Last year saw many events causing significant global oil price volatility. PTT Public Company Limited (PTT) therefore must adjust its plans to handle this year's situation, including long-term strategies to shift from non-global trend businesses (as the world moves toward clean energy and sustainability) to maintain continuous growth.
Dr. Kongkapan Intarajang, Chief Executive Officer and President of PTT Public Company Limited (PTT). He said 2025 was full of volatility including geopolitical tensions, tariff policies, and fluctuating energy prices, all of which could pose risks for business in 2026. Therefore, PTT must adapt to external factors and restructure its business to continuously generate new revenues.
In 2026, sales volume across all business sectors is expected to continue increasing, including gas, petroleum exploration and production, and others. Although oil prices remain unpredictable due to global uncertainties, PTT aims to increase sales volume to boost profits, believing the main sales growth driver this year will come from upstream to downstream businesses.
However, the company will focus on continuous business enhancement, targeting EBITDA (earnings before interest, tax, depreciation, and amortization) growth through Profit Enhancement projects. Short-term plans for this year include:
- The P1 project targeting 3,244 million baht.
- The Domestic Products Management (D1) project targeting 1,035 million baht.
- The Mission X project targeting 20,000 million baht.
- The AXIS project targeting 2,000 million baht.
Cash flow is expected to reach 100 billion baht, up from 17 billion baht achieved in 2025.
Although traditional energy businesses, which are the core business, may not follow global trends, restructuring does not only mean new businesses. Existing businesses may need to be transformed. PTT Group's infrastructure segment plans to find new partners to create synergy. Currently, negotiations are underway and clarity on the petroleum and refining investment portfolio adjustment project (Genesis) is expected within 2026.
Major oil industry companies are seeing reduced profits, but PTT still profits from diversified businesses, which is a company strength. Therefore, new partners will help reinforce business strength. These partners must be global-level, strong in their respective fields, and help the company achieve leapfrog growth.
Additionally, PTT is expanding into new businesses to generate revenue such as CCS and Hydrogen. In 2025, the Hydrogen/Ammonia Business Roadmap was completed, and by 2030, PTT aims to establish a supply network and infrastructure to pilot ammonia use as a co-fuel in power plants.
Meanwhile, PTT has proposed joining the Stock Exchange of Thailand's (SET) JUMP+ program, which promotes value enhancement of listed companies by systematizing existing disclosures and setting clear commitments. Details cannot be disclosed yet. PTT subsidiaries will join gradually when ready, but have not yet been brought to the board.
Regarding the special dividend paid for the first time, it was emphasized this was an occasional event, such as in 2025 when cash was relatively high. In 2026, plans will consider whether to allocate dividends or invest in medium- to long-term opportunities.
However, PTT and its subsidiaries recorded EBITDA of 332,849 million baht in 2025, down 16% from 2024. This was mainly due to lower performance in petroleum exploration and production from reduced average selling prices, and reduced results in petrochemical and refining businesses. Petrochemical declines were caused by reduced margins and sales volume in aromatics and olefins. Refining results dropped due to lower sales volume despite increased gross refining margin (Market GRM) and reduced net oil inventory losses. In 2025, PTT and subsidiaries had a net loss of approximately 12 billion baht, compared to about 13 billion baht loss in 2024.
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