SUNPOWER GROUP LTD. — Investor Presentation 2025

May 15, 2025

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SUNPOWER GROUP LTD. Founded in 1997 & Listed since 2005

Investor Presentation 15 May 2025

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AGENDA

01 Sunpower Group At a Glance

02 Investment Highlights

03 Project Updates

04 Outlook

2

Sunpower Group at a Glance

Leading provider of clean industrial steam that generates recurring, long-term, high-quality income Pioneer in application of the Circular Economy Model and helps to achieve Carbon Peak and Carbon Neutrality in China

Focused on the investment and operation of centralised facilities to supply: Clean industrial steam to a wide range of diverse industries GI Pollution-free civil heating to a large base of households Electricity to the State Grid Certain projects supply products such as compressed air

Circular Economy Model Typically Exclusive Ultra-low Sizeable GI Concessions Recurring Income Emissions Helps industrial parks achieve Portfolio Capability ultra-low emissions 100% 11 in operation Typically ~30 years Total Pipeline Number of Typically B2B arrangement Top 500 China Energy Length Customer Industries with price adjustment + Robust Enterprise (Group)[(1)] ＞20 mechanism ~450 km pipeline

(1) Sunpower Group was listed in the 2024 Top 500 China Energy Enterprise (Group), which was jointly released by China Energy News and China Institute of Energy Economics Research.

3

Sunpower Group at a Glance

• Robust performance in 1Q2025 continues to underline the resilience of GI business, bolstered by the superior business model

In 1Q2025, total steam sales volume rose 4.6% YoY to 2.99 mil tons. GI recurring gross profit rose 8.8% YoY to RMB227.3 mil, GI recurring PATMI[(1)] rose 9.3% YoY to RMB97.1 mil, GI recurring operating cashflow rose 27.8% YoY to RMB106.7 mil.

• Focused on improving shareholders’ value and investor return: A substantial special dividend of S$0.2412 per share was paid in 2021 following the disposal of the M&S business

• ：

• Honoured with multiple awards for its outstanding performance, including

• Member of the China Association of Environmental Protection Industry

• Member of Renewable Energy Generation Branch of China Electric Power Promotion Council

• Awarded “Advanced Unit for Green and Low-Carbon Development under 14th FiveYear Plan”

• Awarded “2024 Top 10 Green ESG Model Environmental Contribution”

• Won Deloitte's Inaugural Best Managed Companies Award In China

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(1) Please refer to the 1Q2025 Earnings Release or slide 40 of this presentation for definition. This document should be read in conjunction with the “1Q2025 Earnings Announcement” released at the same time.

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AGENDA

01 Sunpower Group At a Glance

02 Investment Highlights

03 Project Updates

04 Outlook

5

Investment Highlights

1

Leading Industrial Steam Provider Aligned with National Policies

2

Proven GI Business Model Generating Long-term High-quality Recurring Income

3

Proven Track Record in Delivering Continuous Financial Growth

4

Well Positioned to Capture Long-term Growth Potential

5

Practises ESG and Sustainability Values

6

Professional and Disciplined Management with Strong Execution and Entrepreneurship

6

Leading Industrial Steam Provider Aligned with National Policies

01

Leading market position with sizeable high-quality GI portfolio across developed areas in China

• › Best-in-class industrial steam supplier

Rapid expansion and quick scale-up to 11 projects in operation

• › Industry pioneer with strong brand equity

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： In alignment with national policies

• To reach peak carbon emissions in a well-planned and phased way

The 20[th] National Congress of the Communist Party of China[(1)]

• To better control the amount and intensity of energy consumption

• To promote the clean and high-efficiency use of coal

• To improve the statistics and accounting system and the cap-and-trade system for carbon emissions

• To promote Centralized Steam Facilities

14[th] Five-Year Plan (2021-2025)[(2)]

• To promote Circular Economy Development

• To promote the development of circular economy industrial parks

• To promote more efficient resource utilization

······

• To promote mass production model that emphasizes resource conservation and recycling

(1) http://english.www.gov.cn/news/topnews/202210/25/content_WS6357df20c6d0a757729e1bfc.html

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(2) http://english.www.gov.cn/policies/policywatch/202107/08/content_WS60e639b0c6d0df57f98dc92b.html

Leading Industrial Steam Provider Aligned with National Policies

02

“Clean” solution for rising steam demand

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Annual reduction of CO > 2 emissions 600,000 tons[(1)]

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Strategy aligned with the goals of Carbon Neutrality and Carbon Peak, and facilitates the early achievement

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Expected to replace more highpolluting small boilers[(1)]

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Already contributed to boiler shutdowns that reduced emissions

GI projects in operation have helped close hundreds of small highly pollutive low-efficiency boilers

Eliminate “Multiple” pollution risk sources with just a “single” centralized GI plant that helps industrial parks and their enterprises to comply with emissions standards

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Annual reduction of dust, SO2 and NOX > 65,000 tons[(1)]

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(1) The information is based on internal calculations and estimates of the Company.

