B.Grimm Power announced strong Q2/2026 financial results with growing net profit, ongoing expansion of its renewable energy portfolio, and declared an interim dividend of 0.18 baht per share.
Ms. Siriwong Bowornboonruthai, Chief Financial and Accounting Officer of B.Grimm Power Public Company Limited (BGRIM), stated that despite ongoing geopolitical uncertainties, the company's Q2 2026 performance remained strong. This was supported by the adoption of the New Tariff Formula, which better reflects changes in natural gas costs, efficient cost-reduction measures, and the initial recognition of earnings from renewable power plants that have recently commenced commercial operations (COD).
Additionally, total electricity sales volume increased by 2.7% year-on-year to 4,003 gigawatt-hours. This growth was primarily due to a 1.9% rise in electricity sales to the Electricity Generating Authority of Thailand (EGAT) and a 3.8% increase in sales to industrial users in Thailand, along with higher output from renewable energy projects such as solar power plants in Vietnam and the Philippines.
Total revenue slightly increased by 0.4% from the previous year to 15,123 million baht, driven by higher total electricity sales despite lower electricity prices to EGAT and steam sales, reflecting the decline in natural gas prices. Sales prices to industrial users also declined following the reduction in the Ft rate, and revenue from project development services decreased. EBITDA fell by 6% year-on-year to 3,509 million baht due to lower income from project development services and unrealized foreign exchange losses recorded in equity income from joint ventures and associates. This decline was partially offset by reduced natural gas costs from retrospective adjustments recognized in Q2 2025.
B.Grimm Power reported a net operating profit (NNP) attributable to the parent company of 478 million baht, a 0.6% increase from the previous year, mainly due to reduced tax expenses from recognition of deferred tax assets and higher realized foreign exchange gains. The net profit attributable to the parent company significantly rose to 676 million baht compared to 7 million baht last year, driven by the aforementioned factors and unrealized foreign exchange gains.
Key events in Q2 contributing to growth included connecting a new industrial customer in Thailand with 0.7 megawatts capacity from the industrial gas sector, bringing total new connections in the first half of 2026 to 18.7 megawatts. In June 2026, B.Grimm LNG Company imported one LNG shipment of about 68,000 tons (3.5 trillion BTU) into the Pool Gas system to fuel B.Grimm Power's combined heat and power plants. For international business, B.Grimm Power Korea Limited (wholly owned) acquired approximately 85% of convertible bonds worth 32 billion won issued by Unison Co., Ltd., supporting development of the 365-megawatt Nakwol offshore wind project, in which B.Grimm holds a 49% stake.
In June 2026, B.Grimm Green Energy acquired all shares of Future Green Tech Company from Green Energy Holding (Thailand) to expand solar power investments. B.Grimm Beyond Bridge (wholly owned) established a new subsidiary, B.Grimm iNet Company (51% owned by B.Grimm Beyond Bridge), to develop and commercially operate digital infrastructure and technology solutions. In July 2026, B.Grimm Power Future Solutions (wholly owned) acquired a 51% stake in Aruna X Holdings to further strengthen B.Grimm Power's renewable energy portfolio.
B.Grimm Power reinforced its success in Q2 2026 by receiving 11 awards from the FinanceAsia Awards 2026 organized by FinanceAsia, a leading Asian financial investment media. Additionally, it received 6 awards from the 16th Asian Excellence Awards 2026 hosted by Corporate Governance Asia, a prominent economic and corporate governance media, underscoring its commitment to good governance, sustainable business practices, and long-term value creation.
According to the Bank of Thailand, the Thai economy is expected to grow 2.3% in 2026, driven by exports and private sector investment, government energy crisis mitigation measures, and improving conditions in the Middle East conflict.
In the second half of 2026, B.Grimm Power anticipates that the new Power Development Plan (PDP) and the framework for direct power purchase agreements (Direct PPA) between producers and consumers will become clearer. This will support long-term growth in Thailand's power industry by opening new investment opportunities in both renewable and conventional power projects.
The plan also addresses increasing electricity demand from emerging industries such as data centers, artificial intelligence infrastructure, and other high electricity-consuming sectors. B.Grimm Power is preparing to participate in upcoming electricity procurement projects under the new PDP, including Community Solar, Independent Power Supply (IPS), and other renewable initiatives, alongside expanding opportunities from Direct PPAs.
For 2026, B.Grimm Power plans to import up to six LNG shipments totaling approximately 280,000 tons (14.4 trillion BTU) to fuel its Small Power Producer (SPP) plants via the Pool Gas system. The natural gas price for SPPs is forecasted at 330-350 baht per million BTU, up from 323 baht per million BTU in 2025. The company also targets connecting 50-60 megawatts of new industrial users.
Additional projects expected to begin commercial operations (COD) include: 1. Zhongce Rubber rooftop solar power plant in Amata City Industrial Estate, Rayong Province, 35 megawatts; 2. Nakwol 1 offshore wind power project, 365 megawatts; and 3. Huong Hoa 1 onshore wind power project, 48 megawatts, plus other projects totaling up to 30 megawatts capacity.
B.Grimm Power approved an interim dividend payment of 0.18 baht per share for the first half of 2026, with the XD date set for 26 August 2026 and payment scheduled for 11 September 2026.