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Indorama Ventures Public Company (IVL) investor relations material
Indorama Ventures Public Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Exceptional H1 and Q2 2026 performance driven by structural platform advantages, operational discipline, and favorable market conditions amid geopolitical volatility.
Broad-based earnings improvement across all four segments and major regions, with strong contributions from North America and PET.
Management initiatives in inventory management, S&OE rigor, and cost control enhanced cash generation and balance sheet strength.
Deleveraging on track, with net debt reduced and leverage ratios improved ahead of schedule.
Outlook for the second half expects earnings moderation as market tailwinds normalize, but confidence remains in 2026 and 2028 targets.
Financial highlights
H1 2026 consolidated revenue reached THB 245 billion, up 4% year-on-year; EBITDA rose 61% to THB 29.7 billion.
Q2 2026 EBITDA was THB 21.7 billion, up 129% year-on-year and 169% quarter-on-quarter.
Net profit before exceptional items was THB 7.4 billion in H1 2026 and THB 9.2 billion in Q2 2026.
Operating cash flow after maintenance CapEx was THB 25.9 billion in H1 2026; Q2 2026 was THB 17.2 billion.
Net debt reduced from THB 236 billion to THB 226 billion; net debt to equity improved to 1.56x.
Outlook and guidance
Expect some earnings moderation in H2 2026 as temporary market tailwinds normalize.
Confident in achieving 2026 outlook and 2028 ambitions, including doubling EBITDA and reducing net debt/EBITDA below 3x.
PET industry spreads in China expected to remain around current levels due to improved industry discipline and rate adjustments.
Inventory management and S&OE rigor to continue supporting cash conversion and deleveraging.
Focus for the remainder of 2026: sustainable earnings, free cash flow conversion, net debt reduction, and improved returns to capital.
- Net loss narrowed and cash flow improved despite lower revenue and significant FX losses.IVL
Q4 2025 - Q1 2026 delivered strong sequential growth but a wider net loss amid restructuring and merger plans.IVL
Q1 2026 - EBITDA and free cash flow are set to double by 2028 through operational and portfolio optimization.IVL
CMD 2026 - Revenue and EBITDA fell sharply amid industry headwinds, but cost actions and liquidity remain strong.IVL
Q3 2025 - Adjusted EBITDA up 32% YoY to $427M, with strong segment growth, cost savings, and robust liquidity.IVL
Q3 2024 - Q2 EBITDA was $370M, but asset impairments drove a net loss despite cost-saving actions.IVL
Q2 2024 - PET recycling expansion targets 1.5M tons by 2030, with 109B bottles already recycled.IVL
Corporate Presentation - Adjusted EBITDA up 10% to $1.52B, but net loss widened to THB 19.2B on impairments.IVL
Q4 2024 - EBITDA and profit fell, but strong cash flow reduced debt and supports Q2 recovery outlook.IVL
Q1 2025
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