Indorama Ventures Public Company (IVL) Q1 2026 earnings summary

Executive summary

• Sequential recovery in 1Q 2026, with PET margins rebounding sharply due to the Strait of Hormuz crisis, supporting higher spreads.

• Resilience underpinned by four strategic moats: local-for-local integration, diversified business engines, Americas feedstock advantage, and disciplined S&OE execution.

• Strategic merger with EPL to scale packaging platform and enhance presence in high-growth markets, with a merger agreement signed for Indovida to merge with EPL Limited, resulting in a 51.8% equity interest in EPL post-transaction.

• Interim financial statements prepared in accordance with Thai Accounting Standard No. 34, focusing on new activities and events for the three months ended 31 March 2026.

• Change in accounting policy for land measurement to the revaluation model, applied prospectively from 1 January 2025, with restatement of prior period results.

Financial highlights

• Revenue of THB 109B, up 7% QoQ but down 8% YoY.

• EBITDA at THB 8,048M, up 89% QoQ, down 10% YoY.

• Net loss of THB 1,771M for the quarter.

• Operating cash flow (OCF) after maintenance capex at THB 8,759M, up 68% QoQ, down 14% YoY.

• Q1 2026 loss before income tax: 3.3bn Baht; loss for the period: 2.4bn Baht.

Outlook and guidance

• Positive business outlook supported by disciplined execution and self-help measures, not just market dynamics.

• PET margins expected to remain strong due to sustained industry discipline and supply disruptions.