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PTT Public Company (PTT) investor relations material
PTT Public Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Strategic focus on balancing energy security, sustainability, and affordability, with ongoing decarbonization, hydrogen, and carbon capture initiatives.
Achieved 20% year-over-year net income growth for 9M25 to 80,761 MB, driven by higher sales volume and improved non-oil performance, despite lower product spreads and gas prices.
Non-hydrocarbon business saw restructuring, divestments, and international expansion, notably in pharmaceuticals, EV, and life sciences.
Oil and petrochemical prices declined year-over-year, prompting profit enhancement, asset monetization, and cost-saving efforts.
Maintained a strong financial position with robust liquidity, reduced liabilities, and ongoing asset monetization.
Financial highlights
EBITDA for 9M25 reached 257,957 MB, up 15% year-over-year; net income was 80,761 MB, up 20% year-over-year, but net profit for 9M2025 was 64,632 MB, down 20% year-over-year due to non-recurring items.
Revenue for 9M25 was 2,023,666 MB, a 14% increase year-over-year.
Free cash flow for 9M25 was 106,020 MB, with operating cash flow of 207,665 MB.
Cash and short-term investments at 413,718 MB as of 30 Sep 2025, supporting liquidity and investment needs.
Asset monetization initiatives unlocked ~15,000 MB in 9M25, with a target of 100 Bn.THB by 2026.
Outlook and guidance
2026 guidance anticipates global and Thai GDP growth of 3.1% and 2.0%, with oil prices at $65–75/bbl and Singapore GRM at $4.0–5.0/bbl.
Continued cautious approach due to global economic and geopolitical uncertainties, with focus on cost competitiveness, asset monetization, and decarbonization.
Short- and medium-term projects expected to improve ROIC over the next three to five years.
Olefins and Aromatics prices projected to trend lower in 4Q2025 due to oversupply and weak demand.
Thai economy expected to sustain growth, supported by fiscal stimulus, but faces risks from trade and political uncertainties.
Infrastructure Flagship strategy details
Key non-recurring items' net profit impact
Refining NRV impact on 3Q25 EBITDA vs 3Q24
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Next PTT Public Company earnings date
Q4 202516 Feb, 2026
Next PTT Public Company earnings date
Q4 202516 Feb, 2026
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Frequently asked questions
PTT Public Company Limited is a state-owned energy conglomerate engaged in a wide range of activities across the oil, gas, and petrochemical value chains. The company operates in upstream exploration and production, midstream logistics and gas transmission, and downstream refining, petrochemicals, and marketing. PTT also manages investments in power generation and new energy technologies. Its operations serve both domestic and international markets, with a focus on energy security and infrastructure development. The company is headquartered in Bangkok, Thailand, and its shares are listed on the SET.
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