Indorama Ventures Public Co. Ltd.SET: IVL

Factsheet 4Q2025Factsheet 2010 - 2023 Download Excel Download Excel

· Issued by Indorama Ventures Public Co. Ltd.
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IVL Factsheet

Reconciliation of EBITDA and Net Profit

THB Million

2024

2025

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

Remarks

Net profit after Tax and NCI

(19,262)

(7,348)

1,133

(22,996)

1,505

1,096

(1,312)

(521)

(818)

(4,697)

Statement of income in FS

Depreciation & Amortization

27,990

25,535

7,185

7,334

6,858

6,613

6,318

6,263

6,512

6,444

Cash flows in FS

Net finance costs

16,200

14,463

3,948

4,442

3,867

3,943

3,688

3,564

3,615

3,596

Statement of income/Cash flows in FS

Share of net (profit)/loss of associate and joint ventures accounted for using equity method

589

(270)

33

49

181

325

16

(19)

(173)

(94)

Statement of income in FS

(Reversal) of Impairments of assets

22,465

(170)

-

25,007

-

(2,542)

125

(372)

17

60

Statement of income in FS

Impairment, Revaluation, G/(L) on disposal

1,363

518

-

1,257

-

106

113

1

408

(3)

Management classification

Tax on impairments

(6,050)

-

-

(6,644)

(83)

678

-

-

-

-

Management classification

Severance payment and others

4,088

-

-

4,446

(0)

(357)

-

-

-

-

Note to FS

NCI

76

442

(111)

289

(41)

(60)

109

236

66

31

Statement of income in FS

Tax expense (income)

2,195

(1,096)

886

335

720

254

270

148

(1,317)

(196)

Management classification

EBITDA

49,654

32,075

13,073

13,518

13,007

10,057

9,326

9,299

8,310

5,140

Cash Flow Statement (THB Million)

THB Million 2024

2025

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

Remarks

Profit for the period after Tax and NCI (19,262)

(7,348)

1,133

(22,996)

1,505

1,096

(1,312)

(521)

(818)

(4,697)

Add: NCI 76

442

(111)

289

(41)

(60)

109

236

66

31

Add: Depreciation & Amortization 27,990

25,535

7,185

7,334

6,858

6,613

6,318

6,263

6,512

6,444

Add: Net finance costs 16,200

14,463

3,948

4,442

3,867

3,943

3,688

3,564

3,615

3,596

Add: Tax expense (income) (3,855)

(1,096)

886

(6,309)

636

932

270

148

(1,317)

(196)

Add: Impairment loss of PPE, goodwill and other 22,487 intangible assets

(170)

23

25,007

(0)

(2,542)

125

(372)

17

60

Less: (Reversal of) expected credit loss, net 151

240

98

(29)

(5)

86

(22)

(50)

272

40

Add: (Gain)/loss on disposal/written-off of PPE, net (327)

200

(314)

25

(14)

(24)

(68)

72

(50)

246

Add: Expense related to defined benefit plans, 2,305 unrealized items, share of JV, provisions etc.

2,603

660

1,541

439

(336)

473

1,515

159

456

Add: Changes in operating assets and liabilities (8,078)

15,044

(5,988)

9,526

(5,075)

(6,542)

5,464

(3,275)

3,313

9,542

Inventory (gains)/losses 2,001

1,953

(415)

(421)

1,355

1,483

(231)

779

432

974

Management Classification

Changes in Net working capital (10,079)

13,090

(5,572)

9,948

(6,430)

(8,025)

5,695

(4,054)

2,881

8,568

Management

Classification

Less: Taxes paid (2,575)

(1,868)

(976)

(895)

(95)

(610)

(910)

(965)

116

(109)

Operating Cash Flow 35,112

48,046

6,544

17,935

8,076

2,557

14,134

6,614

11,885

15,413

Net growth and investment capex1 (12,080)

(14,419)

(2,048)

(6,822)

(1,259)

(1,951)

(3,193)

(8,504)

(917)

(1,805)

Maintenance capex (9,724)

(13,575)

(1,785)

(3,110)

(2,360)

(2,468)

(3,022)

(3,176)

(2,959)

(4,418)

Cash Flow After Strategic Spending 13,308

20,052

2,710

8,004

4,457

(1,862)