8

Leading Industrial Steam Provider Aligned with National Policies

Pioneer adopter of the Circular Economy Model (“CEM”)

03

The 14[th] Five-Year Plan promotes development of circular economy industrial parks and centralised steam facilities

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Benefits for Society

• Achieves the comprehensive utilization of resources.

• Helps solve people’s livelihood problems and improve their well-being.

• Facilitates the development of the circular economy of the country.

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Benefits for Industrial Parks

• Helps parks eliminate multiple sources of pollution risks, and ensure safe and controlled emissions.

• Helps enterprises to achieve quality and sustainable development.

• Helps parks attract new investments and expand further, thus achieving win-win development.

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Benefits for the Shareholders

• Realises additional revenue from sludge treatment and sale of waste products.

• Realises greater economies-of-scale from an integrated operational model

• Reduces costs from measures such as blending sludge as a coal substitute and use of treated recycled water.

9

Proven GI Business Model Generating Long-term High-quality Recurring Income

01

02

High entry barriers

• Typically ~ 30-year exclusive concession rights with first right of renewal and/or

• Extensive network of pipelines that enhance de facto exclusivity in coverage areas

Strong tariff collection for industrial steam

• Typically B2B model with industrial steam users

• Contracts to supply industrial steam are signed with customers instead of the government

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Exclusive Concession Area
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Exclusive
~
30 years Steam pipelines also Concessi
Exclusive typically create de facto
ons
Concessions exclusivity for the GI
projects
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• Steam is a non-discretionary production input and the GI plant is typically the exclusive centralised supplier within its coverage area

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03

Price adjustment mechanism links feedstock cost to industrial steam price

• Usually 2 ways to adjust: 1) primarily to adjust based on certain change of the fuel price with customers; 2) to adjust based on the government price guidance

• Support long-term profitability when viewed across cycles

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Industrial Users
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GI Projects

• Maintain operational flexibility to achieve long-term growth

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Proven GI Business Model Generating Long-term High-quality Recurring Income

04 Resilient demand for steam

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 Large diversified customer base from a wide  Economic viability of downstream customer enterprises as they are
range of industries located in industrial parks that are either located in economically
developed areas or have industry clusters of excellence
Textile Leather • Changrun Project
Printing and • Local GDP of > RMB4.75 trillion in 2024.
Paper making
dyeing • Gaoyang, where Changrun is located, is the
largest towel production base in China [(1)]
Business services Metallurgy
• Xinyuan Plant; Xintai Zhengda Project; Jining
Paint Projec
Wood • Local GDP of > RMB9.86 trillion in 2024 and
ranked third in all the provinces of China
processing Rubber
HEBEI • Shanxi Xinjiang Project
Chemical • Local GDP of > RMB2.55 trillion in 2024
Building
SHANXI
materials SHANDONG • Yongxing Plant; Suyuan Plant; Lianshui Project,
Fertiliser
Tongshan Project
JIANGSU • Local GDP of > RMB13.70 trillion in 2024 and
Machinery and Residential ANHUI ranked second in all the provinces of China
electrical heating
• Quanjiao Project
• Local GDP of >RM5.06 trillion in 2024
Pharmaceutical Food
New materials Fodder GUANGDONG • Shantou Project
• Local GDP of > RMB14.16 trillion in 2024 and
Wholesale Plastic Renewable ranked first in all the provinces of China
and retail recycling energy
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(1) https://zixun.gpbctv.com/zixun/202104/154040.html

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05  Long Distance Steam Distribution Pipelines Technology

Proven GI Business Model Generating Long-term High-quality Recurring Income

Application of innovative technologies

• Increase geographical reach to captive customers. Enable to achieve economies of scale

• Reduce feedstock ~ minimal temperature and pressure lost in transmission

 Environmental Protection Technologies

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TEMPERATURE PRESSURE LOSS COVERAGE
LOSS (℃/KM) (MPA/KM) RADIUS (KM)
15 30
0.06-0.1
15
5 0.015-0.05
Industry Sunpower Industry Sunpower Industry Sunpower
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• Low nitrogen combustion technology

