Indorama Ventures Public Company Limited (IVL), a global sustainable chemical producer, today outlined its 2026-2028 business plan at its Annual Capital Markets Day (CMD), emphasizing disciplined execution and operational excellence as the company builds on the reset achieved under IVL 2.0.
Addressing analysts and investors in Bangkok, Group CEO Mr. Aloke Lohia said that IVL 2.0 was guided by a VUCA framework—Vision, Understanding, Clarity, and Agility—as management optimized the company’s cost base, strengthened balance sheet flexibility, and built a more resilient asset base. As a result, Indorama Ventures is structurally stronger and more competitive as the global chemicals industry rationalizes in a prolonged period of unprecedented change and disruption.
Under the 2026–2028 business plan, management is adopting a complementary SOAR approach—Strengths, Opportunities, Aspirations, and Results—to guide the next phase of value creation.
“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 this year, Indorama Ventures reorganized its senior leadership structure to act as a lean execution partner to its federated business segments, repositioning the company from managing complexity to consistently delivering value. A commitment to radical clarity is driving enhanced decision-making, greater accountability, and disciplined capital management, with the deliberate objective of improving earnings quality and resilience.
The 2026-2028 business plan centres on five enterprise priorities: structural cost leadership, commercial and manufacturing excellence, portfolio reorganization, inventory optimization, and rigorous cash and capital management. These are supported by the continued scaling of the Global Capability Centre (GCC), a strengthened Sales & Operations Execution discipline, and integrating digital tools into daily operating processes.
Mr. Lohia emphasized that the roadmap does not rely on assumptions of a cyclical recovery. The business plan assumes industry spreads remain at 2025 trough levels. Self-help measures—including cost optimization, inventory discipline, and portfolio sharpening—will drive the targeted doubling of EBITDA by 2028.
95% of the EBITDA contribution generated from advantaged, scalable platforms including Integrated PET, surfactants, technical textiles, and packaging, which now operate with a lower cost base and improved margins. Focused turnaround plans are underway in the Integrated EO/EG and Specialty Polymers businesses to restore profitability independent of any assumed recovery in spreads.
The Indovida packaging business is a key growth engine, supported by stable demand growth in the food & beverages and personal care markets. Its embedded customer relationships and integration potential position it for expansion in emerging markets.
Free cash flow is expected to strengthen materially over the next three years, supporting a deleveraging target of about 1.1x net debt-to-equity and net debt-to-EBITDA below 3.0x. To achieve this, management is prioritizing earnings quality, cash generation, and balance sheet flexibility to create room for sustainable future growth.
Commenting on the plan, Mr. Lohia said: “Since our 30th anniversary in 2020, we have navigated a landscape of profound change—from the maturation of our core polyester business and persistent crude oil volatility to global pandemics, geopolitical conflicts, and unprecedented interest rate hikes. This complex environment demanded a fundamental strategic refresh, which we kicked off in 2023 under IVL 2.0. Aligned with our Board and the Indorama Management Council, we are executing a clear roadmap to unlock significant value. A robust Sales & Operations Execution (S&OE) rhythm is maximizing our advantaged ‘local for local’ model by optimizing inventory management and enhancing our responsiveness to market volatility and supply chain disruptions. We remain focused on growth by reinforcing higher-EBITDA businesses like Indovinya, Indovida, and our strengthened shale-to-PET platform, capitalizing on strategic opportunities to deliver superior shareholder value.”
A recording of Capital Markets Day will be made available on the company’s website.