7,919

(5,066)

8,009

9,190

Net financial costs3 (15,250)

(14,370)

(2,739)

(4,972)

(3,242)

(4,298)

(2,599)

(4,037)

(2,776)

(4,958)

Dividends and PERP interest (5,023)

(4,862)

(198)

(2,218)

(1,325)

(1,282)

(513)

(1,997)

(1,407)

(946)

Proceed from perpetual debentures (103)

-

-

-

14,897

(15,000)

-

-

-

-

(Increase)/Decrease in Net Debt on cash basis 2 (7,068)

820

(226)

814

14,786

(22,442)

4,808

(11,101)

3,827

3,286

Lease liability movement (3,217)

(1,939)

(2,012)

(368)

375

(1,212)

(461)

70

(811)

(737)

Exchange rate movement on Net Debt 531

(Natural Hedge against Assets)

8,968

(10,136)

(1,871)

16,620

(4,082)

2,155

1,137

1,110

4,565

(Increase)/Decrease in Net Debt as per Balance Sheet (9,754)

7,849

(12,375)

(1,425)

31,782

(27,735)

6,502

(9,894)

4,127

7,114

*Total of various accounts may not match with the grand total due to decimal round off

1Includes net proceeds from disposals of PPE, other non-current investments and assumed net debt on acquisitions

2Includes effect of FOREX changes on balance held in foreign currencies and on the net debt changes over the period of cash flow, due to the increase/decrease in net debt as per statement of financial position might be different

3 Finance cost in the cash flow statement may differ to the income statement on a quarterly basis due to certain payments which are made on an annual or six monthly basis as per conditions of the debt

Volume and Adjusted Financial Segment

Items

2024A

2025A

1Q24A

2Q24A

3Q24A

4Q24A

1Q25A

2Q25A

3Q25A

4Q25A

Average Exchange Rate US$/THB

35.2644

32.8830

35.6493

36.7056

34.8065

33.9930

33.9649

33.1071

32.2904

32.1761

YTD Average Exchange Rate US$/THB

35.2644

32.8830

35.6493

36.1511

35.6882

35.2644

33.9649

33.5540

33.1212

32.8830

Closing Exchange Rate US$/THB

33.9879

31.5826

36.4651

36.8497

32.2914

33.9879

33.9265

32.5564

32.2993

31.5826

MTHB

Items

Segments

2024A

2025A

1Q24A

2Q24A

3Q24A

4Q24A

1Q25A

2Q25A

3Q25A

4Q25A

Effective capacity (MMT)

CPET with Intermediate Chemicals

13.14

12.34

3.47

3.45

3.16

3.05

3.07

3.10

3.13

3.04

Integrated PET

10.69

9.99

2.85

2.83

2.56

2.45

2.49

2.52

2.54

2.45

Specialty Chemicals

0.78

0.67

0.20

0.20

0.19

0.19

0.17

0.17

0.17

0.17

Intermediate Chemicals

1.67

1.68

0.42

0.42

0.42

0.42

0.42

0.42

0.42

0.42

Packaging

0.42

0.44

0.10

0.11

0.11

0.11

0.11

0.11

0.11

0.11

Indovinya

2.07

2.14

0.53

0.53

0.51

0.51

0.51

0.51

0.51

0.60

Fibers

2.41

2.41

0.60

0.60

0.61

0.61

0.61

0.61

0.60

0.60

Lifestyle

1.60

1.40

0.40

0.40

0.40

0.40

0.36

0.36

0.33

0.35

Mobility

0.29

0.29

0.07

0.07

0.07

0.07

0.07

0.07

0.07

0.07

Hygiene

0.52

0.72

0.13

0.13

0.13

0.13

0.18

0.17

0.20

0.17

Total IVL

18.05

17.33

4.70

4.69

4.38

4.28

4.30

4.33

4.36

4.34

Total IVL w/o Oxiteno

16.92

16.20

4.42

4.40

4.10

4.00

4.02

4.05

4.14

4.00

Production (MMT)