• Desulphurisation and denitrification technology

• Technology to eliminate haze and ammonia escape

• Bag filter + wet electrostatic precipitator

 Energy Saving Technologies

• High efficiency heat exchange technology

• Gas-gas heater technology

• Low temperature economiser technology

• Flue gas sludge drying & comprehensive utilisation technology

Ability to meet or be even lower than emission standard of natural gas

		Newly-built	Coal-fired	Natural
Emission Limit (mg/m3)	Newly-built Coal-fired Boilers(1)	Coal-fired Power Generation	Power Generation Boilers in Key	Gas Boilers & Gas	Sunpower’s Capabilities
		Boilers(2)	Areas*(2)	Turbines(2)
Dust	50	30	20	5	< 5
SO2	300	100	50	35	< 35
NOX	300	100	100	50	< 50

• (1) ‘Boiler Air Pollutant Emission Standard’ by the Ministry of Ecology and Environment of the PRC (GB13271-2014)

 Strong and proven ability to revamp and upgrade acquired

plants to improve operational efficiency

http://www.mee.gov.cn/ywgz/fgbz/bz/bzwb/dqhjbh/dqgdwrywrwpfbz/201405/t20140530_276318.shtml

• (2) ‘Emission Standard of Air Pollutants for Thermal Power Plants’ by the Ministry of Ecology and Environment of the PRC (GB 13223-2011) http://www.mee.gov.cn/ywgz/fgbz/bz/bzwb/dqhjbh/dqgdwrywrwpfbz/201109/t20110921_217534.shtml

• Key regions mainly refer to the Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Pearl River Delta region

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Proven Track Record in Delivering Continuous Financial Growth

 In 1Q25, total steam sales volume rose 4.6% YoY to 2.99 million , driven by continuing ramp-up of existing GI projects.

• Robust performance in 1Q2025 continues to underline the resilience of GI business, bolstered by the superior business model：[(1)] 9.3% YoY to RMB97.1 million.

• GI recurring PATMI up

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Total Steam Sales Volume
REVENUE (RMB’M)
(million tons)
11.46
10.47
8.68
2.86 2.99
FY22 FY23 FY24 1Q24 1Q25
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GI Recurring Revenue GI Recurring PATMI
REVENUE (RMB’M)(RMB million) (RMB million) REVENUE (RMB’M)
3,262 3,317 372
340
2,881
158
826 793 89 97
FY22 FY23 FY24 1Q24 1Q25 FY22 FY23 FY24 1Q24 1Q25
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• Refers to the GI recurring PATMI excluding provision for bad debt.

(1) Please refer to the 1Q2025 Earnings Release or slide 40 of this presentation for definition. This document should be read in conjunction with the “1Q2025 Earnings Announcement” released at the same time.

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Well Positioned to Ca ture Lon -term Growth Potential p g

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01
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The existing GI portfolio is still ramping up utilisation and is expected to have long-term growth potential

Organic growth of industrial parks Text in served by GI plants here Leverage New Quality Enterprises’ continuous relocation to Productive Forces[(2)] , technological upgrades, industrial parks due to government Enhancement and operating cost mandate and/or cost benefits Demand of project reductions to enhance Text in Growth efficiency and project efficiency and here profitability Continuous closures of small boilers profitability, while seeking drive demand to centralised facilities opportunities to expand coverage Existing customers continue to Sludge expand and increase capacity recycling AI

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Industrial
solid waste
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(1) AI refers to Artificial Intelligence. (2) Leverage New Quality Productive Forces refers to 新质生产力.

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Well Positioned to Capture Long-term Growth Potential

Large addressable market for urban heat supply in 02 China

• Combined Heat and Power (CHP) units and large-capacity boilers offer high fuel efficiency and lower environmental impact, and are expected to become the primary means of centralised steam/heating in China. The industry’s market size is projected to be approx. RMB1.53 trillion by 2028.

• This is expected to provide growth potential and opportunities for the GI industry

03 Robust pipeline of high-quality projects

• Disciplined investment strategy

• Robust pipeline of projects in economically developed areas

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Market size of China's cogeneration industry from 2022 to
2028 (RMB 100 million)
16000
12000
8000
4000
0
2022 2023 2025E 2028E
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Pipeline under Evaluation
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• Source: 2024 China Combined Heat and Power Industry Development Status and Trend Analysis – Policy-Driven Rapid Growth”, published by Huaon Industrial Research Institute. https://www.huaon.com/channel/trend/985360.html

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Well Positioned to Capture Long-term Growth Potential

Sunpower has built mature and replicable business model with competitive edge across the GI 04 business cycle which could drive immediate growth when the investments in selected projects are made.

