560,902 38,118,327 13,264,542 11,894,718 Other non-current liabilities 17, 2014,525,048,53614,760,825,113363,981,243381,279,389 Total non-current liabilities 113,695,106,961123,010,966,62760,078,048,09466,716,248,687 Total liabilities 142,548,637,571147,823,454,96285,517,067,23590,483,828,239 Consolidated Separate financial information financial information The condensed notes to the interim financial information are an integral part of this interim financial information.
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4 Global Power Synergy Public Company Limited Statement of Financial Position As at 30 June 2026 Unaudited Audited Unaudited Audited 30 June31 December 30 June31 December 2026 2025 2026 2025 Baht Baht Baht Baht Liabilities and equity (continued) Equity Share capital Authorised share capital 2,819,729,371 ordinary shares at par value of Baht 10 per share 28,197,293,71028,197,293,71028,197,293,71028,197,293,710 Issued and paid-up share capital 2,819,729,367 ordinary shares paid-up at Baht 10 per share 28,197,293,67028,197,293,67028,197,293,67028,197,293,670 Premium on ordinary shares 70,175,900,83770,175,900,83770,175,900,83770,175,900,837 Deficit from the change in the ownership interests in subsidiaries (14,991,990,030)(14,991,990,030) - - Other surpluses (deficits) (1,159,384,845)(1,159,384,845)78,467,400 78,467,400 Retained earnings Appropriated - Legal reserve 2,819,729,3712,819,729,3712,819,729,3712,819,729,371 Unappropriated 27,477,536,21526,617,827,45335,972,021,89533,418,838,934 Other components of equity (6,958,588,156)(7,253,061,142)(989,368,903)(989,368,903) Equity attributable to owners of the parent 105,560,497,062104,406,315,314136,254,044,270133,700,861,309 Non-controlling interests 12,009,031,55112,029,323,117 - - Total equity 117,569,528,613116,435,638,431136,254,044,270133,700,861,309 Total liabilities and equity 260,118,166,184264,259,093,393221,771,111,505224,184,689,548 The condensed notes to the interim financial information are an integral part of this interim financial information. financial information financial information Consolidated Separate
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5 Global Power Synergy Public Company Limited (Unaudited) Statement of Income For the three-month period ended 30 June 2026 2026 2025 2026 2025 Baht Baht Baht Baht Revenue from sales and services 21,713,391,14222,461,664,0005,278,091,4505,424,712,982 Revenue from finance lease 383,191 14,823,355 - 5,381,082 Cost of sales and services (18,278,702,336)(19,653,863,026)(4,516,576,371)(4,839,454,225) Gross profit 3,435,071,9972,822,624,329761,515,079590,639,839 Dividend income 4,652,000 4,354,500 2,000 281,091,169 Other income 355,261,934 368,916,119158,767,984192,923,149 Administrative expenses (613,867,177)(579,883,755)(319,965,506)(279,467,805) Currency exchange gain (loss), net 132,237,741 235,723,165 50,465,830(135,594,472) Gain (loss) from measurement of financial instruments, net (64,224,365) 65,601,955(92,805,691)114,931,931 Finance costs (1,108,534,376)(1,292,228,349)(569,086,591)(639,875,084) Share of profit from investments in associates and joint ventures 166,456,231 583,912,059 - - Profit (loss) before income tax 2,307,053,9852,209,020,023(11,106,895)124,648,727 Income tax (135,188,187) 11,047,306 (7,218,778) 63,467,812 Profit (loss) for the period 2,171,865,7982,220,067,329(18,325,673)188,116,539 Profit (loss) attributable to Owners of the parent 1,819,104,1022,019,251,006(18,325,673)188,116,539 Non-controlling interests 352,761,696 200,816,323 - - 2,171,865,7982,220,067,329(18,325,673)188,116,539 Earnings (loss) per share Basic earnings (loss) per share 0.65 0.72 (0.01) 0.07 The condensed notes to the interim financial information are an integral part of this interim financial information. Consolidated Separate financial information financial information
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6 Global Power Synergy Public Company Limited (Unaudited) Statement of Comprehensive income For the three-month period ended 30 June 2026 2026 2025 2026 2025 Baht Baht Baht Baht Profit (loss) for the period 2,171,865,7982,220,067,329(18,325,673)188,116,539 Other comprehensive income (expense) : Items that will be reclassified subsequently to profit or loss Cash flow hedges 6,763,439 453,710 - - Costs of hedging - (126,461) - - Share of other comprehensive income from investments in associates and joint ventures 247,519,086 309,857,141 - - Exchange difference on translation of financial information (2,579,143)(271,935,747) - - Income tax on items that will be reclassified subsequently to profit or loss (1,352,688) (65,450) - - Total items that will be reclassified subsequently to profit or loss, net of tax 250,350,694 38,183,193 - - Items that will not be reclassified subsequently to profit or loss Loss from remeasurement of equity investments at fair value through other comprehensive income - (212,705,784) - (212,705,784) Share of other comprehensive expense from investments in associates and joint ventures - (31,322,697) - - Income tax on items that will not be reclassified subsequently to profit or loss - 42,541,157 - 42,541,157 Total items that will not be reclassified subsequently to profit or loss, net of tax - (201,487,324) - (170,164,627) Other comprehensive income (expense) for the period, net of tax 250,350,694(163,304,131) - (170,164,627) Total comprehensive income (expense) for the period2,422,216,4922,056,763,198(18,325,673) 17,951,912 Total comprehensive income (expense) attributable to Owners of the parent 2,059,329,8131,881,922,481(18,325,673) 17,951,912 Non-controlling interests 362,886,679 174,840,717 - - 2,422,216,4922,056,763,198(18,325,673) 17,951,912 The condensed notes to the interim financial information are an integral part of this interim financial information. financial information financial information Consolidated Separate
