Slides
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2Q25 l 15 Aug 2025 PTT OIL AND RETAIL BUSINESS PUBLIC COMPANY LIMITED ANALYST MEETING
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Disclaimer IMPORTANT: The following applies to the information in connection with this presentation (this “Presentation”) by PTT Oil and Retail Business Public Company Limited (the “Company”). By viewing all or part of this Presentation, you acknowledge and agree to be bound by the limitations and restrictions described herein. All information herein should be regarded as indicative, preliminary and for illustrative purposes only. Such information reflects prevailing conditions as at the date of this Presentation or the date as of which such information is given. No reliance may be placed for any purpose whatsoever on the information and opinions contained in this Presentation, or any other materials discussed at this Presentation, or on the completeness, accuracy or fairness thereof. You should not rely upon this Presentation or use this Presentation to form the basis for any decision, contract, commitment or action whatsoever. The Company shall not be liable for any direct, indirect, incidental, special or consequential loss or damage resulting from the use of, or reliance on, any information or opinions presented in this Presentation or its contents, or otherwise arising in connection with this Presentation, including, without limitation, damages for loss of profits. This Presentation contains forward-looking statements that may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “depends,” “projects,” “estimates” or other words of similar meaning and that involve assumptions, risks and uncertainties. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company does not guarantee that these assumptions and expectations are accurate or will be realized. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Although the Company believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The Company undertakes no obligation to update, amend, modify or revise any forward-looking statements or to adapt them to changed circumstances, future events or other developments. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward- looking statement. You are cautioned not to place undue reliance on these forward-looking statements. No securities of the Company may be offered or sold in any jurisdiction in which such offers or sales may be unlawful. No securities of the Company may be offered or sold in the United States absent registration or an exemption from registration, or in a transaction not subject to, the registration requirements under the Securities Act of 1933, as amended (the “Securities Act”). The Company has not registered and does not intend to register any portion of any offering of securities under the Securities Act or the securities law of any state in the United States or to conduct a public offering of securities in the United States.
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Management Team 3 M.L. PEEKTHONG THONGYAI Miss Wilaiwan Kanjanakanti Mr. Suchat Ramarch
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02 03 01 KEY FACTORS & FINANCIAL SUMMARY KEY HIGHLIGHTS BUSINESS OUTLOOK & STRATEGIC CHALLENGES04 BUSINESS STRATEGIES AGENDA
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01 BUSINESS STRATEGIES
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OR STRATEGIC TOPICS IN 2025 OR Spin-off to 2024 202 5 – 203 0 2025 EXPLORE & UPLIFT Potential New Revenue Steam and Strategic Investment MAINTAIN Business Operational Excellence and Customer Engagement STRENGTHEN ENABLER (Governance Mechanism & Organization Readiness) Strengthen Core Competitiveness • Brand Love • Physical Platform Expansion • EV Station PluZ • Energy Solution • Lubricants & Fit Auto • Optimization Accelerate F&B Excellence • Café Amazon Value Chain • F&B Operator Expand Global & Regional Presence • Global Expansion & Existing Footprint Build Future Ecosystem • OR Space • Found & Found • Hotel and Health & Wellness Organization Readiness & Financial Enabling 6 • Culture (OR DNA) , People and Organization • F&A Enabling Digital & Innovation Transformati on 1 2 4 3 5 TODAY’S STRATEGIC FOCUS 6
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DIGITAL & INNOVATION Transformation OR Digital Blueprint features 6 Digital Themes ( 6Ds) to transform OR “ Uplift our future through Digital Evolution ” Front-End Back-End D5 1 2 D6 3 Unlock New Revenue D3 D4 Digital Consumer/Customer Landscape Intelligent Site/Outlet Digital Channels (App, Wallet) & Loyalty To understand Consumer / customer through up-to-date transaction-based insights To recognize customers and provide the exceptional experiences To connect customers via digital channels & grow their values through loyalty Diversify – New Revenue To monetize existing assets and capabilities to create new revenues • Virtual Bank • Media Business • Energy as a Service D1 D2 Digital Supply Chain To optimize end-to-end supply chain operations and operating costs Cloud Optimization & Enterprise Solutions To modernize tech foundation and optimize cost Build Supply Chain and Operational Efficiencies Know Customers & Deliver Excellent Experiences 7
