PTT Global Chemical Public Company (PTTGC) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a significant recovery in financial performance, with revenue, operating profit, and net income all sharply higher year-over-year and quarter-over-quarter, driven by improved market conditions and strategic actions.

• The Middle East conflict disrupted global supply chains, elevated oil prices, and increased inflation, but the company leveraged its integrated value chain and diversified feedstock sources to mitigate impacts.

• Strategic initiatives included portfolio transformation, asset monetization, and a focus on high-value and sustainable businesses, with ongoing cost discipline and liquidity management.

• Recognized significant impairment losses on US and polyols subsidiaries due to market and project feasibility issues.

• Adjusted business plans and recognized expenses in response to market volatility in joint ventures.

Financial highlights

• Q1 2026 revenue was THB 147,755 million, up from THB 133,180 million in Q1 2025; adjusted EBITDA rose 176% YoY and over 200% QoQ to THB 14,846 million.

• Net profit after tax (excluding impairment/restructuring) was THB 6,531 million, reversing losses in prior quarters.

• Profit attributable to ordinary shareholders was Baht 2,313 million for Q1 2026, up from a loss of Baht 2,743 million in Q1 2025.

• Earnings per share (basic) for Q1 2026 was Baht 0.51, compared to a loss of Baht 0.61 in Q1 2025.

• Strong cash position with cash and equivalents at THB 178 billion as of March 31, 2026.

Outlook and guidance

• The company remains committed to its 2026 enhancement initiatives, targeting higher utilization rates, increased production volumes, and ongoing cost reductions.

• Market outlook remains uncertain due to ongoing geopolitical risks, but the company expects to benefit from portfolio transformation and rationalization policies.

• Rising crude oil prices and premiums due to Middle East unrest expected to increase costs from Q2 2026 onward.

• Risk mitigation through commodity hedging in place, but exposure to rising costs remains.