Investor Update April 2022

NBI: Power - GPSC QoQ: NI decreased due to higher fuel costs affected SPP's profit and lower XPCL's contribution 2021 vs 2020: Soften NI due to higher fuel costs and unplanned outages, despite better XPCL's performance Sales Volume Unit: Power: GWh / Steam: '000 Ton Power 2% Steam 9% Power Steam 14% 3% QoQ 19,667 20,148 Power 6% YOY 13,871 15,090 Steam 4,984 5,295 3,7394,659 3,866 3,741 4Q20 3Q21 4Q21 2020 2021 Gross profit & Gross profit margin 30% 27% 31% I 18% ptt 26% Gross profit margin 20% QoQ 20% YoY 21,330 610 Unit: MMTHB 19,667 Gross profit 8% VSPP & others 355 15,362 SPP 14,423 4,931 4,922 108 112 3,921 61 3,707 3,721 2,437 5,358 4,889 IPP 1,116 1,089 1,423 4Q20 3Q21 4Q21 2020 2021 Net Income Unit: MMTHB 38% QoQ 20% YoY 3% 7,508 7,319 1,875 1,458 1,168 ૨૦૨ - Lower gross profit - - SPP: higher fuel costs, together with unplanned outage of Glow Energy Phase 5 + IPP: higher AP mainly from GHECO-One Lower shares of profit from Xayaburi Power Plant (XPCL) due to seasonality + Partial recognition of Glow Energy Phase 5 insurance claim 2021 vs 2020 Lower gross profit SPP: higher fuel costs and unplanned outage of Glow Energy Phase 5 - IPP: lower AP due to planned & unplanned outage of GHECO-One in 1Q21 - 3Q21 4Q20 3Q21 4Q21 2020 2021 + Higher shares of profit from XPCL due to drought situation in 2020 45

View entire presentation