Indorama Ventures Public Company (IVL) Q3 2025 earnings summary

Executive summary

• Q3 2025 was marked by persistent industry headwinds, including overcapacity, weak demand, and geopolitical tensions, resulting in revenue down 4% QoQ and 14% YoY to $3.39B and adjusted EBITDA down 15% QoQ and 35% YoY to $279M.

• Sales volume declined 3% QoQ and 9% YoY to 3.22 MT, impacted by outages and asset optimization.

• Management executed significant structural actions: 2.7 million tons of capacity rationalization, $1.2 billion in impairments, and major cost reduction initiatives, especially in Europe.

• Operating cash flow for the first nine months reached $985 million, with an EBITDA conversion of 121% due to efficient working capital management.

• Management remains focused on operational excellence, digital transformation, and strategic partnerships to enhance resilience and prepare for recovery.

Financial highlights

• Consolidated revenue for Q3 2025 was $3.39 billion, down 4% QoQ and 14% YoY.

• Adjusted EBITDA was $279 million, down 15% QoQ and 35% YoY.

• Net profit was negative THB 818M, with adjusted net profit down 70% QoQ and 94% YoY.

• Net debt stood at $4.37 billion at 9M25, down from $5.28 billion in 2022.

• Net working capital reduced by $253 million YTD, with WC days improving from 93 in 3Q24 to 87 in 3Q25.

Outlook and guidance

• Management expects continued macro, geopolitical, and consumer headwinds in Q4, with gradual improvement anticipated from 2026 as industry consolidation and trade measures take effect.

• Strategic focus remains on deleveraging, cost discipline, digitalization, and capturing upside as the industry rebalances.

• The 2026–2028 business plan will be presented in March 2026, focusing on preparedness for industry recovery.