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01

• › Established and proven track record › Experienced business teams

• › Disciplined project sourcing and evaluation process

• › Robust pipeline being evaluated

03

• › Experienced in project planning, management and construction

• › Complete supervision system that reduces potential construction and cost overrun risks

• › Ability to apply integrated technologies for environmental protection & energy-saving

02

• › Ability to establish high entry barriers

• › Resilient and adaptable GI business model

• › Strong strategic support by renowned PE firms DCP and CDH

• › Multiple potential sources of capital to fund GI growth strategy

04

• › Seasoned management with proven track record in achieving excellent results

• › Adoption of Circular Economy Model

• › Refined management of each project

• › Know-how to reform and upgrade acquired plants to improve operational efficiency

16

Practises ESG and Sustainability Values

• Committed to sustainability by incorporating environmental, social and governance (ESG) values into every aspect.

 Undertakes the social responsibility to support the sustainable development of the economy and helps to build ultra-low emission circular economy industrial parks.

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Ultra-low emissions that replace highlypolluted emissions

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Zero discharge Zero discharge Recycling
of sludge of waste
of sewage
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• Pioneer in achieving carbon emission peak and carbon neutrality goals for China

Environment

• Helps to build zero-emission circular economy industrial parks and facilitate green sustainable development of the local economy

• Practises benefit-driven environmental protection to help the Company and customers attain quality, green and low-carbon growth

• • Promotes the utilisation of biomass energy and achieves the integrated benefits of clean energy and rural ecology governance

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Social
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• Protects the rights of employees through a sound personnel management system and a safe, healthy working environment

• Helps to increase and stabilise local employment and promotes the sustainability of enterprises and the local economy

• • Participates in social welfare programs and contributes to the fight against the pandemic

• Wins the government's trust and support by addressing its key concerns through the Group’s key competitive edges

Governance

• Complete operational system, risk management and internal control system in place to counter various risks, including compliance

• • Zero tolerance for corruption and bribery, etc, with established policies to prohibit such misconduct

17

Professional and Disciplined Management with Strong Execution and Entrepreneurship

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Board of Directors
Risk Management Committee Audit Committee Sustainable
Development
Lead
Members of Internal Auditor Committee
Independent
Management External Auditor
Director
Sustainable
Development Work
Risk Control Teams - Group Level Group
Project Companies
… …
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› Sunpower’s management has created and refined an Operational Management System that targets to maximise efficiency and effectiveness and reduce the Group’s exposure to risks.

Centralised management model that integrates resources for better technological innovation, transformation and refined management, as well as good control of procurement cost and oversight of a sizeable portfolio of GI projects across China.

• ›

Comprehensive Budget Management System has been in place for decades.

• ›

› Sustainable Development Committee was set up to facilitate the sustainability of the Group

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AGENDA

01 Sunpower Group At a Glance

02 Investment Highlights

03 Project Updates

04 Outlook

19

Changrun Project

Nameplate Capacity	2×220t/h (steam), 2×25MW (electricity)
Product mix	Industrial steam, electricity
Customer mix	~75 captive customers. Main products include towels, medicine, blankets, etc.
Location	Gaoyang County, Baoding City, Hebei Province
	1. Excellent industrial cluster:the towel manufacturing industry is the leading local
	industry, accounting for nearly 1/3 of the national output. A complete industrial chain
	has been formed in the region
	2. Exclusive centralised steam supplier: ~30-year concession + first right to renew
	3. “Ultra-low emission” circular economy model: Treated wastewater is used to
Project highlights	generate steam, sludge from industrial park is treated and used as boiler feedstock,
	while the project’s waste outputs are sold to downstream factories
	4. High IRR:double-digit investment returns
	5. Growth potential:more enterprises are being relocated into the industrial park,
	with several new industrial customers commencing steam demand. Also exploring the
	addition of medium-pressure steam.

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Gaoyang County, Baoding City
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Changrun Project
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Shantou Project –Ramping Up Rapidly

Nameplate Capacity	Phase 1: 3×150t/h (steam); Phase 2: 2×260t/h (steam)
Product mix	Industrial steam, compressed air, electricity
Mix of end-	Ready-made "base of end-users" of >100 qualified enterprises, involved in the printing &
customers	dyeing of cotton, polyester cotton, nylon, ribbons, and other fabrics, etc.
Location	Shantou Textile Circular Economy Industrial Park in Chaonan, Shantou, Guangdong Province
	1. Located in economically developed area and industrial park cluster with advantages:Guangdong is ranked No. 1 GDP province in
	China. Printing & dyeing of textiles and garments is a pillar industry, with a full and mature value chain in place. Shantou is the largest
	manufacturing base for women’s inner wear in China, accounting for ~45% of the national output (1)

