Thai Oil (TOP) Q3 2025 earnings summary

Executive summary

• Q3/25 net profit was 2,147 MB, down from 6,476 MB in Q2/25, with 9M/25 net profit at 12,126 MB, up from 7,192 MB in 9M/24.

• Sales revenue for Q3/25 was 80,049 MB, a decrease both quarter-over-quarter and year-over-year.

• EBITDA for Q3/25 reached 3,897 MB, a significant increase from Q2/25, mainly due to stock gains.

Financial highlights

• Gross Refining Margin (GRM) for Q3/25 was $3.5/bbl, down from $5.2/bbl in Q2/25; 9M/25 GRM was $4.1/bbl.

• Market GIM for Q3/25 was $5.2/bbl, with 9M/25 at $5.9/bbl.

• Stock gain in Q3/25 was 1,508 MB, reversing a loss in Q2/25.

• EPS for Q3/25 was 0.96 THB/share, down from 2.90 THB/share in Q2/25.

Outlook and guidance

• Lower average sales volume expected due to planned maintenance turnaround (MTA).

• Market conditions remain pressured by lower product spreads and weaker demand in some segments.