The Managing Director's wishes to the staff

Dear colleagues,

As we come to the end of the year, I would like to express my gratitude and share with you my assessment of the past year and our outlook for 2025.

2024: A year of transformation

Despite the financial constraints, your commitment has been the determining factor in our success. ENEO is going through a phase of transformation, both internally and in terms of its environment and shareholder structure. Although sometimes a cause for uncertainty, this development comes with new prospects for our future.

It requires the mobilisation and commitment of each and every one of us to meet the challenges of today and tomorrow, while taking advantage of the opportunities that lie ahead.

If we intend to keep our heads held high, as I mentioned earlier, we need to get back to the basics at every level: safety, ethics, our values, professionalism and so on.

Together, let us look at some of the shared successes of the year.

In terms of human resources, thanks to ongoing dialogue, we have managed to achieve significant progress in the projects we have embarked on:

• Employee shareholding (GIC-P-ENEO): Thanks to the in-depth analyses and options presented by Management, GIC-P and its governing bodies are in positive negotiations with MURCAS. The objective is twofold: first to inject cash into GIC-P-ENEO to enable the exit of non-active shareholders, and second, to implement a system for managing active shareholders.
• Management's decision to support the Mutual Fund was adopted. The contribution made by ENEO to MURCAS will be increased by CFAF 20 million per month from 2025. In this way, the company is strengthening its supplementary pension arrangements for the benefit of all its employees.
• The many concerns expressed about the application of the new Collective Bargaining Agreement were considered in the recently established regional organisation charts.
• Despite the difficult cash-flow situation, the backlog of Labour Medal awards accumulated over the last ten years has been fully cleared. A total of 2047 medals have been awarded since 2022.
• The structural modernisation programme, which includes the renewal of office equipment and the renovation of our agencies nationwide, is underway. To date, new office furniture were distributed to some staff and agencies and building renovated. This programme will be extended in 2025 with a major real estate component: the refurbishment or construction of more than 230 duty accommodation units. At the same time, studies are being finalised for the renovation or reconstruction of our strategic centres in Ombé and Kribi.

On an organisational level: decentralisation and the opportunities it brings

The completion of phase 1 of the decentralisation process, with the changes and publication of the new organisations for all the regions. We still have to finalise those for the support functions.

I encourage us to take full advantage of the benefits of decentralisation in order to consolidate our local presence and improve our operational efficiency.

• This approach enables us to be closer to our customers, to better understand local particularities and to adjust our actions and solutions accordingly.
• Decision-making is better managed in the regions, and priorities are dealt with more appropriately.
• Managing the region as a ‘business unit’ gives Regional Management greater responsibility, as well as an in-depth understanding of the issues and impacts of their strategic decisions.
• Financial statements are gradually becoming better understood by Regional Directors, as well as the company's financial difficulties, which are now better understood.
• A better perception of the company in the regions in terms of quality of service: proximity to local authorities, rapid execution and resolution of problems, reduced response times, and efficient handling of customer complaints, among other things.

On the last point, I visited almost all the regions and met their governors, Divisional Officers, Sub- Divisional Officers, and other traditional authorities. All of them now have a better understanding of ENEO's challenges, while recognising and appreciating our efforts.

Dear Regional Directors, I would like to seize this opportunity to congratulate you most sincerely on the excellent work you are doing in the area of stakeholder management, in particular because of the remarkable proximity you have established with the local authorities.

There is certainly more progress to be made in promoting decentralisation. It is imperative to strengthen the role of the regions in the processes of procurement, logistics and asset management, billing, the fight against fraud, Brand management, etc., while taking care not to compromise the indispensable need to guide the action of the regions through appropriate procedures and controls.

On the operational front, despite the particularly difficult financial conditions, we must commend the investments made.

Investment in Generation

ENEO made significant investments to improve and diversify its electricity generation:

• Following the commissioning of the Guider and Maroua solar power plants (30 MW), we initiated a project to double their capacity.
• Modernisation of the Songloulou, Edéa and Lagdo hydroelectric power plants.
• Strengthening thermal capacity in various regions.
• Development of solar-thermal hybridisation for isolated power plants.

These investments have helped to achieve an average availability rate for our generating facilities of over 90%. The good performance of our major power plants and their optimal availability have frequently made it possible to avoid critical situations during periods of power supply disruption.

