EGCO's Q1/69 profit surged 349% to 875 million baht, boosted by power plants in the US and South Korea.

EGCO's Q1/69 profit surged 349% to 875 million baht, driven by revenue from power plants in the US and South Korea. The company is pursuing strategic investments through asset recycling and M&A of natural gas and renewable energy power plants, with a focus on the US.

Date 18 May 2569 Electricity Generating Public Company Limited (EGCO) reported a net profit of 875 million baht in the first quarter of 2026, a 349% increase from the previous quarter (QoQ). The main supporting factors stem from the outstanding performance of power plants in the United States and South Korea, which aligns with the high electricity demand in both countries due to the growth of the technology and data center industries.

The company continues to invest strategically through asset recycling and mergers and acquisitions in the power generation business, including high-quality natural gas power plants and renewable energy power plants both domestically and internationally, in order to generate revenue quickly.

Mr. Thawatchai Samranvanich, President and CEO of EGCO. The company stated that its first-quarter 2569 results reflect its strong resilience in adapting to changing circumstances and its ability to manage assets efficiently amidst a volatile environment driven by global economic factors, geopolitics, and energy costs.

The company was able to drive a remarkable turnaround in its performance, achieving growth from the previous quarter. This was supported by several large-scale power plants abroad, as well as disciplined cost and portfolio management, under the "POWER4" strategy and the "ONE EGCO ONE GOAL" concept, aimed at creating stable, balanced, and sustainable growth.

For operating results in the 1nd quarter of 2569 EGCO recognized total revenue of 9,509 million baht, an 8% increase compared to the previous quarter. Operating profit reached 970 million baht, a 966% increase, and net profit was 875 million baht, a 349% increase from the previous quarter. The main factors contributing to the increased operating and net profit were...

• Expansion Driven by Data Center & AI Demand (USA): Linden Cogen and the Compass power plant in the US experienced remarkable revenue and sales growth driven by the exponential growth of the data center and technology industries.
• Semiconductor Industry Growth (South Korea): Paju ES power plant continues to see increased electricity sales to support key manufacturing sectors.
• Efficient Cost Management (Thailand): BLCP power plant achieved significant performance improvements due to lower fuel costs.

Furthermore, in terms of financial position, EGCO has been able to maintain strong growth and generate robust cash flow. As of March 31, 2569, total assets amounted to 225,678 million baht, an increase of 2% from the end of 2568, and shareholders' equity totaled 102,456 million baht, also an increase of 2%. Cash and cash equivalents remained at 28,943 million baht, providing financial flexibility and support for future investment opportunities.

Mr. Thawatchai further stated that EGCO's business objectives will continue to focus on proactive portfolio management, seeking investment opportunities in electricity and related energy businesses to create continuous and stable long-term growth. For domestic investment, the key highlight projects and proactive plans for 2569 are as follows:

• The domestic clean energy push under the RE Big Lot project, Phase 2, is progressing significantly with the signing of long-term power purchase agreements (PPAs) for 11 projects, totaling 448 megawatts. Three projects have already been signed, with all expected to be completed in the second quarter of this year.
• Developing future industrial areas: EGCO Rayong Industrial Estate (ERIE) is currently in negotiations with a major data center client and studying the feasibility of developing a power plant to directly meet the demand for green electricity.

For foreign investment. The company continues to invest strategically through asset recycling, or efficient strategic asset rotation, which strengthens financial flexibility and supports further investment in high-potential projects that yield better long-term returns, as well as mergers and acquisitions (M&A) in both high-quality natural gas power plants and renewable energy power plants, particularly in the United States, where the demand for electricity is continuously expanding due to the needs of the data center business.

Furthermore, the company continues to focus on its global clean energy portfolio, with ongoing revenue recognition from APEX in the United States, which features four renewable energy projects under construction, including wind power and battery storage systems, with a total installed capacity of 698 megawatts. These projects are expected to gradually commence commercial operation between 2026 and 2027, providing another driving force for the future growth of the clean energy portfolio.

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