Banpu Power Public Company Limited (BPP), an international energy producer company, is preparing for a major strategic transition aimed at accelerating sustainable growth and delivering long-term value for shareholders. Although BPP continues to generate strong performance and robust cash flows from its high-quality assets across the Asia-Pacific region, the company’s share price does not yet reflect its full growth potential.

To enhance financial flexibility and strengthen its capacity for future expansion, BPP plans to amalgamate with Banpu Public Company Limited to establish a newly formed entity (“NewCo”), while partially divesting a 25% membership interest in BKV-BPP Power LLC (BKV-BPP).

These steps will elevate BPP from a regional energy producer to a leader in utility-scale power and integrated businesses under “Power+”, one of the core business pillars of Banpu Group.

This direction positions the company to capture rising global electricity demand, which is expected to grow at more than twice the rate of overall energy demand during 2025-2026_[1], driven by industrial activity and digital technologies. In Q3/2025, BPP continued to deliver strong profitability from its power plants in China, underscoring the stability of its power operations and its readiness for future growth.

Mr. Issara Niropas, CEO of BPP, said, “The amalgamation marks an important milestone for BPP as we advance into Power+, a power pure-play platform that brings together BPP’s base-load power plants across Asia Pacific and the United States, encompassing thermal power plants along with certain businesses from Banpu NEXT, including renewables, battery energy storage system (BESS), and energy trading, empowering BPP to operate across the entire energy value chain.

The portfolio transformation being undertaken will enhance our financial flexibility and capital efficiency, reduce duplicative costs, and enable future large-scale investment opportunities.”

“In addition, the partial divestment of a 25% membership interest in BKV-BPP to BKV Corporation (BKV), Banpu’s subsidiary listed on the New York Stock Exchange (NYSE), will help reflect the true market value of the assets in the U.S., reinforce BPP’s financial position, unlock capital, and pave the way for new investment opportunities to support long-term growth. BPP will retain a 25% stake in the joint venture to preserve its strategic position in the U.S. market,” Mr. Issara Niropas added.

Under the proposed amalgamation, shares of NewCo will be allocated to BPP shareholders based on the preliminary share swap ratio of 1 existing BPP share to 0.74615 NewCo share. In addition, Banpu will proceed with a general offer for up to 21.34% of BPP’s total issued and outstanding shares at an offer price of THB 13.00 per share, from 1 to 23 December 2025.

Banpu will provide shareholders with details of the processes and procedures related to the general offer. The amalgamation and the partial divestment of the BKV-BPP membership interest will be presented for shareholder approval at the online Extraordinary General Meeting of Shareholders (EGM) No. 1/2026 of BPP on 29 January 2026.

In Q3/2025, BPP recorded a net profit of THB 1,161 million, a 2% year-on-year increase, and total earnings before interest, taxes, depreciation, and amortization (EBITDA) of THB 2,611 million, up 15% from the same period last year.

Key contributors included strong performance from the Shanxi Lu Guang (SLG) power plant and combined heat and power (CHP) plants in China, driven by highly efficient coal cost management. Meanwhile, the HPC power plant in Lao PDR and the BLCP power plant in Thailand operated efficiently throughout the quarter, maintaining high equivalent availability factors (EAF) of 92% and 99%, respectively.

BPP’s investment in the Jinhu Qianfeng solar farm with battery energy storage system (BESS) in China, featuring 120 MW of installed solar generation capacity and a BESS installation of 10 MW of power capacity and 20 MWh of energy storage capacity, is expected to achieve commercial operations (COD) in 2026.

Meanwhile, the company’s energy trading business in Japan sold a total of 5,325 GWh of electricity between January and September 2025, serving 1,875 customers, and has integrated AI-driven price forecasting to enhance operational efficiency and profitability.

“This strategic plan reinforces BPP’s commitment to driving sustainable regional growth while maintaining the strength of its core assets in the U.S. and China. At the same time, we continue to expand our investment portfolio across renewable energy and emerging energy technologies, aligning with Banpu Group’s long-term growth strategy and the evolving trajectory of the future energy landscape,” Mr. Issara Niropas concluded.

Learn more about BPP’s business at www.banpupower.com

_[1] Electricity Mid-Year Update 2025, International Energy Agency (IEA)

About BPP

Banpu Power PCL (BPP), an international energy producer company, drives utility-scale power and integrated businesses under “Power+,” one of Banpu Group’s core business pillars, across the Asia Pacific. Operating under the concept “Pioneering Energy, Empowering Tomorrow,” BPP is committed to powering a better tomorrow with reliable energy.

For nearly three decades, BPP has been at the forefront of delivering reliable, high-quality energy that meets global standards by integrating advanced technologies with decarbonization efforts and strong corporate governance. BPP also actively supports local communities and aligns its operations with environmental goals in every country where it operates.

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SINGAPORE — The Ascott Limited (Ascott), the wholly owned lodging business unit of CapitaLand Investment (CLI), has launched the Disability Inclusion Playbook for the Accommodation Sector. As one of the world’s first open-access, holistic disability inclusion playbooks, it sets a new benchmark for inclusive hospitality.

