Aus der Branche

Indorama Ventures Public Company Limited (IVL), a global sustainable chemical producer, reported significantly stronger first-half 2026 earnings, reflecting favorable market conditions together with continued progress in strengthening the Company’s operating fundamentals. 

For the first half of 2026, the Company reported revenue of THB 245.3 billion, up 4% year-on-year, and EBITDA of THB 29.7 billion, up 61%. Second-quarter EBITDA was particularly strong, with all four business segments delivering year-on-year improvement. Operating cash flow after maintenance capital expenditure increased 78% to THB 25.9 billion. Strong cash generation supported further deleveraging, with Net Debt-to-Equity improving to 1.56x, reaching the Company's Capital Markets Day target for 2026 ahead of schedule. 

Management’s continued execution of IVL 2.0 self-help actions, including Sales & Operations Execution (S&OE), inventory discipline and working capital management, also supported stronger cash conversion, with inventory turnover improving to 5.0x in the second quarter from 4.7x at the end of 2025. Operating rates were prudently managed to align production with inventory targets and protect margin quality in a period of volatile pricing. 

Looking ahead, Indorama Ventures expects some of the exceptionally strong second-quarter market tailwinds to normalize. The Company’s priorities for the remainder of 2026 are to deliver sustainable earnings under normalized spreads, convert those earnings into free cash flow, reduce absolute net debt, and improve returns on capital. 

Mr. Aloke Lohia, Group CEO of Indorama Ventures, said, “Our first-half performance reflects both supportive market conditions and the progress we are making through the self-help actions we have taken to strengthen Indorama Ventures. Markets will normalize, so the more important test is whether we can convert the advantages of the platform we have built over three decades - our scale, integration, global footprint, local-for-local operating model and customer positions, into more consistent earnings, stronger cash generation and higher returns through the cycle. 
We are beginning to see that translation in our performance. Greater discipline in how we manage our operations, inventory and working capital is improving cash generation, while our portfolio actions are strengthening the quality of the business and improving returns on capital. Together, these actions are building a more agile and financially resilient Indorama Ventures. 
We remain confident in our 2026 expectations and 2028 ambitions. Our focus is to continue executing on what we can control, strengthen our balance sheet and improve returns, while retaining the flexibility to capture growth opportunities as markets evolve.” 

The earnings improvement was led by Combined PET, supported by favorable market conditions and the benefits of Indorama Ventures’ integrated global platform and local-for-local operating model. Indovida continued its growth momentum, supported by its market-leading packaging position, customer intimacy and organic growth initiatives. Indovinya delivered strong performance across both High Value Applications and Essentials, supported by commercial excellence initiatives. Fibers improved sequentially in the second quarter supported by stable Hygiene demand and transformation efforts, despite continued weakness in Lifestyle and Mobility end markets.