Banpu Public Company Limited (SET: BANPU) reported a total sales and service income of $5,278 million for the 2025, marking a modest 3% increase from the $5,148 million achieved in 2024. However, despite the top-line growth, the company’s net loss widened to $61 million, a 154% increase compared to the $24 million loss recorded the previous year.
The financial results reflect a significant divergence between core business pillars. The Next-gen mining sector, which accounts for 53% of total revenue, saw its sales slide 16% to $2,770 million. Although sales volumes rose by 8% to 35.3 million tonnes, this was offset by a 21% drop in average coal selling prices, falling from $100.25 to $79.23 per tonne as global markets normalized.
In contrast, the US Closed-Loop Gas segment served as a primary growth driver, with revenue jumping 26% to $913 million. This performance was bolstered by a 41% surge in realized local gas prices, fueled by higher Henry Hub indices and rising demand from AI-driven infrastructure and data centers. The segment also benefited from a 6% increase in sales volume following the successful acquisition of Bedrock Production, LLC.
Profitability was pressured by rising operational and non-operating costs. Cost of sales and services climbed 5% to $4,080 million, while administrative expenses rose 17% to $443 million, largely due to aggressive expansion in the U.S. market. A major headwind came from the $144 million net loss on exchange rates, primarily an unrealized loss triggered by the appreciation of the Thai Baht against the U.S. Dollar.
Looking forward, BANPU is pivoting toward its “Energy Symphonics” strategy. A pivotal milestone is the approved amalgamation between BANPU and BPP to establish “BANPU (NewCo)” by 3Q26, a move intended to enhance operational flexibility and long-term stakeholder value.
The company’s Board of Directors will propose a THB 0.18 dividend payment from retained earnings at the upcoming 2026 Annual General Meeting of Shareholders. The dividend payment date is scheduled for April 29, 2026, with the ex-dividend (XD) date on April 16, 2026.
