PTT Global Chemical Public Company (PTTGC) Q4 2025 earnings summary

Executive summary

• Achieved six consecutive years as No. 1 on the Dow Jones Sustainability Indices, reflecting strong ESG performance.

• 2025 marked by successful portfolio transformation, asset light strategy, and significant deleveraging.

• The group operates across six segments globally, with significant related-party transactions.

• Major restructuring included asset sales, business divestments, and impairment recognition, especially in subsidiaries and joint ventures affected by market oversupply and closures.

• Strategic focus on cost savings, digitalization, and performance enhancement to drive 2026 results.

Financial highlights

• Q4/2025 revenue declined 30% YoY and 27% QoQ to THB 92,143 million.

• FY2025 revenue was THB 484,907 million, down 20% YoY; adjusted EBITDA was THB 20,846 million, down 34% YoY.

• Net profit after tax for Q4/2025 was a loss of THB 5,502 million, a 53% YoY improvement but down 89% QoQ.

• Net loss attributable to shareholders: Baht 14,600m (2025), Baht 29,811m (2024).

• Total debt reduced by THB 90 billion since Q3/2024, lowering financial expenses by THB 3 billion in 2025.

Segment performance

• 2025 external revenues: Upstream (Baht 241,787m), Intermediates (Baht 59,870m), Polymers and Chemicals (Baht 87,285m), Bio and Circularity (Baht 18,705m), Performance Chemicals (Baht 77,638m), Service and Others (Baht 2,300m).

• Upstream and Intermediates segments reported significant losses, while Performance Chemicals and Service and Others showed positive results.

• Refinery: Q4/2025 gross refinery margin improved to $7.9/bbl, supported by lower crude prices and strong diesel spreads.

• Performance Chemicals: allnex saw seasonal volume softness; Vencorex improved after restructuring.

• Revenue from one related party customer in Upstream and Bio and Circularity segments totaled Baht 148,967m.