Bangchak Group reported its performance for the second quarter of 2026, a Revenue from sales and services totaled THB 183.553 billion, up 29% from the previous quarter.
Bangchak Group reported its performance for the second quarter of 2026, demonstrating the strength of all business groups, including Biofuels, Power and Infrastructure, and Upstream Business Groups despite volatility in global energy markets. Revenue from sales and services totaled THB 183.553 billion, up 29% from the previous quarter.
EBITDA reached THB 25.968 billion, increasing 46% quarter on quarter, while profit attributable to owners of the parent rose 99% to THB 12.239 billion, equivalent to earnings per share of THB 8.34. The quarter also marked a new chapter for the Group’s future energy business with the commencement of sustainable aviation fuel (SAF) production and sales, while the global energy market outlook for the remainder of the year remains uncertain.
Profit attributable to owners of the parent rose 99% to THB 12.239 billion, equivalent to earnings per share of THB 8.34.
Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation PCL, said that performance improved significantly in the second quarter of 2026. A key factor was the reversal of unrealized mark-to-market losses recorded in the previous quarter, which reduced losses from crude oil and petroleum products hedging to THB 879 million and resulted in an unrealized gain of THB 4.415 billion.
The Refinery, Marketing and Biofuels Business Group recorded higher EBITDA. Refinery performance was supported by stronger petroleum product cracks, despite a slight decline in base gross refining margin and average throughput.
The Marketing Business posted a higher net marketing margin, offsetting lower sales volume, while the Biofuels Business benefited from increased biodiesel sales and the commencement of SAF production and sales.
The power and infrastructure business was affected by seasonally, lower electricity sales volume and the expansion of data centers in the United States, allowing the Group’s U.S. power plants to capture the related benefits. The Upstream Business benefited from higher natural gas prices.
In the first half of 2026, the Group realized approximately THB 5.6billion from recurring synergies and business improvement, up from THB 3.0 billion in the same period last year.
In addition, the Company, through its subsidiary Bangchak Hong Kong Holding Limited, completed the acquisition of all shares in Chevron Hong Kong Limited on June 30, 2026, and renamed the company Bangchak Hong Kong Limited (BHK). Its performance will be consolidated from the second half of 2026. The transaction covers 31 service stations, as well as an oil terminal and jetty in Hong Kong, representing another important step in expanding the Group’s fuel retail business and international presence.
Ms. Phatpuree Chinkulkitnivat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, reported the performance of each business group for the second quarter of 2026 as follows:
Refinery, Marketing and Biofuels Business Group
In the second quarter of 2026, the business group recorded revenue of THB 144.177 billion, up 17% from the previous quarter and 45% year on year, with EBITDA of THB 17.186 billion.
Key developments in each business were as follows:
Refinery Business
Refinery Business recorded revenue of THB 152.272 billion and EBITDA of THB 14.029 billion.
Marketing Business
In the second quarter, the Marketing Business recorded revenue of THB 123.847 billion and EBITDA of THB 2.831 billion. Net marketing margin recovered to THB 1.26 per liter following the end of fuel price controls and gradual retail price adjustments in line with global market conditions.
Biofuels Business
The Biofuels Business recorded revenue of THB 6.388 billion and EBITDA of THB 794 million. Its B100 biodiesel production and distribution operations benefited from higher sales volume and average selling prices.
Trading Business Group
The Energy Trading Business Group recorded revenue of THB 129.205 billion and EBITDA of THB 784 million, as crude oil and petroleum product trading volume increased 20%.
Upstream Business Group
The Upstream Business Group recorded revenue of THB 10.172 billion and EBITDA of THB 7.062 billion. Performance was supported by a 40% increase in average realized liquids prices, in line with global oil prices following the conflict in the Middle East, and a 15% increase in natural gas prices as European gas inventories remained below their five-year average.
Power and Infrastructure Business Group
The Power and Infrastructure Business Group recorded revenue of THB 807 million and EBITDA of THB 1.065 billion.
For the first half of 2026, Bangchak Group recorded revenue from sales and services of THB 326.080 billion, up 25% from the same period last year, EBITDA of THB 43.763 billion, and net profit from normal operations, excluding extraordinary items, of THB 13.155 billion, more than double the previous year’s level. Including inventory gains, net realizable value adjustments and other extraordinary items, profit attributable to owners of the parent totaled THB 18.383 billion, equivalent to earnings per share of THB 12.51.
As of 30 June 2026, Bangchak Group had cash and cash equivalents of THB 27.611 billion and total assets of THB 374.755 billion, an increase of THB 75.950 billion from December 31, 2025. Total liabilities rose by THB 57.485 billion to THB 272.149 billion, while total equity increased by THB 18.465 billion to THB 102.606 billion, of which THB 83.353 billion was attributable to owners of the parent. The net interest-bearing debt-to-equity ratio stood at 1.05 times.
