Form 56-1 One Report for the year 2023_EN

operates the business. Particularly, if there is a material adverse change in economic conditions resulting in liquidity risk, inflation, foreign exchange rate fluctuations, and credit risk which may affect the interest rate, or if there is a material change in social conditions and laws, then those changes may have adverse effects on the Company’s business operations, financial position, operating results, and business expansion plan. 4.6 Slowdown in the global economy, changes in the Government policy and other macroeconomic factors The global economic slowdown, changes in state policy, political uncertainty, and other macroeconomic factors may affect investment and expansion of production capacity of industrial operators who are the Company’s customers. Political uncertainty and other macroeconomic factors in Thailand may erode investors and the private sector’s confidence in Thailand investment. Some business segments may decide to relocate, expand, or establish their manufacturing bases in neighboring countries instead to reduce this risk. Private sector consumption may also be constrained by the dismal political environment and high levels of household debt. Declines in domestic consumption, production and export also curb investment activities, which may cause our clients to scale down planned expansions or halt investment choices, which might have a negative impact on the Company’s business. The risk for Power Business has been mitigated by long-term contracts with customers and take or pay contracts that reduce the risk of business fluctuations. The Company have long-term contracts with government e.g. The Electricity Generating Authority of Thailand and The Provincial Electricity Authority which has stability and high reliability. The company focuses on the business to be the renewable energy business which is high growth and high demand business. It also answers environmental, social and management. For utilities business, The Company’s customers are classified as industrial customers that located in industrial estates and industrial land of WHAID. Thus, its customers have high creditability and variety of business sectors that can diversify the risk. Furthermore, if there is a special water purchase contract such as demineralized water, The Company mitigates that risk by take or pay contract. Thailand remains appealing to foreign investors seeking to invest in Southeast Asia, owing to its better labor quality and competitive wage rates compared to those in European countries, the United States, and other Asian countries. Additionally, Thailand’s infrastructure and public utilities are better than some competitors, and Thailand also offers an attractive investment promotion policy. 4.7 Risk from Severe Accident, Drought, Natural Disaster, and Pandemic Natural disasters, such as droughts, floods, storms, fires, earthquakes, pandemics, and severe accidents, are uncontrollable and have the potential to impact the Company’s operations and cause significant damage to its operating assets. Additionally, industrial and commercial operators in the industrial estate or industrial land where the Company operates may be impacted by such events, which will have an impact on the Company’s profitability and operating results. The Company is aware of the possibility of these risks and places great importance on selecting the location of the project, implementing an appropriate security system, and designing the road within the project to be higher than the level of the main public road in front of the project or the highest flood level in that area over the past 30 years. In addition, all of the Company’s projects are insured against damage caused by natural disasters and accidents (All Risk Insurance). The Company is confident that it has planned and implemented adequate measures to prevent flooding damage. Therefore, the likelihood of severe floods causing damage to the Company’s projects more than the compensation sum is quite limited. During seasons of drought risk, in addition to participating in the Water War Room, an entity tasked with handling water-related issues, the Company implements various internal drought response measures as follows: 4.7.1 Wastewater reclamation: Recycling of wastewater to be used as industrial water; FORM 56-1 ONE REPORT 2023 99

4.7.2 Alternative raw water resources: Considering water resources from local agencies and private sector to increase water supply for industrial customers. 4.7.3 Wastewater Reuse: Reusing treated wastewater for activities, such as plant watering, building, etc. These measures and cooperation allow the Company to greatly reduce the drought-related risk to its customers. As a result of the ongoing Covid-19 pandemic, this year, WHA has strictly complied with public-sector measures and guidelines through close supervision of a WHA Group center to monitor the spread of the virus in all areas. Thanks to full cooperation among all employees and proactive measures, we’ve efficiently achieved our objectives. Our entire operation has also been uninterrupted. Financial Risk 1. Risks Affecting WHA’s and WHA Group’s Businesses 1.1 Risk from interest rate fluctuations The Company’s business operations require high investment. Current long-term borrowings that are not due in 1 year at the end of 2023 amount THB 3,077 million, and a partial loan is charged with a floating interest rate. As a result, if the market interest rate is increased, the Company will be required to pay greater interest, which will lower its profit. However, the interest rates of most of the loans are currently below the financial institutions’ Minimum Lending Rate (MLR). In addition, the Company’s financing plan for project development does not rely solely on the loans from financial institutions as the Company also has other financial sources, especially through the stock market and the sale of assets to trust, which will be the key financial sources for the future investments. Since the Company is listed on the Stock Exchange of Thailand, it is able to raise funds from the capital market. In 2021, 2022, and 2023, WHA Group issued debentures worth THB 9,200 million, THB 12,800 million, and THB 10,500 million respectively, with fixed interest rates to lower the risk from interest rate fluctuation. 2. Risk from Utilities and Power Business 2.1 Risk from Financial Operating performance, financial position, economic environment in Thailand and other countries, access to financial and capital markets in Thailand and other countries, and interest rates are all risk factors for the Company’s financial management. To increase operational efficiency, the Company is required to seek for a suitable and sufficient source of funding, as well as maintain the financial cost at an appropriate level. As of 31 December 2023, the Company’s debt to equity ratio was 1.20 times, while its interest-bearing debt to total equity ratio was 1.05 times. The Company has a strong financial position with a low debt level, a moderate liquidity, no foreign currency debt, and access to broader lending sources. These will provide the Company greater flexibility to expand the business while minimizing financial risks. The power business’s core revenue is derived from a share of profit from investments in associates and joint ventures. The Company’s associates in the power business have sources of funding and loans in foreign currencies for the development of power plants and a portion of operating costs. Thus, currency and interest rate fluctuations may have a negative impact on the Company’s share of profit from investments, financial position, and operating results. However, these associates in power business have signed contracts to hedge foreign exchange risk (F/X Swap) and interest rate swap to mitigate such financial risk. 100 WHA CORPORATION PUBLIC COMPANY LIMITED

Compliance Risk 1. Risks Affecting WHA’s and WHA Group’s Businesses 1.1 Compliance Risks from Changes in Rules, Laws, and Regulations Risks of non-compliance or inadequate compliance with changes in rules, laws, and regulations may affect a negative impact on the Company’s reputation or lead to penalties, fines, or loss of business opportunities. Establish the WHA Compliance Policy and communicate to all WHA employees regarding their compliance. WHA Code of Conduct has also been implemented to provide good practice guidelines on business operations based on WHA’s and Closely monitor and report changes in government policies, laws, rules, and regulations in the countries where WHA operates. Added to this is the fostering of networks with the government and private sector entities in Thailand and overseas to ensure that the operations remain in strict compliance with relevant laws and regulations. Moreover, develop and improve a comprehensive for sending system to send and receiving information on new laws revamped laws that accommodate license overview and law overview to enable WHA employees to comply accordingly, accurately, and timely, and minimize the risks associated with non-compliance. 2. Risk from Utilities and Power Business 2.1 Risk From the use and interpretation of the law and notifications related to the Company’s business. Announcement of the Revolutionary Party No. 58 stipulates that the waterworks business is a public utility business that must be licensed or granted a concession by the Minister prior to the operation. Also, the notification of the Ministry of Natural Resources and Environment Re: Criteria for Conducting Concession of the Waterworks for Safety or Well-being of People B.E. 2554 (“Ministry of Resources’ Notification”) issued in accordance with Announcement of the Revolutionary Party No. 58 stipulates that “the Waterworks” must be granted concession by the Minister of the Ministry of Natural Resources and Environment. The Ministry brought the matter into a discussion with the Department of Water Resources, a regulatory body according to the notification of Ministry of Resources, whether the water production and distribution business for industries and its subsidiaries is justified to obtain a concession according to the Announcement of the Revolutionary Party No. 58 and the Ministry Notification. The conclusion is that the Company’s production and distribution of industrial water is only for the benefit of the Company and its subsidiaries. Since the water is not produced or distributed to the public, it is not classified as a waterworks business. As a result, it is not subject to concession under the Announcement of the Revolutionary Party No. 58 and the Ministry of Resources’ Notification. However, if the law changes in the future or the interpretation of the Revolutionary Party’s Announcement No. 58 and the Ministry Notification changes, the Company and its subsidiaries may be required to apply for a license or concession, and if the Company and its subsidiaries are not obtained a license or concession for any reason, such event could have a negative effect on the Company’s business operation, revenue, financial position, performance, and business opportunities. 2.2 Changes in the IEAT’s laws, rules, and regulations and other applicable laws related to the Company’s business. The Company’s industrial utilities business and power business are governed under the laws, rules and regulations by regulated government organization such as Ministry of Industry, Ministry of Energy, Department of Industrial Works, The Industrial FORM 56-1 ONE REPORT 2023 101

Estate Authority of Thailand, Energy Regulatory Commission of Thailand and other applicable laws that may be interpreted differently in the future. The Company’s business is at risk from changing laws, including relevant regulations. In addition, the public utilities and power service policy is subject to changes based on the government’s policy and administrative system. Changes to the national policy on public utilities and power, as well as the adoption of new rules and regulations, such as a policy on alternative energy, could have a negative impact on the Company’s investment and business expansion, including its operations, revenue, financial position, operating results, and business prospects. Emerging Risks 1. Geopolitical and Global Economy Risks Amid international conflicts and international challenges from geopolitics, Competition and polarization between superpowers, potential international military conflicts, in addition to fluctuating exchange rates, interest rates, and inflation rates arising from fragile economies, all sectors are facing challenges of emerging risk management at both macro and business levels. These challenges are complicated and interconnected, with severe rippling international impacts. GPSC views these as the context of emerging risks, with the tendency of lingering on over the next 1-2 years, thus causing us to closely monitor and supervise activities to address uncertainties. Currently, the economy, politics, and society are more complex and interconnected, the impact of geopolitical conflicts will inevitably affect trade supply chains and the global economic system e.g. Rising fuel (gas and coal) prices and material costs, this affects the company’s higher operating costs. Fiscal policy management under controlled inflation rates and the tightened international economies have affected Company’s financing cost management through exchange rates, interest rates, expenditure (for feedstock supply) and project investment. Considered and managed under Company’s growth strategy in focus countries. To this end, we manage risks and impacts from the selection of project investment (with short-term and long-term impact assessment), identification of local business partners, investigation and monitoring of in-depth business surroundings through our man-on-ground, to consideration of the exit strategy and monitor, process and analyze global megatrends, industrial/market trends, technological advancement, and relevant policies to make long-term forecasts on product prices, production and operating costs and setting flexibility & optionality measures in terms of markets & products to enable Company to flexibly adjust business in situations of uncertainty and monitor interest rate situations and financing costs to identify suitable and optimal financial tools. However, amid conflicts and tensions, particularly the competition and polarization between superpowers, have presented new opportunities and challenges. The relocation of supply chain bases from China, Taiwan, and Europe to spread business risks to the Asian region has benefited Thailand and Vietnam. This has a positive impact on companies from the relocation of investment bases in various industries, such as the automotive industry supported by electric vehicles (EVs), electronics industry, as well as the renewable energy industry where the Asian region strives towards sustainable energy independence. 102 WHA CORPORATION PUBLIC COMPANY LIMITED

2. Risk from Changes in Digital Technology and Business Models Digital transformation is critical for today’s business operations and future sustainable growth. New digital technologies result in rapid and significant changes across various dimensions. It is thus critical to understand relevant technology trends, how such trends may impact the Company’s business environment, and develop risk management plan to mitigate potential threats. WHA Group perceives technological changes not only as potential risks but also as significant business opportunities. This perspective aligns with WHA Group’s forecast and strategy, which aims to undergo organizational transformation into a technology company through digitalization (Digital Transformation) by 2024. As a result, WHA Group has implemented a range of digital innovations across its businesses to effectively respond to and capitalize on the opportunities presented by the digital age. The integration of digital innovation into business operations has become a key performance indicator (KPI) for evaluating the performance of all employees within WHA Group. The company also conducts training sessions that cover technology-related topics, including innovation leadership training and seminars on various innovative subjects, to ensure that all employees are well-equipped to embrace technological advancements. Moreover, WHA Group has initiated projects such as the Innovation Bootcamp, fostering active employee participation in new innovations. To support these initiatives, WHA Group actively recruits personnel with technology expertise to join the organization. Furthermore, the company actively seeks opportunities for joint ventures with leading technology companies, both domestically and internationally. Logistic Business Innovations in solutions to automate and improve operations in Logistics buildings including Warehouse Management System, Robotics in Warehouses or others are being developed to create value-added services and increase efficiency in warehouse management for customers. In additions, the Company has initiatives to build a warehouse to meet green building standards (LEED Certificates) to help save energy, reduce costs, and increase efficiency in warehouse management for customers. The company also sees a trend towards using more clean energy. This includes the use of Electric Vehicles in the logistics industry. The company has therefore developed a Green Logistics business, providing services to both logistics and transportation customers, to support the use of electric cars in commercial truck fleets. Industrial Estate Development Business Various technologies and innovations that add value to and enhances our infrastructure and facilities in our industrial estates as well as various services are constantly offered to industrial customers, in line with WHA SMART ECO Industrial Estates concept that includes centralized control rooms, where the Company can monitor and control various environmental indicators such as air quality, wastewater quality and rainfall levels as well as operational indicators inside and surrounding its estates including Smart Traffic, Smart Security System and Flood Alert System etc. Utilities and Power Business Utilities and Power Business is leveraging on technology and innovation to expand energy products and services especially Clean Energy innovations such as Peer-to-Peer Energy Trading and Energy Storage system etc. Moreover, the Company has adopted digital technology to greatly enhance its operations which is part of the Company’s digital transformation strategy. In 2021, WHAUP has initiated Smart Water Solutions project to digitalize the administration of industrial water production and distribution systems. This project provides a database detailing the location of the water distribution pipe network to facilitate the management of the Company’s assets, including future maintenance planning. There are also automatic water meter reading devices installed to reduce the number of metering staff and use the data from water production and distribution system in planning its operations to prolong the service life of equipment in piping system as well as to reduce water loss etc. FORM 56-1 ONE REPORT 2023 103

