Gulf Development Public Company (GULF) Q1 2026 earnings summary

Executive summary

• Q1'26 saw strong revenue and core profit growth, with total revenue up 20.7% YoY and core profit up 43.3% YoY, driven by higher electricity sales, improved margins, and new project contributions.

• Total assets increased to 820,652 million Baht as of 31 March 2026, up from 773,810 million Baht at year-end 2025.

• Total liabilities rose to 442,532 million Baht, while total equity reached 378,120 million Baht.

• Net profit for Q1'26 was 10,401 million Baht, with total comprehensive income of 12,536 million Baht.

• The business portfolio is diversified across energy, resources, infrastructure, digital, and telecom, with energy remaining the main revenue contributor.

Financial highlights

• Q1'26 total revenue reached THB 39,041 million (+20.7% YoY, +20.3% QoQ).

• EBITDA for Q1'26 was THB 16,134 million (+27.0% YoY, +14.5% QoQ).

• Core profit for Q1'26 was THB 9,326 million (+43.3% YoY, +18.2% QoQ).

• Net profit attributable to parent was THB 9,117 million in Q1'26.

• Cash and cash equivalents increased to 52,553 million Baht at quarter-end.

Outlook and guidance

• 2026 outlook projects further performance improvement from new project CODs, higher Jackson Generation capacity payments, and increased LNG imports.

• Q2'26 earnings growth expected from peak power demand, Pak Lay divestment gain (~THB 1,900 million), and KBANK dividend income (~THB 2,800 million).

• Long-term growth secured by a pipeline of committed projects across energy, infrastructure, and digital sectors.

• Strong cash position and equity growth support future investments.