Star Petroleum Refining (SPRC) Q2 2025 earnings summary

Executive summary

• Focused on optimizing refining and marketing businesses to maintain financial strength, deliver shareholder value, and support reliable dividends and strategic investments, with an emphasis on operational efficiency and profitable growth in marketing.

• Q2 2025 reported a net loss of $24 million, reversing a profit of $9.3 million in Q2 2024, mainly due to $49 million in stock losses from declining oil prices; adjusted net profit was $15 million.

• Year-to-date EBITDA was $50 million with a net loss of $3.3 million, adjusted profit at $30 million after excluding $42 million in stock losses.

• Total comprehensive loss for Q2 2025 was $18.5 million, compared to income of $7.4 million in Q2 2024.

Financial highlights

• Q2 2025 EBITDA was $(3) million, with a net loss of $(24) million; adjusted net profit excluding stock loss was $15 million.

• Q2 2025 revenue was $1.76 billion, down $125.8 million sequentially and $172.2 million year-over-year.

• Six-month revenue was $3.64 billion, down from $3.90 billion year-over-year.

• Q2 2025 enterprise margin was $6.33 per barrel, up from the previous quarter due to strong product cracks and seasonal demand.

• Operational availability remained high at 97.4% in Q2 2025 and 98.1% for 6M 2025.

Outlook and guidance

• Preparing for a major turnaround in 2026, with projected related costs of $50 million in 2025 and $80–100 million in 2026, aiming to unlock constraints for processing lighter crude and enhance reliability.

• Expect depreciation per barrel to decline by $0.40 by mid-2026 as assets become fully depreciated.

• No plans to structurally reduce gasoline yield in the next 10–15 years, as Thailand is expected to remain balanced or slightly short on gasoline.

• Continued investment in infrastructure to support circular business trends and integration with petrochemical partners.