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.

• 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.