Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, stated that despite heightened volatility in global energy markets since March 2026, Bangchak has remained steadfast in its role in supporting the continuity of national energy supply and distribution. Through its commitment to sourcing high-quality crude oil from multiple regions worldwide, the Company was able to limit the impact of the Middle East conflict during the first quarter of 2026.
However, the situation, together with uncertainties in oil transportation through the Strait of Hormuz, has led to increases in crude oil costs, crude premiums, and freight and insurance expenses, reflecting higher war-risk premiums. The Company expects to progressively recognize these impacts from the second quarter onward. In response, Bangchak has proactively secured additional crude supply, including sourcing from new origins, to maintain refinery utilization rates and support domestic energy demand. Presently, crude procurement has been secured through July 2026. The Company continues to closely monitor energy market developments and adjust its operating plans in a timely manner to effectively manage costs and ensure business continuity. Bangchak also complies with all relevant regulations, collaborates with authorities, and has implemented measures to support consumers. These include the introduction of B20 diesel as an alternative fuel for the transportation, fisheries, and industrial sectors, alongside the launch of the "Fry to Fly - 2 Liters for 1 Liter" initiative under the concept "Used Cooking Oil for Vehicle Fuel," aimed at helping alleviate cost-of-living pressures amid rising energy prices. In addition, the Company successfully received a 700,000-barrel crude oil tanker, which safely transited the Strait of Hormuz and arrived at Bangchak Sriracha Refinery as planned. The Group also continues to support feedstock sourcing for Sustainable Aviation Fuel (SAF) production, with commercial SAF production already commenced and the first product delivery scheduled for May 2026.
Furthermore, Bangchak Group continues to realize recurring synergy and benefits from operational efficiency improvements across its two refineries, amounting to approximately THB 2,800 million, up from THB 1,800 million in 2025. These improvements were driven by optimized crude procurement and refinery utilization, particularly at the Bangchak Sriracha Refinery. The Group also expanded its international presence through a 100% share purchase agreement for Chevron Hong Kong Limited (CHK), which includes 31 service stations, oil storage facilities, and a jetty. This strategic investment supports the long-term growth of Bangchak's refining, oil trading, and marketing businesses, while enhancing readiness for the development of an integrated marine fuels business. The transaction is expected to be completed by mid-2026.
For the first quarter of 2026, Bangchak Group reported revenue from sales and services of THB 142,528 million, increasing by 15% quarter-on-quarter and 6% year-on-year, and EBITDA of THB 17,795 million, increasing by 94% quarter-on-quarter and 40% year-on-year. The Group recorded core profit (excluding extraordinary items) of THB 953 million. If the extraordinary items recognized during the quarter are included, the Company would report net profit attributable to owners of the parent of THB 6,144 million, more than doubling both quarter-on-quarter and year-on-year, equivalent to earnings per share of
THB 4.17.
Ms. Phatpuree Chinnakulkitiwat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, reported the operating performance for the first quarter of 2026 and the key positive factors across each business group as follows.
Refinery, Marketing, and Biofuels Business Group
The Refinery Business recorded EBITDA of THB 10,245 million, increasing by more than 100% both quarter on quarter and year on year. The improvement was driven by several factors, including a record high average refining throughput of 279,800 barrels per day. The base gross refinery margin increased to USD 18.57 per barrel, in line with stronger crack spreads for diesel and jet fuel, supported by tight supply conditions in March resulting from geopolitical tensions in the Middle East. In addition, the Refinery, Marketing, and Biofuels Business Group recognized an inventory gain equivalent to THB 8,299 million, in line with the upward trend in global oil prices during March.
The Marketing Business reported EBITDA of THB 1,563 million, up 22% quarter-on-quarter, supported by a record total sales volume of 3.7 billion liters. Growth was driven primarily by the retail business, which expanded in response to a significant acceleration in fuel demand amid concerns over oil price volatility and potential supply shortages. The industrial segment recorded sales volumes broadly in line with the previous quarter, supported by growth in higher value products such as marine fuels, driven by the continued expansion of the industrial customer base.
As of the end of the quarter, the Group operated 2,217 service stations and more than 592 EV charging locations, with a service station market share of 27.7%. The Company continued to offer high?quality fuel products, including Premium 97 and Premium Diesel, through broader network coverage, achieving a premium fuel market share of over 18.6%. In addition, Bangchak commenced sales of B20 diesel at 40 service stations nationwide. The Retail Experience business continued to expand, with 1,187 Inthanin Coffee outlets.
The Biofuels Business recorded EBITDA of THB 408 million, increasing by 68% quarter on quarter and 42% year on year, driven by higher sales volumes of ethanol and biodiesel in line with growing energy demand. The business also benefited from government measures to increase the standard diesel blending ratio from B5 to B7, while effective management of feedstock and byproducts supported gross margin improvements.
The Trading Business Group recorded EBITDA of THB 266 million, up 4% quarter-on-quarter and 33% year-on-year. Although trading volumes of crude oil and petroleum products declined due to a slowdown in out-of-group (Out-Out) transactions, reflecting the impact of geopolitical tensions in the Middle East and uncertainties in oil transportation through the Strait of Hormuz, intra-group trading volumes continued to expand in line with increased refinery throughput.
In addition, the Trading Business Group entered into a long-term vessel time charter contract with Quantum Global Group to enhance operational flexibility, reduce logistics costs, and further develop revenue from freight trading.
The Upstream Business Group recorded EBITDA of THB 4,308 million, up more than 100% quarter-on-quarter. The improvement was driven by higher average realized prices for oil and natural gas, in line with global energy market conditions and increased natural gas demand during the winter season. Production and sales volumes also increased, supported by overlift volumes from the Brage and Draugen fields, in line with the sales management plan, and by the commencement of oil and gas production from the Talisker East well in the Brage field since January.
The Power and Infrastructure Business Group recorded EBITDA of THB 1,396 million, down 12% quarter-on-quarter but up 55% year-on-year. Hydropower projects and the Monsoon wind power project in the Lao PDR were affected by seasonal factors. In Thailand, oil terminal and jetty projects maintained storage utilization at levels similar to the previous quarter under fixed lease contracts, while pipeline throughput declined due to lower customer demand for oil transfer services.
The natural gas power plant business in the United States recognized a share of profit from investments in associates of THB 642 million, up from THB 600 million, driven by seasonal winter demand and fewer maintenance shutdown days. Solar power projects in Thailand reported higher revenue from increased electricity sales and included the acquisition of a 17.5 MW rooftop solar project. Meanwhile, wind power projects in Thailand recorded higher electricity sales in line with stronger wind conditions.
As of 31 March 2026, the Group held cash and cash equivalents of THB 23,788 million, and net interest bearing debt to equity ratio stood at 0.91 times. The Company has maintained its corporate and senior unsecured debenture credit ratings at "A+" with a "Stable" outlook from TRIS Rating.