Energy Absolute Public Company (EA) Q4 2025 earnings summary

Executive summary

• Underwent a major financial reset with bond restructuring, capital increase, and new credit facilities to address liquidity and funding pressures.

• Core businesses in renewable energy, waste management, and EV ecosystem remain operationally strong, with new projects in the pipeline.

• Achieved global ESG recognition, including Dow Jones and MSCI AA ratings, and received T-VER awards for greenhouse gas reduction.

Financial highlights

• Total revenue for 2025 was 13,632.4 million Baht, down 26% year-over-year and 15% quarter-over-quarter.

• EBITDA (excluding significant non-cash items) declined 12% YoY and 39% QoQ to 7,061.8 million Baht in 2025.

• Net profit (excluding significant non-cash items) dropped 30% YoY and 77% QoQ to 1,551.3 million Baht in 2025.

• Cash flow from operations showed a 7% YoY turnaround, remaining strong post-restructuring.

• Significant non-cash items totaling 7,208 million Baht impacted 2025 results, including asset provisioning and valuation adjustments.

Outlook and guidance

• Focus on rebuilding earnings and stable cash flow through new renewable and waste-to-energy projects.

• Waste Management Koh Larn project to achieve COD in Feb 2026; wind projects in Mahasarakham and Khonkaen under new PPA with CODs in 2028 and 2029.

• Continued emphasis on selective investment, cost efficiency, and ESG alignment for long-term value.