Global Power Synergy (GPSC) Q1 2026 earnings summary

Executive summary

• Q1/2026 net profit rose 15% QoQ and 51% YoY, driven by higher SPP demand, cost optimization, and FX gains.

• EBITDA increased 6% QoQ but declined 8% YoY, reflecting strong operational resilience despite lower revenues.

• Revenue dropped 22% YoY and 15% QoQ due to lower Ft and seasonal factors, but profitability improved.

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

• Principal business is the production and distribution of electricity, steam, and water for industrial use.

Financial highlights

• Q1/2026 revenue: 16,640 MTHB (▼22% YoY, ▼15% QoQ); EBITDA: 4,427 MTHB (▼8% YoY, ▲6% QoQ); Net profit: 1,719 MTHB (▲51% YoY, ▲15% QoQ).

• Total consolidated assets stood at Baht 260,988 million as of 31 March 2026, down from Baht 264,259 million at year-end 2025.

• Equity attributable to owners of the parent increased to Baht 106,180 million from Baht 104,406 million.

• EPS at 0.61 THB/share, up 51% YoY and 15% QoQ.

• Net cash generated from operating activities was Baht 4,501 million for Q1 2026.

Outlook and guidance

• Q2/2026 expects higher Ft (14.96 st/kWh), pool gas cost (345-350 THB/MMBTU), and stable SPP demand.

• FY2026 guidance: focus on fuel management, EBITDA uplift, financial expense reduction, and asset monetization.

• Anticipates continued strong IU demand and new growth from renewables and data center projects.

• No explicit forward-looking guidance provided, but continued focus on core business and capital discipline is evident.