Indorama Ventures outlined its strategic direction and long-term financial targets during its 2026 annual general meeting, emphasizing an execution-led approach as it navigates ongoing market challenges.

The company described 2025 as a period of significant disruption but said it has entered a new phase focused on operational discipline, cost control and structural resilience.

“2025 tested our resilience and challenged our assumptions—but it also became the catalyst for the most profound strategic pivot in our company’s recent history,” said Group CEO Aloke Lohia. “Today, we are fixing our platform to cope with trough margins while simultaneously creating free cash flow.” 

Structural Advantages and Market Positioning

The company highlighted several competitive advantages supporting its long-term performance, including its integrated global operating model and feedstock flexibility. Approximately 50% of revenue is generated in the Americas, where access to shale-based feedstocks contributes to cost advantages.

Lohia identified four structural “moats” supporting value creation: shale-based integration in the United States, a globally integrated value chain, diversified business segments serving essential markets and a disciplined operating model focused on execution and inventory control.

“Our businesses are interconnected through common feedstocks and integration across the ethylene and aromatic value chains,” Lohia said. “This creates a dynamic, interlinked system of competitive advantage that is extremely difficult to replicate.” 

Execution and Financial Targets

A key component of the strategy is the company’s Sales & Operations Execution model, which is designed to improve responsiveness to market volatility and enhance capital efficiency.

The company is targeting a reduction in net debt-to-EBITDA to below 3.0x by 2028, alongside improvements in cash flow and earnings quality.

Indorama Ventures also reaffirmed its plan to double EBITDA from 2025 levels to approximately THB 64 billion by 2028. The company said this target will be driven by a focus on cost leadership, operational excellence, portfolio optimization, inventory discipline and capital management.

“Our financial target is clear—we will double EBITDA from the 2025 trough to THB 64 billion by 2028, while reducing leverage to our target level,” Lohia said. 

Outlook

The company said its transformation strategy, referred to as IVL 2.0, is intended to strengthen profitability and position the business for long-term growth, regardless of broader market recovery timing.

Lohia said the strategy is designed to build “a faster, leaner, and more profitable company” with a focus on sustained value creation.