3. Risks from Climate Emergency That Lead to More Severe and Frequent Natural Disasters Acute global climate change has increased the severity and frequency of natural disasters. Consequently, countries have united to establish the common goal to reduce greenhouse gas emissions. The Thai government has targeted to become carbon neutral by 2050 and achieve net zero emission by 2065. Accordingly, policies have been issued while relevant laws and regulations have been amended to resolve the intensifying environmental problems. In addition, concerns about environmental issues have also caused significant changes in consumer behavior as both consumers and entrepreneurs now direct their attention towards eco-friendly products. WHA Group has conducted an analysis of the climate change situation for the company, which encompasses 2 scenarios based on the Representative Concentration Pathways (RCP) framework developed by the Intergovernmental Panel on Climate Change (IPCC). These scenarios provide a simulated projection of greenhouse gas emission. In additional, WHA Group considered the risks and opportunities associated with climate change. It identified key climate change-related risks and opportunities, both physical risk and transition risk to formulate a strategic plan, an operational plan and management measures against such changes to mitigate impacts that may affect operating costs, revenues, and competitiveness and sustainability in business operations in the future. The key risk management measures are as follows: Logistics Business • Give importance to choosing the location of the project. The project must locate in areas with low flood risk or no reports of flooding in the past. Most of WHA Group’s projects are in Bangna-Trad area, through which there is a low risk of flood. • Design and build including using innovations in materials and equipment used to construct warehouse to reduce the temperature inside the warehouse and allow comfortable ventilation. • Assess the environmental change of each project during construction. • Focus on the use of Green construction materials, particularly high-performance construction materials and pre-fabrication method, to reduce waste and maximize the recycling and re-use of construction materials to comply with company ESG policies. • Plan to increase renewable energy consumption to reduce greenhouse gas emissions and environmental impact, as well as control greenhouse gas emissions. • WHA Group is committed to reducing the impact on the environment. WHA Group is in the process of planning a strategy towards becoming net zero and encourages its customers and partners to use renewable energy to reduce the problem of climate change together throughout the business chain. • Prepare a contingency plan and procedure for business continuity and conduct regular drills according to such plans. • Purchase insurance covering damage caused by natural disasters and accidents for all projects of the Company (All Risk Insurance). • Monitor on relevant legal changes to consider in formulating policies and frameworks to support the rules and regulations that will come into effect in the future. • The company focuses on policies on safety, occupational health and working environment (SHE) among employees and contractors including those involved in business operations by setting safety standards, construction method and waste management within the project, to enhance the work quality and be responsible for the environment. • Continuous improvement of building design by giving importance to energy saving and environmental conservation in the business group especially a group of warehouse buildings, to become an energy-saving building through design concept, material selection, and specifying in every step of works, to meet the standards and criteria for considering energy-saving buildings (LEED Certified). Industrial Development Business • Give importance to choosing the location of the project. The project must locate in areas with low flood risk or no reports of flooding in the past. Most of WHA Group’s projects are in the EEC area, which has a low risk of flooding. 104 WHA CORPORATION PUBLIC COMPANY LIMITED

• Continuously adopt state-of-the-art technologies to complement the concept of SMART ECO Industrial Estates, ensuring the seamless production in factory, logistics and other businesses • Plan to increase energy production from renewable energy to reduce greenhouse gas emissions and environmental impact, as well as control greenhouse gas emissions. • Closely monitor rainfall and drainage from dams or reservoirs. • Maintain the rain gauge system and the water meter in the drainage system, as well as maintenance of rainwater ponds and water pumps of the project to be always in a ready-to-use condition, including digging wells / dredging for drainage. • Prepare a contingency planning manual for business continuity and conduct regular rehearsals according to such plans. • Assess the changing environment of each project. • WHA Group is committed to reducing the impact on the environment. WHA Group is in the process of planning a strategy towards becoming net zero and encourages its customers and partners to use renewable energy to reduce the problem of climate change together throughout the business chain. • Monitor on relevant legal changes to consider in formulating policies and frameworks to support the rules and regulations that will come into effect in the future. Utilities and Power Business • Give priority to locating the project in locations with a low flood risk or where no retrospective flood reports exist. • Apply for all risk insurance covering all types of damage caused by natural disasters and accidents for all projects. • Consider alternative raw water resources to increase the amount of water available to industrial customers. • Investment in technologies to reuse wastewater as industrial water (Wastewater Reclamation), including the use of treated wastewater in various activities (Wastewater Reuse). • A study of innovative construction materials and equipment used in solar projects to minimize temperature, prevent overheating, and prevent lightning. • Remain up to date on legislative and regulatory changes for consideration in the development of policies and operational frameworks to support future regulations. FORM 56-1 ONE REPORT 2023 105

HUMAN RESOURCE Driving Business towards Sustainability Sustainability Management Policy & Goals WHA Group has announced the implementation of its 5-Year Sustainability Framework since 2020 to push for the setting of practice guidelines for corporate development aimed at sustainability and in line with the business direction of WHA Group under our commitment to be “The Ultimate Solution for Sustainable Growth”. In order to achieve set goals in line with this intention, WHA Group has made a framework for development with adherence to corporate governance, human resource development, digital transformation and conservation of natural resources, which is our long-term goal in corporate sustainability management for WHA Group and stakeholders. In addition, WHA Group has used the results of risk analysis and likelihood of occurrence due to global trends and various issues potentially occurring in the future for joint consideration and confidence that the aforementioned development framework is efficient and suitable for the situation. DIGITALIZATION • Revenue generation and cost reduction from innovation projects • 100% data breach prevention in terms of data leaks, thefts or losses of both inbound and outbound data are achieved in 2025 Business Direction “The Ultimate Solution for Sustainable Growth” GOVERNANCE Corporate Value Corporate Value Corporate Value Corporate Value Corporate Value • Maintain Human Capital Return on Investment at 14% in 2025 • 100% acknowledgement and communication of Code of Conduct to subsidiary, employees and suppliers/contractors by 2025 • 100% employees at all levels are trained on risk management by 2023 • Maintain market share for industrial development at 32% • 90% customer satisfaction score • 7.2% overall turnover rate in 2025 • 5% talent turnover rate in 2025 NATURAL RESOURCE • Double the reclaimed industrial water for industrial use from 30,200 cubic meter / day in 2020 to 60,400 cubic meter / day by 2025 • Optimize proportion of waste to landfill and incineration approach by 2025 106 WHA CORPORATION PUBLIC COMPANY LIMITED

Investments in various projects are subject to potential risks. These risks might have impact on the business operations of WHA Group. Furthermore, sustainability development in terms of the environment, society and corporate governance are considered an important issue currently attracting increasing interest. For this reason, WHA Group schedules consideration of sustainability from the first stage of investment planning in each business group. WHA Group gives primary consideration to these issues in setting the direction of its business operations and uses the information to accompany its investment decisions concerning various projects in order to build long-term value. In addition, expressing our intention in sustainable investments also builds confidence and trust among stakeholders, because environmental, social and corporate governance issues are given consideration at every stage of the project development process and at every stage in conducting business. Management of Impact on Stakeholders in the Business Value Chain Business Value Chain WHA Group is firmly committed to management along the business chain for maximum efficiency, including importance given to the opinions of all stakeholders in order to build good relations. This includes the process of performing duties transparently, which is the key foundation leading to sustainable business growth. The Company has divided the business value chain by the Company’s main businesses as follows: Business Group Upstream Level Business Transactions Downstream Level Logistics Businesses • Land purchasing. • Real estate management. • Real estate rental/ leasing and sales. • Asset management. • Project repairs/ maintenance. • Post-sales customer services. Industrial Estate Development Businesses • Land sales for industry business operations. • Asset management. Public Utility Service & Energy Businesses • Raw water procurement. • Fuel & solar energy purchasing. • Water production • Waste Management • Electricity Production • Solar Rooftop Installation Digital Businesses • IT product & service purchasing. • Fiber to the x optical cable (FTTx) • Service Management The efficiency of supply chain management reflects good coordination among internal agencies in the organization, because the system involves many fields of business. Nevertheless, based on previous global situations occurring, trade war, economic recession, various changes to laws and regulations, including concerns about the safety of personal data in the online world, which is a factor that emphasizes the importance of efficient management systems in the supply chain that are capable of handling changes and uncertainty of FORM 56-1 ONE REPORT 2023 107

various situations in a timely manner. Thus, WHA Group gives importance to environmental, social and governance issues with determination to drive for the aforementioned intention leading to trade partners and contractors in WHA Group, because WHA Group believes that the reputations of trade partners and contractors contribute to the images and viewpoints of WHA Group. Therefore, in order to control these challenging factors, WHA Group has made plans for business operations based on a system that is fair and transparent, which will help increase the capacity of trade partners and development in business growth and sustainability together. The business diversity in WHA Group requires that the group contacts and coordinates with large numbers of trade partners and contractors in WHA Group’s business value chain. WHA Group gives maximum importance to sustainability and practice in strict compliance with various specifications. Therefore, we have to see that WHA Group’s trade partners and contractors also comply. For this reason, WHA Group has prepared the Supplier Code of Conduct with content covering regulations concerning business ethics, basic specifications on maintaining human rights, and management of occupational health, hygiene and the environment. Our trade partners and contractors have received public announcement on the aforementioned “Supplier Code of Conduct”. The details of the environmental quality management, energy conservation and biodiversity policies can be studied at the Company’s website at https://www. wha-group.com/Uploads/elFinder/pdf/cg/20230817- wha-environmental-management-policy-en.pdf Furthermore, with the determination of WHA Group to be the “The Ultimate Solution for Sustainable Growth”, WHA Group, therefore, gives importance to the opinions of every stakeholder group, both directly and indirectly, with policy building good relations in addition to generating strong, united cooperation, including the performance of duty with transparency and efficient communications under respect for human rights and fair treatment of stakeholders. Thus, participation with every stakeholder group is a key activity in helping WHA Group perceive the expectations and concerns of each party to efficiently enable prevention and mitigation of negative impact in addition to bringing positive issues extended for maximum benefits with consideration of mutual benefits with stakeholders, which is considered a basic factor leading to success in sustainable business operations. Stakeholders in WHA Group’s Business Value Chain can be people, groups of people or organizations, which might cause significant impact on business performance, production, services and other related actions. Thus, the process of identifying stakeholder groups is considered based on the level of involvement, whether directly or indirectly, in the business performance, production and services of WHA Group, including the influence or impact of each stakeholder group on strategy or decisions in the business operations of WHA Group. Stakeholders are categorized into the following 8 groups: Employees Shareholders/ Investors Customers Trade Partners/ Creditors Public Sector and Government Community Agencies Financial Institutions Media 108 WHA CORPORATION PUBLIC COMPANY LIMITED

WHA Group has set guidelines for managing stakeholders in order to enable planning for the proper creation and development of good relations with each group of stakeholders based on situations and the environment with the following processes and procedures: 1. Classify Stakeholder Importance based on the level of impact received from the operations of WHA Group and the level of influence stakeholders have in the performance of WHA Group and identify the main person responsible for management. 2. Analysis of Stakeholder Issues based on the information received from the hearing of opinions and concerns of stakeholders through a variety of participatory activities, including through various media channels in order to analyze the needs, expectations and concerns of each stakeholder group, including analysis of risks and opportunities in each stakeholder group, in order to develop management plans. 3. Management with coverage from the planning, development and participation stages of stakeholders, creative practice with the participation of each stakeholder group, including close and regular communications among stakeholders in order to build accurate understanding, including responses and solutions for various issues or forming new guidelines justice and acceptance by all parties concerned. The details of the policy and practice guidelines for stakeholders can be studied at the Company’s website at https://www.wha-group.com/Uploads/ elFinder/pdf/cg/20230817-wha-stakeholderengagement-policy-en.pdf Environmental Sustainability Management WHA Group has always had policy focused on conducting friendly business operations together with the surrounding communities and the environment with sustainability and is aware of the importance of environmental management and resource conservation based on the aforementioned policy. For this reason, WHA Group is firmly committed to steering its business toward sustainability with focus on applying efficient environmental management models, including proactive management and control with inspection and measurement of the main factors influencing the environment at all times. This covers responsibility for biodiversity, wastewater quality, waste management, air pollution and resource conservation. The above factors are characteristics of WHA group’s business operations, which involve the surrounding communities. Thus, the guidelines developing into sustainable business operations for WHA Group are based on policies for environmental quality, energy conservation and biodiversity. The aforementioned policies illustrate the intentions of WHA Group in preventing and reducing environmental impact in combination with quality development and governance meeting the specifications and practice guidelines of international standards, whether in terms of environmental management system standards (ISO 14001) and management system quality standards (ISO 9001) by the International Organization for Standardization (ISO), which is considered the framework for work, so environmental management corresponds with the same guidelines in every business group. Thus, WHA Group has set policies for environmental quality management, energy conservation and biodiversity for executives and employees in WHA Group for use as practice guidelines. The details of these environmental management, energy conservation and biodiversity policies can be studied at the Company’s website at https://www.wha-group.com/Uploads/elFinder/ pdf/cg/20230817-wha-environmental-managementpolicy-en.pdf FORM 56-1 ONE REPORT 2023 109

Environmental Standards and Performance Environmental Management System Standard Certification WHAID and WHAUP Groups have been certified for international standards by the International Organization for Standardization (ISO) with the following outstanding results: Environmental Management System Certification (ISO 14001), which shows that the business guidelines in WHA Group are environmental conscientious. Environmental Impact Assessment Report (EIA) WHA Group strictly adheres to the terms and conditions prescribed in the Enhancement and Conservation of National Environmental Quality Act, B.E. 2535 (1992). All of the projects in WHA Group require study of information for the making of environmental impact assessment (EIA) reports. In assessing environmental impact, consideration is given to environmental and social impact in the surrounding areas within a 5-kilometer radius of projects in order to be certain that inspections, impact mitigation and control of various risks have been properly carried out. The assessment of the aforementioned EIA reports requires approval by the Office of Natural Resources and Environmental Policy and Planning (ONEP) before commencing with construction and operations. WHA Group continues to govern based on environmental measures in compliance with set guidelines for assessing environmental impact with inspections and reports on the operations at each project to the Industrial Estate Authority of Thailand (IEAT), the Office of Natural Resources and Environmental Policy and Planning (ONEP) and local agencies in the provinces. In the past, there have been no indicators exceeding the standards prescribed by environmental laws. In addition, WHA Group controls environmental management policy together with trade partners and business operations in industrial areas in order to ensure compliance with proper practice guidelines corresponding with various specifications. Otherwise, WHA Group coordinates with the Industrial Estate Authority of Thailand in order to ensure that measures are actively carried out as deemed fitting in the future. Energy Management WHA Group is aware of the importance of energy management. Thus, energy conservation management policy has been set in order to illustrate the necessity of energy conservation projects in WHA Group. The aforementioned policy covers employee practice, including management of structures or public utility systems for four business groups in compliance with the Building Control Act B.E. 2540 (1997) and the Enhancement and Conservation of National Environmental Quality Act (No. 2), B.E. 2550 (2007). In terms of checking energy management, WHA Group has the task carried out by the Energy Committee, which is composed of representatives from every business group in order to provide accurate information together with mutual support. Moreover, WHA Group is firmly committed to reducing energy use and pushing for the use of renewable energy in the business value chain of WHA Group, particularly concerning solar energy. WHAUP Group has proposed electricity generation services from full-service rooftop solar power to customers under long-term power purchase-sale agreements free of advance expense payments, whether in the form of design, permit application, 110 WHA CORPORATION PUBLIC COMPANY LIMITED

