Mitihoon – Bangchak Group reported 2025 total revenue from sales and services of THB 507,570 million, EBITDA of THB 35,753 million, and profit attributable to owners of the Company of THB 2,880 million, equivalent to earnings per share of THB 2.08. Core profit (excluding extraordinary items) amounted to THB 10,240 million, an increase of 67% from 2024. The Group realized synergies of THB 7,300 million for the full year, driven by seamless integration across business segments and optimized production management. In the fourth quarter of 2025, Bangchak Phra Khanong Refinery and Bangchak Sriracha Refinery achieved a combined average throughput of 279,700 barrels per day.
Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, stated that 2025 was another year in which the energy business faced pressure from lower crude oil prices and volatility in the global economy, affecting overall industry performance. Nevertheless, Bangchak Group continued to focus on prudent business management, while prioritizing the strengthening of its long-term business structure and laying the foundation for expanding energy markets both domestically and internationally to support future growth. In 2025, the Company reported net profit attributable to owners of THB 2,880 million. The Group also made progress in its business restructuring following the acquisition of a 99.72% stake in Bangchak Sriracha Public Company Limited (BSRC) and the delisting of BSRC from the Stock Exchange of Thailand in December 2025. These developments will support integrated management of both refineries under the “Together to Greater” concept and help improve operational efficiency going forward.
Despite pressure from declining crude oil prices and inventory losses, both refineries increased their combined average throughput by an additional 5,300 barrels per day compared with the previous year. This improvement was driven by the Bangchak Phra Khanong Refinery not undergoing a turnaround maintenance as it had the year before, while the Bangchak Sriracha Refinery operated at a high throughput level. Together, throughput in the fourth quarter of 2025 approached 280,000 barrels per day. At the same time, continued strengthening in diesel and jet fuel (middle distillates) spreads, driven by tight supply conditions, supported a significant increase in crack spreads. In the final quarter, the refining margin rose to USD 10.8 per barrel, the highest in several quarters. These factors contributed to a 77% year-on-year increase in EBITDA for the Refining and Oil Trading Business Group. The Marketing Business Group also expanded sales year-on-year and maintained a strong retail market share of 29%. In addition, the diversified business structure of the Bangchak Group strengthened its competitiveness and supported financial stability amid volatile economic conditions and energy market fluctuations. For the full year 2025, the Company reported THB 2,880 million in profit attributable to owners of the Company, a 32% increase from the previous year, equivalent to earnings per share of THB 2.08. The Group also maintained a solid financial position, with TRIS Rating affirming its corporate credit rating at “A+” with a “Stable” outlook for the second consecutive year, reflecting strong confidence in the Group’s long-term business performance and financial standing.
In addition, Bangchak continues to emphasize good corporate governance and sustainable development across environmental, social, and governance (ESG) dimensions through comprehensive group-wide value-chain management. In 2025, Bangchak received an MSCI ESG Rating of “AA” in the Oil & Gas Refining, Marketing, Transportation & Storage industry and was honored with a Royal Trophy for Sustainable Development Excellence from Her Royal Highness Princess Maha Chakri Sirindhorn at the Thailand Corporate Excellence Awards 2025.
In 2026, although the energy business continues to face volatility in global markets and energy price movements, Bangchak Group remains focused on driving continued growth in line with the global Energy Addition pathway, whereby new forms of energy are progressively integrated alongside the existing energy base to support economic and social development. Under a clearer and more agile business structure, the Group places particular emphasis on two business groups as new growth engines, the Trading Business Group and the Upstream Business Group, to enhance regional competitiveness and strengthen energy security. At the same time, the Refinery, Marketing, and Biofuels Business Group remains in a strong position and well placed to capture benefits from favorable market conditions, alongside the Power and Infrastructure Business Group and the New Businesses and Holdings Group. The commencement of commercial operations for Sustainable Aviation Fuel (SAF) within June 2026 will represent another important milestone in advancing the Group’s low-carbon energy business.
