Gulf Development Public Company Limited (SET: GULF or the Company) reported strong financial results for Q2/2026, with total revenue of THB 50,294 million, increasing 24% from THB 40,617 million in Q2/2025, while core profit reached THB 12,332 million, rising 74% from THB 7,101 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, 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 the Electricity Generating Authority of Thailand (EGAT), in line with the overall increase in national electricity demand. The average load factor of GSRC increased from 70% in Q2/2025 to 81% in Q2/2026, while GPD’s average load factor rose from 75% in Q2/2025 to 77% in this quarter.
In addition, the Company recognized a share of core profit from the GJP group of THB 550 million in Q2/2026, representing an increase of 10% from THB 500 million in Q2/2025. This growth was mainly attributable to higher electricity sales to EGAT from the two IPP projects under the GJP group, namely Gulf Uthai (GUT) and Gulf Nong Saeng (GNS) power projects. The average load factor of GUT increased from 5% in Q2/2025 to 46% in this quarter, while GNS’s average load factor rose from 19% in Q2/2025 to 66% in this quarter. Meanwhile, the 19 SPP projects under the GMP and GJP groups reported a slight decline in profit, as the average natural gas cost increased from THB 317 per MMBTU in Q2/2025 to THB 363 per MMBTU in Q2/2026, while the average Ft declined from THB 0.2539 per kWh in Q2/2025 to THB 0.1406 per kWh in this quarter.
Nevertheless, electricity sales to industrial users continued to increase across both groups. The average load factor of industrial users at the seven SPP projects under the GJP group increased from 61% in Q2/2025 to 64% in this quarter, while the average load factor of the 12 SPP projects under the GMP group rose from 55% in Q2/2025 to 57% in this quarter.
Furthermore, the Company recognized a share of core profit from the Jackson Generation gas-fired power project in the United States of THB 269 million in Q2/2026, representing an increase of 101% from THB 134 million in Q2/2025. The improvement was primarily driven by a significant increase in the Capacity Payment, resulting from higher electricity demand in the Pennsylvania-New Jersey-Maryland Interconnection (PJM) market. The average Capacity Payment increased from USD 108 per MW per day in Q2/2025 to USD 289 per MW per day in Q2/2026.
For the renewable energy business, the Company recognized higher profit from domestic solar farms and solar farms with battery energy storage system (solar BESS) projects, following the commercial operation of additional projects. 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, compared to five projects with a combined installed capacity of 532 MW in Q2/2025. As a result, profit from these projects increased to THB 402 million in Q2/2026, representing an increase of 153% from THB 159 million in Q2/2025.
In addition, the Company recognized a share of core profit from wind power projects under the Gulf Gunkul group of THB 114 million in Q2/2026, representing an increase of 25% from THB 91 million in Q2/2025. The improvement was mainly driven by higher average wind speed, which increased from 4.8 m/s in Q2/2025 to 5.1 m/s in this quarter. For the Mekong Wind (MKW) power project in Vietnam, the project’s loss decreased by THB 48 million following the successful conclusion of the new power tariff agreement with Vietnam Electricity (EVN), which increased the electricity tariff from 3.9 US cents per kWh in Q2/2025 to 7.2 US cents per kWh in Q2/2026.
For the resources business, the Company recognized a share of core profit from the PTT NGD project of THB 343 million in Q2/2026, representing an increase of 65% from THB 208 million in Q2/2025. The increase was driven by higher average selling prices, which are linked to fuel oil prices. The average fuel oil price increased from USD 71 per barrel in Q2/2025 to USD 105 per barrel in this quarter, while natural gas costs increased at a slower pace. For the LNG shipper business under GLNG and HKH, the Company recognized profit of THB 450 million in Q2/2026, representing an increase of 157% from THB 175 million in Q2/2025. This growth was driven by higher LNG import volumes and the implementation of the LNG optimization strategy. During the first half of 2026, the Company imported a total of 37 LNG cargoes, equivalent to approximately 2.4 million tons.
In Q2/2026, the Company recognized a share of core profit from AIS of THB 4,549 million, representing an increase of 31% from THB 3,483 million in Q2/2025. The growth was primarily driven by AIS’s improved operating performance, supported by higher ARPU from both mobile and fixed broadband businesses, lower network and spectrum usage costs, and effective cost management. In addition, the Company recognized dividend income from KBANK of THB 2,842 million and a gain of THB 1,928 million from the divestment of a 51% stake in the Pak Lay hydropower project to J-Power.
In Q2/2026, the Company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of THB 18,997 million, representing an increase of 41% from THB 13,432 million in Q2/2025. Meanwhile, net profit attributable to the parent company (including foreign exchange impacts) was THB 12,446 million in Q2/2026, compared to THB 63,871 million in Q2/2025. The decrease was primarily due to the recognition of a one-time gain of THB 56,120 million from the amalgamation with INTUCH in Q2/2025.
As of 30 June 2026, the Company reported total assets of THB 815,968 million, total liabilities of THB 468,364 million, and shareholders’ equity of THB 347,604 million. The net interest-bearing debt to equity ratio stood at 1.06 times, increasing from 0.91 times as of 31 March 2026. The increase was primarily attributable to higher bank borrowings to support working capital requirements for the LNG import business, as well as investments in renewable energy projects and the LNG terminal project under the Group. In addition, shareholders’ equity decreased following the payment of a special dividend to shareholders during Q2/2026.
Ms. Yupapin Wangviwat, Chief Financial Officer, stated, “The Company’s strong operating performance in Q2/2026 reflects the growth potential of its core businesses. The Company projects total revenue and EBITDA growth of approximately 12-15% in 2026. For the second half of 2026, 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, 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. These projects will continue to support the Company’s revenue growth and operating performance.
Looking ahead, the Company remains committed to achieving sustainable long-term growth by continuing to expand its investment in the energy business, particularly renewable energy. The Company currently has a pipeline of solar farms, solar farms with BESS, and wind power projects that are scheduled to gradually commence commercial operation through 2030. In addition, the Company has three large-scale hydropower projects in the Lao PDR, which are expected to gradually commence commercial operation during 2030–2033. At the same time, the Company plans to participate in projects aligned with government policies, including domestic renewable energy projects, the pilot Direct PPA program, and community solar farm projects, to support the growing demand for clean energy.
Furthermore, the Company remains focused on expanding its investment footprint into high-potential international markets, particularly in Europe and the United Kingdom. To this end, the Company has established an office in London to support its continued business expansion across the European region.
Beyond the energy business, the Company recognizes significant growth opportunities in the digital sector, which serves as one of its new S-curve businesses to underpin long-term growth, with a focus on data centers, cloud services, and AI, supported by the ongoing digital transformation. The Company has successfully commenced operations of the GSA01 data center with a capacity of 25 MW. Meanwhile, the GSA02 project, with a capacity of 38 MW, and the GEDC01 project, with a maximum capacity of 100 MW, are currently under construction and are expected to commence operations in 2027.
Looking ahead, the Company remains committed to expanding its data center business while continuing to strengthen its digital infrastructure and related businesses to support the growing demand for digital services and AI.”
