PTT Oil and Retail Business Public Company (OR) Q2 2025 earnings summary

Executive summary

• 2Q25 saw a decline in total revenue and net profit, mainly due to lower global oil prices and reduced sales volume in the Mobility and Global segments, while Lifestyle showed resilience and growth in outlets and sales.

• Strategic focus remains on expanding new revenue streams, digital transformation, and building a future ecosystem with strategic partners, especially in F&B, health & wellness, and EV infrastructure.

• ESG initiatives and community engagement continue to be embedded in operations, with progress toward 2030 sustainability goals in community impact, economic prosperity, and environmental health.

• Operating expenses rose in 2Q25 due to higher repair, maintenance, and advertising costs.

Financial highlights

• 2Q25 sales revenue was THB 167,166 million, down 8.4% QoQ and 9.1% YoY; 1H25 revenue was THB 349,588 million, down 3.4% YoY.

• EBITDA for 2Q25 was THB 4,552 million, down 29.8% QoQ; 1H25 EBITDA was THB 11,036 million, up 0.2% YoY.

• Net profit for 2Q25 was THB 2,232 million, down 49.0% QoQ and 12.0% YoY; 1H25 net profit was THB 6,611 million, up 5.6% YoY.

• Gross profit margin for 1H25 was 5.1%, net profit margin 1.9%.

• Return on equity for 1H25 was 7.1%, return on total assets 3.8%.

Outlook and guidance

• Thailand’s 2025 GDP growth forecast is 1.3–2.3%, supported by exports, electronics, public investment, and tourism, but risks remain from global trade tensions and policy shifts.

• Oil price volatility, energy transition, and high operational costs are expected to persist, with peak oil demand projected by 2029 and EV adoption rising.

• Crude oil prices in 3Q25 expected to rise slightly, with average 2025 prices projected at US$66–80/bbl.

• International tourism recovery and aggressive fiscal measures are supportive factors for growth.