Global Power Synergy (GPSC) Q4 2025 earnings summary

Executive summary

• FY2025 net profit surged 58% year-over-year to 6,399 MTHB, driven by portfolio rebalancing, share of profit from associates, and cost management initiatives.

• EBITDA remained stable at 18,885 MTHB for the year, despite lower revenue and challenging fuel tariff (FT) environment.

• Consolidated financial statements present a true and fair view as of 31 December 2025, in accordance with TFRS.

• Audit identified impairment assessment of goodwill as a key audit matter, with no impairment loss recognized for 2025.

• The Group's principal business is the production and distribution of electricity, steam, and water for industrial use.

Financial highlights

• FY2025 revenue declined 6% YoY to 84,916 MTHB, while net profit margin improved to 7.54% from 4.48% in 2024.

• Net profit attributable to owners was Baht 6,399 million, up from Baht 4,063 million year-over-year.

• EPS for FY2025 rose 58% YoY to 2.27 THB/share.

• EBITDA margin increased to 22.24% from 20.95% in 2024.

• Total assets stood at Baht 264,259 million; total equity at Baht 116,436 million.

Outlook and guidance

• FY2026 focus areas include fuel management, EBITDA uplift, financial expense reduction, and further portfolio rebalancing.

• Targeted EBITDA uplift of 700 MTHB in 2026, with continued emphasis on gas-link contracts and M&A.

• Renewable energy and data center projects to drive medium- and long-term growth.

• Management performed annual goodwill impairment testing using value-in-use models, with no impairment loss recognized.