Indorama Ventures posted Adjusted EBITDA1 of $285 million in 3Q25, a 14% decline quarter-on-quarter (QoQ) and a 33% drop year-on-year (YoY). Sales volumes fell 3% QoQ, and 9% YoY, mainly a result of maintenance turnarounds. The company announced a dividend of 0.175 baht.
The global chemical industry is grappling with record overcapacity and subdued demand amid a prolonged period of unprecedented macro-economic shifts marked by geopolitical tension, technological advances, changing consumer behaviour, and environmental factors, leading to a new world order for chemical markets.
In March 2023, Indorama Ventures launched IVL 2.0 to address the energy crisis in Europe and pricing disparities between eastern and western polyester feedstock markets that have arisen from electrification. The sector’s earnings in 2025 and 2026 are expected to be weaker, driven by unresolved tariff negotiations and fractured supply chains.
Commenting on the global situation, Mr. Aloke Lohia, Group CEO of Indorama Ventures, said, “The margin pressure that the industry is inflicting on itself is unprecedented. The corrective action taken by industry players and governments in key chemical markets such as China, South Korea, Brazil, and Europe, is underway but needs to gather urgent momentum to restore a healthy balance between supply and demand over the next 12-24 months. Hopefully, there is delayed consumption in the same way we saw for travel after the Covid epidemic. Europe in particular has been plagued with structural issues, and an end to the Russia-Ukraine conflict will be the most defining upside trigger for the region, as well as the EU’s discussions on import regulations.”
In a sustained effort to counter the softer operating environment, Indorama Ventures’ empowered leadership teams are focused on structural actions under IVL 2.0 to optimize the company’s leading business model, particularly in Europe which has borne the brunt of the industry headwinds. These measures include extracting savings, enhanced cash generation, digital adoption, and sustainability innovation. In the first nine months of 2025, operating cash flow stood at $985 million, with a healthy EBITDA conversion of 121%.
