Global Power Synergy (GPSC) Q3 2025 earnings summary

Executive summary

• Achieved strong 9M/2025 performance with core earnings growth and EBITDA margin above 20%.

• Net profit for 9M/2025 rose 60% YoY, driven by AEPL share sell-back gain, higher share of profit, and lower finance costs.

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

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

• Portfolio rebalancing and divestments enhanced ROIC and platform value.

Financial highlights

• 9M/2025 revenue: 65,451 MTHB (down 5% YoY); EBITDA: 14,693 MTHB (down 1% YoY); Net profit: 4,901 MTHB (up 60% YoY).

• Consolidated revenue for 9M/2025: 65,397 MTHB (down from 68,913 MTHB YoY); net profit: 5,540 MTHB (up from 3,633 MTHB YoY).

• EPS for 9M/2025: 1.74 THB/share (up 60% YoY); Q3/2025: 0.62 THB/share (up 129% YoY).

• Q3/2025 revenue: 21,561 MTHB (up 2% YoY); EBITDA: 5,238 MTHB (up 12% QoQ, up 10% YoY); Net profit: 1,742 MTHB (up 126% YoY, down 14% QoQ).

• Net cash generated from operating activities for 9M/2025: 15,646 MTHB; net cash used in investing and financing: 635 MTHB and 23,903 MTHB, respectively.

Outlook and guidance

• Q4/2025 focus: fuel management, EBITDA uplift, financial expense reduction, portfolio rebalancing, and monetization.

• FY2025 guidance: power sales ~13,070 GWh, steam sales 13.69 MT, gas cost 305-310 THB/MMBTU, coal cost 105-110 USD/ton.

• FX assumptions: ~32.9 THB/USD, ~30.9 TWD/USD for FY2025.

• New and amended financial reporting standards adopted from 1 January 2025 had no significant impact.