PETRONAS Chemicals Group Berhad (PCHEM) Q2 2026 earnings summary

Executive summary

• Achieved solid earnings in 2Q 2026, with revenue rising 23% year-over-year to RM7.9 billion, driven by improved product spreads and higher average product prices despite major planned turnaround activities impacting production and sales volumes.

• EBITDA for Q2 2026 increased to RM1,318 million, reflecting stronger operational performance and value creation efforts.

• PAT rose to RM445 million, reversing a loss of RM1.0 billion in Q2 2025, despite an RM88 million impairment on projects in progress.

Financial highlights

• Revenue rose to RM7,903 million in 2Q 2026 from RM7,015 million in 1Q 2026, and cumulative H1 2026 revenue was RM14.9 billion, up 6% year-over-year.

• EBITDA increased to RM1,318 million from RM1,175 million sequentially.

• PAT improved to RM445 million from RM427 million sequentially, and cumulative PAT reached RM872 million for H1 2026.

• Cash and cash equivalents increased to RM10,708 million as of 30 June 2026, mainly from operating cash flow.

• Basic earnings per share for Q2 2026 was 5 sen, compared to a loss per share of 14 sen in Q2 2025.

Outlook and guidance

• The operating environment in 2026 is expected to remain challenging due to geopolitical uncertainties, evolving trade policies, and supply-demand imbalances.

• O&D prices expected to remain stable amid supply constraints and feedstock uncertainty.

• Fertilisers market is bullish, methanol market stable, and Specialties segment faces subdued demand in construction and automotive, with modest growth in consumer goods.