POW – Q2/2025 Business result surpass expectation despite flat output
• In 2Q25, POW’s revenue was nearly flat, while net profit – minority interest (NPAT-MI) rose 47% YoY.• Total power output fell 3% YoY, with gas-fired plants down 12% YoY, offset by coal-fired and hydropower plants rising 4% and 52% YoY, respectively.
• Average selling price increased 3% YoY, in contrast to the market-wide electricity price (FMP) which dropped 28% YoY, thanks to contracted output (Qc) surging 39% YoY.
• Higher selling prices and stable fuel costs drove gross margin up 5 pps YoY to 12.8%.
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