Materiality

Materiality Assessment

In 2025, the Company reviewed and assessed the material topics identified in 2024, covering both impact materiality and financial materiality. The assessment was conducted with reference to the GRI Universal Standards 2021, particularly GRI 3: Material Topics 2021, and the double materiality approach under the European Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG). The Company also took into consideration the OECD Due Diligence Guidance for Responsible Business Conduct, applying a risk-based due diligence approach and a multi-stakeholder approach. This enabled the Company to gain a comprehensive view of the impacts of its business activities on stakeholders, society, and the environment (outward impacts), as well as the effects of sustainability matters on the business (inward impacts), including financial effects and implications for the Company’s ability to create long-term value.

[1] EFRAG IG 1: Materiality Assessment Implementation Guidance

Materiality Determination Process

Process	AMATA's Implementation in 2025
1. Analyze the organizational and industry context	Studied and analyzed the Company's business goals, operational direction, and supply chain activities, including business relationships. Analyzed the external context and related factors, including global trends and economic, environmental, human rights, and social challenges at the local, regional, and global levels that are relevant to the Company and its business relationships, and that may affect the Company over the short and long term.
2. Identify impacts occurring throughout the value chain	Identified and reviewed actual and potential impacts on the economy, environment, and people, including human rights impacts, arising from the Company's own operations as well as from the activities of business partners, such as customers, suppliers, and contractors. This covers both negative and positive impacts, short- and long-term impacts, intended and unintended impacts, as well as reversible and irreversible impacts. The assessment draws on a range of inputs and methods, including brainstorming sessions, in-depth interviews, stakeholder satisfaction survey results, complaints, relevant performance data and statistics, and input from subject-matter experts in each area.
3. Assess the significance of the Company's impacts on the economy, environment, and society, including human rights	Assessed the significance of its impacts on the economy, environment, people, and society, including human rights, covering both negative and positive aspects. This impact materiality assessment was carried out by executives and subject matter experts from relevant departments within the Company, incorporating perspectives from both internal and external stakeholders through various engagement channels. The significance of these impacts was determined based on their severity, using the criteria of scale, scope, and irremediable character. For potential impacts, the assessment also considered the likelihood of occurrence and the Company's ability to mitigate or manage it.
4. Assess the financial materiality of sustainability topics	Grouped impacts on the economy, environment, society, and human rights into sustainability topics and identify additional likely material topics from benchmarking against industry peers, leading sustainability indices, and global sustainability assessment frameworks to ensure a comprehensive and holistic perspective across all dimensions. Assessed the financial materiality of sustainability topics by the senior management team, taking into account the risks and opportunities associated with each topic, and evaluating the severity of their effects on the Company's operating performance, financial position, cash flows, and growth potential over the short, medium, and long term, as well as the likelihood of occurrence.
5. Prioritize material topics	Prioritized the topics by establishing thresholds or criteria to determine the level of materiality of each sustainability topic and present the results in a materiality matrix. The vertical axis (Y-axis) represents financial materiality, or the significance of financial effects on AMATA's financial performance and position. The horizontal axis (X-axis) represents impact materiality, or the level of significance of AMATA's impacts on the economy, society, and the environment arising from its business operations. The bubble size represents the importance of each topic to AMATA's stakeholders.
6. Validate and approve material topics	Reviewed the prioritization and the validity of the materiality assessment process with the AMATA Sustainable Development Committee and external sustainability experts, then obtained approval of the material topics from the Corporate Governance and Sustainable Development Committee and subsequently from the Board of Directors.

The Company assessed the identified sustainability topics through the materiality prioritization process, guided by the Double Materiality concept and principles established by the European Financial Reporting Advisory Group (EFRAG). These topics were assessed based on the significance of their impact on the economy, environment, people, and society, which includes human rights (impact materiality), as well as their influence on the Company’s financial performance and long-term value creation, covering risks and business opportunities (Financial-related Sustainability Materiality). The significant material sustainability topics were then plotted in the Materiality Matrix to illustrate their importance.

