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S-OIL Corporation Q3 2026 Results November 2026
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1 Highlights 1.4 trillion Won Operating Income in Q3 2026 Capturing Profit Opportunities through Flexible Crude Sourcing and Logistics Shaheen Project, Commissioning in Progress Despite the domestic fuel price cap, operating income improved QoQ to 1.4 trillion Won, driven by higher crude oil prices and sustained strength in refining export margins and lube base oil spreads With geopolitical risks keeping global product inventories and refinery operating rates low, flexible crude sourcing and transportation support stable refinery operations Sequential commissioning of major facilities underway, targeting start-up in early 2027
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Financial results for Q3 2026 are provisional and subject to change according to the outside independent auditors’ review. This presentation contains forward-looking statements that are based on our current expectation, assumptions, estimates and projections about S-OIL. We caution you not to place undue reliance on any forward-looking statement, which may involve various risks and uncertainties. Please also note that although we believe that the assumptions on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions could be incorrect. Except as required by law, we do not undertake to release the results of any revisions of these forward-looking statements to reflect future events or circumstances. DISCLAIMER
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Q3 2026 Performance & Outlook Q3 2026 Financial Result Financial Status Refining Petrochemical Lube Key Business Update Capturing Profit Opportunities through Flexible Crude Sourcing and Logistics Supplementary Information 5 6 7 8 9 11 Shaheen Project, Commissioning in Progress 12
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S-OIL Corporation Q3 2026 Results Q3 2026 Performance & Outlook Q3 2026 Financial Result Financial Status Refining Petrochemical Lube
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5 Q3 2026 Financial Result * Including gain/loss from derivatives for FX hedging • 1,406.7 bil . Won in Q3 26 – In Refining segment, operating income improved on higher crude oil prices and sustained strength in refining margins – Lube segment recorded its highest - ever quarterly operating income, driven by favorable base oil spreads amid tight supply and demand conditions * Inventory - related impact : - 29.4 bil . Won Operating Income • 1,971.7 bil . Won in Q3 26 – FX rate changes ‧ Q3 26 : - ₩ 183.1/$ ‧ Q2 26 : + ₩ 28.1 /$ Income before Tax (Unit: bil. Won) Q3 26 Q2 26 QoQ Q3 25 Q1~Q3 26 Q1~Q3 25 Revenue 11,968.7 11,343.5 5.5% ↑ 8,415.4 32,254.9 25,454.4 Operating Income 1,406.7 965.0 45.8% ↑ 229.2 3,602.7 - 136.3 (Margin) (11.8%) (8.5%) (3.2%p ↑ ) (2.7%) (11.2%) ( - 0.5%) - Refining 690.4 532.4 29.7% ↑ 115.5 2,261.8 - 382.4 - Petrochemical - 26.4 - 44.8 Loss narrowed ↑ - 19.9 - 45.7 - 129.0 - Lube 742.7 477.4 55.5% ↑ 133.6 1,386.6 375.1 Finance & Other Income 565.0 - 259.5 - - 147.7 65.9 44.1 - Net Interest gain - 56.4 - 66.6 - - 59.8 - 179.2 - 179.0 - Net FX gain* 609.7 - 155.6 - - 90.2 252.9 228.5 - Others 11.7 - 37.3 - 2.3 - 7.8 - 5.4 Income before tax 1,971.7 705.5 179.5% ↑ 81.5 3,668.6 - 92.2 Net Income 1,435.6 514.6 179.0% ↑ 63.2 2,671.2 - 48.1
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6 Financial Status Assets * Net debt: Short-term borrowing + Long-term borrowing + Lease obligation – Cash * EBITDA: Income before tax + Net interest expense+ Depreciation & Amortization (excluding catalyst amortization) Liabilities & Equities Financial Highlights (Unit: bil. Won)(Unit: bil. Won) * Including current portion of long-term debt 1,789 390 927 4,312 2023 2024 2025 Q1~Q3 2026 EBITDA (bil. Won) 3,862 6,046 6,066 7,593 42.7% 69.5% 68.3% 66.5% 2023 2024 2025 Q3 2026 Net debt (bil. Won) Net debt to equity 10.8% - 2.2% 2.0% 35.1% 2023 2024 2025 Q1~Q3 2026 Return on equity 1,957 1,843 1,556 1,564 13,582 16,990 17,758 18,024 6,664 6,170 9,417 9,823 2,249 1,555 1,511 2,099 24,451 26,557 30,242 31,510 2024 2025 H1 2026 Q3 2026 Others A/R & inventory Tangible asset Cash 8,696 8,887 10,086 11,424 3,355 2,173 3,037 2,839 4,451 5,362 6,045 5,880 7,950 10,134 11,075 11,368 24,451 26,557 30,242 31,510 2024 2025 H1 2026 Q3 2026 Other liabilities LT borrowing ST borrowing Equity *
