Mr. Thanawat Trivisvavet, Managing Director of CKPower Public Company Limited (SET: CKP), one of the region’s largest producers of electricity from renewables with one of the lowest carbon footprints, announced that the Company’s 2025 operating performance showed exceptional growth, with Core Net Profit of Baht 2,323 million, representing an increase of Baht 1,036 million, or 81% year-over-year.
The growth was primarily driven by the recognition of its Share of Core Net Profit from Xayaburi Power Company Limited (XPCL) amounting to Baht 1,814 million, an increase of Baht 1,214 million or 202% year-over-year. This was supported by a 7% higher average water inflows at the Xayaburi Hydroelectric Power Plant in 2025, along with efficient plant operations, which led to a significant increase in electricity sales volume.
In addition, XPCL benefited from lower financial costs in line with the global interest rates downward trend. Meanwhile, Nam Ngum 2 Power Company Limited (NN2PC) delivered its record high performance since the commencement of commercial operations. NN2PC reported electricity sales revenue of Baht 4,365 million, an increase of Baht 291 million or 7% year-over-year. This was attributable to higher reservoir water level at the beginning of the year and increased water inflows into the reservoir in 2025, particularly in July, which recorded the highest water inflow since commercial operations began. As a result, CKPower’s overall operating performance continued to demonstrate solid growth.
Mr. Thanawat stated that reservoir water level at NN2PC at the beginning of 2026 remained higher than the previous year, with YoY higher water inflows in January. These factors should have a positive impact to the power generation during the first quarter of 2026, a period that typically experiences lower rainfall. Meanwhile, XPCL also recorded higher average water flows through the power plant in January 2026 compared to the previous year, benefiting electricity generation from January through February. As for the Luang Prabang Hydroelectric Power Project, construction progress reached 65% as of the end of December 2025 as planned.
CKPower also maintains a solid financial position. As of December 31, 2025, Total Assets increased by 6% from the end of 2024. The increase was mainly attributable to additional investments in Luang Prabang Power Company Limited (LPCL), the strong operating performance of XPCL, as well as proceeds from the issuance of the Company’s first Green Bonds and cash generated from operating activities.
The Company’s Liquidity Ratio stood at 2.26 times, an increase of 0.40 times, while the Net Interest-bearing Debt to Equity Ratio remained at a low level of 0.50 times. This reflects effective liquidity management and strong debt servicing capability. Looking ahead, any further reductions in US and Thailand policy interest rates are expected to lower financial costs and further support CKPower’s operating performance in 2026. The Company will continue to closely monitor interest rate movements and manage its long-term debt prudently on an ongoing basis.
Mr. Thanawat further stated that the past year remained challenging, given geopolitical uncertainties, global economic conditions, climate-related risks, and the rapidly evolving energy landscape. Nevertheless, the Company was able to adapt and manage these challenges effectively and received recognition from leading domestic and international institutions in accordance with sustainability standards, including the ASEAN CG Scorecard and recognition from The Asset, a leading financial magazine in Asia. These recognitions reflect the Company’s strong corporate governance practices at the regional level in Asia.
In addition, CKPower received a “AAA” ranking under the SET ESG Ratings, the highest level awarded by the Stock Exchange of Thailand, and was continuously selected as one of the ESG100 sustainable and investable companies by the Thaipat Institute. These recognitions reaffirm the Company’s strong commitment to conducting its business in line with sustainable development principles.
CKPower remains committed to driving growth through renewable energy development across the entire value chain, while strengthening Thailand’s energy security and enhancing organizational readiness in terms of human capital, technology, risk management, and ongoing innovation. These efforts support CKPower’s progress toward achieving net-zero greenhouse gas emissions by 2050.
