PTT Oil and Retail Business Public Company Limited (SET: OR) reported a dramatic earnings turnaround in the third quarter of 2026, delivering a net profit of THB 5,138 million ($0.43 per share), up 96.5% year-on-year and surging over 100% quarter-on-quarter from a net loss in 2Q26. Total sales and services revenue rose 20.1% from the previous year to THB 184,425 million, despite a 10.3% sequential decline driven by lower average selling prices per liter.
Key Financial Highlights
- Net Profit: THB 5,138 million (+96.5% YoY, >100% QoQ)
- Revenue: THB 184,425 million (+20.1% YoY, -10.3% QoQ)
- EBITDA: THB 7,508 million (+53.9% YoY, >100% QoQ)
- Earnings Per Share (EPS): THB 0.43 per share (vs. THB -0.15 in 2Q26)
The core Mobility segment drove earnings recovery, generating THB 165,223 million in revenue (+18.8% YoY) and an EBITDA of THB 4,956 million (+68.4% YoY). Adjusted gross profit per liter rebounded to THB 1.19 from THB 0.49 in 2Q26, supported by favorable retail diesel and gasoline margins.
The non-oil Lifestyle segment posted steady revenue growth of 5% YoY to THB 6,614 million, as Cafe Amazon expanded its footprint and sold 116 million cups (+6.4% YoY). Meanwhile, the Global segment reported a 46.2% YoY revenue increase to THB 15,464 million, with EBITDA turning positive to THB 738 million.
A primary profit catalyst was the reversal of inventory write-downs (net realizable value) as global oil prices stabilized. Operational performance was further boosted by derivative gains of THB 720 million, mitigating a slight foreign exchange loss of THB 26 million and initial startup drag from its Virtual Bank investment.
OR maintained a conservative balance sheet with a net interest-bearing debt-to-equity ratio of 0.1x, remaining well within its internal financial policy limit of 1.0x, alongside a solid current ratio of 1.7x. Total assets reached THB 223,393 million.
Looking ahead, management projects full-year crude prices between $89.8 and $99.8 per barrel while advancing strategic initiatives, including a budget hotel joint venture, expanding its EV Station PluZ network (1,373 locations), and regional Cafe Amazon rollouts.
