POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis KEY FINANCIAL HIGHLIGHT Sales and Service Income  Sales and service income increased 6.6% y-on-y and 5.1% q-on-q to Baht 8,156 million in

million net of tax income from deferred tax assets amounting to THB 356 million. Exhibit 2 : Sales revenue and Adjusted EBITDA breakdown by business unit comparison of 4Q2018 vs. 4Q2017 vs. 3Q2018 vs

parent 63.6% 60.0% 63.0% 58.9% 61.2% Remark: * EBITDA = Earnings before interest, taxes, depreciation and amortization - non-operating income / (expense) ** Normalized net profit = Net profit – unrealized

2017 Amount % Electricity revenue - Availability Payment (AP) - Energy Payment (EP) 875 2,076 1,094 2,466 (219) (390) (20%) (16%) Other income 8 9 (1) (11%) Total revenues 2,959 3,569 (610) (17%) Cost of

follows: EGCO Plus (Include Gen Plus B.V.): Unit : Million Baht Quarter 1 Change Increase (Decrease) 2018 2017 Amount % Electricity revenue - - - - Other income 4 1 3 100% Gain on disposal of investment

% decrease from the previous year (2017: THB 73.48 million) mainly due to a decrease in revenue from sale of electricity following reduced irradiation and a decrease in other income not related to business

equipment 2.45 2.70 (0.25) (9.26) 3 Revenue from sale of other products - 1.81 (1.81) (100.00) 4 Revenue from sale of electricity 117.28 114.56 2.72 2.37 5 Other income 1.44 11.77 (10.33) (87.77) 2 Unit

baht or 0.54 percent of total revenues due to revenue from sales of scrap on raw material of 0.09 million baht, rental income from related company of 0.60 million baht, interest receive of 0.49 million

trademark “Wuttisak Clinic”, which start operate the franchise business on February 10, 2018. So far we can generate income for each branch continuously. 3. Analysis of Operating Results Statements of

% Other income 215 3% 164 3% 51 31% Total revenues 7,165 100% 5,426 100% 1,739 32% 2 EMS business In 2017, the Group generates revenue of Baht 2,300 million from EMS business, which is increased by Baht 643