Gulf Development Public Company (GULF) Q2 2026 earnings summary

Executive summary

• Q2'26 saw robust earnings growth, driven by strong power demand, increased capacity payments, and portfolio optimization initiatives.

• Revenue and core profit rose significantly year-over-year and quarter-over-quarter, supported by higher EGAT sales, new solar projects, and improved performance from digital and telecom segments.

• Strategic divestments and new subsidiary establishments enhanced the business portfolio and international presence.

• Total assets reached 815,968 million Baht as of 30 June 2026, up from 773,810 million Baht at year-end 2025.

• Equity attributable to owners stood at 315,598 million Baht, with total equity at 347,604 million Baht as of 30 June 2026.

Financial highlights

• Total revenue for Q2'26 was THB 50,294 million, up 23.8% YoY and 28.8% QoQ.

• EBITDA reached THB 18,997 million, up 41.4% YoY and 17.7% QoQ.

• Six-month consolidated revenue was 82,116 million Baht, more than doubling from 38,518 million Baht year-over-year.

• Six-month consolidated net profit was 23,994 million Baht, down from 65,485 million Baht year-over-year.

• Net profit attributable to parent was THB 12,332 million.

Outlook and guidance

• 2026 performance expected to improve further with 695 MW of new energy projects coming online.

• Jackson Generation's capacity payment to increase nearly tenfold, boosting profit share.

• Expansion in LNG imports and optimization to enhance value creation.

• Full-year recognition of new data center and motorway projects to support revenue growth.

• No explicit forward-looking guidance provided, but strong asset growth and capital structure suggest continued expansion.