The Siam Cement Public Company (SCC) Q1 2026 earnings summary

Executive summary

• Q1 2026 was marked by extreme volatility from the Iran war and global macroeconomic challenges, yet saw strong operational execution, profitability, and cash flow improvements.

• Strategic focus on cost reduction, energy efficiency, and supply chain resilience supported margin expansion and prioritized CapEx for energy-saving projects.

• Announced a non-binding MoU with PTTGC/GC to explore a transformative joint venture in Thailand's olefin and polyolefin business.

• Gross profit and margin improved year-over-year, with comprehensive income boosted by favorable exchange differences.

Financial highlights

• Adjusted cash EBITDA reached THB 14,929 million, up 66% QoQ and 17% YoY; reported profit was THB 6,223 million; adjusted profit THB 1,816 million.

• Revenue from sales was THB 123,327 million, nearly flat YoY, with all business units seeing adjusted cash EBITDA growth QoQ.

• Cash on hand increased to THB 67,137 million; net debt decreased by almost THB 3 billion; net debt to EBITDA improved to 5.0x.

• Operating profit rose to THB 8,945 million from THB 3,460 million YoY; basic EPS increased to THB 5.19.

• EBITDA for Q1 2026 was THB 17,499 million, up from THB 12,889 million YoY.

Outlook and guidance

• Continued turbulence and volatility expected in Q2, with global growth forecast to slow to 2.5% in 2026 and persistent energy market disruptions.

• Focus remains on financial discipline, deleveraging, cost reduction, and safeguarding the supply chain.

• Olefins and vinyl chains face ongoing supply tightness and volatile feedstock prices; LSP (Vietnam) may suspend operations in mid-May 2026 if disruptions persist.

• Construction-related businesses to emphasize energy cost reduction and resilient product offerings; clean energy seen as a long-term opportunity.