CPET with Intermediate Chemicals

10.74

9.65

2.64

2.78

2.69

2.63

2.45

2.55

2.36

2.30

Integrated PET

8.71

8.00

2.20

2.24

2.17

2.10

2.05

2.08

1.96

1.91

Specialty Chemicals

0.50

0.41

0.14

0.13

0.11

0.12

0.09

0.09

0.10

0.12

Intermediate Chemicals

1.53

1.29

0.30

0.42

0.41

0.41

0.30

0.38

0.29

0.32

Packaging

0.31

0.30

0.08

0.09

0.08

0.07

0.08

0.08

0.08

0.07

Indovinya

1.32

1.20

0.33

0.32

0.35

0.32

0.32

0.30

0.32

0.26

Fibers

1.67

1.69

0.41

0.41

0.42

0.42

0.43

0.43

0.42

0.41

Lifestyle

1.10

1.07

0.27

0.27

0.27

0.29

0.27

0.27

0.26

0.26

Mobility

0.21

0.20

0.05

0.06

0.05

0.05

0.05

0.05

0.05

0.05

Hygiene

0.35

0.42

0.09

0.09

0.09

0.08

0.10

0.11

0.11

0.10

Total IVL

14.04

12.84

3.46

3.61

3.54

3.44

3.27

3.36

3.17

3.04

Total IVL w/o Oxiteno

13.45

12.31

3.31

3.47

3.37

3.29

3.12

3.24

3.06

2.88

Sales volume (MMT)

CPET with Intermediate Chemicals

10.70

9.60

2.69

2.77

2.69

2.54

2.41

2.49

2.33

2.37

Integrated PET

8.69

7.89

2.24

2.22

2.18

2.05

1.97

2.02

1.91

1.99

Specialty Chemicals

0.51

0.40

0.15

0.13

0.11

0.12

0.10

0.10

0.10

0.09

Intermediate Chemicals

1.50

1.31

0.31

0.42

0.40

0.37

0.34

0.37

0.31

0.29

Packaging

0.31

0.30

0.07

0.08

0.08

0.07

0.07

0.08

0.08

0.07

Indovinya

1.33

1.26

0.31

0.35

0.34

0.33

0.31

0.32

0.39

0.24

Fibers

1.70

1.71

0.44

0.41

0.41

0.44

0.44

0.44

0.43

0.41

Lifestyle

1.14

1.08

0.29

0.27

0.27

0.31

0.28

0.28

0.26

0.26

Mobility

0.21

0.20

0.06

0.06

0.05

0.05

0.05

0.05

0.05

0.05

Hygiene

0.35

0.44

0.09

0.08

0.09

0.09

0.11

0.10

0.12

0.10

Total IVL

14.04

12.88

3.51

3.62

3.53

3.39

3.24

3.33

3.22

3.10

Revenue (THB M)

CPET with Intermediate Chemicals

352,270

275,957

89,214

96,287

89,937

76,832

72,490

72,380

68,323

62,765

Integrated PET

292,768

232,676

73,717

79,914

75,265

63,873

61,791

61,310

55,781

53,795

Specialty Chemicals

30,706

22,722

9,372

8,212

7,128

5,993

5,471

6,058

5,273

5,919

Intermediate Chemicals

41,857

31,658

9,468

11,553

10,978

9,858

8,038

8,256

9,873

5,490

Inter CPET

(13,061)

(11,099)

(3,343)

(3,391)

(3,435)

(2,892)

(2,810)

(3,245)

(2,605)

(2,439)

Packaging

17,201

14,454

4,094

4,696

4,361

4,051

3,758

3,851

3,625

3,220

Indovinya

87,130

80,147

20,125

23,177

22,653

21,175

20,671

20,265

20,458

18,753

Fibers

113,473

100,159

29,984

29,746

27,447

26,296

27,305

26,297

24,145

22,412

Lifestyle

56,119

41,086

15,004

14,314

13,648

13,153

12,075

9,799

10,164

9,047

Mobility

31,486

27,731

8,364

8,743

7,456

6,923

7,401

6,993

6,751

6,587

Hygiene

25,898

32,684

6,624

6,700

6,347

6,227

7,838

9,508

7,843

7,494

Inter Fibers

(31)

(1,342)

(9)

(11)

(4)

(7)

(10)

(3)

(612)

(716)

Inter Business

(28,492)

(23,472)

(7,508)

(7,744)

(6,985)

(6,255)

(5,775)

(5,242)

(7,388)

(5,067)