Vertical axis (Y Axis): represents the level of significance of ESG impacts on AMATA (Inward impact)
Horizontal axis (X Axis): represents the level of significance of AMATA’s impacts on people and planet (Outward impact)
Bubble size: represents the importance of ESG topics to AMATA’s stakeholders

Material Topics

Following the review and reassessment of the material topics identified in 2024, the Company determined that there were no changes to its material sustainability topics. A total of 16 material topics were retained, comprising 9 high-priority topics and 7 medium-priority topics. All material topics were found to be linked to human rights impacts on stakeholders. Accordingly, the Company did not identify human rights as a separate standalone topic. Instead, the impact assessment undertaken as part of the materiality determination process was also used as an input into the Company’s Human Rights Due Diligence process.

The Company places importance on assessing the materiality of sustainability topics from both dimensions of double materiality, namely Impact Materiality and Financial Materiality. The results of the assessment are presented in the diagram below to clearly show, separately, the significance of impacts arising from the Company’s business activities and the significance of the related risks and opportunities for the Company. This distinction is important because a sustainability topic may be material from one dimension, while having a different level of significance in the other dimension. In conducting the assessment, the Company considered the principles of the GRI Standards and the double materiality approach under the ESRS, under which a sustainability topic may be considered material if it results in significant impacts on the economy, environment, and people, including impacts on human rights, even where it does not have a direct financial effect on the Company.

From an impact materiality perspective, the assessment shows that topics related to the environment, energy use, resource management, safety, health, and stakeholders’ quality of life involve both positive and negative impacts at a moderate to high level. This reflects the Company’s potential to create positive value that contributes to the United Nations Sustainable Development Goals (SDGs). At the same time, the Company recognizes the need to carefully manage the risk of adverse impacts on stakeholders and the environment, particularly in areas where there may be heightened risks of human rights impacts.

From a financial materiality perspective, the Company identified a number of topics associated with significant financial risks and opportunities, particularly those relating to operational efficiency, resource use, supply chain management, safety, and sustainable products or services. This highlights the need for the Company to strengthen its risk management systems and processes to ensure that sustainability-related matters are effectively addressed. Sustainability topics are therefore not only matters of corporate responsibility, but also matters that directly affect financial performance, competitiveness, and the Company’s ability to create long-term value.

Further information on the Company’s material impacts, risks, and opportunities is provided in the table below and in the dedicated section for each material topic.

Value Chain

Time horizon

Upstream

Short term (less than 2 years)

Own operation

Medium term (2–5 years)

Downstream

Long term (more than 5 years)

Topics of high materiality	Subtopics	Impacts, Risks, Opportunities (IROs)		Value Chain	Time horizon
1. Environmen- tal Quality Control	Air quality Non-GHG emission Noise & odor exposure Environmental governance	Actual negative impacts	Inadequate environmental governance and environmental quality control may lead to the discharge or leakage of wastewater, improper waste disposal, air pollution, excessive noise, or odour levels exceeding regulatory limits. These may adversely affect the health, safety, and quality of life of surrounding communities, contribute to the degradation of ecosystems and natural resources, and increase the risk of long-term environmental damage.	Own operation	Medium term
		Actual positive impacts	Effective environmental quality control helps reduce pollutant emissions to water, air, and surrounding areas, thereby supporting public health and well-being (SDG 3) and enhancing the liveability and safety of communities surrounding the industrial estates (SDG 11).	Downstream	Long term
		Financial risks	Inadequate environmental quality control may result in regulatory fines and penalties, environmental remediation and restoration costs, and loss of revenue arising from reputational damage and reduced customer and tenant confidence, including the potential loss of related revenue streams. These impacts may adversely affect revenue, profitability, and asset value.	Own operation	Short term

