GUNKUL Q1 2026: Revenue Surges 25.1% to THB 2,587 Million, Declares 3.1% Dividend Yield on Track to THB 10 Billion Revenue Target
- Net Profit Grows 24% to THB 455.8 Million; THB 4,600 Million Backlog to be Recognised Within 2026
Gunkul Engineering Public Company Limited (GUNKUL) has announced strong Q1 2026 financial results, reporting total revenue of THB 2,586.5 million, a growth of 25.1% year-on-year, and net profit of THB 455.8 million, up 24.0% YoY. The Board of Directors has approved an interim dividend of THB 0.10 per share, equivalent to a Dividend Yield of 3.1%* (based on closing price of 8 May 2026), with the XD date set for 22 May 2026 and payment on 10 June 2026. The company remains firmly on track toward its THB 10,000 million full-year revenue target.
Q1 2026 Financial Highlights
- Total Revenue: THB 2,586.5M (+25.1% YoY)
- Net Profit: THB 455.8M (+24.0% YoY)
- Key Growth Driver: EPC construction business with revenue more than doubling YoY
- Backlog to be recognised in 2026: Over THB 4,600M remaining
- Interim Dividend: THB 0.10/share | XD: 22 May 2026 | Payment: 10 June 2026
While wind conditions were softer during Q1, reducing profit sharing from wind power operations, GUNKUL's diversified business model anchored by its EPC construction segment enabled sustained double-digit profit growth. Wind conditions recovered strongly in April, with power generation units increasing 65% compared to the same period last year, pointing to a robust Q2 2026 revenue outlook.
Second Half 2026 Pipeline: Expanding MW Capacity at Home and Abroad
GUNKUL is executing a clear roadmap to grow its green energy portfolio through mid-2026 and beyond:
- 319 MW of new PPA agreements in the final stages of signing, advancing the portfolio toward the 2,000 MW target by 2027
- International clean energy portfolio announcement expected in mid-2026
- 3 new solar farm projects totalling 176.6 MW scheduled for Commercial Operation Date (COD) in Q4 2026, adding meaningful incremental power sales revenue from late this year
Structural Tailwinds: Data Centers, Semiconductors, and PDP2026
GUNKUL sees a convergence of powerful long-term demand drivers for clean energy and electrical infrastructure in Thailand:
- Government infrastructure stimulus of THB 200,000 million dedicated to the country's clean energy transition
- PDP2026 (Power Development Plan) expected to significantly accelerate Thailand's renewable energy targets aligned with a Net Zero 2050 commitment
- Data Center investments totalling over THB 1.5 trillion during 2025-2026, alongside THB 500 billion in Semiconductor investment, both requiring large-scale clean power and electrical infrastructure
- Rooftop solar incentives including a THB 200,000 tax deduction and low-interest loan programs driving strong inbound interest from residential customers and SMEs
GUNKUL's full Value Chain capability spanning Direct PPA, Battery Energy Storage Systems (BESS), rooftop solar, transmission systems, and electrical infrastructure construction positions the company to capture opportunities across every segment of Thailand's clean energy transition.
Preparing for the Next Growth Curve: Treasury Share Capital Raise
Management views the current 2-3 year window as a defining moment for Thailand to establish itself as the Green Digital Hub of Asia, and GUNKUL is positioned to lead that charge across every business segment and project scale — delivering efficient, stable green energy at every level.
To fund this next phase of expansion, GUNKUL is evaluating the monetisation of previously repurchased Treasury Shares. This strategic move aims to expand investment headroom for new large-scale projects, reduce annual interest costs by approximately THB 35 million per year, and optimize the company's capital structure to support long-term growth without financial constraints.
*Dividend Yield calculated based on GUNKUL closing share price on 8 May 2026.
