Mitihoon – Energy Absolute Public Company Limited (EA) reported a strong turnaround in its third-quarter 2025 performance, posting a net profit before extraordinary items of THB 736 million, representing a more than 100% increase both quarter-on-quarter (QoQ) and year-on-year (YoY).
This marks a significant recovery across all core business segments — renewable energy, biodiesel, and commercial electric vehicles — following effective financial restructuring and cost optimization initiatives.
In this quarter, EA recorded total revenue of THB 3,704 million, up 13% QoQ, and a net profit after extraordinary items of THB 263 million, reflecting a solid business rebound and positioning the Company to enter a full-fledged growth phase.
Q3 2025 Performance Highlights
- Renewable Power:
Revenue reached THB 2,339.6 million, up THB 344.1 million (+17.2% QoQ), driven by higher wind power generation in the seasonal cycle. - Biodiesel & Glycerin:
Revenue stood at THB 687.7 million, rising THB 76.3 million (+12.5% QoQ) from higher contract manufacturing volume of biodiesel (B100) and increased sales of refined glycerin. - Commercial Electric Vehicles (E-Bus & E-Truck):
Revenue totaled THB 537.5 million, increasing by THB 352.4 million (>100% QoQ) and THB 309.6 million (>100% YoY), reflecting higher vehicle deliveries. - Battery & Energy Storage:
Revenue was THB 89.5 million, up THB 55.9 million (>100% QoQ) from new orders, though still down 65% YoY due to a high base effect from last year.
EA also recognized non-cash accounting adjustments totaling THB 1,797.7 million, including:
- A fair value adjustment of pre-existing equity in NEX Point prior to consolidation.
- Provisions for expected credit losses from Thai Smile Bus
- Accounting recognition related to the bond restructuring under TFRS 9, which does not affect the Company’s cash flow.
Solid Financial Position and Foundation for Growth
EA maintained a strong financial position, with total assets of THB 97,552 million (+1.4% YoY) and net operating cash flow of THB 6,417 million (+14.4% YoY), resulting in a doubling of cash and equivalents to THB 913 million.
The Company achieved notable efficiency improvements, reducing capital expenditure by 21% YoY and financing activities by 23% YoY, leading to a decline in total liabilities to THB 56,860 million and a significantly lower D/E ratio, while shareholders’ equity increased to THB 40,693 million.
These results underscore EA’s financial resilience and readiness to drive sustainable growth ahead.
Growth Momentum Ahead
EA continues to advance strategic projects to strengthen its position as an Integrated Clean Energy & Mobility Leader, with several key initiatives underway:
- 2 Waste-to-Energy Power Plants in Phuket and Pathum Thani, and 3 Waste Management Projects in Phuket, Pathum Thani, and Pattaya — enhancing Thailand’s renewable energy and waste management infrastructure.
- Large-scale Battery Energy Storage Systems (BESS) to support grid stability and energy transition.
- 2 New Wind Power Projects with a combined capacity of approximately 180 MW, currently in final negotiation and pending Power Purchase Agreement (PPA) signing with government authorities.
In the commercial EV segment, EA continues to expand its E-Bus and E-Truck markets, alongside the development of lithium-ion battery technology, battery energy storage systems, and EA Anywhere charging stations, building a fully integrated EV ecosystem — from renewable power generation to energy storage, charging infrastructure, and real-world deployment.
Reinforcing Clean Energy and ESG Leadership
EA has been recognized with 2 major honors at the “T-VER Awards”:
- Outstanding Continuous Certification Project
- Certified Carbon Credit Project
becoming the first organization in the world to successfully transfer carbon credits internationally through the Bangkok E-Bus Project.
Additionally, EA was ranked among the Top 10% of global ESG performers by S&P Global (DJSI Yearbook 2025), reaffirming its commitment to sustainable growth, carbon neutrality, and its long-term Net Zero vision.
“This quarter’s results were in line with our expectations. EA has returned to consistent profitability and is now entering a new phase of stable, long-term growth,”
said Mr. Vasu Klomkliang, Chief Financial Officer (CFO) of Energy Absolute PCL.
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