GULF’s core profit reached a record high of THB 28,776 million in 2025, an increase of 33% YoY, driven by energy business and share of profit from AIS, and also recognized a gain from amalgamation with INTUCH of THB 56,120 million

Gulf Development Public Company Limited (“the Company”) reported strong financial results for 2025, with total revenue of THB 135,596 million, increasing 9% from THB 124,622 million in the previous year, while core profit reached THB 28,776 million in 2025, rising 33% from THB 21,572 million in 2024. GULF reported net profit of THB 86,562 million in 2025, mainly attributable to a gain from amalgamation with INTUCH of THB 56,120 million. As the amalgamation with INTUCH was completed on 1 April 2025, the Company prepared pro forma consolidated financial information for performance comparison purposes. This presents the actual operating results of the new entity from 1 April 2025 to 31 December 2025 combined with pro forma financial information for the three-month period from 1 January 2025 to 31 March 2025, and compares them with pro forma financial information for 2024, based on the assumption that the new entity held a 40.44% equity interest in AIS since 2024.

The Group’s improved performance was primarily driven by the growth of the energy business and its investment in AIS. For the energy business, the Gulf Pluak Daeng (GPD) power project, an IPP under IPD group with a total installed capacity of 2,650 MW, achieved full commercial operation of all four units in 2024. As a result, the Company recognized a full-year contribution from all four units for the first time in 2025. In addition, the Hin Kong (HKP) power project, an IPP with a total installed capacity of 1,540 MW, commenced commercial operation of its second unit in early January 2025, allowing the Company to recognize a full-year share of core profit from both units in 2025. Furthermore, the Company recognized a share of core profit from the Jackson Generation gas-fired power project in the United States of THB 1,093 million in 2025, significantly increasing from THB 21 million in 2024. The increase was mainly driven by a substantial rise in the Capacity Payment, which increased from USD 29 per MW per day during June 2024 to May 2025 to USD 270 per MW per day during June 2025 to May 2026. Consequently, the average Capacity Payment rose from USD 31 per MW per day in 2024 to USD 170 per MW per day in 2025. The increase was driven by higher electricity demand in the Pennsylvania-New Jersey-Maryland Interconnection (PJM) market, while conventional electricity supply continued to decline.

In addition, in 2025, the Company recognized a full-year contribution from five domestic solar farm projects and solar farms with battery energy storage systems (solar BESS), with a combined installed capacity of 532 MW, all of which commenced commercial operations in December 2024. The Company also started recognizing profit from an additional seven domestic solar farm and solar BESS projects, with a total installed capacity of 597 MW, which gradually commenced commercial operations during November to December 2025.

However, in 2025, the Gulf Sriracha (GSRC) power project, an IPP under IPD group, reported lower core profit compared to the previous year due to lower electricity sales to the Electricity Generating Authority of Thailand (EGAT) in line with softer overall electricity demand in the country, as well as a longer maintenance shutdown period, resulting in the average load factor declining from 75% in 2024 to 56% in 2025. In addition, the 12 SPP projects under GMP group recorded lower core profit mainly due to a retrospective gas cost charge imposed by PTT following the gas price stabilization policy implemented in late 2023 to maintain the electricity price at THB 3.99 per unit during the energy crisis. Subsequently, in June 2025, the Energy Regulatory Commission (ERC) allowed PTT to recover the actual gas cost difference incurred during that period. As a result, the Company recognized the gas cost difference in Q2/25. Gross margins from electricity sales to industrial customers also declined as the average Ft declined at a higher rate than the decrease in the average natural gas cost. The average Ft decreased from THB 0.40 per kWh in 2024 to THB 0.24 per kWh in 2025, while the average natural gas cost fell from THB 326 per MMBtu in 2024 to THB 308 per MMBtu in 2025. Nevertheless, as industrial users account for only 7% of the Group’s total electricity sales, the overall impact on the Company was limited.

For the infrastructure business, GULF recorded revenue from a service concession arrangement for the land reclamation work on the MTP3 industrial port development project, totaling THB 153 million, representing a 67% decrease from THB 458 million in 2024. The decline was due to revenue and profit being recognized based on construction progress, and the land reclamation works for the MTP3 project were completed in April 2025.

For the resources business, in 2025 the Company recognized a share of core profit from the PTT NGD project of THB 796 million, representing a 26% decrease from THB 1,077 million in 2024. This decrease was due to fuel oil prices declining at a faster rate than natural gas costs, with the average fuel oil price falling from USD 76 per barrel in 2024 to USD 68 per barrel in 2025, as the majority of the project’s revenue is linked to fuel oil prices while costs are dependent on natural gas prices. For the LNG shipper business under GLNG and HKH, the Company imported a total of 54 LNG cargos in 2025, equivalent to approximately 3.7 million tons, resulting in profit recognition of THB 453 million, a significant increase from THB 21 million in 2024, driven by higher LNG import volumes.