Developed by Ascott in partnership with disability inclusion specialists Colorful Earth, it is supported by SG Enable (Singapore’s focal agency for disability and inclusion), World Sustainable Hospitality Alliance (a global coalition driving sustainability in hospitality), and Valuable 500 (a global non-profit of over 500 multinational corporations advancing disability inclusion).

Offering guidance across five key pillars of disability inclusion – Inclusive Training, Spaces, Hiring, Digital Interface, and Programmes – the playbook empowers accommodation providers of all sizes to deliver welcoming and inclusive stay experiences from pre-arrival to departure, while fostering inclusive hiring and training practices.

It addresses the diverse needs of travellers with disabilities, covering areas such as governance and strategy, collaboration with the disability community, barrier-free infrastructure, accessible programs, and function-specific training.

The playbook’s launch event took place at Citadines Science Park Singapore, officiated by Guest-of-Honour Mr Eric Chua, Singapore’s Senior Parliamentary Secretary for the Ministry of Social and Family Development and the Ministry of Law.

He said: “A truly inclusive society that strengthens the quality of life for persons with disabilities is a whole-of-society effort. I am glad that like-minded partners such as Ascott have come on board, and welcome more to join us. Together, we must work to build a more caring and inclusive Singapore.”

Ascott’s Disability Inclusion Commitments

At the launch, Ascott announced a comprehensive set of disability inclusion commitments, structured around the playbook’s five-pillar framework:

• Starting from 2026, at least one Ascott property in every country where it operates will host a community programme dedicated to disability inclusion. The company will also begin reporting on the hiring of persons with disabilities in its annual sustainability reports. Every property will feature a standardised accessibility profile detailing room features, measurements, and accessible transport

options, empowering guests to make informed booking decisions. Currently, around 60% of Ascott’s operational properties already provide accessibility information, with plans to transition to a standardised template and extend it progressively across the remaining properties.

• By 2027, 100% of Ascott’s frontline associates globally will have completed disability awareness training. To date, over 100 associates in Singapore and Australia have been trained to create welcoming stay experiences for guests with disabilities.
• By 2028, all guest-facing digital platforms will meet Web Content Accessibility Guidelines (WCAG)

2.1 AA accessibility standards, ensuring a seamless and inclusive online experience. Ascott’s booking website, DiscoverASR.com, already complies with these standards, with its Ascott Star Rewards mobile app next in line.

Ms Beh Siew Kim, Chief Financial and Sustainability Officer, Lodging, CapitaLand Investment, said: “We are honoured to launch the open-access Disability Inclusion Playbook for the Accommodation Sector, a practical resource developed in close collaboration with disability inclusion experts and informed by our global hospitality operations.

The playbook will guide Ascott’s disability inclusion efforts across our global portfolio of more than 1,000 operational and pipeline properties in over 40 countries, and we welcome other operators to join us in this collective journey.”

“Real inclusion requires more than guidance – it demands action, accountability, and shared learning. That is why Ascott is backing this playbook with measurable commitments across our global portfolio, including standardised accessibility profiles for our properties, comprehensive staff training, and transparent reporting on our progress.

By sharing both our learnings and commitments, we aim to accelerate collective progress and show that inclusive hospitality is not just the right thing to do; it is vital to building resilient businesses that truly serve all guests and communities,” she added.

Driving Inclusive Hospitality Through Collaboration and Expertise

An estimated 1.3 billion people – or about 16% of the global population – live with permanent disabilities¹, representing a substantial yet underserved market in tourism and hospitality.

Accessibility is therefore both a social imperative and a significant opportunity for the hospitality industry. Ascott’s Disability Inclusion Playbook addresses this need with practical guidance drawn from its global operations and reviewed by nearly 20 experts from Colorful Earth, SG Enable, World Sustainable Hospitality Alliance, and Valuable 500.

The playbook is also a key outcome of Ascott’s 2024 Memorandum of Understanding with SG Enable, the first partnership of its scale in Singapore’s hospitality sector. This collaboration has already produced industry-first initiatives, including Singapore’s first hospitality-specific disability inclusion training, launched at the Ascott Centre for Excellence in June 2025.

¹ Source: World Health Organisation: Global Report on Health Equity for Persons with Disabilities.

Ms Lee May Gee, CEO of SG Enable, said: “This global disability inclusion playbook translates aspiration into action – exemplifying what can be achieved when industry leaders, persons with disabilities, and community partners come together to co-create solutions grounded in lived experience. We hope it inspires others in the hospitality and tourism sectors to join us in shaping a world where everyone feels welcomed, valued and included.”

Mr Glenn Mandziuk, President & CEO, World Sustainable Hospitality Alliance, stated: “Today marks a pivotal moment for global hospitality. This Playbook is more than a guide; it is a beacon for systemic change, transforming the industry’s ambition for disability inclusion into tangible action.

We are profoundly grateful to Ascott for its catalytic investment and leadership, and to Colorful Earth for authoring a truly superb and practical playbook. This collaborative triumph with SG Enable and the Valuable 500 proves that true hospitality must be universally accessible. It provides our entire industry with the crucial roadmap to build a future where everyone, without exception, can truly belong.”

