PTT Global Chemical Public Company (PTTGC) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw a recovery in adjusted EBITDA, driven by Olefins and Polymers, despite a decline in Aromatics and a reported net loss of Baht 2.61 billion.

• Strategic priorities included cost optimization, asset monetization, and portfolio transformation, with Vencorex France and TDI entering liquidation and expected asset sales in US and Thailand by H2 2025.

• Asset light strategy aims to unlock up to THB 30bn from non-core assets, supporting deleveraging and capital reallocation.

• allnex demonstrated resilience with improved Q1 sales volume and a diversified, localized footprint.

• Cash and cash equivalents increased to Baht 36.7 billion as of March 31, 2025.

Financial highlights

• Q1 2025 adjusted EBITDA was nearly ฿5,400 million, up 102% QoQ, driven by improved olefins chain performance, but down 51% YoY.

• Revenue for Q1 2025 was Baht 133.2 billion, down from Baht 156.2 billion in Q1 2024; gross profit dropped to Baht 6.33 billion.

• Net loss after tax (excluding restructuring) was THB -2,807m, a 62% improvement QoQ but still negative YoY.

• Fixed overhead and SG&A expenses reduced by ฿1,300–1,400 million year-over-year and quarter-on-quarter.

• Vencorex France and TDI asset sales completed, with €30–40 million gain to be recognized in Q2.

Outlook and guidance

• 2025 performance enhancement target raised from THB 4,500m to THB 5,500m, focusing on OPEX savings, process optimization, and portfolio transformation.

• Asset monetization and deleveraging initiatives to maintain investment-grade credit ratings and target Net Debt/EBITDA < 4x.

• Ongoing focus on liquidity management and debt reduction.

• No explicit forward-looking guidance provided, but results reflect ongoing margin pressures and volatility.

• Committed annual CAPEX for 2025–2029 totals USD 952m, with a focus on core refining, petrochemicals, and allnex expansion.