installation, long-term performance or repairs and maintenance. When customers have no necessity to prepare investment and repair-maintenance funds for the system, WHAUP Group considers the situation as part of business support assistance that is part of the clean energy cycle. Furthermore, the rooftop solar power system continues to be considered valuable with less environmental impact than previous electricity generation systems. WHA Group has installed rooftop solar panels on its water purification plant in WHA’s Eastern Industrial Estate (Map Ta Phut) (WHA EIE), which is able to reduce electrical energy use to lower than the previous method by as much as 315,857 kilowatts per hour per year. WHA Group has also installed rooftop solar cell panels on the rooftops of the parking facilities at WHA Eastern Seaboard Industrial Estate 2 (WHA ESIE2) and WHA Eastern Seaboard Industrial Estate 4 (WHA ESIE 4) which can reduce the use of electricity from the previous electricity generation system by as much as 352,015 kilowatts per hour per day. Additionally, in 2023, WHA Group installed solar panels on the office buildings at WHA Eastern Seaboard Industrial Estate 3 and a floating solar project at WHA Eastern Seaboard Industrial Estate 1. Both projects can reduce electricity consumption from the conventional power generation system by up to 675,089 kilowatt-hours per year. In addition, WHA Group has studied the installation of solar cell panels together with batteries. The aforementioned project has helped WHA Group reduce electricity use from the previous system in the amount of 1,150 megawatts per hour per year or 4 million baht per year. Thus, WHA Group is determined to achieve long-term goals in making agreements and providing services in renewable energy to reach 300 megawatts by 2023. For more information, please see in the Sustainability Report at https://www.whagroup.com/en/sustainability/sustainability-report Water Management Water management in WHA Group’s four business groups follows set environmental quality, energy conservation and biodiversity guidelines. The aforementioned policies provide a framework for efficiently maintaining water balance without causing negative environmental impact. Water management in WHAID and WHAUP Groups are under the direction of the Industrial Estate Operator (IEO). WHA Group has complied with specifications concerning water management as prescribed in Ministry of Natural Resources and the Environment, Industrial Estate Authority of Thailand Act B.E. 2522 (1979) and the Factory Act B.E. 2535 (1992). In addition, standards have been controlled by checking the values of variable concerning water quality as prescribed in environmental impact assessment (EIA) reports. Thus, WHA Group has proceeded with the procurement and production of water for industrial purposes for customers. WHA Group is aware of the importance of having sufficient water for use in its FORM 56-1 ONE REPORT 2023 111

business operations. Furthermore, water is a resource that continues to be required by industrial activities, communities and the environment. WHA Group has set long-term goals in order to double the efficiency of water reclamation from 30,200 cubic meters per day in 2020 to 60,400 cubic meters per day in 2025 for water used in industrial activities, which will reduce the demand on water from natural resources. Moreover, WHA Group applies the 3R principle (Reduce Reuse and Recycle) and the Circular Economy principle in using the water obtained through water reclamation in cleaning and improving the landscaping inside the industrial estate, too. In addition, WHA Group gives importance to the development of wastewater treatment in the surrounding communities. This determination and dedication is reflected in the “Clean Water for Planet” project established in 2016 with the main objective of raising awareness and knowledge about the importance of water resources and transferring knowledge to building accurate understanding in order to foster general awareness among community members, so they recognize the importance of conserving natural resources. WHA Group has commenced with construction and delivery of wastewater treatment systems to communities for use in improving water quality in canals, so the wastewater treatment used are constructed wetland systems with reliance on biological processes with the help aquatic plant life and bacteria in wastewater treatment, which is an environmentally friendly, low-cost and easily maintained method inspired by the Royal Projects of His Majesty King Bhumibol Adulyadej the Great (King Rama IX). WHA Group has delivered a wastewater treatment system to the Pluak Daeng Subdistrict Administrative Organization, Rayong Province, which uses the wastewater treatment system from upstream in Hin Loi Canal, which flows through densely populated communities. The aforementioned system can treat 400 cubic meters of wastewater per day and reduce bacterial substances in wastewater at more than 80% per day. For more information, please see in the Sustainability Report at https://www.wha-group. com/en/sustainability/sustainability-report Greenhouse Gas Reduction Management Climate change might have impact on business operations, including the environment in general. WHA Group is, therefore, firmly committed to reduce its carbon footprint, which is considered the main reason for rapid climate change. The greenhouse gas emissions in Scope 1 come from the power generators in WHA Group and various vehicles. WHA Group has installed a control cable alarm system and a SMART meter to reduce traffic going back and forth to check the work site, so fuel is saved that is the equivalent of the reduction in greenhouse gas emission Scope 1. At the same time, the greenhouse gas emissions in Scope 2 from the use of electrical energy are considered the Company’s Environmental Footprint. Thus, WHA Group has pushed for the use of alternative energy in order to take part in reducing the problem of greenhouse gas emissions. WHA Group offers rooftop solar power system, resulting in being able to achieve carbon neutrality by reducing greenhouse gas emissions more than the Scope 1 and 112 WHA CORPORATION PUBLIC COMPANY LIMITED

Scope 2 emissions of the organization since the year 2021. In 2023, WHA Group distributed power from rooftop solar power systems to customers, which can be considered a reduction of the equivalent of over 51,497 tons of carbon dioxide equivalent in greenhouse gas emissions. (Compared to that of 2022, a reduction of the equivalent of over 31,599 tons of carbon dioxide equivalent in greenhouse gas emissions). WHA Group is aware of risks involved in business operations due to climate changes in the industrial estates in WHA Group and the businesses of customers, which might lead to cessation of business operations or causing potential damage to assets. Therefore, risk assessments in relation to climate change have been scheduled and given primary importance in risk management for the organization with the following objectives: • Specify significant risks in order of dangers, likelihood of occurrence and involvement in performance. • Gain understanding about the impact of climate change on business operations. • Assess the efficiency of existing impact mitigation measures. • Find problem-solving guidelines for potential climate changes occurring in the future. In 2023, the Company generated 1,401 tons of carbon dioxide equivalent of Scope 1 and 17,209 tons of carbon dioxide equivalent of Scope 2. These are equivalent to a total of 18,610 tons of carbon dioxide equivalent. This GHG emissions information is verified by LRQA (Thailand) Limited. Target Net Zero Green House Gas Emission in year 2050 Green House Gas Emission Year 2021 Year 2022 Year 2023 Green House Gas Emission Scope 1 (ton of carbon dioxide equivalent) 1,146 1,322 1,401 Green House Gas Emission Scope 2 (ton of carbon dioxide equivalent) 18,104 15,722 17,209 Total of Green House Gas Emission 19,250 17,044 18,610 Please see more information in Sustainability Report at https://www.wha-group.com/en/sustainability/sustainability-report Waste Management Because each of the businesses in WHA Group is carried out differently, multiple types of waste come from business activities. Most of the waste is categorized as ordinary waste, sediment waste from wastewater and the wastewater treatment systems of WHAUP with some hazardous wastes from some parts of industry such as light bulbs for lighting inside the industrial estate, etc. Furthermore, WHA Group is well-aware that construction generates a large amount of waste. Thus, we give importance to selecting trade partners that select construction materials with consideration given to environmental and social impact. WHA Group is firmly committed to developing the waste management processes of all four business groups, which is compliant with policies on environmental quality, energy conservation and biodiversity, including compliance with processes involved in waste management as stated in the environmental impact assessment (EIA). In addition, WHA Group has established a task force for the administration and management of waste for governance and inspection of waste management in compliance with proper guidelines in compliance with the law. The task force for administration and management of waste will inspect and sort each type of waste from the business operations of WHA Group, including promotion of efficient waste management policy. For more information, please see in the Sustainability Report at https://www.wha-group.com/ en/sustainability/sustainability-report FORM 56-1 ONE REPORT 2023 113

CSR Sustainability Management In 2023, WHA Corporate Social Responsibility Steering Committee, comprised of the board and working committees responsible for social and environmental responsibility, took charge of establishing policies, directions, and guidelines for carrying out activities related to social and environmental responsibility. WHA Group organized the activities to foster positive relationships and contribute to the development of industrial estate communities, aiming to enhance the quality of life and sustainable self-reliance. WHA Group has undertaken projects that promote education, community development, and environmental care to ensure the continuous growth and development of the surrounding communities. 1. Education Development Projects WHA Group is dedicated to the development and support of industrial estate communities, aiming to improve the quality of life in the surrounding areas. The commitment is coupled with environmental care, aligning with WHA Group’s mission, “WHA: WE SHAPE THE FUTURE”. The group strives to be The Ultimate Solution for Sustainable Growth, focusing on shaping a better future through continuous development. • WHA School Contribution Project WHA Group, in collaboration with business partners and entrepreneurs in WHA industrial estates organized an activity to provide educational supplies to schools in the vicinity of WHA industrial estates. This initiative, now in its 25th consecutive year, involved distributing school bags to a total of 71 schools, benefiting over 23,000 students. • Upcycling School Bags from the “WeCYCLE Project”, made from recycled plastic bottles and water hyacinth fiber. Four schools participated in the WeCYCLE project: Ban Khlong Kram School, Ban Nong Sue Chang School, Ban Mab Lum Bit School, and Wat Chak Pak Kood School. The project aims to instill environmental awareness in youth and promote the principles of the 3Rs: Reduce, Reuse, and Recycle. • The installation of Solar Rooftop systems for schools in Rayong, under the “Shine Brighter with WHA” project. WHA Group, in collaboration with Dr.Somyos Anantaprayoon Foundation, has delivered a Solar Rooftop system with a power capacity of 10.45 kWp to Nikom Sang Ton Ang Rayong 9 School. This initiative is part of the “Shine Brighter with WHA” project. The installation promotes the use of clean energy, reduces the school’s expenses, and saves the school up to 72,000 Baht per year, equivalent to 67%. 114 WHA CORPORATION PUBLIC COMPANY LIMITED

• Scholarship Program WHA Group aims to provide opportunities for youth to develop skills and improve their quality of life. Therefore, WHA Group continues its support for education through scholarship programs for students at various levels, including kindergarten, primary school, secondary school, vocational certificate, and undergraduate levels. This initiative is designed to increase educational opportunities for students who are disadvantaged, fostering their abilities and development into capable young individuals. 2. Environmental Promotion, Economic Circularity, and Sustainability Program All executives and employees of WHA Group prioritize environmental preservation. As a result, WHA Group adopts business strategies and organizes activities that focus on coexisting with the surrounding community and the environment in a holistic manner. These efforts are consistently carried out in a sustainable manner, aligning with the group’s mission, “The Ultimate Solution for Sustainable Growth.” • WHA Clean Water for Planet Project for Community WHA Group has delivered a wastewater treatment system for the community. This is the second project, named Wang Tanote Constructed Wetland Project, provided to the municipality of Nong Kla in Chanthaburi Province. This initiative, under the concept of WHA Clean Water for the Planet, covers an area of 15 rais and efficiently treats up to 400 cubic meters of community wastewater per day. The system is designed to handle a potential future increase of up to twice the current capacity, reaching 800 cubic meters per day. The system utilizes natural processes, relying on plants such as Vetiver grass and Water Hyacinth with the ability to absorb organic substances in biological wastewater treatment. Additionally, solar energy has been incorporated into the project, making it an environmentally and sustainably conscious wastewater treatment system. • Green Area Conservation Project WHA Group, in collaboration with the Industrial Estate Authority of Thailand and entrepreneurs in WHA industrial estates, involving 70 companies and over 500 individuals, has undertaken a tree-planting initiative to sustainably reduce greenhouse gas emissions and mitigate global warming. The afforestation efforts span across 2 WHA industrial estates: WHA Eastern Seaboard 2 Industrial Estate and WHA Eastern Industrial Estate (Map Ta Phut). Together, a total of 29,030 trees have been planted over an area exceeding 100 Rais, resulting in an estimated Greenhouse Gas Reduction of 260.8 tons CO2e. • WeCYCLE : Used PET Bottle Project WeCYCLE Project is a collaborative effort initiated by WHA Group (“WHA GROUP”), with the support of PTT Global Chemical Public Company Limited, including partners and entrepreneurs within the WHA Group’s industrial estates, comprising a total of 79 companies. The project aims to foster environmental awareness, reduce plastic waste from landfilling, alleviate carbon dioxide emissions, mitigate global warming, and produce upcycled products such as school bags, pillowcases, hampers, Laptop cases and more. This is achieved through the collective donation of used plastic PET bottles by participating entrepreneurs, which are then processed through the Upcycling process. The project also involves collaboration with water hyacinth fiber production from the WHA Clean Water for Planet Project, where WHA Group collaborates with Chak Ma Had community, Rayong, enabling the community to have a sustainable livelihood, generate income, and co-exist with WHA industrial estates. FORM 56-1 ONE REPORT 2023 115

Since the inception of WeCYCLE project in 2022 until now, WeCYCLE project has received donations of used plastic bottles totaling 37 tons. This is equivalent to approximately 2,153,141.18 bottles of 600 ml. size or, in terms of greenhouse gas (GHG) reduction calculated based on the Carbon Emission Factor of landfill waste, a reduction of 85 tonsCO2e. To put this into perspective, it’s comparable to planting 17,719 trees capable of absorbing carbon dioxide emissions over the course of one year. • WeCYCLE Paper Recycling Project WeCYCLE Used Paper Recycling Project: the project has initiated in March 2023, as a continuous effort aligned with the concept of recycling used items to generate benefits and instill environmental awareness within the WHA Eco System community. Through this project, we collect used paper donations, which are then recycled to create educational products for the students surrounding WHA industrial estates. The project is in collaboration with, SCG Packaging Plc., who takes the used paper for recycling and produces educational materials for libraries. WeCYCLE Paper Recycling Project have received a donation of 25 tons of used paper, equivalent to a reduction of 75 tons of CO2e based on the Carbon Emission Factor for landfill waste. The reduction is comparable to planting 8,286 trees to absorb carbon dioxide over the course of one year • Environmental Detective Project WHA Group organized the project “Environmental Detective Project” in 2023 to promote environmental knowledge and understanding among the youth in WHA industrial estate area. The project aimed to instill environmental conservation awareness, educate about waste separation, and observe the quality of both clean and wastewater in public water sources. Additionally, the initiative sought to encourage active participation and engagement among the youth, enabling them to share acquired knowledge with their families and communities. The activities were conducted in WHA industrial estates surrounding schools and included the following: 1. Ban Khao Hin School, Bo Win Subdistrict, Si Racha District, Chonburi. Number of participating students: 103 students. 2. Ban Hub Bon School, Khao Kansong Subdistrict, Si Racha District, Chonburi. Number of participating students: 178 students. 3. Ban Pluak Daeng School, Pluak Daeng District, Rayong. Number of participating students: 80 students. 4. Ban Mae Nam Khu School, Mae Nam Khu Subdistrict, Pluak Daeng District, Rayong. Number of participating students: 60 students. 3. Health Promotion and Occupation Development Project • Screening for Cervical Cancer Project for female employees in WHA industrial estates. WHA Group and WHAbit, in collaboration with Bangkok Hospital Pluakdaeng, have organized a project to provide cervical cancer screenings for female employees and residents in WHA industrial estates. The project aims to screen 4,000 individuals without any charges, with the goal of early detection and prevention of cervical cancer, a prevalent disease among Thai women. This initiative encourages women to prioritize their health and aims to prevent the occurrence of cervical cancer by ensuring timely medical attention. • Providing medical equipment support to hospitals and healthcare facilities in the community. WHA Group has produced 500 Pan Sook pillowcases through the upcycling process from used plastic PET bottles received from the WeCYCLE project. This initiative is supported by plastic bottle donations from businesses within the WHA industrial estates, local authorities, and schools. The fabric woven from the upcycling process incorporates plastic bottle fiber treated with antiviral properties. These specially designed pillowcases are intended for patients in hospitals, especially those bedridden or requiring special care. The donation aims to 116 WHA CORPORATION PUBLIC COMPANY LIMITED

support hospitals and bedridden patients in need, particularly in the communities around WHA industrial estates, including Pluak Daeng Hospital and Nikhom Pattana Hospital in Rayong, as well as Tasit Subdistrict Administrative Organization, Khao Khansong Subdistrict Administrative Organization and Jompoljaopraya Municipality. Additionally, WHA Group extends its support by providing various medical equipment to the local healthcare facilities. • Supporting Vulnerable Communities Project WHA Group prioritizes vulnerable populations, including the elderly, people with disabilities, and bedridden patients. Therefore, WHA Group has organized health promotion activities for the elderly, distributed survival bags to the elderly and bedridden patients residing in the communities around WHA industrial estates. Additionally, WHA Group provided 805 doses of Influenza vaccine to community members around WHA industrial estates. This initiative aims to protect the elderly and at-risk groups from influenza and promote overall health and well-being in the community. • WHA Pan Gan Project This is a project supporting locally products and community-made goods produced by residents in the vicinity of WHA industrial estates in Chonburi and Rayong. The promotion is carried out through WHA Group’s social media channels, such as Facebook, YouTube, and the website http://pangan. wha-industrialestate.com/en/home. These platforms serve as a connection between sellers and buyers and provide a space to showcase a diverse range of local products. In 2023, WHA Group organized ‘WHA Pan Gan Market’ at ESIE Plaza 1, Eastern Seaboard Industrial Estate (Rayong). The activity featured 16 community shops selling various products such as food, snacks, beverages, and naturally dyed clothing. This initiative aimed to generate income for the community. Furthermore, WHA Group supported the purchase of products from the community to create New Year Gift baskets, snack boxes for the seminar and meeting, contributing over 800,000 Baht to community income. Upcoming CSR Projects of WHA Group • WeCYCLE : Used Cooking Project The project focuses on collecting used cooking oil and transforming it into Sustainable Aviation Fuel (SAF). This initiative involves collaboration with WeCYCLE members, and BSGF Co., Ltd. The collected used cooking oil is processed to produce SAF, which serves as a renewable energy source for aviation. The overall aim is to contribute to the Net Zero greenhouse gas emissions target by 2050. • WHA School Contribution Project 2024 • WHA Pan Gan Market for Entrepreneurs Project Please study the additional details about the business operations of WHA Group in terms of Driving business towards sustainability in Sustainability Report 2023 at the Company’s website at https://www.whagroup.com/en/sustainability/sustainability-report FORM 56-1 ONE REPORT 2023 117

