Banpu Reports Revenue of $1,800.1 Million in First Quarterly Results Since Merger
Key Facts
Banpu posted its third-quarter 2026 results filing under investor news on November 11, in the company’s first reporting period since its merger with Banpu Power. The results showed revenue of $1,800.1 million, compared with $1,358.4 million in the third quarter of 2025. EBITDA was about $399.9 million, up from $296.0 million a year earlier. The company said operating profit was $57.93 million during the quarter. It also recorded a foreign-exchange translation gain of $39.25 million, attributing it to the Thai baht’s decline against the dollar.
Banpu said net profit before additional items was $19.3 million. Negative non-recurring items of $20.1 million then affected the result, while derivative gains added $13.0 million. These figures show different components of the quarterly result, from profit before additional items to the effects of non-recurring items and derivatives. Alongside the foreign-exchange translation gain, the company reported these items in its results statement issued on November 11. The available information provided no further details on the nature of the non-recurring items.
By activity, revenue from Indonesian coal sales rose to $600.9 million in the third quarter, from $449.8 million in the same period a year earlier. Revenue from U.S. gas and related activities also increased to $528.4 million, compared with $218.2 million a year earlier. The comparison places the performance of the two activities within the revenue growth reported for the period, without the available information breaking out the effects of prices and volumes. The company’s figures show that revenue from U.S. gas and related activities more than doubled from the year-earlier period. The Indonesian coal comparison points to higher revenue between the two periods cited.
The establishment of the new Banpu was completed on July 31, 2026, through the merger of the former Banpu and Banpu Power, according to the company’s investor news. Ordinary shares of the new company began trading on the Stock Exchange of Thailand on August 4. Banpu said the third quarter was its first reporting period after the merger, placing the results within the group’s transition to its new structure. The year-on-year comparison in the results statement shows revenue and EBITDA against the third quarter of 2025, while the group underwent this change in its corporate scope during 2026. The available disclosure provided no further breakdown of the merger’s effect on the comparability of figures between the two periods.
The company announced an interim dividend of 0.40 baht per share, saying the distribution reflects its commitment to providing appropriate returns to shareholders while maintaining a strong financial position to support growth. Banpu is scheduled to hold its third-quarter results call, known as Opportunity Day, on November 18, 2026, between 14:15 and 15:00. The event follows the posting of the results filing on November 11 and provides an opportunity to present the results to investors. The company said the call would cover third-quarter results; the available information provided no further details about its agenda or future operating outlook.