EA Returns to Net Profit in Q1/2026 as EV Business Grows 62.6% QoQ

Energy Absolute Public Company Limited, or EA, reported its operating results for the first quarter of 2026, with net profit attributable to owners of the parent returning to positive territory at THB 361.82 million, compared with a net loss attributable to owners of the parent of THB 4,651.24 million in the previous quarter. EBITDA excluding significant non-cash items stood at THB 1,895.98 million, an increase of 38.0% QoQ, while net cash flows from operating activities remained strong at THB 2,037.25 million. These results reflect a recovery in operating performance, effective cost management, and resilient financial liquidity, supported by the commercial electric vehicle business, which grew 62.6% QoQ.

In Q1/2026, EA recorded total revenue of THB 3,328.75 million, up 6.3% from the previous quarter, despite a 5.1% decline from the same period last year. The YoY decline was mainly due to the expiration of the Adder tariff for the Lampang solar power project and the transition of the biodiesel business model to a tolling arrangement, under which revenue recognition shifted from full product sales to service fees. Nevertheless, this business model adjustment helps reduce exposure to raw material price volatility and provides a clearer reflection of the company’s profit structure.

In terms of profitability, EA recorded gross profit of THB 1,326.77 million, representing a gross profit margin of 40.8%, recovering from a negative margin in the previous quarter. Net profit stood at THB 134.04 million, while net profit attributable to owners of the parent was THB 361.82 million, marking a significant turnaround to positive territory. Excluding significant non-cash items, net profit attributable to owners of the parent was THB 500.55 million, representing growth of more than 100% from the previous quarter.

The commercial electric vehicle business remained one of the key growth drivers, generating revenue of THB 429.00 million, up 62.6% QoQ and more than 100% YoY, driven by the delivery of 64 vehicles during the quarter. Meanwhile, the renewable energy business continued to serve as the company’s core revenue and cash flow base, with revenue of THB 2,277.77 million, an increase of 3.0% from the previous quarter.

At the same time, EA continued to expand opportunities in businesses with the potential to generate long-term recurring income. These include two new wind power projects with a combined capacity of 180 MW, the Koh Larn waste management project, which has already commenced commercial operations, and the 8-MW Phuket waste-to-energy project, which is currently under construction and expected to achieve commercial operation by the end of 2026. EA also continued to build on the Bangkok E-Bus Programme through the delivery of 49,717 ITMOs during the quarter.

In addition, EA received a positive confidence signal from TRIS Rating, which revised the company’s credit rating outlook to “Stable” from “Negative”, while affirming its company rating and senior unsecured debenture rating at “BB+”. The outlook revision reflects TRIS Rating’s view on EA’s improved liquidity position and debt management capability, following the company’s continuous financial measures, including the extension of bond maturities, long-term loan refinancing, and a more appropriate debt structure. These measures have helped ease short-term liquidity pressure and enhance the company’s financial flexibility.

Overall, these developments suggest that 2026 could be an important year in which EA begins to gradually demonstrate signs of recovery in both operating performance and stakeholder confidence. This is supported by the return to net profitability, strong operating cash flow, a more efficient business structure, and a more positive credit outlook. Nevertheless, EA will continue to operate with caution, maintain financial discipline, and focus on building stable long-term cash flows.

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

“EA’s Q1/2026 performance represents an encouraging step on the company’s recovery path. Net profit attributable to owners of the parent returned to positive territory, while normalized EBITDA and operating cash flow remained strong. This reflects the ability of our core business to continue generating revenue and cash flow.

However, we do not view this quarter’s performance as the final destination. Rather, it is a sign that the direction we have been pursuing is beginning to deliver more tangible results, including business restructuring, cost control, liquidity preservation, and capital allocation toward businesses with the potential to generate recurring income and long-term cash flow.

EA will continue to prioritize financial discipline, risk management, and business expansion aligned with the clean energy transition. Our goal is to build a more balanced and sustainable revenue structure, while continuing to create long-term value for shareholders, investors, creditors, customers, business partners, and all stakeholders.”