Management Discussion and Analysis (MD&A) Macroeconomic & Company Overview Thai Economic Performance On 7 February 2024, the Monetary Policy Committee (MPC) foresees the Thai economy is projected to slow in 2024 from exports and manufacturing activity amid softening global demand and moderating growth in China. Structural headwinds are restraining merchandise exports and tourism more than expected. Meanwhile, domestic demand continues to expand and remains a key driver of the economy. Inflation stays at a low level and should gradually pick up towards the target range albeit at a slower-than-expected pace. The current policy interest rate is consistent with preserving macrofinancial stability, a key foundation for sustainable growth in the longer term and maintain the policy rate at this meeting at 2.5%. Headline inflation should stabilize at levels close to 1 % in 2024 before gradually picking up next year. Core inflation should remain flat as in the previous assessment. The Thai economy is expected to decline in 2024, projected to be 2.5-3.0%. Private consumption and tourism should remain the key growth engines. Exports and manufacturing activity should expand at a moderate pace, constrained by global demand and a delayed upturn in the Thai electronic cycle. SCB EIC revised down its growth forecast for 2023 to 2.6% (from 3.1%) due to a much lowerthan-expected Q3 GDP outturn, a large contraction in government spending, and lower tourist arrivals than the previous forecast partly. For 2024, the Thai economy will continue to grow at 3.0%. Exports will expand on the back of rising global trade growth. Private investment will pick up in line with exports recovery, increasing trend of investment promotion applications, as well as government policies to boost investment. However, the Thai economy in 2024 may recover slowly and grow at a lower rate than previously projected due to weaker economic momentum following a high growth of private consumption this year and a slower-than-expected recovery in household income, particularly the lowincome group. Also, Chinese tourists recovered more slowly than expected. Public investment will expand at a low rate due to a delay in the FY2024 Budget Act. At the same time, Kasikorn Research Center (KResearch) predicts that the Thai economy is projected to grow slower than expected in 2023. Therefore, has downwardly revised our growth forecast for the Thai economy in 2023 to 2.5 %, from the previous estimate of 3.0 %, due to the global economic downturn. The steady decline in the Chinese economy, in particular, may affect the overall number of international tourist arrivals in Thailand. KResearch is of the view that the total 118 WHA CORPORATION PUBLIC COMPANY LIMITED

number of foreign holidaymakers in Thailand during 2023 may reach only 27.6 million people, although Thai merchandise exports are projected to contract by 1.3 %, an improvement from our previous estimate of a 2.5 % decline. Additionally, domestic demand may continue to be affected by the fact that Thai tourism has not yet fully recovered, together with the persistent slowdown in the manufacturing sector and hefty household debt, and core inflation that remains below the Bank of Thailand’s target. KResearch expects that the Thai central bank has already ended its interest hike cycle, leaving its policy rate at 2.5%. In 2024, the Thai economy is projected to grow 3.1%, thanks to public investment and consumption, plus projected growth in merchandise exports of 2.0%. Moreover, the number of international tourist arrivals may increase to 30.6 million people, from the 27.6 million people projected for 2023. If the Thai government’s digital wallet measure goes ahead, it is expected that the Thai economy would grow by 3.6%. For the Vietnamese Economy, the General Statistics Office (GSO) revealed that the GDP in Vietnam in 2023 increased by 5.05% compared to 2022. Especially, the GDP in Q4/2023 was expected to increase by 6.72% compared to last year. When considering the value of foreign direct investment (FDI), which was one of the major economic drivers of Vietnam, it increased by 32.1%, totaling USD 36.6 billion. In 2024, the Vietnamese government aims for a GDP growth of 6.5%, which is lower than the previous year’s GDP of 8.02%. Investment and Foreign Direct Investment Applications In 2023, there were a total of 2,307 projects applying for investment promotion, an increase of 16 %, with an investment value of 848,318 million baht, an increase of 43 % compared to the same period last year. Which was the highest in the past 5 years. For applications for promotion in the targeted industries, there were 1,177 projects with a total value of 622,165 million baht, accounting for 73% of the total value applied for promotion. Due to de-globalization, leading companies are looking for new investment opportunities that are stable, prepared, and non-controversial. Thailand is a country with potential and infrastructure that can meet the demand to be an outstanding investment destination in the region. In addition, the Thai government has a policy of opening the country to investments, along with announcing measures to promote various investment sectors under the BOI’s 5-year strategy. Moreover, most of them are invested in the electrical and electronic industries. (the highest investment value over 342,149 million baht), the Automotive and parts industry (total investment value of 82,282 million baht), including Agro and Food processing industry (total investment value of 74,416 million baht). For the investment, the electrical and electronic industries significantly expanded, with a 62% increase in the number of projects compared to the previous year. As a result of large-scale investments in the production of smart electrical appliances, electronic components, hard disk drives, testing wafers, and circuit boards, including more than 20 major projects in PCB and PCBA, which are crucial for electronic devices and serve as foundational industries for further expansion into other industries such as electric vehicles, telecommunications, medical equipment, smart appliances, digital, and automation systems. In terms of investment in the automotive industry, it is led by major Chinese car manufacturers such as Changan, BYD, and Foton. For applications for foreign investment promotion (FDI), in 2023, there were 1,394 projects, an increase of 38 %, with investments of 663,239 million baht, an increase of 72%. China is the country with the highest investment value of 159,387 million baht. The second place is Singapore with an investment of 123,385 million baht. The third place is the United States of America with an investment of 83,954 million baht. While Japan ranked fourth with an investment of 79,151 million baht. For the Eastern Economic Corridor (EEC), there have been the highest number of promotion requests, with 812 projects and an investment of 379,766 million baht. Most of them are invested in the electrical and electronic industries. For Vietnam, as of 20 November 2023, the total newly registered capital, adjusted and contributed capital to buy shares, and buy contributed capital of foreign investors reached over USD 28,849.91 million, an increase 14.8% from last year. The adjusted capital and newly registered capital continued to increase over the same period last year. Of which (1) Newly registered capital: There were 2,865 new foreigninvested projects, an increase 58.1%, with valued FORM 56-1 ONE REPORT 2023 119

at over USD 16,410.34 million, an increase 42.4% (2) Adjusted capital: There were 1,152 turns of projects registering to adjust their investment (up 15.9% year-on-year) with a total additional capital of nearly USD 6,470.91 million (drop 32.1% year-on-year). (3) Capital contributions and share purchases: There were 3,166 capital contributions and share purchases by foreign investors (drop 4.0% year-on-year) with a value of over USD 5,968.66 million (up 46.4% yearon-year). The total value of realized capital over eleven-month in 2023 was worth USD 20,250 million, an increase by 2.9% compared with the same period in 2022. Key developments in 2023 Logistics Business: The logistics business has shown continuous growth in 2023, evidenced by the signing of Built-to-Suit lease agreements and the addition of ready-built factories/warehouse projects totaling 241,845 sq.m. Furthermore, short-term lease contracts with high returns covering 149,667 sq.m. have already been signed. Currently, the total warehouse space under its ownership and management stands at 2,944,522 sq.m, with an occupancy rate of 85.8%. For the WHA Mega Logistics Center Theparak KM. 21, on a 400-rai plot of land, Phase 1 has received positive responses from various industrial customers, including leading manufacturer and distributor of equipment/animal feed, who have signed a lease agreement for approximately 46,200 sq.m. and fully integrated logistics service providers, who have signed a lease agreement for a combined area of over 118,000 square meters. At present, Phase 1 of the project has customers who have shown interest to reserve and leased warehouse space to full capacity, alongside continuous increasing demand, the company has to expedite the development of Phase 2 to meet customer needs. Currently, over half of Phase 2’s area has already been reserved, with potential clients such as a major automotive parts supplier, leasing a Built-to-Suit warehouse spanning 13,000 sq.m, and a manufacturer and distributor of equipment/animal feed, who plan to lease warehouse space up to 11,000 sq.m. As for the WHA Mega Logistics Center at Km. 23 (in bound) on a leased area of 46,000 sq.m. with the first client secured is Dynapac Pack Road Equipment (Thailand) Co., Ltd. Additionally, the company is currently negotiating with several potential customers, including leading logistics service providers. The lease agreements are expected to be signed within the year 2024. Additionally, due to the continuously rising demand for high-quality warehouse space and factories, the company is accelerating plans to develop a new project on land spanning 300 - 400 rai in a strategic location for logistics. WHA Group remains committed to developing modern office building projects. Currently, there are 5 office building projects available for lease, totaling an area over 120,000 sq.m. The new projects include Quant Sukhumvit 25, located in the Sukhumvit-Asoke area, covering 9,900 sq.m. There is also a mixed-use building project near the Surasak BTS station, spanning 3,000 sq.m., and a Built-to-Suit medical center project covering 6,900 sq.m, which the company has already signed lease contracts with tenants and construction has commenced since last year. In addition, the company focuses on building strategic partnerships and expanding its businesses in developing high-quality warehouse/factory projects both in Thailand and abroad. It has recently commenced construction of the first warehouse project for lease in Vietnam, spanning 35,000 sq.m. and located near Hanoi. It is expected to be completed and delivered to customers by the end of 2024 or early 2025. At the same time, the company enhances its capabilities through innovation and technology while promoting sustainable practices. This includes the Green Logistics project, where the company will provide electric vehicles, and charging stations, and develop applications using digital technology to manage electric vehicles and batteries. This aims to support and accelerate the use of electric vehicles in the country’s transportation sector. In 2023 some customers already signed lease-purchase agreements for 25 electric vehicles. The company targets to sign contracts for an additional 1,000 vehicles in 2024. Regarding the acquisition of shares in GC Logistics Solutions Limited (GCL), a subsidiary of PTT Global Chemical PLC (PTTGC), with a 50% ownership valued at THB 2,640 million, it is another success story from last year. This investment reinforces the expertise of market leaders of both companies, which enhances their capabilities and competitiveness to elevate customer service standards. 120 WHA CORPORATION PUBLIC COMPANY LIMITED

The company has also achieved success in selling properties and/or leasing property rights to WHART, totaling 142,896 sq.m., worth THB 3,566 million. And, in 2024, the company plans to sell properties and/or lease property rights to both WHART and WHAIR, with a target to sell approximately 213,000 sq.m. of rental space, worth THB 5,290 million. Additionally, the company aims to deliver new projects and contracts totaling an additional 200,000 sq.m. this year, with 165,000 sq.m. in Thailand and 35,000 sq.m. in Vietnam. Total assets under ownership and management are expected to reach 3,145,000 sq.m. Industrial Development Business: In 2023, the company achieved a historic record in land sales, totaling 2,767 rai, with 1,986 rai in Thailand and 781 rai in Vietnam. It also secured Memorandum of Understandings (MOUs) for 524 rai, with 452 rai in Thailand and 72 rai in Vietnam. At the end of Q4/2023, the backlog awaiting ownership rights transfer totaled over 1,038 rai, with 802 rai in Thailand and 236 rai in Vietnam, exceeding the previous year’s backlog of 468 rai. The company expects to gradually transfer ownership rights to customers within the year 2024. The increase in land sales partially came from signing land purchase agreements with Changan Auto Southeast Asia, one of China’s 4 leading automotive groups, for 250 rai in the WHA Eastern Seaboard Industrial Estate 4. Furthermore, there were land lease agreements signed in Vietnam with Fu Wing Interconnect Technology (Nghe An), a subsidiary of Foxconn Interconnect Technology, the world’s largest electronics equipment manufacturer, for 300 rai, and with Sunny Optical Technology, a major manufacturer of mobile phone lenses and related components, for 268 rai in the WHA Industrial Estate Zone 1 – Nghe An, Phase 2. At present, the company has industrial estate areas in both Thailand and Vietnam, totaling 77,600 rai. This includes areas that are already operational and those undergoing development. Negotiations for land sales are ongoing with customers from various industries such as automotive, consumer goods, electronics, etc. Currently, the company operates a total of 12 industrial estates in Thailand, totaling over 43,200 rai. This includes the new industrial estates, WHA Industrial Estate Rayong Phase 1, covering 1,200 rai, and is in the process of accelerating development of Phase 2, approximately 950 rai. In addition, the company has expanded its industrial estate projects by another 4 projects, including WHA Eastern Seaboard Industrial Estate 3 Phase 3 covering 640 rai, WHA Rayong 36 Industrial Estate Phase 2 covering 480 rai, WHA Eastern Seaboard Industrial Estate 4 Phase 3 covering 330 rai, and WHA Eastern Seaboard Industrial Estate 2 Phase 2 covering 600 rai. Furthermore, there are plans to develop 2 new projects, namely WHA Saraburi Industrial Land Phase 2 covering 2,400 rai, and WHA Eastern Seaboard Industrial Estate 5, covering 3,400 rai, which the construction is expected to commence in Q1/2025. Regarding the industrial estate business in Vietnam, there is currently one industrial zone in operation, which is WHA Industrial Zone 1 – Nghe An, covering a total area of 13,125 rai (2,100 hectares). The company has completed the construction of Phase 1, covering 900 rai (145 hectares) already constructed, and Phase 2 covers 2,215 rai (355 hectares) under construction. Additionally, the company plans to develop 3 new industrial zones totaling 22,815 rai (3,650 hectares), including WHA Smart Technology Industrial Zone 1 – Thanh Hoa covering 3,125 rai (500 hectares) in the process of obtaining licenses and the construction is expected to commence by the end of 2024. Moreover, WHA Smart Technology Industrial Zone 2 - Thanh Hoa covering 1,875 rai (300 hectares), and WHA Smart Eco Industrial Zone - Quang Nam covering 2,500 rai (400 hectares), which the company has signed the Memorandum of Understanding agreements with local authorities in Vietnam since 2022. In 2024, WHA Group has set the 2024 target for total land sales at 2,275 rai, comprising 1,650 rai in Thailand and 625 rai in Vietnam to accommodate continuous investment and production base relocation. In addition, the company will continue to further develop the Smart Eco Industrial Estates constantly by expanding capabilities to cover 6 key components including Smart Services, Smart Mobility, Smart Communication, Smart Power, Smart Water, and Smart Security which will be managed by the Unified Operation Center (UOC). This will be further evolved into a Total Solutions Partner for customers by providing fully integrated services. FORM 56-1 ONE REPORT 2023 121

