RATCH Group Public Company Limited (SET: RATCH) reported a complex second quarter for 2026, characterized by a significant top-line expansion offset by the expiration of legacy contracts. The group posted total revenue of THB 13,694 million, a 51.4% increase over the same period last year.
However, net profit attributable to the company fell 32% year-over-year to THB 1,400 million, primarily due to the cessation of electricity generation at its Ratchaburi thermal units following PPA expirations.
The revenue spike was largely driven by the Hin Kong Combined-Cycle Power Plant (HKP), which contributed THB 6,499 million following its reclassification from a joint venture to a subsidiary. Conversely, the Ratchaburi (RG) Thermal Power Plant saw revenue plummet 73.1% YoY to THB 521 million after its PPA with EGAT expired in October 2025.
Earnings were further impacted by non-operational factors. The appreciation of the Thai Baht against the US Dollar diluted profit sharing from the Hongsa (HPC) thermal plants, while the group’s ‘Energy Transition Plan’ led to a deliberate divestment of a 5% interest in the Paiton (PE) coal-fired plant, reducing its ownership to 31.26%.
RATCH maintains a stable balance sheet with total assets of THB 245,655 million, up 3.2% from year-end 2025. While the debt-to-equity ratio rose slightly to 1.15x, the company successfully tapped the debt markets with a THB 3.5 billion Green Debenture offering to refinance renewable projects.
Looking ahead, management is focused on high-growth regions and renewable energy. The Nava Nakorn (NNEG) expansion commenced commercial operations in April 2026, and new hydroelectric and solar projects in Vietnam and the Philippines are slated for completion by the end of the year. Strategically, the firm remains vigilant regarding fluctuating fuel prices and evolving domestic electricity tariff policies.
