Indorama Ventures Public Company (IVL) Q4 2025 earnings summary

Executive summary

• Changed accounting policy for land from cost model to revaluation model, recognizing a revaluation surplus in equity and impacting deferred tax assets and liabilities.

• Adopted new supplier finance arrangement disclosures under amended TFRS 7 and TAS 7, enhancing transparency on liquidity risk.

• Completed acquisition of a 24.9% stake in EPL Limited, a listed packaging company in India, for Baht 7,419.3 million.

• Disposed of a PTA site in Portugal and classified additional sites in Australia and Canada as held for sale as part of restructuring.

Financial highlights

• Revenue for 2025 was Baht 447,245.6 million, down from Baht 541,582.6 million in 2024.

• Loss before tax was Baht 8,002 million in 2025, compared to Baht 23,041 million in 2024.

• Net loss attributable to shareholders was Baht 8,263.4 million, with basic and diluted EPS of (1.47) Baht.

• Total assets at year-end were Baht 523,479.8 million, with total liabilities of Baht 394,529.3 million.

• Cash and cash equivalents increased to Baht 27,356.1 million from Baht 17,495.5 million year-over-year.

Outlook and guidance

• Management expects to complete the sale of remaining disposal groups in 2026.

• Ongoing review of asset recoverability and business restructuring to optimize portfolio.