The Company operates as a holding company with its main business in 1) Operating power plants and supply electricity through independent power producer (IPP) and small power producers (SPP), 2) Providing operation, maintenance, engineering and construction services to power plants, petrochemical plants, oil refineries and other industries
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 35,243.79 | 43,679.08 | 53,283.79 | 61,725.28 |
| Expenses | 30,592.14 | 37,692.90 | 46,442.80 | 55,584.68 |
| Net Profit (Loss) | 4,727.39 | 5,411.47 | -8,384.07 | 2,683.10 |
| Assets | 221,706.81 | 241,062.66 | 243,232.67 | 254,043.13 |
| Liabilities | 121,661.33 | 136,422.46 | 138,006.96 | 133,245.75 |
| Shareholders' Equity | 99,792.58 | 104,373.25 | 104,926.97 | 120,494.07 |
| Operating | 3,517.31 | 8,347.35 | 10,284.44 | 7,857.89 |
| Investing | 9,835.56 | 4,555.43 | -16,796.66 | 15,213.93 |
| Financing | -16,066.57 | -5,996.87 | -2,283.13 | -3,143.43 |
| EPS (Baht) | 8.98 | 10.28 | -15.93 | 5.10 |
| GP Margin (%) | 15.01 | 21.60 | 17.55 | 15.29 |
| NP Margin (%) | 13.41 | 12.41 | -15.74 | 4.25 |
| D/E Ratio (x) | 1.22 | 1.30 | 1.31 | 1.10 |
| ROE (%) | 4.63 | 5.17 | -7.44 | 2.29 |
| ROA (%) | 3.93 | 5.64 | -1.27 | 3.74 |
EGCO Group has adjusted its proactive business strategy for 2025–2027 to drive sustainable growth across all dimensions by balancing business opportunities, consistently strong performance, and achieving its low-carbon organization goals through three key milestones:
- Short-term goal: increasing the renewable portfolio to 30% of total capacity by 2030
- Mid-term goal: achieving carbon neutrality by 2040
- Long-term goal: achieving net-zero in 2050
This will be achieved through the “POWER4” strategy, which has four main pillars
- Profitability and Performance Energizing – Enhance revenue and profitability continuously by maintaining financial stability, managing debt levels and credit ratings, and prioritizing shareholder returns through a consistent dividend policy.
- Power and Energy-related Focus – Strengthen investments in the power business, EGCO Group’s core business, including renewable energy and natural gas power plants, while seeking opportunities in related energy businesses such as fuel, utilities, hydrogen supply chains, solar private PPA, gas pipeline systems, and energy solutions for data centers, while expanding investments both domestically and internationally.
- Portfolio Optimization – Maximize investment portfolio efficiency through operational excellence, cost reduction, strategic synergy, and asset recycling to reinvest proceeds and strengthen the U.S. energy market portfolio for long-term sustainable growth.
- Proactive Organization Excellence – Build a proactive organization by restructuring, enhancing workforce capabilities, integrating AI technologies, and improving processes through digital transformation, particularly in ESG and corporate governance via the development of the ESG & CGR Platform.
- Completion of divestment of a 49% ownership interest in RISEC to Shell Energy North America (SENA) on January 24, 2025
- Completion of divestment of a 100% ownership interest in Boco Rock Wind Farm on March 7, 2025
- Completion of 49% investment in Pinnacle II project (251 MW)
- Additional 10% investment in Linden Topco, bringing total ownership to 38%
- Commercial operation of 7 renewable energy power plants totaling 1,050 MW under APEX
In 2025, EGCO Group reported an operating profit of THB 4,439 million, decreased by 52% YoY, mainly due to Quezon commencing electricity supply under a new Power Supply Agreement (PSA) with a lower selling price per unit than the previous contract. In addition, Paju ES and BLCP recorded lower tariff rates, MME reported lower coal sales volumes and prices, and NT1PC had a longer maintenance period than the previous year. However, CDI reported higher other income, XPCL recorded higher electricity sales volumes, and income from Pinnacle II was recognized.
Net profit for YE2025 was THB 4,727 million, decreased by 13% YoY, mainly due to lower operating profit. However, gains from the divestment of investments in RISEC and BRWF were recognized.
Execution of a New Power Supply Agreement for Quezon Power Plant - On March 24, 2025, the Quezon Power Plant entered into a new Power Supply Agreement (PSA) with a capacity of 400 MW with a major retail electricity supplier for a period of 15 years. The previous PSA with Meralco expired on May 31, 2025.
Investment in Pinnacle II Portfolio in the U.S. - On March 31, 2025, EGCO signed equity capital contribution agreement with Apex Clean Energy Holdings, LLC to acquire a 49% stake in a 251 MW portfolio of renewable power plants, comprising Downeast Wind (126 MW) and Wheatsborough Solar (125 MW). The investment has been completed and both have commenced commercial operation.
Additional 10% investment in Linden Topco – On October 3, 2025, EGCO signed an Equity Purchase Agreement to acquire an additional investment, which will increase EGCO’s ownership in Linden Topco to 38%. The transaction was completed on December 12, 2025.
Investment Expansion Risk Investment in new project has risks from various environmental factors. Thus, potential projects are listed in annual investment plan and a sensitivity analysis shall be conducted also.
Financial Risks and Corporate Tax Legislation Risk EGCO mitigates the fluctuation of currencies by matching loan and revenue. On the tax front, it strictly adheres to legal requirements.
Geopolitical risk - International tensions may affect trade policies, laws, taxation, as well as costs and overseas investments. The company continuously monitors and assesses the situation and has established mitigation measures and business continuity plans to address uncertainties.
Commodities risk - volatility in energy prices arising from economic conditions and global markets may affect production costs. The company therefore monitors changes in energy prices and manages risks through hedging contracts, securing alternative energy sources, and appropriately improving energy efficiency.
- "AA" in SET ESG Ratings 2025
- Member of the DJSI for 5th consecutive years
- EGCO Group has received an excellent CG assessment report 2025 with a "5-star" rating for 17th consecutive year
| as of 30/12/25 | EGCO | ENERG | SET |
|---|---|---|---|
| P/E (X) | 12.07 | 10.87 | 15.44 |
| P/BV (X) | 0.59 | 0.89 | 1.19 |
| Dividend yield (%) | 5.70 | 4.79 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 60,017.01 | 61,596.41 | 67,387.52 |
| Price (B/Share) | 114.00 | 117.00 | 128.00 |
| P/E (X) | 12.07 | - | 12.05 |
| P/BV (X) | 0.59 | 0.60 | 0.53 |
Japan Credit Rating : A
DJSI Member