Global Power Synergy (GPSC) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1/2025 results with EBITDA of 4,791 MTHB (+13% YoY) and net income of 1,324.6 MTHB (+32% YoY), driven by lower costs, higher demand, and portfolio optimization.

• Continued focus on green energy expansion, with operating capacity reaching 7,240 MW (+182 MW QoQ) and committed capacity of 14,144 MW.

• Monetization and portfolio rebalancing through partial divestments in AEPL and TSR, unlocking value and enhancing operational flexibility.

• Maintained high reliability and customer satisfaction, with system interruption frequency at 0.03 times/customer/year and >90% satisfaction.

• Interim consolidated and separate financial statements reviewed with no material misstatements found, prepared in accordance with Thai Accounting Standard 34.

Financial highlights

• Q1/2025 revenue: 21,414 MTHB; EBITDA: 4,791 MTHB (+13% QoQ, +1% YoY); net income: 1,324.6 MTHB (+14% QoQ, +32% YoY); EPS: 0.40 THB/share (+29% YoY).

• EBITDA margin at 23%; solid cash inflow from operations; ending cash at 17,977 MTHB.

• Net debt to equity improved to 0.84; interest coverage at 1.60x; average cost of debt at 3.5% p.a.

• Net cash generated from operating activities was 4,823 MTHB; net cash used in investing activities was 2,705 MTHB; net cash used in financing activities was 9,524 MTHB.

• Total assets as of 31 March 2025 were 280,094 MTHB; total equity was 120,076 MTHB.

Outlook and guidance

• Q2/2025 and FY2025 focus on fuel management, EBITDA uplift, financial expense reduction, and further portfolio monetization.

• Power demand for FY2025 forecast at 12,860 GWh; steam demand at 13.78 MT.

• Continued expansion in renewables, targeting 68% green capacity by 2030 and net zero by 2060.

• Amendments to accounting standards adopted from 2025, with no significant impact expected.

• Management is assessing the impact of new disclosure requirements for supplier finance arrangements.