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.
| 3M26 | 3M25 | 2025 | 2024 |
|---|
| Revenues | 5,345.81 | 7,413.37 | 28,813.72 | 26,722.89 |
| Expenses | 4,558.25 | 6,883.85 | 25,359.16 | 27,476.00 |
| Net Profit (Loss) | 5,877.08 | 574.36 | 3,026.28 | 1,746.32 |
| Assets | 82,814.11 | 96,841.98 | 94,480.98 | 97,682.67 |
| Liabilities | 25,583.62 | 41,947.16 | 41,034.73 | 43,193.01 |
| Shareholders' Equity | 56,200.87 | 50,358.87 | 48,395.80 | 49,628.94 |
| Operating | 704.44 | 145.57 | 710.75 | -413.01 |
| Investing | 2,298.98 | 15.94 | -300.64 | -178.65 |
| Financing | 1,546.70 | -1,359.71 | -1,243.58 | -1,101.18 |
| EPS (Baht) | 1.93 | 0.19 | 0.99 | 0.57 |
| GP Margin (%) | 17.98 | 11.41 | 16.30 | 7.80 |
| NP Margin (%) | 114.78 | 4.23 | 12.25 | 6.40 |
| D/E Ratio (x) | 0.45 | 0.76 | 0.77 | 0.79 |
| ROE (%) | 15.63 | 3.18 | 6.17 | 3.50 |
| ROA (%) | 15.03 | 4.79 | 6.62 | 5.15 |
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.
Banpu Power US Corporation (“BPPUS”), a 100% subsidiary of the Company, completed the sale of a 25% Membership Interest in BKV-BPP Power LLC (“Power JV”) to BKV Corporation, an indirect subsidiary of Banpu Public Company Limited, on 30 January 2026. Following the transaction, BPPUS’s Membership Interest in Power JV decreased from 50% to 25%, resulting in changing Power JV status from subsidiary to an associate of the Company. Accordingly, the Company has recognized the operating results of Power JV under the equity method from the transaction completion date onward, resulting in the Company recognizing Power JV’s results on a consolidated basis for only one month in 1Q2026.
For 1Q2026, the Company reported net profit of THB 5,877 million, representing an increase of 924% from the same period last year. The increase was primarily driven by the recognition of an after-tax gain on disposal of investment from the aforementioned transaction amounting to THB 4,653 million. Excluding such one-time item, normalized net profit amounted to THB 1,224 million, increasing by 113% from the same period last year, reflecting an overall improvement in operating performance. Key supporting factors included stronger performance from the power business in the U.S., driven by higher electricity sales volume and improved margins in line with higher average electricity prices. In addition, earnings from the renewable energy and energy technology businesses improved, particularly from the Battery Energy Storage System (BESS) business and energy trading business in Japan and gain from foreign exchange. Furthermore, the SLG power plant in China delivered strong performance, supported by significantly lower coal costs, as well as higher revenue from electricity sales and Carbon Emission Allowance (CEA) sales.
• 1Q26 Production capacity: 3,224 MW (equity MW).
• Expanded the BESS portfolio in Japan with two new projects: Hiyoshibaru (80 MWh apacity) and Nikko (160 MWh capacity)
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 31/03/26 | BPP | ENERG | SET |
|---|---|---|---|
| P/E (X) | 12.59 | 12.01 | 16.56 |
| P/BV (X) | 0.79 | 1.07 | 1.36 |
| Dividend yield (%) | 4.80 | 5.47 | 4.41 |
| 31/03/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 38,096.65 | 38,401.42 | 32,915.50 |
| Price (B/Share) | 12.50 | 12.60 | 10.80 |
| P/E (X) | 12.59 | 19.59 | 12.85 |
| P/BV (X) | 0.79 | 0.77 | 0.67 |
