Energy Absolute Public Company Limited (SET: EA) has released its full-year 2025 financial results, revealing a challenging period marked by a sharp revenue decline and a reported net loss. For the year ended December 31, 2025, the Group reported total revenue of THB 13,632.40 million, a 26.4% drop compared to THB 18,522.41 million in 2024.
The company posted a net loss attributable to owners of THB 4,856.80 million, compared to the THB 4,630.01 million recorded in the previous year. Management noted that the performance was heavily impacted by THB 7,208.04 million in significant non-cash accounting adjustments. When excluding these non-cash items, EA’s core net profit stood at THB 1,551.30 million, representing a 30.4% decline year-on-year.
Several factors pressured the top line across key segments. Revenue from renewable power plants fell 13% to THB 9,247.16 million, primarily due to the expiration of the “Adder” incentive for the Lampang solar project, which resulted in a cumulative annual revenue reduction of THB 1,207.86 million.
The Electric Vehicle (EV) segment also saw revenue plummet 57.4% as customers postponed delivery schedules. Furthermore, the biodiesel business experienced a 51.1% revenue decrease following a shift to a tolling service model and government adjustments to fuel mandates.
On the expense side, profit was severely hindered by a THB 2,270.94 million allowance for expected credit losses (ECL) related to trade receivables from the Thai Smile Bus Group. Additionally, the Group recognized a THB 1,584.60 million impairment on property, plant, and equipment, alongside a one-time THB 955.80 million loss from restructuring its debentures.
Despite these headwinds, EA is taking proactive steps to stabilize its financial position, including a successful THB 7,422 million capital increase and the restructuring of 12 bond series to extend their maturity profiles. Management remains focused on long-term growth through new waste-to-energy projects and integrated green transportation solutions.
