PTT Q1 profit rises 10.4% as refining margins, petrochemicals recover
PTT reported Q1 2026 net profit of THB25.738 billion, while EBITDA, including hedging adjustments, increased 49.3% from Q4 2025.
- PTT's first-quarter net profit increased by 10.4% year-on-year, reaching THB25.738 billion.
- The profit growth was primarily driven by the recovery of the petrochemical and refining business group.
- The refining business improved due to higher market gross refining margins (GRM) and increased sales volume.
- The petrochemical business saw better performance from wider product-to-feedstock spreads and higher sales volume.
PTT Public Company Limited (PTT) reported to the Stock Exchange of Thailand (SET) that its net profit in Q1 2026 was THB25.738 billion, up THB2.423 billion, or 10.4%, from THB23.315 billion in Q1 2025.
However, in Q1 2026, PTT recognised Non-recurring Items, PTT’s portion after tax, as a loss of about THB2.9 billion, mainly from an impairment loss on assets at GC Polyols Company Limited (GCP) under PTT Global Chemical Public Company Limited (GC).
In Q1 2025, it recognised a loss of about THB200 million, mainly from a share of net impairment losses together with a reversal of impairment on investment in UBE Chemicals (Asia) Public Company Limited (UCHA) of IRPC Public Company Limited (IRPC).
In Q1 2026, PTT and its subsidiaries recorded EBITDA, including adjustments for the impact of hedging, of THB115.879 billion, up THB38.258 billion, or 49.3%, from THB77.621 billion in Q4 2025.
The increase was mainly from the petrochemical and refining business group.
The refining business improved on higher Market GRM and sales volume, as well as higher net oil stock gains and net realisable value of inventory.
In Q1 2026, PTT and its subsidiaries recorded gains of about THB46 billion.
By comparison, the corresponding item in Q4 2025 was a loss of about THB8.2 billion.
The petrochemical business also improved in line with wider product-to-feedstock spreads and higher sales volume in the aromatics group.
The petroleum exploration and production business group also reported improved operating performance, mainly from higher sales revenue, together with lower operating expenses and depreciation.
In addition, the gas business group posted improved operating performance, mainly as the gas separation plant business recorded higher gross profit from lower gas costs following the new gas price restructuring, together with higher total sales volume and average selling prices.
However, the gas pipeline transmission business saw lower operating performance due to lower revenue in line with booking volume and the reduction in the gas transmission service charge for the variable cost component (Tc) from Sunday (February 1, 2026).
The gas procurement and wholesale business also recorded a weaker operating performance.
This was mainly due to the booking of expenses related to the gas quality framework adjustment (C-day) in Q1 2026.
In Q1 2026, PTT and its subsidiaries had a net profit of THB25.738 billion, up THB204 million, or 0.8%, from THB25.534 billion in Q4 2025.
However, in Q1 2026, PTT recognised Non-recurring Items, PTT’s portion after tax, as a loss of about THB2.9 billion, mainly from an impairment loss on assets at GCP under GC.
In Q4 2025, it recognised a gain of about THB9.3 billion, mainly from a gain on the disposal and change in status of the investment in Lotus Pharmaceutical Company Limited (Lotus) by PTT Global Management Company Limited (PTTGM).
