Dr. Harald Link, Chairman of B.Grimm Power Public Company Limited (SET: BGRIM), announced that the 2025 financial performance reported a Normalized Net Profit (NNP) attributable to the parent company of 2,143 million baht, representing a 3.8% decrease compared to the previous year. EBITDA stood at 14,686 million baht, down 2% year-on-year. This was primarily due to declining tariffs from Electricity Generating Authority of Thailand (EGAT), industrial users (IUs) in Thailand, and steam selling prices, which moved in tandem with declining natural gas prices.
Additionally, the performance was impacted by retroactive gas cost adjustments (AF gas) during September to December 2023, coupled with increased selling and administrative expenses (SG&A) and higher tax expenses.
However, these impacts were partially offset by a 0.7% year-on-year increase in total electricity sales volume, reaching 15,284 GWh. This growth was fueled by higher electricity generation from renewable projects, including solar power plants in Thailand and hydropower plants in the United States of America and Lao PDR. Furthermore, higher service income from development fee, the full-year consolidation of the Malacha project, and an improved share of profit from associates and joint ventures contributed to mitigating the decline.
The consolidated net profit attributable to the parent company increased to 1,675 million baht, up from 1,557 million baht, primarily due to a non-cash transaction of lower unrealised FX loss from the net position of outstanding USD debts and foreign currency transactions.
Demand from the industrial sector continued its steady expansion. In 2025, B.Grimm Power successfully synchronized 43.9 MW of new industrial users (IUs) in Thailand, achieving its target range of 40–50 MW. In Q4’2025, 10 MW of new capacity from new industrial users in the data centre sector was synchronised.
Throughout 2025, B.Grimm Power remained committed to expanding its renewable energy investments by over 166 MW (Committed) across key markets. Major projects included a 14 MW ground-mounted solar power plant in Japan, a 65 MW ground-mounted solar power plant in the Republic of the Philippines, and a combined 36 MW of solar and wind energy projects under long-term power purchase agreements in Thailand. Furthermore, the company invested in a total of 50.5 MW of ground-mounted and rooftop solar power plants across Thailand, Vietnam, Japan, and the Republic of Korea, reinforcing its robust long-term growth strategy.
In Q4’2025, B.Grimm Power achieved significant milestones, including the restructuring of shareholdings by its subsidiary, B.Grimm Power Korea Limited (BGP (Korea)) (a subsidiary) divested its entire 29% stake in Myungwoon Industry Development Co., Ltd. and increased its shareholding to 49% in Nakwol Blueheart Co., Ltd. (Nakwol 1), a 364.8 MW offshore wind power project. Moreover, Amatera Renewable Energy Corporation (ARECO) (subsidiary) commenced commercial operations (COD) of its 65 MW solar power plant on 5 December 2025, to supply electricity through the Wholesale Electricity Spot Market. This project also secured a 20-year power purchase agreement under the Green Energy Auction – 4 program in January 2026.
Following these strategic milestones, B.Grimm Power commenced 2026 with a significant investment through its subsidiary, BGP Holding (US) LLC (BGP US), in New England Reliable Hydropower Holdings LLC (NERH). NERH is an associate company that owns and develops 26 hydropower projects in the United States of America with a total installed capacity of 406 MW, alongside an 8 MW Battery Energy Storage System (BESS).
Additionally, CMT Energy Co., Ltd. (CMT) (a joint venture) successfully achieved COD for its 10 MW CMT1 solar power plant on 28 January 2026, supplying electricity to EGAT. Operating under a 25-year power purchase agreement, the CMT1 project was selected under the Feed-in Tariff (FiT) scheme for 2022–2030. This plant is part of a broader 339 MW renewable energy portfolio scheduled to gradually achieve COD by 2030, aligning with the company’s “GreenLeap – Global and Green” strategy.
B.Grimm Power is also undertaking a significant strategic move to drive robust long-term growth by transitioning from a traditional power producer to a “Digital Infrastructure as a Service” provider. This is highlighted by the establishment of the joint venture “Digital Edge B.Grimm (Thailand) Co., Ltd.” to develop new data centres in Chonburi province featuring a total IT load capacity of 96 MW. In October 2025, the company signed a Memorandum of Understanding (MOU) with the Provincial Electricity Authority (PEA) and PEA ENCOM International to supply and co-develop reliable and efficient power systems for data centres, as well as to explore the feasibility of establishing a joint venture for related projects.
Driven by these achievements, B.Grimm Power continued to earn international recognition for its ESG performance. In 2025, the company was ranked in the top 10% of the Electric Utilities industry in S&P Global’s Sustainability Yearbook 2026. Additionally, B.Grimm Power received a “BBB” MSCI ESG Rating from MSCI ESG Research, maintained its inclusion in the FTSE Russell index for the 6th consecutive year, and was awarded Best SDG Bond and Best Blue Bond in Asia 2025 by Alpha Southeast Asia, reflecting its steadfast commitment to global sustainability practices.
Looking ahead to 2026, the Bank of Thailand projects economic growth of 1.5%, representing a slower pace compared to 2025, primarily due to softening private consumption tied to income levels and export challenges stemming from US tariff measures, while the tourism sector gradually recovers. For 2026, B.Grimm Power anticipates natural gas prices for SPPs to range between 270-290 baht per million BTU, which is lower than the 2025 average of 323 baht per million BTU. B.Grimm Power plans to import up to 9 LNG shipments to integrate into the pool gas system and aims to synchronize 50-60 MW of new industrial users (IUs).
Several ongoing projects are expected to achieve COD, including the INSEE B.Grimm Solar Power Project (80 MW), Zhongce Rubber Solar Rooftop Project in Amata City Rayong (35 MW), Nakwol 1 Offshore Wind Power Project (365 MW), Huong Hoa 1 Onshore Wind Power Project (48 MW), alongside other projects totaling up to 30 MW.
In addition, B.Grimm Power announced a dividend payment of 0.412 baht per share for the 2025 performance. This comprises an interim dividend of 0.18 baht per share for the first half of 2025, which was paid on 10 September 2025, and a final dividend of 0.232 baht per share, scheduled for payment on 7 May 2026. This payout aligns with the company’s policy to distribute no less than 50% of its normalized net profit.