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7 Refining Operating Income (Unit: bil. Won) Dubai Crude Oil Price* (Unit : $/bbl) Products Spread over Dubai (Unit : $/bbl) Q4 26 OutlookQ3 26 Market Environment • Regional refining margins remained strong, as prolonged tight supply - demand conditions kept major product spreads elevated • Dubai crude prices rose sharply as geopolitical tensions escalated toward quarter - end amid heightened uncertainty in the Middle East • Regional refining margins are expected to remain strong, supported by low global product inventories and rising seasonal heating oil demand – The extent of margin strength may vary depending on geopolitical developments 8.4 13.4 5.5 25.6 24.9 16.1 24.6 36.8 62.5 59.4 18.7 24.4 35.9 62.7 65.8 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Gasoline Jet/Kero Diesel 532.4 690.4 Q2 26 Q3 26 70.0 62.0 128.5 79.5 113.7 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 * Quarter-end monthly average
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8 - 44.8 - 26.4 Q2 26 Q3 26 Petrochemical Aromatics Spread over Naphtha (Unit : $/ton) Operating Income (Unit: bil. Won) Olefin Downstream Spread over Propylene (Unit : $/ton) 104 176 156 351 222 71 30 - 25 29 - 23 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 PO PP 230 245 263 251 270 138 103 119 139 187 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 PX BZ Aromatics • PX and BZ markets are expected to remain firm amid delayed plant restarts and low inventories. Further upside will depend on downstream demand Aromatics • PX and BZ markets strengthened, supported by tighter supply from plant maintenance in the region and increased gasoline blending demand, along with improving downstream demand Olefin downstream • PP market remained weak as rising supply and sluggish demand limited the pass - through of higher feedstock costs to product prices • PO spread narrowed on sluggish demand due to the seasonal lull Q3 26 Market Environment Q4 26 Outlook Olefin downstream • PP and PO markets are expected to see limited improvement amid increased regional supply from new capacities despite a seasonal demand recovery toward year - end
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9 Q3 26 Market Environment Q4 26 Outlook Lube Operating Income (Unit: bil. Won) Products Spread (Unit : $/bbl) 477.4 742.7 Q2 26 Q3 26 50.6 55.2 49.6 139.7 166.8 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 LBO Composite-VGO • LBO fundamentals are expected to remain tight especially for Group III – The pace of supply normalization in the Middle East remains a key variable • LBO ( Lube Base Oil) spread s continued to rise , particularly for Group III, amid prolonged production disruptions and logisti cal constraints in the Middle East
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S-OIL Corporation Q3 2026 Results Key Business Update Capturing Profit Opportunities through Flexible Crude Sourcing and Logistics Shaheen Project, Commissioning in Progress
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11 Capturing Profit Opportunities through Flexible Crude Sourcing and Logistics Flexibility in Crude Sourcing and LogisticsContinued Tightness in Product Supply 2 5 8 11 14 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2026 Global Refinery Disruptions ( mn barrel /day ) Utilizing Existing Long - Term Supply Contracts Securing Spot and Alternative Crude Utilizing Government Crude Oil Swaps Utilizing Diversified Transportation Routes Crude Sourcing through STS* Transfers Optimizing Process Operations for Changes in Crude Oil Properties Operational Adjustments Flexible Transportation Diversified Crude Sourcing • Low global refined product inventories • Product supply constraints amid ongoing global refinery disruptions • Uncertainty in crude sourcing and transportation amid the Middle East geopolitical tensions • Ensuring stable operations through diversified crude sourcing and flexible transportation 400 440 480 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2026 GlobalGasolineInventories(mn barrel) 490 540 590 640 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2026 GlobalDieselInventories(mn barrel) Note: Gray shading: 5-year range Note: Gray shading: 10-year range excluding COVID periodSource: S&P, FACTS, WoodMac * Ship - to - Ship
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12 Shaheen Project, Commissioning in Progress FID Approval Starting EPC Commissioning 50th Anniversary Celebration & Shaheen Project Inauguration Nov. 2022 Jan. 2023 Q4 2026 Early 2027 Commemoration of successful project completion Sharing of project achievements and future vision with key stakeholders Commitment to successful commercial operations and operational stability Start-up Commissioning Progress Mechanical completion of major units Phased transition to commissioning Pre - commissioning and commissioning by process unit Start - up in early 2027 Scheduled for Q4 2026 Phased start - up of utilities (power, steam, water) and off - site facilities (storage, external pipelines, etc.)
