GC reports Q3 2568 results, progressing strategy as planned amid global industry and economic challenges

Bangkok – November 14, 2025 – PTT Global Chemical Public Company Limited (GC), a leader in the global chemical industry, reported total revenue of 392,763 billion baht for the first nine months of 2025 and Adjusted EBITDA of 16,606 billion baht. For the third quarter of 2025, total revenue was 126,836 billion baht, a 5% decrease compared to the previous quarter, while Adjusted EBITDA was 5,147 billion baht, a 15% decrease from the previous quarter, reflecting market volatility. However, GC continues to execute its established strategy with discipline to enhance competitiveness, maintain financial stability, and lay the foundation for sustainable growth.

Mr. Narongsak Jivakanan, Chief Executive Officer, PTT Global Chemical Public Company Limited Or GC stated, "Although the petrochemical industry and global economy continue to face numerous challenges, including excess capacity from low-cost markets, trade wars, and geopolitical factors, all of which are uncontrollable external factors impacting profitability, GC continues to implement its strategies according to its plan. This focus is on managing controllable factors to turn the situation around and prepare for growth in the next phase. This includes operational targets, portfolio transformation strategies, and asset management for maximum benefit. This includes increasing revenue, reducing expenses, and implementing holistic efficiency through a deleveraging program and liquidity management."

With significant progress in several areas, including:

• Increase revenue and reduce expenses by more than 5,500 billion baht per year. In the first 9 months of 2568, progress has been made of more than 4,000 million baht per year and is expected to exceed the target.
• Drive the Holistic Optimization approach to increase overall operational efficiency and enhance competitiveness, such as the project to import ethane from the US as an alternative raw material and the project to use cold energy from liquefied natural gas in the olefins production process.
• Implementation of the deleveraging and liquidity management plan, including an expansion of the Trade Credit Facility for raw material procurement with PTT to enhance liquidity and financial flexibility, and the issuance of US$1.1 billion in subordinated debentures in September 2025, the largest in South and Southeast Asia, with oversubscriptions exceeding 8 times the offering value. This action resulted in a reduction of approximately 75 billion baht in interest-bearing debt during the first nine months of 2025, and a decrease in the net debt-to-equity ratio from 0.84 at the end of 2024 to approximately 0.50 in the third quarter of 2025. The Company also maintains a committed working capital facility from PTT and financial institutions totaling over 70 billion baht to support continued business operations.
• Preparing to offer subordinated debentures in Thai baht to general investors between November 27-28 and December 1-3, 2568.
• Carry out Asset Monetization to increase efficiency in asset management, with 2 important transactions which will be presented for consideration and approval at the Extraordinary General Meeting of Shareholders No. 1/2568 on 18 November 2568, namely:
  • The sale of a portion of its shares in Thai Tank Terminal Co., Ltd. (TTT), which provides port services and petrochemical raw material and product storage in the Map Ta Phut Industrial Estate, to PTT Tank Terminal Co., Ltd. (PTT Tank), representing a 35.43% stake. Following the transaction, GC will retain a 1% stake.
  • Sale of certain infrastructure assets related to the pier and product storage in the Buffer Tank Farm to a subsidiary of PTT Tank, whereby GC will lease back certain assets and continue to use the pier and common areas, as well as remain the operator and maintenance (O&M) to ensure continuous and stable operations.

In 2569, the company will continue implementing measures to increase revenue and reduce expenses by a total of over 5,500 billion baht per year, which will be recognized as recurring benefits. Additional benefits of over 1,000 billion baht per year will be generated, based on progress achieved in 2568. GC will also continue to drive forward its Holistic Optimization approach to enhance overall operational efficiency and enhance competitiveness. This is expected to generate additional benefits of 1,200 billion baht per year in 2569.

In addition, we continue to leverage the potential of allnex, a global leader in coating resins, through efficiency enhancements and cost reductions amid the industry slowdown. Key initiatives include:

• Expanding production capacity in high-potential markets such as China, India and Thailand to enhance competitiveness and support growth in Asia, with the view that Thailand can be developed into a key hub for specialty chemicals in Southeast Asia.
• Project Helix, a structural cost reduction initiative, aims to reduce costs by €40 million per year by 2569–2570, which will be a key component towards the goal of increasing EBITDA by at least €25 million per year by 2573.
• Commercial Excellence and Supply Chain Optimization: Streamline commercial and supply chain processes.
• Growth Platform A business unit that leverages existing technologies to expand into related businesses, develops new platforms such as additives, composite materials and batteries, and develops innovations to meet new market demands.

GC has also implemented digital technology within the organization through the 3 Smart concept: Smart Plant, Smart Sales & Marketing, and Smart Work Process. Examples include the use of AI Vision and Drone Inspection technology to check the condition of roof tanks in conjunction with satellite data without stopping operations. Inspection of heat exchangers after cleaning reduces time and increases the accuracy of equipment assessments. Using drones to inspect internal pipes instead of climbing into high-risk areas improves employee safety. The examples alone have generated more than 20 million baht in business benefits annually.

At the same time, the company has prioritized embracing innovation as a driving force for the organization, both in product development to meet customer needs and in enhancing work processes for greater efficiency and sustainability. This initiative, coupled with the creation of an innovation culture that allows employees at all levels to participate in proposing new ideas through the GC StandOut platform, has yielded tangible results. In 2025, GC received three National Innovation Awards from the National Innovation Agency (Public Organization), reinforcing its role as an organization driven by innovation for a sustainable future at the organizational, product, and economic levels.

"GC continues to implement strategies to strengthen its business capabilities and prepare for changes in the global industry and economy. Although we are currently undergoing a business transformation, we are confident that our strategic implementation, disciplined financial management, and innovation-driven approach will help us overcome this challenging period and achieve stable and sustainable long-term growth," concluded Mr. Narongsak.