Setting the direction for its next phase of expansion, Indorama Ventures Public Company Limited has presented its 2026–2028 business plan at its Annual Capital Markets Day in Bangkok, highlighting a focus on operational discipline and long-term value creation.
During the event, Group CEO Aloke Lohia explained that the company’s earlier transformation under IVL 2.0 followed the VUCA framework—Vision, Understanding, Clarity, and Agility. This approach helped optimize costs, strengthen balance sheet flexibility, and build a more resilient asset base. As a result, the company now considers itself structurally stronger while the global chemicals industry faces prolonged disruption and change.
For the 2026–2028 period, management will adopt the SOAR framework—Strengths, Opportunities, Aspirations, and Results—to guide future growth. “The difference between SOAR and VUCA lies in their psychological orientation,” Mr. Lohia said. “SOAR is a mindset of possibility and internal aspiration, while VUCA reflects preparedness and external awareness. We must adopt both—and the level of satisfaction will be equally rewarding.”
Earlier in 2026, the company also restructured its senior leadership model to operate as a lean execution partner for its business segments. The move aims to improve decision-making, strengthen accountability, and maintain disciplined capital management while enhancing earnings quality and resilience.
The business strategy focuses on 5 enterprise priorities: structural cost leadership, commercial and manufacturing excellence, portfolio reorganization, inventory optimization, and disciplined cash and capital management. The plan also includes expanding the Global Capability Centre, strengthening Sales & Operations Execution practices, and integrating digital tools into operational processes.
The roadmap assumes industry spreads remain at 2025 trough levels and does not depend on cyclical recovery. Instead, cost optimization, inventory discipline, and portfolio improvements are expected to support a target of doubling EBITDA by 2028.
Approximately 95% of EBITDA is expected to come from scalable platforms such as Integrated PET, surfactants, technical textiles, and packaging. Meanwhile, turnaround plans are underway for the Integrated EO/EG and Specialty Polymers segments to restore profitability.
The Indovida packaging business is positioned as a key growth engine, driven by stable demand in food & beverages and personal care markets. Stronger free cash flow is also expected to support a deleveraging target of about 1.1x net debt-to-equity and net debt-to-EBITDA below 3.0x.
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