As we welcome 2026, I would like to extend my sincere appreciation to every member of the JEL Group. Each year brings its own set of challenges and opportunities, and 2025 was no exception. Yet what continues to define us is not the difficulty of the journey, but the strength, discipline, and agility with which we move forward together.
This past year, we advanced our digital transformation with the transition from SAP ECC6 to S/4 HANA. This initiative is more than a technological upgrade – it reflects our commitment to modernising the way we work, strengthening our network security, and building a more resilient and agile Group. As our business grows in scale and complexity, this transformation will play an increasingly important role in supporting our long-term success.
Across the Group, we achieved meaningful progress and reached several important milestones. I would like to commend the teams behind the successful commercial operation of the PacificLight Power 100 MW Fast Start Ancillary Service Project and the Aurora 130 MW CCGT Power Plant for NUR Generation, which achieved 487,450 and 2.95 million safe manhours respectively. I am also pleased to share that the newly awarded BPS 120 MW CCGT Power Plant in Brunei Darussalam will be our first full turnkey EPC undertaking in the country, marking a significant expansion of our regional presence. In addition, we secured new projects in Thailand for the Administration Building and Workshop for Glow Energy, as well as the Amiral Cogeneration 475 MW ISPP in Saudi Arabia.
I would also like to congratulate our colleagues at JEL Maintenance Pte Ltd on reaching their 25th anniversary milestone. Your dedication has strengthened our maintenance capabilities and reinforced our position as Singapore’s leading solar EPC service provider. In 2025 alone, the team secured 38.69 MWp of new solar projects and successfully delivered 23.49 MWp. These achievements reflect the growing confidence our clients place in us and our commitment to advancing sustainable energy solutions across the region.
As we look ahead, I want to emphasise the top priority that will shape our performance in the years to come: strengthening our engineering capabilities and management and elevating our project execution standards. These are not abstract aspirations – they directly influence our profitability and have a profound impact on cash flow. Strong and organized engineering produces robust solutions that uphold reliability and performance throughout a project’s lifecycle. Equally, strong execution ensures that we deliver on time, within budget, and with
the quality and safety our clients expect. Safety must remain at the core of everything we do – from design and planning to construction and commissioning. It is not simply a requirement, but a responsibility we uphold to protect our people, our partners, and the communities we operate in. When these pillars are strong, financial performance follows.
In 2026, let us approach our work with renewed discipline and clarity. Every calculation, every drawing, every decision, and every site activity contributes to our overall performance. Excellence in engineering, execution and safety is not the responsibility of a select few – it is the responsibility of all of us.
As the Group continues to grow, I encourage each of you to make full use of the resources available to build the skills and capabilities that will shape the next chapter of your career. You are our greatest strength, and your development fuels our progress as one JEL Group. To the fourth batch of our Career Development Program participants who have just begun their learning journey, I look forward to seeing your growth and contributions. I hope you seize this invaluable opportunity to ask, learn, and challenge yourselves.
With these priorities in mind, I am confident that the JEL Group is well positioned to learn from past experiences, deliver strong results, and capture new opportunities. With our headquarters in Singapore, supported by a robust regional network and the collective strength of our people, we will continue to deliver value to our clients and uphold the reputation we have built over decades.
On behalf of the management team, I extend my heartfelt thanks to our clients, partners, subsidiaries, and every member of the JEL Group. Your trust, collaboration, and dedication have been essential to our success.
I wish you and your families a healthy, fulfilling, and prosperous New Year. May 2026 bring renewed purpose, continued growth, and shared success for all of us.
Koichi Watanabe
Managing Director & Chief Executive Officer
January 2026