In 2023, the Zhouping power plant in China initiated “My Safety My Responsibility” campaign as part of the Behavior-Based Safety (BBS) program. This initiative emphasizes employee involvement at all levels in fostering a safety culture. One of BBS processes is safety observation, where employee behaviors are monitored and documented using safety observation report forms. The opportunities for improvement were specifically identified.<br><br>Over the course of the year, the effectiveness of BBS program was measured through the collection and analysis of these observation reports. The number of observation reports submitted surged to 320, marking an increase of over 100% from the 142 reports filed the previous year. Celebrating successes with recognition and rewards, a power plant executed various motivational awards, including Good unsafe behavior report, Monthly safety inspection talent, Annual safety inspection talent, and Safety outstanding team.​

The Company has taken a strategic step forward by assembling a cross-border team dedicated to leveraging AI to enhance the profitability in the energy trading business in Australia. This AI showcase is designed to maximize the future battery revenue and improve outcomes of trading business with focus on 2 key goals:<br><br>Forecasting the electricity dispatch price to optimize battery dispatch strategy.<br>Predicting anomalies in pricing to mitigate risks associated with volatile market conditions.<br><br>This initiative has undergone a thorough analysis, revealing an opportunity to boost the business profit by 4.6 million AUD, based on a 22-month back-test result. Such potential gains underscore the transformative power of AI in revolutionizing energy trading business. Currently, the physical battery investment is under final assessment.

In response to insights from the 2014 employee engagement survey, the Company launched the "Banpu Engaging Leader" course in 2015 at the head office in Thailand. The training aims to raise employee engagement levels by enhancing managerial influence. Over the ongoing program of a decade, the program has delivered measurable results, with engagement levels at the head office increasing significantly from 57% in 2016 to 66% in 2024. Building on the success of Banpu Engaging Leader, the initiative evolved into the comprehensive "Banpu Engaging Leader Program," which is now implemented across all business units to ensure a consistent approach to employee engagement company-wide.<br><br>Additionally, the Company introduced the "Leader and Manager as a Coach" program. This initiative standardizes the coaching framework across our global operations, enhancing leadership effectiveness and sustaining high engagement levels throughout the organization.<br>

In 2023, the mining business in Australia adopted the “Fatal Risk” program, which is an initiative designed to prevent fatalities by implementing effective controls across all tasks. A key component of this program involved the “Fatal Risk Bowtie” workshops, where all critical controls were identified and evaluated for their application and effectiveness.<br><br>To facilitate the effective implementation of these controls, the Company developed “Critical Control Verification Dashboards”. These dashboards help to ensure performance effectiveness by providing real-time feedback via a digital platform. The digital reporting provides a clear view of control effectiveness and status at each site. This enables prompt identification of any controls that are failing or not functioning to the standard. As a result, the Company can identify and control the top ten fatal risks. This proactive approach not only enhances safety but also contributes to the overall operational excellence of the facilities.

In pursuit of cultivating a learning-oriented community and fostering a culture of knowledge exchange, the Company has established “TalkFest” as a dedicated platform for promoting intellectual collaboration among experts from diverse fields, both within and outside the organization. Recognizing the abundance of knowledge available, TalkFest covers a spectrum of topics ranging from practical matters like “Preparing for old age,” “PDPA” and “M&A” to thematic series like “CVC Series” and “Decarbonization Series”.<br><br>Moreover, TalkFest regularly hosts speakers representing various domains, including academic institutions, specialists, entrepreneurs, and management professionals. These experts are invited to share their valuable insights, contributing to the enrichment of knowledge-based community. With internal moderators, the conversations were ensured that the discussions align with the Company's values and objectives.

with a mission to cultivate a next generation of leaders, ready to propel business growth, the Company launched “International Business Leader Program” (IBLP) for the first time in 2023.<br>More than 30 executives from Australia, Indonesia, Japan, Thailand, and the U.S. participated this program.

The managerial safety visit program, implemented by Banpu NEXT EcoServe in Thailand, exemplifies the Company’s commitment to fostering a strong safety culture. Recognizing the importance of staying informed and actively engaged, the program facilitates informal discussions between senior leaders and frontline personnel, directly addressing safety concerns that impact daily operations.<br><br> By actively participating in these visits, senior leaders demonstrate their commitment, share learning, and engage in meaningful discussions targeted at raising safety standards in the work area. These visits also focus on crucial aspects like hazard reporting and providing relevant training to frontline staff.<br><br>In 2023, the senior leaders conducted safety visits at 3 sites. These visits allowed them to hear firsthand from those who work on the sites. This program is aiming to expand to cover all sites.

Recognizing the critical importance of addressing workplace hazards, the Company has dedicated substantial efforts towards strengthening the safety program by conducting comprehensive training courses.