Total IVL

541,583

447,246

135,908

146,163

137,413

122,099

118,448

117,552

109,163

102,083

EBITDA (THB M)

CPET with Intermediate Chemicals

28,964

17,260

8,211

7,549

7,626

5,578

3,954

5,491

4,610

3,206

Integrated PET

18,252

15,371

4,489

4,715

4,989

4,060

4,018

4,483

3,508

3,363

Specialty Chemicals

2,096

810

1,241

639

209

7

12

66

456

276

Intermediate Chemicals

8,616

1,079

2,481

2,195

2,429

1,511

(76)

943

646

(433)

Packaging

3,096

2,875

437

1,058

947

655

688

810

702

676

Indovinya

12,200

9,924

2,755

3,193

3,570

2,684

3,077

2,416

2,581

1,850

Fibers

5,747

4,686

1,367

1,820

1,405

1,155

2,057

1,193

919

518

Lifestyle

1,236

1,891

244

150

348

494

800

514

459

118

Mobility

3,037

1,581

677

1,253

689

418

507

573

202

298

Hygiene

1,474

1,215

447

417

368

243

750

105

258

102

Holdings

(354)

(2,671)

303

(102)

(541)

(15)

(449)

(611)

(501)

(1,110)

Total IVL

49,654

32,075

13,073

13,518

13,007

10,057

9,326

9,299

8,310

5,140

EBITDA Margin (%)

CPET with Intermediate Chemicals

9%

7%

9%

8%

10%

10%

6%

9%

7%

7%

Integrated PET

7%

8%

6%

6%

8%

9%

7%

9%

7%

8%

Specialty Chemicals

8%

4%

15%

9%

5%

2%

1%

2%

10%

5%

Intermediate Chemicals

21%

4%

23%

20%

23%

17%

-1%

11%

6%

-6%

Packaging

20%

22%

19%

21%

21%

19%

19%

24%

21%

23%

Indovinya

14%

12%

12%

16%

16%

13%

14%

12%

12%

10%

Fibers

5%

5%

5%

5%

6%

4%

6%

6%

4%

4%

Lifestyle

3%

5%

1%

1%

4%

4%

6%

6%

4%

2%

Mobility

8%

6%

7%

10%

10%

6%

6%

9%

4%

5%

Hygiene

6%

4%

9%

7%

7%

3%

5%

3%

3%

4%

Total IVL

10%

8%

10%

9%

11%

10%

8%

9%

8%

7%

EBITDA/t

CPET with Intermediate Chemicals

2,697

1,789

3,109

2,712

2,835

2,125

1,617

2,155

1,957

1,395

Integrated PET

2,096

1,922

2,036

2,108

2,300

1,936

1,958

2,159

1,787

1,763

Specialty Chemicals

4,193

1,951

9,154

4,861

1,835

60

132

703

4,420

2,212

Intermediates Chemicals

5,618

839

8,246

5,279

5,961

3,690

(254)

2,491

2,225

(1,363)

Packaging

9,851

9,479

5,780

11,803

11,729

9,581

9,042

10,088

9,109

9,664

Indovinya

9,237

8,276

8,280

9,955

10,237

8,418

9,611

8,108

8,064

7,091

Fibers

3,451

2,771

3,334

4,395

3,372

2,722

4,818

2,761

2,183

1,259

Lifestyle

1,123

1,771

915

556

1,269

1,703

2,934

1,883

1,777

448

Mobility

14,140

7,911

12,352

21,242

13,375

8,448

9,798

10,830

4,140

6,449

Hygiene

4,216

2,873

5,021

4,903

4,044

2,865

7,313

995

2,262

1,012

Total IVL

3,537

2,498

3,779

3,746

3,679

2,926

2,853

2,769

2,618

1,691

ROCE (%) Total IVL

6%

2%

6%

7%

8%

4%

3%

3%

2%

-2%

Note: 1) Volumes and operating rates are revised for captive Purified EO in Indovinya, hence small change in historical info.

  1. MTBE and MEG capacities in Intermediate Chemicals have been adjusted to reflect the maximum possible production. The impact is not material.

  2. Minor changes in Indvoinya and CPET segment from earlier Management estimates to completion of audit review of Indovinya.

