Gulf Development Public Company Limited (SET: GULF) reported strong financial results for Q1/2026, with total revenue of THB 39,041 million, increasing 21% from THB 32,344 million in Q1/2025, while core profit reached THB 9,326 million, rising 43% from THB 6,506 million.
The Group’s improved performance was primarily driven by the growth of the energy business, both gas-fired and renewable energy businesses. For the gas-fired power business, the Company recognized a share of core profit from the GJP group of THB 614 million in Q1/2026, representing a significant increase of 251% from THB 175 million in Q1/2025.
This growth was mainly attributable to higher electricity sales to the Electricity Generating Authority of Thailand (EGAT) from the two IPP projects under the GJP group, namely Gulf Uthai (GUT) and Gulf Nong Saeng (GNS) power plants, in line with the overall increase in national electricity demand. In particular, GNS reported a substantial increase in average load factor from 4% in Q1/2025 to 32% in this quarter.
Meanwhile, the seven SPP projects under the GJP group recorded higher electricity sales to industrial users, driven by increased demand across several sectors, including automotive, electronic components, petrochemicals and chemicals, food and beverage, and textiles. As a result, the average load factor for industrial users rose from 56% in Q1/2025 to 62% in this quarter.
In addition, Gulf Sriracha (GSRC) and Gulf Pluak Daeng (GPD) power projects, IPP projects under the IPD group, reported higher core profit compared to the same period last year, supported by increased electricity sales to EGAT. The average load factor of GSRC increased from 55% in Q1/2025 to 80% in Q1/2026, while GPD’s average load factor rose from 55% to 76% over the same period.
Furthermore, the Company recognized a share of core profit from the Jackson Generation gas-fired power project in the United States of THB 208 million in Q1/2026, significantly increasing from THB 30 million in Q1/2025. The improvement was primarily driven by a substantial increase in the Capacity Payment, which rose from USD 29 per MW per day in Q1/2025 to USD 270 per MW per day in Q1/2026, in line with higher electricity demand in the Pennsylvania-New Jersey-Maryland Interconnection (PJM) market, despite a decrease in electricity sales volume compared to the same period last year due to a longer maintenance shutdown period in this quarter.
In the renewable energy business, the Company recognized a full-quarter contribution in Q1/2026 from the new domestic solar farm and solar farm with battery energy storage system (solar BESS) projects, following the commercial operation of seven additional projects in late 2025, with a combined installed capacity of 597 MW.
As a result, the Company currently has a total of 12 domestic solar farm and solar BESS projects in operation, with a combined installed capacity of 1,129 MW. For Mekong Wind power project in Vietnam, the Company successfully reached an agreement with Vietnam Electricity (EVN) on a new tariff of 7.2 US cents per kWh, increasing from the previously reduced temporary rate of 3.9 US cents per kWh, leading to the recognition of retroactive revenue from January 2024 to January 2026 totaling THB 636 million in this quarter.
In addition, the Company recognized a share of core profit from Borkum Riffgrund 2 (BKR2) offshore wind power project in Germany of THB 381 million in Q1/2026, representing an increase of 79% from THB 213 million in Q1/2025, mainly driven by higher average wind speed, which increased from 9.2 m/s in Q1/2025 to 10.3 m/s in Q1/2026.
The Company also recorded a profit of THB 50 million from Gulf Chana Green (GCG) biomass power project, compared to a loss of THB 30 million in Q1/2025, supported by higher electricity sales to EGAT and a decline in average wood cost from THB 1,155 per ton to THB 668 per ton. However, these positive factors were partially offset by a decrease in share of core profit from wind power projects under the Gulf Gunkul group, which declined by 43% from THB 226 million in Q1/2025 to THB 130 million in Q1/2026, mainly due to lower average wind speed, which decreased from 6.4 m/s in Q1/2025 to 5.0 m/s in Q1/2026, as well as a decline in the average Ft from THB 0.29 per kWh in Q1/2025 to THB 0.06 per kWh in Q1/2026.
For the resources business, the Company recognized a share of core profit from PTT NGD project of THB 124 million in Q1/2026, representing a decrease of 49% from THB 242 million in Q1/2025. The decline was primarily due to the recognition of a derivative loss resulting from higher fuel oil prices, despite an improvement in gross margin as natural gas costs declined at a faster rate than fuel oil prices, with the average fuel oil price declining from USD 76.4 per barrel in Q1/2025 to USD 74.5 per barrel in this quarter.
