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.

• Total assets reached ฿662.7 billion as of 31 March 2026, with equity at ฿301.8 billion and liabilities at ฿360.9 billion.

• Total comprehensive income for the period was ฿6.66 billion, reflecting strong other comprehensive income gains.

Financial highlights

• Q1 2026 revenue was THB 147.8 billion, up from THB 133.2 billion in Q1 2025 and 11% YoY and 59% QoQ; adjusted EBITDA rose 176% YoY and over 200% QoQ to THB 14,846 million.

• Gross profit increased to ฿23.0 billion from ฿6.3 billion year-over-year.

• Net profit after tax (excluding impairment/restructuring) was THB 6,531 million, reversing losses in prior quarters; net profit attributable to owners was ฿2.51 billion.

• Earnings per share for Q1 2026 was ฿0.51, compared to a loss per share of ฿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.

• The company paid dividends and made coupon payments on subordinated perpetual debentures during the period.