Indorama Ventures Public Company Limited (SET: IVL) returned to profitability in the third quarter of 2026, powered by top-line growth and structural cost optimization. The global chemical producer posted a net profit of THB 2.17 billion, reversing a net loss of THB 818 million in 3Q25. Consolidated revenue jumped 22% year-over-year to THB 133.35 billion despite lower overall sales volumes.
Key Financial Highlights
- Consolidated Revenue: THB 133.35 billion (+22% YoY)
- Reported Net Profit: THB 2.17 billion (vs. THB 818 million net loss in 3Q25)
- Core EPS: THB 0.39 (Reported EPS: THB 0.35)
- EBITDA: THB 13.72 billion (+65% YoY)
- Net Debt to EBITDA: Improved to 4.69x from 6.61x YoY
Earnings momentum was anchored by Combined PET (CPET), where EBITDA surged 88% YoY to THB 8.65 billion, driven by expanding integrated spreads and a 417% EBITDA rebound in Intermediate Chemicals. Downstream surfactant unit Indovinya delivered a 64% YoY EBITDA increase to THB 4.24 billion, supported by high-value additive (HVA) EBITDA margins of 18.2%. Packaging division Indovida expanded EBITDA by 45% to THB 1.02 billion. Conversely, Fibers EBITDA was flat YoY at THB 924 million as Chinese tire-cord overcapacity weighed on Mobility margins.
Core operational performance outpaced non-recurring items, with adjusted net profit before exceptional items soaring 731% YoY to THB 2.43 billion. Net non-operating charges totaled THB 263 million, including THB 449 million in restructuring and severance costs, offset by THB 243 million in asset gains and THB 207 million in foreign exchange gains. IVL’s “IVL 2.0” transformation reduced fixed costs by THB 10 billion relative to 2023 levels.
IVL bolstered its balance sheet, reporting THB 108 billion in total liquidity. Operating cash flow after maintenance capital expenditures reached THB 8.59 billion, helping reduce net debt to THB 223.74 billion. Leverage improved substantially, with the net debt-to-EBITDA ratio falling to 4.69x from 6.61x a year earlier. Core EPS reached THB 0.39, while reported EPS stood at THB 0.35.
Management reiterated its ambition to double EBITDA and lower leverage to 3.0x or below by 2028 under its CMD commitments. Near-term growth catalysts include closing an Indian packaging consolidation deal in 1Q27—expected to double Indovida’s EBITDA—and realizing THB 5.5 billion from pending asset sales.
