ACE Reports Q2/2026 Profit Surge of 87.3% Solar and Municipal Waste Power Plants Drive Profit Growth, Pushing H1 Net Profit Up 58.2%
ACE delivered a strong Q2/2026 performance, posting total revenue of THB 1,765.0 million, up 7.8% YoY, and net profit of THB 278.7 million, surging 87.3% YoY, driven by a significant increase in gross profit from solar power plants and municipal waste-to-energy plants. This pushed first-half performance up YoY in both revenue and profit. The company also hinted at good news ahead, accelerating construction of plants currently in the pipeline, with several more projects expected to achieve COD (Commercial Operation Date) progressively within 2027.
Mr. Tanachai Bunditvorapoom, Chief Executive Officer of Absolute Clean Energy Public Company Limited (ACE), a leading Thai clean energy business, disclosed the company's Q2 2026 operating results, reporting total sales and service revenue of THB 1,765.0 million, an increase of 7.8% from THB 1,637.2 million in the same quarter of the previous year. Net profit came in at THB 278.7 million, up 87.3% from THB 148.8 million in the same period last year. Meanwhile, net profit from normal operations for the quarter stood at THB 250.3 million, up 19.8% from THB 209.0 million in the same quarter of the previous year. This was driven by significant growth in gross profit from solar power plants and municipal waste-to-energy plants, which rose from THB 44.7 million and THB 17.9 million respectively in Q2 2025 to THB 113.9 million and THB 43.1 million respectively in Q2 2026 — increases of 154.4% and 141.3%. At the same time, the company's financing costs decreased by 21.9% compared to the same quarter last year.
For the six-month period of 2026, total revenue rose to THB 3,356.7 million, with net profit of THB 593.1 million, up 58.2% from the six-month period of 2025. This was mainly driven by significant growth in gross profit from solar power plants and municipal waste-to-energy plants. Net profit from normal operations also increased, rising 15.6% from THB 436.4 million in H1 2025 to THB 504.4 million in H1 2026.
"Overall, operations in the first half of 2026 remain on a satisfactory growth trajectory, with periodic good news. In July, we won the bid for a municipal waste-to-energy power plant project for Nakhon Phanom Municipality, Mueang District, Nakhon Phanom Province, with an expected installed capacity of 9.9 MW and a Power Purchase Agreement (PPA) of 8.0 MW — marking ACE's 11th municipal waste-to-energy plant, following the plant for Sadao Municipality, Songkhla Province, secured in May. As for the group of 18 solar farm projects that won bids under the 2022–2030 Feed-in Tariff (FiT) renewable energy scheme, ACE has now successfully achieved COD for 15 projects, with the remaining 3 projects expected to complete construction and achieve COD within 2027. For our operating plan in the second half of this year, ACE will continue to consider opportunities to participate in bids for new clean energy power plant projects, while accelerating construction of projects currently under development. We expect several more projects to achieve Commercial Operation Date (COD) within 2027, and we will provide progressive updates on each project's progress as they are completed," Mr. Tanachai added.
ACE currently has a total of 92 clean energy power plant projects, with combined installed capacity of 767.42 MW, comprising 47 projects already in commercial operation with combined capacity of 466.94 MW, and 45 projects under development with combined capacity of 300.48 MW.
In addition to driving business growth, ACE remains committed to building sustainability in the social dimension. The company recently held the "Im Thong Pun Suk" project, dedicated as a merit-making offering to Her Majesty Queen Sirikit The Queen Mother and Her Royal Highness Princess Bajrakitiyabha Narendiradebyavati, through the provision of lunches and essential supplies to communities surrounding its power plants in multiple areas — including Chonburi, Nakhon Ratchasima, Nakhon Sawan, Roi Et, Amnat Charoen, Kamphaeng Phet, Lampang, Kanchanaburi, Nong Khai, and Udon Thani — helping ease living costs and improve quality of life for more than 15,000 people in these areas.
This also includes the "KIDS Tham DEE" project, under the concept of "Cultivating Virtue... Carrying Forward Gratitude," dedicated as a merit-making offering on the auspicious occasion of the 74th birthday anniversary of His Majesty King Rama X. In collaboration with schools around its power plants, ACE organized activities to promote virtue and ethics among children and youth. Additionally, the Ton Kla Pun Suk" project brought together executives, employees, teachers, students, community leaders, and local residents to plant Chai Yo saplings at schools surrounding its power plants, increasing green space, restoring the environment, and creating a shaded community environment, alongside the donation of school supplies and sports equipment to support youth learning.
Furthermore, ACE continues to target achieving Net Zero Emissions by 2050, in line with its business strategy of striving to become a "role model leader in the global clean energy business" — a commitment that will help generate sustainable positive impact from within the organization to society and the environment.