Gulf Development Public Company (GULF) Q4 2025 earnings summary

Executive summary

• Achieved strong revenue and core profit growth in Q4'25 and FY2025, driven by new project CODs, improved performance from investments, and resilient operations.

• Expanded renewable energy and infrastructure portfolios, with significant capacity additions and diversification across geographies.

• Maintained robust financial position and prudent leverage, supporting long-term growth and sustainability ambitions.

Financial highlights

• Q4'25 revenue rose 14.1% YoY and 7.6% QoQ; EBITDA up 24.6% YoY and 3.3% QoQ; core profit up 42.7% YoY and 8.4% QoQ.

• FY2025 revenue increased 8.8% YoY to THB 135,596 million; core profit up 33.4% YoY to THB 28,776 million; EBITDA up 24.6% YoY to THB 53,866 million.

• Net profit attributable to parent for FY2025 was THB 21,572 million.

Outlook and guidance

• 2026 performance expected to improve with new solar, waste-to-energy, and motorway projects reaching COD.

• Higher capacity payments from Jackson Generation and increased LNG imports targeted for 2026.

• Data center and cloud business targeting over 500 MW capacity within 3-5 years.

• Five-year investment plan (2026-30) of approx. THB 130 billion, with 66% allocated to renewables.