PTT Public Company (PTT) Q2 2025 earnings summary

Executive summary

• Net income for 1H25 was 44,848 MB, down 30% year-over-year, mainly due to lower extra items and stock losses, despite resilient core operations.

• Revenue for 1H25 reached 1,376,977 MB, down 14.2% year-over-year, with EBITDA at 172,320 MB, down 26.4% year-over-year.

• 2Q2025 sales revenue was 676,754 MB, down 17.7% year-over-year and 3.4% sequentially, mainly due to lower global oil prices and reduced sales volumes.

• Net profit in 2Q2025 was 21,533 MB, down 39.3% year-over-year and 7.6% sequentially, impacted by lower EBITDA and non-recurring items.

• The group maintained strong financial health, with a net debt/EBITDA ratio of 1.65 and investment-grade credit ratings.

Financial highlights

• Gross profit margin for 1H2025 was 9.99%, down from 12.59% in 1H2024; net profit margin was 4.43%, down from 5.63%.

• Earnings per share for 1H2025 was 1.57, down 30.5% year-over-year.

• Free cash flow for 1H25 was 93,870 MB, supported by strong operating cash flow and disciplined capital spending.

• Dividend yield remained attractive at 6-7%, with stable stock price averaging 31 THB.

• Interest coverage ratio for 1H2025 was 8.00x, down from 9.66x in 1H2024.

Outlook and guidance

• 2025 GDP growth forecast: global 3.0%, Thailand 2.0–2.3%, with risks from trade policy and geopolitical tensions.

• Oil price (Dubai) expected at $65-75/bbl, HDPE at $890-990/ton, and Singapore GRM at $4.1-5.1/bbl for 2025.

• Olefins and aromatics prices projected to remain under pressure in 3Q2025 due to oversupply and weak demand.

• Upstream: higher sales volume expected, but lower average selling prices.

• Downstream: refinery and petrochemical margins remain challenged by oversupply and weak demand.