Mitihoon – Gulf Development Public Company Limited (“the Company”) reported financial results for Q3/2025, with total revenue of THB 30,177 million, decreasing 26% from THB 40,617 million in the previous quarter. The decline was mainly due to lower electricity sales to the Electricity Generating Authority of Thailand (EGAT) from the Group’s Independent Power Producer (IPP) projects in line with seasonal demand, together with a decrease in natural gas costs. Nevertheless, core profit rose 3% from THB 7,101 million in Q2/2025 to THB 7,280 million this quarter, marking the highest level on record. EBITDA also increased 2% from THB 13,432 million in the previous quarter to THB 13,641 million in Q3/2025, primarily supported by lower natural gas costs.
The Group’s improved performance was primarily driven by the growth of the energy business, including both gas-fired and renewable energy businesses. In Q3/2025, the Company recognized higher core profit from the Gulf Sriracha (GSRC) power project, an IPP under the IPD group, compared to the previous quarter, as Q2/2025 had a longer period of planned maintenance shutdowns (B-Inspection) than Q3/2025. Meanwhile, the Company recorded a higher share of core profit from the GJP group, mainly from 7 SPP projects under GJP group, which reported higher gross margins as the average natural gas cost declined at a higher rate than the decrease in the average Ft. The average natural gas cost fell from THB 317.3 per MMBtu in Q2/2025 to THB 298.0 per MMBtu in Q3/2025, while the average Ft decreased from THB 0.25 per kWh to THB 0.18 per kWh, resulting in improved margins from electricity sales to industrial users. In addition, the Company recognized a share of core profit from the Jackson Generation gas-fired power project in the United States of THB 557 million, increasing 316% from THB 134 million in the previous quarter. The significant increase was mainly driven by the recognition of a full-quarter Capacity Payment in Q3/2025. The average Capacity Payment rose substantially from USD 29 per MW per day during June 2024 – May 2025 to USD 270 per MW per day during June 2025 – May 2026, driven by higher electricity demand in the Pennsylvania-New Jersey-Maryland Interconnection (PJM) market, while conventional electricity supply continued to decline. The Company also recorded higher share of core profit from wind power projects compared to the previous quarter. The projects under Gulf Gunkul Corporation (GGC) reported a 154% increase in share of profit from THB 91 million in Q2/2025 to THB 230 million in this quarter, due to higher average wind speed, which increased from 4.8 m/s in Q2/2025 to 5.7 m/s in Q3/2025. Likewise, the Borkum Riffgrund 2 (BKR2) wind power project in Germany recorded a 40% increase in share of core profit from THB 46 million in Q2/2025 to THB 65 million in this quarter, supported by higher average wind speed, rising from 7.5 m/s in Q2/2025 to 8.0 m/s in Q3/2025.
However, in Q3/2025, the Company recorded lower core profit from the Gulf Pluak Daeng (GPD) power project, an IPP under the IPD group, and a slightly lower share of core profit from the Hin Kong (HKP) gas-fired power project, compared to the previous quarter. This was due to planned maintenance shutdowns (A-Inspection) at both projects during the quarter, coupled with lower electricity sales to EGAT following seasonal demand softness. The average load factor of GPD declined from 75% in Q2/2025 to 45% in this quarter, while HKP’s average load factor decreased from 87% in Q2/2025 to 80% in Q3/2025.
For the gas business, the Company recognized a share of core profit from the PTT NGD project of THB 199 million in Q3/2025, decreasing 4% from THB 208 million in Q2/2025. This decrease was due to a decrease in the average fuel oil price at a higher rate than a decrease in average natural gas cost, as the majority of the project’s revenue is linked to fuel oil prices while costs are dependent on natural gas prices. The average fuel oil price dropped from USD 70.5 per barrel in Q2/2025 to USD 66.4 per barrel in this quarter. For the LNG shipper business under GLNG and HKH, during the first nine months of 2025, the Company imported a total of 42 LNG cargos, equivalent to approximately 2.85 million tons.
In Q3/2025, the Company recognized a share of core profit from its investment in AIS of THB 3,829 million, increasing 10% from THB 3,483 million in Q2/2025. The growth was mainly driven by AIS’s improved operating performance, supported by higher ARPU in both mobile and fixed broadband businesses, along with lower operating expenses following reductions in spectrum usage fees, utility costs, and network maintenance expenses. Moreover, dividend income from investments decreased from THB 1,044 million in Q2/2025 to THB 276 million in Q3/2025, primarily due to lower dividend income from KBANK, which declined from THB 977 million in Q2/2025 to THB 215 million in this quarter.
