Pitirat Rattanachote, Investor Relations Manager of PTT Oil and Retail Business Public Company Limited (SET: OR), revealed that the business direction for 3Q26 is expected to return to a normal level. This comes after the global oil price experienced high volatility in previous periods, but prices have now become less erratic. As a result, the company anticipated that Q3 performance will recover close to normal levels. Additionally, inventory levels that were previously high have now reverted to normal.
OR has noticed a recovery trend in 3Q26 compared to the previous quarter, which was significantly impacted by oil price volatility. The company had to maintain sufficient oil reserves to meet domestic demand, and as oil prices declined, the company incurred a stock loss of approximately THB 8 – 9 billion and set aside a net realizable value (NRV) reserve of around THB 2 – 2.3 billion, totaling about THB 11 billion in impact.
However, in Q3, stock losses decreased since more oil was released, and the price differential between oil in storage and the world market narrowed. Furthermore, OR expected that there will be no NRV reserve this quarter as the price has come very close to the benchmark.
2Q26 was viewed as OR’s bottom, and a significant recovery is anticipated in the second half of the year, in line with oil price trends and more efficient inventory management. In addition, regarding the fuel fund compensation receivables outstanding as of June 2026—about THB 13 – 14 billion—the fund has made gradual repayments, and so far, OR has received THB 7 – 8 billion. Comparing the still-volatile but less severe Q3 oil prices with Q1 – Q2, the company estimates that the fuel fund debt situation will continually improve and will not pose a concern going forward.
Looking ahead, if marketing margin does not return to previous levels, OR has prepared to shift its focus towards the EV business to compensate for a possible reduction in oil volume in the future. OR foresees significant growth in the EV sector, although it may not match the size of the oil business. Lifestyle businesses must also support the company’s growth. OR targets for the EV business to account for 10% of the Mobility group’s business within 5 – 6 years, with continuous investment and existing advantages in this segment. While margins in the EV business may remain low, it will help offset a future decline in oil volume.
As for the Lifestyle segment, even though it delivers a high EBITDA ratio, the revenue share is still limited. OR continues to grow by expanding Café Amazon branches and ramping up promotions to attract customers. OR has also partnered with Minor Food to expand four leading restaurant brands, which will be available at PTT Station networks and OR’s commercial spaces across the country. The joint target is to expand to over 150 branches by 2030, aiming to increase the EBITDA Margin to 15%.
Regarding international growth, particularly in Cambodia where tensions persist, OR’s executives are deliberating various investment strategies in the country, with clarity expected soon.
As of June 30, 2026, OR operated a total of 2,743 PTT Stations—over 2,425 in Thailand and 318 overseas. There are 5,078 Café Amazon branches (4,830 in Thailand and 248 abroad), 1,353 EV Station PluZ locations across all 77 provinces, and 2,451 convenience store branches.
