Consolidated revenue for 1Q26 rose 7% quarter-on-quarter (QoQ) to THB 109.3 billion, while reported EBITDA surged 89% QoQ to THB 8.0 billion. This significant sequential improvement was driven by a combination of volume growth, improved margins, and a favorable portfolio mix, partially offset by currency headwinds. The company’s new “Radical Clarity” reporting philosophy, which embraces inventory fluctuations as an integral part of the business, provides a more transparent view of performance.
The strong performance generated THB 8.8 billion in operating cash flow, with an EBITDA conversion rate of 109%. Proactive working capital management resulted in a THB 3.2 billion reduction, achieved despite higher sales volumes and rising crude prices. This discipline improved the net debt-to-equity ratio to 1.73x from 1.83x in the previous quarter.
Mr. Aloke Lohia, Group CEO of Indorama Ventures, commented, “1Q26 represents a clear inflection point. Our recovery is powered by both improving external conditions and the deliberate actions taken under IVL 2.0. Through Radical Clarity and disciplined execution, we are entering the upcycle in a stronger position. We expect continued sequential earnings improvement, accelerated deleveraging toward our 3x Net Debt/EBITDA target, and solid progress on our 2028 ambitions.”
Business Segment Highlights
Combined PET (CPET): The segment was a standout performer, with EBITDA surging 134% QoQ to THB 5.5 billion. The rebound was driven by volume normalization after planned turnarounds, improved industry spreads, and a widening structural cost advantage from the company’s shale-to-PET integration in the Americas.
Indovida (Packaging): The segment demonstrated continued resilience, posting EBITDA of THB 743 million, a 10% QoQ increase, supported by a broad recovery in key growth markets. The proposed merger with EPL Limited will create a formidable packaging federation for long-term growth.
