Energy Absolute Public Company Limited (SET: EA) reported that while its top-line revenue faced pressure from expiring state incentives, the company’s bottom line showed remarkable resilience, significantly bolstered by a burgeoning electric vehicle (EV) segment.
For the first quarter of 2026, EA reported total revenue of THB 3,328.75 million, representing a 5.1% year-on-year decline from THB 3,507.67 million in 1Q25. This dip was primarily driven by a THB 423.41 million drop in the renewable energy segment.
A critical factor in this contraction was the expiry of the Adder feed-in tariff premium for the Lampang solar project, which alone reduced revenue by THB 203.29 million. Additionally, the biodiesel segment transitioned to a tolling business model, recognizing only service fees rather than gross revenue, which further reduced reported sales by THB 92.79 million.
The highlight of the quarter was the explosive growth in the EV segment. Revenue from electric buses and commercial vehicles surged by more than 100% YoY to THB 429 million, up from THB 114.79 million in the prior year. This was fueled by the delivery of 64 vehicles, including 52 large electric buses, compared to only 2 units delivered in Q1 2025.
Despite the lower overall revenue, net profit rose 43.4% YoY to THB 361.82 million. Profitability was supported by a 5.5% reduction in the cost of sales and services, which fell to THB 1,924.71 million. Consequently, the gross profit margin improved to 40.8%, up from 40.6% in Q1 2025, as the higher-margin EV business provided a significant offset to energy segment compression. EBITDA also strengthened, rising 11.8% YoY to THB 1,739.8 million.
Looking ahead, EA’s financial position appears stable, with its debt-to-equity ratio improving to 1.59 times. The company is successfully pivoting its portfolio from subsidy-dependent energy toward a sustainable, integrated green transportation and innovation-led model.
