WP Energy Public Company Limited (WP) has received a corporate credit rating of “BBB” with a “Stable” outlook from TRIS Rating. Ms. Chomkamol Poompanmuang, Chief Executive Officer, stated that the rating reflects the Company's strong financial position, stable cash flow, and effective management. WP remains committed to expanding its Liquefied Petroleum Gas (LPG) business, solar rooftop operations, and new business opportunities to strengthen its earnings base and support long-term growth.

Ms. Chomkamol Poompanmuang, Chief Executive Officer of WP Energy Public Company Limited (WP), disclosed that TRIS Rating Co., Ltd. has assigned the Company a corporate credit rating of “BBB” with a “Stable” outlook. The rating reflects WP's strong capital structure, stable profitability, and consistent operating cash flow.

“This credit rating demonstrates the rating agency's confidence in the Company's business potential, both in terms of growth prospects and earnings generation. It also recognizes our position as an LPG distributor in Thailand and our financial capacity to support future investment plans,” Ms. Chomkamol said.

According to TRIS Rating, WP's profitability is expected to remain stable, supported by regulated LPG pricing, effective cost management, improved procurement efficiency, and a gradual shift toward higher-margin customer segments. These factors are expected to contribute to greater stability in operating cash flow. In addition, the Company has diversified its LPG supply sources by increasing procurement from lower-cost suppliers, which is expected to generate further benefits as purchasing volumes from these sources increase in the future.

Meanwhile, the expansion of WP's solar energy business is expected to gradually diversify its revenue streams. In particular, the solar rooftop business represents a promising source of recurring revenue with growth potential beyond the Company's core LPG operations. WP currently has a total installed solar power capacity of approximately 13.7 megawatts (MW). Long-term contracts that generate recurring revenue from electricity sales, together with the relatively low operating risks associated with solar power facilities, are expected to enhance the Group's overall earnings capacity.

TRIS Rating projects that WP's earnings before interest, taxes, depreciation, and amortization (EBITDA) will reach approximately THB 600–650 million annually during 2026–2028. The EBITDA margin is expected to gradually improve to approximately 3.7%–3.8%, compared with 3.5% in 2025. This improvement will be supported by a more favorable customer mix, enhanced procurement efficiency, and an increasing revenue contribution from the solar energy business.

The Company's current net cash position provides financial flexibility to support additional investments. Under TRIS Rating's base-case assumptions for 2026–2028, WP is expected to undertake total capital expenditures and investments of approximately THB 1.85 billion. This includes THB 810 million for maintenance investments in its LPG business, THB 500 million for solar energy projects under private power purchase agreements (Private PPAs), and THB 540 million allocated for potential acquisitions or other investment opportunities.

The base-case assumptions also incorporate a dividend payout ratio of approximately 100% of annual net profit. Despite these projected expenditures, TRIS Rating expects WP's net debt-to-EBITDA ratio to remain below 1.0 times throughout the forecast period.

TRIS Rating further assesses that maintaining a low debt burden while pursuing growth opportunities will support the Company's financial position. The gradual expansion of its solar energy operations and other new businesses is expected to strengthen WP's earnings base and create additional growth opportunities beyond Thailand's mature domestic LPG market.

Regarding the Company's value enhancement initiative, the JUMP+ Plan, WP continues to implement its strategic roadmap as planned. Obtaining a corporate credit rating from TRIS Rating represents one of the key initiatives under this plan. The rating is expected to reinforce the Company's financial credibility in both the short and medium term, enhance investor confidence, and provide a foundation for future business expansion.

Furthermore, the credit rating will serve as an important reference for the Company's future financing activities, supporting its readiness to access the debt capital market and other funding sources as it pursues sustainable long-term growth.