Banpu (BANPU) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was $1,237 million, down 5% year-over-year, mainly due to lower coal prices despite higher sales volumes and improved cost management.

• Net loss attributable to owners was $29 million, primarily due to unrealized FX losses from THB appreciation against USD, despite strong operational discipline.

• EBITDA for the quarter was $303 million, up 13% QoQ, with coal, gas, and energy generation businesses contributing positively, while energy technology posted a small loss.

• Significant investments were made in U.S. gas assets, Australian BESS, and Indonesian nickel mining to diversify and strengthen the energy portfolio.

Financial highlights

• Gross profit was $253 million, down 23% year-over-year, with gross margin at 20%.

• Coal business sales fell 23% to $658 million, with average selling price down 24% to $76.78/ton, but cost per ton also decreased 21%.

• Natural gas business sales rose 21% to $215 million, with average local price up 49% to $2.82/Mcf.

• Net loss on exchange rate was $75 million, mainly from unrealized FX translation losses.

• Basic loss per share was $(0.003) for Q2 2025.

Outlook and guidance

• Signs of coal price recovery in the Newcastle index and continued cost management are expected to support performance in the second half of 2025.

• U.S. natural gas prices are forecasted to remain bullish, supported by LNG export growth and rising demand from data centers.

• Multiple BESS projects under development, with operations expected to ramp up by 2028.