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7 Global Power Synergy Public Company Limited (Unaudited) Statement of Income For the six-month period ended 30 June 2026 2026 2025 2026 2025 Notes Baht Baht Baht Baht Revenue from sales and services 38,353,351,60943,841,979,37410,205,405,27211,311,168,958 Revenue from finance lease 920,483 48,087,386 - 25,767,480 Cost of sales and services (32,292,255,925)(38,096,387,901)(8,580,447,376)(10,043,750,658) Gross profit 6,062,016,1675,793,678,8591,624,957,8961,293,185,780 Dividend income 4,652,000 44,854,5005,008,429,1561,785,751,128 Other income 641,669,341 711,123,872323,376,781 351,324,643 Administrative expenses (1,348,691,772)(1,184,975,516)(529,992,144)(592,947,117) Currency exchange gain (loss), net 674,221,768 109,388,267357,019,348(222,660,480) Gain (loss) from measurement of financial instruments, net (380,447,253)134,830,664(459,654,124)185,074,453 Finance costs (2,245,288,228)(2,672,530,625)(1,163,093,341)(1,321,286,388) Share of profit from investments in associates and joint ventures 12 557,104,644 663,949,565 - - Profit before income tax 3,965,236,6673,600,319,5865,161,043,5721,478,442,019 Income tax 18 (207,758,964)(55,693,663) 70,882,288 79,681,551 Profit for the period 3,757,477,7033,544,625,9235,231,925,8601,558,123,570 Profit attributable to Owners of the parent 3,538,451,6613,159,287,3905,231,925,8601,558,123,570 Non-controlling interests 219,026,042 385,338,533 - - 3,757,477,7033,544,625,9235,231,925,8601,558,123,570 Earnings per share Basic earnings per share 1.25 1.12 1.86 0.55 The condensed notes to the interim financial information are an integral part of this interim financial information. Consolidated Separate financial information financial information
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8 Global Power Synergy Public Company Limited (Unaudited) Statement of Comprehensive income For the six-month period ended 30 June 2026 2026 2025 2026 2025 Baht Baht Baht Baht Profit for the period 3,757,477,7033,544,625,9235,231,925,8601,558,123,570 Other comprehensive income (expense) : Items that will be reclassified subsequently to profit or loss Cash flow hedges 29,006,871 (8,880,246) - - Costs of hedging (57,414) (191,431) - - Share of other comprehensive income (expense) from investments in associates and joint ventures323,055,465 (54,581,217) - - Exchange difference on translation of financial information (30,187,038)(232,428,280) - - Income tax on items that will be reclassified subsequently to profit or loss (5,789,891) 13,988,662 - - Total items that will be reclassified subsequently to profit or loss, net of tax 316,027,993(282,092,512) - - Items that will not be reclassified subsequently to profit or loss Loss from remeasurement of equity investments at fair value through other comprehensive income - (222,370,720) - (222,370,720) Share of other comprehensive income (expense) from investments in associates and joint ventures17,784,982 (33,314,618) - - Income tax on items that will not be reclassified subsequently to profit or loss - 44,474,144 - 44,474,144 Total items that will not be reclassified subsequently to profit or loss, net of tax 17,784,982(211,211,194) - (177,896,576) Other comprehensive income (expense) for the period, net of tax 333,812,975(493,303,706) - (177,896,576) Total comprehensive income for the period 4,091,290,6783,051,322,2175,231,925,8601,380,226,994 Total comprehensive income attributable to Owners of the parent 3,832,924,6472,689,405,8635,231,925,8601,380,226,994 Non-controlling interests 258,366,031 361,916,354 - - 4,091,290,6783,051,322,2175,231,925,8601,380,226,994 The condensed notes to the interim financial information are an integral part of this interim financial information. financial information financial information Consolidated Separate
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9 Global Power Synergy Public Company Limited (Unaudited) Statement of Changes in Equity For the six-month period ended 30 June 2026 Consolidated financial information Deficit from Share of other the change in comprehensive Total equity Issued andPremiumthe ownership Appropriated - Exchange differenceChanges in Costs ofincome (expense) fromTotalattributable toNon- paid-upon ordinaryinterests Legal on translation of thefair value ofCash flowhedginginvestments in associatesother componentsowners ofcontrollingTotal share capital sharesin subsidiariesOther deficitsreserveUnappropriatedfinancial informationequity investmentshedge reservesreservesand joint venturesof equitythe parentinterestsequity Note Baht Baht Baht Baht Baht Baht Baht Baht BahtBaht Baht Baht Baht Baht Baht Opening balance as at 1 January 202528,197,293,67070,175,900,837(14,991,990,030)(1,159,384,845)2,819,729,37123,740,007,603778,327,6161,982,210,743(71,317,739)364,702 (3,913,541,748)(1,223,956,426)107,557,600,18011,584,073,117119,141,673,297 Changes in equity for the period Dividends payment - - - - -(1,268,878,215) - - - - - -(1,268,878,215)(401,315,196)(1,670,193,411) Call for share capital of a subsidiary - - - - - - - - - - - - - 24,377,50024,377,500 Total comprehensive income (expense) for the period Profit for the period - - - - -3,159,287,390 - - - - - - 3,159,287,390385,338,5333,544,625,923 Other comprehensive income (expense) for the period - - - - - - (207,223,880)(177,896,576)3,287,909(153,145) (87,895,835)(469,881,527)(469,881,527)(23,422,179)(493,303,706) Closing balance as at 30 June 202528,197,293,67070,175,900,837(14,991,990,030)(1,159,384,845)2,819,729,37125,630,416,778571,103,7361,804,314,167(68,029,830)211,557 (4,001,437,583)(1,693,837,953)108,978,127,82811,569,051,775120,547,179,603 Opening balance as at 1 January 202628,197,293,67070,175,900,837(14,991,990,030)(1,159,384,845)2,819,729,37126,617,827,4531,009,849,005(949,051,862)(57,952,258)260,152 (7,256,166,179)(7,253,061,142)104,406,315,31412,029,323,117 116,435,638,431 Changes in equity for the period Dividends payment 19 - - - - - (2,678,742,899) - - - - - -(2,678,742,899)(284,557,597)(2,963,300,496) Call for share capital of a subsidiary - - - - - - - - - - - - - 5,900,0005,900,000 Total comprehensive income (expense) for the period Profit for the period - - - - - 3,538,451,661 - - - - - - 3,538,451,661219,026,0423,757,477,703 Other comprehensive income (expense) for the period - - - - - - (61,499,631) - 15,178,103(45,933) 340,840,447294,472,986294,472,98639,339,989333,812,975 Closing balance as at 30 June 202628,197,293,67070,175,900,837(14,991,990,030)(1,159,384,845)2,819,729,37127,477,536,215948,349,374(949,051,862)(42,774,155)214,219 (6,915,325,732)(6,958,588,156)105,560,497,06212,009,031,551117,569,528,613 The condensed notes to the interim financial information are an integral part of this interim financial information. Attributable to owners of the parent Retained earnings Other components of equity Other comprehensive income (expense)
