The year 2025 marked another year in which Sermsang Power Corporation Public Company Limited (SSP Group) demonstrated its expertise and experience in investing in and operating solar power, wind power, biomass, and solar rooftop projects. As of 31 December 2025, the Group had a total installed and operating capacity of 367.3 megawatts across five countries: Thailand, Japan, Mongolia, Vietnam, and Indonesia. The Group generated revenue from sales and services of 3,146.4 million baht, with core operating profit of 618.7 million baht. Despite the challenges faced in 2025, including the first year of the expiration of government subsidy (Adder) for the Sermsang Solar (SPN) project in Thailand in February 2025, as well as the appreciation of the Thai baht, which affected revenue recognition from overseas projects accounting for more than 50% of total operating project revenue, the Group was able to plan and manage these situations professionally and effectively. Nevertheless, 2025 can also be regarded as a new beginning for the Group. This was the first full year of recognizing operating results from the Romklao Wind Farm project following the Group’s acquisition of a 100% equity stake in 2024. In addition, on 4 November 2025, the Group successfully achieved a revenue recognition from the sale of electricity under the power purchase agreement (PPA) of the Leo 2 project in Japan, marking the fifth project in Japan to commence operations in accordance with plan. During the year, the Group also undertook repowering for the Sermsang Solar (SPN) project to enhance the power generation capability of solar panels. Furthermore, projects currently under development and scheduled to gradually commence operations during 2026–2030 are progressing as planned. All of these reflect the Group’s continuous development efforts and proactive pursuit of business opportunities to accumulate and build upon sustainable growth in the future. With the support of financial institutions, the Group restructured debt in several projects to strengthen its capital base and reduce financial costs amid declining interest rates in many countries. The year also marked the issuance of three tranches of debentures totaling 2,600 million baht, including the Group’s first issuance of green debentures amounting to 2,000 million baht. Debentures Tranche 1/2025, valued at 1,200 million baht, were rated AAA by TRIS Rating, backed by a guarantee from the Export-Import Bank of Thailand (EXIM BANK). All debenture issuances received strong responses from institutional and high-net-worth investors despite volatility in global financial markets, reflecting investors’ confidence in the Group. Proceeds from the fund raising will be allocated to debt repayment and further investment in high-potential renewable energy projects in line with the Group’s growth strategy. Over the past 10 years and looking ahead, the Group reaffirms its commitment to continuous investment in renewable energy—not only to ensure the sustainability of natural resources and energy security, but also to ensure that every step of growth contributes to improving quality of life for society and delivering maximum value to all stakeholders. On this occasion, I would like to express my sincere gratitude to all parties for their continued support, including government agencies, the Board of Directors, shareholders, investors, financial institutions, business partners, employees, and all stakeholders who have played a vital role in driving the Group’s growth forward. Mr.Varut Tummavaranukub Chief Executive Officer