2. Climate and GHG Emissions	GHG emissions Climate-related law and regulations Climate-related risks Climate resilience Low-carbon economy	Actual negative impacts	Greenhouse gas emissions from activities within the industrial estates and from operators located in the area contribute to climate change and may adversely affect the environment, public health, and the frequency and severity of extreme weather events affecting surrounding communities and ecosystems.	Own operation - Downstream	Long term
		Actual positive impacts	Effective collaboration to reduce greenhouse gas emissions through the responsible use of energy and resources can help mitigate the severity of climate change, directly support the achievement of climate goals (SDG 13), and generate co-benefits for community health and well-being (SDG 3) as well as sustainable cities and communities (SDG 11).	Own operation - Downstream	Long term
		Financial risks	Inadequate management of greenhouse gas emissions may lead to higher costs to comply with climate-related laws and regulations, reduce the industrial estate's ability to attract and retain customers or tenants with greenhouse gas reduction targets or ESG requirements from parent companies and international markets, and adversely affect occupancy rates, long-term revenue, asset value, and corporate reputation. Physical climate-related events, such as floods, heatwaves, droughts, or storms, may also damage estate assets, utility systems, and infrastructure, disrupt services provided to tenants, and increase repair, prevention, insurance, and emergency response costs.	Upstream - Own operation	Medium term
		Oppor- tunities	The development and management of low-carbon industrial estates, including the use of renewable energy, energy-efficient utility systems, and support for customers in reducing greenhouse gas emissions, together with climate-resilient infrastructure and flexible utility systems such as electricity, water, and essential services that can withstand extreme weather events, regulatory changes, and rising demand while maintaining service continuity, can reduce the risk of business disruption and support long-term estate growth. These measures can also enhance competitiveness, attract customers and tenants with strong ESG commitments, and improve access to green finance and climate-related support programs.	Upstream - Own operation	Medium to long term

3. Energy Efficiency and Renewables	Energy efficiency Renewable energy Energy efficiency technologies Energy transition	Actual positive impacts	Improving energy efficiency and promoting the use of renewable energy within the industrial estates help reduce greenhouse gas emissions and air pollution, support affordable and clean energy (SDG 7) and climate action (SDG 13), and enhance the quality of life and liveability of surrounding communities (SDG 11).	Own operation - Downstream	Short to medium term
		Financial risks	Failure to improve energy efficiency and continued reliance on fossil-based energy may increase energy costs for central utility systems, particularly during periods of energy price volatility or in response to more stringent carbon- and energy-related regulations. It may also weaken the industrial estate's ability to meet customer expectations for cost competitiveness and ESG performance, thereby reducing its ability to attract new customers or tenants and retain existing ones. This may result in lower occupancy rates, reduced long-term revenue, lower asset value, and increased reputational risk, as well as reduced access to green finance.	Own operation	Medium term
		Oppor- tunities	Investment in high-efficiency energy systems and alternative energy solutions, such as solar power, energy storage systems, and smart energy management, can reduce long-term energy costs, improve the stability of utility systems, strengthen the industrial estate's competitive advantage in attracting customers and tenants with decarbonization targets, and increase access to green finance and clean energy support programs.	Own operation	Medium to long term

4. Industrial Water and Effluent	Water securityำ Raw water quality and supply Water use and efficiency Water reuse and recirculation Wastewater treatment	Potential negative impacts	Inefficient water use and ineffective wastewater management in the industrial estate’s central utility systems may result in excessive water withdrawal, the discharge of wastewater below required quality standards, and the degradation of water sources. These impacts may affect community access to water, environmental quality, and surrounding ecosystems.	Upstream - Own operation	Long term
		Actual positive impacts	Effective water management, including efficient water use, water reuse, wastewater quality control, and improvement of water source quality around the industrial estates, supports access to clean water and sanitation (SDG 6), promotes public health and well-being (SDG 3), and enhances the sustainability and liveability of surrounding communities (SDG 11).	Own operation	Medium term
		Financial risks	Water shortages may directly affect the Company’s ability to provide sufficient water of the required quality to customers and tenants, resulting in higher water supply management costs, additional investment in water infrastructure and backup water sources, and the risk of operational disruption for customers and tenants, which may trigger contractual penalties. Such conditions may weaken the industrial estate’s ability to attract and retain customers and tenants, and adversely affect revenue from water and utility services as well as long-term asset value.	Own operation	Long term
		Oppor- tunities	Investment in water infrastructure, such as backup raw water sources, water production and storage systems, reclaimed water systems, and smart water quality monitoring systems, can strengthen water security, reduce long-term costs, and enhance the industrial estate’s ability to serve customers and tenants with water-related requirements or high ESG expectations. It may also create opportunities to develop new water-related service business models.	Own operation	Medium to long term

