Chow Steel Industries Public Company Limited

Chow Energy Public Company Limited, or CHOW Energy, has announced a continued partnership with Central and Robinson department stores for a fifth consecutive year to expand its Solar Rooftop project. Cristobal Chin, Chief Executive Officer of CHOW Energy, and Nattheera Boonsri, Chief Executive Officer of Central Retail Department Store, posed for a photo to mark the collaboration in developing the Solar Rooftop project, which currently covers Central and Robinson department stores with total installed capacity of more than 7 megawatts. This partnership reflects a shared commitment to driving sustainable business and supporting the organizations' ESG goals.

CHOW has informed the Stock Exchange of Thailand that its group's solar power plant projects are scheduled to gradually commence commercial operation (COD) between September and October 2026, with a combined capacity of 17 megawatts. These projects are operated by subsidiary Chining SPV 1 Co., Ltd. and include rooftop solar, solar farms, and floating solar installations spread across Thailand, with 15-year power purchase agreements with related counterparties, which are expected to support long-term revenue from renewable energy business. Additionally, during July to August 2026, the group has other solar projects scheduled for COD as planned, bringing the total managed solar capacity to 134 megawatts. This business expansion aligns with the strategic plan to support sustainable revenue base growth.

CHOW has revealed plans to expand its clean energy business through investment and mergers and acquisitions (M&A) to achieve a long-term production capacity target of 1 gigawatt. Currently, the company has projects in commercial operation, under development, and a potential portfolio totaling over 300 megawatts. Mr. Piya Oranrigsuphak, Chief Accounting and Finance Officer, said at the first-half 2026 business presentation that the company will accelerate projects to commercial operation, expand its customer base, and consider investment opportunities that generate long-term returns. Although revenue declined due to steel and energy trading activities, the company increased profit margins and reduced debt, reflecting disciplined capital management. For the steel business, the company targets sales volume of over 30,000 tonnes and long steel production services of over 400,000 tonnes in 2026.

CHOW is moving forward with expanding its household solar business by partnering with financial institutions that have a retail customer base, aiming to become a vendor list provider of solar installation services for their customers. Mr. Poramat Chulavanich, Chief Financial Officer of a subsidiary, revealed that the company currently has a healthy backlog, but the household market still accounts for a small proportion compared to the core business, as the installation size per household is around 5 kilowatts, while commercial projects can reach up to 500 kilowatts. The company is not targeting high growth in this market, viewing it as a retail segment focused on building brand awareness and engagement with individual customers. The main strength remains in the Solar PPA market, which has a large project base. For the second half of 2026, the company is monitoring the progress of community solar projects and is ready to participate in bidding immediately if the government opens the way, expecting opportunities to sign new project contracts in the third to fourth quarter of 2026. The projects currently underway have a combined capacity of approximately 200 megawatts. If deals are closed as planned, this will help expand the project base and support future growth.