- Q1’2026 solid performance supported by Service Income and Contribution from new project COD.
Dr. Harald Link, Chairman of B.Grimm Power Public Company Limited (SET: BGRIM,) revealed that Q1’2026 operating performance continuously grew, with total electricity sales volume increasing by 2.0% y-on-y to 3,763 GWh, driven by higher generation from renewable projects e.g. solar power plants in Thailand and the Philippines, and hydropower plants in Laos PDR. However, total revenue decreased by 7.1% y-on-y to THB 12,726 million, primarily due to lower tariffs from EGAT and lower steam selling prices following the decrease in natural gas prices, alongside reduced output from the 30 MW Malacha hydropower project in the United States. These factors were partially mitigated by higher service income related to project development and continuous revenue recognition from the 65 MW ARECO solar power project in Negros, Philippines, which commenced COD since December 2025.
EBITDA increased by 1.9% y-on-y to THB 3,795 million, driven by lower natural gas costs and higher service income related to project development, which helped offset increased SG&A expenses and a lower share of profit from associates and JVs. Normalised Net Profit (NNP) – owner of the parent was THB 507 million, a decrease of 32.3% y-on-y reflecting the above-mentioned factors, lower realised FX gain, and higher tax expenses. However, Net Profit – owner of the parent increased by 10.2% y-on-y to THB 721 million, primarily due to non-cash transactions and unrealised FX gain.
Key Events in Q1’2026 and Recent Developments
In Q1’2026, B.Grimm Power successfully synchronised 18 MW of new IUs, mainly from the metal industry. In January, BGP Holding (US) LLC (a subsidiary of B.Grimm Power) acquired 25% of the membership interests in New England Reliable Hydropower Holdings LLC, which owns and develops 26 hydropower plants in the United States of America with a total installed capacity of 406 MW and 8 MW of BESS. Additionally, CMT Energy Co., Ltd. (a joint venture) commenced COD of the 10 MW CMT1 solar power plant, supplying electricity to EGAT. This is under a 25-year PPA.
In February, B.Grimm Power Tiara Sdn. Bhd. entered into Sale and Purchase Agreements and Shareholders’ Agreements with KAB Energy Holdings Sdn. Bhd. to acquire 49% stakes in Jati Cakerawala Sdn. Bhd. and Eentier Sdn. Bhd. for the development of up to 1,500 MW combined-cycle power plant in Malaysia. In March 2026, B.Grimm LNG Limited, a wholly-owned subsidiary of B.Grimm Power, established a new subsidiary in Malaysia under the name B.Grimm LNG Sdn. Bhd. to engage in the sourcing and wholesale trading of Liquefied Natural Gas (LNG) and Natural Gas for supply to power producers and industrial operators.
In April, B.Grimm Power Korea Limited, a wholly-owned subsidiary of B.Grimm Power, entered into a transaction to acquire approximately 85% of convertible bonds issued by Unison (valued at KRW 32.0 billion) from Myungwoon Industry Development, a major shareholder of Unison. This is to support the renewable energy supply chain, enhance strategic flexibility through potential equity conversion in the future, and support the development of the 364.8 MW Nakwol offshore wind power project, in which the Company holds a 49% stake.
2026 Outlook
According to reports from the National Economic and Social Development Council and the Bank of Thailand, the Thai economy is projected to grow in the range of 1.5-2.5% in 2026. Private consumption and private investment are expected to expand by 2.1% and 1.9%, respectively. The value of merchandise exports in USD terms is forecast to grow by 2.0%. Headline inflation is expected to average 0.3-0.7%, and the current account is projected to record a surplus of 2.4% of GDP. In January, the Thai economy expanded, driven by non-gold exports (notably electronics and gems) and the recovery of the tourism sector. Domestic demand grew through private consumption and investment, particularly in the automotive industry, even though public spending slowed down.
For 2026 targets, up to 5 LNG shipments are planned for import into the Pool Gas system. The natural gas price for SPP is projected to range between THB 330-350/MMBTU, which is higher than the 2025 natural gas price of THB 323/MMBTU. In addition, the company targets new IUs synchronisation of 50-60 MW in total. B.Grimm Power’s projects expected to achieve COD include:
1) INSEE B.Grimm: solar power plant 80 MW
2) Zhongce Rubber: solar rooftop in Amata City Rayong Industrial Estate 35 MW
3) Nakwol 1: offshore wind farm 365 MW
4) Huong Hoa 1: onshore wind farm 48 MW
5) Other projects up to 30 MW.
For long-term goals, B.Grimm Power aims to become a leading global energy producer and achieve Net-Zero Carbon Emissions by 2050, while increasing its installed capacity to 10,000 MW by 2030.