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10 Global Power Synergy Public Company Limited (Unaudited) Statement of Changes in Equity For the six-month period ended 30 June 2026 Issued and Changes in Total paid-up sharePremium on Appropriated- fair value ofother components Total capital ordinary shareOther surpluses legal reserveUnappropriatedequity investments of equity equity Note Baht Baht Baht Baht Baht Baht Baht Baht Opening balance as at 1 January 2025 28,197,293,67070,175,900,83778,467,4002,819,729,37134,985,486,732 1,941,893,702 1,941,893,702138,198,771,712 Changes in equity for the period Dividends payment - - - - (1,268,878,215) - - (1,268,878,215) Total comprehensive income (expense) for the period Profit for the period - - - - 1,558,123,570 - - 1,558,123,570 Other comprehensive expense for the period - - - - - (177,896,576) (177,896,576)(177,896,576) Closing balance as at 30 June 2025 28,197,293,67070,175,900,83778,467,4002,819,729,37135,274,732,087 1,763,997,126 1,763,997,126138,310,120,491 Opening balance as at 1 January 2026 28,197,293,67070,175,900,83778,467,4002,819,729,37133,418,838,934 (989,368,903) (989,368,903)133,700,861,309 Changes in equity for the period Dividends payment 19 - - - - (2,678,742,899) - - (2,678,742,899) Total comprehensive income (expense) for the period Profit for the period - - - - 5,231,925,860 - - 5,231,925,860 Other comprehensive income (expense) for the period - - - - - - - - Closing balance as at 30 June 2026 28,197,293,67070,175,900,83778,467,4002,819,729,37135,972,021,895 (989,368,903) (989,368,903)136,254,044,270 The condensed notes to the interim financial information are an integral part of this interim financial information. Separate financial information Other components of equity Retained earnings Other comprehensive income (expense)
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11 Global Power Synergy Public Company Limited (Unaudited) Statement of Cash Flows For the six-month period ended 30 June 2026 2026 2025 2026 2025 Note Baht Baht Baht Baht Cash flows from operating activities 3,965,236,6673,600,319,5865,161,043,5721,478,442,019 Profit before income tax for the period Adjustments to reconcile profit before income tax to net cash from operating activities - Depreciation and amortisation 4,676,207,8894,665,551,938761,381,462860,492,181 - Interest income (454,709,398)(517,909,602)(252,416,037)(258,189,348) - Dividend income (4,652,000)(44,854,500)(5,008,429,156)(1,785,751,128) - Loss (gain) on disposal and write-off of plant and equipment, net 227,977,271 28,421,898(33,299,507) 109,808 - Finance costs 2,232,502,6282,659,818,1421,163,093,3411,321,286,388 - Recognition of advance received for long-term right to grant of assets (30,476,578)(34,568,367) - - - Unrealised exchange loss (gain) (609,575,243)(252,219,535)(278,013,764) 6,670,031 - Unrealised loss (gain) from measurement of financial instruments 305,568,504(24,739,016)355,227,993 - - Share of profit from investments in associates and joint ventures, net 12 (557,104,644)(663,949,565) - - - Gain from write-off of right-of-use (58,155) - - - - Loss (reversal) on impairment on investment - 22,965,137 - (5,081,642) - Provisions for employee benefits 37,950,195 36,078,959 24,976,214 24,153,648 Cash flows before changes in working capital 9,788,867,1369,474,915,0751,893,564,1181,642,131,957 Changes in working capital - Trade receivables (1,558,681,821)(687,628,489)(499,121,485)18,124,541 - Other current receivables 176,750,6931,060,108,897(15,119,891) 61,702,358 - Finance lease receivable 182,207,0411,027,299,012 - 699,339,242 - Fuel, spare parts and supplies (289,711,058)486,326,829(27,806,071)(4,745,269) - Other current assets (25,244,790)(18,148,284)(21,208,312) 6,201,637 - Other non-current assets 29,319,773(91,744,246) (187,200) (6,535,120) - Trade payables 790,861,557349,066,616362,572,873(40,577,333) - Other current payables (969,071,805)(144,954,334)(718,129,976)(130,919,688) - Other current liabilities 84,922,891(52,001,769) 1,634,526 (4,949,044) - Retirement benefit paid (22,569,867)(40,335,500)(18,456,801)(35,151,499) - Other non-current liabilities (645,969,786)(730,247,692)(16,062,449)(19,027,500) Cash generated from operating activities 7,541,679,96410,632,656,115941,679,3322,185,594,282 - Cash received from withholding tax refundable - 32,544,114 - - - Tax paid (622,085,301)(1,028,547,213)(35,898,394)(47,541,227) Net cash generated from operating activities 6,919,594,6639,636,653,016905,780,9382,138,053,055 Consolidated Separate financial information financial information The condensed notes to the interim financial information are an integral part of this interim financial information.
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12 Global Power Synergy Public Company Limited (Unaudited) Statement of Cash Flows For the six-month period ended 30 June 2026 2026 2025 2026 2025 Notes Baht Baht Baht Baht Cash flows from investing activities Interest received 160,323,760250,967,361 90,625,291172,557,567 Dividends received 21,558,250 96,710,7505,008,429,1561,785,751,128 Cash paid for financial assets measured at amortised cost(825,095,250)(4,661,990,426)(1,500,000,000)(4,000,000,000) Cash paid for investments in an associate 12 (374,975) - (374,975) - Cash paid for investments in a subsidiary 12 - - (5,900,000)(10,500,000) Cash paid for short-term loan to a related party20 (26,056,211) - - - Cash received from short-term loan to a related party20 - - 1,202,038,423 - Cash paid for long-term loans to a related party20 - - (76,200,000)(3,684,873,168) Cash received from long-term loans to related parties20 1,178,366,44411,000,0001,270,110,844107,064,900 Cash received from disposal of plant and equipment 70,005,856 731,582 65,235,571 205,546 Cash paid for purchase of plant and equipment (1,233,211,108)(814,017,832)(134,876,981)(202,790,970) Cash paid for purchase of intangible assets (22,516,932)(19,380,178)(22,258,931)(19,380,178) Net cash generated from (used in) investing activities (677,000,166)(5,135,978,743)5,896,828,398(5,851,965,175) Cash flows from financing activities Cash paid for liabilities under lease agreements (92,728,732)(144,031,583)(41,853,115)(48,043,751) Cash paid for financing fees to financial institutions and debentures- (1,523,973) - (1,523,973) Cash received from short-term loans from related parties20 - - 200,759,424466,970,338 Cash paid for short-term loans from related parties20 - - (2,179,809,489)(1,450,762,098) Cash received from long-term loans from other party15 14,643,699 - - - Cash paid for long-term loans from a related party20 - - (2,581,338,750)(391,414,750) Cash paid for long-term loans from financial institutions15 (5,257,269,699)(12,529,077,295)(330,000,000)(3,450,000,000) Cash paid for repayment of debenture - (1,000,000,000) - (1,000,000,000) Dividend paid 19 (2,678,742,899)(1,268,878,215)(2,678,742,899)(1,268,878,215) Dividend paid to non-controlling interests of subsidiaries (284,557,597)(401,315,196) - - Cash received from non-controlling interests from capital increase in a subsidiary 5,900,000 24,377,500 - - Interest paid (1,764,803,870)(2,292,779,913)(1,145,765,035)(1,328,333,613) Net cash used in financing activities (10,057,559,098)(17,613,228,675)(8,756,749,864)(8,471,986,062) financial information financial information Consolidated Separate The condensed notes to the interim financial information are an integral part of this interim financial information.
