Indorama Ventures Public Company Limited (SET: IVL) has announced its 3Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
-818.11 | 1,504.91 |
| Earning Per Share (Baht) |
-0.19 | 0.20 |
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
-2,651.21 | -20,357.82 |
| Earning Per Share (Baht) | 0.59 | 3.77 |
| % Change | -86.98 | |
IVL reported significantly weaker financial results for the third quarter of 2025 (3Q25) compared to the same period last year, as the global chemical industry continues to struggle with an oversupplied market and weak demand.
Consolidated revenue fell 14% year-over-year (YoY) to $3.39 billion, down from $3.95 billion in 3Q24, reflecting both softer pricing and a 9% YoY decline in sales volume.
Profitability deteriorated sharply:
- Adjusted EBITDA dropped 35% YoY to $279 million, primarily due to industry margin pressure and elevated energy costs.
- Adjusted Net Profit after Tax and NCI plunged 94% YoY to THB 177 million, down from THB 2,980 million in 3Q24.
- Reported Net Profit after Tax and NCI swung to a loss of THB 818 million, versus a profit of THB 1,505 million a year earlier.
The Combined PET (CPET) and Intermediates segment saw Adjusted EBITDA decline 39% YoY to $158 million, pressured by weak margins, higher energy costs, and a planned PO/MTBE turnaround in the U.S.
The Fibers segment fell 36% YoY to $31 million, hurt by soft market conditions in Europe and weak downstream automotive demand. Meanwhile, Indovinya’s Adjusted EBITDA dropped 24% YoY, though fixed cost reductions partly cushioned the decline.
Management described current conditions as a “perfect storm” for the chemical industry—marked by record overcapacity and sluggish demand from key sectors such as automotive and construction. The lower sales volume also reflected reduced output from the optimized PTA facility in Canada.
Mitigation and Outlook
To counter ongoing headwinds, IVL is pursuing a series of “self-help” measures, including cost reductions, productivity enhancements, and footprint optimization—particularly in Europe. Recent actions, such as the sale of Wellman International in Ireland, have helped cut fixed costs and rationalize capacity.
A bright spot for IVL is the inclusion of PET in U.S. reciprocal tariffs, which the company expects to support negotiations and market recovery heading into 2026. Management remains cautiously optimistic that as global supply-demand balances normalize, profitability will improve in the coming year.