The Company reported EBITDA of THB 13,641 million in Q3/2025, increasing 2% from THB 13,432 million in Q2/2025, while net profit attributable to the parent company (including foreign exchange impacts) was THB 7,274 million in Q3/2025.
As of September 30, 2025, the Company reported total assets of THB 752,800 million, total liabilities of THB 398,589 million, and shareholders’ equity of THB 354,211 million. The net interest-bearing debt to equity ratio stood at 0.85 times, decreasing from 0.87 times as of June 30, 2025, mainly due to an increase in shareholders’ equity resulting from the Group’s improved operating performance.
Ms. Yupapin Wangviwat, Chief Financial Officer, stated, “In Q4/2025, the Company expects continued growth, particularly from the renewable energy business. Seven domestic solar farms and solar farms with battery energy storage systems (BESS), with a total installed capacity of 597 MW, are scheduled to commence commercial operations between November and December 2025. Meanwhile, the Bang Yai–Kanchanaburi (M81) Motorway project is expected to commence operations as planned in December this year. In addition, the fourth quarter marks the high season for wind power projects, which is expected to drive improved performance from three wind power projects under Gulf Gunkul Corporation in Thailand, as well as the Borkum Riffgrund 2 (BKR2) project in Germany.”
Ms. Yupapin added, “In 2026, the Company expects further improvement in operating performance, driven by the commercial operations of an additional six domestic solar farms with a total installed capacity of 623 MW, as well as the Chiang Mai Waste to Energy (CM WTE) power plant with an installed capacity of 10 MW, which is scheduled to commence operations in May 2026. Meanwhile, the solar rooftop projects under GULF1 are expected to supply an additional 50 MW to customers during 2026. 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 Pa-in–Nakhon Ratchasima (M6) Motorway project is scheduled to commence operations in Q3/2026.
For the gas business, in 2026, the Group plans to increase LNG imports to approximately 70 cargos, equivalent to around 4–5 million tons, to support power generation from the Company’s power plants, which will in turn enhance revenue from shipper fees. In addition, the Group will continue to focus on implementing its LNG optimization strategy to efficiently manage LNG importation, transportation, and distribution, thereby enhancing flexibility and creating additional value.
In addition, the Company’s performance in 2026 is expected to be further supported by higher share of core profit and dividend income from AIS, reflecting AIS’s strong operating results driven by the continued expansion of its 5G user base, higher ARPU, and effective cost management, particularly from lower spectrum usage costs following the successful acquisition of the 2100 MHz frequency band.
The digital business will be another key growth driver in 2026, marking the first full-year recognition of operating results from the GSA01 data center project, a 25 MW facility jointly invested with Singtel and AIS, which has already commenced operations. Meanwhile, the GSA02 data center project, with a capacity of 38 MW, is under development and scheduled to begin operations in Q1/2027. The Company aims to expand its total data center capacity to 300–500 MW within the next 3–5 years to meet the rising demand for digital infrastructure and AI technology in Thailand. For the cloud business, the Company has partnered with AIS under G-AIS to provide both public and private cloud services in collaboration with Oracle Alloy, Google, and Microsoft. The partnership aims to offer integrated cloud solutions and jointly develop digital innovations to enhance access to advanced cloud and AI technologies, while strengthening cybersecurity capabilities, thereby reinforcing Thailand’s competitiveness and supporting the growth of the digital economy.
GULF remains committed to pursuing continuous and sustainable long-term growth, particularly through expanding investments in renewable energy businesses, including solar, wind, hydropower, and waste-to-energy projects, which will serve as key growth drivers through 2033. At present, the Company has an installed power generation capacity of approximately 16,000 MW in operation and 9,000 MW under development, with more than 40% of total capacity coming from renewable sources, in line with Thailand’s greenhouse gas reduction targets. In addition, the Company sees strong long-term growth potential in the digital business, supported by the expansion of data center and cloud operations. With robust infrastructure, reliable energy capabilities, and strategic global partnerships, GULF is well-positioned to play a vital role in driving Thailand’s transformation into a regional digital hub in the future.”
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