7. Customer Responsibility	Product and service quality Customer health and safety Communication and response Time efficiency Accessibility to information Customer relationship management	Potential negative impacts	Ineffective service and customer or tenant relationship management, such as inconsistent utility service quality, inadequate health and safety management, unclear communication, or delayed response to problems, may affect customer safety, operations, and confidence, and increase the risk of business interruption or operational discontinuity for customers and tenants.	Own operation	Short term
		Financial risks	If the Company is unable to maintain standards of product and service quality, utility reliability, safety, and effective communication with customers and tenants, this may lead to complaints, contract terminations, or non-renewal of lease agreements. As a result, rental and utility service income may decline, while additional costs may arise from corrective actions, compensation, and remedial measures. These issues may also create reputational risk, undermine investor and target customer confidence, and adversely affect the long-term asset value of the industrial estates.	Own operation	Medium term
		Oppor- tunities	Enhancing product and service quality, together with strengthening customer relationship management (CRM), enables the Company to identify customer and tenant issues, needs, and expectations in a timely manner. Proactive communication and transparent disclosure, such as information relating to utility services, risk management, and emergency situations, help reduce operational uncertainty for customers and tenants, strengthen confidence in the management of the industrial estates, and reduce complaints or disputes. This, in turn, supports recurring revenue and improves the Company’s ability to attract new target customers and tenants.	Own operation	Short to medium term

8. Employee Development and Retention	Employee well-being Compensation and benefits Training and education Talent attraction and retention Employee engagement Company culture	Actual negative impacts	Insufficient employee development and retention may result in excessive workloads, stress, and limited opportunities for skills development. This may adversely affect safety, morale, quality of work, and the continuity of services within the industrial estates, and may in turn affect customers, tenants, service users, and other relevant stakeholders.	Own operation	Short term
		Actual positive impacts	Continuous employee development and retention help enhance employees’ skills, capabilities, and employment stability, enabling them to pursue career growth, maintain a good quality of life, and remain motivated at work (SDG 8). Equitable employee development also helps reduce inequality in access to learning and career advancement opportunities within the organization (SDG 10).	Own operation	Medium term
		Financial risks	An insufficient number of personnel with the necessary skills and experience increases the risk of operational disruption and errors in utility systems and services. This may lead to corrective costs, remediation expenses, penalties arising from service interruptions, and disruption to services provided to customers and tenants, thereby affecting customer satisfaction and long-term revenue from utilities and rental income. In addition, an inability to retain employees with specialized skills may increase ongoing recruitment and training costs, as well as indirect costs associated with workforce gaps and reduced efficiency during personnel transitions.	Own operation	Short term
		Oppor- tunities	Investing in employee development and retention can reduce recruitment and training costs and improve customer and tenant satisfaction. A skilled and capable workforce also enables the Company to expand service offerings, strengthen utility operations, and develop new projects in line with its business strategy.	Own operation	Medium to long term

10. Traffic Management and Road Safety	Traffic congestion Road surface quality Road obstruction and streetlighting Law enforcement Driver behavior	Actual negative impacts	Traffic congestion, poor road surface conditions, obstacles, inadequate lighting, weak law enforcement, and unsafe driving behaviour may increase the risk of accidents, injuries, and fatalities. These impacts may directly affect road users within the industrial estates, including Company employees, customers’ employees, transport operators, and shared road users such as surrounding communities. They may also cause travel and logistics delays, increase stress and insecurity in commuting, reduce stakeholders’ quality of life, and contribute to conflicts with local communities and public authorities in the area.	Own operation - Downstream	Short term
10. Traffic Management and Road Safety		Financial risks	Ineffective traffic and road safety management may give rise to a range of business risks. Delays in the transport of raw materials and goods into and out of the industrial estates may affect the operational efficiency of customers and tenants and may lead to complaints or claims for damages. Traffic and road safety issues may also reduce the attractiveness of the industrial estates for attracting and retaining customers and tenants, thereby affecting occupancy rates, land sales revenue, rental and service income, as well as asset value and the reputation of the industrial estates among investors and stakeholders.	Own operation	Medium term

