PTT Public Company (PTT) Q1 2025 earnings summary

Executive summary

• Net income for 1Q2025 was Baht 23,315 million, down 19.5% YoY but up over 100% QoQ, with consolidated revenue at Baht 700,223 million, down 10.5% YoY and 3.3% QoQ.

• EBITDA for 1Q2025 was Baht 93,527 million, down 21.2% YoY but up 0.3% QoQ, reflecting stable operational performance.

• Declines were driven by weaker refining margins, higher crude premiums, and lower petrochemical spreads, partially offset by FX gains and reduced derivative losses.

• Non-recurring items after tax were a Baht 200 million loss in 1Q2025, mainly from impairments, a significant improvement from prior quarters.

Financial highlights

• Earnings per share was Baht 0.81, down 19.5% YoY but up over 100% QoQ.

• Free cash flow for 1Q2025 was Baht 41,003 million ($1,203M), with cash and equivalents at Baht 405,139 million ($11,884M).

• Operating cash flow was Baht 68,662 million ($2,014M), supporting a healthy liquidity position.

• Total assets as of 31 March 2025 were Baht 3,450,293 million (+0.3% QoQ); equity was Baht 1,677,850 million (+1.3% QoQ).

Outlook and guidance

• 2Q2025 global economic growth expected to slow, with oil demand to rise to 105.8 MMBD but oversupply risk persists.

• Dubai crude oil price forecast: US$65–75/bbl; Singapore GRM: US$3.7–4.7/bbl.

• Exposed to risks from economic slowdown, energy price volatility, and global trade tensions.