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13 Global Power Synergy Public Company Limited (Unaudited) Statement of Cash Flows For the six-month period ended 30 June 2026 2026 2025 2026 2025 Notes Baht Baht Baht Baht Net decrease in cash and cash equivalents (3,814,964,601)(13,112,554,402)(1,954,140,528)(12,185,898,182) Effect of exchange rate on cash and cash equivalents 289,339,061(69,351,174)208,069,149 (7) Less cash related to group of assets held for sale11 (77,145,069) - - - Cash and cash equivalents at beginning of period 21,304,628,72425,491,852,58911,863,418,86417,852,434,615 Cash and cash equivalents at ending of period 17,701,858,11512,309,947,01310,117,347,4855,666,536,426 Supplementary information Payables for property, plant and equipment during the period92,685,082220,720,865 20,087,143 35,978,871 Payables for intangible assets during the period 5,227,325 579,020 5,227,325 - Acquisitions of right to use assets under lease agreement14 231,662,853 9,742,232 3,724,802 3,294,623 Change in lease liabilities 14 (10,980,548) 32,988,972 4,597,431 41,126,206 Reclassify investment in joint venture to assets held for sale - 1,199,481,642 - 1,199,481,642 Reclassify group of assets and liabilities held for sale11 294,429,771 - - - Addition in decommissioning provision 26,146,576 - - - The condensed notes to the interim financial information are an integral part of this interim financial information. Consolidated Separate financial information financial information
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 14 1 General information Global Power Synergy Public Company Limited (the Company) is a public limited company which listed on the Stock Exchange of Thailand. The Company is incorporated in Thailand and address of its registered office is No.555/2, Energy Complex, Building B, 5th Floor, Vibhavadi Rangsit Road, Chatuchak, Bangkok 10900. For reporting purposes, the Company and its subsidiaries are referred to as the Group. The principal business of the Group is the production and distribution of electricity, steam and water for industrial use to the government and industrial customers. These interim consolidated and separate financial information are presented in Thai Baht, unless otherwise stated. These interim consolidated and separate financial information were authorised for issue by the audit committee whom assigned by the Board of Directors on 6 August 2026. 2 Basis of preparation of interim financial information The interim consolidated and separate financial information have been prepared in accordance with Thai Accounting Standard (TAS) 34, “Interim Financial Reporting” and other financial reporting requirements issued under the Securities and Exchange Act. This interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2025. An English version of the interim consolidated and separate financial information have been prepared from the interim financial information that is in the Thai language. In the event of a conflict or a difference in interpretation between the two languages, the Thai language interim financial information shall prevail. 3 Material accounting policies The accounting policies used in the preparation of the interim financial information are consistent with those used in the annual financial statements for the year ended 31 December 2025. Commencing 1 January 2026, the Group has adopted the amended financial reporting standards that are effective for the accounting period beginning or after 1 January 2026 and relevant to the Group. The adoption of those standards does not have significant impact on the Group. 4 New and amended financial reporting standards New and amended financial reporting standards that are effective for the accounting period beginning on or after 1 January 2028 and relevant to the Group. The group did not early adopt this standard. a) TFRS 18 Presentation and Disclosure in Financial Statements. This is the new standard on presentation and disclosure in financial statements, which replaces TAS 1, Presentation of Financial Statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in TFRS 18 relate to: • the structure of the statement of profit or loss with defined subtotals; • requirement to determine the most useful structured summary for presenting expenses in the statement of profit or loss • required disclosures in a single note within the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and • enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 15 b) TFRS 19 Subsidiaries without Public Accountability: Disclosures This new standard works alongside other TFRS Accounting Standards. An eligible subsidiary applies the requirements in other TFRS Accounting Standards except for the disclosure requirements; and it applies instead the reduced disclosure requirements in TFRS 19. TFRS 19’s reduced disclosure requirements balance the information needs of the users of eligible subsidiaries’ financial statements with cost savings for preparers. TFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if: • it does not have public accountability; and • it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with TFRS Accounting Standards. c) TAS 7 Statement of cash flows was amended as a consequence of the adoption of TFRS 18 • to require entities to use the operating profit or loss subtotal as the starting point for the indirect method of reporting cash flows from operating activities; and • to introduce new requirements for the classification of interest and dividend cash flows in the statement of cash flows. The Group’s management is currently assessing the impact of adoption of these standards. 5 Accounting estimates The preparation of interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this interim financial information, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2025.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 16 6 Fair value The following table presents financial assets and liabilities that are measured at fair value in each level including fair value and carrying amount in each types of financial assets and financial liabilities. The table excluded financial assets and liabilities measured at amortised cost where their carrying amount approximated fair value. Consolidated financial information Fair value level Fair value through profit or loss (FVPL) Fair value through other comprehensive income (FVOCI) Amortised cost Total carrying amount Fair value As at 30 June 2026 Million Baht Million Baht Million Baht Million Baht Million Baht Assets Financial assets - other long-term investments 3 - 53 - 53 53 Long-term loans to related parties (fixed rate portion) 2 - - 3,706 3,706 6,218 Derivatives not qualifying as hedge accounting - Foreign currency forwards 2 52 - - 52 52 Total assets 52 53 3,706 3,811 6,323 Liabilities Long-term loans from financial institutions (fixed rate portion) 2 - - 4,739 4,739 4,763 Long-term loan from other party (fixed rate portion) 2 - - 146 146 150 Debentures 2 - - 60,463 60,463 63,271 Derivatives not qualifying as hedge accounting - Foreign currency forwards 2 346 - - 346 346 Derivatives qualifying as hedge accounting - Interest rate swap 2 91 - - 91 91 Total liabilities 437 - 65,348 65,785 68,621
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 17 Separate financial information Fair value level Fair value through profit or loss (FVPL) Fair value through other comprehensive income (FVOCI) Amortised cost Total carrying amount Fair value As at 30 June 2026 Million Baht Million Baht Million Baht Million Baht Million Baht Assets Financial assets - other long-term investments 3 - 1 - 1 1 Long-term loans to related parties (fixed rate portion) 2 - - 4,923 4,923 5,289 Total assets - 1 4,923 4,924 5,290 Liabilities Long-term loan from financial institution (fixed rate portion) 2 - - 2,399 2,399 2,404 Debentures 2 - - 60,463 60,463 63,271 Derivatives not qualifying as hedge accounting - Foreign currency forwards 2 346 - - 346 346 Total liabilities 346 - 62,862 63,208 66,021
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 18 Consolidated financial information Fair value level Fair value through profit or loss (FVPL) Fair value through other comprehensive income (FVOCI) Amortised cost Total carrying amount Fair value As at 31 December 2025 Million Baht Million Baht Million Baht Million Baht Million Baht Assets Financial assets - other long-term investments 3 - 53 - 53 53 Long-term loans to related parties (fixed rate portion) 2 - - 3,558 3,558 5,662 Derivatives not qualifying as hedge accounting - Foreign currency forwards 2 14 - - 14 14 Total assets 14 53 3,558 3,625 5,729 Liabilities Long-term loans from financial institutions (fixed rate portion) 2 - - 5,244 5,244 5,258 Long-term loan from other party (fixed rate portion) 2 - - 132 132 135 Debentures 2 - - 60,459 60,459 63,665 Derivatives qualifying as hedge accounting - Foreign currency forwards 2 -(*) - - -(*) -(*) - Interest rate swaps 2 119 - - 119 119 Total liabilities 119 - 65,835 65,954 69,177 (*) Amount less than Baht 1 million