  3. Some minor reclassifications of EBITDA are done between Specialty Chemicals, Integrated PET and Fibers in 1Q25 to reflect business performance correctly. Since the impact is not material hence prior periods reclassifications are not done. 5)Indovinya sales quantity are now reported on net external sales quantity basis starting from 1Q25 and prior period sales quantity are duly restated for comparison purposes.

    Appendix

    02-Mar-26

    History of IVL

    M&A

    Year

    Name

    Acquisition

    Completion

    Country

    Products

    IVL holding %

    EV or Amount

    paid/payable (M$)

    Installed Capacity at

    Acquired date (KT)

    2025

    EPL Limited

    27-May-25

    India

    Packaging

    24.9%

    221

    -

    221

    2022

    Filatura Tollegno

    1-Jul-22

    Italy and Poland

    wool

    100%

    61

    4

    2022

    Packaging Vietnam

    21-Apr-22

    Vietnam

    Packaging

    98%

    116

    51

    2022

    Oxiteno

    1-Apr-22

    Brazil,Uruguay,Mexico and

    USA

    Integrated Oxides and

    Derivatives

    100%

    1,410

    1,756

    2022

    UCY Polymers CZ s.r.o

    18-Feb-22

    Czech Republic

    rPET

    85%

    7

    16

    2022 Total

    1,594

    1,827

    2021

    Step up investment in MEDCO

    1-Nov-21

    Egypt

    Packaging

    100%

    18

    -

    2021

    CarbonLite Holdings LLC

    11-Jun-21

    USA

    rPET

    100%

    76

    44

    2021

    EcoMex , Conso

    19-Apr-21

    Mexico

    PET Recycled Flake

    100%

    15

    49

    2021 Total

    110

    93

    2020

    IMP Polowat

    29-Oct-20

    Poland

    rPET

    100%

    13

    23

    2020

    Toyobo Indorama Advanced Fibers, JV

    23-Oct-20

    Thailand

    Polyester HVA

    50%

    -

    11

    2020

    AG Resinas Ltda.

    8-Jun-20

    Brazil

    rPET

    100%

    9

    9

    2020

    PETValue Philippines Corporation

    Ongoing

    Philippines

    rPET

    70%

    30

    2020

    Huntsman

    3-Jan-20

    USA, Australia and India

    Integrated Oxides and

    Derivatives

    100%

    1,986

    2,170

    2020 Total

    2,009

    2,243

    2019

    Green Fiber International Inc.

    3-Dec-19

    USA

    rPET

    100%

    24

    40

    2019

    Sinterama S.p.A.

    19-Nov-19

    Italy, Brazil, China and

    Bulgaria

    HVA Automotive Fibers

    100%

    68

    30

    2019

    Bevpak (Nigeria) Limited

    2-Oct-19

    Nigeria

    Packaging

    100%

    3

    18

    2019

    Indo Rama Synthetics (India) Limited

    3-Apr-19

    India

    Polyester Necessity

    39%

    124

    613

    2019

    Invista Germany

    4-Mar-19

    Germany

    PET

    100%

    30

    137

    2019

    UTT

    28-Feb-19

    Germany and Mexico

    HVA Automotive Fibers

    80%

    109

    18

    2019

    M&G Fibras Brasil Ltda.