For the LNG shipper business under GLNG and HKH, in Q1/2026, the Company imported a total of 18 LNG cargoes, equivalent to approximately 1.2 million tons, resulting in profit recognition of THB 204 million, representing an increase of 140% from THB 85 million in Q1/2025. This growth was driven by higher LNG import volumes and the implementation of the LNG optimization strategy.
In Q1/2026, the Company recognized a share of core profit from AIS of THB 4,461 million, representing an increase of 35% from THB 3,314 million in Q1/2025. The growth was primarily driven by AIS’s improved operating performance, supported by higher ARPU from both mobile and fixed broadband businesses, as well as lower operating costs, particularly from lower network and spectrum usage costs. As the amalgamation between GULF and INTUCH was completed on 1 April 2025, the Company compared the share of profit from AIS in Q1/2026 with pro forma consolidated financial information for Q1/2025, based on the assumption that the new entity held a 40.44% equity interest in AIS since the beginning of 2025.
In Q1/2026, the Company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of THB 16,134 million, representing an increase of 27% from THB 12,699 million in Q1/2025, while net profit attributable to the parent company (including foreign exchange impacts) was THB 9,117 million, increasing 39% from THB 6,564 million. This was partly supported by the depreciation of the Thai Baht, which depreciated from THB 31.74 against the USD as of 31 December 2025 to THB 32.99 at the end of Q1/2026.
As of 31 March 2026, the Company reported total assets of THB 820,652 million, total liabilities of THB 442,532 million, and shareholders’ equity of THB 378,120 million. The net interest-bearing debt to equity ratio stood at 0.91 times, increasing from 0.85 times as of 31 December 2025, primarily due to an increase in long-term debt following the issuance of debentures totaling THB 35,000 million in March 2026.
Ms. Yupapin Wangviwat, Chief Financial Officer, stated, “The Company maintains its 2026 total revenue growth target at approximately 10–15%, supported by the gradual recognition of revenue from additional capacity. This year, the Company expects to achieve commercial operation of new power projects totaling approximately 700 MW, comprising six domestic solar farm and solar BESS projects with a combined installed capacity of 623 MW, the Chiang Mai Waste to Energy (CM WTE) project with an installed capacity of 10 MW, and solar rooftop projects under GULF1, which are expected to gradually supply an additional 60–70 MW to customers gradually, all of which will support the Company’s revenue growth.
For Q2/2026, the Company expects operating performance to continue improving, primarily driven by the energy business. Electricity sales to EGAT are expected to increase in line with higher domestic electricity demand during the summer season, particularly in April. In addition, Jackson Generation gas-fired power project in the United States is expected to continue delivering strong performance, supported by an increase in Capacity Payment from USD 270 per MW per day to USD 329 per MW per day in June, driven by rising electricity demand from data centers in the PJM market.
Furthermore, in Q2/2026, the Company expects to recognize a gain of approximately THB 1,900 million from the divestment of a 51% stake in the Pak Lay hydropower project to J-Power, as well as dividend income from KBANK of approximately THB 2,800 million, which will further strengthen cash flow and overall performance.
Looking ahead, the Company remains committed to achieving sustainable long-term growth. In the energy business, the Company plans to participate in projects aligned with government policies, including domestic renewable energy projects to support net zero greenhouse gas emissions targets, natural gas-fired power projects to enhance power system reliability during the energy transition, and a pilot direct PPA program of approximately 2,000 MW, which enables the direct sale and purchase of clean electricity between producers and end-users to support the growing demand for clean energy from the data center sector.
In addition, the Company plans to participate in the development of community solar farm projects with a total capacity of approximately 1,500 MW, under a government initiative that allows private sector participation to expand access to clean electricity for households nationwide. At the same time, the Company is focused on expanding its investment footprint into high-potential international markets, particularly in Europe and the United Kingdom, with plans to establish an office in London to serve as a hub for managing investments and driving business expansion across the European region over the long term.
Beyond the energy business, the Company recognizes significant growth opportunities in the digital sector through the development of comprehensive digital infrastructure, with a focus on hyperscale data centers and a target to expand total capacity to over 1,000 MW within the next 3–5 years. In parallel, the Company provides both public and private cloud services in collaboration with leading global providers such as Oracle, Google, and Microsoft, to deliver comprehensive solutions for enterprise customers, SMEs, government agencies, and state-owned enterprises.
In addition, the Company is advancing into AI technologies through partnerships with global leaders, including Google, Kore.ai, and Agibot, to develop digital solutions that enhance operational efficiency and support the long-term growth of the digital economy.”
