Gulf Development Public Company Limited (“the Company”) reported strong financial profit results for Q1/2026, with total revenue of 39.42 billion baht, increasing 21% from 32.34 billion baht in Q1/2025, while core profit reached 9.32 billion baht, rising 43% from 6.50 billion baht.
The Group’s improved performance was primarily driven by the growth of the energy business, both gas-fired and renewable energy businesses.
In Q1/2026, the Company recognized a share of core profit from AIS of THB 4,461 million, representing an increase of 35% from THB 3,314 million in Q1/2025.
The growth was primarily driven by AIS’s improved operating performance, supported by higher ARPU from both mobile and fixed broadband businesses, as well as lower operating costs, particularly from lower network
In Q1/2026, the Company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of THB 16,134 million, representing an increase of 27% from THB 12,699 million in Q1/2025, while net profit attributable to the parent company (including foreign exchange impacts) was THB 9,117 million, increasing 39% from THB 6,564 million.
This was partly supported by the depreciation of the Thai Baht, which depreciated from THB 31.74 against the USD as of 31 December 2025 to THB 32.99 at the end of Q1/2026.
As of 31 March 2026, the Company reported total assets of 820.75 billion baht.
The net interest-bearing debt to equity ratio stood at 0.91 times, increasing from 0.85 times as of 31 December 2025, primarily due to an increase in long-term debt following the issuance of debentures totaling THB 35,000 million in March 2026.
Yupapin Wangviwat, CFO, stated,“The Company maintains its 2026 total revenue growth target at approximately 10–15%, supported by the gradual recognition of revenue from additional capacity. This year, the Company expects to achieve commercial operation of new power projects totaling approximately 700 M.
For Q2/2026, the Company expects operating performance to continue improving, primarily driven by the energy business. Electricity sales to EGAT are expected to increase in line with higher domestic electricity demand during the summer season, particularly in April.
In addition, Jackson Generation gas-fired power project in the United States is expected to continue delivering strong performance, supported by an increase in Capacity Payment from USD 270 per MW per day to USD 329 per MW per day in June, driven by rising electricity demand from data centers in the PJM market.
Furthermore, in Q2/2026, the Company expects to recognize a gain of approximately THB 1,900 million from the divestment of a 51% stake in the Pak Lay hydropower project to J-Power, as well as dividend income from KBANK of approximately THB 2,800 million, which will further strengthen cash flow and overall performance.
Looking ahead, the Company remains committed to achieving sustainable long-term growth.
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