Gulf Development (GULF) reported record Q2/2025 core profit of 12.3 billion baht (+74% YoY) driven by strong energy portfolio performance, higher electricity demand, and AIS dividend income (4.5B baht). Revenue grew 24% to 50.3B baht with EBITDA up 41% to 19B baht. The company projects FY2025 revenue and EBITDA growth of 12-15%, and will add ~700 MW renewable capacity (solar + BESS) in H2/2025, plus launch Direct PPA community solar projects—positioning Gulf as a key clean energy player amid Thailand's energy transition.