Bangkok – May 22, 2025 – PTT Global Chemical Public Company Limited (GC) announced its first quarter 2025 operating results, showing a clear recovery from the previous quarter. The company remained focused on proactive cost management, portfolio transformation, and continued execution of the Holistic Optimization, resulting in a 102% increase in Adjusted EBITDA from the previous quarter, despite ongoing global market volatility.

GC also raised its annual efficiency improvement target—from THB 4.5 billion to THB 5.5 billion—through revenue enhancement and cost reduction initiatives. In parallel, the company continues to advance its Asset Light strategy and transformation toward high-value and low-carbon businesses, reinforcing GC’s position as an industry leader ready to navigate uncertainty and drive long-term sustainable growth.

In Q1/2025, GC recorded total sales revenue of THB 132,547 million and Adjusted EBITDA of THB 5,377 million, representing a significant 102% improvement from Q4/2024. This reflects the success of GC’s cost efficiency and operational excellence under the Holistic Optimization. Although the company reported a net loss of THB 2,567 million, this marks a substantial improvement compared to the net loss of THB 11,738 million in Q4/2024, which included non-recurring items.

The earnings improvement this quarter was driven by increased usage of ethane feedstock in the Olefins business, contributing to higher Adjusted EBITDA. Disciplined cost control also played a key role, while the Specialty Chemicals segment continued to show strong performance. allnex saw seasonal sales growth, and Vencorex benefited from a successful restructuring effort that reduced operating expenses.

GC maintained a strong financial position with operating cash flow exceeding THB 12,000 million and total cash on hand of over THB 37,000 million at the end of the quarter. This reflects the company’s solid liquidity and capacity to manage through market volatility—forming a strong foundation for the company’s development toward high-value, low-carbon businesses in support of sustainable long-term growth.

Mr. Narongsak Jivakanun, Chief Executive Officer of GC, stated: “Although the global petrochemical industry continues to face pressure from economic uncertainty, oversupply, and U.S. trade countermeasures, GC has prepared comprehensively by transforming the business to be more flexible and resilient. We have implemented decisive turnaround measures, especially under the Holistic Optimization and Asset Light approaches. Based on our strong operational progress, we have raised our efficiency improvement target for the year from THB 4.5 billion to THB 5.5 billion, to ensure we are well-positioned to meet escalating industry challenges.”

Revised Efficiency Target of THB 5.5 Billion to Support Strategic Transformation

Driven by continuous progress in its business recovery initiatives, GC has adjusted its efficiency improvement target from THB 4.5 billion to THB 5.5 billion in 2025. This will further strengthen the company’s performance amid challenging market conditions and is based on four key strategic pillars:

• Holistic Optimization: Enhance end-to-end operations through digital technology and integrated process improvement.
• Portfolio Transformation: Optimize asset utilization to increase long-term value and reduce costs.
• OPEX Saving: Continuously reduce operational expenses through efficient management and cost control across the organization without compromising operational excellence.
• Other Enhancements: Strengthen feedstock sourcing capabilities and trading excellence.

GC has proactively developed comprehensive plans to address global uncertainties across economic, geopolitical, and international trade dimensions. Regarding the countervailing duty measures imposed by the United States, the company has assessed that the direct impact remains limited, as most of the products GC manufactures in the U.S. are sold domestically. Additionally, exports from GC’s other production bases to the U.S. account for less than 1% of total exports. To mitigate indirect impacts from global economic fluctuations and shifts in trade direction, GC continues to closely monitor the situation. The company has also strengthened its business flexibility by conducting scenario analysis and implementing both short-term and long-term response plans to ensure resilience and readiness in any situation.

At the same time, GC continues to pursue sustainable growth under the concept of GC StandOut, focusing on enhancing competitiveness through innovation, modern work processes, and continuous development of the company’s unique strengths. GC also aims to create differentiation by expanding its portfolio in specialty chemicals and environmentally friendly materials, such as coating resins, bioplastics, and high-quality recycled plastics. These businesses are operated through leading global platforms like allnex and NatureWorks, in response to global market trends toward a circular economy and carbon reduction.