The Company operates as a holding company, investing in other companies. Its business encompasses the entire Energy Value Chain, from upstream to downstream operations, including power generation, energy storage, and energy trading. The Company operates business in 8 countries: Thailand, Laos, China, Japan, Vietnam, Australia, the United States, and Indonesia.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 28,813.72 | 26,722.89 | 31,151.84 | 25,406.65 |
| Expenses | 25,359.16 | 27,476.00 | 22,140.05 | 23,976.41 |
| Net Profit (Loss) | 3,026.28 | 1,746.32 | 5,319.20 | 5,738.68 |
| Assets | 94,480.98 | 97,682.67 | 98,902.86 | 77,664.94 |
| Liabilities | 41,034.73 | 43,193.01 | 44,225.89 | 24,873.31 |
| Shareholders' Equity | 48,395.80 | 49,628.94 | 50,184.70 | 48,481.22 |
| Operating | 710.75 | -413.01 | 3,753.63 | 630.69 |
| Investing | -300.64 | -178.65 | -13,426.27 | 4,084.80 |
| Financing | -1,243.58 | -1,101.18 | 15,047.52 | -3,255.96 |
| EPS (Baht) | 0.99 | 0.57 | 1.75 | 1.88 |
| GP Margin (%) | 16.30 | 7.80 | 35.66 | 11.81 |
| NP Margin (%) | 12.25 | 6.40 | 20.67 | 24.20 |
| D/E Ratio (x) | 0.77 | 0.79 | 0.81 | 0.47 |
| ROE (%) | 6.17 | 3.50 | 10.78 | 12.19 |
| ROA (%) | 6.62 | 5.15 | 10.07 | 9.30 |
BPP focuses on pioneering and developing energy production to deliver high-quality, internationally standardized, and reliable energy. It also aims to enhance operational efficiency and create added value for assets through the integration of advanced technology, coupled with carbon emission reduction. Furthermore, it explores strategic investment opportunities in future energy innovations to foster long-term business growth and drive the transition to sustainable energy, in line with the approach "Pioneering Energy Empowering Tomorrow"
- Unlock the Value of Existing Assets: Unlock value and strengthen existing assets through operational excellence, maintaining production stability at all power plants.
- Expanding Capacity in Cleaner Generation: Expand investments in high-efficiency, low-carbon gas-fired power plants to serve as a stable and reliable transitional energy source
- Redefining Power for the Future: Expand clean energy generation capacity through investments in quality renewable energy and Battery Energy Storage Systems (BESS).
BPP operates business through innovations and advanced & environmentally-friendly technologies to deliver the sustainable energy contributing values for economic and social development with affordable prices, reliable and eco-friendly manner. The Company continuously enhances operational efficiency, invests in clean energy, and adapts to rapid changes, including new S-Curve industries. These efforts establish a strong foundation for long-term sustainability, emphasizing value creation for all stakeholders. BPP set up committed targets that were aligned and supported the United Nations Sustainable Development Goals (SDGs) across six key areas i.e. 1. Affordable and Clean Energy, 2 Decent work and Economic Growth, 3. Industry, Innovation and Infrastructure, 4. Responsible Consumption and Production, 5. Climate Action, และ 6. Peace, Justice and Strong Institutions.
On January 29, 2026, the Extraordinary General Meeting of Shareholders No. 1/2026 approved of key strategic transactions the amalgamation between the Company and Banpu Public Company Limited (“Banpu”), the reduction of registered capital, which was completed on February 5, 2026, and the divestment of a 25% investment interest in BKV-BPP Power LLC to BKV Corporation, which was completed on January 30, 2026. The objectives of these transactions are to restructure the shareholding within the group, reduce the complexity of the business structure, enhance financial flexibility, strengthen the financial position, and maintain the company's strategic position in the U.S. market to support long-term growth.
For 2025, the Company reported a net profit of 3,026 million Baht and EBITDA of 8,268 million Baht, representing increases of 73% and 12% respectively from the previous year. This reflects an improved overall operating performance, driven by the power business in the United States due to increased electricity sales volume and higher spark spread resulting from elevated average electricity prices. Additionally, strong performance from power plants in China, including both CHP power plants and SLG power plants, benefited from reduced coal costs coupled with efficient fuel management. Furthermore, lower financial costs also contributed to the overall increase in net profit compared to the previous year. It should be noted that part of the year-on-year improvement in net profit reflects a low base effect from 2024, during which an impairment loss was recognized in relation to the Nakoso power plant.
• 4Q25 Production capacity: 3,608 MW (equity MW).
• Following the general offer for the Company's shares by Banpu in December 2025, Banpu's shareholding in BPP increased to 91.07%, and the Swap Ratio after the General Offer was 1 Banpu Power share per 0.80208 shares in NewCo.
Commercial Risk Fluctuations in electricity prices, energy demand, and fuel costs may impact the Company's performance. Therefore, the Company manages these risks through using of hedging instruments, efficient fuel cost management, and the establishment of customer credit risk management policies to maintain the stability of Company's performance and cash flow.
Power Generation Risk BPP established Business Continuity Management Systems (BCMS) to ensure continuous delivery of products and services, manages critical spare parts, and procures insurance coverage to ensure readiness for any potential incidents.
Climate Change Risk BPP has implemented measures to control and mitigate climate impacts, for instance, reducing GHG emissions, increasing investment portfolio in renewable power plants and thermal power plants that deploy high efficiency, low emissions (HELE) technologies.
Financial Risk Align cash payments with receipts in the same currency, arrange appropriate capital structure, and uses financial instruments to mitigate exchange rate risk and interest rate risks.
• SET ESG Rating "AAA", for year 2025 and was chosen as a Thailand Sustainability Investment stock since 2018.
• Corporate Sustainability Assessment (CSA) for year 2025 by S&P Global, it received an assessment score of 71%, placing it in the 86th percentile in the Electric Utilities industry group.
• Corporate Governance Report of Thai Listed Companies (CGR): For year 2025 BPP received the “Excellence CG Scoring” or 5 stars from the Thai Institute of Directors Association (IOD) since 2020.
• Thailand's Private Sector Collective Action Coalition Against Corruption (CAC): BPP has been a member of CAC.
| as of 30/12/25 | BPP | ENERG | SET |
|---|---|---|---|
| P/E (X) | 19.59 | 10.87 | 15.44 |
| P/BV (X) | 0.77 | 0.89 | 1.19 |
| Dividend yield (%) | 4.76 | 4.79 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 38,401.42 | 32,915.50 | 44,192.11 |
| Price (B/Share) | 12.60 | 10.80 | 14.50 |
| P/E (X) | 19.59 | 12.85 | 8.23 |
| P/BV (X) | 0.77 | 0.67 | 0.85 |