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 19 Separate financial information Fair value level Fair value through profit or loss (FVPL) Fair value through other comprehensive income (FVOCI) Amortised cost Total carrying amount Fair value As at 31 December 2025 Million Baht Million Baht Million Baht Million Baht Million Baht Assets Financial assets - other long-term investments 3 - 1 - 1 1 Long-term loans to related parties (fixed rate portion) 2 - - 4,939 4,939 5,170 Derivatives not qualifying as hedge accounting - Foreign currency forwards 2 10 - - 10 10 Total assets 10 1 4,939 4,950 5,181 Liabilities Long-term loan from financial institutions (fixed rate portion) 2 - - 2,699 2,699 2,689 Debentures 2 - - 60,459 60,459 63,665 Total liabilities - - 63,158 63,158 66,354 Other than those disclosed in the table above, financial assets and financial liabilities measured at amortised cost where their fair values that approximate their carrying value.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 20 6.1 Valuation techniques used to measure fair value level 2 Valuation techniques used to measure fair value level 2 are as follows: - Fair value of forward foreign exchange contracts is determined using forward exchange rates that are quoted in an active market. - Fair value of interest rate swap agreements is determined using forward interests extracted from observable yield curves. - Fair value of long-term loans to related parties and long-term loans from financial institutions are calculated based on Sole Payment of Principal and Interest (SPPI) discounted with market interest index. - Fair value of debenture is calculated based on the market price of each debenture published by the Thai Bond Market Association. 6.2 Valuation techniques used to measure fair value level 3 The Group's valuation processes The Company regularly discusses valuation processes and results. Significant unobservable input of fair value hierarchy level 3 is risk adjusted discount rate. It is estimated based on public companies' weighted average cost of capital and cost of equity that, are in opinion of the Group, in a comparable financial position with the counterparty in the contract. 7 Segment information The Group has three segment reports which are comprised of Independent Power Producer (IPP), Small Power Producer (SPP) and others as follows: Consolidated financial information For the six-month period ended 30 June 2026 IPP SPP Others Total Million Baht Million Baht Million Baht Million Baht Revenue from sales and services - Revenue from external 6,346 31,159 848 38,353 Revenue from leases -(*) - -(*) 1 Profit before income tax 1,006 2,814 145 3,965 Timing of revenue recognition At a point in time 4,255 27,806 711 32,772 Over time 2,091 3,353 137 5,581 Total revenue from sales and services 6,346 31,159 848 38,353 (*) Amount less than Baht 1 million Consolidated financial information For the six-month period ended 30 June 2025 IPP SPP Others Total Million Baht Million Baht Million Baht Million Baht Revenue from sales and services - Revenue from external 10,463 32,597 782 43,842 Revenue from leases 48 - - 48 Profit before income tax 545 2,590 465 3,600 Timing of revenue recognition At a point in time 7,457 29,414 661 37,532 Over time 3,006 3,183 121 6,310 Total revenue from sales and services 10,463 32,597 782 43,842
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 21 Separate financial information For the six-month period ended 30 June 2026 IPP SPP Others Total Million Baht Million Baht Million Baht Million Baht Timing of revenue recognition At a point in time - 8,830 180 9,010 Over time - 1,185 10 1,195 Total revenue from sales and services - 10,015 190 10,205 Separate financial information For the six-month period ended 30 June 2025 IPP SPP Others Total Million Baht Million Baht Million Baht Million Baht Timing of revenue recognition At a point in time 1,510 8,608 142 10,260 Over time 97 945 9 1,051 Total revenue from sales and services 1,607 9,553 151 11,311 8 Cash and cash equivalents As at 30 June 2026, the Group’s deposits at financial institutions of Baht 5,027 million (31 December 2025: Baht 5,688 million) were pledged as collateral to secure credit facilities obtained from financial institutions. However, the pledged deposits at financial institutions can be withdrawn according to the objectives and conditions stipulated in the loan agreements for use as working capital required in the normal course of their business (Note 15). 9 Financial assets measured at amortised cost As at 30 June 2026, financial assets measured at amortised cost represented fixed deposits with maturities over three months but not longer than one year. The financial assets of the Group bear interest rates at 1.00% to 1.35% per annum (31 December 2025: interest rates at 1.00% to 1.96% per annum) which the particular financial assets of Baht 526 million (31 December 2025: Baht 1,129 million) were pledged as collateral for long-term loans from financial institutions as described in Note 15. 10 Trade receivables Consolidated financial information Separate financial information As at 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Note Million Baht Million Baht Million Baht Million Baht Trade receivables - related parties 20.2 3,359 3,131 1,736 1,533 Trade receivables - third parties 8,676 7,337 881 585 Total trade receivables 12,035 10,468 2,617 2,118
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 22 Trade receivables can be analysed by aging as follows: Consolidated financial information Separate financial information As at 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Million Baht Million Baht Million Baht Million Baht Trade receivables - related parties Not overdue 3,298 3,069 1,675 1,471 Overdue less than 1 month 11 21 11 21 Overdue 1 - 2 months - - - - Overdue 2 - 3 months 11 10 11 10 Overdue over 3 months not over 1 year 39 31 39 31 Total trade receivables - related parties 3,359 3,131 1,736 1,533 Trade receivables - third parties Not overdue 8,672 7,265 881 585 Overdue less than 1 month - - - - Overdue 1 - 2 months 2 - - - Overdue 2 - 3 months - - - - Overdue over 3 months not over 1 year 2 72 - - Total trade receivables - third parties 8,676 7,337 881 585 Total trade receivables 12,035 10,468 2,617 2,118 11 Group of assets and liabilities held for sale Sheng Yang Energy Company Limited During the six-month period ended 30 June 2026, the Board of Directors approved Global Renewable Power 1 Co., Ltd., an indirect subsidiary of the Company, to enter into a share purchase agreement with Formosa Electronic Industries Inc. to sell of its shares in Sheng Yang Energy Co., Ltd., representing 90% of the registered and paid-up share capital. The consideration amount is Taiwan Dollars 573 million or equivalent to Baht 595 million. On 17 June 2026, an indirect subsidiary signed the share purchase agreement and the share transfer was completed in July 2026. As at 30 June 2026, the Group classified the assets and liabilities of Sheng Yang Energy Co., Ltd., amounting to Baht 371 million, as group of assets and liabilities held for sale in the consolidated statement of financial position. The details are as follows:
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 23 Consolidated financial information Million Baht As at 30 June 2026 Cash and cash equivalents 77 Trade receivables 3 Other current receivables 8 Property, plant and equipment, net 1,486 Intangible assets, net 290 Right-of-use assets, net 22 Goodwill 6 Other non-current asset, net 279 Total assets 2,171 Other current payables 52 Current portion of lease liabilities, net 2 Current portion of long-term loans from financial institutions, net 128 Other current liabilities 5 Lease liabilities, net 22 Long-term loans from financial institutions, net 1,519 Deferred tax liabilities, net 58 Other non-current liabilities 14 Total liabilities 1,800 12 Investments in subsidiaries, associates and joint ventures Consolidated financial information Separate financial information As at 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Million Baht Million Baht Million Baht Million Baht Investments in subsidiaries (Note 12.1) - - 181,655 181,649 Investments in associates (Note 12.2) 43,794 42,982 4,683 4,682 Investments in joint ventures (Note 12.3) 1,897 1,809 1,132 1,132 Less: Allowance for impairment of investment in an associate - - (1,731) (1,731) Total investments in subsidiaries, associates and joint ventures 45,691 44,791 185,739 185,732
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 24 12.1 Investments in subsidiaries As at 30 June 2026 and 31 December 2025, the Group pledged the common shares of a subsidiary, GHECO-One Company Limited with the carrying amount of Baht 11,624 million, as collateral for its long-term loans from financial institutions, as described in Note 15. Movements of investments in subsidiaries for six-month period ended 30 June 2026 are as follows: Separate financial information Million Baht For the six-month period ended 30 June 2026 Opening net book amount 181,649 Addition of investments in a subsidiary(a) 6 Closing net book amount 181,655 (a) Helios 1 Company Limited On 22 June 2026, the Extraordinary General Meeting of Shareholders of Helios 1 Company Limited had a resolution increasing registered share capital by issuing 472,000 ordinary shares at Baht 100 per share. The subsidiary called for additional paid-up share capital in the same portion as the Company’s investment at Baht 25 per share, totalling Baht 6 million. The Company completely paid for the additional paid-up share capital during the period. 12.2 Investments in associates Movements of investments in associates for six-month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Investment under equity method Investment under cost method Million Baht Million Baht Opening net book amount 42,982 2,951 Addition of investments in an associate (a) 1 1 Share of profit 535 - Share of other comprehensive income (expense) - Cash flow hedges (187) - - Gain from remeasurement of equity investments at fair value through other comprehensive income 18 - - Exchange difference on translation of the financial information 462 - Dividend income (17) - Closing net book amount 43,794 2,952 (a) Tangold Technology Company Limited On 20 March 2026, the Company, together with Golden Concord Holding Company Limited and K.G. Corporation Company Limited jointly established Tangold Technology Company Limited, which is incorporated in Thailand. The Company holds a shareholding interest of 30% of the issued and paid-up capital in Tangold Technology Company Limited, totalling Baht 0.37 million. The purpose of the new company is to explore feasibility, develop and managed the infrastructure of Data Center in Thailand.