PTT Public Company (PTT) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw significant global energy market disruptions and volatility due to Middle East conflict, leading to supply shortages, price spikes, and operational challenges, with Dubai crude prices nearly doubling sequentially to $121.10/bbl.

• The group prioritized energy security by diversifying crude sources, maximizing refinery and petrochemical output, and ensuring uninterrupted gas and LPG supply for Thailand.

• Net income for Q1 2026 was THB 25,738 million, up 10.4% year-over-year and 0.8% quarter-over-quarter, with THB 3 billion from internal initiatives.

• Strong liquidity and investment grade credit ratings were maintained, with regular and special dividends paid and proactive financial management.

• Strategic initiatives included digital transformation, supply chain adjustments, and accelerated LNG and infrastructure investments.

Financial highlights

• Sales revenue for Q1 2026 was THB 718,729 million, up 12.6% quarter-over-quarter and 2.6% year-over-year, driven by higher oil prices and volumes.

• EBITDA (adjusted for hedging) reached THB 115,879 million, up 49.3% quarter-over-quarter and 22.6% year-over-year, mainly from improved refining margins and stock gains.

• Net income rose to THB 25,738 million, a 10.4% increase year-over-year and 0.8% quarter-over-quarter.

• Gross profit margin increased to 23.99% from 11.06% year-over-year; net profit margin rose to 5.79% from 4.54%.

• Special items included bond buybacks, business restructuring, and impairments, notably a THB 10 billion impairment in GC America and a Baht 2,900 million loss in GC Polyols.

Outlook and guidance

• Management remains cautious due to ongoing geopolitical uncertainties and potential for continued supply disruptions.

• Oil prices (Dubai) expected at $82–92/bbl, Singapore GRM at $12.5–13.5/bbl; normalization of LNG supply now expected by 2028–2029.

• Focus on operational efficiency, cost competitiveness, and disciplined investment in core businesses.

• Thai economy projected to slow due to rising costs and weaker tourism.