Indorama Ventures Public Company (IVL) investor relations material

Executive summary

• Achieved broad-based earnings recovery in 1H26, with consolidated revenue of THB 245.3 billion (+4% YoY) and EBITDA of THB 29.7 billion (+61% YoY), supported by management actions and favorable market conditions.

• Earnings improved significantly in 2Q26, with revenue of THB 136.0 billion (+16% YoY) and EBITDA of THB 21.7 billion (+129% YoY), driven by all four segments, especially PET.

• Deleveraging efforts are on track, with net debt reduced from THB 236 billion to THB 226 billion and net debt/equity improved to 1.56x.

• Operational discipline, cost control, and improved inventory turnover (5.0x in Q2 2026) enhanced cash conversion and margin quality.

• 2026 outlook reaffirmed, with expectations of earnings moderation in 2H26 but 2028 ambitions maintained.

Financial highlights

• 1H26 revenue reached THB 245.3B, up 16% HoH and 4% YoY; 2Q26 revenue was THB 136,014 million (+16% YoY, +24% QoQ).

• 1H26 EBITDA was THB 29.7B (+136% HoH, +61% YoY); 2Q26 EBITDA was THB 21.7B (+129% YoY, +169% QoQ).

• Net profit before exceptional items was THB 7.4B in 1H26 (+225% HoH, +440% YoY); 2Q26 net profit before impairments was THB 9,165 million.

• Operating cash flow after maintenance capex was THB 25.9B in 1H26 and THB 17,174 million in 2Q26 (+400% YoY).

• EPS before impairments in 2Q26 was THB 1.59 (vs. -THB 0.17 in 2Q25).

Outlook and guidance

• 2026 outlook reaffirmed, with management expecting earnings moderation in 2H26 as temporary market tailwinds normalize.

• Focus for the remainder of 2026 includes sustainable earnings, free cash flow conversion, net debt reduction, and improved returns to capital.

• Long-term ambitions for 2028 remain unchanged.