Formosa Plastics (1301) Q1 2026 earnings summary

Executive summary

• Net sales for 2026 Q1 were NT$42 billion, down 11.1% year-over-year due to lower ASP and reduced sales volume in key products.

• Revenue for Q1 2024 was NT$41.99 billion, down 11% year-over-year, with net income of NT$3.27 billion, a significant increase from NT$50 million in Q1 2023.

• Revenue increased 2.1% sequentially from 2025 Q4, driven by higher sales volume in PVC, HDPE, LLDPE, EVA, NBA, and MTBE, and higher ASP for most products except Caustic Soda.

• Pre-tax income improved in 2026 Q1 compared to 2025 Q4, mainly from increased investment income from FPCC.

• Comprehensive income surged to NT$30.18 billion, mainly due to strong equity method investment gains and other comprehensive income.

Financial highlights

• 2026 Q1 net sales: NT$42 billion; 2025 Q1 net sales: NT$47 billion.

• 2026 Q1 consolidated revenue: NT$41,985 million, up from NT$41,104 million in 2025 Q4.

• Pre-tax income in 2026 Q1: NT$111 million, a recovery from a loss of NT$6,871 million in 2025 Q4.

• Operating cash flow turned positive at NT$1.18 billion, compared to an outflow of NT$107 million in Q1 2023.

• Equity method investment income reached NT$5.05 billion, up from NT$1.54 billion year-over-year.

Segment performance

• PVC contributed 20% of revenue in both 2026 Q1 and 2025 Q1.

• PE (HDPE/EVA/LLDPE) share increased to 23% in 2026 Q1 from 18% in 2025 Q1.

• Specialty Chemicals (AN/MMA/MTBE) accounted for 9% of revenue in both periods.

• Caustic Soda and AE were the main profit contributors in 2026 Q1.

• All major segments reported lower revenues year-over-year, with Plastics and Polyolefins most affected.