Star Petroleum Refining (SPRC) Q4 2025 earnings summary

Executive summary

• Introduced a new vision and mission focused on sustainability, reliability, and long-term value creation, effective January 2026.

• Achieved core profit of $145 million in 2025, up 66.7% year-over-year, with enterprise value capture of $54 million and outperformance versus SET and SET Energy Index.

• Strategy centers on financial strength, reliable dividends, and strategic investments, with emphasis on optimizing refining and marketing value chain.

• Implemented operational improvements, including Turnaround & Inspection optimization and advanced the Light Crude Processing Project to enhance efficiency and margin capture.

• Enhanced sales volumes in high-margin channels, with retail volume up 6% YoY and aviation volume up 21% YoY; expanded commercial and industrial term contracts to 50% coverage.

Financial highlights

• 2025 adjusted net profit was $145.3 million; consolidated EBITDA was $207.5 million; net profit was $79 million, all higher than 2024.

• Q4 2025 EBITDA was $69.7 million and net profit $33 million, down sequentially due to inventory loss but up year-over-year.

• Enterprise margin for 2025 was $7.3 per barrel, up from prior year; Q4 margin was $7.54 per barrel.

• Gross refining margin in Q4 was $9.3 per barrel, commercial margin $1.1 per barrel.

• Total dividend for 2025 was THB 0.45 per share, a 6.2% yield.

Outlook and guidance

• Turnaround and inspection (T&I) underway; CDU to resume in February 2026, RFCC within two weeks.

• SPM upgrade to begin commercial operation in Q2 2026; Light Crude Project to enhance flexibility and margins.

• Focus on operational excellence, cost optimization, and value monetization to reinforce competitiveness.

• Preparing for 2026 Turnaround & Inspection, with a budget of $120-150 million in Q1 2026.

• Crude runs expected to exceed 170,000 bpd post-turnaround, with utilization 4-5% higher than last year.