Ms. Phatphuree Chinnakulkitiwat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, reported the key 2025 performance highlights of each business group as follows:
The Refinery and Oil Trading business recorded EBITDA of THB 8,840 million, representing a 77% increase from the previous year, with full-year average throughput rising 2% to 263,700 barrels per day. Both Bangchak Phra Khanong Refinery and Bangchak Sriracha Refinery operated at high utilization levels throughout the second half of the year, enabling the Group to fully capture favorable product price differentials. The full-year operating gross refining margin improved to USD 6.72 per barrel, outperforming the Singapore market reference of USD 4.95 per barrel, supported by a significant increase in crack spreads in middle distillates. However, lower crude oil prices led to inventory losses (including NRV) of THB 7,686 million, or USD 2.42 per barrel, and oil hedging losses of THB 1,998 million, or USD 0.63 per barrel. In addition, BCP Trading recorded total crude oil and refined product trading volume of 109.7 million barrels, slightly lower than the previous year. In 2025, the Group established BCPT FZCO in Dubai, United Arab Emirates, to enhance opportunities for market expansion outside the region and support future growth.
The marketing business recorded EBITDA of THB 5,962 million, up 7% from the previous year. Total sales volume reached 13,899 million liters, up 1% from the previous year, amid a soft domestic market environment. Growth was driven by the expansion of high-value product sales in the industrial segment, while sales through retail service stations remained stable from the previous year. Continuous upgrades to service station quality reinforced consumer confidence, enabling Bangchak Group to maintain a retail market share of 29%. As of year-end 2025, the Group operated a total of 2,214 service stations. In the non-oil segment, the network included 1,183 Inthanin coffee outlets, 543 EV charging stations, and more than 2,050 FURiO lubricant distribution points.
The Clean Power business, operated by BCPG Public Company Limited, recorded EBITDA of THB 5,090 million, up 6% from the previous year. The improvement was primarily driven by a significant rise in the share of profit from investments in associates, mainly from the natural gas power plant business in the United States, whose capacity revenue increased nearly tenfold starting in June 2025. Additional contribution came from the recognition of the share of profit from the Monsoon wind power project in Lao PDR, following its full commercial operation in August 2025. These positive factors offset the impacts of the expiration of Adder for solar power plants in Thailand, the sale of solar projects in Japan in the prior year, and the cessation of share-of-profit recognition from the wind power plant in the Philippines following completion of the divestment.
The Bio-based Products business, operated by BBGI Public Company Limited, recorded EBITDA of THB 902 million, down 7% from the previous year amid weaker market conditions. Despite this, the Group continued to manage costs efficiently and maintained profitability. Total sales volume was 594.5 million liters, down 9%. Ethanol sales volume was 260.3 million liters, up 30%, while biodiesel sales volume was 334.2 million liters, down 26%.
The Natural Resources business recorded EBITDA of THB 15,966 million, a 36% decline from the previous year, due to lower average selling prices for oil and natural gas, in line with global markets, and lower sales volumes. At the same time, key projects of OKEA ASA in Norway continued to progress. The Brage field commenced commercial production from the Sognefjord East production well in July 2025, and the Talisker production well is planned for drilling, with commercial operations expected to start in the first quarter of 2026. In addition, during the second half of the year, the Group applied the experience gained from its investment in OKEA ASA in Norway to upstream opportunities in Thailand, partnering with Chevron Offshore (Thailand) Ltd. for petroleum exploration and production in the Gulf of Thailand.
For the fourth quarter of 2025, the Company reported revenue from sales and services of THB 123,790 million and EBITDA of THB 9,154 million, up 28% from the same quarter of the previous year. Core profit (excluding extraordinary items) of THB 4,056 million, up 27% from the previous quarter and increased by more than 100% from the same quarter of the previous year. The primary driver was the Refinery and Oil Trading Business Group, which reported a 57% quart-to-quarter increase in EBITDA, driven by a substantial rise in the Group’s operating gross refining margin of USD 10.80 per barrel and an all-time high average throughput at both refineries. The Marketing Business Group also achieved overall sales volume growth, supported by increased travel demand during the tourism season and continued expansion in high-value markets. The Clean Power Business Group recorded an increase in the share of profit from investments, driven by full-quarter contributions from the Monsoon Wind Power Project in Lao PDR.
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