Krungsri Securities Public Company Limited stated that OR's performance in the second quarter of 2026 was a heavier loss than analysts and the market had expected, with a net loss in 2Q26 of 1.775 billion baht, compared to a net profit of 2.232 billion baht in 2Q25 and 2.415 billion baht in 1Q26. Excluding extraordinary items, the normalized loss would be approximately 2.108 billion baht, compared to a normalized profit of 1.928 billion baht in 2Q25 and 4.612 billion baht in 1Q26. The Global business was weaker than expected due to oil stock losses, with a non-cash NRV loss of 756 million baht, and the Mobility business posted sales volume of 5.558 billion litres, down 13 percent year-on-year and 16 percent quarter-on-quarter. Gross profit per litre was approximately 0.24 baht, down 72 percent year-on-year and 78 percent quarter-on-quarter, due to a large stock loss of over 11 billion baht, which included a non-cash NRV loss of approximately 1.8 billion baht. Meanwhile, the Lifestyle business grew year-on-year, with sales volume increasing 9 percent year-on-year and 4 percent quarter-on-quarter. Analysts expect 3Q26F to recover from the previous quarter, in both Mobility sales volume and margins, with normalized profit in the first half of 2026 accounting for 28 percent of the full-year estimate of 9.039 billion baht, which is down 13 percent year-on-year. The recommendation remains buy, with a target price of 15.2 baht per share, and the view that the period of pressure from 2Q26, which is the low point of the year, presents a buying opportunity for long-term recovery.
PTT Oil and Retail Business Public Company LimitedOR reported a deeper-than-expected net loss of 1.775 billion baht in 2Q26, with normalized loss of 2.108 billion baht, missing analyst expectations.
