PTT Public Company (PTT) Q1 2026 earnings summary

Executive summary

• Sales revenue in 1Q2026 rose 2.6% year-over-year and 12.6% sequentially to Baht 718,729 million, driven by higher oil prices and increased sales volumes in key segments.

• Adjusted EBITDA surged 22.6% year-over-year and 49.3% quarter-over-quarter to Baht 115,879 million, mainly from Petrochemical and Refining business.

• Net profit increased 10.4% year-over-year and 0.8% sequentially to Baht 25,738 million, despite non-recurring losses from asset impairments.

• The group maintained energy security amid Middle East unrest by diversifying crude sources, optimizing refinery operations, and implementing crisis management.

• Strategic initiatives focused on digital transformation, supply chain, marketing, and financial discipline to support sustainable growth.

Financial highlights

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

• Earnings per share increased to Baht 0.91, up 12.3% year-over-year.

• Total assets grew 9.6% to Baht 3,583,216 million; equity rose 5.2% to Baht 1,738,711 million.

• Interest coverage ratio strengthened to 22.53x from 8.51x year-over-year.

• Total liabilities rose 14.1% to Baht 1,844,505 million, mainly from derivative liabilities and borrowings.

Outlook and guidance

• Global economic growth is expected to moderate in 2Q2026 due to ongoing Middle East conflict, with 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.

• Thai economy is expected to slow, with risks from energy prices, inflation, and export uncertainties.

• Continued focus on operational efficiency, cost management, and disciplined investment in core businesses to sustain competitiveness and energy security.