Thailand · Delayed Price · Currency is THB Indorama Ventures PCL Earnings Call Transcripts
Fiscal Year 2026
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A leaner operating model, digitalization, and portfolio optimization underpin a plan to double EBITDA to THB 64 billion by 2028, reduce net debt by THB 68 billion, and drive free cash flow. Asset rationalizations, innovation, and a local-for-local strategy enhance resilience and growth.
Fiscal Year 2025
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Q3 2025 saw continued margin pressure and weak demand, with revenue and EBITDA declining year-on-year. Management executed major cost reductions, asset rationalization, and digital transformation, while focusing on operational excellence and sustainability investments. Liquidity remains strong, but deleveraging and IPO plans are deferred amid ongoing industry headwinds.
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Q1 2025 saw lower revenue and EBITDA due to global headwinds and planned maintenance, but strong cash flow enabled debt reduction. Indovinya and Fibers segments outperformed, and Q2 is expected to improve as volumes and margins recover.
Fiscal Year 2024
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2024 saw improved earnings and operational resilience amid industry headwinds, with adjusted EBITDA up 10% to $1.52 billion and significant cost savings from asset rationalization. Management expects further benefits in 2025 as working capital normalizes and transformation initiatives continue.
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Q3 2024 saw a 32% year-on-year rise in Adjusted EBITDA to $427 million, driven by cost savings, asset rationalization, and margin recovery across all segments. Strategic initiatives, including asset sales and upcoming IPOs, are set to further reduce debt and enhance value.
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Q2 2024 saw adjusted EBITDA of $370M, strong cash flow, and major asset optimization with $666M impairment, setting up $170M annual fixed cost savings by 2025. Indovinya and Fibers rebounded, while CPET faced margin pressure but maintained premium pricing. Asset optimization and U.S. shale gas advantage are expected to drive sequential improvements.
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The company is rapidly expanding its global PET recycling capacity, targeting 1.5 million tons by 2030 and aiming for 40% circular feedstock and a 30% reduction in GHG emissions. Operational improvements, regulatory support, and strong customer partnerships are driving growth, with India and Africa as key expansion markets.