EA Returns to Profit in Q3 with THB 450 Million

Carbon Credits and Waste Management Boost Revenue, Advancing Its Integrated Clean Energy Business
Energy Absolute Public Company Limited (EA) reported a return to profit in the third quarter of 2026, with net profit attributable to owners of the parent of THB 450.23 million. Total revenue reached THB 3,329.20 million, up 31.2% from the previous quarter, supported by wind power generation, a recovery in biodiesel sales, and revenue from carbon credits, waste management and solar rooftop projects. The performance reflects the Group's progress in developing multiple revenue streams across its integrated clean energy business.

The quarter's results also benefited from a reversal of expected credit loss (ECL) provisions. Excluding significant non-cash items, net profit attributable to owners of the parent was THB 217.77 million, compared with a loss of THB 4.32 million in the previous quarter. EBITDA on the same basis stood at THB 1,735.08 million, up 27.4% quarter-on-quarter.

Wind power remained a key contributor, generating revenue of THB 1,684.16 million, an increase of 14.8% year-on-year. The Group's other businesses, including carbon credits, waste management and solar rooftop projects, recorded quarterly revenue of THB 566.40 million, up 81.1% quarter-on-quarter. Their combined revenue for the first nine months reached THB 1,370.38 million, up 72.3% year-on-year. These businesses helped diversify the Group's revenue base and partially offset the impact of the gradual expiry of Adder electricity tariff premiums at its solar power plants.

The carbon credit business demonstrates how EA is creating value by connecting its businesses. Through the Bangkok E-Bus Programme, emission reductions from the use of electric buses are monetised in international carbon markets. During the quarter, the programme delivered a further 57,327 internationally transferred mitigation outcomes (ITMOs) to Switzerland's KliK Foundation, bringing cumulative deliveries to 108,960 units, equivalent to 108,960 tonnes of carbon dioxide equivalent in emission reductions. This builds on the programme's achievement as the world's first project to issue and transfer ITMOs under Article 6.2 of the Paris Agreement.

In waste management, EA has begun recognising revenue from its Koh Larn project, which commenced operations in February 2026 and can process up to 100 tonnes of waste per day. The Group is also progressing its waste management and waste-to-energy project in Phuket. Construction was approximately 68% complete at the end of the third quarter, with commercial operations expected to begin in the second quarter of 2027, adding revenue from both waste disposal services and electricity sales.

In electric vehicles, the project to supply 1,520 electric buses for the Bangkok Mass Transit Authority (BMTA), in collaboration with Nakhonchai Air Co., Ltd., entered mass production at Absolute Assembly Co., Ltd. (AAB) on 1 September 2026. NEX Point Public Company Limited (NEX) is responsible for supplying the buses, while AAB manufactures and assembles all vehicles under the project. The Company plans deliveries in 2027 of 500 buses by the end of March, a further 500 by the end of April, and the remaining 520 by the end of May. The project is expected to increase capacity utilisation and support the Group's revenue in the periods ahead.

EA is also extending its battery business into battery energy storage systems (BESS). The Company has signed a cooperation agreement with the Provincial Electricity Authority (PEA) and is preparing production plans to support delivery. It is also developing two new wind power projects with a combined capacity of 180 megawatts and preparing for trial production of sustainable aviation fuel (SAF) and/or hydrotreated vegetable oil (HVO) in the first quarter of 2027, expanding business opportunities arising from demand for low-carbon energy.

For the first nine months of 2026, EA recorded net profit attributable to owners of the parent of THB 556.04 million and net cash from operating activities of THB 4,988.18 million, providing an important source of funding for debt management and business operations. Total liabilities declined by THB 1,642.18 million from the end of 2025, bringing the debt-to-equity ratio down from 1.63 times to 1.58 times.

Mr. Chatrapon Sripatum, Chief Executive Officer of Energy Absolute Public Company Limited, said:
"The foundations EA has laid are beginning to deliver clearer business results. Our power plants generate revenue and cash flow, our electric vehicle business has started production for a major project, and emission reductions from buses in actual operation are generating revenue from overseas. At the same time, our waste management business has begun generating revenue and is expanding into electricity generation. Our integrated clean energy business is increasingly taking shape through actual operations.

Our goal is to make greater use of our existing businesses and capabilities, expand our customer base and develop recurring revenue from energy storage systems, electric vehicles and low-carbon fuels. We are prioritising delivery according to plan, cash flow management and prudent management of our debt obligations to enable EA to move forward on a sound footing," Mr. Chatrapon said.