Gulf Energy Development Public Company (GULF) Q2 2025 earnings summary

Executive summary

• Achieved strong revenue and core profit growth in Q2'25, driven by new capacity additions, improved project performance, and the completion of the GULFI-INTUCH amalgamation.

• Completed major developments including new power plant CODs, renewable energy expansions, and infrastructure milestones.

• Upgraded corporate credit rating to AA- with a stable outlook following the merger.

• Recognized a one-time gain on bargain purchase of THB 56,120 million from the amalgamation.

• Expanded domestic solar power investments, acquiring a 50% stake in nine projects totaling 460.8 MW.

Financial highlights

• Q2'25 total revenue rose 24.5% year-over-year and 25.6% quarter-over-quarter to THB 40,617 million.

• EBITDA increased 21.2% YoY and 5.8% QoQ to THB 13,432 million.

• Core profit grew 26.5% YoY and 9.1% QoQ to THB 7,101 million, driven by new project operations and higher share of profit from key associates.

• Net profit attributable to owners was THB 63,871 million, reflecting the one-time gain from the merger.

• Gross profit margin from sales declined to 16.9% from 20.7% in Q1'25 due to higher fuel costs.

Outlook and guidance

• Projected 25% revenue growth for 2025, supported by new capacity CODs, increased LNG imports, and a balanced business structure across sectors.

• Key drivers include additional 1,477 MW capacity, higher share of profit from telecom investments, and data center operations.

• Multiple renewable and infrastructure projects under construction or development, including solar, wind, hydro, LNG terminal, and data center projects.

• Upcoming commercial operations for solar and wind projects expected between 2025 and 2030.

• Long-term growth secured by committed projects in power, infrastructure, and digital sectors over the next decade.