TPIA - Acquisition-led transformation drives profitable turnaround

KBVS Update
Monday, 22 June 2026

TPIA – Acquisition-led transformation drives profitable turnaround
(Non-rated)

■ TPIA posted 1Q26 revenue of USD2.4 bn (+286% YoY) led by Energy (60.5% of revenue), with net profit of USD140.7 mn, reversing losses in both 4Q25 and 1Q25.

■ Aggressive Acquisition (Shell's Singapore park, Chevron Phillips' assets, PCS's Condensate Splitter, Exxon's Esso retail network) pushed total assets up +118% YoY to USD12.3 bn in FY25.

■ Total capacity more than doubled to 8,501 KT in 2025, and is set to reach 21,155 KT by 2027F (+148.8% from 2025) on the back of MTBE/Butene-1 expansion and the new CA-EDC plant in Cilegon, underpinning a multi-year growth pathway.

Regards,
Ashalia Fitri – KBVS Research Team