    22-Feb-19

    Brazil

    Fibers & Yarns

    100%

    28

    70

    2019

    Custom Polymers PET, LLC

    15-Jan-19

    USA

    rPET

    100%

    30

    33

    2019

    Dhunseri, Conso

    2-Jan-19

    India

    PET

    50%

    -

    240

    2019

    Micro Pet, Conso

    2-Jan-19

    India

    PET

    50%

    -

    110

    2019 Total

    415

    1,308

    2018

    Corpus Christi

    28-Dec-18

    USA

    PTA, PET

    33%

    388

    800

    2018

    Schoeller

    23-Nov-18

    Austria, Czech Republic and

    Germany

    Worsted wool yarns

    100%

    43

    4

    2018

    Medco

    13-Nov-18

    Egypt

    Packaging

    74%

    93

    70

    2018

    Kordarna

    30-Oct-18

    Czech R. & Slovakia

    HVA Automotive Fibers

    100%

    81

    50

    2018

    Step up investment in Polyprima

    18-Jul-18

    Indonesia

    PTA

    74%

    192

    155

    2018

    Sorepla

    30-Jul-18

    France

    Recycled Flakes and Food

    Grade Pellets

    100%

    12

    52

    2018

    Avgol

    25-Jul-18

    Isarael, USA, China, Russia &

    India

    HVA Hygiene Fibers

    66%

    601

    203

    2018

    Dhunseri JV

    14-Jun-18

    Egypt

    PET

    50%

    114

    540

    2018

    M&G, Brazil PET

    24-May-18

    Brazil

    PET

    100%

    369

    550

    2018 Total

    1,892

    2,424

    2017

    Artlant

    29-Nov-17

    Portugal

    PTA

    100%

    50

    700

    2017

    DuraFiber, France

    5-Oct-17

    France

    HVA Automotive Fibers

    100%

    11

    35

    2017

    DuraFiber, Mexico

    29-Sep-17

    Mexico

    HVA Automotive Fibers

    100%

    27

    22

    2017

    Glanzstoff

    31-May-17

    Luxembourg, Czech R., Italy &

    China

    HVA Automotive Fibers

    100%

    185

    36

    2017

    Step up investment in Trevira

    5-May-17

    Germany

    HVA Technical Fibers

    100%

    -

    2017 Total

    274

    793

    2016

    Dhunseri, JV

    12-Sep-16

    India

    PET

    50%

    173

    240

    2016

    50% divestment of Micro Pet, JV

    12-Sep-16

    India

    PET

    50%

    111

    110

    2016

    BP

    31-Mar-16

    North America

    PX, PTA, NDC

    100%

    433

    1,020

    2016

    Cepsa Spain

    7-Apr-16

    Spain

    PIA, PTA, PET

    100%

    220

    720

    2016 Total

    937

    2,090

    2015

    Micro Pet

    23-Dec-15

    India (North India)

    PET



    100%

    89

    216

    2015

    Oxxynova

    23-Sep-15

    Louisiana, USA

    Ethylene & Propelene

    90.4%

    110

    400

    2015

    Bangkok Polyester

    11-May-15

    Thailand

    PET

    99.0%

    33

    105

    2015

    Cepsa Canada

    1-Jun-15

    Canada

    PTA

    100%

    241

    600

    2015

    Performance Fibers

    1-Apr-15

    China

    Fibers & Yarns

    100%

    223

    41

    2015

    Polyplex

    2-Mar-15

    Turkey

    PET

    100%

    36

    252

    2015 Total

    733

    1,614

    2014

    EcoMex, JV

    1-Dec-14

    Mexico

    PET Recycled Flake

    51%

    7

    18

    2014

    Artenius

    2-Jun-14

    Turkey

    PET

    100%

    44

    130

    2014

    PHP

    30-Apr-14

    Germany, USA & China

    Fibers & Yarns

    80%

    125

    90

    2014 Total

    175

    238

    2013

    Aurus Pckg.

    3-Apr-13

    Nigeria

    Packaging

    100%

    10

    9

    2013 Total

    10

    9

    2012

    Polypet

    9-Aug-12

    Indonesia

    PET

    100%

    21

    101

    2012

    Polyprima, JV

    1-Jul-12

    Indonesia

    PTA

    43%

    215

    2012

    Old World

    3-Apr-12

    USA

    EOEG

    100%

    811

    550

    2012

    Beverage Plastics

    24-Feb-12

    Northern Ireland

    Packaging

    51%

    (0)