	2. Exclusive centralised steam supplierwithin the coverage area with an operating concession of ~38.5 years
	3. High IRR:double-digit investment returns
	4. Circular Economy model: Uses treated wastewater to generate steam; blended combustion of industrial sludge to diversify feedstock
Project highlights	mix. Project sells its production wastes as raw materials to downstream industries, which generates additional revenue
	5. Proven to be Environmental-friendly:4 generators to charge electricity at prices for generators with environmental protection devices
	6. Rapid ramp-upwith growth potential of generating long-term, recurring and high-quality income,
	7. New revenue sourceshave been added, e.g. compressed air, waste products, sludge incineration services, etc.
	8. Recognized as the leading modelof the No.1 Lianjiang River Comprehensive Remediation Project
	9. Located close to the port wharf, which makes for convenient unloading and drayage of feedstock

(1) https://www.shantou.gov.cn/jxj/zwgk/gzdt/content/post_2031622.html

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Yongxing Plant

Yongxing Plant Nameplate Capacity 350t/h (steam)+36MW (electricity) + capacity supplemented by the solid waste JV plant Product mix Industrial steam & electricity Customer mix Diversified industries in textile, printing and dyeing, food, chemical, paper making, renewable energy, machinery manufacturing, etc. Location Zhangjiagang City, Suzhou City, Jiangsu Province

1. Superior geographical location: Located in an economically developed region, with diversified customer industries. Coverage area is up to 173 sq km

2. Reliable business model:

• Exclusive centralised steam supplier, with an extensive network of pipelines that enhances its de facto exclusivity

• Ultra-low emissions, even lower than the emission standard of natural gas

3. Circular economy model: River water used to generate steam; blended combustion of industrial sludge

Plant highlights diversifies feedstock mix; production wastes such as gypsum are sold to downstream building material factories

4. Feedstock transportation dock nearby facilitates feedstock transportation

5. Post-M&A completion of upgrades has seen operating efficiency and performance notably improved

6. General solid waste JV plant (28% stake) is in operation , which provides supplemental capacity to Yongxing Plant

7. Long-term growth potential

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The Artist’s Rendition of Yongxing’s JV plant
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Xinyuan Plant

M&A Consideration	~RMB212.5 million
Nameplate Capacity	3×75t/h + 1×220t/h (steam), 2×6MW (electricity)
Product mix	Industrial steam, heating, and electricity
Mix of end-	Industrial end-customers concentrated in the energy, printing & dyeing, and clothing industries, etc.
customers	Supply heating to residential households
Location	Jimo District, Qingdao City, Shandong Province
	1. Located in economically developed areas:

1. Located in economically developed areas: • Qingdao's GDP was close to RMB1.67 trillion in 2024

Jimo District, Qingdao City Xinyuan Plant

• That Jimo became one of the district of Qingdao City from a county-level city in 2017 has been boosting its rapid development and growth

2. Major upgrade and reform were implemented to improve the operation efficiency post the M&A 3. Further expanded heating supply coverage area by 2 million m[2] area in Jimo International Trade Park in 1Q2021. The city heating network system for the new concession area in Jimo International Trade Park was completed and Xinyuan project has started to supply heating.

Plant highlights

4. Implement of new feedstock procurement and its large storage space enables the low-season storage and further control of fuel cost

5. Professional and experienced team that ensures continued smooth operation

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Suyuan Plant

M&A Consideration	~RMB293 million
Nameplate Capacity	3×75t/h (steam), 1×B6MW (electricity)
Product mix	Industrial steam and electricity
Customer base	Concentrated in printing & dyeing industry in coral velvet, soft velvet, polar velvet, super soft velvet, etc.
Location	Changshu City, Suzhou City, Jiangsu Province
	1. Located in developed economy region with the advantage of industrial cluster:
	• Changshu ranked among top 4 county-level cities in China for economic vitality (1)
	• Textile industry has been a mainstay of Changshu’s economy for the last 40 years with annual turnover of >RMB100 billion	Changshu City, Suzhou City
	• Located in a high-quality printing & dyeing development areaCertain new enterprises have
	relocated into its coverage area	Suyuan Plant
Plant highlights	2. Exclusive centralized steam supplier within coverage area with resilient and attractive customer
	base provided by the established textile industry cluster
	3. Continuous upgrade after M&A: major upgrades were implemented, operational performance and
	efficiency have been further improved
	4. Circular economy model: Recycling customers’ condensation water to generate steam; using
	general solid waste to supplement the main feedstock
	5. Growth potential:printing & dyeing enterprises elsewhere expected to relocate in

(1) https://www.ccidgroup.com/info/1096/34864.htm

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Xintai Project

Steam/heating: coal-fired boilers, 2 x 130t/h; biomass boiler: 1 x 130t/h Nameplate Capacity Electricity: 1 x C30MW + 1 x B18MW Product mix Industrial steam, heating, and electricity Location Tai’an City, Shandong Province Supply heating to the residential household users Customer base Industrial steam users include chemical, biotechnology, cardboard, fertilizer, etc 1. Exclusive supplier with ~30-year concession right

