PTT Oil and Retail Business Public Company Limited (SET: OR) has released its first-quarter 2026 financial results, revealing a complex picture of operational resilience set against significant external headwinds. While the company saw a modest rise in EBITDA, its bottom line faced a substantial decline compared to the same period last year.
In 1Q26, OR recorded total sales and services of THB 176,125 million, representing a 3.5% decrease from the THB 182,422 million reported in 1Q25. More significantly, net profit plummeted by 44.9% year-on-year, dropping to THB 2,415 million from THB 4,380 million in the previous year. This sharp decline was primarily driven by substantial losses from derivative instruments, totaling THB 2,434 million, which were incurred from oil price hedging amid extreme volatility fueled by Middle East conflicts.
The Mobility business remains OR’s primary revenue engine, contributing THB 158,149 million in 1Q26, a 4.5% decrease compared to 1Q25. Despite the revenue dip, the segment’s EBITDA grew by 14.2% to THB 4,740 million. This improvement was achieved despite a decrease in average gross profit per liter of THB 0.28, as government measures to cap retail prices limited OR’s ability to adjust to rising costs.
The Lifestyle business emerged as a key growth driver, with revenue increasing by 6.5% YoY to THB 6,298 million and EBITDA rising 13.0% to THB 1,997 million. This success was largely attributed to the expansion of the Food & Beverage (F&B) sector; notably, Cafe Amazon sold 112 million cups during the quarter, an increase of 8 million cups compared to 1Q25 and a 3 million cup increase from 4Q25.
In contrast, the Global business struggled, with revenue sliding 4% to THB 13,907 million and EBITDA contracting by 26.1%. Performance was severely hampered by lower gross margins in Cambodia due to cross-border tensions and supply constraints in Laos.
OR’s operating expenses rose slightly by 3.3% YoY to THB 3,823 million, reflecting ongoing business expansion. Meanwhile, management warns that the uncertainty in the Middle East will continue to drive volatility in energy prices and procurement costs. As the Thai economy faces a projected deceleration, OR is focusing on proactive risk management and digital transformation to stabilize future earnings.
