Dr. Harald Link, Group President of B.Grimm Power Public Company Limited (SET: BGRIM), announced that for the second quarter of 2025, the company recorded a Normalized Net Profit (NNP) attributable to the parent company of 475 million baht and 1,224 million baht for the first six months. EBITDA stood at 3,732 million baht, down 4.7% year-on-year for the quarter and 1.2% for the six-month period.
Consolidated net profit attributable to the parent company was 7 million baht, compared to 229 million baht in the same period last year, mainly impacted by the one-time retroactive payment of gas costs (AF gas cost) for September–December 2023, higher tax expenses, and unrealized foreign exchange (FX) losses from the revaluation of outstanding USD and other foreign currency debt at the quarter-end exchange rate (non-cash impact).
Despite these headwinds, Q2 2025 performance was supported by: 1) a 1.3% year-on-year increase in electricity sales volume to industrial users (IUs) in Thailand, 2) higher service income related to the development fee, 3) increased share of profit from associates and joint ventures, and 4) realized gains from FX.
During the quarter, B.Grimm Power synchronized new industrial users in Thailand totaling 13.8 MW, bringing the total to 20.7 MW for the first six months of 2025. B.Grimm LNG imported two LNG shipments in March and April, totaling approximately 130,000 tons (6.7 million MMBtu), into the pool gas system to fuel its combined-cycle power plants.
In May, B.Grimm Solar Power Inc., a wholly-owned subsidiary, acquired additional shares in Caronsi Solar Energy Corporation, which operates a 65 MW solar power project in the Philippines, reinforcing its clean energy expansion in ASEAN. In June 2025, Digital Edge B.Grimm (Thailand) Co., Ltd., wholly owned by Digital Edge B.Grimm (TH) Holdings Pte. Ltd., invested in a new data center platform in Chonburi Province with a total IT load capacity of 96 MW, with Phase 1 COD targeted in Q4 2026 for 48 MW.
B.Grimm Power continued to strengthen partnerships domestically and internationally. In April, the company participated in the IGNITE Thailand-Korea Business Forum in Seoul, where Dr. Harald Link shared B.Grimm’s vision of “Doing Business with Compassion,” which contributed to B.Grimm becoming the first foreign private company authorized to develop renewable energy projects in South Korea.
In June, the company signed a 20-year power purchase agreement (PPA) with PTT Global Chemical Public Company Limited (PTTGC) for an 8 MW solar rooftop project at PTTGC’s plant in Map Ta Phut. B.Grimm Power also signed a memorandum of understanding (MOU) with Druk Green Power Corporation to develop hydropower and solar power projects — its first energy investment in Bhutan — witnessed by Prime Minister Tshering Tobgay.
B.Grimm Power’s achievements were further recognized with five awards at the 15th Asian Excellence Awards 2025, organized by Corporate Governance Asia, a leading financial publication in Hong Kong and Asia, highlighting its commitment to good governance, sustainable business practices, and long-term value creation.
Looking ahead, Dr. Harald Link noted that the economic slowdown in the second half of 2025, driven by U.S. import tariffs and weaker domestic consumption, could reduce electricity consumption among industrial estate customers by 5–10% compared to 2024. However, new industrial user synchronization, particularly from data centers — which have stable, continuous electricity demand and resilience to economic fluctuations amid the rapid growth of the digital economy — is expected to help offset the impact. The ongoing U.S.–global trade tensions could also potentially lower natural gas prices.
B.Grimm Power forecasts natural gas prices for small power producers (SPPs) in 2025 at 310–330 baht per million BTU, in line with 2024’s average of 324 baht. The company plans to import up to five LNG shipments into the pool gas system and aims to connect 40–50 MW of new industrial users this year.
Ongoing projects under construction, scheduled for COD between late 2025 and 2026, include:
1) U-Tapao Solar Power Project (Phase 1) – 18 MW
2) INSEE B.Grimm Solar Power Project – 80 MW
3) Zhongce Rubber Solar Rooftop Project – 35 MW
4) 386 Solar Rooftop Project – 18.8 MW
5) Nakwol 1 Offshore Wind Power Project – 365 MW
6) ARECO Solar Power Plant – 65 MW
B.Grimm Power has also approved an interim dividend payment of 0.18 baht per share for the first half of 2025, with the XD date set for 26 August 2025 and payment scheduled for 10 September 2025.