2. Located in a provincial-level economic development zone

3. Industrial customers span several industries that mainly include chemical, biotechnology, cardboard and fertilizer, etc

Project highlights

4. New plant of Xintai Zhengda Project included in the Renewable Energy Power Generation Subsidy List and will receive feed-in tariff subsidies for electricity generated by its biomass boiler in due course

5. Xintai Project helps the local government to address the people’s livelihood issues 6. Growth potential: continued ramp-up of the customers, and continue to explore more industrial users

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Xintai City, Shandong Province

Xintai Zhengda Project

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Tongshan Project

• Nameplate Capacity Phase 1: 1 × 130t/h (steam)+ 1 ×35MW (electricity) Product mix Industrial steam, heating, and electricity Location Tongshan District, Xuzhou City, Jiangsu Province 1. Located in an economically developed area with potential for development and growth: • Tongshan District ranked 28[th] among China’s Top 100 Districts for investment potential in 2018

• • The industrial park is a state-level development zone Tongshan District, Xuzhou CityTongshan District, Xuzhou City 2. Exclusive supplier with ~30-year concession right

• Project highlights 3. Uses biomass such as bark, straw, and other agricultural product wastes as feedstock. Access to multiple sources of biomass to meet the project’s feedstock demand

• 1. Tongshan helps the local government to address the people’s livelihood issues, alleviate cost of heating subsidies, reduce pollution and realise energy conservation. Project is aligned with China’s national development policies. Tongshan ProjectTongshan Project

• 5. Ready base of residential customers in concession area 6. Expected to continue to ramp up: in process of expanding industrial customer base

26

Shanxi Xinjiang Project

Nameplate Capacity	Phase 1: 1×130t/h (steam)+ 1×C15MW (electricity)
Product mix	Industrial steam and electricity
Customer mix	industries such as high-end equipment manufacturing, new materials, fine chemicals, urea, and dyes are concentrated in the industrial park
Location	Xinjiang County, Yuncheng City, Shanxi Province
	1. Located in Xinjiang Circular Economy Demonstration Park (the “Park”),
	one of three fine chemical industrial parks in Shanxi Province, was approved as a	Xinjiang County, Yuncheng City Xinjiang County, Yuncheng City
	provincial level industrial park in 2019
	2. Operating concessionwas signed for investment, construction, and operation of
Project	cogeneration plants within 25 km of steam supply area
highlights		Shanxi Xinjiang Project Shanxi Xinjiang Project
	3. Close proximity to fuel resources: surrounding cities and counties have
	abundant coal resources and developed in ore washing and other industries
	4. In commercial operation since the end of 2023. Currently, Shanxi Xinjiang
	Project isin ramp-up phase and securing industrial users

27

Lianshui Project

Nameplate Capacity	2×40t/h (steam)
Product	Industrial steam
Location	Lianshui Economic Development Park, Lianshui County, Huai’an City, Jiangsu
	Province
	1. Exclusive centralised steam supplier with an operating concession of ~30 years
	2. Excellent geographical location:Located in Jiangsu Province, of which GDP ranked 2nd place
	in China, while its converge area is a provincial-level economic development zone	Lianshui County, Huaian City
	3. Diversified industries in the park: industries include food brewing, pharmaceutical and
Project highlights	chemical industries, special chemical fibers, textile and garment, new energy and new materials,
	etc	Lianshui Project
	4. Major customers are high quality: there are leading enterprises in its industry, companies
	with trademarks and provincial high-tech enterprises
	5.Disciplined and experienced management team

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Quanjiao Project

Phase 1: 1×40t/h (steam) Phase 2: 1×50t/h (steam)

Nameplate Capacity

Product

Industrial steam

Quanjiao Economic Development Park, Quanjiao County, Chuzhou City, Anhui Province

Location

1. Exclusive centralised steam supplier : ~30-year concession + first right to renew

2. Located in an excellent industrial park: provincial-level economic development zone, with four major industrial clusters, mainly include mechanical manufacturing, white goods, agricultural product processing, toys and clothing, etc. Project highlights 3. Quality Industrial: downstream users include some listed companies, covering a wide range of industries

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Quanjiao County, Chuzhou City

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Quanjiao Project
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4. Growth potential： the industry park is still under development and the addition of the biomass boilers will enable the growth