The Company has established "Banpu Digital Academy" since 2018. The core mission is to elevate digital awareness and capabilities across the organization, fostering a “Digital Savvy” competency among employees. Banpu Digital Academy carries out a comprehensive journey of digital transformation that spans learning, action, and recognition phases, designed to embed digital fluency across all levels of the organization.

In Thailand, Banpu NEXT emphasizes the importance of safety for contractors, subcontractors, and relevant stakeholders by implementing the Safety Contractor Management Procedure, which focuses on communication of safety protocols, supervision, inspection, and competency evaluation. In 2024, the Company completed safety performance evaluations across 25 construction projects.<br><br>Additionally, Banpu NEXT EcoServe has continued its leadership commitment activities, Management Safety Visits, involving 30 executives and employees across 20 operating sites. These ongoing activities provide opportunities for on-site discussion, issue resolution, and knowledge-sharing, fostering a deeper understanding of safety practices. The combination of visible leadership, clear communication, and hands-on involvement further underscores the Company’s commitment to embedding safety into everyday operations.

Centennial, a subsidiary in Australia, has undertaken initiatives focusing on critical safety risk management and maintaining up-to-date skills for statutory officials, reinforcing workplace safety and regulatory adherence.<br><br>The Fatal Risk Program identifies and mitigates potential fatalities through a dashboard that monitors and tracks risk reduction and flags early failure warning signs. Key functions include assessing and improving critical controls, verifying their completion, and addressing deficiencies with actionable insights. This real-time risk analysis enhanced safety measures and supported decision-making.<br><br>The Maintenance of Competence (MOC) Program ensures Centennial’s statutory officials retain their Practicing Certificates (PC) by meeting regulatory competency requirements through tailored training. In partnership with Mines Rescue (RTO), the program develops competency-based modules, integrates Fatal Risk Program elements, and tracks progress via Pulse Training Records. The program mitigates non-compliance risks, strengthens safety expertise, and supports business continuity by ensuring statutory officials stay current with required skills and knowledge.

In 2024, Trubaindo Mine and Barinto Mine in Indonesia initiated the Safety Alignment and Focused Enhancement Review (SAFER) program. The program involved a comprehensive review of safety principles, management interviews, on-site assessment, and the development of a robust safety improvement plan. Workshops were organized with a focus on fostering a proactive safety culture, such as Safety Leadership Workshop and Mining Safety Basic Skills Training.

In 2024, three Combined Heat Power (CHP) plants in China launched a digital safety training platform to overcome traditional constraints, such as logistical challenges, accessibility, and ensure up-to-date safety knowledge, including regulatory changes and lessons learned from major accidents. The platform provides mobile-friendly access to training modules, exams, task management, and real-time performance tracking to flexibly access training materials and complete requirements across sites. Alongside this, smart helmets equipped with real-time video, audio, safety alarm, and lighting alerts were introduced for high-risk tasks, such as high-voltage work and boiler start-ups.

At Banpu, we are committed to fostering a culture of self-directed, lifelong learning through our e-learning platforms, which offer a broad spectrum of educational resources for both professional and personal development.

AI is addressed as one of the key levers to pursue the Energy Symphonics Strategy toward 2030, supporting the Company’s goals to increase operational efficiency, reduce costs, generate new revenue streams, and minimize environmental impact. AI plays a vital role across various business domains:

In 2024, the Company conducted a BCP exercise at the head office in Bangkok, focusing on a cyber incident scenario involving the Crisis Management Team (CMT). The exercise was part of a BCM refresher workshop, which included a briefing on global business risk trends for 2024-2025, reinforcing roles and responsibilities of CMT, a review of the activation process, and a hands-on simulation exercise to test response capabilities of the CMT.<br><br>The simulated scenario involved a widespread cyber-attack, highlighting potential disruptions to people, the environment, and assets, and revealing the strategic difficulties and reputational implications of such incidents.

In 2024, The Company continued the “Self-Hacking” initiative through collaboration with a regional white hackers community, under the "Bug Bounty Program." This program is a key part of Banpu’s ongoing efforts to strengthen cybersecurity resilience across all digital services. Partnering with a dedicated group of ethical hackers, the Company enables 24/7 vulnerability assessments under clearly defined rules of engagement and a robust data protection agreement, ensuring the highest standards of security and compliance throughout the program.

Since its inception in 2018, the Banpu Digital Academy has been a cornerstone in driving the Company’s digital transformation journey. To enhance digital awareness and capabilities, Banpu embedded digital fluency across all levels of the organization, facilitating employee development through curated learning paths available on the online learning platform.

