B.Grimm Power is dedicated to becoming a premier global electric power producer and supplier, contributing to infrastructure advancement, ensuring energy stability, and mitigating carbon emissions for the betterment of national, regional, and global economies and industries. We uphold the principles of social, economic, and environmental sustainability while making substantial investments in human capital and technology to enhance competitiveness.
In March 2026, B.Grimm Power operates 71 power plants with a total installed capacity of 4,664 MW (or 2,890 MW in equity capacity). By incorporating developing projects and those currently under construction (committed projects), our projected installed capacity is 6,625 MW (or 3,872 MW in equity capacity).
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 56,683.95 | 57,023.20 | 58,228.53 | 63,247.16 |
| Expenses | 47,904.43 | 47,803.74 | 49,211.31 | 59,319.94 |
| Net Profit (Loss) | 1,675.49 | 1,556.87 | 1,889.29 | -1,244.08 |
| Assets | 183,046.04 | 180,900.72 | 177,045.58 | 170,650.72 |
| Liabilities | 133,686.00 | 129,229.21 | 124,331.00 | 128,483.05 |
| Shareholders' Equity | 33,436.47 | 36,086.18 | 38,138.07 | 29,727.56 |
| Operating | 16,782.68 | 6,742.13 | 13,753.73 | 7,908.38 |
| Investing | -8,418.04 | -15,677.50 | -12,519.51 | -18,053.96 |
| Financing | -3,891.09 | -647.23 | -1,997.94 | 13,452.08 |
| EPS (Baht) | 0.29 | 0.26 | 0.44 | -0.63 |
| GP Margin (%) | 18.52 | 18.99 | 17.84 | 10.14 |
| NP Margin (%) | 5.74 | 5.56 | 6.33 | -1.42 |
| D/E Ratio (x) | 2.71 | 2.50 | 2.36 | 3.05 |
| ROE (%) | 4.82 | 4.20 | 5.55 | -4.20 |
| ROA (%) | 4.72 | 5.10 | 5.26 | 2.40 |
ฺB.Grimm Power announces GreenLeap-Global and Green strategy and aims to reach a capacity of 10,000 MW from operating and committed projects by 2030, with over 50% renewable energy sources and achieve net-zero carbon emissions by the year 2050. The strategy includes: 1) Industrial Solutions: Deliver stable, accessible, and sustainable energy to industrial estates through renewable energy and advanced digital tools, empowered by Digital Infrastructure-as-a-Service (DIaaS) with an integrated approach to energy management, digital technologies, and industrial solutions, 2) Independent Power Producer: Expanding the portfolio of renewable energy power plant projects, enhancing efficiency and readiness, to accommodate the global energy transition and 3) Sustainable Fuels: Sourcing fuel for our power plant projects and building expertise in production of alternative fuels for industries and chemical products. This also includes developing synthetic fuels for sectors difficult to decarbonise.
B.Grimm Power's 2023-2030 sustainability strategy, aligned with our "Empowering the World Compassionately" vision, revolves around two core pillars: 1) Sustainable Value Creation: Emphasising sustainable business growth through clean energy, delivering value to society while preserving harmony with nature and addressing important issues that impact both the company and stakeholders and 2) Building a Foundation for Sustainability: Giving importance to fundamental components and conducting business operations under the principles of good governance, with a focus on stakeholder engagement.
B.Grimm Power expanded its investments portfolio by securing an additional 166 committed MW across key markets in 2025. Key developments included a 14 MW ground-mounted solar power plant in Japan and a 65 MW solar power project in Philippines. In Thailand, solar and wind projects totalling 36 MW were advanced under long-term power purchase agreements. In addition, B.Grimm Power invested in solar projects across Thailand, Vietnam, Japan, and South Korea, totalling 50.5 MW, further strengthening its long-term growth pipeline.
In 2025, we surpassed our target of connecting 40-50 MW of new industrial users (IUs) by achieving a record-breaking 43.9 MW.
In 2025, B.Grimm Power reported Normalised Net Profit (NNP) – owner of the parent of THB 2,143 million, down 3.8% y-on-y, due to 1) declining tariffs from EGAT, industrial users (IUs) in Thailand, and steam selling price, linked to lower gas prices, 2) impact of retroactive adjustment of AF gas price, and 3) higher SG&A expenses. These impacts were partly offset by higher service income related to development fees, the full-year consolidation of Malacha’s performance, and stronger share of profit from associates and JV.
Net Profit – owner of the parent was THB 1,675 million, increased from THB 1,557 million, due to a non-cash transaction of lower unrealised FX loss from the net position of outstanding USD debts and foreign currency transaction.
B.Grimm Power proposed a dividend payment to the AGM of THB 0.412 per share for 2025, comprising a interim dividend of THB 0.18 per share, and a final dividend of THB 0.232 per share. This reflects the company’s confidence in its liquidity management.
B.Grimm Power’s projects expected to achieve commercial operation date (COD):
1) INSEE B.Grimm solar 80 MW
2) Zhongce Rubber solar rooftop in Amata City Rayong 35 MW
3) Nakwol 1 offshore wind farm 365 MW
4) Huong Hoa 1 onshore wind farm 48 MW
5) Other projects up to 30 MW
B.Grimm Power adopts the COSO Enterprise Risk Management Framework (COSO ERM) to manage risks appropriately throughout the company. We emphasise comprehensive risk management at the organisational, business group, and operational levels, including ESG risks. We also prioritise addressing climate change and incorporate recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) into our risk management practices. Additionally, we are committed to combating corruption and have been certified as a member of the Thai Private Sector Collective Action Against Corruption (CAC). We provide channels for reporting misconduct or governance oversight. The Risk Management Committee is responsible for setting risk management policies, overseeing practices, promoting a risk management culture across the organisation, and reporting risk management outcomes to the BOD and the company's committees.
- Included in “The Sustainability Yearbook” by S&P Global (5th consecutive year), with a ranking of the top 10%
- Included in the FTSE Russell (6th consecutive year)
- B.Grimm Power Received Best Companies to Work for in Asia 2025 awards for 4th consecutive years from HR Asia.
- Received the Outstanding CEO, Outstanding CFO and Outstanding IR awards in the power and utilities sector at the IAA Awards for Listed Companies 2025
| as of 30/12/25 | BGRIM | ENERG | SET |
|---|---|---|---|
| P/E (X) | 18.67 | 10.87 | 15.44 |
| P/BV (X) | 1.08 | 0.89 | 1.19 |
| Dividend yield (%) | 3.05 | 4.79 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 36,757.29 | 50,834.55 | 71,038.03 |
| Price (B/Share) | 14.10 | 19.50 | 27.25 |
| P/E (X) | 18.67 | 41.22 | 81.05 |
| P/BV (X) | 1.08 | 1.42 | 1.81 |
