PTT Public Company (PTT) Q1 2026 earnings summary

Executive summary

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

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

• Net income for Q1 2026 was THB 25,738 million, up 10.4% year-over-year and 0.8% sequentially, supported by stock gains and profit initiatives despite non-recurring losses and higher costs.

• Maintained strong liquidity and investment grade credit ratings, with proactive financial management and increased working capital to manage volatility.

• Strategic initiatives included digital transformation, supply chain optimization, and sustainability investments.

Financial highlights

• Sales revenue reached THB 718,729 million, up 12.6% sequentially and 2.6% year-over-year, driven by higher oil prices and sales volumes.

• EBITDA (including hedging) was THB 115,879 million, up 49% quarter-over-quarter and 23% year-over-year, mainly from refining and petrochemical segments.

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

• Gross profit margin improved 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 Baht 2,900 million in GC Polyols.

Outlook and guidance

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

• Oil prices may normalize by year-end if conflicts ease; otherwise, volatility and high premiums could persist.

• Global GDP growth forecast for 2026 is 3.1%, with Thailand at 2.0%; Dubai crude oil price forecasted at US$82–92/bbl.

• Petrochemical prices are projected to trend upward but capped by oversupply and gradual demand recovery.

• LNG supply diversification and portfolio flexibility prioritized; normalization of supply now expected by 2028–2029.