Thai Oil (TOP) Q3 2025 earnings summary

Executive summary

• Q3/25 net profit was 2,147 MB, down from 6,476 MB in Q2/25, with 9M/25 net profit at 12,126 MB, up from 7,192 MB in 9M/24.

• Interim financial statements cover the three- and nine-month periods ended 30 September 2025, prepared in accordance with Thai Accounting Standard No. 34 and presented in Thai Baht.

• No changes in shareholding structure or accounting policies from the previous year; new financial reporting standards effective 2025 had no significant impact.

• Sales revenue for Q3/25 was 80,049 MB, a decrease both quarter-over-quarter and year-over-year.

• EBITDA for Q3/25 reached 3,897 MB, a significant increase from Q2/25, mainly due to stock gains.

Financial highlights

• Revenue from sales for 9M/25 was 285,405 MB, down from 343,895 MB year-over-year.

• Segment profit before income tax for 9M/25 was 13,823 MB, up from 8,794 MB year-over-year.

• Gross Refining Margin (GRM) for Q3/25 was $3.5/bbl, down from $5.2/bbl in Q2/25; 9M/25 GRM was $4.1/bbl.

• Market GIM for Q3/25 was $5.2/bbl, with 9M/25 at $5.9/bbl.

• Stock gain in Q3/25 was 1,508 MB, reversing a loss in Q2/25.

Outlook and guidance

• The Clean Fuel Project (CFP) is targeted for completion in Q3 2028, with new contractors engaged and a consultant appointed.

• The company affirms that the termination of the previous EPC contract will not impact the completion of the CFP Project.

• Lower average sales volume expected due to planned maintenance turnaround (MTA).

• Market conditions remain pressured by lower product spreads and weaker demand in some segments.