Message from Chairman TTW Board of Directors

TTW remains an attractive "defensive stock," offering strong dividend yields and standing firm amidst the economic and political fragility that pressured money and capital markets throughout the year. A key supporting factor was TTW’s strategic investment in the Luang Prabang Hydroelectric Power Project, holding a 10% stake in Luang Prabang Power Company Limited (LPCL). This investment expands our business dimensions into the energy sector, mitigates the risk of over-reliance on core tap water revenue, and is expected to generate long-term income starting in 2030.

Throughout the past year, the Company’s performance remained robust, reflecting our commitment to becoming a sustainable organization, as evidenced by the following awards and evaluations:

Corporate Governance

TTW has received an “Excellent” rating in the Thai Listed Company Corporate Governance Assessment conducted by the Thai Institute of Directors (IOD) for the seventh consecutive year, and achieved a perfect score of 100 points in the 2025 Annual General Meeting (AGM) Checklist assessment conducted by the Thai Investors Association (TIA). At the international level, TTW is one of 74 Thai listed companies to receive the “ASEAN Asset Class PLCs” award under the ASEAN CG Scorecard initiative, reflecting the enhancement of the Company’s corporate governance standards to be on par with international best practices.

Financial Strength

TTW has consistently been assigned a corporate and debenture credit rating of “AA-” with a “Stable” outlook by TRIS Rating, reflecting the Company’s strong financial position and solid cash flow generation capability. In addition, in 2025, the Company received trophies for Best Company Performance Awards and Outstanding Company Performance Awards in the market capitalization group of THB 30,000–100,000 million at the SET Awards 2025.

Sustainability (ESG)

TTW is included in the SETESG Index and has received the highest level of the “SET ESG Rating” at AAA from the Stock Exchange of Thailand. In addition, the Company has continuously received the “Sustainability Disclosure Award 2025” from the Thaipat Institute for the 7th consecutive year. TTW has also been awarded certification for Carbon Footprint for Organization (CFO) and received recognition under the Low Emissions Support Scheme (LESS), which covers certified activities such as the installation of solar rooftop systems on clear water tanks (water supply facilities) and tree-planting activities for environmental conservation and climate change mitigation. These initiatives involve the calculation of greenhouse gas emissions from both direct and indirect activities. These achievements represent an important milestone demonstrating the Company’s role in driving sustainable development across all dimensions environmental, social, and governance (ESG). Furthermore, the Company received a certificate of recognition as a pilot organization under the CALO (Climate Action Leading Organization) program from the Thailand Greenhouse Gas Management Organization (Public Organization), reflecting its strong commitment to reducing greenhouse gas emissions. This firm commitment is aligned with Thailand’s and global goals to accelerate climate action and transition toward clean energy, with the objective of achieving net-zero carbon dioxide emissions by 2050. All of these accomplishments have been made possible through the dedication of the management team and all employees, who are the key driving force enabling TTW to move forward steadily and sustainably.

On behalf of the Board of Directors, management, and employees, I would like to express my sincere gratitude to our shareholders, business partners, and all stakeholders for your continued support. I am confident that our collaboration will create shared value for society, the economy, and the environment, ensuring long-term, steady, and sustainable growth.

Dr. Thanong Bidaya

Chairman of the Board of Directors