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Revenue structure

RATCH’s revenue can be grouped into four categories as follows:

Revenue structure
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2025 Revenue

Classification by revenue structure

2025 Revenue
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classification
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Financial Position

(As of 31 December 2025)

Financial Position
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Economic Value Distribution

RATCH places importance to appropriate distribution of generated economic value to stakeholders. The distribution has helped support economic stability in the areas where the Company Group operates as well as the value chain of electricity and energy industry.

Distribution of Economic Values 2025

Item Value (Million Baht)
1. Economic value generated
Revenue from sales/service and financial leases 27,081.62
Profit sharing from associates and joint ventures 6,896.77
Dividend income 14.19
Other revenues 1,926.09
2. Economic value received by RATCH
RATCH’s profits 6,220.43
3. Economic value distributed to stakeholders
Item Stakeholders in Value Chain Value (Million Baht)
Fuel expenses Supplier 12,425.51
Operation and maintenance service expenses Supplier 1,922.76
Cost of maintenance and parts Supplier 1,219.23
Power plant insurance premium Supplier 510.36
Administrative expenses and payments Employee 1,208.14
Financial cost/interest expenses Lender 4,331.74
Fees for specialized services Supplier 3.65
Tax payments* Government 1,122.83
Local tax payments** Local Government 16.39
Business partner investment Partner 3,555.89
Dividend payments Shareholder 3,480.00
Community and social investment Community 199.20
* Inclusive of corporate tax, withholding tax, and special business tax of RATCH and subsidiaries in Thailand
** Local taxes are the taxes collected by local administrative offices to finance local development projects. Local taxes are subjected to local administrative offices’ consideration and are not remitted to the government. They are land and building tax, local development tax, and signboard tax.

Group’s tax management

RATCH Group has strictly complied with tax laws and managed taxes with transparency, fairness, prudence and responsibility to society and stakeholders. The Tax Policy has been enforced as the operational governance framework for all entities in the Company Group. Tax management in 2025 fully met the objectives as follows.

Group’s Tax Policy
Guidelines Performance in 2025
Tax management
  • Manage, plan and pay taxes as required by law.
  • Pay taxes or file for a rebate accurately and timely.
  • Arrange tax planning, study and analysis prior to making an investment, to align with the investment structure and policy as well as applicable tax benefits.
  • Apply the Arm’s Length principle with related-party transactions.
  • There was no violation of tax laws due to the Group’s tax management.
  • Taxes were paid and requests for rebates were filed within official timeframe, along with the study and analysis of tax implications, alignment, legal compliance, and available tax privileges for the investment decision-making process.
  • Group’s corporate income tax, withholding tax, value added tax and special business tax in 2025 amounted to Baht 1,122.83 million, on top of Baht 16.39 million local taxes – land and building, local maintenance and signage taxes.
Promotion and Support
  • Appoint a person with knowledge and skill who can provide accurate tax information related to business operations.
  • Educate and provide tax advice to Group’s departments and employees for legal compliance.
  • Appoint a specialized tax consultant to ensure transparent and correct actions under tax laws.
  • Disclose the tax policy to stakeholders.
  • Group’s departments involved in tax are Tax Management Division, Tax management and General Ledger Department, Legal Department and the legal/accounting and finance departments of power plants and business entities in the Group.
  • All personnel are emailed the quarterly AP Newsletter containing relevant/interesting information and knowledge in accounting/ finance and tax or changes. In 2025, 4 newsletter issues were disseminated, concerning stamp duty on master service agreements (MSA), travelling expenses, employees’ expense disbursement, and welfare benefits subjected to taxation.
  • An external tax consultant was appointed to provide accurate tax advice according to tax laws and requirements such as taxes related to subsidiaries’ capital reduction, taxes related to the purchase of Thai companies’ shares from foreign companies, minimum effective corporate tax rate (Global Minimum Tax), etc.

More Info:

Tax Policy

Innovation

Novel fuel-saving innovation for small power producers (SPPs)

Berkprai Cogeneration Power Plant is a small power producer (SPP) with capacity of 99.46 MW. Located in Tambon Berkprai, BanPong District, Ratchaburi Province, the power plant secures a 25-year Power Purchase Agreement. Holding a 35 percent stake in the power plant,RATCH invented a nouveau “Electricity and steam generation combined with 3 systems” that offers higher generation efficiency and lower heat rate or less fuel consumption compared to typical SPP power plants. With the technology, heat rate is efficiently maintained for both on-peak and off-peak periods, resulting in lower production cost and a significant decrease in GHG emissions.

The invention makes use of gas turbine, steam turbine and gas engine. Compared to the generally-used model for cogeneration power plants, the combined system replaces a gas turbine with 3 gas engines which allow greater flexibility and efficient support to Daily Start/Stop (DSS) a sordered by the customer (Electricity Generating Authority of Thailand).

Electricity and steam generation combined with 3 systems at Berkprai Cogeneration Power Plant

Electricity and steam generation combined with 3 systems at Berkprai Cogeneration Power Plant
Elements of Gas Turbine System for electric and steam generation
  • No.1 = Air Compressor
  • No.2 = Combustion chamber
  • No.3 = Gas Turbine
  • No.4 = Heat Recovery Steam Generator (HRSG)
Elements of Gas Turbine System for electric and steam generation
  • No.6, 7, 8 = Gas Engine
  • No.9,10,11 = HRSG
Elements for steam Turbine System
  • No.5 = Steam Turbine

The innovation reduces fossil fuel consumption per a unit of electricity about 300 BTU/kilowatt- hour, or 4 percent of fuel saving compared to other SPPs. Meanwhile, the peak and off-peak plant efficiency stays at 47.05 percent, above the average rate of SPPs at 42.92 percent. The Equivalent Availability Factor is at 98.75 percent, against the 89.97 percent average EAF of SPPs. RATCH is registering the innovation with the Department of Intellectual Property and plans to install the technology at RATCH Cogeneration Power Plant’s extension phase to minimize heat rate and GHG emissions per kilowatt-hour.

The Air Inlet Filter

Under the Gas Turbine Efficiency Enhancement project for Ratchaburi Combined-Cycle Power Plant’s gas turbine, to mitigate global warming impacts, Ratchaburi Combined Cycle Power Plant studied and implemented actions to reduce the temperature of air feeding the Air Inlet Filter, to increase gas turbine efficiency, so that the power plant can address customer demand and reduce fuel consumption.

The Air Inlet Filter
1
Ratchaburi Combined Cycle Power Plant increases gas turbine’s contracted capacity when temperature goes up by 1-5 degrees Celsius.
2
Heat rate improved, reducing fuel consumption and hence cut production cost.
3
GHG emissions will be reduced as fuel consumption per production unit drops, which will ease climate impacts and slow down an increase in global temperature.