Indorama Ventures Public Company (IVL) Q2 2026 earnings summary

Executive summary

• Exceptional H1 and Q2 2026 performance driven by structural platform advantages, operational discipline, and favorable market conditions amid geopolitical volatility.

• Integrated global platform and local-for-local manufacturing enabled rapid production reallocation and reliable supply.

• Management initiatives in inventory and sales & operations execution improved cash conversion and earnings resilience.

• Broad-based earnings improvement across all four segments and major regions.

• Deleveraging efforts are on track, with strong cash generation and disciplined working capital management.

Financial highlights

• H1 2026 consolidated revenue reached THB 245.3 billion, up 4% YoY and 16% HoH; EBITDA rose 61% YoY to THB 29.7 billion.

• Q2 2026 EBITDA was THB 21.7 billion, up 129% YoY and 169% QoQ.

• Net profit before exceptional items was THB 7.4 billion in H1 2026, up 225% HoH and 440% YoY.

• Operating cash flow after maintenance CapEx was THB 25.9 billion in H1 2026; net debt reduced by THB 9.6 billion to THB 226 billion.

• Net debt to equity improved to 1.56x, achieving the full-year target ahead of schedule.

Outlook and guidance

• Expect earnings moderation in H2 2026 as temporary market tailwinds normalize, but remain confident in 2026 outlook and 2028 ambitions.

• MTBE pricing should remain supportive in H2, though feedstock advantage may narrow.

• Targeting further improvement in inventory turnover to six times and continued deleveraging.

• Management reaffirms commitment to double EBITDA by 2028 and reduce net debt/EBITDA below 3x.

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