Electricity Generating Public Company Limited or EGCO Group, reported operating results for both the third quarter and the nine-month period of 2025, supported by strong cash flow and steady financial growth. The performance was mainly driven by the outstanding operation of its hydropower plants in Lao PDR, an infrastructure solutions company “CDI Group” in Indonesia, and successful investments in the United States – collectively demonstrating EGCO Group’s effective asset management. Looking ahead, the company will continue expanding its portfolio of natural gas-fired and renewable power plants both domestically and internationally, reinforcing long-term growth and enhancing energy security throughout the energy transition.
Mr. Tawatchai Sumranwanich, President of EGCO Group, said, “The operating performance in the third quarter and the nine months of this year clearly underscores EGCO Group’s efficiency in managing our assets and investment portfolio, as well as our ability to strengthen our financial position amid numerous challenges in both domestic and international power and energy markets. During this period, EGCO Group has continued to make significant strategic moves, including the completion of a 49% acquisition of the 125 MW Wheatsborough Solar power plant in Ohio, the United States which is the second of two clean energy projects in the Pinnacle II Portfolio acquired by EGCO Group. In addition, EGCO Group has increased its stake in Linden Cogeneration, a 980 MW natural gas-fired cogeneration facility, to 38%. This reinforces EGCO Group’s strategic presence in the U.S. power market.”
In Q3/2025, EGCO Group recognized a total revenue of THB 6,928 million, an operating profit of THB 844 million, and a net loss of THB 656 million. Key contributors of the operating profit were the strong performance of the two hydropower plants in Lao PDR – Nam Theun 2 and Xayaburi -supported by high water levels during the rainy season. Additional positive contributions came from international power plants, including Linden Cogen and Compass Portfolio in the United States, Paju ES in South Korea, San Buenaventura in the Philippines, as well as the infrastructure solutions company “CDI Group” in Indonesia. However, several factors significantly affected Q3/2025 results. These include the scheduled outage maintenance of the Quezon power plant in the Philippines in preparation for its commercial operation date (COD) on 26 October 2025, under the new Power Supply Agreement (PSA). The third quarter’s performance was also impacted by the effects of fair value measurement of financial instruments and foreign exchange rate fluctuations, which are accounting-related items that are specific to the period and do not affect the long-term return generating potential.
For the nine-month period of 2025, EGCO Group posted a total revenue of THB 29,126 million, an operating profit of THB 4,348 million, and a net profit of THB 5,078 million. Key contributors to this 9M/2025 performance included the hydropower plants in Lao PDR, the San Buenaventura power plant in the Philippines, the Paju ES power plant in South Korea, and the U.S. power plants. The company also recognized gain from the divestment of its investments in the RISEC power plant in the United States and the Boco Rock Wind Farm in Australia. These divestments align with EGCO Group’s asset recycling strategy, under which assets are sold at an appropriate time and the proceeds reinvested in new projects to enhance value creation and support long-term growth.
Mr. Tawatchai added, “The outlook of the total operating performance in 2025 will be supported by revenue contributions from international projects in which the company has invested, including the Pinnacle II Portfolio with a combined capacity of 251 MW and the increased ownership interest in the Linden Cogen to 38%. The company also anticipates that its U.S. power assets will benefit from rising electricity demand driven by the expansion of data centers and AI-related industries, alongside generally positive electricity market conditions in the United States.”
In terms of new investments, EGCO Group continues to pursue strategic initiatives, including seeking investment opportunities within its core power business. The company is focusing on high-quality natural gas-fired and renewable energy projects that support its Net Zero emissions target. This includes investments through mergers and acquisitions (M&A) as well as greenfield developments in markets where the company already operates and has strong local partners – particularly in the United States, a major strategic hub where EGCO Group has steadily expanded its presence over the past five years.
For domestic investments, the company is awaiting the results of the second round of the RE Big Lot, in which EGCO Group has been shortlisted for 11 projects with a combined installed capacity of 448 MW. The company is also exploring the feasibility of the direct PPA policy, which allows private-sector entities to purchase electricity directly from clean energy producers. This policy is expected to attract substantial investment from data center and AI businesses that require reliable and clean power.
Symbol: EGCO