Utilities Business (Water): In 2023, the overall water utility business increased continuously. The total volume of water sales and management, both locally and internationally, for the fourth quarter and the full year of 2023, amounted to 38 million cubic meters and 155 million cubic meters, respectively. The domestic water sales in Q4/2023 reached 29 million cubic meters due to the increase in raw water sale volume as a result of the increased water usage by customers in the energy sector such as Gulf SRC. There was also an increase in the sales of value-added water products driven by the growing demand for water from renewable energy customers that commenced commercial operations (COD) during Q3/2023. The water sales and management in Vietnam adjusted upwards in the fourth quarter and the full year of 2023, with total water sales according to equity stake reaching 9 million cubic meters and 34 million cubic meters, respectively. This adjustment was driven by increased water sales from the Duong River project due to expanded service areas and increased water demand from both existing and new customer groups. As a result, the company recognized a share of losses from the Duong River project in 2023, amounting to only THB 8.3 million, down from a share of losses of THB 200.2 million in 2022. Moreover, the company continues to advance by introducing modern technologies such as Artificial Intelligence (AI) to develop a Smart Water Platform, including Smart Meter (OCR) systems, SCADA systems, and Unified Operation Center (UOC) to enhance operational efficiency and develop new comprehensive services in line with the Beyond Water concept. In 2024, the target for water sales and management is set at 178 million cubic meters, divided into 142 million cubic meters domestically and 36 million cubic meters in Vietnam. This is to accommodate the expansion of water services both inside and outside WHA industrial estates. It will also focus on valueadded water products with a target of 10 million cubic meters. For the Power Business: In Q4/2023, there was an increase in the normalized share of profits from the power business due to the recognition of profits from SPPs power plants. This increase was driven by an increase in the power sales margin to industrial customers, as a result of the higher Ft reflecting the increased natural gas costs in the past period. At the same time, natural gas costs are in a declining trend. There was also an increase in the normalized share of profits from the GHECO-One power plant due to the higher recording of insurance claim and receiving increased Availability Payment (AP) compared to 2022. For the solar energy business in 2023, the company signed 42 contracts for additional solar energy projects, comprising 39 Private Power Purchase Agreements (PPAs) with a production capacity of 50 MW and 3 EPC Service projects with a combined production capacity of 0.8 MW. This resulted in the company having a cumulative capacity of signed Private PPA contracts of 183 MW by the end of 2023. In addition, the company had a commercial operation of solar power generation capacity of approximately 109 megawatts. The company has a total installed capacity approximately 733 MW. In addition, the company has been selected by the Energy Regulatory Commission (ERC) to develop solar power plants under the Feed-in Tariff (FiT) scheme Phase 1, comprising 5 projects with a combined power production capacity according to equity stake of 125.4 MW, with scheduled commercial operation date(SCOD) between 2029-2030. Furthermore, the company has conducted studies on investment plans in various energy innovations, including electric vehicle charging stations, Peer-to-Peer energy trading platforms, trading of Renewable Energy Certificates (I-REC), as well as exploring possibilities for investing in New S-Curve businesses such as energy storage systems with batteries, carbon capture, utilization, and storage (CCUS) technologies. It is also seeking opportunities to invest in public utilities and energy in various forms, both locally and in Vietnam. In 2024, the company aimed to sign capacity of all types of power plants for a total of 1,000 MW, comprising 547 MW of conventional power and 453 MW of renewable energy, including 283 MW of solar energy. Digital Business: The company is elevating its organizational and workforce development to become a Technology Company in the year 2024, by adopting technology to drive the organization under the “Mission to The Sun” through 9 projects aimed at 122 WHA CORPORATION PUBLIC COMPANY LIMITED

digitally transforming the business. These include the Green Logistics project, which is currently developing an application - Super Driver App that integrates various services for electric vehicle business customers, such as fleet management, route optimization, and EV roaming network connection. Additionally, the Digital Health Tech project has developed the WHAbit application, which enables comprehensive health management. The company plans to begin offering application services to industrial customers in the first half of this year. Simultaneously, the company has set goals to fully operate its business in line with the circular economy principles by the year 2050 through initiatives guided by three principles: Design & Resource, Green Products, and Operation Excellence. In 2023, all four business hubs proposed no fewer than 40 Circular Economy projects to enhance resource efficiency within the company’s ecosystem. WHA Group announced its commitment to sustainable growth in all dimensions, with an investment budget of THB 78.7 billion to drive business over the next 5 years (2024-2028) across four business hubs: Logistics - THB 21 billion, Industrial Estates - THB 33 billion, Utilities and Power - THB 21.2 billion, and Digital - THB 3.5 billion. These align with the WHA: WE SHAPE THE FUTURE mission to shape a sustainable society, environment, and national development. The success of WHA Group throughout 2023 serves as a testament to the robust business potential and growth, as evidenced by several awards. Most recently, WHA Group has been chosen for the 2024 S&P Global Sustainability Yearbook for the second consecutive year. This reaffirms the group’s commitment to conducting business in line with creating social and environmental value, adhering firmly to ethical principles to drive sustainable growth. Additionally, achieving an “AAA” rating in the SET ESG Ratings for the year 2023, the highest rating level, marks the company’s fourth consecutive year as a sustainable stock. Awards such as the Best Sustainability Awards and Commended Sustainability Awards at the SET Awards 2023, the Prime Minister Award: Innovation for Global Challenge in the Competitiveness category, the Kincentric Best Employer Award Thailand 2023, the Eco-Industrial Estate Award from the Eco Innovation Forum 2023, and the Outstanding Award from EIA Monitoring Awards further highlight WHA Group’s exceptional performance and commitment to sustainability. FINANCIAL ANALYSIS During 2023, the Company had total revenue and share of profit and net profit of THB 17,014.6 mm and THB 4,425.7 mm, respectively. If excluding FX impact and extraordinary items, the Company had the normalized total revenue and share of profit and normalized net profit of THB 17,002.6 mm and THB 4,420.2 mm, respectively. The details are as follows: FINANCIAL PERFORMANCE OF FY2023 Consolidated Financial Statement 2022 THB mm 2023 THB mm YoY % Total Revenue and Share of Profit 15,567.6 17,014.6 9.3% Total Cost 7,592.4 7,967.2 4.9% Gross Profit and Share of Profit 6,721.9 8,403.2 25.0% Net Profit 4,045.9 4,425.7 9.4% Normalized Total Revenue and Share of Profit /1 15,566.4 17,002.6 9.2% Normalized Net Profit /2 4,064.5 4,420.2 8.7% Normalized Total Revenue and Share of Profit excluding Gain from Divestments /3 15,221.8 17,002.6 11.7% Normalized Net Profit excluding Gain from Divestments /4 3,719.9 4,420.2 18.8% /1 Normalized Total Revenue and Share of Profit = Total Revenue excluding FX impact, extraordinary items and deferred revenue items /2 Normalized Net Profit = Net Profit excluding FX impact, extraordinary items and deferred revenue items /3 Normalized Total Revenue and Share of Profit excluding Gain from Divestments = Total Revenue excluding gain from 2 data center divestments in 1Q2022 /4 Normalized Net Profit excluding Gain from Divestments = Net Profit excluding gain from 2 data center divestments in 1Q2022 FORM 56-1 ONE REPORT 2023 123

KEY HIGHLIGHTS Total Revenue and Share of Profit and Net Profit for 2023 were THB 17,014.6 mm and THB 4,425.7 mm, respectively. This statutory figure consists of the normal business operation and FX impacts, which was mainly unrealized gain/loss. In addition, the Company’s Normalized Total Revenue and Share of Profit and Normalized Net Profit for 2023 were THB 17,002.6 mm and THB 4,420.2 mm, respectively. Rental and Service Revenue during 2023 was THB 1,112.0 mm which increased by 6.5%, compared to the same period of previous year, mainly due to higher occupancy rate and rental rate. Revenue from sale of investment properties during 2023 was THB 2,820.8 mm decreased by 5.5% because of the Company had assets monetization to WHAIR in 2022, in addition to assets monetization to WHART. In 2023, the Company had share of profit from JV’s asset monetization to REITs of THB 130.4 mm (which JV companies had the revenue from sale of investment properties in the amount of THB 660.4 mm) Revenue from Land Business for 2023 was THB 7,658.6 mm, which increased by 12.8% compared to the same period of last year, mainly due to higher number of land transfer. During 2023, Revenue and Normalized Share of Profit from Investments in Utilities Associates was THB 2,842.4 mm and increased by 21.6%, compared to the same period of last year, due to increase in utilities sale volume both domestic and overseas, increase in revenue from excessive charge, and increase in share of profit from SDWTP, which had higher sale volume and selling price. Revenue and Normalized Share of Profit from Investment in Power Associates and Joint Ventures for 2023 was THB 1,743.5 mm and increased by 116.7%, compared to the same period of previous year, mainly due to higher availability payment and revenue recognition from insurance claims of Gheco-1, strong recovery of IU sale spread from lower gas price and increase in revenue from solar business. Finance Cost in 2023 was THB 1,234.7 mm, which increased by 9.6%, compared to the same period of last year, mainly from increase in weighted average cost of fund approx. 0.25% from 2.91% as at the end of 2022 to 3.16% as at the end of 2023. This was mainly due to increase in interest policy rate by the monetary policy committee under the Bank of Thailand. The Company had Net Profit and Normalized Net Profit during 2023 were THB 4,425.7 mm and THB 4,420.2 mm, increased by 9.4% and 8.7% respectively, compared to the same period of previous year. The main reasons were from higher contribution from land business, utilities business and power business. Furthermore, if excluding gain from 2 data center divestments in 1Q2022, the Company had Normalized Net Profit grown by 18.8%, compared to the same period of previous year. 124 WHA CORPORATION PUBLIC COMPANY LIMITED

PERFORMANCE BY BUSINESS Rental Properties Business 2022 THB mm 2023 THB mm YoY % Rental Revenue 1,044.1 1,112.0 6.5% Gross Profit 616.9 621.5 0.8% Gross Profit Margin (GPM) 59.1% 55.9% GPM before adjustment with PPA/1 59.2% 56.0% Revenue and Share of Profit from Sale of Investment Properties 2,985.1 2,820.8 (5.5%) Gross Profit 1,299.4 743.7 (42.8%) Gross Profit Margin (GPM) 43.5% 26.4% GPM before adjustment with PPA/1 42.8% 26.4% Share of Profit from JV's Asset Monetization 356.9 130.4 (63.4%) /1 Excluding accounting impact of Purchase Price Allocation (PPA) 1. Rental and Service Income Rental and service income from warehouses, distribution centers, factories, and structural work for the year of 2023, it was THB 1,112.0 mm which increased by 6.5%, compared to the previous year because of higher occupancy rate and rental rate. Gross profitmargin fromrentaland service from warehouses, distribution centers, factories, and structural work for the year of 2023 was 55.9%. 2. Sale of Investment Properties Revenue from sale of investment properties during 2023 was THB 2,820.8 mm, decreased by 5.5%, compared to the same period of previous year because of the Company had assets monetization to WHAIR in 2022, beside of having assets monetization to WHART. In 2023, the Company had share of profit from JV’s asset monetization to REITs of THB 130.4 mm (which JV companies recognized the sale of investment properties amounting of THB 660.4 mm). Industrial Development Business 2022 THB mm 2023 THB mm YoY % Revenue from land business and sale of properties 6,787.4 7,658.6 12.8% Gross Profit 3,110.9 4,205.1 35.2% Gross Profit Margin (GPM) 45.8% 54.9% GPM before adjustment with PPA/1 48.1% 58.2% /1 Excluding accounting impact from Purchase Price Allocation (PPA) Revenue from land business and sale of properties for the year of 2023 was THB 7,658.6 mm, increased by 12.8%, compared to the previous year, due to higher number of land transfer. Gross profit margin from land business and sale of properties for the year of 2023 were 54.9%, which was higher margin from land sale both Thailand and Vietnam, compared to the same period of previous year,. FORM 56-1 ONE REPORT 2023 125

Utilities & Power Business 1. Utilities Business 2022 THB mm 2023 THB mm YoY % Utilities income 2,548.5 2,859.2 12.2% Gross Profit 1,002.2 1,147.4 14.5% Gross Profit Margin (GPM) 39.3% 40.1% GPM before adjustment with PPA/1 42.0% 42.5% Share of Profit from Investment in Utilities Associates (210.6) (23.8) 88.7% - Normalized Share of Profit from Investments in Utilities Associates/2 (210.6) (16.8) 92.0% - FX Gain (Loss) - (7.0) n/a /1 Excluding accounting impact of Purchase Price Allocation (PPA) /2 Excluding FX impact Revenue and Normalized Share of Profit from Investments in Utilities Associates for the year of 2023 was THB 2,842.4 mm, which increased by 21.6%, compared to the same period of previous year, due to increase in utilities sale volume both domestic and overseas, increase in revenue from excessive charge, and increase in share of profit from SDWTP, which had higher sale volume and selling price. Utilities income for the year of 2023 was THB 2,859.2 mm, which increased by 12.2%, compared to the same period of previous year, from increase in utilities sale volume both domestic and overseas and increase in revenue from excessive charge. Gross profit margin from utilities income for the year of 2023 were 40.1%. This gross margin had accounted for the fair value adjustment of the acquired business according to the accounting standards under WHA level. However, the genuine gross margin in the year of 2023 were 42.5%. Normalized Share of Profit from Investment in Associates from Utility Business for the year of 2023 were THB (16.8) mm, which was mainly due to increase in share of profit from SDWTP, which had higher sale volume and selling price. 2. Power Business 2022 THB mm 2023 THB mm YoY % Revenue from Solar Business 331.6 413.3 24.6% Gross Profit 104.0 189.7 82.3% Gross Profit Margin 31.4% 45.9% Share of Profit from Investments in Power Associates 353.8 1,385.7 291.7% - Normalized Share of Profit from Investments in Power Associates/1 473.1 1,330.2 181.2% - FX Gain (Loss) (119.3) 55.5 146.6% /1 Excluding FX impact and extraordinary items 126 WHA CORPORATION PUBLIC COMPANY LIMITED

