Super Energy Corporation Public Company Limited (SET: SUPER) has delivered a striking financial performance for the first quarter of 2026, reporting a net profit surge of 264.12% year-over-year. While the company faced a contraction in top-line revenue, its strategic focus on portfolio optimization and debt reduction significantly bolstered the bottom line.
For 1Q26, SUPER recorded a net profit of THB 601.11 million, a substantial increase from the THB 165.08 million reported during the same period in 2025. This growth was primarily driven by non-recurring items, most notably a THB 493.19 million gain from the sale of its investment in HBRE Gia Lai Wind Joint Stock Company (GL). Furthermore, the company benefited from a net foreign exchange gain of THB 186.56 million, compared to a loss in the previous year.
In contrast, total revenue from sales and services fell 13.61% YoY to THB 1,987.00 million. Management attributed this decline to the deconsolidation of projects under DAISY Transaction I and GL following their disposal. Additional headwinds included the depreciation of the Vietnamese Dong against the Thai Baht and a reduction in fuel tariff (Ft) rates for certain projects. Specifically, solar revenue in Thailand dropped by 18.68% as divested projects were excluded from the consolidated statements.
On the expense side, finance costs decreased by 17.07% to THB 647.75 million, thanks to aggressive debt repayments and lower market interest rates. However, selling and administrative expenses spiked 127.66% to THB 524.61 million. This increase was largely due to one-time legal costs of approximately THB 252.93 million baht relating to the Loc Ninh 3 project and advisory fees for the GL divestment.
Despite these fluctuations, SUPER maintained a high-quality cash flow, reporting an EBITDA Margin of 92% from its core operations (excluding FX and special gains). Moving forward, the company intends to continue seeking strategic partners and managing its debt structure to support long-term sustainable growth.
