EGCO Group Reports Q1/2026 Net Profit Surge of 349% to THB 875 Million, Boosted by Earnings from US and South Korean Power Plants

Electricity Generating Public Company Limited or EGCO Group has announced its financial results for the first quarter of 2026, recording a net profit of THB 875 million, a remarkable 349% increase quarter-on-quarter (QoQ). The growth was primarily driven by the outstanding performance of its power plants in the United States and South Korea, aligning with high electricity demand in both countries fueled by the expansion of the technology and data center industries. The company continues to pursue strategic investments through asset recycling as well as mergers and acquisitions (M&A) in the power sector encompassing both high-efficiency gas-fired and renewable energy power plants domestically and internationally to accelerate revenue generation.

Mr. Tawatchai Sumranwanich, President of EGCO Group, said, “Our Q1/2026 financial performance reflects the company’s robust resilience in adapting to changing dynamics, as well as our efficiency in asset management amid a highly volatile environment shaped by global economic factors, geopolitics, and energy costs. The company successfully engineered a remarkable turnaround, driving growth compared to the previous quarter. This achievement was underpinned by solid contributions from several large-scale international power plants, coupled with disciplined cost management and portfolio optimization. These actions strictly align with our “POWER4” strategy and the “ONE EGCO ONE GOAL” concept, which aim to foster secure, balanced, and sustainable growth.”

Deep Dive into Q1/2026 Growth Drivers  

For the first quarter of 2026, EGCO Group recognized a total revenue of THB 9,509 million, an 8% increase QoQ. Operating profit stood at THB 970 million, surging by an impressive 966% QoQ, while net profit reached THB 875 million, up 349% QoQ. The core drivers behind the operating and net profit growth include: 

• Surging Demand from Data Centers & AI (USA) : The Linden Cogen gas-fired power plant and the Compass portfolio in the US achieved remarkable growth in revenue and electricity sales volumes, propelled by the exponential expansion of data centers and the tech industry. 
• Growth Anchored by the Semiconductor Industry (South Korea) : The Paju ES power plant maintained a steady increase in electricity sales to support critical manufacturing sector.
• Highly Efficient Cost Management (Thailand) : The BLCP power plant delivered a significantly improved performance, capitalized by lower fuel costs. 

Furthermore, regarding its financial position, EGCO Group has consistently maintained growth and generated strong cash flows. As of 31 March 2026, the company's total assets stood at THB 225,678 million, up 2% from the end of 2025. Total equity also rose by 2% to THB 102,456 million. Meanwhile, the company holds cash and cash equivalents totaling THB 28,943 million, ensuring high financial flexibility to capture future investment opportunities.

Mr. Tawatchai added that EGCO Group’s business objective remains focused on proactive portfolio management, actively seeking investment opportunities in the power and energy-related businesses to secure continuous and stable long-term growth. For domestic investments, key highlights and proactive plans for 2026 include: 

• Expanding Domestic Clean Energy via the RE Big Lot Phase 2 : Significant progress has been made toward signing long-term Power Purchase Agreements (PPAs) for 11 projects, totaling a capacity of 448 To date, 3 projects have officially signed PPAs, with the remaining agreements expected to be finalized within the second quarter of this year.
• Developing Industrial Zone of the Future : The EGCO Rayong Industrial Estate (ERIE) is currently in negotiations with major data center clients while studying development frameworks for power plants to directly serve green energy demands.

For international investments, the company is aggressively pursuing strategic deployments via Asset Recycling. This approach enhances financial agility and optimizes capital redeployment into high-potential projects yielding superior long-term returns. Additionally, the company is targeting M&A opportunities in both high-efficiency gas-fired power plants and renewable energy facilities, particularly in the US, where power demand continues to rise exponentially due to data center expansions. 

Concurrently, EGCO Group continues to prioritize its international clean energy portfolio. The company anticipates a steady stream of revenue from APEX in the US, which currently has 4 renewable energy projects under construction, spanning wind power and battery energy storage systems (BESS). These projects, with a combined installed capacity of 698 MW, are scheduled for commercial operation dates (COD) between 2026 and 2027, serving as another major growth engine for the company’s future green portfolio.

Furthermore, reinforcing its global sustainability credentials, EGCO Group was recently selected for inclusion in the global sustainability index, Dow Jones Best-in-Class Indices  (DJ BIC) 2026, within the electric utilities category of the Emerging Markets index, achieving the Top Score in its peer group. 

“We are confident that the unified power of ONE EGCO will drive us toward our ONE GOAL of success. This entails upgrading our portfolio’s potential and unlocking robust value creation, while firmly and sustainably transitioning together toward a low-carbon organization,” Mr. Tawatchai concluded.

About EGCO Group

As of 18 May 2026, EGCO Group has a total equity contract capacity of 6,945 MWe (comprising both operating assets and projects under construction), with renewable energy accounting for 1,647 MWe (representing 24% of the total capacity) across biomass, hydropower, solar, onshore and offshore wind, fuel cells, and battery energy storage systems. Beyond the power business, EGCO Group operates energy-related businesses covering fuel and utilities infrastructure, customer solutions, and startup businesses. Its power and energy-related investments span 7 countries: Thailand, Lao PDR, the Philippines, Indonesia, South Korea, Taiwan, and the United States. EGCO Group has been selected for the global Dow Jones Best-in-Class Indices (DJ BIC) 2026 in the Electric Utilities category for the Emerging Markets Index, achieving the highest score in its peer group. It has also been included in the Dow Jones Sustainability Index (DJSI) for five consecutive years. For more information, please visit www.egco.com and www.facebook.com/EGCOGroup.