Banpu (BANPU) Q1 2026 earnings summary

Executive summary

• Net profit for 1Q2026 was $12 million, up $26 million or 186% year-over-year, driven by higher coal and gas prices, strong cost management, and foreign exchange gains.

• Operating profit reached $53 million, with a significant $136 million foreign exchange gain from THB depreciation.

• EBITDA totaled $269 million, with Next-gen mining, US Closed-Loop Gas, and Power+ pillars as main contributors.

Financial highlights

• Sales and service income rose 4% year-over-year to $1,340 million; gross profit increased 9% to $310 million.

• Administrative expenses increased 31% to $118 million due to US business expansion.

• Net cash from operating activities was $32 million; net cash used in investing was $326 million; net cash from financing was $578 million.

• Total assets grew 4% to $14,502 million; equity increased 5% to $5,158 million.

Outlook and guidance

• The group expects continued volatility in global energy markets, with coal prices supported by energy security concerns and natural gas prices stable.

• Strategic focus remains on portfolio diversification, cost control, and expansion in renewables, storage, and CCUS.

• Amalgamation with BPP to form NewCo is on track for completion in 3Q2026.