Investments in Distribution

ENEO launched several major projects to modernise and extend its distribution network, although much remains to be done:

• implementation of a SCADA system in Douala and Yaoundé for automatic and remote control of the distribution network.
• construction of new control buildings at source substations
• installation of autotransformers to improve quality of service
• construction of new distribution lines and substations
• installation of new distribution lines to help evacuate generation from the Nachtigal power plant
• reviewing the production conditions for poles and cross-arms at our Bafoussam plant. This is a development that needs to be consolidated with better means of tracking this essential material.
• replacement of around 49 000 poles in 2023-2024

These actions are helping to improve network reliability and reducing the number of incidents.

Access to electricity

ENEO has considerably improved access to electricity through:

• The ‘Revolving Fund’ programme, which has facilitated the connection of more than 210 000 households since October 2022. The achievement of targets for the secure connection of new households, in particular through the PERACE project, including those of our partners, is regarded as a model of governance.
• Considerable investment in network extension and reinforcement.
• Continued growth in the number of households connected each year.
• Harmonisation of prepaid and postpaid tariffs, in line with a directive from the regulator aimed at promoting fairness and simplification.

These efforts enabled us to increase the access rate to electricity from 56% to 71% by the end of 2022, with a projection of 75% by the end of 2024.

It should be noted that we wanted this year to be marked by bold revival initiatives. An increase in investment, but above all a greater ability to close projects. This is a challenge that we are currently overcoming, so let us persevere!

None of this would have been possible without your dedication, and I would like to express my deep gratitude to you all!

While we celebrate our successes, it is also imperative that we look at areas where we need to make significant improvements: safety, ethics, our customer management, among others.

Safety: 100% of accidents are due to non-compliance with procedures

Our primary responsibility, both individually and collectively, is to make our company a safer place to work, while ensuring the safety of our customers. This requires constant vigilance and unwavering compliance with our procedures.

As an electricity company, we must achieve 100% electrical clearance for all people working on the network, whether they are ENEO employees or partners.

Working in a dangerous environment does not mean that you are in danger. It means that if you follow life-saving rules, you will work in complete safety.

By scrupulously following procedures, we manage to eliminate all the accidents we suffer at ENEO and with our partners.

We introduced the right to stop work when conditions prove dangerous. We have a public service mission, which requires us to act urgently, in response to delicate situations, often characterised by a lack of equipment and resources. We sometimes must act at night under pressure from our stakeholders. However, we must not put our lives at risk, because no one will reward us for that. Remember the message on some internal signage: "My safety comes first; my family needs me."

I cannot write these words without feeling moved as I think of our colleagues and partners who passed away in the line of duty. May God Welcome them in His Mercy

Ethics, our beacon: zero tolerance for wrongdoers

Most of us behave ethically, but some of us do not. They act deliberately for various reasons.

I often wonder where such people who behave unethically are! They are here, among us. They are harming themselves, the company and their colleagues. Their colleagues do not deserve it; the company does not deserve it. What's more, they are exposing themselves to irrevocable sanctions.

When faced with a technical mistake, we can be understanding, indulgent, give people a second chance and provide support, because only those who do nothing make mistakes. However, when it comes to deliberate unethical behaviour, there will be no tolerance.

In a complex and constantly changing environment, ethics must be our watchword. A modern company cannot prosper without exemplary conduct. I am counting on each and every one of you to uphold our values in your day-to-day actions, because that is how we can build a solid and lasting reputation.

Our customer approach, our business purpose

It is imperative that we refocus our approach so that we can be more attentive to our customers' needs and respond more effectively and rapidly to their concerns. Every interaction with a customer is an opportunity to demonstrate our commitment and enhance our image and reputation. Let us adopt a posture of attentive listening, proactivity and innovation in our solutions to satisfy their needs and exceed their expectations. This is an essential condition for improving our cash collection, technical service quality and safety goals.

Despite the setbacks, let us keep our pride

I would now like to invite everyone to think about who we are. We are ENEO Cameroon, the historical operator of the electricity sector in Cameroon, responsible for the generation (55%), distribution (100%) and sales (100%) of electricity. We manage:

• A diversified generating fleet with a total installed capacity of 963 megawatts;
• A distribution network with more than 37,000 kilometres of lines;
• A network of 125 agencies serving more than 2.2 million customers.

We are a strategic company with 3,600 employees, generating almost 10,000 indirect jobs. Our strength lies in our daily commitment, even and especially in the face of challenges. This makes us a company of considerable importance. It is not enough just to say it. We must demonstrate it every day, in all our internal and external interactions.