In 2024, Banpu Digital Academy partnered with the University of New South Wales (UNSW), to co-create the Banpu Digital Leadership Program, designed to accelerate the realization of value from Banpu’s digital transformation by continuously evolving leadership capabilities in alignment with the demands of the digital era. Participants in the program gain vital skills to:

At Banpu, innovation extends beyond adopting new technologies, it thrives on collaboration and creativity. Through the UnBox iDeas program, employees engage in an agile, well-supported environment that encourages experimentation, develops end-to-end solutions, tackles operational challenges, and explores business opportunities. This hands-on approach fosters learning, feedback sharing, and an entrepreneurial mindset. Participants also grow into Subject Matter Experts and internal facilitators, promoting knowledge transfer and sustaining innovation culture.

At the 2024 ESG Summit, Banpu introduced the session "Navigating Data Privacy and Cybersecurity in the AI Era." The session explored how AI enhances user experiences through personalization, while also raising significant concerns about privacy and cybersecurity due to extensive data collection. The discussion emphasized the risks associated with improper data handling, such as data misuse, surveillance, and more sophisticated cyberattacks, as AI is increasingly exploited. The session provided the management and employees with valuable insights on how to manage AI-related risks responsibly.

As an energy provider, power plant reliability is critical to ensuring a stable and efficient energy supply for our customers. To ensure this, the Company employs key performance indicators such as Availability Factor (AF) to measure the percentage of time power plants are capable of producing electricity, Forced Outage Factor (FOF) to track unplanned shutdowns, and Overall Efficiency (OE) to evaluate the effectiveness of energy conversion from fuel to electricity.

As digital transformation continues to reshape the energy sector, equipping our workforce with strong AI and digital capabilities has become a strategic priority within Banpu's human capital agenda. In 2025, we expanded our focus on AI and digital productivity, preparing employees across functions to adopt emerging technologies responsibly and apply them effectively in their daily work.

On 28 March 2025, a 7.7-magnitude earthquake centered in Myanmar caused strong tremors across Thailand, testing the Company's crisis preparedness under real-world conditions. The Company immediately activated the Emergency Response Plan (ERP) and executed evacuation procedures in line with established protocols. A comprehensive headcount confirmed that all employees were safely accounted for, with no injuries reported.

In 2025, the Company conducted a series of tabletop Business Continuity Planning (BCP) exercises across Thailand, China, Indonesia, and Vietnam. The exercises were designed to assess the Company’s readiness to respond to complex emergency scenarios, maintain critical operations, and protect employees, assets, data, and business continuity during disruptive events. Rather than a "one-size-fits-all" approach, these simulations were tailored to the specific risk profiles of each geography, ranging from civil unrest and physical infrastructure failures to sophisticated cybersecurity threats.

Since 2024, the Company has continued the “Self-Hacking” initiative through a structured "Bug Bounty Program” in collaboration with a regional white-hat hacker community. Moving beyond the periodic vulnerability assessments required by ISO 27001, the program represents a shift toward proactive, continuous risk management and supports secure digital operations across all of our digital services. By partnering with a dedicated group of ethical hackers, the Company enables 24/7 vulnerability assessments under clearly defined rules of engagement and robust data protection agreements, ensuring the highest standards of security and compliance throughout the program.

The Company has elevated its cybersecurity awareness program to the Security Behavior and Cultural Program (SBCP), shifting from traditional awareness training to fostering a security-focused mindset across the organization. The program addresses evolving threat landscapes and reinforces accountability at all levels as the first line of defense through:<br>• Foundational Defense: Data protection, incident reporting procedures, and password hygiene.<br>• Behavioral Simulations: Realistic phishing and social engineering exercises designed to test and improve employee responses.<br>• Future-Ready Literacy: Guidance on the secure use of emerging digital tools, and AI guardrails to ensure privacy and data integrity in an automated era.<br><br>By utilizing regular training, simulations, targeted communications, and role-based learning, Banpu fosters a strong security-conscious culture that reduces human-related cyber risks, enhances operational resilience, and safeguards stakeholder trust.

Since 2018, Banpu has been committed to fostering a strong safety culture through regular assessments of safety culture maturity across our operations. These assessments serve as a key mechanism for enhancing safety standards and promoting proactive safety behavior organization-wide.<br><br>In 2025, we conducted a re-assessment at the Zhengding Power Plant in China, which achieved an “Cooperating” level, reflecting continued progress in strengthening a proactive safety culture. To date, 18 sites across 4 countries have participated in the safety culture assessment. The Company remains committed to expanding the program’s coverage and further elevating safety culture maturity to ensure a safe and sustainable working environment across all operations.

