Energy Absolute Public Company (EA) Q1 2026 earnings summary

Executive summary

• Achieved a financial turnaround with improved liquidity and a strengthened balance sheet following refinancing and capital increase initiatives.

• Core businesses in renewable energy, waste management, and EV ecosystem remain on track, with new projects and contracts secured.

• Enhanced credit profile with TRIS rating outlook revised to Stable and credit rating upgraded to BB+ (Stable) in April 2026, reflecting successful refinancing and investor confidence.

• Engages in manufacturing and distributing crude palm oil, biodiesel, glycerin, renewable power, batteries, electric vehicles, and charging stations.

• Interim financials for Q1 2026 prepared under Thai Accounting Standard 34 and authorized on 14 May 2026.

Financial highlights

• Total revenue for Q1 2026 was 18,522 million Baht, down 26% year-over-year but up 6% sequentially from Q4 2025.

• EBITDA (including significant non-cash items) for Q1 2026 was 1,556 million Baht, a turnaround from a loss in Q4 2025.

• Net profit attributed to owners (excluding significant non-cash items) was 693 million Baht in Q1 2026, up over 100% quarter-over-quarter but down 28% year-over-year.

• Net profit from continuing operations was 362 million Baht in Q1 2026 vs. 252 million Baht in Q1 2025.

• Cash flow from operations remained strong at 2,037 million Baht in Q1 2026, about 24% of full-year 2025 cash flow.

Outlook and guidance

• Positioned for long-term green recovery with a pipeline of renewable and waste-to-energy projects.

• Ongoing delivery of e-buses and ITMOS carbon credits under multi-year commitments.

• Focus on selective investment in high-IRR projects, OPEX optimization, and deferral of non-core CAPEX to strengthen liquidity.

• Management confident in sufficient working capital and ability to meet obligations for the next 12 months.

• Credit rating upgraded in April 2026 to BB+ (Stable), supporting ongoing operations.