Gulf Energy Development Public Company (GULF) Q2 2026 earnings summary

Executive summary

• Q2'26 saw robust earnings growth, driven by strong power demand, increased capacity payments, and portfolio optimization initiatives.

• Revenue and core profit rose significantly year-over-year and quarter-over-quarter, supported by higher EGAT sales, new solar projects, and improved performance from digital and telecom segments.

• Strategic divestments, new subsidiary establishments, and capital increases enhanced the business portfolio and international presence.

• Engaged in electricity and steam generation, natural gas storage/conversion, satellite, and telecom services in Thailand and internationally.

• Interim financials prepared under Thai Accounting Standard No. 34 and reflect the impact of the global minimum top-up tax effective from 2025.

Financial highlights

• Total revenue for Q2'26 was THB 50,294 million, up 23.8% YoY and 28.8% QoQ.

• EBITDA reached THB 18,997 million, up 41.4% YoY and 17.7% QoQ.

• Core profit surged 73.7% YoY and 32.2% QoQ to THB 12,446 million.

• Net profit attributable to owners for six months ended 30 June 2026: THB 21,562 million (consolidated).

• Dividend income from subsidiaries for the six months ended 30 June 2026 was THB 3,193 million, and dividend income from KBANK amounted to THB 2,842 million.

Outlook and guidance

• 2026 performance expected to improve further with 695 MW of new energy projects coming online.

• Jackson Generation's capacity payment to increase nearly tenfold, boosting profit share.

• Expansion in LNG imports and optimization to enhance value creation.

• Full-year recognition of new data center and motorway projects to support revenue growth.

• New and revised Thai Financial Reporting Standards (TFRS) will be effective from 2028; the group is assessing the impact.