In 2025, three fatal incidents involving contractor workers occurred at Bharinto and Trubaindo mine sites in Indonesia. The fatalities took place in high-risk operational contexts involving heavy mobile equipment and vehicle movements on haul roads. Thorough investigations identified systemic root causes, including fatigue, inadequate supervision, invalid driving permits, weak contractor management controls, and inconsistent enforcement of safety procedures, revealing critical gaps in safety leadership and contractor oversight.<br><br>In response, the Company implemented decisive measures to address immediate risks and reinforce contractor safety governance under the “Zero Repeat Fatality” program, including:<br>• Conducting joint investigations with contractors and implementing site-specific corrective and preventive actions<br>• Strengthening contractor management through stricter driving permit controls, fatigue monitoring, and competency verification<br>• Enforcing fit-for-duty requirements and pre-task safety briefings for high-risk activities<br>• Reinforcing exclusion zones between pedestrians and mobile equipment, enhancing traffic management planning, and improving night-time visibility standards<br>• Revising and re-communicating SOPs on driving safety, permit issuance, and emergency response<br>• Initiating cross-site learning sessions to share lessons learned and good practices<br>• Prioritizing engineering and system-based controls, including haul road design improvements, vehicle safety requirements, and implementation of proximity detection technology<br><br>As a result, contractor safety governance has been strengthened, with clearer accountability across subcontractors. Leadership engagement has reinforced a more preventive safety culture. Going forward, the Company will continue to prioritize monitoring and continuous improvement to prevent recurrence of fatal incidents and sustain a “Zero Harm” workplace across all operations. 

Banpu is advancing digital safety transformation to create safer, smarter, and more efficient operations across business. By deploying digital solutions, we strengthen safety management, improve data accuracy, reduce manual processes, and expand access to safety learning and knowledge sharing. Key initiatives include:<br>• In Australia, DocRocket AI automates training documentation and archiving, helping reduce administrative workload and minimize human error.<br>• In Thailand, Banpu NEXT developed Safety Clinic Center, a centralized digital platform providing e learning, online work permits, safety guidance, and consultation for employees and contractors. In 2025, 454 contractors engaged with this program.<br>• At Banpu NEXT Ecoserve in Thailand, “Master Risk Assessment” digitalizes and standardizes job safety analysis to ensure comprehensive risk coverage and consistent controls across operations.

Luannan Power Plant in China introduced a Smart Helmet System to strengthen safety management in high-risk working environments. By integrating real-time tracking and AI-driven analytics, the system enables continuous monitoring of personnel and working conditions, allowing supervisors to promptly detect unsafe behaviors and respond more effectively to potential risks.<br><br>Across 1,924 working hours of use in 2025, the system identified 41 safety non-compliances and helped prevent 5 potential incidents, demonstrating its effectiveness in proactive risk mitigation. This initiative strengthens a predictive safety approach, supports data driven decision-making, improves response times, and reinforces a zero-harm culture through digital innovation in occupational health and safety.

The Banpu Global Leadership Program is a flagship leadership development initiative designed to build a strong and future-ready leadership pipeline capable of navigating today’s complex and dynamic business environment. The program focuses on developing leaders who can lead with integrity, think strategically, and collaborate effectively across businesses and geographies. In 2025, the program continued to evolve through several high-impact learning pathways tailored to different stages of the leadership journey.

At Banpu, coaching is treated as a core leadership capability rather than an optional skill, and it is one of the key pillars of our Engaging Leader Program, which has been implemented continuously since 2018 to embed a sustainable coaching culture across the organization. The program is designed as a progression, from the foundational Great Coach program, equipping supervisors and team leaders with essential coaching principles, to HiCoach, a practice-based program emphasizing real-world application.

The Company focuses on cultivating an environment where new ideas can grow and where strategic direction translates into practical action, supporting sustainable growth alongside the energy transition. UnBox iDeas2 serves as a platform for experimentation and collaborative development of innovative solutions, while the Banpu Global Innovation Awards brings together employees from different functions and countries to exchange perspectives, learn from one another, and turn creativity into shared value. These initiatives play an important role in fostering a corporate culture that encourages curiosity, experimentation, and continuous learning.

Banpu recognizes capability development as a key driver of sustainable business success amid rapid change and energy transition. The Company designs Learning and Development Solutions to build future-ready leadership, functional, and digital capabilities that align with business strategy and evolving organizational needs. Through an Outcome-Driven Development approach, Banpu ensures that learning translates into measurable performance, innovation, and long-term value creation.

The Company is applying Artificial Intelligence (AI) to targeted business priorities where AI can improve revenue generation, cost efficiency, operational resilience, and workforce productivity. Rather than positioning AI as a standalone technology initiative, the Company focuses on practical use cases that address specific operational challenges across the business, translating AI potential into measurable business impact across the Company’s diversified energy portfolio.