Gulf Energy Development Public Company (GULF) Q1 2026 earnings summary

Executive summary

• Q1'26 saw strong revenue and core profit growth, with total revenue up 20.7% YoY and core profit up 43.3% YoY, driven by higher electricity sales, improved margins, and new project contributions.

• The business portfolio is diversified across energy, resources, infrastructure, digital, and telecom, with energy remaining the main revenue contributor.

• Interim financial statements for the three-month period ended 31 March 2026 were reviewed by an independent auditor.

• The review covered consolidated and separate statements of financial position, comprehensive income, changes in equity, and cash flows.

Financial highlights

• Q1'26 total revenue reached THB 39,041 million (+20.7% YoY, +20.3% QoQ).

• EBITDA for Q1'26 was THB 16,134 million (+27.0% YoY, +14.5% QoQ).

• Core profit for Q1'26 was THB 9,326 million (+43.3% YoY, +18.2% QoQ).

• Net profit attributable to parent was THB 9,117 million in Q1'26.

• Total assets as of Mar 31, 2026, were THB 820,652 million (+6.1% from Dec 31, 2025).

Outlook and guidance

• 2026 outlook projects further performance improvement from new project CODs, higher Jackson Generation capacity payments, and increased LNG imports.

• Q2'26 earnings growth expected from peak power demand, Pak Lay divestment gain (~THB 1,900 million), and KBANK dividend income (~THB 2,800 million).

• Long-term growth secured by a pipeline of committed projects across energy, infrastructure, and digital sectors.