1. Continuous implementation of refined management

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Jining Project

Product	Industrial steam
Equity Interest	49.0%
Nameplate Capacity	Procurement of steam from the local plant and supply to the industrial users within its
	coverage through long distance steam distribution pipelines
Location	Wenshang County, Jining City, Shandong Province
	1. Exclusive centralised steam supplier: ~30-year concession	Wenshang County, Jining City
	2. Strong partner: Jining Mining Industry, a state-owned enterprise, holds the remaining 51%
	3. Excellent geographical location: Located in the economically developed Shandong Province,
	the industrial park that it covers has strong industrial activities	Jining Project
Project highlights
	4. Growth potential: the expansion of the 2nd phase pipeline network has been completed and in
	operation since 2023, and the demand for steam is expected to increase
	5. Made investments in solar projects in the industrial park
	6. Attractive investment returns

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AGENDA

01 Sunpower Group At a Glance

02 Investment Highlights

03 Project Updates

04 Outlook

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FY2025 Outlook

Barring unforeseen circumstances, the Group expects the business trends summarised below to benefit its business in FY2025. Please note that our financial results should be viewed on a 12-month basis to arrive at a balanced perspective.

• :

• Continued Ramp-Up of Existing GI Plants

The existing 11 GI projects continue to ramp up, supported mainly by the closure of small boilers, expansion of existing customers, relocation of new factories into industrial parks, and the long-term structural development of these parks.

• › For Changrun Project, more enterprises are being relocated into the industrial park and it is exploring the addition of medium-pressure steam.

• › For Shantou Project, steam demand is expected to remain strong.

• › Yongxing Plant’s general solid waste JV plant is in operation, supplementing its existing capacity.

• › Quanjiao Project’s biomass boiler, built to supply industrial steam, is currently in operation.

• › Xinjiang Project will continue its ramp-up.

• › Jining Project phase 2 will be adding more connections to customers.

• New plant of Xintai Zhengda Project included in the Renewable Energy Power Generation Subsidy List and will receive feed-in tariff subsidies for electricity generated by its biomass boiler in due course.

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(1) Refer to the 1Q2025 earnings release dated 15 May 2025 for more information.

FY2025 Outlook

Barring unforeseen circumstances, the Group expects the business trends summarised below to benefit its business in FY2025. Please note that our financial results should be viewed on a 12-month basis to arrive at a balanced perspective.

 : Continued Execution of Holistic Strategy to Solidify GI Business Profitability

• › Leverage AI to enhance efficiency and reduce operational costs

• › Maintain execution of price adjustment mechanism

• › Lower financing cost by optimising bank loan structure and reducing interest rates

• › Refine management of each project to reduce manufacturing cost, including feedstock cost reduction via procurement optimisation strategies and feedstock mix adjustments

• › Implement technological transformation to enhance operational efficiency.

• › Tap into beneficial economies of scale in the GI business.

• › Explore new business opportunities in the medium to long-term.

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(1) Refer to the 1Q2025 earnings release dated 15 May 2025 for more information.

Well Positioned to Focus on its Corporate Strategy Following CB Redemption

With the full redemption of its previous outstanding convertible bonds (CBs) with aggregate principal amount of approximately US$130 million that matured in April 2025, the Group has resolved a key capital structure overhang.

In 1Q 2025, the Group made three partial repayments of the CBs funded through the current resources of the Group, namely bank borrowings. In April 2025, it fully redeemed the remaining CBs following the completion of a successful rights issue of new CBs that raised an aggregate amount of S$99.46 million.

 With this significant milestone achieved, the Group will be able to focus on its corporate strategy, which is anchored on its GI business model and supported by core structural growth drivers.

*For complete information, please refer to the announcements made by the Company between 9 December 2024 and 7 April 2025.

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Appendices

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Financial Effects of the Convertible Bonds

Following the full redemption of the previous Convertible Bonds (approximately US$130 million issued in March 2017 and October 2018) in April 2025, new Convertible Bonds (the “ current CBs ”) with a principal amount of S$99.46 million, a 7.0% coupon, and a S$0.25 conversion price were issued on 3 April 2025. They are due in April 2030.

In accordance with SFRS(I), the financial effects recognised in profit or loss include: (i) fair value change arising from the conversion option, (ii) amortised interest on the liability component of the Convertible Bonds, and (iii) unrealised foreign exchange translation gains or losses.

The above-mentioned financial effects to the statement of profit or loss and other statements have no cash flow or operational impact on the financial performance of the Group.

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Group Income Statement Summary (Without the financial effects of CBs)*

(RMB million)	1Q 2025	1Q 2024
Revenue	793.1	825.8
Gross Profit	227.3	209.0
EBITDA	244.1	262.0
Profit for the period (net of tax)	110.8	120.2

*Group results reflect the results of continuing operations, without the financial effects of CBs.

