PTT Public Company (PTT) Q4 2025 earnings summary

Executive summary

• Net income for 4Q25 rose 29% quarter-over-quarter to 25,534 MB, with full-year 2025 net income at 90,166 MB, up over 100% year-over-year.

• EBITDA for 2025 reached 332,849 MB, a 14% increase year-to-date and 13% quarter-over-quarter.

• Revenue for 2025 was 2,662,145 MB, up 16% year-to-date.

• Comprehensive financial statements prepared under Thai Financial Reporting Standards, reflecting a diversified business in upstream and downstream petroleum, new business, and sustainability sectors.

• The group is a state enterprise with the Ministry of Finance as the largest shareholder and operates globally.

Financial highlights

• 4Q25 net income (excluding extra items) was 18,847 MB, with extra items contributing 2,557 MB.

• EBITDA for 4Q25 was 90,072 MB, up 29% quarter-over-quarter.

• Trading business EBITDA surged over 100% year-over-year in 4Q25 to 3,202 MB.

• Free cash flow for 2025 was 135,210 MB, with operating cash flow at 299,366 MB.

• Cash and cash equivalents as of 31 Dec 2025: Baht 346,817 million (down from Baht 405,139 million in 2024).

Outlook and guidance

• Average Dubai crude price expected to decrease from $79.6/bbl in 2024 to $69.4/bbl in 2025.

• Pool gas price projected to decline from 309 THB/MMBTU in 2024 to 289 THB/MMBTU in 2025.

• HDPE and PX prices are forecasted to decrease year-over-year in 2025.

• The group continues to focus on sustainability, decarbonization, and new business opportunities, including electric vehicles, life sciences, and hydrogen technology.

• Clean Fuel Project investment increased to Baht 241,472 million, with completion targeted for Q3 2028.