    22

    2012

    FiberVisions

    6-Jan-12

    USA, Denmark & China

    Fibers & Yarns

    100%

    179

    221

    2012 Total

    1,009

    1,109

    2011

    Wellman

    30-Nov-11

    Ireland, Netherlands & France

    Fibers & Yarns

    100%

    67

    153

    2011

    Trevira

    1-Jul-11

    Germany & Poland

    Fibers & Yarns

    75%

    30

    123

    2011

    SK Chemicals

    2-Mar-11

    Indonesia & Poland

    PET, Fibers & Yarns

    100%

    199

    351

    2011

    Invista

    1-Mar-11

    USA & Mexico

    PET, Fibers & Yarns

    100%

    426

    936

    2011

    Guangdong

    27-Jan-11

    China

    PET

    100%

    49

    406

    2011 Total

    770

    1,969

    2010

    Dow Chemicals, JV

    1-Jul-10

    Italy

    PET & PTA

    50%

    0

    173

    2010

    Europoort Utility

    4-May-10

    Netherlands

    Power Plant

    100%

    32

    -

    2010 Total

    33

    173

    2008

    Tuntex

    30-Sep-08

    Thailand

    PET, Fibers & Yarns

    100%

    64

    391

    2008

    Tuntex

    30-Sep-08

    Thailand

    PTA

    100%

    408

    771

    2008

    Tuntex

    30-Sep-08

    Thailand

    PTA

    100%

    253

    602

    2008

    Eastman

    31-Mar-08

    Netherlands & UK

    PET & PTA

    100%

    350

    776

    2008 Total

    1,075

    2,540

    2003

    Tiepet

    USA

    PET

    100%

    50

    2003 Total

    -

    50

    1997

    Siam Polyester

    Thailand

    Fibers

    100%

    40

    1997 Total

    -

    40

    Grand Total

    10,948

    18,300

    Source: Financial statements & Public disclosures Joint Ventures



    Dividend Information

    Dividend Period Date of payment Type of Dividend Dividend per Share Dividend Total Total amount

    (Baht)

    (Baht)

    (Billion Baht)

    2025

    3rd Interim payment

    11/12/2025

    Cash

    0.175

    0.525

    2.95

    2nd Interim payment

    11/09/2025

    Cash

    0.175

    1st Interim payment

    12/06/2025

    Cash

    0.175

    2024

    Annual

    23/05/2025

    Cash

    0.175

    0.7

    3.93

    3rd Interim payment

    11/12/2024

    Cash

    0.175

    2nd Interim payment

    12/09/2024

    Cash

    0.175

    1st Interim payment

    12/06/2024

    Cash

    0.175

    2023

    Annual

    23/05/2024

    Cash

    0.175

    0.925

    5.19

    3rd Interim payment

    14/12/2023

    Cash

    0.25

    2nd Interim payment

    13/09/2023

    Cash

    0.25

    1st Interim payment

    14/06/2023

    Cash

    0.25

    2022

    Annual

    19/05/2023

    Cash

    0.4

    1.6

    2.25

    3rd Interim payment

    15/12/2022

    Cash

    0.4

    2nd Interim payment

    15/09/2022

    Cash

    0.4

    1st Interim payment

    16/06/2022

    Cash

    0.4

    2021

    Annual

    20/05/2022

    Cash

    0.25

    1

    5.61

    3rd Interim payment

    09/12/2021

    Cash

    0.25

    2nd Interim payment

    15/09/2021

    Cash

    0.25

    1st Interim payment

    10/06/2021

    Cash

    0.25

    2020

    Annual

    20/05/2021

    Cash

    0.175

    0.7

    3.93

    3rd Interim payment

    09/12/2020

    Cash

    0.175

    2nd Interim payment

    10/09/2020

    Cash

    0.175

    1st Interim payment

    11/06/2020

    Cash

    0.175

    2019

    Annual

    08/05/2020

    Cash

    0.175

    1.225

    6.88

    3rd Interim payment

    11/12/2019

    Cash

    0.35

    2nd Interim payment

    05/09/2019

    Cash

    0.35

    1st Interim payment

    04/06/2019

    Cash

    0.35

    2018

    Annual

    23/05/2019

    Cash

    0.35

    1.4

    7.83

    2nd Interim payment

    18/12/2018

    Cash

    0.35

    1st Interim payment

    04/09/2018

    Cash

    0.7

    2017

    Annual

    25/05/2018

    Cash

    0.55

    1

    5.36

    Interim payment

    06/09/2017

    Cash

    0.45

    2016

    Annual

    23/05/2017

    Cash

    0.36

    0.66

    1.44

    Interim payment

    07/09/2016

    Cash

    0.3

    2015

    Annual

    23/05/2016

    Cash

    0.24

    0.48

    2.31

    Interim payment

    04/09/2015

    Cash

    0.24

    2014

    Annual

    22/05/2015

    Cash

    0.19

    0.38

    1.83

    Interim payment

    05/09/2014

    Cash

    0.19

    2013

    Annual

    22/05/2014

    Cash

    0.14

    0.28

    1.35

    Interim payment

    05/09/2013

    Cash

    0.14

    2012

    Annual

    23/05/2013

    Cash

    0.18

    0.36

    1.73

    Interim payment

    06/09/2012

    Cash

    0.18

    2011

    Annual

    24/05/2012

    Cash

    0.5

    1

    4.81

    Interim payment

    05/09/2011

    Cash

    0.5

    Remarks:

    Since dividend is being paid from the non taxable income of the Company, withholding tax will be deducted from the dividend. However no tax will be deducted for the payment to a listed company or a company holding more than 25% shares for a period of over six months. The withholding tax deducted cannot be refunded from Revenue Department.

    Dividend Information

    2.00

    Annual

    3rd Interim payment 2nd Interim payment

    1.60

    1st Interim payment

    1.50

    1.40

    1.23

    0.40

    0.35

    1.00

    1.00

    0.18

    1.00

    1.00

    0.40

    0.93

    0.35 0.35

    0.50

    0.66

    0.55

    0.48

    0.50

    0.36

    0.38

    0.36

    0.35

    0.28

    0.14

    0.14

    0.24

    0.70

    0.18

    0.18

    0.18

    0.18

    0.25

    0.175

    0.25

    0.40

    0.25

    0.25

    0.25

    0.50

    0.18

    0.18

    0.19

    0.19

    0.70

    0.45

    0.24

    0.30

    0.35

    0.25

    0.40

    0.25

    0.70

    0.175

    0.175

    0.175

    0.175

    0.525

    0.175

    0.175

    0.175

    -

    2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025



    Note: Data as of 31 Dec 25, (1) Adjusted Net Debt/ Adjusted Equity : Adjusted Net Debt = Net debt less non-operating debt less non-cash fx impact at constant opening rate, Adjusted Equity = Total Equity less non-cash fx impact at constant opening rate in Translation Reserves;

    1. Includes various projects underway which are not yet completed and have not yet started contributing to the earnings;

    2. Post-Refinancing in 2025

    3. Interest rate excluding bank charges and other associated costs



Major Shareholders of IVL as on Dec 30, 2025

No. Shareholders

No. of Shares

%

1 INDORAMA RESOURCES LTD.1

3,688,903,618

65.70

2 THAI NVDR LTD.

281,443,084

5.01

3 BANGKOK BANK PLC.

270,905,264

4.83

4 VAYU 1

204,521,900

3.64

5 SOCIAL SECURITY OFFICE

94,564,840

1.68

6 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED

74,722,087

1.33

7 BBHISL NOMINEES LIMITED

24,821,316

0.44

8 STATE STREET EUROPE LIMITED

16,047,205

0.29

9 MR. SATAPORN NGAMRUANGPONG

12,432,300

0.22

10 Other Shareholders

946,190,294

16.85

Total Shares

5,614,551,908

100.00

Remarks: 1Group of Lohia Family

No. of Shares

%

- INDORAMA RESOURCES LTD.*

3,688,903,618

65.70

- MR. ALOKE LOHIA**

1,000,010

0.02

- MR. ANUJ LOHIA

10

-

*Owned by Canopus International Limited*** 99.98%

**Mr. Aloke Lohia's shareholding in the Company, through his family holding in Canopus International Limited, is more than 25 times of his annual base salary.

***Mr. Aloke Lohia and his immediate family jointly hold voting rights of 76% and an equity interest of 50% in Canopus, while the remaining voting rights of 24% and 50% of the equity interest of Canopus are ultimately controlled by a Trust in which Mr. Sri Prakash Lohia and his immediate family members are the discretionary beneficiaries.

Ownership Structure of IVL



Domestic Institutions

15%

Promotors 66%

Free Float

34%

Retail 11%

Foreign Institutions (Including NVDR 100%)

8%

The Stock Exchange of Thailand (SET) Market Insight (Dec 2025)

Number of Listed Companies at SET: 638 SET total market capitalisation = Baht 16T

SET daily average turnover Jan-Dec25 = ~Baht 40B IVL daily average turnover Jan-Dec25 = ~Baht 0.4B

IVL daily average turnover Jan-Dec25 as % to SET = ~1%

IVL Foreign Shareholding limit: 100%

Source: SET website and IVL