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 25 The details of investments in associates are as follows: Consolidated financial information Portion of ordinary shares held by the Group Cost Method Equity Method Dividend income during the period 30 June 31 December 30 June 31 December 30 June 31 December 30 June 30 June 2026 2025 2026 2025 2026 2025 2026 2025 Company Business % % Million Baht Million Baht Million Baht Million Baht Million Baht Million Baht Direct associate established in Thailand Bangpa-in Cogeneration Company Limited Generate and supply electricity 25 25 924 924 965 976 17 44 Nuovo Plus Company Limited and its subsidiaries Manufacturing and sale of battery 49 49 2,058 2,058 290 327 - - Ratchaburi Power Company Limited Generate and supply electricity 24.38 24.38 1,700 1,700 2,243 2,216 - - Tangold Technology Company Limited(a) Data Center Infrastructure Management 30 - 1 - 1 - - - Indirect associate established in Laos Xayaburi Power Company Limited Generate and supply electricity 25 25 6,994 6,994 10,511 10,078 - - Indirect associate established in Thailand Eastern Seaboard Clean Energy Company Limited and its subsidiaries Studying, generating and supply electricity for industrial use, including generating electricity from renewable energy - - - - - - - 8 Indirect associate established in India Avaada Energy Private Limited Generate and supply electricity 39.90 39.90 20,478 20,478 17,145 16,940 - - Indirect associate established in Taiwan CI Changfang Limited, CI Xidao Limited and its subsidiaries Invest in other companies, generate and supply electricity 25 25 15,120 15,120 12,639 12,445 - - Total investments in associates 47,275 47,274 43,794 42,982 17 52 Less Allowance in impairment (1,731) (1,731) - - - - Total investments in associates, net 45,544 45,543 43,794 42,982 17 52
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 26 The details of investments in associates are as follows: Separate financial information Portion of ordinary shares held by the Company Cost Method Dividend income during the period 30 June 31 December 30 June 31 December 30 June 30 June 2026 2025 2026 2025 2026 2025 Company Business % % Million Baht Million Baht Million Baht Million Baht Associate established in Thailand Bangpa-in Cogeneration Company Limited Generate and supply electricity 25 25 924 924 17 44 Nuovo Plus Company Limited and its subsidiaries Manufacturing and sale of battery 49 49 2,058 2,058 - - Ratchaburi Power Company Limited Generate and supply electricity 24.38 24.38 1,700 1,700 - - Tangold Technology Company Limited(a) Data Center Infrastructure Management 30 - 1 - - - Total investments in associates 4,683 4,682 17 44 Less Allowance in impairment (1,731) (1,731) - - Total investments in associates, net 2,952 2,951 17 44
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 27 12.3 Investments in joint ventures Movements of investments in joint ventures for the six-month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Investment under equity method Investment under cost method Million Baht Million Baht Opening net book amount 1,809 1,132 Addition of investments (a) 19 - Share of profit 22 - Share of other comprehensive income - Exchange difference on translation of the financial information 47 - Closing net book amount 1,897 1,132 (a) Keppel Decarb Company Limited The Group has a contingent consideration under the joint venture agreement between Getz Energy Company Limited (a subsidiary) and Keppel EaaS (Thailand) Co., Ltd. (Keppel) to pay Keppel for the fair value of the contingent consideration of Baht 18.63 million. The fair value estimates based on the fair value of cooling business projects as specified in the agreement. However, the Group has been under the process of determining fair value of the net assets acquired from the business acquisition of Keppel Decarb Co., Ltd. The above estimated fair value needs to be further adjusted to the fair value of the net assets acquired which must be completed within 12 months from the acquisition date.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 28 The details of investments in joint ventures are as follows: Consolidation financial information Portion of ordinary shares held by the Group Cost Method Equity Method Dividend income during the period 30 June 31 December 30 June 31 December 30 June 31 December 30 June 30 June 2026 2025 2026 2025 2026 2025 2026 2025 Company Business % % Million Baht Million Baht Million Baht Million Baht Million Baht Million Baht Joint ventures established in Thailand Navanakorn Electricity Generating Company Limited Generate and supply electricity 30 30 638 638 907 908 - - Keppel Decarb Co., Ltd. (a) Generate and supply chilled water 49 49 71 52 73 52 - - Joint venture established in Laos Nam Lik 1 Power Company Limited Generate and supply electricity 40 40 494 494 917 849 - - Total investments in joint ventures 1,203 1,184 1,897 1,809 - - The details of investments in joint ventures are as follows: Separate financial information Portion of ordinary shares held by the Company Cost Method Dividend income during the period 30 June 31 December 30 June 31 December 30 June 30 June 2026 2025 2026 2025 2026 2025 Company Business % % Million Baht Million Baht Million Baht Million Baht Joint ventures established in Thailand Navanakorn Electricity Generating Company Limited Generate and supply electricity 30 30 638 638 - - Joint venture established in Laos Nam Lik 1 Power Company Limited Generate and supply electricity 40 40 494 494 - - Total investments in joint ventures 1,132 1,132 - -
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 29 13 Property, plant, equipment and intangible assets, net Movements of property, plant, equipment and intangible assets for the six-month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Property, plant and equipment Intangible assets Property, plant and equipment Intangible assets Million Baht Million Baht Million Baht Million Baht For the six-month period ended 30 June 2026 Opening net book amount 86,936 35,134 12,237 657 Additions 1,109 26 90 25 Transfer (8) - - - Disposal and write-off, net (274) - (9) - Depreciation and amortisation for the period (3,612) (951) (673) (54) Reclassification to group of assets held for sale, net (Note 11) (1,486) (290) - - Exchange difference on translation 101 10 - - Closing net book amount 82,766 33,929 11,645 628 As at 30 June 2026, the Group’s property, plant and equipment with net book amount of Baht 34,295 million were mortgaged and pledged as collateral for the long-term loans, as described in Note 15 (31 December 2025: Baht 34,944 million). 14 Right-of-use assets, net Movements of right-of-use assets for the six-month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Million Baht Million Baht Opening net book amount, net 2,979 332 Additions 232 4 Lease termination (1) - Lease modification (11) 5 Depreciation (100) (35) Reclassification to group of assets held for sale, net (Note 11) (22) - Closing net book amount, net 3,077 306
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 30 15 Long-term loans 15.1 Long-term loans from financial institutions, net Details of long-term loans from financial institutions are as follows: Consolidated financial information Separate financial information As at 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Million Baht Million Baht Million Baht Million Baht Long-term Thai Baht loans 41,960 47,151 9,370 9,700 Long-term US Dollar loans 2,808 2,666 - - Long-term Taiwan Dollar loans - 1,673 - - Less Deferred financing fees (170) (222) (4) (11) 44,598 51,268 9,366 9,689 Less Current portion of long-term loans from financial institutions, net (7,093) (8,828) (949) (679) Total long-term loans from financial institutions, net 37,505 42,440 8,417 9,010 Movements of long-term loans from financial institutions can be analysed as follows: Consolidated financial information Separate financial information Million Baht Million Baht For the six-month period ended 30 June 2026 Opening balance 51,268 9,689 Cash flows Cash repayments during the period (5,257) (330) Other non-cash movements Amortisation of deferred financing fees 33 7 Loss on exchange rate 142 - Exchange difference on translation of the financial information 59 - Reclassification to group of assets held for sale, net (Note 11) (1,647) - Closing balance 44,598 9,366 Long-term loans from financial institutions of the Company On 25 June 2026, the Company entered into an amendment to its long-term loan agreement with a financial institution to amend the interest rate from MLR minus a fixed certain margin per annum to THOR plus a fixed certain margin per annum. The amendment has been effective since 30 June 2026. As at 30 June 2026, the long-term loans of Baht 9,366 million were unsecured loans (31 December 2025: Baht 9,689 million). However, the Company is required to comply with certain financial requirements such as maintaining financial ratios e.g. debt to equity ratio. Long-term loans from financial institutions of subsidiaries On 5 February 2026, the subsidiary entered into an amendment of long-term loan agreement with a financial institution, to amend the interest rate from 3.13% to 2.45% per annum. The amendment has been effective since 27 February 2026. The long-term loans from financial institutions of subsidiaries are secured by mortgages on buildings and pledges of machinery and equipment, bank deposits, and ordinary shares of the subsidiaries (Notes 8, 9, 12 and 13). In addition, one of the subsidiaries has transferred the rights and obligations under various agreements related to the power plant project to the lenders as collateral under the terms of loan agreements. Furthermore, the Group is required to comply with certain covenants and restrictions set out in the agreement, such as deadlines for capital increases, dividend payments, share capital reductions, mergers or consolidations with other legal entities, maintaining debt to equity ratios, and debt service ratios according to the loan agreements.