PTT Global Chemical Public Company (PTTGC) Q1 2025 earnings summary

Executive summary

• Q1 2025 adjusted EBITDA rebounded 102% sequentially to ฿5,377 million, led by Olefins and Polymers, despite a decline in Aromatics.

• Revenue was ฿132,547 million, flat quarter-on-quarter and down 15% year-over-year, mainly due to weaker refinery and petroleum spreads.

• Strategic priorities include cost optimization, asset monetization, and portfolio transformation, with a focus on deleveraging and capital reallocation.

• Asset monetization program targets up to ฿30,000 million in liquidity by end of 2025, supporting capital structure improvement.

• allnex segment showed resilience with improved Q1 sales and a diversified footprint; Vencorex restructuring reduced expenses.

Financial highlights

• Q1 2025 adjusted EBITDA was ฿5,377 million, up 102% quarter-on-quarter but down 51% year-over-year.

• Net loss after tax was ฿2,567 million, a significant improvement from Q4 2024 but still negative year-over-year.

• Adjusted EBITDA margin improved to 4% in Q1 2025 from 2% in Q4 2024.

• Fixed overhead and SG&A expenses reduced by ฿1,300–1,400 million year-over-year and quarter-on-quarter.

• Gain from commodity hedging was ฿809 million; FX and derivatives gain was ฿441 million.

Outlook and guidance

• Full-year cost savings target raised to ฿5,500 million, with ฿800 million realized in Q1 and full impact expected in 2026.

• Asset monetization and non-core asset sales to generate up to ฿30,000 million and improve capital structure.

• Committed annual CAPEX for 2025–2029 totals USD 952 million, focusing on core refining, petrochemicals, and allnex expansion.

• Demand recovery remains limited by global slowdown and U.S.-China trade tensions.

• Polyethylene prices projected at 945–975 USD/ton, with plant utilization at 108%.