GPSC announced its first-quarter 2026 results, showing a 51% profit increase compared to the same period last year and a 15% rise from the previous quarter. EBITDA grew 6% from the prior quarter, reflecting the strength of the SPP power plant business driven by increased electricity and steam demand from industrial customers, along with efficient cost and expense management.
Vorawat Pittayasiri, Chief Executive Officer of Global Power Synergy Public Company Limited (GPSC), the leading power business innovator of the PTT Group, stated that in Q1 2026, the company posted a net profit of 1.72 billion baht, up 51% from the same period last year and 15% from the previous quarter. EBITDA stood at 4.43 billion baht, increasing 6% from the prior quarter.
This reflects GPSC’s ability to efficiently manage its business portfolio amid a still-volatile energy environment. The company maintains the strength of its core business alongside managing financial costs, operating expenses, and continuously improving asset efficiency, resulting in profit growth both year-on-year and quarter-on-quarter.
In Q1 2026, overall electricity and steam sales volume from the SPP business, which consists of small power plants serving industrial customers, improved. Electricity sales volume rose 3% compared to both the same period last year and the prior quarter, while steam sales increased 9% year-on-year and 6% quarter-on-quarter, reflecting sustained industrial energy demand.
Moreover, despite early-year challenges, the company focused on maintaining business stability by managing costs and expenses and continuously enhancing power plant management efficiency. During this quarter, the IPP group (independent power producers) underwent scheduled maintenance and performance upgrades to ensure system reliability.
Regarding overseas investments, these remain a key driver supporting performance. Xe Pian Xe Namnoy Power Company Limited (XPCL) benefited from increased water flow, alongside successful debt restructuring that effectively controlled the project’s financial costs. Meanwhile, Taiwan’s offshore wind power project (CFXD) experienced seasonal performance declines but recognized revenue from guarantees compensating for turbine availability.
Additionally, the renewable energy project in India, operated by Avada Energy Private Limited (AEPL), progressed as planned, with new commercial operations launching in Q1 2026 totaling approximately 1,099 megawatts. This strengthens the growth potential of the company’s renewable energy portfolio abroad, aligning with its investment diversification strategy.
GPSC continues to focus on sustainable growth by improving operational efficiency, managing its investment portfolio, and expanding clean energy businesses both domestically and internationally. This strategy aims to strengthen financial stability, deliver stable returns to shareholders, and drive the organization towards becoming the PTT Group’s leading energy innovation company of the future.