Gulf Development Public Company Limited (SET: GULF) reported total revenue of THB 52,809 million in Q3/2026, an increase of 75% from THB 30,177 million in Q3/2025. Core profit reached THB 9,045 million, increasing 24% from THB 7,280 million.
The Group’s improved performance was primarily driven by growth in the energy business, both gas-fired and renewable energy businesses. For the gas-fired power business, Gulf Pluak Daeng (GPD), an IPP project under the IPD group, recorded higher core profit compared to the same period last year, supported by increased electricity sales to the Electricity Generating Authority of Thailand (EGAT).
The average load factor rose from 45% in Q3/2025 to 72% in Q3/2026. The Company also recognized a share of core profit of THB 350 million from the Hin Kong Power (HKP) project, an increase of 61% from THB 218 million in Q3/2025, when unit 1 underwent a scheduled A-inspection. In addition, the Company recognized a share of core profit of THB 562 million from the GJP group in Q3/2026, an increase of 2% from THB 550 million in Q3/2025. This was mainly driven by higher electricity sales to EGAT from the GJP group’s two IPP projects, Gulf Uthai (GUT) and Gulf Nong Saeng (GNS).
In Q3/2026, the average load factors of GUT and GNS increased to 18% and 37%, respectively. This improvement partly offset a slight decline in profit from the GJP group’s seven SPP projects due to higher natural gas costs and a lower Ft rate. The Company also recognized a share of core profit of THB 932 million from the Jackson Generation gas-fired power project in the United States, an increase of 67% from THB 557 million in Q3/2025. This was mainly driven by a significant rise in the Capacity Payment, reflecting higher electricity demand from data centers in the PJM market.
The average Capacity Payment increased from USD 270 per MW per day in Q3/2025 to USD 329 per MW per day in Q3/2026. The project also benefited from a wider spark spread as power prices rose in response to increased demand, particularly during the heatwave in July 2026.
For the renewable energy business, in Q3/2026, the Company recognized higher core profit from domestic solar farm and solar farm with battery energy storage system (solar BESS) projects following the commercial operation of additional projects. The Company currently has 14 domestic solar farm and solar BESS projects in operation, with a combined installed capacity of 1,379 MW, compared with five projects with a combined installed capacity of 532 MW in Q3/2025.
The Company also recognized a share of core profit of THB 319 million from wind power projects under the Gulf Gunkul group in Q3/2026, an increase of 38% from THB 230 million in Q3/2025. The improvement was driven by higher average wind speeds, which rose from 5.7 m/s in Q3/2025 to 6.5 m/s in Q3/2026. Meanwhile, the Mekong Wind (MKW) project in Vietnam also performed better, following the finalization of a new power tariff with Vietnam Electricity (EVN). The electricity tariff increased from 3.9 US cents per kWh in Q3/2025 to 7.2 US cents per kWh in Q3/2026, while curtailment declined from 5% to 1%.
The resources business recorded an overall improvement in Q3/2026, mainly due to the LNG import business under GLNG and HKH, which benefited from higher import volumes and the implementation of the LNG optimization strategy. During the first nine months of 2026, the Company imported 56 LNG cargoes, equivalent to approximately 3.7 million tons. However, the share of core profit from the PTT NGD project declined by 7%, from THB 199 million in Q3/2025 to THB 184 million in Q3/2026, due to losses from derivative instruments, despite an increase in gross profit.
The digital business under the Gulf Edge group returned to profit in Q3/2026, compared with a loss in the same period last year. This followed the GSA01 data center’s commencement of full operations in June 2026, with customers gradually occupying the entire leased space.
In Q3/2026, the Company recognized a share of core profit from AIS of THB 4,443 million, representing an increase of 16% from THB 3,829 million in Q3/2025. The growth was mainly driven by AIS’s improved operating performance, supported by higher average revenue per user (ARPU) in both mobile and fixed broadband businesses, growth in handset sales, and lower network and spectrum costs.
Total dividend income from the Company’s investments amounted to THB 474 million in Q3/2026, up from THB 276 million in Q3/2025. The increase was mainly attributable to higher dividends from KBANK following an increase in the Company’s investment stake.
In Q3/2026, the Company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of THB 15,265 million, an increase of 12% from THB 13,641 million in Q3/2025. Net profit attributable to the parent company, including foreign exchange impacts, was THB 9,289 million, up 28% from THB 7,274 million in Q3/2025.
As of 30 September 2026, the Company reported total assets of THB 841,610 million, total liabilities of THB 478,774 million, and shareholders’ equity of THB 362,836 million. The net interest-bearing debt to equity ratio was 1.02 times, down from 1.06 times as of 30 June 2026, reflecting an increase in shareholders’ equity following the Group’s improved operating performance.
Mr. Smith Banomyong, Chief Financial Officer, stated, “The Company continues to project total revenue and EBITDA growth of approximately 12–15% in 2026. In Q4/2026, we expect continued growth in operating performance, particularly from the renewable energy business. Four domestic solar farm and solar BESS projects, with a combined installed capacity of 373 MW, are scheduled to commence commercial operation from late November through December 2026.
In addition, solar rooftop projects under GULF1 are expected to supply approximately 30 MW of additional electricity to customers in Q4/2026. The fourth quarter is also the high season for wind power generation, and the three wind projects under the Gulf Gunkul group in Thailand and the BKR2 project in Germany are expected to deliver improved performance.
In 2027, the Company expects several new power projects with a combined installed capacity of more than 600 MW to commence commercial operation. These comprise two domestic solar power projects with a combined capacity of 133 MW, five domestic wind power projects with a combined capacity of 376 MW, 12 industrial waste-to-energy projects with a combined capacity of 118 MW, and three solid recovered fuel (SRF) facilities.
In the infrastructure business, the Bang Pa-in–Nakhon Ratchasima Intercity Motorway (M6) is scheduled to commence commercial operations in Q2/2027. In the data center business, GSA02, located in Chonburi in the Eastern Economic Corridor (EEC), has a maximum service capacity of 38.1 MW and is scheduled to commence operations in Q2/2027. GEDC01, located in Rayong in the EEC, has a maximum service capacity of 100 MW and is scheduled to commence operations in Q4/2027.
Over the longer term, GULF sees opportunities to expand its business under the draft Power Development Plan (PDP 2026), which is expected to open opportunities to develop gas-fired and renewable power projects. The Direct PPA program, which will allow electricity trading from a broader range of energy sources and not only renewables, together with community solar farm projects, will create further opportunities for the Company to develop projects and expand its business while supporting rising demand for clean energy.
Beyond energy, the Company is continuing to build its digital business, which has growth potential alongside the digital transformation, particularly in data centers, cloud, and AI. The Company plans to expand its data center business while developing digital infrastructure and related businesses to support growing demand for digital and AI services, pursue further business opportunities, and support GULF’s long-term growth.”