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 31 15.2 Long-term loan from other party Movements of long-term loan from other party can be analysed as follows: Consolidated financial information Million Baht For the six-month period ended 30 June 2026 Opening balance 132 Cash flows Cash received during the period 14 Closing balance 146 16 Debentures, net Consolidated and Separate financial information As at 30 June 2026 31 December 2025 Million Baht Million Baht Debentures in Thai Baht 60,500 60,500 Less Deferred financing fees (37) (41) 60,463 60,459 Less Current portion of debentures, net (9,999) (5,999) Debentures, net 50,464 54,460 The movements of debentures can be analysed as follows: Consolidated and Separate financial information Million Baht For the six-month period ended 30 June 2026 Opening balance 60,459 Other non-cash movements Amortisation of deferred financing fees 4 Closing balance 60,463 As at 30 June 2026, the Company's debentures of Baht 60,463 million (31 December 2025: Baht 60,459 million) are unsubordinated and unsecured debentures. The Company is required to comply with certain terms and conditions such as maintaining the net debt to equity ratio.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 32 17 Other non-current liabilities Consolidated financial information Separate financial information As at 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Million Baht Million Baht Million Baht Million Baht Contract liabilities (1) 13,677 13,928 342 360 Advance received for long-term right to grant of assets 229 260 11 11 Decommissioning liabilities 600 573 10 10 Others 19 - 1 - Total other non-current liabilities 14,525 14,761 364 381 (1) These are advance receipts of availability payments in relation to the availabilities of a subsidiary’s power plant, as agreed with EGAT and in accordance with the terms of PPA. 18 Income tax Consolidated financial information Separate financial information For the six-month period ended 30 June 2026 2025 2026 2025 Million Baht Million Baht Million Baht Million Baht Current tax 411 408 - - Deferred tax (203) (352) (71) (80) Total income tax expense (benefit) 208 56 (71) (80) Interim income tax expenses are accrued based on the management estimates using the same tax rate that applies to the expected total profit for the year. The weighted average applicable tax rate for the Group and the Company were 5% and 1%, respectively (2025: 2% and 5% respectively). The Group is within the scope of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development or OECD, which require large multinational enterprises to pay a Pillar Two income tax if their average effective tax rate is below 15% in any jurisdiction in which they operate. The Group has applied the exception for recognising and disclosing information about deferred tax assets and liabilities related to the Pillar Two income taxes as specified in TAS 12. The Group operates in jurisdictions where these legislations become effective. Based on management’s assessment, the Group will benefit from the “Transitional CbCR Safe Harbour” for most of jurisdictions which Pillar Two legislation was effective, and the remaining jurisdictions had an effective tax rate of not less than 15%. As a result, the Group did not recognise the Pillar Two income tax in the financial information for the six-month period ended 30 June 2026. 19 Dividends payment At the Annual General Meeting of Shareholders of the Company held on 1 April 2026, the shareholders approved to distribute an annual for the year 2025 at Baht 1.45 per share, totalling Baht 4,089 million. The dividend consists of interim dividends at Baht 0.50 per share which were paid to the Company’s shareholders in September 2025. The remaining dividends at Baht 0.95 per share, totalling Baht 2,679 million, were already paid on 22 April 2026.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 33 20 Related party transactions Major shareholders during the period are PTT Public Company Limited (holding 47.27% of shares), Thai Oil Public Company Limited (holding 10.00% of shares) and PTT Global Chemical Public Company Limited (holding 10.00% of shares). All three companies are incorporated in Thailand and PTT Public Company Limited is the ultimate parent company. The information of the Company’s associates and joint ventures are described in Note 12. The pricing policies for particular types of transactions are explained further below: Transactions Pricing policies Sale of goods Contract price Rendering of service Contract price Purchase of goods / raw materials Contract price based on market Rental fee Contract price Services fee Contract price Technical fee Contract price Interest income / interest expense Contract rate The following material transactions were carried out with related parties: 20.1 Business transactions Consolidated financial information Separate financial information For the six-month period ended 2026 2025 2026 2025 30 June Million Baht Million Baht Million Baht Million Baht The ultimate parent company - Revenue from sales 324 349 2 2 - Revenue from services 103 54 - - - Cost of sales 20,520 23,070 6,251 7,639 - Administrative expenses 45 48 43 45 Shareholders - Revenue from sales 6,947 6,227 5,250 4,736 - Revenue from services - 1 - 1 - Other income 20 14 4 4 - Cost of sales 13 23 7 16 Subsidiaries - Revenue from sales - - 16 85 - Revenue from services - - 670 660 - Interest income - - 96 95 - Other income - - 48 52 - Dividend income - - 4,991 1,704 - Cost of sales - - 279 273 - Administrative expenses - - 7 9 - Interest expense - - 53 143 Associates - Other income - 6 - 6 - Dividend income - - 17 44 Joint ventures - Interest income 4 4 4 4 - Other income 3 5 3 5 Indirect associates - Interest income 225 275 - - Other related parties - Revenue from sales 7,115 6,785 1,475 1,558 - Revenue from services 4 - - - - Other income 12 12 5 4 - Cost of sales 168 171 35 41 - Administrative expenses 158 142 119 109 - Interest expense 3 3 3 3
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 34 20.2 Trade receivables and other current receivables from related parties Consolidated financial information Separate financial information As at 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Million Baht Million Baht Million Baht Million Baht Trade receivables - The ultimate parent company 111 82 1 1 - Shareholder 1,315 1,350 1,018 780 - Subsidiaries - - 360 403 - Other related parties 1,933 1,699 357 349 Total trade receivables 3,359 3,131 1,736 1,533 Other current receivables - The ultimate parent company 2 3 1 1 - Shareholders 1 8 - 8 - Subsidiaries - - 111 30 - Joint ventures 5 9 5 10 - Associate - 1 - 1 - Other related parties 38 63 35 63 Total other current receivables 46 84 152 113 20.3 Short-term loans to a related party Consolidated financial information Separate financial information As at 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Million Baht Million Baht Million Baht Million Baht Short-term loans to a related party - Subsidiary (*) - - - 1,202 - Joint venture 26 - - - Ending balance 26 - - 1,202 (*) Short-term loan to a related party under cash management agreement Movements of short-term loans to a related party can be analysed as follows: Consolidated financial information Separate financial information Million Baht Million Baht For the six-month period ended 30 June 2026 Opening balance - 1,202 Cash flows Cash paid for short-term loan 26 - Cash received from repayment - (1,202) Closing balance 26 - Signed agreement of short-term loan to a related party During the period ended 30 June 2026, CoolConnext Company Limited (an indirect subsidiary) entered into two short-term loan agreements with Keppel Decarb Company Limited (a joint venture) for a facility of Baht 52.87 million and bear interest rate at 4.60% per annum. The loans are due in July 2026. As at 30 June 2026, Keppel Decarb Company Limited has drawn down such loans in an amount of Baht 26.06 million and has undrawn down loan facility of Baht 26.81 million.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 35 20.4 Long-term loans to related parties and related interests Consolidated financial information Separate financial information As at 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Million Baht Million Baht Million Baht Million Baht Long-term loans to related parties - Subsidiaries - Due within 1 year - - 1,302 92 - Due over 1 year - - 3,621 6,025 - Interest receivables - - 374 379 - Joint venture - Due over 1 year 96 91 96 91 - Interest receivables 48 41 48 41 - Indirect associates - Due over 1 year 3,706 4,736 - - - Interest receivables 2,416 2,133 605 606 6,266 7,001 6,046 7,234 Movements of long-term loans to related parties can be analysed as follows: Consolidated financial information Separate financial information Million Baht Million Baht For the six-month period ended 30 June 2026 Opening balance 4,827 6,208 Cash flows Cash paid for long-term loans - 76 Cash received from long-term loans (1,178) (1,270) Other non-cash movement Unrealised gain on exchange rate 28 5 Exchange difference on translation of financial information 125 - Closing balance 3,802 5,019 20.5 Other non-current assets - related parties Consolidated financial information Separate financial information As at 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Million Baht Million Baht Million Baht Million Baht Other non-current assets - related parties - Shareholders 3,133(*) 3,140(*) 3 3 - Other related party 21 21 21 21 3,154 3,161 24 24 (*) As at 30 June 2026, other non-current asset of Baht 3,092 million was advance payment of the significant agreements under the Energy Recovery Unit Project of a subsidiary (31 December 2025: Baht 3,092 million).