*** This slide should be read in conjunction with the Unaudited Interim Financial Statements for the First Quarter Ended 31 March 2025 released at the same time, in particular the “Basis of Preparation”.**

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Group Balance Sheet Summary (Without the financial effects of CBs)*

(RMB million)	As of 31 March 2025	As of 31 December 2024
Cash and cash equivalents & pledged bank deposits	954.8	1,406.8
Trade Receivables	913.2	879.0
Inventories	102.5	167.0
Total Current Assets	2,275.8	2,713.8
Non-Current Assets	5,541.4	5,593.5
Short-term Borrowings	1,643.4	1,653.8
Current Liabilities	2,448.0	3,150.8
Convertible bonds liability	112.4	716.0
Long-term Borrowings	2,111.6	2,009.0
Equity attributable to equity holders of the Company	2,486.8	2,400.9
Total equity	3,040.9	2,930.1

• Group results reflect the results of continuing operations, without the financial effects of CBs.

*** This slide should be read in conjunction with the Unaudited Interim Financial Statements for the First Quarter Ended 31 March 2025 released at the same time, in particular the “Basis of Preparation”.**

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Group Cash Flow Summary (Without the financial effects of CBs)*

(RMB million)	1Q 2025	1Q 2024
Net cash from operating activities	90.2	77.4
Underlying operating cash flow	101.2(1)	100.8(2)
Net cash used in investing activities	(25.7)	(37.0)
Net cash used in financing activities	(510.2)	(21.1)

(1) Underlying operating cash flow adjusting for CB interest of RMB11.0 million (2) Underlying operating cash flow adjusting for CB interest of RMB23.4 million

• Group results reflect the results of continuing operations, without the financial effects of CBs.

*** This slide should be read in conjunction with the Unaudited Interim Financial Statements for the First Quarter Ended 31 March 2025 released at the same time, in particular the “Basis of Preparation”.**

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Definitions of GI recurring revenue, EBITDA and PATMI

The Company uses the terms “GI recurring revenue", "GI recurring EBITDA", "GI recurring PATMI", and “GI recurring operating cashflow" to reflect the operating results of the GI business. This document should be read in conjunction with the 6M and 12M 2024 Earnings Announcement” released at the same time.

GI recurring revenue refers to recurring revenue generated by the GI business, including commission fees recognised in accordance with SFRS(I) INT15. It excludes one-time contributions from services for BOT projects including EPC services that are performed by the Group’s internal project management department, recognised under IFRIC 12 Service Concession Arrangements (if any).

GI recurring EBITDA refers to the recurring Earnings before Interest, Tax, Depreciation and Amortisation of the GI Business. It excludes one-time contributions from services for BOT projects, including EPC services, that are provided by the Group’s internal project management department, recognised under IFRIC 12 Service Concession Arrangements; as well as expenses incurred by the Company that are not related to the running of the GI Business, such as listing-related expenses and remuneration of the employees at the group level, etc., which reflects the operating results of the GI business within the current period.

GI recurring PATMI refers to the recurring Profit After Tax and Minority Interests of the GI Business which reflects the profit of the GI business attributable to the Group within the current period. It excludes one-time revenue contributions from services for BOT projects, including EPC services, that are provided by the Group’s internal project management department, recognised under IFRIC 12 Service Concession and incurred the that are not related to the of the GI Arrangements; expenses by Company running Business, such as listing-related expenses and remuneration of employees at the group level, etc.

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Disclaimer & Forward Looking Statement

This presentation and the information contained herein is prepared for informational purposes only, without regard to the investment objectives, financial situation or needs of any person. It does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Sunpower Group Ltd. (“Sunpower” or the “Company” and together with the subsidiaries, the “Group”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information herein has been prepared solely for use in this presentation. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. To the maximum extent permitted by law, none of the Company, the Group or any of its affiliates, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

This presentation includes forward-looking statements and financial information provided with respect to anticipated future performance and involve assumptions based on the Company’s view of future events that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions; interest rate trends; continued availability of working capital financing in the amounts and terms necessary to support future business; capital availability and cost of capital for existing debt refinancing needs (e.g. CBs); competition from other companies and venues for the sales/distribution of similar services; seasonal and structural shifts in customer demand; changes in operating expenses, including raw material costs; and changes in governmental policies and planning that may affect the profitability of the GI business. Accordingly, there can be no assurance that such projections and forwardlooking statements can be realized. The actual results may vary from the anticipated results and such variations may be material. No representations or warranties are made as to the accuracy or reasonableness of such assumptions of the forward-looking statements and financial information based thereon. The Company undertakes no obligation to update forward-looking statements and financial information to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. The past performance and business model of the Group is not necessarily indicative of the future performance and business model of the Group.

Neither this presentation nor any of its content may be distributed, reproduced, revised, photographed, published or used, in whole or in part, in any form and or pass on these materials to any other person for any purpose without the prior written consent of Sunpower.

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