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Gulf Energy Development Public Company (GULF) investor relations material

Gulf Energy Development Public Company Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary19 Nov, 2025

Executive summary

  • Achieved strong core profit growth in Q3'25, with a 32.3% year-over-year and 2.5% quarter-over-quarter increase, driven by improved performance in power generation and telecom segments.

  • Amalgamation of GULFI and INTUCH completed on April 1, 2025, with financials presented on a pro forma basis for comparability.

  • Significant profit and comprehensive income driven by core operations and a large gain on bargain purchase.

  • Strong cash position and robust equity base at period end.

  • Report covers the period from April 1, 2025, reflecting consolidated and separate financials.

Financial highlights

  • Q3'25 total revenue was THB 31,267 million, down 3.5% YoY and 25.7% QoQ; EBITDA rose 1.4% YoY and 1.6% QoQ to THB 13,641 million.

  • Consolidated revenue for the period was ฿67,554.8 million, with gross profit of ฿13,025.3 million.

  • Net profit attributable to parent was THB 7,280 million in Q3'25, up from THB 7,101 million in Q2'25 and THB 5,501 million in Q3'24.

  • Profit for the period reached ฿74,138.8 million, including a gain on bargain purchase of ฿56,120.4 million.

  • Total assets reached THB 752,800 million (+2.1% from April 1, 2025), with total equity at THB 354,210 million (+4.2%) and liabilities at THB 398,589 million (+0.2%).

Outlook and guidance

  • Targets 25% total revenue growth for 2025, supported by new solar farms and increased LNG imports.

  • Expects higher share of profit from Jackson project due to a tenfold increase in capacity payment and peak season for wind farms in Q4'25.

  • Lower interest rate outlook anticipated to reduce financing costs and boost project returns.

  • No explicit forward-looking guidance provided, but strong financial position and recent amalgamation suggest positive momentum.

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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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