11. Community Health and Well-being	Local economic development Community health and safety Community relations and engagement Social and environmental impact on community Collaborative partnerships Education and outreach	Potential negative impacts	If impacts arising from industrial estate operations are not adequately managed, both environmental and social impacts may occur, including air, water, noise, or odor pollution, as well as risks associated with accidents and traffic. These may adversely affect the physical and mental health and quality of life of surrounding communities, and may increase public health issues and community conflict over the longer term.	Own operation	Short to medium term
		Actual positive impacts	The proactive role of the industrial estates in area development and collaboration with communities, such as joint planning on health and safety, support for community infrastructure, preventive communication, and engagement with local authorities, helps strengthen community capacity to manage health, safety, and other risks. This contributes to improved quality of life and well-being for people in the area (SDG 3), and promotes the resilience, liveability, and long-term sustainability of communities surrounding the industrial estates (SDG 11).	Own operation	Medium to long term
		Financial risks	If the Company is unable to appropriately manage impacts on the health and well-being of surrounding communities, this may lead to complaints, community opposition, scrutiny by public authorities, or restrictions on project expansion. As a result, additional costs may arise from corrective actions, remediation, and infrastructure improvements, while project development may be delayed. Weak long-term community relations may also affect reputation, investor confidence, and the Company’s ability to attract new customers and tenants, with corresponding impacts on occupancy rates, land sales revenue, rental and service income, as well as the asset value of the industrial estates.	Own operation	Short to medium term

16. Sustainable Products and Services	Product and service developmentบริการ Innovation and technology Strategic business partners Circular economy	Actual positive impacts	The development and provision of sustainability-related products and services, particularly decarbonization solutions, such as energy-efficient utility systems, renewable energy, clean energy generation and distribution systems, water and wastewater management systems that help reduce greenhouse gas emissions, and services supporting carbon reduction and ESG data management, can reduce greenhouse gas emissions from activities within the industrial estates. These offerings also support customers’ and tenants’ operations in reducing the carbon footprint of their production processes, enable them to respond to climate-related and low-carbon supply chain requirements from customers and international markets, support the transition to a low-carbon economy, and create positive effects for the environment, communities, and the local economy over the long term.	Own operation	Medium term
16. Sustainable Products and Services		Financial risks	If the Company is unable to adequately develop and provide low-carbon products and services, the industrial estates may be unable to meet the needs of customers and tenants with greenhouse gas reduction targets, such as net zero or science-based targets, or carbon-related requirements from parent companies, customers, and export markets. This may reduce the Company’s ability to attract and retain customers and tenants, result in lost revenue or missed opportunities to attract leading tenants, and increase reputational risk as an industrial estate that is not supporting the transition to a low-carbon economy.	Own operation	Medium to long term

Following approval of the Company’s material topics for 2025 by the Board of Directors, those assessed as having high materiality and classified as strategic priorities were embedded into its corporate goals, strategic directions, and management approaches. Sustainability-related risks identified in connection with these topics were also used as an input to the annual enterprise risk management review in order to define appropriate risk control measures.

These strategic priorities also served as an important foundation for the development of the Company’s “ABCD” strategy and for guiding the overall direction of the Company’s business, which comprises:

(A) Responsible and Sustainable
Consumption Strategy

(B) Climate Change Strategy

(D) Strategy for Enhancing Shared
Value Creation and Collective
Impact

(A) Responsible and Sustainable Consumption Strategy: focuses on the responsible and sustainable utilization of natural resources, emphasizing integrated and sustainable management to minimize environmental risks and impacts. This commitment not only promotes stability in business operations but also instills confidence among all stakeholders.

(B) Climate Change Strategy: strives towards carbon neutrality by 2040 through enhanced energy efficiency and expanded use of renewable energy, minimizing waste sent to landfills, promoting greenhouse gas reduction across the entire value chain, and building a climate-resilient city.

(C) Innovation Strategy to Uplift Product & Service Quality: focuses on developing new products and services that minimize impacts on stakeholders and the environment while also reducing costs and generating additional revenue by fostering innovation both internally and through external collaborations, to enhance industrial services and meet the evolving needs of customers in a rapidly changing landscape.

(D) Strategy for Enhancing Shared Value Creation and Collective Impact: focuses on improving the quality of life within society, particularly for communities located within a 5-kilometer radius of AMATA industrial estates. In collaboration with factory operators, government agencies, and local authorities, this joint effort aims to support community development and create positive impact on society at large.

Strategic priorities and other material sustainability topics were used to establish ESG-related key performance indicators (KPIs) linked to performance outcomes at the corporate, functional, and project levels. These KPIs were also integrated into the performance assessment of the Chief Executive Officer, senior executives, and relevant employees at various levels across the Company, in order to drive effective implementation and foster a corporate culture committed to sustainable development.