Dear colleagues,

2025 is coming to an end. What I have noticed this year is the shared conviction that runs through Eneo: to restore our company to its former glory. My visits to the regions, construction sites and generation sites confirm this belief. Despite significant challenges and a difficult environment, the spirit to Make Eneo Great Again is alive and well and must remain the common force that drives us all.

I have also seen this spirit embodied by our champions who make a difference every day.

Our Champions: Architects of Change

Custodians of Ethics

Our ethics champions embody our values. They are employees who ask themselves the right questions every day and act responsibly. They are employees who were voted for by their colleagues, whom they have influenced and inspired.

I would like to take this opportunity to congratulate:

• Carine Noutchom (DCGM/DRYCSE) – Commitment Champion
• Joseph Didier Minyem (DRONO) – Integrity Champion
• Ferdinand Charles Mveng Ngbwa (DISI) – Respect Champion

I would also like to mention Suzy Sike (DCP) in particular, who, upon discovering a disbursement error, corrected it immediately by returning the overpayment to Eneo's coffers without waiting to be asked. Isn't it true that ethics is about doing the right thing, especially when no one is watching?

Safety Pioneers

Our safety champions are setting the pace. They are transforming best practices into collective reflexes. I would like to reiterate my congratulations to:

• Armel Banaken (DRD) – Champion of using the power to stop work
• Fotso Toukam (DRSOM) – Champion in mobilising community leaders
• Patrick Stéphane Nounkwa (DRY) – Champion in visiting construction sites
• Martyn Ebenson (DCP) – Champion in Quick Event Reporting
• Henri Ebene Ebele (DAL) – Champion in road safety

A few discrete heroes

I would also like to mention those colleagues whom I saw hard at work during the delicate election period:  

• Staff who were unable to get to their workplace in their agency because it was in a critical area went to another, safer agency instead, connected to the network and continued to provide customer service.
• Teams at power plants doing their utmost to obtain the fuel needed to operate remote plants, deploying a wealth of technical expertise to keep facilities running, particularly in Songloulou.
• Teams in the field replacing transformers and poles, finding ingenious ways to get the equipment to the right place. 

I would like to express my full support to our teams in the South-West, who have been engaged for several weeks in managing a difficult situation linked to repeated upheavals of the population. A special thought for the Head of the Technical Base of Buea, Job Mouyeme Mouyeme, a victim of ill-treatment and currently recovering.

I would like to commend those technical and commercial staff members who have cultivated courteous patience, finding the right words to say to our impatient and angry customers, whether in the field or in the WhatsApp Customer forums that they manage with such enthusiasm. I know there are many of you in the company. I would particularly like to congratulate:

• Patrice Ewane of Douala North in the DRD
• Hortense Mabaya of Nkolbisson in the DRY

They embody this reassuring presence to our customers. They make all the difference, and I often receive positive feedback about their actions.

All of you who are so committed make us proud and reassure us that Eneo is progressing despite the difficult context. You have certainly contributed greatly, alongside all the other employees, to this year's results, which were marked by resilience and tangible progress.

What we achieved in 2025

Generation: Strengthen our Capacities

We are proud to have launched phase 2 of the Maroua and Guider solar farms with the aim of doubling their capacity. This is part of our commitment to renewable energy and improving supply in the North.

With 50% of the country's installed capacity, Eneo produced 60% of the 7.3-gigawatt hours of electricity consumed in Cameroon between January and the end of November 2025. The Songloulou power plant alone generated 31.35% of the national power supply and 34% of the Southern Interconnected Grid's coverage. This is further proof, if any were needed, of the excellent performance of the Songloulou dam by our colleagues in the Central Generation Directorate.

We are continuing to hybridise solar farms with thermal power plants in our remote power plants. This is the case in Banyo, Touboro and Yokadouma, where work was accelerated in 2025 and which should provide an additional 3,700 kilowatts of peak power in these localities in 2026.

Distribution: Visible efforts on the MV network

Overall, the quality of the medium-voltage network has improved:

• 19% fewer accidents on major lines
• 24% reduction in outage duration (SAIDI)
• 23% reduction in outage frequency (SAIFI)

This progress is the result of ongoing investment, notably with the support of Government, World Bank and African Development Bank: installation of new concrete or wood poles, mechanised pruning of lines, protection of substations, etc. Maintaining the distribution network in this way also helps to improve access to electricity in the country.

In this regard, we have connected more than 100,000 new customers as part of the PERACE project. The government and the World Bank describe this project as a ‘success story’ with a rating of “Highly satisfactory”.