We must feel a legitimate pride in working for ENEO. When faced with criticism, we must welcome it as an opportunity for improvement, without letting it undermine our self-confidence. This is all the more true as “stones are thrown only at trees that bear fruit.” We can measure the strength of our company, for example, by the position it has just been given by the Bank of Central African States, which ranked it among the Top 10 companies in Cameroon with the greatest impact on the national economy, and which therefore deserve to be supported.

Let us make sure we do not miss any opportunity to demonstrate our sense of responsibility and pride. I have appreciated this responsibility in everyone's commitment this year to a common cause. You, the ENEO staff, under the leadership of the Energizing Ladies, have brought a smile to the face of more than 200-orphaned children by giving them access to education this year.

A few days ago, ENEO's bilingual nursery schools celebrated their end-of-year party. The event brought together parents, ENEO staff and children in a festive atmosphere, punctuated by the singing by the pupils.

Parents expressed their satisfaction with the quality of teaching and the environment of our schools. I would like to congratulate the teaching staff for their dedication, as well as the colleagues who contribute to the continuous improvement of the ENEO school environment.

Our approach underscores the importance of education in the development of children and in building their future.

All of this is in line with our many other CSR initiatives demonstrating ENEO's commitment to local communities, education, health, and sustainable development in Cameroon.

Corporate Social Responsibility

ENEO is proactively involved in community development initiatives:

• Programme to provide communities with access to drinking water, and social initiatives around the Maroua and Guider solar power plants.
• Micro-solar electrification programme for remote communities.
• Reforestation and anti-desertification initiatives in the northern part of the country.
• Support for education, health, and empowerment in various disadvantaged communities.
• Donation of foodstuffs and basic necessities for flood victims in Yagoua in the Far North.
• Donation of major medical equipment to the Bonamoussadi District Medical Centre to treat victims of cardiac arrest and electrical accidents.
• Signing of a partnership agreement with the Lycée Technique de Koumassi, and donation of electrical teaching aids.
• Etc.

It is all these achievements, in addition to our major investments, which, taken together, contribute to the greatness of our company, of which you should be proud ambassadors.

Between our successes and our challenges lie opportunities: opportunities to build on our successes to face our difficulties, through small daily actions that have a significant impact on our results and our perception. This is the Make ENEO Great Again initiative, for which a competition will be launched in 2025, to create mutual positive synergy between the regions and at national level.

A promising future…

Despite the current challenges, I am resolutely optimistic about the future. We operate in a fast-growing market, and we have the skills to excel in it. The challenges of today should not overshadow our immense potential for tomorrow. The year 2025 will be a pivotal one, full of challenges as well as opportunities. It will require greater commitment, professionalism and resilience on our part to consolidate our status as an industry leader, and to continue our efforts to improve and expand, in particular by:

• Coverage of the country's major socio-political events.
• Improving our finances (collection, dissemination of the prepaid system, optimal management of budgets, etc.).
• Continuing to modernise the hydroelectric power plants under our responsibility.
• Continued development of renewable energies, with projects to double the capacity of the solar farms at Maroua and Guider, and the hybridization of remote thermal power plants.
• Continuing our efforts to contribute to the integration of the Nachtigal power plant.
• Raising public awareness of the dangers of electricity.
• Raising public awareness of energy efficiency.
• Continuing the fight against fraud
• Improving our distribution efficiency.
• Continuing to roll out decentralisation.
• Continuing to implement the other new features of the Collective Bargaining Agreement, in particular the implementation of Job and Skills Planning and the Expertise Component.
• Evaluation of ASCOMA's action plan to improve the quality of its services.
• Etc.

In an increasingly demanding environment, ENEO is pursuing its strategic mission with determination, in close collaboration with the other players in the sector. This sectoral synergy is fundamental to the sustainable improvement of the public electricity service, the driving force behind the growth and development of our Country.

I am convinced that through your commitment, your professionalism, and your spirit of innovation, we will overcome all these challenges.

Let's work together to build a stronger, more ethical, and more efficient ENEO, at the service of our customers and our country. Together, let’s contribute to Making ENEO Great Again!

I would like to wish you and your loved ones a very happy end-of-year festive season and a successful and fulfilling New Year in 2025.

You can count on my full confidence and support,

Amine Homman Ludiye

General Manager

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