For the investment segment, in 2025 the Company recognized a share of core profit from AIS of THB 15,397 million, representing a 51% increase from THB 10,229 million in 2024. The improvement was mainly driven by stronger operating performance of AIS, supported by higher ARPU from both the mobile and fixed broadband businesses, together with lower operating expenses, particularly reduced spectrum usage costs and selling and administrative expenses. In addition, the Company recognized dividend income from its investment in KBANK totaling THB 1,192 million in 2025.

In 2025, the Company reported EBITDA of THB 53,866 million, representing a 25% increase from THB 43,237 million in 2024, while net profit attributable to the parent company was THB 86,562 million.

As of 31 December 2025, the Company reported total assets of THB 773,810 million, total liabilities of THB 407,911 million, and shareholders’ equity of THB 365,899 million. The net interest-bearing debt to equity ratio stood at 0.85 times.

Ms. Yupapin Wangviwat, Chief Financial Officer, stated, “For 2026, the Company expects operating performance to maintain its growth momentum, with revenue projected to increase by approximately 10–15%, supported by the gradual recognition of revenue from additional capacity following the commencement of new projects. This year, the Company expects to achieve commercial operation of new power projects totaling approximately 695 MW, comprising six domestic solar projects with a combined installed capacity of 623 MW — including four solar farm projects totaling 321 MW and two solar BESS projects totaling 302 MW. In addition, the Chiang Mai Waste to Energy (CM WTE) project, with an installed capacity of 10 MW, is scheduled to commence commercial operations in May 2026, while solar rooftop projects under GULF1 are expected to gradually supply an additional 63 MW to customers this year. Moreover, the performance of the Jackson Generation gas-fired power project in the United States is also expected to continue improving, supported by higher Capacity Payments driven by the surge in electricity demand from data centers and the gradual retirement of coal and nuclear power plants. The average Capacity Payment is set to increase further from USD 270 per MW per day to USD 329 per MW per day in mid-2026.

For the infrastructure business, the Bang Yai–Kanchanaburi (M81) intercity motorway project has already commenced commercial operations in January 2026. Meanwhile, the Bang Pa-in–Nakhon Ratchasima (M6) Motorway project is scheduled to commence operations in Q3/2026.

For the resources business, in 2026 the Company plans to increase LNG imports to approximately 70 cargos, equivalent to around 4–5 million tons, to support power generation for the Company’s power plants, which will in turn boost revenue from shipper fees. In addition, the Company will continue implementing its LNG optimization strategy to efficiently manage LNG importation, transportation, and distribution, thereby enhancing flexibility and creating additional value. Meanwhile, the LNG terminal is currently under construction and is scheduled to commence commercial operations in Q1/2029.

In addition, the Company’s performance in 2026 is expected to be further supported by higher share of profit and dividend income from AIS, reflecting its strong operating results driven by the continued expansion of its 5G subscriber base, higher ARPU, and effective cost management, particularly from lower spectrum usage costs following the successful acquisition of the 2100 MHz frequency band.

Meanwhile, the data center and cloud business will be another key growth driver in 2026, marking the first full-year recognition of operating results from the 25 MW GSA01 data center. The GSA02 project, with a capacity of 38 MW, and the GSA03 project, with a capacity of up to 100 MW, are currently under development and are scheduled to commence operations in 2027. The Company aims to expand its total data center capacity to 300–500 MW within the next 3–5 years. For the cloud business, following its collaboration with Google to provide Google Distributed Cloud air-gapped services, the Company has further expanded its partnership with Google under a strategic framework agreement to jointly explore and develop artificial intelligence (AI) infrastructure and solutions in Thailand. This initiative is intended to support the Group’s transition toward becoming an AI-Native technology company. The collaboration covers the development of solutions for both enterprise customers (B2B), including financial services, healthcare, and telecommunications, and government agencies, as well as consumer customers (B2C). It also includes the enhancement of internal operational processes through Agentic AI technologies, supporting the development of Sovereign Cloud for the public sector, virtual banking systems, and optimizing telecommunications networks, thereby strengthening operational performance, enhancing customer experience, and reinforcing the Group’s long-term competitiveness.

The Company plans to issue debentures totaling approximately THB 30,000–35,000 million in March 2026, to be offered to institutional and high-net-worth investors. The proceeds will be used to repay loans from financial institutions and maturing debentures, as well as to support the Company’s business expansion both domestically and internationally, in order to drive sustainable long-term growth.”