PTT Public Company Limited (SET: PTT) has released its full-year 2025 financial results, showcasing a resilient bottom line despite a challenging global economic environment and volatile energy prices. While the state-owned energy giant saw a significant contraction in sales revenue, strategic non-recurring gains and disciplined financial management allowed the company to maintain a stable net profit.
For the fiscal year ending 31 December 2025, PTT reported sales revenue of Baht 2,662,145 million, a 13.9% decrease from Baht 3,090,453 million in 2024. This decline was primarily driven by lower average selling prices across the group, tracking the downward trend of global reference oil prices. The average price of Dubai crude oil fell to US69.4 per barrel in 2025, compared to US 79.6 in the previous year. Furthermore, the appreciation of the Thai Baht, which strengthened from an average of 35.5 Baht/US in 2024 to 33.0 Baht/US in 2025, further pressured revenues denominated in US dollars.
The group’s EBITDA dropped by 16.0% to Baht 332,849 million. This decrease was felt most acutely in the Exploration and Production segment due to lower selling prices, and the Petrochemical and Refining segment, which suffered from narrowed product spreads and lower sales volumes.
Despite the EBITDA decline, net profit remained remarkably stable at Baht 90,166 million, a slight 0.1% increase over 2024. This result was heavily supported by non-recurring items totaling Baht 14,400 million. Key contributors included a significant gain from the disposal and change in investment status of Lotus Pharmaceutical Company Limited, as well as a bargain purchase gain related to Thai Oil Public Co., Ltd.’s (TOP) acquisition of refineries in Singapore. In contrast, 2024 was burdened by non-recurring losses of approximately Baht 4,400 million, largely from impairment hits at PTT Asahi Chemical Company Limited.
PTT also improved its profit profile through reduced expenses. Finance costs fell by 13.6% to Baht 40,448 million, following substantial debt repayments by PTT and its subsidiary, PTT Global Chemical (GC). Corporate income taxes also decreased by 14.3% in line with lower operating performance in certain segments.
As of year-end 2025, PTT maintained a healthy financial position with total assets of Baht 3,269,660 million and successfully reduced its interest-bearing debt by 10.9%. Moving forward, the group remains focused on its “Net Zero” transition, increasing renewable energy capacity and optimizing its portfolio to enhance long-term competitiveness.
Additionally, the Board of Directors approved a THB 1.20 per share dividend payment to be paid on 28 April 2026. The ex-dividend date is 5 March 2026.
