Indorama Ventures Public Company Limited (SET: IVL) has characterized 2025 as a “year of reset,” as the company navigated a “perfect storm” consisting of global overcapacity, year-end destocking, and significant volatility in crude oil and currency markets.
According to its latest financial report, the company’s consolidated revenue reached THB 447.24 billion, representing a 17% decline from the THB 541.58 billion reported in 2024. This top-line contraction was driven by an 8% decrease in total sales volumes, which fell to 12.88 million metric tons (MMT) from 14.04 MMT in the previous year.
The company’s reported EBITDA fell 35% YoY to THB 32.07 billion. This decline was largely driven by two factors: volume losses, which reduced EBITDA by THB 9.21 billion from the THB 17.6 billion reported last year, and margin compression, which impacted results by a further THB 7.25 billion.
Despite these headwinds, IVL’s net loss after tax and non-controlling interests (NCI) narrowed to THB 7.34 billion, a substantial improvement from the THB 19.26 billion loss reported in 2024. The 2024 figure was heavily impacted by THB 22.48 billion in impairment losses on property, plant, and equipment, whereas 2025 saw a minor reversal of impairments totaling THB 170 million
IVL also demonstrated significant resilience through internal “self-help” initiatives, which yielded fixed cost reductions of THB 1.2 billion in 2025. Management noted that while EBITDA dropped by THB 17.6 billion, the net profit before impairments fell by a more moderate THB 8.8 billion. This was supported by lower depreciation charges, portfolio streamlining, and effective financial risk management.
A standout highlight was the company’s robust cash performance, with operating cash flow surging 37% to THB 48.0 billion. This reflected an impressive EBITDA cash conversion of 150%, driven by rigorous working capital discipline.
The Indovinya segment, focusing on integrated downstream surfactants, proved to be in the right place for long-term growth by delivering a normalized EBITDA of THB 10.82 billion, outperforming industry peers. By focusing on cost discipline and diversifying its customer base into Tier 2 and Tier 3 accounts, IVL estimates Indovinya is positioned to take advantage of market recoveries sooner than its competitors who saw EBITDA drops of up to 70%.
Looking forward, IVL is implementing a mandate for “Radical Clarity,” which includes transitioning its primary reporting from US Dollars to Thai Baht to better align with its status as a Thai-listed entity and improve visibility into currency impacts. The company is also moving toward a leaner, federated operating model to enhance agility in a volatile global manufacturing ecosystem.
The board has approved a dividend payment of THB 0.175 per share, with an Ex-Dividend (XD) date of May 5, 2026, and a payment date of May 22, 2026.
