RATCH Group Public Company Limited (SET: RATCH) has revealed its financial results for the first quarter of 2026, showcasing a massive jump in total revenue despite a more modest rise in the bottom line.
RATCH reported total revenues of THB 12,321 million, a 76.3% leap from the THB 6,987 million recorded in 1Q25. When excluding pass-through energy payments, underlying revenue grew by 8.2% year-on-year, primarily driven by the consolidation of the Hin Kong Combined-Cycle Power Plants (HKP) as a subsidiary starting in late 2025.
The company’s profitability metrics followed this upward trend, with EBITDA reaching THB 3,752 million, representing a 17.5% increase compared to the same period last year. This growth was further supported by strong operational performance in international segments, including higher electricity generation from wind power plants in Australia due to increased average wind speeds and improved profit sharing from hydroelectric ventures like PNPC and NN2.
However, the net profit saw a marginal increase of only 0.7% YoY, totaling THB 1,228 million. This narrower growth margin was influenced by several factors, including a reported foreign exchange loss of THB 193 million, compared to a THB 122 million loss in 1Q25.
Additionally, RATCH faced pressure from the expiration of the Power Purchase Agreement (PPA) for the Ratchaburi Electricity Generating (RG) thermal power plant units 1 and 2 in October 2025, which led to a lower revenue contribution from that facility.
On the expense side, total cost of sales soared to THB 7,675 million, up from THB 3,029 million in 1Q25. This sharp increase is largely attributable to the change in status of HKP from a joint venture to a subsidiary, which necessitated the full consolidation of its costs into RATCH’s financial statements. Despite these rising costs and the impact of lower dispatch instructions from EGAT for certain units, the group maintained high availability levels through effective maintenance.
Looking ahead, RATCH continues to focus on asset management and internal restructuring to enhance management efficiency.