Revenue and Normalized Share of Profit from Investment in Power Associates and Joint Ventures for the year of 2023 was THB 1,743.5 mm, increased by 116.7%, compared to the same period of last year, mainly due to higher availability payment and revenue recognition from insurance claims of Gheco-1, strong recovery of IU sale spread from lower gas price and increase in revenue from solar business. Revenue from Solar Business for the year of 2023 was THB 413.3 mm which increased by 24.6%, compared to the same period of previous year because of increase in power generation capacity (MW) from COD. Gross profit margin from Solar Business for the year of 2023 was 45.9%, which increased from the same period of previous year and mainly from higher revenue recognition of electricity sale from solar business having generated higher margin, compared to solar panel installation service (EPC). Normalized Share of Profit from Investment in Associates from Power Business and Joint Ventures for the year of 2023 were THB 1,330.2 mm which increased by 181.2%, compared to the same period of previous year. If including the FX impact, most of which was unrealized gain/loss, the share of profit from power associates and joint ventures during the year of 2023 were THB 1,385.7 mm which increased by 291.7% because of increase in availability payment and revenue recognition from insurance claims of Gheco-1 and strong recovery of IU sale spread from lower gas price. Other Income 2022 THB mm 2023 THB mm YoY % Dividend income and management income 659.8 763.1 15.7% Others/1 593.5 (119.0) (120.1%) Total other income 1,253.3 644.1 (48.6%) Normalized others/2 473.1 (82.4) (117.4%) Normalized total other income/2 1,132.9 680.7 (39.9%) /1 Others compose interest income, gain from revaluation of short-term and long-term investment and other income as well as FX impact. /2 Normalized Others are Others excluding FX impact. Normalized other income for the year of 2023 were THB 680.7 mm which decreased by 39.9%, compared to the same period of previous year, which was mainly from: • Dividend and management income for the year of 2023 was THB 763.1 mm which increased by 15.7%, compared to the same period of previous year, resulting from higher dividend income from increase in size of REIT and higher dividend income from Glow IPP, compared to the same period of previous year. • Normalized other income comprised of interest income, gain from revaluation of short-term and long-term investment and other income during the year of 2023 was THB (82.4) mm which decreased by 117.4% from the same period of previous year, due to the fair value adjustment of the investment according to the accounting standards. FORM 56-1 ONE REPORT 2023 127

Expense Analysis 2022 THB mm 2023 THB mm YoY % Selling expense 406.6 465.0 14.4% Administrative expense 1,575.3 1,639.5 4.1% Finance cost 1,126.2 1,234.7 9.6% Total expense 3,108.1 3,339.2 7.4% • Selling expense for the year of 2023 was THB 465.0 mm which increased by 14.4%, compared to the same period of previous year, which was mainly from higher number of land transfer. • Administrative expense for the year of 2023 was THB 1,639.5 mm which increased by 4.1%, compared to the same period of previous year. • Finance cost for the year of 2023 were THB 1,234.7 mm which increased by 9.6%, compared to the same period of previous year, mainly resulting from increase in weighted average cost of fund approx. 0.25% from 2.91% as at the end of 2022 to 3.16% as at the end of 2023. This was mainly due to increase in interest policy rate by the monetary policy committee under the Bank of Thailand. The change in Consolidated Balance Sheet as of 31 December 2023 are summarized as follows. Assets As of 31 December 2023, the Company had total asset of THB 90,225.0 mm, which increased approx. THB 3,922.8 mm from THB 86,302.1 mm as of 31 December 2022. The main reasons are as follows: 1. Increase in investments in joint ventures of THB 2,692.4 mm according to the Company’s investment plan. 2. Increase in property, plant and equipment (net) of THB 1,022.9 mm because of business expansion. Liabilities As of 31 December 2023, the Company had total liabilities of THB 52,902.5 mm, which increased by THB 2,212.2 mm from THB 50,690.3 mm as of 31 December 2022. The increase was from bond issuance to support business expansion. If considering the interest-bearing debt, the Company’s interest-bearing debt increased by THB 927.7 mm from THB 40,191.5 mm as of 31 December 2022 to THB 41,119.2 mm as of 31 December 2023. The Company’s weighted average cost of fund increased approx. 0.25% from 2.91% as at the end of 2022 to 3.16% as at the end of 2023 due to increase in interest policy rate by the monetary policy committee under the Bank of Thailand. Shareholder’s equity As of 31 December 2023, the Company had total shareholder’s equity of THB 37,322.4 mm, increased by THB 1,710.6 mm from THB 35,611.8 mm as of 31 December 2022, mainly from increase in retained earnings from increase in the Company’s performance. Although, the Company had annual dividend payment and interim dividend payment during this period. FINANCIAL STATUS 86,302.1 50,690.3 35,611.8 90,225.0 52,902.5 37,322.4 Total Asset Total Liabilities Total Shareholder Equity 2022 2023 Unit: THB mm 128 WHA CORPORATION PUBLIC COMPANY LIMITED

KEY FINANCIAL RATIOS 2022 2023 Gross Profit Margin (%) 44.7% 46.4% Net Profit Margin (%) 26.0% 26.0% D/E Ratio (times) 1.42 1.42 Net IBD to Equity (times) 0.93 0.93 Collection Period (days) 12.1 14.6 Average Payment Period (days) 126.9 146.1 Effective Tax Rate (%) 11.2% 11.5% Credit Terms Average collection period during 2023 was 14.6 days which increased from 12.1 days in 2022. This figure was in line with a credit term that the Company has provided to clients at 0-45 days depending on type of business. This increase is attributed to the efficiency in collection management. Average payment period during 2023 was 146.1 days which increased from 126.9 days in 2022. Besides, the payment period determined by the credit term given by each supplier depending on our type of services/products. Normally, the credit term is around 30-60 days which the Company has payment guidelines for our suppliers as each credit term and make sure that there will be no delayed payments. The Company could manage cash efficiency. As a result, the Company did not encounter any problems from our suppliers’ payment and was able to comply the Company policy’s credit term. However, the average payment period mentioned above is higher than the Company policy’s credit term because account payable items had included deposit, retention and accrued interest expenses. Effective Tax Rate During 2023, the Company had earnings before tax (EBT) and corporate income tax (CIT) of THB 5,708.2 mm and THB 658.6 mm, respectively, which was equivalent to the effective tax rate at 11.5%. An effective tax rate was lower than the corporate income tax rate at 20.0% because of a difference of tax calculation between taxable items and non-taxable items. FORM 56-1 ONE REPORT 2023 129

In 2024, the Company has set up its strategic direction and performance relating to 4 business hubs as follows: 1. Logistics Business The warehousing industry will improve with recovery in manufacturing and exports, expansion in the online retail and logistics sectors, development of new projects in industrial estates, special economic zones, and the EEC, and investment by the government in infrastructure and transportations networks that will increase regional connectivity. Thanks to the influence of these factors, demand for warehouse space to be used in collection and distribution centers will strengthen, and this will help to incentivize major developers to broaden the scope of their investments. However, growth in individual segments of the market will vary, and will be determined by the prevailing business conditions within each niche. Including, rapidly changing consumer behavior and the switch to online shopping fed into 24% YoY growth in B2C e-commerce that extended across online sales of agricultural product, consumer goods, and ready-toeat and take-away food. In addition, the manufacturing sector began to recover in the second half of the year, and this then revived demand for warehouse space. (source: Industry Outlook Warehouses Space, Krungsri Research) To comply with positive outlook, the Company is determined to develop the potential of logistics business in terms of quality and application of innovation in the business whether Quantum Computing, the Internet of Things (IoT), and data analytics etc. to improve the efficiency of logistics management under the concept of green logistics. Additionally, the company is proactively seeking partnerships with promising startups to improve the overall customer experience. Moreover, the Company also emphasizes long-term strategic cooperation with regional and global partners. In addition, the Company has foreseen an opportunity of logistics properties development and management in overseas, particular in ASEAN such as Vietnam which has the significant economic growth. The growth strategy for the logistics business is to continue to expand Built-to-Suit Factories and Ready-Built Factories / Warehouses in Thailand and abroad with focus on maintaining and establishing strategic partnerships, enhancing through innovations and technologies and embracing sustainable practices. Green Logistics project, for instance, has been developed to support and accelerate the adoption of electric vehicles (EV) in the transportation sector of Thailand. With this, WHA Group is set to offer EV fleet service, EV charging stations and digital applications for EV fleet and battery management. In 2023, the company already signed lease contracts for 25 units of EV with customers and aims to lease out an additional 1,000 units in 2024. In 2024, the company targets to deliver new projects and contracts totaling 200,000 square meters, with 165,000 square meters in Thailand and 35,000 square meters in Vietnam. Total assets under ownership and management are projected to reach 3,145,000 square meters. In addition, WHA Logistics plans to sell leasehold rights totaling approximately 213,000 square meters to WHART and WHAIR, valued at approximately THB 5,290 million. Key factors affecting the business operation or future financial position. LOGISTICS BUSINESS 130 WHA CORPORATION PUBLIC COMPANY LIMITED

2. Industrial Development Business Acceleration of infrastructure development will support new investment opportunities, particularly in the targeted S-curve industries within the EEC. This will elevate Thailand’s supply chain in technologydriven industries and encourage investment in related businesses, resulting from crowding-in effects, such as construction contractors, real estate, transportation, and logistics etc. Over the next three years, annual sales and leases are predicted to expand by 10.0-15.0% per year to 5,000-7,000 rai. The market will be boosted by: (i) a stronger global economy and improving sentiment among foreign investors, which will help to lift Thai exports even as these come under pressure from potentially worsening geopolitical tensions; (ii) the tendency among leading global manufacturers to reduce risk by dispersing their production bases, and because Thailand is one of the ASEAN zone’s leading targets for this, the country will likely benefit from additional FDI; and (iii) government spending on new infrastructure, especially in the EEC, where progress will accelerate. Operators of industrial estates will tend to develop ‘smart parks’ that are equipped with new manufacturing technologies and modern transport, communications, and energy systems. In addition, players will respond to government efforts to shift to the bio-circular-green (BCG) economy and to meet rising demand from new target industries by developing environmentally friendly industrial estates. Sign of recovery in industrial sector is clearer whether manufacturing sector and the foreign direct investment as a result of the gradual opening the countries around the world. In addition, continue of the conflict of trade war between the United States and the People’s Republic of China as well as the unrest between Ukraine and Russia, and Chinese political reforms that forced many industries to adopt a diversification strategy are the catalyst of relocation of production bases from China to the ASEAN region, especially Thailand. In the area of the EEC Special Economic Development Zone, which has the potential to be developed with readiness in transportation, logistics, infrastructure, resources providing and the connections with other economic centers in the country drives the growth of the company’s business. In addition, strong potential of the Company’s industrial estate covering the various demands of customers lead the significant growth of the Company’s business standing at the leader in industrial estate development industry in Thailand. The Company anticipates that the relocation of production base from China will continue as well as labor and production costs in China have been increasing, therefore, the company prepared to capture the opportunities. In 2024, the company has development and expansion plan for 7 industrial estate projects in Thailand on a total area of nearly 10,000 rai over the next 4 years, which will bring the total industrial estate area in the country to reach 52,000 rai in 2027. The development of the Smart ECO Industrial Estate has continued to be the company’s key focus by broadening capabilities in 6 pillars: Smart Services, Smart Mobility, Smart Communication, Smart Power, Smart Water and Smart Security, all of which are controlled and managed by Unified Operation Center. WHA Industrial Estate has also continued to strengthen its capabilities as a total solution partner for customers by providing related services such as carbon neutrality and telecommunications services. In Vietnam, in addition to WHA Industrial Zone 1 - Nghe An, of which INDUSTRIAL DEVELOPMENT BUSINESS FORM 56-1 ONE REPORT 2023 131

the Phase 1 has been highly successful with more than 77% of tenancy reached, and the Phase 2 is currently under development plan. Moreover, the company has planned to expand another 3 industrial zone projects on a total of over 22,815 rai land plot. For 2024, the company has set land sales target in both Thailand and Vietnam, totaling 2,275 rai. (Thailand 1,650 rai, and Vietnam 625 rai) 3. Utilities & Power Business 3.1 Utilities The Company continues to set a growth target for utility services both inside and outside industrial estates. For the utility services in industrial estates, the Company plan to increase the sale water volume to customers in the Company’s existing industrial estate as well as newly-launched industrial estates in accordance with the Company’s business expansion plan of domestic industrial estate. The Company has also enhanced water production processes and created valued added to the products via Wastewater Reclamation Technology, such as using reverse osmosis technology (R.O.) integrated into the water production process, including the extension to use Demineralized Water production technology. The Company also plans to grow vertically by exploring alternative raw water sources to enhance water reliability and reduce raw water purchase cost. It also operates a “Smart Utilities Services Platform and Innovative Solution” for customers to enhance the efficiency of the service which add value to the water products. Moreover, as the expansion of the investment in water business in Vietnam, the Company has planned to expand the utilities services in the industrial estates in Vietnam according to the company’s industrial estate development plan as well as the expansion of water distribution outside the industrial estates area, the Company will continue to explore new projects as well as M&A opportunities. In 2024, the company has set a target of reaching total sale of 178 million cubic meters for both water supply and wastewater management, divided into 142 million cubic meters in Thailand and 36 million cubic meters in Vietnam, representing a growth rate of over 14%, driven by the expansion of all types of water services in new WHA industrial estates and outside, as well as the continuous growth in demand for water from customers in Vietnam. Looking forward, the company will continue to expand the value-added water product business to reach a target of 10 million cubic meters, as well as develop the Smart Water Platform and explore new business opportunities such as environmental solutions and other industrial utilities services etc. 3.2 Power In terms of the power business, the company continued to invest and develop energy solutions, especially those related to renewable energy. At the end of 2023, the company has a total installed capacity approximately 733 MW. In addition, the company has been selected by the Energy Regulatory Commission (ERC) to develop solar power plants under the Feed-in Tariff (FiT) scheme Phase 1, comprising 5 projects with a combined power production capacity according to equity stake of 125.4 MW, with commercial operation scheduled between 2029-2030. UTILITIES & POWER BUSINESS 132 WHA CORPORATION PUBLIC COMPANY LIMITED

In 2024, The company sets a target of cumulative signed PPAs at 1,000 MW consisting of 547 MW From Conventional Fuel and 453 MW from renewable energy sources with solar energy accounting for 283 MW and continues to focus on smart and innovative solutions including EV charging station, Peer-to-Peer Energy Trading platform, International Renewable Energy Certificate (I-REC) trading, as well as seek new opportunities with new S-curve businesses such as Battery Energy Storage Systems (BESS) and Carbon Capture Utilization and Storage (CCUS) etc. 4. Digital Business The company is elevating its organizational and workforce development to become a Technology Company in the year 2024, by adopting technology to drive the organization under the “Mission To The Sun” covering from digital transformation projects to new and value added products to meet customer needs while strengthening WHA Group business ecosystem. These include the Green Logistics project, which is currently developing an application - Green Mobility Platform that integrates various services for electric vehicle business customers, such as fleet DIGITAL BUSINESS management, route optimization, and EV roaming network connection. The company aims to achieve the goal of 100% circularity by 2050 as driven by 3 key pillars: Design & Resource, Green Products and Operation Excellence. In addition, Looking ahead to 2024, WHA Group is committed to developing and enhancing its capabilities across all areas for a strong growth in its all business hubs together with building preparedness capacities to address new challenges and working towards the next future goals. Hence, the Company has set up annual strategic direction and targets in consistence with the Company’s strategic plan which has been regularly reviewed every year, including the project feasibility study and consideration by the Board of Directors and management team who possess knowledge, expertise and experience in relation to the operation, however, these various external factors such as economic and political factors, government policies, overview of money market and capital markets, might inevitably affect the business operation and future performance of the Company. FORM 56-1 ONE REPORT 2023 133

