Gulf Energy Development Public Company
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Gulf Energy Development Public Company (GULF) investor relations material

Gulf Energy Development Public Company Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Achieved strong revenue and core profit growth in Q4'25 and FY2025, driven by new project CODs, improved performance from investments, and resilient operations.

  • Completed a major amalgamation between two large entities, consolidating assets, liabilities, and operations as of 1 April 2025.

  • Expanded renewable energy and infrastructure portfolios, with significant capacity additions and diversification across geographies.

  • Recorded a substantial gain on bargain purchase from the step acquisition and remeasurement of previously held interests.

  • Maintained robust financial position and prudent leverage, supporting long-term growth and sustainability ambitions.

Financial highlights

  • Q4'25 revenue rose 14.1% YoY and 7.6% QoQ; EBITDA up 24.6% YoY and 3.3% QoQ; core profit up 42.7% YoY and 8.4% QoQ.

  • FY2025 revenue increased 8.8% YoY to THB 135,596 million; core profit up 33.4% YoY to THB 28,776 million; EBITDA up 24.6% YoY to THB 53,866 million.

  • Net profit attributable to parent for FY2025 was THB 21,572 million.

  • Total assets reached THB 773,810 million as of 31 December 2025.

  • Profit for the period was THB 84,380 million, with basic EPS of Baht 5.35.

Outlook and guidance

  • 2026 performance expected to improve with new solar, waste-to-energy, and motorway projects reaching COD.

  • Board proposes a dividend of Baht 3.25 per share for approval at the 2026 AGM.

  • Data center and cloud business targeting over 500 MW capacity within 3-5 years.

  • Five-year investment plan (2026-30) of approx. THB 130 billion, with 66% allocated to renewables.

  • Ongoing capital investments in subsidiaries and equity instruments post-period.

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Q1 20268 May, 2026
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Frequently asked questions

Gulf Energy Development Public Company Limited is a Thailand-based energy company engaged in the development, generation, and distribution of electricity. The company operates a diversified portfolio of power projects, including natural gas, renewable energy, and infrastructure ventures. Gulf Energy’s projects span both domestic and international markets, serving industrial, commercial, and residential customers. The company also invests in energy transmission and infrastructure to support the efficient delivery of power to end users, with a focus on sustainable energy solutions. The company is headquartered in Bangkok, Thailand, and its shares are listed on the Stock Exchange of Thailand.

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