Banpu Public Company Limited (SET: BANPU) reported net profit attributable to owners of the parent of $51 million for the third quarter of 2026, representing a 55% year-on-year surge from $33 million in 3Q25. The strong earnings performance was underpinned by top-line revenue growth across its core energy platforms, marking a robust operational milestone in BANPU’s first quarterly reporting period following its successful corporate amalgamation.
Total sales and service income expanded 33% YoY to $1,800 million (THB 59,836 million), up from $1,358 million in 3Q25. Top-line growth was spearheaded by the Next-Gen Mining segment, which jumped 38% to $964 million, supported by a 9% increase in coal sales volume to 9.92 million tonnes and a 26% rise in average selling price to $97.21 per tonne.
Concurrently, revenue from U.S. Closed-Loop Gas surged 142% to $528 million, driven by an 18% increase in gas volume to 90.27 Bcf alongside the consolidation of the Temple I & II power plants, which contributed $191 million.
Cost of sales and services rose 27% to $1,372 million due to higher oil prices and asset expansion, yet gross profit climbed 53% to $428 million. Operational expenses widened across key categories: selling expenses increased 14% to $73 million, administrative expenses rose 44% to $142 million due to amalgamation and U.S. expansion costs, and royalty fees grew 34% to $94 million. Finance costs saw a modest 9% uptick to $98 million.
Bottom-line results were further bolstered by $39 million in net foreign exchange gains (reversing a $13 million loss in 3Q25) as the Thai Baht depreciated against the U.S. Dollar.
Share of profit from joint ventures grew 17% to $55 million, driven by Chinese coal operations. These gains absorbed a $12 million net loss on financial instruments. Overall quarterly EBITDA reached $400 million, while BANPU also declared an interim dividend of THB 0.40 per share.
