- Energy Absolute’s Q1 2026 profit declined despite strong EV segment growth.
- Electric bus deliveries helped offset weaker renewable energy business performance.
Thailand-based Energy Absolute Public Company Limited (EA) and its subsidiaries reported a decline in profitability during the first quarter of 2026, reflecting softer overall business performance despite significant growth in its electric vehicle operations. The company announced on May 14, 2026, that net profit attributable to owners of the parent, excluding significant non-cash items, reached THB 500.55 million in Q1 2026, representing a year-on-year decline of 27.7%. Total revenue for the quarter stood at THB 3,328.75 million, decreasing by 5.1% compared with the same period last year.
The Group’s electric vehicle business emerged as a major growth contributor during the reporting period. Revenue generated from the EV segment increased sharply to THB 429.00 million, recording growth of approximately 274% year-on-year. The increase was primarily supported by the delivery of 64 electric vehicles, with electric buses accounting for the majority of shipments. The strong performance in the EV division provided partial support against weaker contributions from the renewable energy business, which continued to face operational and market-related pressures during the quarter.
The lithium-ion battery segment recorded lower revenue during the quarter as internal demand conditions weakened. Revenue from the battery business declined to THB 20.87 million, reflecting a year-on-year decrease of 56.2%. The reduction was mainly linked to lower intra-group demand caused by reduced electric vehicle production volumes and lower internal battery consumption. The company indicated that battery demand trends remained closely tied to production activity within its EV operations and associated business units.
Frequently Asked Questions
Why did Energy Absolute report lower profit in Q1 2026?
Energy Absolute reported lower profit mainly because of weaker overall business performance and softer revenue generation from some business segments. Net profit attributable to owners of the parent declined by 27.7% year-on-year to THB 500.55 million, while total revenue fell by 5.1%. Although the company’s EV business recorded strong growth, weaker performance in the renewable energy business and lower demand in the lithium-ion battery segment negatively affected overall financial results during the first quarter of 2026.
What supported growth in Energy Absolute’s EV business during Q1 2026?
The company’s EV business growth was mainly driven by higher electric vehicle deliveries during the quarter. Energy Absolute delivered a total of 64 electric vehicles, with electric buses accounting for most of the shipments. This helped EV segment revenue increase by approximately 274% year-on-year to THB 429.00 million. The expansion in EV operations partially offset weaker results from the renewable energy business and demonstrated continued demand for commercial electric mobility solutions in Thailand.
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