Global Power Synergy (GPSC) Q2 2026 earnings summary

Executive summary

• Q2/2026 saw a 30% QoQ revenue increase to 21,714 MTHB, with EBITDA up 19% QoQ to 5,278 MTHB and net income up 6% QoQ to 1,819 MTHB, driven by IPP operational recovery and strong renewable contributions.

• 1H/2026 performance was supported by robust industrial user demand, effective cost management, and higher share of profit from associates.

• Interim consolidated financials for the six months ended 30 June 2026 were reviewed with no material misstatements found.

• The group operates in electricity, steam, and water production and distribution for industrial and government customers.

• Interim dividend of 0.55 THB/share approved, reflecting solid earnings recovery.

Financial highlights

• Q2/2026 revenue: 21,714 MTHB (▲30% QoQ), EBITDA: 5,278 MTHB (▲19% QoQ), net income: 1,819 MTHB (▲6% QoQ).

• 1H/2026 revenue: 38,354 MTHB (▼13% YoY), EBITDA: 9,705 MTHB (▲3% YoY), net income: 3,538 MTHB (▲12% YoY).

• Net profit attributable to owners for H1 2026 was Baht 3,538 million, compared to Baht 3,159 million in H1 2025.

• Basic EPS for H1 2026 was 1.25 Baht, up from 1.12 Baht in H1 2025.

• Total assets as of 30 June 2026 were Baht 260,118 million; total equity was Baht 117,570 million.

Outlook and guidance

• Q3/2026 focus on fuel management, EBITDA uplift, financial expense reduction, and portfolio rebalancing.

• FY2026 guidance: pool gas cost 330–340 THB/MMBTU, coal price 125–130 USD/ton, power demand 12,800 GWh, steam demand 14.6 MT.

• Targeting >70% gas-linked contracts by 2030 and 2GW renewable supply in Thailand by 2030.

• Interim dividend of Baht 0.55 per share (Baht 1,551 million) approved for H1 2026, payable in September 2026.

• Management is assessing the impact of new accounting standards effective from 2028.