EGCO Group posts 115% net profit increase to over 3.5 billion baht - Strong performance driven by asset recycling strategy

Dr. Jiraporn Sirikum, President of EGCO Group, stated that the global energy industry is facing significant challenges due to a fluctuating business environment driven by geopolitical tensions, trade wars, and a global economic slowdown. Despite these headwinds, EGCO Group has continued to efficiently manage its portfolio and power plant operations, which has supported sustained growth. In Q1/2025, the company achieved several major milestones, including the sale of its entire equity stakes in RISEC in the USA and the Boco Rock Wind Farm in Australia. Additionally, all 80 wind turbine generators of the Yunlin Offshore Wind Farm in Taiwan have commenced power transmission, delivering a total capacity of 640 megawatts to the grid. The Quezon power plant in the Philippines has successfully acquired a new Power Supply Agreement (PSA) for a long-term contract of 15 years. Moreover, EGCO Group has continually expanded its renewables fleet in the USA with the successful acquisition of a 49% ownership interest in "Pinnacle II Portfolio", a portfolio of two renewable energy projects. The company also made an additional capital injection of USD 95 million into CDI, an infrastructure and utility business in Indonesia.

Q1/2025 Performance: EGCO Group has recognized a gross revenue of THB 10,838 million. Net profit is 3,577 million baht, an increase of THB 1,915 million or 115% compared to the same period last year. Key contributors are the profit recognition from the sales of total equity stakes in RISEC in the USA and Boco Rock Wind Farm in Australia as part of its asset recycling strategy. The proceeds will be reinvested in new projects to increase value and enhance long-term growth.

"While the business environment remains uncertain, EGCO Group is accelerating efforts to identify new investment opportunities and expand the new capacity of our power business, including natural gas-fired power plants and renewable energy projects. We are planning to invest through both mergers and acquisitions (M&A) and greenfield projects, while also seeking new opportunities in energy-related businesses. These efforts are guided by our "Triple P" strategy, which emphasizes revenue and profit growth, achieving low-carbon goals, and transforming the organization to support sustainable growth. EGCO Group is closely monitoring the business landscape in Thailand and other countries, particularly the USA, which recently announced a reciprocal tariffs policy. When investing in new projects, we continuously assess risk factors, including the policies of each country in which we operate. This approach ensures that our investments generate the targeted revenue and profitability, while enabling effective and appropriate risk management across our portfolio," said Dr. Jiraporn.

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