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 36 20.6 Trade payables and other current payables from related parties Consolidated financial information Separate financial information As at 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Million Baht Million Baht Million Baht Million Baht Trade payables - The ultimate parent company 4,816 3,890 1,312 929 - Shareholders 9 36 9 34 - Subsidiaries - - 64 52 - Other related parties 35 26 9 7 Total trade payables 4,860 3,952 1,394 1,022 Other current payables - The ultimate parent company 24 34 19 31 - Shareholders 171 168 78 49 - Subsidiaries - - 14 16 - Joint venture 2 3 2 3 - Indirect associate 2 3 2 3 - Other related parties 373 784 183 744 Total other current payables 572 992 298 846 20.7 Other non-current liabilities - related parties Consolidated financial information Separate financial information As at 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Million Baht Million Baht Million Baht Million Baht Other non-current liabilities - related parties - The ultimate parent company 2 2 - - - Shareholder 52 62 6 6 - Other related parties 50 197 17 157 104 261 23 163 20.8 Short-term loans from related parties Movements of short-term loans from related parties can be analysed as follows: Separate financial information Million Baht For the six-month period ended 30 June 2026 Opening balance 12,987 Cash flow Cash received during the period 201 Cash paid during the period (2,180) Closing balance 11,008 Cash management agreement The Company entered into cash management agreement (cash pooling) with subsidiaries and a financial institution. According to such agreement, the financial institution provides cash management services between the Company and subsidiaries. The intercompany loan incurred under cash pooling carries interest at least the bank interest rate.
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 37 20.9 Long-term loans from a related party, net Separate financial information As at 30 June 31 December 2026 2025 Million Baht Million Baht Long-term loans from a related party - Subsidiary - Due within 1 year 117 744 - Due over 1 year 123 2,063 240 2,807 Movements of long-term loans from a related party can be analysed as follows: Separate financial information Million Baht For the six-month period ended 30 June 2026 Opening balance 2,807 Cash flow Cash repayments during the period (2,581) Other non-cash movements Amortisation of deferred financing fees 14 Closing balance 240 20.10 Key management compensation For the six-month period ended Consolidated financial information Separate financial information 30 June 2026 Million Baht 2025 Million Baht 2026 Million Baht 2025 Million Baht Short-term benefits 133 125 123 117 21 Commitment and significant agreements Capital expenditure obligations As at 30 June 2026, the Group had commitments under design, construction and installation of machinery and equipment and project construction contract considered as capital expenditure obligations as of the statement of financial position date but not recognised in the financial information are as follows: Consolidated financial information Foreign currency 30 June 2026 Foreign currency 31 December 2025 Million Million Baht Million Million Baht Baht - 542 - 771 US Dollar 592 19,794 597 18,952 Euro -(*) 3 1 21 Australia Dollar -(*) -(*) 1 28 Lao Kip 190 -(*) - - Total 20,339 19,772 Separate financial information Foreign currency 30 June 2026 Foreign currency 31 December 2025 Million Million Baht Million Million Baht Baht - 144 - 142 Total 144 142 (*) Amount less than 1 million
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Global Power Synergy Public Company Limited Condensed Notes to the Interim Financial Information (Unaudited) For the six-month period ended 30 June 2026 38 22 Events after the reporting date 22.1 Sale of Sheng Yang Energy Co., Ltd. shares On 17 June 2026, Global Renewable Power 1 Company Limited, an indirect subsidiary of the Company, signed a share purchase agreement with Formosa Electronic Industries Inc. to sell of its shares in Sheng Yang Energy Co., Ltd., representing 90% of the registered and paid-up share capital for a total consideration of Taiwan Dollars 573 million or equivalent to Baht 595 million. The Group proceeded to transfer the shares on 1 July 2026 and received the full payment on 16 July 2026. 22.2 Call for additional paid-up share capital of Helios 1 Company Limited and Helios 2 Company Limited On 9 July 2026, Helios 1 Company Limited called for the additional paid-up share capital for 3,888,000 ordinary shares at Baht 21.86 per share in which the Company owns 50% of the shareholding totalling to Baht 43 million. The Company completely paid for the additional paid-up share capital on 31 July 2026. On 9 July 2026, Helios 2 Company Limited called for the additional paid-up share capital for 4,902,000 ordinary shares at Baht 15.71 per share in which the Company owns 50% of the shareholding totalling to Baht 39 million. The Company completely paid for the additional paid-up share capital on 31 July 2026. 22.3 Call for initial paid-up capital in Getz AKK Joint Venture Getz Energy Company Limited, a subsidiary, incorporated to establish Getz AKK Joint Venture for the purpose of managing the Engineering Procurement and Construction of a solar power plant project. On 10 July 2026, Getz AKK Joint Venture called for the initial contribution amounting to Baht 30 million. A subsidiary completely paid for the initial contribution on 17 July 2026. 22.4 Amendment of long-term loan from financial institution On 20 July 2026, GPSC Treasury Center Company Limited entered into an amendment of long-term loan agreement with a financial institution for long-term loan of Baht 1,625 million for changing the interest rate from six-month fixed deposit rate plus a fixed certain margin per annum to THOR plus a fixed certain margin per annum and adjusting the interest payment schedule to the last business day of January and July. This amendment has been effective since 27 July 2026. 22.5 Dividends payment At the Company’s Board of Directors’ meeting held on 6 August 2026, the Board of Directors approved the payment of an interim dividend for the first half performance of 2026 at Baht 0.55 per share, totalling Baht 1,551 million. These dividends will be paid to the shareholders on 3 September 2026.