To all shareholders

"Energy Absolute, we are committed to driving our organization by using technology to develop clean energy innovations, elevating the skills of Thai people to be internationally accepted, creating business opportunities to grow together with driving society towards a carbon-free Thai society."

In 2023, the Thai economy still faced various challenges. Both the tourism sector recovered more slowly than expected and the impact on the export goods sector was due to the slowdown in foreign demand, including China's economic slow recovery and economic slowdowns in European countries. The problem of Thailand's household debt remained high, affecting purchasing power, especially when interest rates remained stable at a high level.

The Company has continuously evaluated the situation and assessed risks, as well as seized opportunities from crises to adapt and adjust strategic plans throughout the past, resulting in efficient operations. In 2023, the Company achieved total revenue of 31,598 million baht with a net profit of 7,606 baht

The Company has continuously researched and developed products to foster business growth opportunities. The biodiesel group has researched and developed products from palm oil, which are facing problems of oversupply and unstable prices. It was further transformed into Green Diesel, which is a new type of diesel fuel that meets Euro 5 standards and has been distributed to foreign markets with demand.

The battery and commercial electric vehicle group became clearer in the New S-Curve business, particularly in the lithium-ion battery business which is in full production and still in the process of expanding production capacity to 4 GWh to support the rapid growth of the electric vehicle industry. This can be seen from the number of electric vehicle registrations that are as high as 700% compared to 2022 in the Thai market.

The commercial electric vehicle group, which has been producing fully assembled vehicles with a current production capacity of 3,000 units per year, consists of electric bus production lines and electric tractor production lines. Commercial electric vehicles delivered include electric buses, electric tractor trains, electric trucks, and electric pickup trucks, totaling 2,264 units. This endeavor aims to instill confidence in the quality and efficiency of Thai-made products while also meeting the rapidly growing demands of commercial transportation markets.

The Company remains committed to continuous business growth to create sustainable growth for shareholders. Therefore, it has ventured into waste management and electricity production from solid waste by being signed with the Pattaya Municipality in Chonburi Province. The Company collaborated to develop a comprehensive waste incineration project on Koh Lam for a 25 year duration from the project's commencement date. This project marks the beginning of the Company's new venture related to sustainable solid waste disposal, it also promotes tourism in Pattaya. Additionally, the Company has also partnered with the Phuket City Municipality in Phuket Province to invest in a waste-to-energy project using Stoker-Fired Incinerator technology. This project aims to produce 9.9 megawatts of electricity over a 20 year project duration, excluding the construction period. The Company foresees that this business will become even more important in the future.

For investment in the Southeast Asian region, the Company has signed agreements for collaboration with the Government of Lao PDR through the Ministry of Finance of Laos. This collaboration aims to enhance renewable energy capabilities, including establishing a stable and reliable transmission line infrastructure covering both Laos territories and connecting to the electricity transmission networks of neighboring countries. Additionally, there are ongoing developments in commercial transportation systems, including electric vehicles, and the installation of fully equipped DC 40 kW fast-charge electric vehicle charging stations. These initiatives aim to accommodate the growing electric vehicle market in Laos, enhancing the economic value of energy and transportation systems through public transit electric vehicles and other commercial electric vehicles, contributing to creating additional economic value for the Lao PDR

In the past year, the Company offered debentures to both general investors and institutional investors for the first time, totaling 9,866 million Baht. This initiative received successful responses from general investors and can be sold out in a short time. The Company also received a credit rating of "A-" from TRIS Ratings.The Company is proud to have received awards and recognition for the success of its "Green Product" business management strategy, aimed at sustainable societal benefits. These awards were received both domestically and internationally, including the "Corporate Excellence" - Energy award by Asia Pacific Enterprise Awards (APEA), and the Entrepreneur of the Year award from the Asia Corporate Excellence & Sustainability Awards (ACES) by MORS GROUP. The Company has also been ranked by sustainable organizations such as the MSCI Index with an A rating, Bloomberg Gender-Equality Index, and SET ESG Rating with an AA rating. Additionally, The Company has received commendations for human rights from the Ministry of Justice.

Throughout the past, the Company has proven that having a strategy focused on developing clean energy, creates the entire ecosystem. Continuous investment and development in the electric vehicle battery industry, lithium-ion battery, and other related businesses not only contribute positively to the Company's sustainable long-term growth but also propel Thailand towards becoming a Low Carbon Society. This is achieved through innovations in non-polluting public transportation systems, which are crucial steps in enabling Thailand to transition from a middle-income trap to a high-income country in the future.

Finally, I would like to express my gratitude to the board of directors, executives, employees, customers, partners, allies as well as stakeholders of the company. Your contributions and pivotal roles have propelled and played a significant part in driving the company's success forward. The company has become a Thai-owned entity that elevated innovations to raise the skills of the Thai people to an international level.