Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — FY2025 Earnings Presentation
25 slides from Thai Solar Energy Public's earnings presentation, Mar 17, 2026
Slide 1: Opportunity Day YE 2025
OPPORTUNITY DAY YE 2025 17 March 2026
Slide 2: Agenda
AGENDA 01 COMPANY OVERVIEW 02 HIGHLIGHTS OF YE 2025 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”) is engaged in the business of producing and distributing electricity from renewable energy sources, including solar energy, biomass, and waste-to-energy, for government and private sector customers. Our mission is to establish a stron
Slide 5: TSE Current Status
TSE CURRENT STATUS Summary of Our Operating Projects
Slide 6: 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 7: 2. Highlights of Q4 2025
2. HIGHLIGHTS OF Q4 2025 SS
Slide 8: Highlights of YE 2025
HIGHLIGHTS OF YE 2025 Copyright © 2026 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 9: Highlights of Financial Performance YE 2025
HIGHLIGHTS OF FINANCIAL PERFORMANCE YE 2025
Slide 10: Income Statement YE 2025
Unit: million THB INCOME TSE - Consolidated Financial Information YE 2025 YE 2024 ∆ (%) Total Revenues 1,299 1,228 6% STATEMENT Cost of Sales and Services (937) (862) 9% Gross Profit 362 366 -1% YE 2025 Administrative Expenses (148) (321) -54% Operating Profit 214 45 376% Other Income 16 42 -62% Oth
Slide 11: Total Revenue and EBITDA of YE 2025
TOTAL REVENUE AND EBITDA OF YE 2025 TOTAL REVENUE (EX-JV) Total Revenue for YE 2025 was 1,299 MB., an increase of 71 MB. or 6% YoY. The increase was primarily from the healthcare business, which contributed to earnings during the year, together with higher electricity generation units resulting from
Slide 12: Net Profit & EPS of YE 2025
NET PROFIT & EPS OF YE 2025 NET PROFIT Net profit for YE 2025 was 43 MB., an increase of 544 MB. or 109% YoY. The improvement was supported by from the healthcare business , increased electricity generation from enhanced operational efficiency of solar and biomass power plants, effective administrat
Slide 13: D/E Ratio and ROE of YE 2025
D/E RATIO AND ROE OF YE 2025 D/E RATIO The D/E ratio of YE 2025 was 1.22 times, a decrease from 1.58 times at the end of the 2024 Primarily due to the repayment of borrowings and short-term loans from financial institutions using cash received from the disposal of the Company’s investment in the joi
Slide 14: Financial Position of YE 2025
FINANCIAL POSITION OF YE 2025 TOTAL ASSETS -12% The Group's total assets was 6,817 MB., a decrease of 907 MB., or 12% from 7,724 MB. as of December 31, 2024. The decrease was mainly due to the disposal of an investment in the joint venture, Thai Solar Renewable Co., Ltd. (TSR). TOTAL LIABILITIES -21
Slide 15: Interest Bearing Debt of YE2025 & YE2024
INTEREST BEARING DEBT OF YE2025 & YE2024 Corporate Finance Debenture 359 MB. Debenture Corporate Finance 2,368 MB. 1,175 MB. 144 MB. Project Finance Project Finance 1,304 MB. 1,751 MB. TOTAL 3,070 MB. TOTAL 4,031 MB. INTEREST BEARING DEBT • The ratio of interest-bearing debt to equity was 1.00 times
Slide 16: 3. Business Outlook
3. BUSINESS OUTLOOK SS
Slide 17: Trends & Opportunities
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Slide 18: Trends & Opportunities
TRENDS & OPPORTUNITIES asuUnsouKanmisiasumslsaiswisususu se ii atlas bl i eat fassdurinraksnaalinnl 10 MW SasamssubolwihAvA (FiT) tas incurimsfardangidagoulasomsfiiuasuwsousoudauiia: MsvOUSUDINYUBU sqwazldyatia:gulUUIAsUMs UliluullazuUaNIsWaa: (bulvargwrsuuuiivauvu7o Turfiu 10 MW dolnsums Sens msdik
Slide 19: Business Plan: Growth & Investment
BUSINESS PLAN : GROWTH & INVESTMENT INVESTMENT PLAN FY2027 Onwards Community Solar Power Plant/ The total MW to be invested in or Solar Farm PH.1 Healthcare Business Waste-to-Energy Private PPA/ Direct PPA acquired from 2027 onwards will align with the new PDP and Awarded Solar Big Lot TSE acquired
Slide 20: TSE Capacity Growth (2025-2030)
TSE Capacity Growth (2025-2030) SOLAR PHASE 1,2 AND WTE (COD) Project pipeline with +229 MW of solar phase 1, 2, and WTE 8 MW by 2030 (Exclude Solar Community). 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) 20 (+30
Slide 21: 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 22: 4. ESG Development
4. ESG DEVELOPMENT
Slide 23: ESG Development
ESG DEVELOPMENT • โรงไฟฟ้าชีวมวลออสการ์ เซฟ เดอะ เวิลด์ สาขา 01 Thailand Energy Awards 2025 ASEAN Energy Awards 2025 Copyright © 2026 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 24: Q&A
Q&A Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 25: 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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