PTT Exploration and Production Public Company (PTTEP) Q4 2025 earnings summary

Executive summary

• Achieved record sales volume of 510 KBOED in 2025, up 4% year-over-year, with new reserves and strategic acquisitions supporting growth.

• Proved reserves life increased to 6.9 years, with a 5-year reserves replacement ratio of 1.7, reinforcing long-term sustainability.

• Maintained 82% domestic market share and paid THB 49,800 million to the Thai government, highlighting national energy security and social contributions.

• Advanced decarbonization with a 19.5% reduction in GHG emissions intensity and FID for the Arthit CCS project.

• Recognized for investor relations and ESG performance, with SET market capitalization exceeding THB 100 billion.

Financial highlights

• FY2025 net profit was $1,830 million, down 18% year-over-year, but Q4/25 delivered the strongest quarterly net income, driven by record sales volume and recent acquisitions.

• Total revenues for 2025 were $8,970 million, a 3% decrease from 2024, with sales price per BOE down 6% to $43.82.

• EBITDA margin remained robust at 70% for FY2025, though down from 73% in 2024.

• Net profit margin was 20% for FY2025, compared to 24% in 2024.

• Dividend payout for FY2025 was THB 8.75 per share, with a payout ratio of 59% and yield of 7.7%.

Outlook and guidance

• FY2026 sales volume is projected at ~560 KBOED, with gas price guidance at ~$5.7/MMBTU and unit cost at ~$30/BOE.

• EBITDA margin is expected to remain strong at ~70% in 2026.

• Credit ratings remain stable: S&P BBB+, Moody’s Baa2, Fitch BBB+.