Chandra Asri Pacific (TPIA) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 61% YoY to US$8.189bn from US$5.102bn; reported profit fell to US$394.9m from US$1.654bn, which included a large prior-year bargain-purchase gain.

• Excluding the 2025 Aster acquisition negative-goodwill income, adjusted EBITDA improved to US$981m from a US$32m loss, and adjusted comprehensive income to US$395m from a US$153m loss.

• Operating cash generation increased to US$378.9m from US$75.3m; revenue growth reflected ACE and higher selling prices amid Middle East-related market volatility.

• Portfolio growth spanned refinery, infrastructure and mobility, including the completed Cycle & Carriage acquisition and progress on major rejuvenation projects.

Financial highlights

• Revenue was US$8.189bn versus US$5.102bn; raw materials and production costs were US$7.229bn versus US$5.135bn in 9M 2026 and 9M 2025, respectively.

• Profit before tax was US$409.1m versus US$1.547bn; profit for the period was US$394.9m versus US$1.654bn.

• Net income attributable to owners was US$279.8m versus US$1.297bn; basic EPS was US$0.0032 versus US$0.0183.

• Finance costs increased to US$306.3m from US$178.7m; other gains, net, were US$95.3m versus US$138.8m.

• The 2025 reported comparison included a US$1.812bn bargain-purchase gain; adjusted EBITDA and comprehensive income exclude the specified non-recurring Aster acquisition item.

Outlook and guidance

• CAA construction reached 85%; operational readiness is targeted for 2027, with 400 KTPA caustic soda capacity intended to support domestic supply.

• CA-EDC was 85% complete with COD targeted for 2027; the C2 chiller has a stretched Q3 2027 start-up target.

• Condensate Splitter Unit start-up was on track for November 2026; lube-oil complex start-up was in progress, with both projects expected within budget.

• Planned growth includes two SAF plants with up to 100 KT/year capacity and a hydrogen-ready gas turbine targeted to operate by 2029.

• Management expects operating cash generation to cover working capital needs and current loan repayments as they fall due.