Ms. Yupapin Wangviwat, Chief Financial Officer of Gulf Development Public Company Limited (SET: GULF), disclosed that in 2026, the company views the data center business group as another key driver of growth. This will be the first year the company fully recognizes the annual performance of the 25-megawatt (MW) GSA01 data center.
Currently, the company is expanding further with a new phase, the GSA02 project, which will have a capacity of 38 MW and is expected to be operational in the first quarter of 2027, with contracts already signed with clients. The GSA03 project, with a capacity of up to 100 MW, is under development and scheduled to launch at the end of 2027, with full customer commitments as well. The company aims to expand its data center service capacity to 1,000 MW within the next 3–5 years to support the surging demand from AI, cloud, digital platforms, and data storage customers, both in Thailand and the region.
In the cloud business segment, following the collaboration with Google to operate the Google Distributed Cloud air-gapped service, the company has further expanded its partnership under a Strategic Framework Agreement to jointly study and develop infrastructure and AI solutions in Thailand. This aims to support the company group’s transformation into a fully AI-driven organization.
As for business performance in 2026, the company remains confident that revenue will grow by 10–15% compared to last year’s total revenue of 135,596 million baht. This growth will be driven by the company’s power plant projects, which will add a total of 695 MW of commercial operation (COD), including six domestic solar power projects with a total installed capacity of 623 MW—four solar farm projects (321 MW) and two solar BESS projects (302 MW). This will increase the company’s annual profit by 570 million baht in 2026, with the total company capacity rising from 16,500 MW to 17,200 MW.
In 2026, the company plans to issue bonds totaling approximately 65,000 million baht.
Additionally, the operational results of the Jackson Generation natural gas power plant project in the United States continue to show steady growth due to increased Capacity Payment rates as a result of the surging electricity demand from data centers.
For the resource business in 2026, the company plans to increase LNG imports to about 70 shipments, or about 4–5 million tons, to support the electricity production of its power plants. In the past two months, 11 shipments totaling 700,000 tons have already been imported, which will help boost revenue from shipper fees alongside the continued execution of LNG optimization strategies for efficient import, transportation, and sales management.
Meanwhile, in 2026, the company will benefit from higher profit sharing and dividend income from AIS, driven by solid performance from the expansion of its 5G user base, increased ARPU (average revenue per user), and effective cost management.
Ms. Yupapin further stated that the company has set a five-year (2026–2030) investment budget at 130,000 million baht, mainly focusing on expanding the renewable energy portfolio (66%), gas business (5%), resource business (6%), infrastructure business (7%), data center & cloud business (7%), and M&A and other projects (13%). For 2026, the investment budget is set at 50,000 million baht, with 60% for renewable energy expansion, 3% for gas business, 1% for infrastructure business, 8% for data center & cloud, and 28% for M&A and others.
