Bangchak Reports Q3 2025 Operating Results

EBITDA Doubled from Increased Refining Margin and Growth Momentum Builds Toward a Strong Q4 Maintains A+ Credit Rating for Second Consecutive Year

Bangchak Group announced its operating results for the third quarter of 2025, reflecting strong management capability amid continued volatility in the global energy market. The Group recorded total revenue from sales and services of THB 123,305 million and EBITDA of THB 10,269 million, more than doubling from the previous quarter and increasing 43 percent year-on-year. Normalized net profit was THB 3,186 million, while net profit attributable to owners of the parent company was THB 1,108 million, equivalent to earnings per share of THB 0.80.

Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, stated that Bangchak Group’s performance in the third quarter of 2025 demonstrated a continued recovery at Bangchak Phra Khanong Refinery and Bangchak Sriracha Refinery. This improved the basic refining margin to USD 7.38 per barrel, driven by widening crack spreads and lower crude costs. During the quarter, TRIS Rating reaffirmed Bangchak’s corporate credit rating at “A+” with a “stable” outlook for the second consecutive year, reflecting the company’s strong business position and financial structure. A promising Q4 is on the horizon, supported by the new strategy, stronger GRM, and improved sales performance. Meanwhile, Bangchak Group officially commenced operation of the Very Large Crude Carrier (VLCC) jetty at the Bangchak Sriracha Refinery in Chonburi Province, enhancing efficiency and reducing crude oil procurement and transportation costs while strengthening the Group’s competitiveness for sustainable growth. In addition, the exploration and production business continued to play an important role in generating revenue and growth opportunities, reinforcing the company’s balanced and resilient portfolio. BSRC’s delisting process is in progress and is now entering the tender offer stage.

Ms. Phatphuree Chinkulkitnivat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, reported key performance highlights of each business group in the third quarter of 2025 as follows:

The Refinery and Oil Trading Business Group recorded revenue of THB 99,851 million and EBITDA of THB 2,891 million, more than doubling from the previous quarter and the same period last year. The basic refining margin rose to USD 7.38 per barrel from USD 4.45 in the previous quarter, supported by higher spreads of middle distillate products—diesel and jet fuel—due to global supply constraints, lower crude costs, and a narrower Brent–Dubai differential (DTD–DB), leading to improved overall refining margins. Inventory loss also declined significantly from the previous quarter, further supporting overall performance.

The Marketing Business Group reported revenue of THB 88,200 million, down 1 percent from the previous quarter and 7 percent year-on-year, while EBITDA rose 38 percent from the previous quarter and more than 100 percent year-on-year to THB 1,629 million. The net marketing margin increased 16 percent from the same period last year to THB 0.85 per liter, driven by stronger margins on diesel, jet fuel, and marine fuels, effective cost management, and a sharp reduction in inventory loss. Bangchak maintained a domestic retail market share of 29 percent and continued expanding its retail network and customer experience under the concept “Greenovative Destination for Intergeneration.” As of the end of Q3 2025, Bangchak operated 2,173 service stations, 502 EV charging points, and more than 1,108 Inthanin Coffee branches nationwide.

The Clean Power Business Group recorded revenue of THB 1,100 million, up 41 percent from the previous quarter but down 2 percent year-on-year, and EBITDA of THB 1,620 million, up 66 percent quarter-on-quarter and 23 percent year-on-year. The growth was mainly driven by higher hydropower generation in Lao PDR following increased seasonal water flow, as well as the full commercial operation of a wind power project in Lao PDR. The Group also recognized THB 757 million in profit from its share of investments in associates, up from the previous quarter, reflecting improved performance of natural gas power plants in the United States, supported by higher capacity revenue and seasonal summer demand.

The Bio-Based Products Business Group reported revenue of THB 4,363 million, up 15 percent from the previous quarter but down 19 percent year-on-year, and EBITDA of THB 286 million, up over 100 percent quarter-on-quarter and 78 percent year-on-year. The increase in product sales volume, particularly ethanol, was driven by continued high production levels and improved production efficiency, resulting in lower unit costs. Biodiesel (B100) benefited from a higher average selling price compared to the previous quarter, in line with the rise in crude palm oil prices, together with continued improvements in cost and operational efficiency.

The Natural Resources Business Group posted revenue of THB 7,056 million, up 9 percent from the previous quarter but down 26 percent year-on-year, and EBITDA of THB 4,039 million, up 15 percent quarter-on-quarter but down 40 percent year-on-year. The increase was driven by higher production than expected and a 10 percent increase in sales volume, following the commencement of oil and gas production at the Sognefjord East well in the Brage field in Norway since July. Average selling prices for oil and natural gas liquids also rose with the recovery in global markets. Although an impairment loss was recognized due to reserve revaluation and forward price adjustment, OKEA maintained a strong financial position and continued to generate positive net cash flow.

For the first nine months of 2025, Bangchak Group recorded total revenue from sales and services of THB 383,780 million, down 14 percent year-on-year, while EBITDA was THB 26,600 million, down 20 percent. Normalized net profit (excluding special items) was THB 6,184 million, up 43 percent from the same period last year. The performance was primarily impacted by a significant decline in global crude oil prices, which averaged USD 71 per barrel, driven by weakened demand amid economic slowdown, and increased OPEC+ production. As a result, the Refinery and Oil Trading Business Group experienced higher inventory losses. Despite a weaker crack spread, the Group’s Operating gross refining margin improved to USD 5.27 per barrel, supported by lower crude costs and favorable Brent-Dubai differentials.

The Marketing Business Group saw a slight increase in sales volume, driven by higher-value product sales in the industrial market, despite a decline in net marketing margin. The Clean Power Business Group experienced a decline in performance following the expiration of the adder for solar power plants in Thailand and the divestment of solar projects in Japan, offset by a significant increase in the share of profit from its investment in natural gas power plants in the U.S. The Bio-Based Product Business Group maintained improved cost efficiency and profitability. The Natural Resources Business Group was impacted by a decline in average oil selling prices and a decline in sales volume, mainly due to the divestment of the Yme field the previous year. For the first nine months, Bangchak Group reported total net profit attributable to owners of the parent of THB 663 million, representing earnings per share of THB 0.48

The Group’s financial position remained strong, with cash and cash equivalents of THB 27,248 million, total assets of THB 307,306 million, total liabilities of THB 224,331 million, and total shareholders’ equity of THB 82,975 million, of which THB 57,996 million belonged to the parent company. The net interest-bearing debt-to-equity ratio stood at 1.12 times.