PTT Global Chemical Public Company (PTTGC) Q3 2025 earnings summary

Executive summary

• Maintained top position in Dow Jones Sustainability Indices for six consecutive years, reflecting strong ESG performance.

• Q3/2025 sales revenue was Baht 126,836 million, down 5% from Q2/2025 and 15% year-over-year due to lower petrochemical and crude oil prices amid weak demand and global uncertainties.

• Focused on portfolio transformation, holistic optimization, high-value business, and sustainability to drive long-term competitiveness.

• Strategic asset monetization and deleveraging initiatives underway to strengthen financial position.

• Adjusted EBITDA was Baht 5,147 million, down 15% sequentially, mainly from weaker petrochemical spreads and lower polyethylene prices, while some business units saw partial recovery.

Financial highlights

• Q3/2025 revenue declined 15% YoY and 5% QoQ to Baht 126,836 million; YTD revenue down 17%.

• Adjusted EBITDA for Q3/2025 was Baht 5,147 million, down 39% YoY and 15% QoQ; margin dropped to 4%.

• Net loss after tax for Q3/2025 was Baht 2,915 million, a 19% improvement QoQ but 85% lower YoY.

• 9M/2025 net loss after tax was Baht 18,072 million, a 50% increase YoY.

• Net interest-bearing debt to equity improved to 0.50 times; net interest-bearing debt to EBITDA at 7.63 times.

Outlook and guidance

• 2026 focus on performance recovery through increased production, cost control, and asset monetization.

• Ethane feedstock expected to normalize, supporting higher utilization and earnings.

• Global economic growth in 2026 is forecast at 3.1%, with ongoing trade and geopolitical risks.

• Olefins and polymers markets to remain pressured by oversupply, with gradual demand recovery anticipated.

• Ongoing efficiency projects and innovation platforms to drive future growth.