GUNKUL Reports 13.2% Profit Growth in FY2025, Setting Course for 2,000 MW Green Energy and Digital Infrastructure Leadership

• Normalized Profit Reaches THB 1,812 Million; Revenue at THB 8,468 Million with Gross Margin Expanding to 34.64%

Gunkul Engineering Public Company Limited (GUNKUL) has announced its FY2025 full-year financial results, reporting normalized net profit of THB 1,812 million, a growth of 13.2% year-on-year. Total revenue reached THB 8,468.25 million, with gross profit margin expanding from 31.18% to 34.64%, reflecting broad-based profitability improvements across all business segments. Looking ahead to 2026, GUNKUL targets 10–15% growth and aims to break the THB 10,000 million revenue milestone.

FY2025 Financial Highlights: Growth Across All Dimensions

GUNKUL's FY2025 results demonstrate strength across every profitability metric — gross margin, net margin, and absolute net profit — underpinned by a fully integrated energy Value Chain business model.

Key figures at a glance:

• Normalized Net Profit: THB 1,812M (+13.2% YoY from THB 1,600M)
• Total Revenue: THB 8,468.25M
• Gross Profit Margin: 34.64% (up from 31.18%)
• EPC Backlog: Doubled in size; revenue recognition underway from Q4/2025
• Green Power Contribution: 67% of total profit (gross profit + investment income)

The Green Power segment — comprising wind and solar power plants in Thailand and overseas — continues to serve as the company's primary profit engine, generating stable and recurring cash flows.

Green Energy Portfolio: Advancing Toward 2,000 MW by 2027

GUNKUL currently holds 1,629 MW of power projects in its pipeline, with over 832 MW awaiting development and commercial operation — a capacity base that will drive meaningful profit growth from 2026 onwards. An additional 300 MW of PPA agreements is in the final stages of signing, pushing the total portfolio closer to the 2,000 MW target by 2027.

The company's capacity expansion strategy includes:

• Community Solar (1,500 MW) and public solar programs under government policy
• Direct PPA projects for industrial and commercial clients
• International solar expansion, with a focus on high-growth markets in the Philippines and Taiwan
• Joint Venture strategy with strategic partners, backed by a THB 40,000M+ capital expenditure plan over 5 years

New S-Curve: GUNKUL as Green Energy Partner for Data Centers and AI

GUNKUL is positioning itself as a full-spectrum energy and AI infrastructure partner for the rapidly expanding Green Data Center sector — identified as a key driver of Thailand's new digital economy. The opportunity is substantial:

• Thailand's BOI received Data Center investment applications in 2025 totaling THB 800,000 million
• Thailand's grid must add 11.4 GW of capacity within 7 years to meet projected demand, according to research by Bualuang Securities
• The upcoming PDP2026 (Power Development Plan) is expected to significantly accelerate the country's renewable energy targets in line with a Net Zero 2050 commitment

GUNKUL's integrated capabilities — spanning power generation, substations, transmission systems, electrical equipment supply, Direct PPA structuring, and Data Center co-investment — position the company to capture value across the entire Green Data Center ecosystem, not merely as an investor but as a development partner.

EPC Business: Record Backlog Fuels Multi-Year Revenue Visibility

GUNKUL's Engineering, Procurement & Construction (EPC) division doubled its backlog during 2025, with revenue recognition beginning in Q4/2025. The company is actively bidding on large-scale EPC projects across both the public and private sectors, with a combined pipeline value exceeding THB 100,000 million. This backlog growth provides strong revenue visibility and supports the company's 10–15% growth targets through 2026 and 2027.

For GUNKUL's full financial statements, annual report, and investor presentations, visit our Investor Relations page.