Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q1 2026 Earnings Presentation
26 slides from Thai Solar Energy Public's earnings presentation, Jun 4, 2026
Slide 1: Earnings Call (Opportunity Day) Q1 2026
EARNINGS CALL (OPPORTUNITY DAY) Q1 2026 4 June 2026
Slide 2: Agenda
AGENDA 01 COMPANY OVERVIEW 02 HIGHLIGHTS OF Q1 2026 03 BUSINESS OUTLOOK 04 ESG DEVELOPMENT 05 Q&A Copyright © 2026 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 3: 1. Company Overview
1. COMPANY OVERVIEW Summary of Company Information
Slide 4: Company Overview
COMPANY OVERVIEW Thai Solar Energy Public Company Limited (“TSE”) generates and distributes electricity from renewable energy sources, including solar, biomass, and waste-to-energy projects, serving both government and private sector customers. The Group has also expanded into healthcare, particular
Slide 5: TSE's Projects
TSE’S PROJECTS TOTAL 53 PROJECTS AND CAPACITY 310.86 MWPPA / 387.46 MWDC COD : 24 PROJECTS, TOTAL OF 73.80 MWPPA / 78.35 MWDC AWARDED NEW PPA : 28 PROJECTS, TOTAL OF 229.06 MWPPA / 299.14 MWDC IN PROCESS OF EXECUTING PPA : 1 PROJECTS, TOTAL OF 8 MWPPA / 9.9 MWDC SOLAR PV FARMS AWARDED NEW PPA IN PRO
Slide 6: 2. Highlights of Q1 2026
2. HIGHLIGHTS OF Q1 2026 SS
Slide 7: Highlights of Q1 2026
HIGHLIGHTS OF Q1 2026 Copyright © 2026 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 8: Q1 2026: Solar Rooftop Performance Enhancement
HIGHLIGHTS OF Q1 2026 Q1 2026: Solar Rooftop Performance Enhancement Continuously optimizing our assets to maximize long-term energy revenue. HomePro HomePro HomePro Ubon Ratchathani Hat Yai Lopburi Copyright © 2026 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 9: Highlights of Financial Performance Q1 2026
HIGHLIGHTS OF FINANCIAL PERFORMANCE Q1 2026
Slide 10: Income Statement Q1 2026
Unit : Million Baht (MB.) TSE - CONSOLIDATED Q1 2026 Q1 2025 ∆ YoY (%) INCOME Revenue from sales and service 313 312 0% Subsidy for FiT Premium 14 14 0% STATEMENT Management service fee income 0 19 (100%) Total revenue 327 345 (5%) Q1 2026 Cost of sales and services (204) (225) (9%) Gross profit 123
Slide 11: Total Revenue and EBITDA of Q1 2026
TOTAL REVENUE AND EBITDA OF Q1 2026 TOTAL REVENUE (EX-JV) Total Revenue for Q1 2026 was 327 MB., a decrease of 18 MB. or 5% YoY. The decrease was primarily from the absence of management fee income from Siam Solar Energy 1 Co., Ltd. (SSE1) following the expiration of the agreement, resulting from th
Slide 12: Net Profit & EPS of Q1 2026
NET PROFIT & EPS OF Q1 2026 NET PROFIT Net profit for Q1 2026 was 53 MB., a decrease of 12 MB. or 19% YoY. The decrease mainly from the recognition of income tax expenses from operations in Q1/2026, whereas in Q1/2025, the Group recognized income tax benefits for 11 MB., which was a one-time item. E
Slide 13: D/E Ratio and ROE of Q1 2026
D/E RATIO AND ROE OF Q1 2026 D/E RATIO The D/E ratio of Q1 2026 was 1.24 times, a slightly increase from 1.22 times at the end of the 2025. The increase was primarily due to the issuance of new debentures by the Group. However, at this level of leverage, the Group retains the capacity to secure addi
Slide 14: Financial Position of Q1 2026
FINANCIAL POSITION OF Q1 2026 TOTAL ASSETS +3% The Group's total assets was 7,049 MB., an increase of 232 MB., or 3% from 6,817 MB. as of December 31, 2025. The increase was mainly attributable to the increase in fair value of financial assets resulting from the Group’s operations. TOTAL LIABILITIES
Slide 15: Interest Bearing Debt of Q1 2026 & YE2025
INTEREST BEARING DEBT OF Q12026 & YE2025 Corporate Finance Debenture 141 MB. Debenture Corporate Finance 1,448 MB. 1,175 MB. 144 MB. Project Finance Project Finance 1,679 MB. 1,751 MB. TOTAL 3,070 MB. TOTAL 3,268 MB. INTEREST BEARING DEBT • The ratio of interest-bearing debt to equity was 1.04 times
Slide 16: 3. Business Outlook
3. BUSINESS OUTLOOK SS
Slide 17: Strategic Outlook: Thailand's Renewable Energy Sector
Strategic Outlook: Thailand's Renewable Energy Sector Drivers of the clean energy transition and sustainable growth in the Thai market. Energy Security & PDP Alignment Government initiatives aiming for a 51% renewable share by 2037 to sustain Data Center growth, EV adoption, and the digital economy.
Slide 18: Trends & Opportunities of Renewable Energy in Thailand
8 TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND The Policy Commitment under PDP 2018 Rev.1 – Solar Big Lot In 2022-2023, ERC had released regulation to procure Electricity from Renewable Energy using Feed-in-Tariff (FiT) Scheme for SCOD during year 2024-2030. The total capacity of bidding R
Slide 19: New Solar Big Lot (Ph 1&2): Status & Timeline
New Solar Big Lot (Ph 1&2): Status & Timeline RE Big Lot Phase 2A – Status & Time line Phase 1&2A Projects – SCOD Plan According to the policy commitment under PDP2018 Rev.1, ERC announcement for the tender 21 projects selection results for Phase 2 totaling 136.10 MWppa with scheduled SCOD of Phase
Slide 20: WTE Project – In progress
WTE Project – In progress 9.9MW/ 8.0 MWPPA Uttaradit Waste to Energy Project Kho Rum, Phichai District, Uttaradit Project Owner Power ACE One Co., Ltd. (Subsidiary of TSE) Site location Uttaradit Sukhothai Project Progress Description : , the project is in the development preparation stage, with sev
Slide 21: Business Plan: Growth & Investment
BUSINESS PLAN : GROWTH & INVESTMENT INVESTMENT PLAN FY2027 Onwards Solar Farm PH.1 Healthcare Business Waste-to-Energy Private PPA/ Direct PPA The total MW to be invested in or acquired from 2027 onwards will align with the new PDP and Awarded Solar Big Lot TSE acquired 100% of Bangkok TSE acquired
Slide 22: TSE Capacity Growth (2025-2030)
TSE CAPACITY GROWTH (2025-2030) SOLAR BIG LOT PHASE 1,2 AND WTE (COD) Project pipeline with +229 MW of solar phase 1, 2, and WTE 8 MW by 2030 310.26 201.3 201.3 153.2 103.4 73.8 73.8 • Solar Farm (-80 TSR) • Solar farm Ph. II • Solar farm Ph. II • Solar farm Ph. I (+92.96) 22 (+30.2) (30.2+97.9) • S
Slide 23: 4. ESG Development
4. ESG DEVELOPMENT
Slide 24: ESG Development
ESG DEVELOPMENT Copyright © 2026 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 25: Q&A
Q&A Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 26: Thank You
THANK YOU Investor Relations +(66) 2 258 4530 – 3 (# 2311) info@thaisolarenergy.com www.thaisolarenergy.com Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
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