Indorama Venture Public Company Limited (SET: IVL) has announced 1Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 1Q25 | 1Q24 |
| Net Profit (Loss)
Million Baht |
-1,312.08 | 1,133.00 |
| Earning Per Share
(Baht) |
-0.2700 | 0.1700 |
IVL reported a net loss in 1Q25 of Baht 1,312.08 million, a decrease of Baht 2,445.08 million or 215.81% compared to the same period of previous year. The company noted that the first quarter of 2025 experienced a significant loss due to persistent global macroeconomic headwinds.
Sluggish global GDP growth, elevated interest rates, and geopolitical uncertainties continued to weigh on industrial activity. The petrochemical industry remained under pressure from weak downstream demand, global oversupply, compressed industry spreads, with energy costs staying elevated, particularly in key Western markets. This quarter saw a sizable reduction in ocean freight rates, reducing import parity, and thereby margins, across products.
The company reported consolidated revenue of $3,487 million in 1Q25, down 3% quarter-on-quarter (QoQ) and 9% year-on-year (YoY), reflecting lower production primarily due to planned turnarounds at two Intermediate Chemicals sites as well as winter freeze related disruptions in the US.
Production volume declined 5% QoQ and 6% YoY to 3.27 MMT, and sales volume fell 4% QoQ and 8% YoY to 3.24 MMT. Inventories remained at similar levels QoQ, with major movement coming from liquidation in Intermediate Chemicals offset by inventory buildup primarily in South America in preparation for upcoming regular planned maintenance in 2Q.
IVL 1Q25 Adjusted EBITDA was $276 million adjusting for a $12 million impact from the Winter freeze, a disappointing quarter — down 23% QoQ and 30% YoY, primarily due to CPET segment performance, while other segments remained resilient.
CPET with Intermediate Chemicals business reported an Adjusted EBITDA of $126 million (down 43% QoQ and 50% YoY), heavily impacted by the planned turnarounds at Lake Charles cracker and Clear Lake glycol plant, further compressed integrated PET and MTBE benchmark spreads, lower ocean freight rates and higher energy costs.
Indovinya delivered $89 million, growing 10% QoQ and 18% YoY supported by better fixed costs efficiency. Over the year, volumes improved while QoQ performance was supported by improved HVA margins.
Fibers saw robust growth at $47 million, up 43% QoQ and 22% YoY supported by higher volumes across end markets and higher margins in Hygiene business.
From this year, IVL will be showcasing Indovida, a packaging business, as a separate segment. Indovida reported Adjusted EBITDA of $21 million in 1Q25, down 6% QoQ and stable YoY, marginally impacted by sales mix while volumes remained steady.
The overall fixed cost of the company was lower QoQ by ~$5 million and YoY by ~$30 million, predominantly from asset optimization and management actions. Fixed cost benefited from asset optimizations QoQ by $4 million and YoY by $33 million.
Operating cash flow surged to $416 million, with EBITDA conversion of 152%, driven by normalization of higher short-term working capital in Q4 necessary to stabilize supply chains following asset optimization actions. This enabled the company to reduce net debt by $100 million from December 2024 levels despite growth and maintenance CAPEX of $183 million due to planned turnarounds and other growth projects, reinforcing its balance sheet discipline.
IVL digital transformation projects are progressing well. The company has unified about 95% of its data across platforms and regions, laying the groundwork for faster, smarter, and more integrated operations.
Building on this, the company is rolling out AI and digital tools to turn data into actionable insights that support smarter decision-making across key functions such as supply chain, procurement, and working capital management.
2025 marks a continuation of IVL’s transformation under IVL 2.0. Building on the progress and decisive actions taken in 2024, IVL is moving forward with stronger alignment, sharper strategic focus, and greater discipline to navigate today’s evolving global environment.
Alongside executing IVL 2.0, the company is preparing for its next phase of growth. Management is shaping long-term plans around three key priorities: building strategic partnerships, expanding in high-growth regions like India and Africa, and staying financially disciplined through deleveraging and focused capital allocation.
The expected completion of a 24.9% equity stake in EPL, India (Indovida segment) by the end of 2Q25 is a step in this direction.
