Global Power Synergy (GPSC) Q3 2026 earnings summary

Executive summary

• 9M 2026 profit attributable to owners was THB 5,130M, up 5% YoY, supported by higher associate earnings and lower finance costs despite weaker revenue and SPP profit.

• Q3 profit attributable to owners was THB 1,592M, down 12% QoQ as fuel costs and lower dispatch pressured margins; SYE divestment and spare-parts sales partly offset the decline.

Financial highlights

• 9M sales and services revenue was THB 60,324,229,689 versus THB 65,396,570,197; profit for the period was THB 5,642,822,241 versus THB 5,540,063,521.

• 9M EBITDA was THB 14,300M, down 3% YoY; EBIT was THB 7,315M, down 4%, and finance costs fell 15% to THB 3,322M.

• Q3 sales and services revenue was THB 21,970,878,080 versus THB 21,554,590,823; profit attributable to owners was THB 1,591,791,457 versus THB 1,741,876,823.

• Q3 EBITDA was THB 4,594M, down 12% YoY and 13% QoQ; profit before FX and extraordinary items for 9M was THB 5,317M, flat YoY.

• 9M share of profit and dividends rose to THB 662M from THB 346M; net FX gain was THB 325M versus THB 235M.

Outlook and guidance

• FY2026 EBITDA uplift estimate is THB 1,217M, above target; uplift initiatives generated THB 947M through the reported progress period.

• FY2026 guidance: Ft ~14.06 satang/kWh, subject to government action; pool gas ~THB 360–370/MMBtu and coal ~US$145–150/ton.

• FY2026 SPP demand outlook is ~12,700 GWh power, down 2% YoY, and 14.50 MTA steam, up 6%; Q4 outlook is ~3,150 GWh power and 3.55 MT steam.

• Strategic targets: raise SPP gas-linked revenue from 63% to 70% by 2030 and grow renewable EPC backlog 10x by 2030.

• Target to secure extension of the 713 MW Glow IPP PPA by Q1 2027; AEPL IPO filing planned for 2027, with market debut targeted in 2028.