PTT Global Chemical Public Company (PTTGC) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw robust financial performance, with revenue up 17% QoQ and 29% YoY, driven by strong refining and chemical margins amid Middle East conflict-related supply shortages.

• Adjusted EBITDA surged 81% QoQ and over 200% YoY, with net profit up 278% QoQ, reflecting operational leverage and margin expansion.

• Interim financial statements for the six months ended 30 June 2026 were reviewed with no material misstatements found by the independent auditor.

• The company faced significant market volatility, especially in crude oil prices due to Middle East unrest, impacting cost structures.

• Strategic portfolio transformation advanced, including divestment of Vencorex US and Thailand, and mothballing of GC Polyols, targeting recurring earnings improvements.

Financial highlights

• Q2 2026 revenue reached THB 172,388 million (+17% QoQ, +29% YoY); YTD revenue up 20%.

• Total assets increased to Baht 659,765 million as of 30 June 2026, up from Baht 606,373 million at year-end 2025.

• Basic earnings per share for the six months ended 30 June 2026 was Baht 3.01, compared to a loss of Baht 1.47 in the prior year period.

• Adjusted EBITDA was THB 26,932 million (+81% QoQ, >200% YoY); operating profit THB 17,013 million (+168% QoQ); net profit THB 12,208 million (+278% QoQ).

• Dividend of Baht 0.50 per share was paid in April 2026.

Outlook and guidance

• H2 2026 expected to see normalization of prices and spreads from Q2 peaks as supply resumes, but margins remain elevated due to ongoing geopolitical risks.

• Enhancement initiatives targeting THB 4,000 million in 2026 remain on track.

• The company expects continued volatility in crude oil prices and product spreads due to geopolitical tensions, with elevated costs impacting cost of sales.

• allnex volume growth projected at mid-single digits YoY, with normalization in H2.