Mitihoon – GPSC announced its operating results for the first quarter of 2026, reporting a 51% increase in net profit compared to the same period last year and a 15% increase from the previous quarter. EBITDA rose by 6% quarter-on-quarter, reflecting the strength of its Small Power Producer (SPP) business, driven by higher electricity and steam demand from industrial customers, as well as effective cost and expense management.
Mr. Worawat Pitayasiri, Chief Executive Officer of Global Power Synergy Public Company Limited (GPSC), the innovative power flagship of the PTT Group, stated that in Q1 2026, the Company recorded a net profit of THB 1,719 million, representing a 51% increase YoY and a 15% increase QoQ. EBITDA stood at THB 4,427 million, up 6% from the previous quarter. These results reflect GPSC’s strong capability in efficiently managing its business portfolio amid ongoing energy market volatility. The Company continues to maintain the strength of its core businesses while effectively managing financial costs, operating expenses, and continuously enhancing asset efficiency, resulting in net profit growth both YoY and QoQ.
In Q1 2026, overall electricity and steam sales volume of the SPP business to industrial customers improved. Electricity sales volume increased by 3% compared to both the same period last year and the previous quarter, while steam sales volume rose by 9% YoY and 6% QoQ. This reflects sustained energy demand from the industrial sector, which continues to operate steadily. Despite challenges at the beginning of the year, the Company focused on maintaining business stability through disciplined cost and expense management, as well as ongoing improvements in power plant operations. During the quarter, the Independent Power Producer (IPP) portfolio underwent scheduled maintenance outages and efficiency upgrades to ensure system reliability.
Overseas investments remained a key driver supporting performance. The Xayaburi Power Company Limited (XPCL) benefited from higher water inflows, alongside successful debt restructuring that effectively reduced financial costs. Meanwhile, the offshore wind power project (CFXD) in Taiwan experienced seasonally lower performance but recognized compensation income under availability guarantees for wind turbine readiness. In addition, renewable energy projects in India under Avaada Energy Private Limited (AEPL) continued progressing as planned, with new projects gradually commencing commercial operations in Q1 2026, totaling approximately 1,099 MW. This strengthens the growth potential of the Company’s overseas renewable energy portfolio and aligns with its investment diversification strategy.
In addition, GPSC remains committed to sustainable growth by enhancing operational efficiency, optimizing its investment portfolio, and expanding its clean energy business both domestically and internationally. These efforts aim to strengthen financial performance, deliver stable returns to shareholders, and drive the Company toward becoming a leading energy innovation leader within the PTT Group.
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