EA Returns to Profit in H1/2026, Posting Net Profit of THB 106 Million

Energy Absolute Public Company Limited, or EA, reported total revenue of THB 2,538.19 million for the second quarter of 2026, representing a decrease of 22.8% from the same period last year. The decline was primarily attributable to the expiry of the power purchase price adder for the solar power plant in Phitsanulok Province and the adjustment of the biodiesel business model from in-house production and sales to contract manufacturing. Under the revised model, the Company recognises only service revenue rather than the full value of product sales.

Nevertheless, EBITDA for Q2/2026 amounted to THB 1,044.64 million, an increase of 33.3% year on year. Meanwhile, net loss attributable to owners of the parent narrowed to THB 256.01 million from THB 721.45 million in the same period last year, representing an improvement of 64.5%.

The results were affected by significant non-cash items attributable to owners of the parent totalling THB 251.69 million, a key component of which was an allowance for the decline in value of inventories in the lithium-ion battery business. Excluding these significant non-cash items, net loss attributable to owners of the parent would have been only THB 4.32 million.

For the first half of 2026, the Company recorded total revenue of THB 5,866.94 million and returned to profitability, posting net profit attributable to owners of the parent of THB 105.81 million, compared with a net loss of THB 469.12 million in the same period last year. The Company also generated net cash flows from operating activities of THB 3,690.01 million, despite the continued impact on revenue from the expiry of the Adder and the adjustment of the biodiesel business model.

In terms of financial position, the Group’s total liabilities decreased from THB 69,709.87 million as at 30 June 2024 to THB 54,827.11 million as at 30 June 2026. This represented a reduction of THB 14,882.76 million, or 21.4%, over the two-year period.

During the first half of 2026, the Company recorded net cash used in financing activities of THB 2,991.22 million. This included repayments of borrowings and interest, as well as principal payments on lease liabilities, alongside the management of funding sources in accordance with the Company’s liquidity plan.

The electric bus and commercial vehicle business continued to demonstrate positive development. Revenue for the first half of 2026 reached THB 699.25 million, an increase of 129.2% from the same period last year, with a total of 116 vehicles sold compared with 36 vehicles in the previous year. For Q2/2026, the business generated revenue of THB 270.25 million, an increase of 46.0% year on year.

Mr Vasu Klomkliang, Chief Financial Officer of Energy Absolute Public Company Limited, said:

“The first-half results reflect the continued revenue pressure faced by the Company following the expiry of the Adder and the adjustment of its business model. Nevertheless, the return to profitability in the first half, together with positive operating cash flow and a reduction in total liabilities of nearly THB 15 billion over two years, indicates that the management of costs, liquidity and debt obligations is progressing in an appropriate direction.

The Company will continue to prioritise financial discipline, the management of debt obligations in accordance with its plans, and the preservation of its cash-generating capability. We will also evaluate investments carefully, with a focus on projects that demonstrate clear potential to generate revenue and sustainable long-term returns.”

Looking ahead, EA will remain focused on managing its core renewable energy business while progressing the development of new wind power projects with a combined capacity of 180 megawatts, its waste management and waste-to-energy businesses, as well as the further development of its electric vehicle and energy storage system businesses. These initiatives will be pursued within a prudent framework for investment and liquidity management.