Ms Katy Talikowska, CEO, Valuable 500, said: “Ascott’s Disability Inclusion Playbook offers practical processes and strategic guidance to help hospitality organisations of all sizes move from intent to impact.

It recognises that inclusion is not a single department’s job but a shared responsibility that touches every guest experience and employee interaction. From accessible digital interfaces to inclusive hiring and spatial design, the framework aligns perfectly with Valuable 500’s vision of inclusion as a driver of innovation, growth, and resilience.”

Breaking Barriers through Art

A highlight of the launch event was the unveiling of the playbook’s cover artwork, a visual representation of the collaboration and creativity at the heart of Ascott’s disability inclusion initiatives. Co-created by artists with disabilities from SG Enable’s i’mable Collective alongside Ascott associates, the artwork reflects the values of empowerment, diversity,y, and community that drive the company’s inclusion efforts.

The i’mable Collective connects persons with disabilities to professional creative opportunities, making this partnership a demonstration of the inclusive practices the playbook promotes.

The playbook cover design was co-created by artists supported by SG Enable’s i’mable Collective alongside Ascott associates. Behind this meaningful unveiling was a collaborative process that brought together diverse talents to create artwork representing the five pillars of Ascott CARES (Community, Alliance, Respect, Environment, and Supply Chain), the company’s sustainability framework.

The ‘Respect’ pillar artwork, embodying Ascott’s inclusion initiatives, was selected for the playbook front cover, while artwork representing all five pillars featured on the back cover. The artwork will also be incorporated into future Ascott CARES apparel and collateral, ensuring the spirit of this partnership continues to inspire across the organisation.

Bringing the Playbook to Life

The launch event also showcased an assistive amenities toolkit that brings the playbook’s Inclusive Programmes pillar to life. Co-developed by Ascott and SalvageGarden – Southeast Asia’s first assistive tech makerspace – the 3D-printed prototype toolkit is designed to enhance the stay of guests with physical disabilities or limited handgrip.

Ascott will pilot the initiative at its Singapore properties, including Citadines Science Park Singapore, lyf Funan Singapore, Citadines Rochor Singapore, and Oakwood Studios Singapore. Each toolkit includes holders for cutlery, toothbrushes, combs, and mugs, a toothpaste squeezer, and a tactile hotel map. Guests will be invited to test the toolkits and provide feedback to shape the next version of the toolkit.

Expanding the Playbook’s Reach

Ascott’s Disability Inclusion Playbook for the Accommodation Sector is now publicly available on its global website, DiscoverASR.com, and will be promoted across partner platforms of SG Enable, World Sustainable Hospitality Alliance, and Valuable 500. It will also be featured on Singapore Tourism Board’s website and its tri-annual newsletter to hotel stakeholders, reinforcing Singapore’s position as a world-class, accessible destination.

For more information and key milestones in Ascott’s disability inclusion journey, please refer to The Ascott Limited Sustainability Report 2024 (pages 23 to 28), which highlights the company’s actions and progress towards its vision of building a greener, more inclusive future.

About The Ascott Limited

The Ascott Limited (Ascott) is driven by a vision to be the preferred hospitality company, enriching global living with heartfelt experiences. With a portfolio of more than 1,000 properties spanning over 230 cities across more than 40 countries, Ascott’s presence spans Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Its diverse collection of award-winning brands includes Ascott, Citadines, lyf, Oakwood, Somerset, The Crest Collection, The Unlimited Collection, Fox, Harris, POP!, Preference, Quest, Vertu, and Yello.

Ascott specialises in managing and franchising a wide range of lodging options, including serviced residences, hotels, resorts, social living properties, and branded residences, catering to the varying needs and preferences of global travellers. Through the Ascott Star Rewards (ASR) loyalty programme, members enjoy exclusive privileges and curated experiences, enhancing every aspect of their travel journey.

As a wholly owned business unit of CapitaLand Investment Limited, Ascott generates fee-related earnings by leveraging its expertise in both lodging management and investment management. It also drives the

expansion of funds under management by growing its sponsored CapitaLand Ascott Trust and private funds. For more information on Ascott and its sustainability programme, please visit www.discoverasr.com/the- ascott-limited. Alternatively, connect with Ascott on Facebook, Instagram, TikTok, a  nd LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore in 2021, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. Aofat 5 November 2025, CLI had S$120 billion of funds under management.

CLI holds stakes in eight listed real estate investment trusts and business trusts and a suite of private real asset vehicles that invest in demographics, disruption, and digitalisation-themed strategies. Its diversified real asset classes include retail, office, lodging, industrial, logistics, business parks, wellness, self-storage, data centres, private credit, and special opportunities.

CLI aims to scale its fund management, lodging management, and commercial management businesses globally and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand Group’s development arm. In 2025, CapitaLand Group celebrates 25 years of excellence in real estate and continues to innovate and shape the industry.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieving Net Zero carbon emissions for Scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

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