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S-OIL Corporation Q3 2026 Results Supplementary Information
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14 Segment (Unit: bil. Won) Q3 26 Q2 26 QoQ Q3 25 Q1~Q3 26 Q1~Q3 25 Refining Revenue 9,064.7 9,029.3 0.4% ↑ 6,694.3 25,195.3 20,026.2 Operating Income 690.4 532.4 29.7% ↑ 115.5 2,261.8 - 382.4 (Margin) 7.6% 5.9% 1.7% 9.0% - 1.9% Petrochemical Revenue 1,361.6 1,012.5 34.5% ↑ 1,016.3 3,478.5 3,178.1 Operating Income - 26.4 - 44.8 Loss narrowed ↑ - 19.9 - 45.7 - 129.0 (Margin) - 1.9% - 4.4% - 2.0% - 1.3% - 4.1% Lube Revenue 1,542.4 1,301.7 18.5% ↑ 704.7 3,581.1 2,250.2 Operating Income 742.7 477.4 55.5% ↑ 133.6 1,386.6 375.1 (Margin) 48.1% 36.7% 19.0% 38.7% 16.7% Total Revenue 11,968.7 11,343.5 5.5% ↑ 8,415.4 32,254.9 25,454.4 Operating Income 1,406.7 965.0 45.8% ↑ 229.2 3,602.7 - 136.3 (Margin) 11.8% 8.5% 2.7% 11.2% - 0.5% Performance by Business Segment - 574 145 - 57 - 441 115 187 1,039 532 690 5 - 36 - 75 - 35 - 20 - 19 25 - 45 - 26 154 113 110 132 134 203 167 477 743 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Refining Petrochemical Lube Operating Income Trend (Unit: bil. Won)
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15 CAPEX & Operation 2024 2025 H1 26 Q3 26 CDU 93% 96% 80% 81% RFCC/HYC 98% 94% 80% 88% PX Plants 71% 82% 62% 80% PP/PO Plants 83% 78% 50% 85% Lube Plants 96% 98% 95% 97% Utilization Rate 419 2,039 2,951 3,875 2,115 2022 2023 2024 2025 2026 Plan CAPEX Maintenances (Unit: bil. Won) 2025 2026 Plan Q1~Q3 26 Shaheen Project 3,356 1,562 924 Upgrade & Maintenance 456 468 398 Marketing related expenditure 33 61 13 Others 30 24 13 Total CAPEX 3,875 2,115 1,348 2024 2025 H1 2026 H2 2026 Refining #1 CDU - #2 CDU - - #1 RFCC #2 RFCC - Petrochemical - - #1 Aro/PX PP/PO - Lube #1 Lube - -
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16 Long-term Spread Trends Refining Gasoline/Diesel spread Lube Base Oil Product spread 11.1 11.2 10.6 11.5 15.2 12.0 12.3 8.2 6.0 2.8 8.9 14.7 12.0 8.8 6.0 9.9 8.4 13.4 5.5 25.6 24.9 18.3 17.1 17.8 16.0 13.6 10.8 12.5 15.5 14.7 7.2 8.3 39.0 24.3 16.7 14.3 15.8 18.7 24.4 35.9 62.7 65.866 42 32 39 41 40 43 35 26 37 72 65 66 53 44 51 51 55 50 140 167 0 20 40 60 80 100 120 140 160 180 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 $/ bbl Gasoline-Dubai Diesel-Dubai LBO Composite-VGO
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17 Long-term Spread Trends PX Spread Aromatics Olefin Downstream PP Spread 604 554 551 339 332 375 339 433 356 179 194 299 366 266 182 211 230 245 263 251 270 331 180 77 161 280 246 162 148 139 116 136 59 48 57 54 98 71 30 - 25 29.0 - 23 -200 0 200 400 600 800 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 $/ton PX - Naphtha PP - Propylene
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18 Steam Cracker (Ethylene 1,800KTA) TC2C (46 MBD) Existing Refinery Shaheen Project Competitiveness 83% of feedstock, including naphtha, heavy oil, and off-gas, is sourced internally, ensuring competitiveness Industry-leading energy efficiency providing a strong competitive edge Naphtha Approx. 2,500KTA Refinery Off-gas, etc. Approx. 1,000KTA Total Approx. 3,500KTA Crude 20 MBD Heavy Oil 26 MBD Polymer Monomer 83% of feedstock secured internally Shaheen Energy Efficiency: 10% higher than global top-tier levels ConfigurationRaw Materials Products #1/2 LLDPE HDPE 440KTA 880KTA Propylene Ethylene Butadiene Benzene 770KTA 580KTA 200KTA 280KTA Toluene 60KTA VLSFO 7.4MBD
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19 Shaheen Project Competitiveness Shaheen Project is a pivotal expansion into chemical business with industry-leading competitiveness, which will enable another leap forward in future profit generation capacity Core competitiveness Refining & chemical integration synergy in feedstock, facility and operation New TC2C technology to maximize chemical yield Industry-leading energy efficiency and carbon intensity 1st quartile cost competitiveness in NE Asia Chemical Yield 70% CAPEX / OPEX saving 30~40% Vs. Conventional Process TC2CTM Thermal Crude to Chemical Crude Steam cracker feedstock (LPG, Naphtha) VLSFO New TC2C Technology 1 2 3 4
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S-OIL is the first and the only company named to DJSI World for the 16th consecutive year among Asia Pacific refiners. S-OIL Investor Relations www.s-oil.com