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PTT Public Company (PTT) investor relations material

PTT Public Company Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Achieved EBITDA of THB 257,957 million for 9M2025, with net profit ranging from THB 64,632 million to 80,761 million, reflecting mixed performance amid market headwinds and lower product spreads.

  • Revenue for 9M2025 was THB 2,023,666 million, down 14.5% year-over-year, with a strategic focus on asset monetization, decarbonization, and new business initiatives.

  • Maintained strong liquidity with cash and short-term investments at THB 400–413,718 million, supported by divestments and restructuring.

  • Net income growth in some periods was driven by higher sales volume and improved non-oil performance, despite lower prices and volumes in key segments.

  • Continued emphasis on balancing energy security, sustainability, and affordability, with integration of hydrogen and carbon businesses.

Financial highlights

  • EBITDA for 9M2025 was THB 257,957 million, with net profit between THB 64,632 million and 80,761 million, and revenue at THB 2,023,666 million.

  • Free cash flow for 9M2025 was THB 106,020 million, with operating cash flow at THB 207,665 million.

  • Asset monetization and divestments contributed THB 15 billion in cash and THB 5 billion in net income, with a target of THB 100 billion by 2026.

  • Interest expenses reduced by THB 4 billion through asset monetization and bond buybacks.

  • Gross profit margin for 9M2025 was 10.31%, with a net profit margin of 4.30%.

Outlook and guidance

  • 2026 guidance anticipates global GDP growth of 3.1% and Thai GDP growth of 2.0%, with oil prices at $65–75/bbl and Singapore GRM at $4.0–5.0/bbl.

  • Continued cautious approach due to global economic uncertainty, volatile crude prices, and risks from trade policy and geopolitical tensions.

  • Focus on cost competitiveness, asset monetization, and decarbonization, targeting net zero by 2050.

  • Short- and medium-term projects expected to yield results next year, with profit optimization to improve ROIC over 3–5 years.

  • Olefins and Aromatics prices projected to trend lower in 4Q2025 due to oversupply and weak demand.

Infrastructure Flagship strategy details
Key non-recurring items' net profit impact
Refining NRV impact on 3Q25 EBITDA vs 3Q24
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Frequently asked questions

PTT Public Company Limited is a state-owned energy conglomerate engaged in a wide range of activities across the oil, gas, and petrochemical value chains. The company operates in upstream exploration and production, midstream logistics and gas transmission, and downstream refining, petrochemicals, and marketing. PTT also manages investments in power generation and new energy technologies. Its operations serve both domestic and international markets, with a focus on energy security and infrastructure development. The company is headquartered in Bangkok, Thailand, and its shares are listed on the SET.

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