PTT Public Company (PTT) Q2 2025 earnings summary

Executive summary

• Net income for 1H2025 was Baht 44,848 million, down 30.4% year-over-year, mainly due to lower extra items, stock losses, and weaker operating performance amid global economic and geopolitical pressures.

• Revenue for 1H2025 reached Baht 1,376,977 million, down 14.2% year-over-year, with EBITDA at Baht 172,320 million, down 26.4% year-over-year.

• Strategic initiatives in digital transformation, asset monetization, and operational excellence supported resilience and future growth.

• The group maintained strong financial health, with a net debt/EBITDA ratio of 1.65 and investment-grade credit ratings.

• Non-recurring gain of Baht 4,200 million in 2Q2025 from a bargain purchase in Singapore refinery acquisitions.

Financial highlights

• 1H2025 net income excluding extra items was Baht 40,832 million, up 25% year-over-year.

• Gross profit margin for 1H2025 was 9.99%; net profit margin was 4.43%.

• Earnings per share for 1H2025 was Baht 1.57, down from Baht 2.26 in 1H2024.

• Free cash flow for 1H2025 was Baht 93,870 million, supported by strong operating cash flow and disciplined capital spending.

• Current ratio improved to 1.87x as of 30 June 2025.

Outlook and guidance

• 2025 GDP growth forecast: global 3.0%, Thailand 2.0–2.3%.

• Oil price (Dubai) expected at US$65–75/bbl, HDPE at US$890–990/ton, Singapore GRM at US$4.1–5.1/bbl.

• Olefins and aromatics prices expected to remain under pressure due to oversupply and weak demand.

• Focus on portfolio adjustments, operational efficiency, and digital transformation to enhance competitiveness.

• Power segment anticipates improved share of profit from investments.