Sustainability Development Environment Dimension Climate Change Management and Strategy WHA Group is well aware of the urgency posed by climate change and has been expediting actions according to related plans. Furthermore, the Company recognizes that business activities rely on natural factors such as rainwater for water supply services and solar energy for renewable energy services. Therefore, the impacts of climate change, such as floods, droughts, or hurricanes, could directly affect the business operations and may have cascading effects on other stakeholders, including internal stakeholders such as employees and external stakeholders such as customers and communities. As a result, the Company has committed to expanding business growth while fostering appropriate balance for the economy, environment, and society, aiming to play a significant role in both the industrial sector and the management of greenhouse gas emissions, which are the main cause of global warming. SUSTAINABILITY PERFORMANCE (ESG) With this in mind, the Company has been continuously developing initiatives to lead the organization towards sustainable business operations. A significant transition over the past years has been the increased focus on renewable energy usage. This includes offering renewable energy services to customers, aiming to reduce carbon emissions from conventional energy usage. Examples of such initiatives include solar rooftop, solar car park, and solar floating projects. In the year 2023, the Company achieved its target to secure Power Purchase Agreements (PPAs) from renewable energy totaling 311 megawatts equity and distributed electricity through solar energy systems sold to customers resulted in a reduction of over 51,497 tons of carbon dioxide equivalent emissions (compared to 31,599 tons of carbon dioxide equivalent in 2022). Renewable Energy Portfolio* 2021 95 Megawatts Renewable Energy Portfolio*2022 136 Megawatts Renewable Energy Portfolio* 2023 311Megawatts Note: *Secured Power Purchase Agreements (PPAs) Equity MW from Renewable Energy Renewable Energy Portfolio 134 WHA CORPORATION PUBLIC COMPANY LIMITED

Furthermore, the Company is committed to continuously increasing the proportion of renewable energy usage in its operations. For instance, installing solar panels on the water treatment plant at WHA Eastern Seaboard Industrial Estate (WHA EIE) in Map Ta Phut can reduce electricity usage by up to 315,857 kilowatt-hours per year. Similarly, installing solar panels on the rooftop of parking buildings at WHA Eastern Seaboard Industrial Estate 2 (WHA ESIE 2) and WHA Eastern Seaboard Industrial Estate 4 (WHA ESIE 4) can reduce electricity usage by up to 352,015 kilowatt-hours per year. Additionally, in 2023, the Company installed solar panels on office buildings at WHA Eastern Seaboard Industrial Estate 3 (WHA ESIE 3) and implemented a floating solar project at WHA Eastern Seaboard Industrial Estate 1 (WHA ESIE 1). Both projects can reduce electricity usage from traditional power generation by up to 675,089 kilowatt-hours per year. Furthermore, the Company has studied the installation of solar panels together with batteries. This project has helped the Company reduce electricity usage from the traditional grid by 1,150 megawatt-hours per year. In the past years, the Company has also promoted various measures and expanded controls to reduce greenhouse gas emissions to Scope 3, including stakeholders management such as suppliers, customers, and logistics activities management as well as utilities and power management in all dimensions. In 2021, the Company achieved carbon neutrality and is fully committed to achieving net zero emissions target by 2050. These initiatives mark a significant transition for the Company towards a new era of environmentally conscious operations. Social Dimension Stakeholder Engagement Community development is considered one of the top priorities for the Company, as local communities are the stakeholders that may be affected positively or negatively by direct business activities. Therefore, the Company is committed to setting a direction for its operations that emphasizes social responsibility and strives to create a balanced approach to growth that is friendly to both the environment and society. This is achieved through the adoption of the Bio-Circular-Green Economy Model (BCG), which aligns with the Sustainable Development Goals (SDGs) set by the United Nations, ensuring sustainable social development activities. In 2023, the Company conducted various Corporate Social Responsibility (CSR) activities for communities residing within a 50-kilometer radius of the industrial estate. The Company allocated a budget of 48.78 million baht for social activities as shown in the table below. Employees contributed a total of 81,686 working hours to CSR activities. These community development projects benefited a total of 151,564 individuals from 158 communities. In 2023, the Company collaborated with communities through joint work with 175 villages out of 177 in Rayong, Chonburi, and Saraburi provinces, achieving a participation rate of 98%. To continuously engage with community members, the Company set a target to reach a 99% community engagement rate in 2024. Community Investments Amount THB 10.36 mm 21.24% Commercial Initiatives Amount THB 28.64 mm 58.71% Charitable Donations Amount THB 9.78 mm 20.05% Types of Philanthropic Activities Amount THB 48.78 mm 100% Total FORM 56-1 ONE REPORT 2023 135

In addition, the Company places great importance on issues related to safety, occupational health, and the environment in its operations. This is not only part of the business’s responsibility but also a commitment to the well-being of employees, suppliers, contractors, and stakeholders who are significantly important to the Company. Therefore, the Company focuses on developing management approaches to safety and occupational health that not only comply with relevant laws and standards but also address emerging risks and meet the expectations of stakeholders. This is achieved through regular reviews of risk issues and continuous improvement of safety and occupational health management practices. Moreover, leveraging the organization’s expertise, the Company designs and develops technologies and innovations to enhance safety in operational areas, such as real-time traffic control systems to reduce congestion and accidents within industrial estates, utilizing drones for emergency response, and online incident reporting. The Company remains committed to enhancing its occupational health and safety management systems to achieve the goal of zero workplace accidents. Furthermore, the Company is in the process of seeking ISO45001 certification for occupational health and safety and aims to achieve certification within the year 2024. Governance Dimension Good Corporate Governance The Company is well aware that good corporate governance, conducted transparently based on ethical principles, is a fundamental root of sustainability. Therefore, the Company consistently emphasizes good corporate governance to strive towards becoming a sustainable organization. This is achieved through conducting business with integrity, adhering to responsibilities towards stakeholders, prioritizing transparency, honesty, integrity, and compliance with laws and regulations rigorously. The Company efficiently manages and adapts to risks, effectively combats corruption, and has developed a Code of Conduct and Practices that defines the standards of behavior that the board, management, and employees must adhere to, to maintain a balanced benefit for all stakeholders in accordance with human rights principles. Emphasis is placed on building trust and increasing confidence from both internal and external stakeholders by ensuring that the Company and all involved parties operate prudently and do not create negative impacts from the Company’s operations to the external environment. With this dedication, in the year 2023, the Company received a 5-star rating, or “Excellent CG Scoring,” for the sixth consecutive year from the Thai Institute of Directors (IOD), with support from the Stock Exchange of Thailand (SET). This assessment was conducted as part of the Corporate Governance Report of Thai Listed Companies 2023 (CGR), which involved a total of 782 companies, reflecting the robust corporate governance practices and absence of corporate corruption cases. Nevertheless, the Company remains committed to developing, reviewing, and improving policies, processes, and governance plans to align with changes in the business environment, promote equality and fairness at all organizational levels, monitor performance outcomes, and assess progress towards both business and ESG goals. Additionally, continuous efforts are made to enhance and develop plans to ensure sustainable growth and ongoing integrity, free from corporate corruption. 136 WHA CORPORATION PUBLIC COMPANY LIMITED

General and Other Significant Information General Information Company Name WHA Corporation Public Company Limited Nature of Business 1. Logistics Business 1.1 Real Estate development for rental and service income 1.2 Real Estate development for sale 1.3 Real Estate investment and management 1.4 Real Estate investment trust management 2. Industrial Development Business 3. Utilities & Power Business 3.1 Utilities service 3.2 Power service 4. Digital Business 4.1 Data Center service 4.2 Fiber Optic FTTx service Head Office 777 WHA TOWER, 23rd - 25th Floor, Moo 13, Debaratna Road (Bangna-Trad) KM.7, Bang Kaeo, Bang Phli, Samut Prakarn 10540 Thailand Company : 0107555000082 Registered Number Telephone : 0-2753-3750 Facsimile : 0-2753-2750 Website : http://www.wha-group.com Share and Capital as at 31 December 2023 Registered Capital : THB 1,567,773,018.60 Paid-up Capital : THB 1,494,683,467.90 Type of Shares : Ordinary shares Par Value : THB 0.10 per share FORM 56-1 ONE REPORT 2023 137

Subsidiaries (Information as at 16 February 2024) Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Shareholding percentage Subsidiaries of WHA 1. WHA Alliance Company Limited ALL Providing rental factories, warehouses and other properties Thailand WHA THB 260.00 THB 260.00 THB 10.00 99.99 2. Warehouse Asia Alliance Company Limited WAA Providing rental factories, warehouses, and other properties Thailand WHA THB 310.00 THB 310.00 THB 10.00 99.99 3. WHA Venture Holding Company Limited WHAVH Investing in other companies and rental factories, warehouses and other properties Thailand WHA THB 25,018.61 THB 25,018.61 THB 100.00 99.99 4. WHA Real Estate Management Company Limited WHARM Trust manager for investment property Thailand WHA THB 10.00 THB 10.00 THB 100.00 99.99 5. WHA Digital Company Limited WHA DIGITAL Digital services Thailand WHA THB 5.00 THB 5.00 THB 10.00 99.99 6. WHA KPN Alliance Company Limited WHA-KPN Providing rental factories, warehouses and other properties Thailand WHA THB 331.10 THB 331.10 THB 100.00 64.97 7. WHA Daiwa Logistics Property Company Limited WHA-Daiwa Providing rental factories, warehouses and other properties Thailand WHA THB 697.00 THB 697.00 THB 100.00 51.00 8. WHA Corporation (Hong Kong) Limited WHAHK Holding Company Hong kong WHAVH USD 2.00 USD 2.00 USD 1.00 100.00 9. WHA Industrial Development Public Company Limited WHA ID Industrial estate development Thailand WHAVH THB 6,000.00 THB 3,882.07 THB 0.40 98.54 10. PT .WHA International Indonesia Company Limited WHAINDO Providing rental factories, warehouses and other properties Indonesia WHAHK USD 2.00 USD 2.00 USD 1.00 99.96 11. WHA Digital Venture Company Limited WHA DIGITAL VENTURE Digital services Thailand WHA DIGITAL THB 1.00 THB 1.00 THB 10.00 99.99 138 WHA CORPORATION PUBLIC COMPANY LIMITED

Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Shareholding percentage Subsidiaries of WHAID 12. WHA Eastern Industrial Estate Company Limited WHA EIE Industrial estate development Thailand WHA ID THB 400.00 THB 400.00 THB 40.00 99.99 13. Eastern Seaboard Industrial Estate (Rayong) Company Limited ESIE Industrial estate development Thailand WHA ID THB 158.00 THB 158.00 THB 10.00 60.00 14. WHA Eastern Seaboard Industrial Estate Company Limited WHA ESIE Industrial estate development Thailand WHA ID THB 1,000.00 THB 1,000.00 THB 100.00 99.99 15. WHA Saraburi Industrial Land Company Limited WHA SIL Industrial estate development Thailand WHA ID THB 500.00 THB 500.00 THB 100.00 99.99 16. WHA Rayong Industrial Land Company Limited WHA RIL Industrial estate development Thailand WHA SIL THB 1,000.00 THB 1,000.00 THB 100.00 99.99 17. WHA Rayong 36 Company Limited WHA R36 Industrial estate development Thailand WHA ID: 70.00% WHA RIL: 29.99% THB 1,165.00 THB 1,165.00 THB 10.00 99.99 18. WHA Eastern Seaboard Industrial Estate 4 Company Limited WHA ESIE4 Industrial estate development Thailand WHA ID THB 792.80 THB 564.98 THB 10.00 99.99 19. WHA Eastern Pipeline Services Company Limited WHA EPS Pipe Rack Rental Thailand WHA ID: 74.99% WHA EIE: 25.00% THB 100.00 THB 100.00 THB 100.00 99.99 20. WHA Industrial Development Engineering Company Limited WHA IDE Design and construction supervision service Thailand WHA ID THB 20.00 THB 17.15 THB 10.00 99.99 21. WHA Industrial Building Company Limited WHA IB Sale and Lease Factory Thailand WHA ID THB 294.00 THB 294.00 THB 10.00 99.99 22. The Park Residence Company Limited THE PARK Real estate developer and service management Thailand WHA ID THB 4.60 THB 4.60 THB 10.00 99.99 23. Eastern Seaboard Property and Marina Services Company Limited EPM Real estate development for investment and marina services Thailand WHA ID THB 1.00 THB 1.00 THB 10.00 99.99 24. WHA Industrial REIT Management Company Limited WHA IRM Trust manager for investment property Thailand WHA ID THB 35.00 THB 30.00 THB 10.00 99.99 FORM 56-1 ONE REPORT 2023 139

Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Shareholding percentage 25. WHA Industrial Development International Company Limited WHA IDI Holding Company Thailand WHA ID THB 723.00 THB 710. 93 THB 10.00 99.99 26. WHA Industrial Development International (BVI) Company Limited WHA IDIBVI Holding Company British Virgin Islands WHA ID USD 0.002 USD 0.002 USD 10.00 100.00 27. WHA Utilities and Power Public Company Limited WHAUP Utilities and Power Thailand WHA ID: 70.45% WHA IDISG: 1.14% THB 3,825.00 THB 3,825.00 THB 1.00 71.59 28. WHA Industrial Estate Rayong Company Limited WHA IER Industrial estate development Thailand WHA ID THB 710.00 THB 710.00 THB 10.00 60.00 29. WHA TUS Company Limited WHA TUS To develop and operate an innovation project in Thailand Thailand WHA ID THB 30.00 THB 30.00 THB 10.00 51.00 30. WHA Connect Company Limited WHA CN Digital services Thailand WHA ID THB 400.00 THB 400.00 THB 10.00 99.99 31. WHA Industrial Development International (SG) Pte. Ltd. WHA IDISG Holding Company Singapore WHA IDI USD 7.39 USD 7.39 USD 1.00 100.00 32. Wei Hua Guo Tai (Sanya) Business Consulting Co.,Ltd. WHGT Sanya Operate international business, market opportunity management, and consulting service China WHA IDI RMB 0.50 RMB 0.50 RMB 100.00 100.00 33. WHA Industrial Management Services Vietnam Company Limited WHA IMSV General management counseling services Vietnam WHA IDISG VND 5,675.00 VND 5,675.00 VND - 100.00 34. WHA Industrial Development (SG) Pte. Ltd. WHA IDSG Holding Company Singapore WHA IDISG USD 17.101 USD 17.101 USD 1.00 100.00 35. WHA Industrial Development 2 (SG) Pte. Ltd. WHA IDSG 2 Holding Company Singapore WHA IDISG USD 0.000001 USD 0.000001 USD 1.00 100.00 36. WHA Industrial Zone Nghe An Joint Stock Company WHA IZNA Industrial estate development Vietnam WHA IDSG VND 384,500.00 VND 384,500.00 VND 10,000.00 99.99 140 WHA CORPORATION PUBLIC COMPANY LIMITED

Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Shareholding percentage Subsidiaries of WHAUP (Please see more details in 56-1 One Report 2023 of WHA UP, the Company’s subsidiary) 37. WHA Water Company Limited WHAWT Water resources development and management Thailand WHAUP THB 300.00 THB 300.00 THB 10.00 99.99 38. WHA Energy Company Limited WHAEG Holding Company Thailand WHAUP THB 9,178.00 THB 9,178.00 THB 10.00 99.99 39. WHA Energy 2 Company Limited WHAET Holding Company Thailand WHAEG THB 4,250.00 THB 4,250.00 THB 10.00 99.99 40. WHAUP International Company Limited WUPIN Holding Company Thailand WHAUP THB 45.00 THB 45.00 THB 5.00 99.99 41. WHA Solar Company Limited WHASL Electricity and Power generation Thailand WHAEG THB 1,250.00 THB 1,250.00 THB 10.00 99.99 42. WHA Future Energy Company Limited WHAFE Investment and development of renewable energy business Thailand WHAEG THB 64.00 THB 64.00 THB 10.00 99.99 43. WHAUP (SG) 1 Pte. Ltd. WUPS1 Holding Company Singapore WUPIN USD 1.34 USD 1.34 USD 1.00 100.00 44. WHAUP (SG) 2 Pte. Ltd. WUPS2 Holding Company Singapore WUPS1 USD 1.33 USD 1.33 USD 1.00 100.00 45. WHAUP (SG) 2 DR Pte. Ltd. WUPSD Holding Company Singapore WUPS1 USD 0.10 USD 0.10 USD 1.00 100.00 46. WHAUP (SG) 3 Pte. Ltd. WUPS3 Holding Company Singapore WUPS1 USD 0.10 USD 0.10 USD 1.00 100.00 47. WHAUP (SG) 4 Pte. Ltd WUPS4 Holding Company Singapore WUPS1 USD 0.10 USD 0.10 USD 1.00 100.00 48. WHAUP (SG) 5 Pte. Ltd. WUPS5 Holding Company Singapore WUPS1 USD 0.10 USD 0.10 USD 1.00 100.00 49. WHAUP Nghe An Joint Stock Company WUPNA Produce and distribute water for industrials and wasted water management services Vietnam WUPS2 VND 38,264.40 VND 38,264.40 VND 10,000.00 99.99 50. WHAUP Asia Reclamation Water Company Limited WHAUP AIE Producing and distributing industrial water or Demineralized Water to industrial users Thailand WHAWT THB 45.00 THB 31.51 THB 10.00 59.99 51. WHA Gunkul Green Solar Roof 1 Company Limited WHA Gunkul 1 Producing and distributing electricity by solar photovoltaic rooftop Thailand WHASL THB 11.50 THB 11.50 THB 10.00 74.99 FORM 56-1 ONE REPORT 2023 141

Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Shareholding percentage 52. WHA Gunkul Green Solar Roof 3 Company Limited WHA Gunkul 3 Producing and distributing electricity by solar photovoltaic rooftop Thailand WHASL THB 14.50 THB 14.50 THB 10.00 74.99 53. WHA Gunkul Green Solar Roof 6 Company Limited WHA Gunkul 6 Producing and distributing electricity by solar photovoltaic rooftop Thailand WHASL THB 14.50 THB 14.50 THB 10.00 74.99 54. WHA Gunkul Green Solar Roof 17 Company Limited WHA Gunkul 17 Producing and distributing electricity by solar photovoltaic rooftop Thailand WHASL THB 16.00 THB 16.00 THB 10.00 74.99 55. Stella Power 1 Company Limited STL1 Development of solar power projects Development of solar power projects Thailand WHASL THB 439.92 THB 109.98 THB 100.00 51.00 56. Stella Power 2 Company Limited STL2 Development of solar power projects Development of solar power projects Thailand WHASL THB 384.96 THB 96.24 THB 100.00 51.00 142 WHA CORPORATION PUBLIC COMPANY LIMITED

Associated Companies (Information as at 16 February 2024) Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Shareholding percentage Associated Companies of WHA 1. Central WHA Alliance Company Limited CENTRAL-WHA Providing rental factories, warehouses and other properties Thailand WHA THB 355.00 THB 347.50 THB100.00 50.00 2. WHA KW Alliance Company Limited WHA KW Development, construction, management and operation of business complex facilities and real estate projects Thailand ALL THB 40.00 THB 40.00 THB 100.00 50.00 3. WHA KW 2 Company Limited WHA KW 2 Development, construction, management and operation of business complex facilities and real estate projects Thailand WHAVH THB 5.00 THB 5.00 THB 100.00 50.00 4. WHA KW 3 Company Limited WHA KW 3 Development, construction, management and operation of business complex facilities and real estate projects Thailand WHAVH THB 5.00 THB 5.00 THB 100.00 50.00 5. WHA KW 4 Company Limited WHA KW 4 Development, construction, management and operation of business complex facilities and real estate projects Thailand WHAVH THB 5.00 THB 5.00 THB 100.00 50.00 6. WHA KW TTA Company Limited WHA KW TTA Development, construction, management and operation of business complex facilities and real estate projects Thailand WHA KW THB 20.00 THB 20.00 THB 100.00 51.00 7. GC Logistics Solutions Company Limited GCL Full logistics service Thailand WHAVH THB 1,200.00 THB 1,200.00 THB 100.00 50.00 8. PL Global Transport Company Limited PLGT Transportation services Thailand GCL THB 5.00 THB 5.00 THB 100.00 100.00 9. GC Logistics Solutions (Vietnam) Company Limited GCLS Vietnam Full logistics service Vietnam GCL VND 4,557.00 VND 4,557.00 VND – 100.00 10. Mungmee Ecommerce Company Limited MUNGMEE E-Marketplace service Thailand WHAVH THB 54.09 THB 54.09 THB 10.00 29.87 FORM 56-1 ONE REPORT 2023 143

Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Shareholding percentage Associated Company of WHAID 11.BIG WHA Industrial Gas Company Limited BIG WHA Industrial gas production and pipeline network distribution Thailand WHA ID THB 55.00 THB 55.00 THB 100.00 49.00 Associated Companies of WHAUP (Please see more details in 56-1 One Report 2023 of WHAUP, the Company’s subsidiary 12.Eastern Seaboard Clean Energy Company Limited ESCE Generator and distributor of electronic power Thailand WHAEG THB 1,039.00 THB 1,017.81 THB 10.00 33.33 13. Chonburi Clean Energy Company Limited CCE Generator and distributor of electronic power Thailand ESCE THB 989.00 THB 989.00 THB 10.00 99.99 14. Gheco-One Company Limited Gheco-I Generator and distributor of electronic power Thailand WHAET THB 11,624.00 THB 11,624.00 THB 10.00 35.00 15. Houay Ho Thai Company Limited HHTC Generator and distributor of electronic power Thailand WHAET THB 422.15 THB 422.15 THB 8.00 51.00 16. Houay Ho Power Company Limited HHPC Generator and distributor of electronic power Laos HHTC USD 40.00 USD 40.00 USD 80.00 25.00 17. Glow IPP Company Limited GIPP Generator and distributor of electronic power Thailand WHAET THB 2,850.00 THB 2,850.00 THB 10.00 5.00 18.B.Grimm Power (WHA) 1 Company Limited BPWHA1 Generator and distributor of electronic power Thailand WHAEG THB 1,533.56 THB 1,533.56 THB 100.00 25.01 19. Gulf WHA MT Natural Gas Distribution Company Limited Gulf WHA MT Transport, distribution of natural gas fuels through pipelines Thailand WHAUP THB 454.00 THB 454.00 THB 10.00 35.00 20. WHA Eastern Seaboard NGD 2 Company Limited WHA NGD2 Transport, distribution of natural gas fuels through pipelines Thailand Gulf WHA MT THB 216.00 THB 216.00 THB 10.00 99.99 21. WHA Eastern Seaboard NGD 4 Company Limited WHA NGD4 Transport, distribution of natural gas fuels through pipelines Thailand Gulf WHA MT THB 234.00 THB 234.00 THB 10.00 99.99 22. Gulf JP NLL Company Limited Gulf JP NLL Generator and distributor of electronic power Thailand WHAEG THB 1,384.00 THB 1,384.00 THB 10.00 25.01 23. Gulf TS1 Company Limited Gulf TS1 Generator and distributor of electronic power Thailand WHAEG THB 1,685.00 THB 1,685.00 THB 10.00 25.01 24. Gulf TS2 Company Limited Gulf TS2 Generator and distributor of electronic power Thailand WHAEG THB 1,690.00 THB 1,690.00 THB 10.00 25.01 144 WHA CORPORATION PUBLIC COMPANY LIMITED

Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Shareholding percentage 25. Gulf TS3 Company Limited Gulf TS3 Generator and distributor of electronic power Thailand WHAEG THB 1,520.00 THB 1,520.00 THB 10.00 25.01 26. Gulf TS4 Company Limited Gulf TS4 Generator and distributor of electronic power Thailand WHAEG THB 1,470.00 THB 1,470.00 THB 10.00 25.01 27. Gulf VTP Company Limited Gulf VTP Generator and distributor of electronic power Thailand WHAEG THB 1,610.00 THB 1,610.00 THB 10.00 25.01 28. Gulf NLL2 Company Limited Gulf NLL 2 Generator and distributor of electronic power Thailand WHAEG THB 1,440.00 THB 1,440.00 THB 10.00 25.01 29. Gulf Solar Company Limited Gulf Solar Producing and distributing electricity by solar photovoltaic rooftop Thailand WHASL THB 50.44 THB 35.44 THB 10.00 25.01 30. Gulf Solar TS1 Company Limited Gulf Solar TS1 Producing and distributing electricity by solar photovoltaic rooftop Thailand Gulf Solar THB 7.38 THB 7.38 THB 10.00 99.99 31. Gulf Solar TS2 Company Limited Gulf Solar TS2 Producing and distributing electricity by solar photovoltaic rooftop Thailand Gulf Solar THB 5.55 THB 5.55 THB 10.00 99.99 32. Gulf Solar BV Company Limited Gulf Solar BV Producing and distributing electricity by solar photovoltaic rooftop Thailand Gulf Solar THB 7.66 THB 7.66 THB 10.00 99.99 33. Gulf Solar KKS Company Limited Gulf Solar KKS Producing and distributing electricity by solar photovoltaic rooftop Thailand Gulf Solar THB 29.67 THB 29.67 THB 10.00 99.99 34.RENEX Technology Company Limited RENEX Development and provide service related to platform for energy trading both on a peer-to-peer scheme and not via intermediate entity by Two-Sided Bidding Algorithm system Thailand WHAFE THB 189.00 THB 189.00 THB 5.00 33.33 35. Cua Lo Water Supply Joint Stock Company CUA LO Production and distribution of tap water Vietnam WUPNA VND 48,269.59 VND 48,269.59 VND 10,000.00 47.31 36. Duong River Surface Water Plant Joint Stock Company SDWTP Production and distribution of tap water Vietnam WUPSD VND 999,611.00 VND 999,611.00 VND 10,000.00 34.00 FORM 56-1 ONE REPORT 2023 145

Other Juristic Persons in which the Company holds shares at least 10% or more (Information as at 16 February, 2024) Company Name Abbreviation Nature of Business Registered in Shareholder Registered Capital (mm) Paid-up Capital (mm) Par Value (per Share) Type of Shares Shareholding percentage Other entities in which WHA holds at least 10% of total shares 1. Hemaraj Industrial Property and Leasehold Fund HPF Hemaraj Industrial Property and Leasehold Fund Thailand WHA ID THB 4,237.99 THB 4,237.99 THB 9.017 Trust Units 22.95 2. Giztix Pte. Ltd. GIZTIX Freight transport arrangement Singapore WHAVH USD 9.733764.12 USD 9.733764.12 USD 1.00 Ordinary Shares/ Pref. Shares 17.87* 3. Supernap (Thailand) Company Limited SNT Providing Data Center Thailand WHA VH THB 2,000.00 THB 2,000.00 THB 10.00 Ordinary Shares 15.00 4. Eastern Fluid Transport Company Limited EFT Water plumbing and drain laying installation Thailand WHAEIE THB 10.00 THB 10.00 THB 10.00 Ordinary Shares 15.00 Remark: * Shareholding percentage pursuant to Singaporean law and relevant shareholders agreement(s). 146 WHA CORPORATION PUBLIC COMPANY LIMITED

Reference Persons Securities Registrar • Ordinary Shares and Warrants Registrar Thailand Securities Depository Company Limited The Stock Exchange of Thailand Building, 93 Ratchadaphisek Road, Dindaeng, Dindaeng, Bangkok 10400 Telephone : 0-2009-9999 • Debenture Registrar Bank of Ayudhya Public Company Limited 1222 Rama III Road, Bang Phongphang, Yan Nawa, Bangkok 10120 Telephone : 0-2296-2000 Auditor PricewaterhouseCoopers ABAS Limited 179/74-80 Bangkok City Tower 15th Floor, South Sathorn Road, Thung Maha Mek, Sathon, Bangkok 10120 Telephone : 0-2844-1000 Legal Advisor RL Counsel Company Limited 62/15 Thaniya, Suriyawongse, Bangrak, Bangkok 10500 Telephone : 0-2235-3339 Investor Relations Ms. Chuthamat Bhuriyakorn Director, Head of Investor Relations Email : [email protected] Telephone : 02-753-3750 ext. 241 Other Significant Information There is no other significant information which may affect investors’ decisions. FORM 56-1 ONE REPORT 2023 147

Securities and Shareholders Information Securities of the Company As of 31 December 2023, the Company had registered capital was THB 1,567,773,018.60 and paid-up capital was THB 1,494,683,467.90, divided into 15,677,730,186 registered ordinary shares with a par value of THB 0.10, and 14,946,834,679 paid-up ordinary shares. Shareholding Structure As of 23 November 2023, Top Ten major shareholders of the Company are as follows: Shareholders Numbers of shares (shares) Shareholding Percentage 1. Ms. Jareeporn Jarukornsakul1 3,481,188,569 23.29% 2. Ms. Chatchamon Anantraprayoon1 1,349,486,105 9.03% 3. Thai NVDR Co., Ltd. 1,155,533,848 7.73% 4. Mr. Chaiwat Phupisut1 680,290,854 4.55% 5. Ms. Supitchaya Phupisut1 663,000,000 4.44% 6. UBS AG SINGAPORE BRANCH 580,851,722 3.89% 7. Mr. Niti Osathanugrah 436,438,690 2.92% 8. SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 264,677,941 1.77% 9. STATE STREET EUROPE LIMITED 178,600,229 1.19% 10. THE BANK OF NEW YORK MELLON 155,211,602 1.04% Total Top Ten Major Shareholders 8,945,079,560 59.85% Other Minority Shareholders (free float) 6,001,755,119 40.15% Total 14,946,834,679 100.00% Remarks : 1 Major shareholder holds 41.30% of the total outstanding shares. 148 WHA CORPORATION PUBLIC COMPANY LIMITED