Ms. Siriwong Borvornboonrutai, President - Finance and Accounting of B.Grimm Power PCL, highlighted that B.Grimm Power maintained strong performance despite ongoing global geopolitical uncertainties in Q2 2026. Key operational catalysts included the implementation of new electricity tariff formula—which better reflects changes in natural gas costs—alongside effective cost-reduction measures and increasing contributions from renewable energy operations that have commenced commercial operations (COD).
Total electricity sales volume grew 2.7% y-on-y to 4,003 gigawatt-hours (GWh). Growth was supported by a 1.9% increase in supply to the Electricity Generating Authority of Thailand (EGAT), a 3.8% increase in sales to industrial users (IUs) in Thailand, and higher generation from renewable energy projects, such as solar power plants in Vietnam and the Philippines.
Q2 2026 Financial Highlights
•Total Revenue: Reached THB 15,123 million (+0.4% y-on-y), reflecting growth in electricity sales volume, offset by lower tariffs from EGAT and steam selling price following natural gas price drops and Ft rate reductions as well as lower service income related to development fees.
•EBITDA: Recorded at THB 3,509 million (-6.0% y-on-y), primarily impacted by lower service income related to development fees and unrealised foreign exchange (FX) losses in joint ventures recorded in share of profit from associates and joint ventures. The decline was partially offset by lower natural gas costs following the retroactive gas cost adjustment recognised in Q2 2025
•Normalised Net Profit (NNP) - owner of the parent: Stood at THB 478 million, representing a 0.6% y-on-y increase, supported by lower tax expenses following the recognition of deferred tax asset and increased realised FX gains.
•Net Profit – owner of the parent: surged significantly to THB 676 million, compared to THB 7 million in Q2 2025, driven by the aforementioned factors, together with unrealised FX gains.
Key Events in Q2 2026 and Recent Development
During the second quarter, B.Grimm Power executed several strategic investments to expand its regional clean energy footprint and digital infrastructure:
•Industrial User: Connected 0.7 MW of a new industrial gas customer in Q2 2026, bringing total new industrial additions to 18.7 MW for the first half of the year.
•Fuel Security: B.Grimm LNG Limited imported one LNG cargo in June 2026 totaling ~68,000 tons (3.5 million MMBTU) into the Pool Gas system to fuel our combined-cycle power plants.
•International Renewables: B.Grimm Power Korea Limited acquired ~85% of convertible bonds issued by Unison Co., Ltd. for KRW 32 billion, reinforcing the supply chain and supporting development of the 365 MW Nakwol Offshore Wind Power Project in which it holds a 49% stake.
•Domestic Clean Energy & Tech Expansion: B.Grimm Greenergy Company Limited acquired 100% of Future Green Tech Co., Ltd. to expand investment in solar projects. In June 2026, B.Grimm BeyondBridge Limited, a wholly owned subsidiary of B.Grimm Power, established a new subsidiary, B.Grimm INET Limited, in which B.Grimm BeyondBridge holds a 51% stake, to develop and commercialise digital infrastructure and technology solutions. In July 2026, B.Grimm Power Future Solution Limited, a wholly owned subsidiary of B.Grimm Power, acquired a 51% stake in Aruna X Holdings Co., Ltd. to further strengthen B.Grimm Power’s renewable energy portfolio.
Excellence in Governance&Sustainability
B.Grimm Power reinforced its achievements through a series of awards and recognitions in Q2 2026. In June 2026, B.Grimm Power was honored with 11 awards at the FinanceAsia Awards 2026, organised by FinanceAsia, a leading financial and investment publication in Asia. In addition, B.Grimm Power also captured 6 accolades at the 16th Asian Excellence Awards 2026 hosted by Corporate Governance Asia, a leading publication on economics and good corporate governance in Asia, reinforcing its commitment to good corporate governance, sustainable business practices, and long-term value creation.
Business Outlook&2026 Growth Targets
According to the Bank of Thailand, Thailand’s economy is expected to expand by 2.3% in 2026, supported by merchandise exports and private investment, government measures to mitigate the impact of the energy crisis, as well as an improving situation surrounding the conflict in the Middle East. In the second half of 2026, B.Grimm Power expects greater clarity on Thailand's new Power Development Plan (PDP) and the framework for Direct Power Purchase Agreements (Direct PPA). These developments are expected to support the long-term growth of the domestic power sector by creating new investment opportunities in both renewable and conventional power generation, as well as supporting growing electricity demand from emerging industries such as data centres, AI infrastructure, and other energy-intensive industries. B.Grimm Power is well positioned to participate in upcoming power procurement programs under the new PDP, including Community Solar, Independent Power Supply (IPS), and other renewable energy projects, while pursuing opportunities under the Direct PPA framework.
For full-year 2026, B.Grimm Power's targets include:
1. LNG Imports: Up to 6 LNG cargoes (~280,000 tons / 14.4 million MMBTU) via the Pool Gas system to fuel our SPP power plants. Natural gas prices for SPPs are expected to be THB 330–350 per MMBTU, compared with THB 323 per MMBTU in 2025.
2. New IU synchronisation: 50–60 MW
3. B.Grimm Power’s projects expected to achieve COD :
Zhongce Rubber Solar Rooftop in Amata City Rayong: 35 MW
Nakwol 1 Offshore Wind Farm: 365 MW
Huong Hoa 1 Onshore Wind Farm: 48 MW
Other Projects: Up to 30 MW
Interim Dividend Schedule
The Board of Directors approved an interim dividend of THB 0.18 per share for 6M 2026 performance.
•Ex-Dividend (XD) Date: 26 August 2026
•Dividend Payment Date: 11 September 2026
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