A Turbulent Distribution Efficiency

Standing at 72.24% YTD at the end of November, it experienced serious turbulence during October and November. Efforts to maintain it were hampered by limited resources and increased demand, which pushed infrastructure beyond its physical limits and increased losses. Endemic fraud also severely hampered progress in distribution efficiency. We will continue to wage a relentless battle against this phenomenon in 2026.

Modernisation: Our Digitalisation is Progressing

We continued to digitise our operations to further improve and facilitate our customers' daily lives. It is in this context that the implementation of our ERP (SAP) is continuing. Our new information and services portal has been redesigned and geared towards improving our customers' relationship with Eneo. It is called www.eneo.cm and its launch will be one of the key moments of early 2026.

2025 also saw the continued deployment of our cyber security system, a real shield against the regular attacks our company is targeted with. It will be fully completed in 2026.

A Decade of Transformation (2014-2025)

Dear Colleagues,

Our investments for 2025 are in line with our achievements over the last ten years. Since Actis took over the strategic management of the company, much has been accomplished. As it transfers its shares to the State, we can be proud of what the company has achieved during these years, marked by concrete results:

• +20 points in electricity access rate (56% in 2014 – 76% in 2025)
• CFAF 432 billion invested in securing, modernising and diversifying electricity services
• CFAF 520 billion in various taxes and duties paid to the State
• More than 2,000 young people recruited
• CFAF 1,000 billion in orders placed with Cameroonian companies

Eneo is a socially responsible company. It contributes to building Cameroon. It will continue its efforts in 2026 and beyond.

Our Key Challenges

During those years, as is still the case today, resilience was required in the face of significant challenges, the most critical of which remains the urgent need to restore the sector's financial stability.

The structural financial imbalance in the electricity sector remains the main challenge we face. This is reflected in Eneo's extremely tight cash flow, with cross-debts being the major problem. This year, once again, unpaid bills from public entities are on the rise. This compels us to resort to costly financial solutions, which exacerbate the imbalance.

The government, now aware of the problem, has embarked on reforms. Eneo is actively participating in these reforms. This is an opportunity to work together to turn the electricity sector around. We must invest all our ingenuity in this endeavour.

2026: Our commitments

As we approach 2026, I would like us to commit to a few important issues, including:

• Coverage of major events in the country: our mobilisation during the 2025 election period was exceptional and noteworthy. Other electoral events are coming up in early 2026, and once again call for the utmost professionalism from Eneo. The Africa Cup of Nations football tournament, which is taking place in a context of constraints on the electricity system, already requires the same efforts.

• Transition of Governance: Actis is selling its shares to the State. It should be noted that these changes in share ownership do not alter the reality of Eneo's operations or missions. The Government, through the members of the interministerial committee set up by the President of the Republic, has confirmed that nothing will change for the staff. Let us remain mobilised! We must embrace this change, which brings opportunities, with confidence and enthusiasm.

• Accelerated Decentralization: Over the past two years, we have made progress in transferring more powers to the regions. This trend will continue in 2026. The aim is to give the regions more resources to work with so that they can be closer to customers (in all categories). This approach enables us to provide the most effective solutions to problems, considering regional specificities, in complete transparency with head office and in accordance with company rules and strategy.

• Talent Management: The HR Open House was one of the successes of 2025, helping to demystify the HR function and aligning staff in our regions with Eneo's human resources management perspectives. From early 2026, we will accelerate the implementation of workforce and career planning (GPEC), technical career management, and partnerships with academic institutions with the aim of improving the quality of potential resources and, above all, strengthening diversity and training

• Employee Share Ownership: The GIC-P is gaining in confidence. Management is pleased to have contributed to this initiative. It is hoped that in 2026, all employees will take an interest in this scheme and take advantage of the opportunities it offers them.

Overall, the transformation of the company will continue.

2026 will be demanding. The challenges are real. But let us remember: challenges are opportunities. It is up to us to seize them in complete safety, in accordance with our procedures and values, with creativity and discipline.

In 2026, let us remain focused on what matters most: the safety of our teams and our customers, continuity of service and the quality of the energy we supply to our customers. May our collective commitment remain strong, with the strength, control and sense of service necessary to transform every challenge into useful energy, sustainably improve our performance, while lighting up the lives of our customers and communities.

In every region across the country, I know you are mobilised, determined and dedicated to public service.

You, soldiers of electricity, are the last line of defence against darkness. I know I can count on you.

I wish you and your loved ones good health and prosperity during the New Year.

Let’s together Make Eneo Great Again!

Amine Homman Ludiye

General Manager