Dr. Harald Link, Chairman of B.Grimm Power Public Company Limited (SET: BGRIM), announced that for the third quarter of 2025, the company recorded a Normalized Net Profit (NNP) attributable to the parent company of 414 million baht, a 48.8% year-on-year decrease, and EBITDA of 3,533 million baht, down 15.5%. For the nine-month period, NNP attributable to the parent company was 1,638 million baht, down 13.7%, while EBITDA totaled 10,990 million baht, a 6.3% decrease from the previous year. The decline was mainly due to unrealized foreign exchange (FX) losses recognized in the share of loss from associates and joint ventures, as well as lower service income related to the development fee.
Despite these impacts, B.Grimm Power’s core operations remained strong, supported by four key factors:
- Electricity sales volume to Industrial users (IUs) in Thailand increased by 1.6% year-on-year,
- Natural gas costs decreased 11.1% year-on-year,
- Lower SG&A and tax expenses, and
- Realized FX gains. As a result, consolidated net profit attributable to the parent company reached 521 million baht, up significantly from 163 million baht in the same quarter last year. This improvement was driven by the above-mentioned factors, and non-cash transaction of unrealised FX gain from the net position of outstanding USD liabilities and foreign currency transactions.
Key Developments in Q3 2025
In Thailand, the company synchronized 13.2 MW of new industrial users, mainly from the electronics sector, bringing the total for the first nine months of 2025 to 33.9 MW — tracking well toward the full-year target of 40–50 MW.
In July, B.Grimm Power established two new subsidiaries in Malaysia to operate electricity generation and distribution businesses.
In September, the U-Tapao Ground-Mounted Solar Power Project (Phase 1), with a total installed capacity of 18 MW, achieved commercial operation (COD). The project operates under a 25-year PPA with Sattahip Electricity Authority, The Royal Thai Navy Welfare Concession, with a contracted capacity of 15 MW.
Most recently in October, Smart Clean System One Co., Ltd., a subsidiary of B.Grimm Power, signed a 25-year PPA with the Electricity Generating Authority of Thailand (EGAT) for a 16 MW wind power project, scheduled for COD in 2030.
Strategic Partnerships Driving Growth
B.Grimm Power continues to expand strategic partnerships:
With Texplore of SCG Chemicals (SCGC), the company is studying new business models utilizing CHILLOX, an energy-efficient cooling solution for cold-storage and other industries, to enhance cost-effective electricity usage for businesses.
With GC Estate, B.Grimm Power signed a strategic cooperation agreement to develop a substation network and upgrade internal electricity distribution systems within GC Estate’s industrial area in Rayong. The improved system will support up to 60 MW of future industrial demand and is expected to COD by mid-2026.
Together with Renewable Energy Solution (RES) — a joint venture between EGCO Group and B.Grimm Power — the company launched the first solar panel testing equipment in Thailand and ASEAN capable of measuring the performance of solar panels longer than two meters, improving efficiency and safety for organisations and residential users.
Awards and Recognition
In September, B.Grimm Power was named “Best Companies to Work for in Asia 2025” for the fourth consecutive year by HR Asia, reflecting the company’s commitment to employee development and people management excellence.
The company also received seven awards at the HR Excellence Awards 2025 for the second consecutive year.
In November, B.Grimm Power received Outstanding CEO, Outstanding CFO, and Outstanding IR in the Utilities and Power sector at the IAA Awards for Listed Companies 2025, presented by the Investment Analysts Association.
Outlook for 2026
Dr. Harald Link noted that, according to the Bank of Thailand, the economy is expected to grow 1.6% in 2026, supported in part by increased manufacturing and exports to the United States, a gradual recovery in tourism, and moderate private consumption growth driven by government stimulus measures.
Natural gas prices for small power producers (SPPs) are forecast to remain in the range of 290–310 baht per million BTU, similar to 2025 levels. B.Grimm Power plans to import up to nine LNG shipments into the pool gas system and aims to synchronize 30–40 MW of new industrial users in 2026.
Planned CODs in 2026 total five projects:
- INSEE B.Grimm Solar Power Project – 80 MW
- Zhongce Rubber Solar Rooftop Project, Amata City Rayong – 35 MW
- Nakwol 1 Offshore Wind Power Project – 365 MW
- Huong Hoa 1 Onshore Wind Power Project – 48 MW
- Additional projects totaling up to 30 MW
B.Grimm Power remains firmly committed to becoming a leading global power producer under its long-term strategy, “GreenLeap – Global and Green,” targeting 10,000 MW of installed capacity by 2030 and achieving Net Zero Carbon Emissions by 2050.