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CONFIDENTIAL AND PROPRIETARY Strengthen the Core Emphasizing the creation of a foundation through building brand love Brand Love BRAND LOVE powers Sustainable Growth DRIVING VALUE Presenter &Brand Ambassador OR Stakeholder Quick Response to Threats Fake News, เติมน ้ำมันไม่เต็มลิตร, กำรโจมตีผ่ำน Social… Prosperity People Planet มำตรฐำนเป็นเลิศ Product & Service ยกระดับคุณภำพสังคม Social Responsibility ก้ำวสู่ Net Zero Environment Conscious 8
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1. Customer touch points 2. Optimize Investments 3. Maximize time spends Retail Space Health & WellnessF&B Partners Hotel New QSR New Brands To become a “ F&B Partners ” To become OR Network “ A Must-stop Destination ” To become “ Leading Retail Developer ” To become a “ One-stop Solution ” • Seeking strategic partners • OR as an Asset Owner • Seeking strategic partners • Prototype in and out PTT Station to find winning model for scaling • Customized business model tailored to OR’s identity • Start with a small-scale Quickhub model on a 2 rai (3,200 sqm) • Scalable and ready for expansion “Developer” “Food & Beverage” “Health & Wellness” “Hotel” To Fulfill OR Ecosystem with Strategic Partners (Scalability & Sizable) OR Ecosystem OR Partnership Level ~ 2,300 to ~ 2,800 Stations 3.9 M to 5M Daily Traffic Visitors Driven by Strategic Partners Strategic Partner Strategic Partner From Oil to Community Accelerate & Build Future Ecosystem With potential strategic Partners to Leverage OR Ecosystem for Growth • Offering affordable hotel stays priced at 750–900 Baht per night, with 40–79 rooms per location. • Where safety, ease, cleanliness, and value come together • A complete ecosystem with 24- hour food and energy solutions. 9Notes Data as of 30 Jun 2025
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blueplus+ application has a vision to become the digital hub of OR’s business ecosystem under the concept “blueplus+ app: easy to use, intuitive, and usable every day.” Elevating Café Amazon into the Premium Coffee Market through “Selected Cup” Launching blueplus + application Implementing a brand presenter strategy Business Updates 10
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Progress of OR 2030 GOALS Notes Data as of 30 Jun 2025 LIVING COMMUNITY 0 17,227 communities 19,326 2025LE 20282026 2030 To Achieve 2030 Goals ECONOMIC PROSPERITY 0 1,000,000 757,572 people 2025LE 20302028 To Achieve 2030 Goals To Achieve 2030 Goals HEALTHY ENVIRONMENT 30,611 7.42 Conventional Fuel Use Intensity (GJ/ 1 MB. EBITDA) GHG Emission (tCO 2e) 2030 20,100 Waste Generation (Tons) 4.36 2030 14.80 2028 12,421 7.8 2028 2028 22,658 2026 25,203 2030 10 .38 20,114 9,100 15.34 2024 2025 LE 2025 LE 2025 LE 12,264 18,234 20,326 772 ,164757,601 รูปแกลอน หลอด แก้ว อยู่ใน ภาพเดียวกัน Consumable waste reduction Increased the proportion of renewable energy usage Reduced greenhouse gas (GHG) emissions Sustainable Coffee Sourcing Café Amazon for Chance Creating career opportunities and distributing wealth for over 211,000 stakeholders Supported local business and SME more than 490 SMEs 11 Thaidet Pan Suk area
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>20 tons Embedding ESG in Business For Sustainable Growth Alongside Society and the Environment Marketeer No.1 Brand Thailand 2025 >490 local entrepreneurs >120 MB (total revenue) “Thai-Det” A project initiated at PTT Stations to promotes local community products >1,200 products Rent-free space at PTT Stations for local farmers to sell their products “Pan Suk Area” Transformed used gallons into student desk-chair sets and donated to underserved schools nationwide “Save the World, Save Your Car, For the Children’s Future” to wood plastic furniture in FIT Auto Upcycling Used Gallons Combining coffee farming education, forest restoration, and transparent fair- trade purchasing green coffee beans purchased volume Sustainable Coffee Project >7,000 tons 5 provinces covering Café Amazon for Chance >400 Employment Empowering disadvantaged communities through employment, as barista OR was awarded the top consumer brand recognition in 5 business categories: Cafe Amazon, PTT Lubricants, PTT Station, EV Station Pluz, and LPG 82 Green products 31 branches 140 sets Total plastic waste reduced through the initiatives Promoting physical platform as a location to support waste separation for environmental protection “Yaek Laek Turn x Mai Te Ruam” 3.5 Ton (Quantity of collected waste) OR partners with Bangkok Airways to pioneer the first use of Thailand- produced Sustainable Aviation Fuel (SAF) Advancing Eco-Friendly Aviation 1 July 25 Commencing at Suvarnabhumi Airport Certified ISCC CORSIA Notes Data as of 30 Jun 2025 12
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02 KEY HIGHLIGHTS
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40.1% Mobility 59.9% Lifestyle 32.5% Global 9.3% Other -1.7% Mobility 88.5% Lifestyle 3.4% Global 7.7% Other 0.4% EBITDA (1) OIL MARKET SHARE (2) REVENUE (1) PARTNERS / BRANDS Notes: (1) Before elimination (2) Total products excluding the amount of fuel oil sold to the Electricity Generating Authority of Thailand Source: Department of Energy Business, Ministry of energy 349,588 MM SALES REVENUE 11,036 MM EBITDA 6,611 MM NET INCOME 4,944 OUTLETS 227 MILLION CUPS 2,436 OUTLETS 2,576 DC CONNECTORS 2,768 STATIONS 3.9M DAILY TRAFFIC VISITORS KEY HIGHLIGHTS 6M25 1,285 LOCATIONS 14
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03 KEY FACTORS & FINANCIAL SUMMARY
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50 60 70 80 90 100 110 Dubai Gasoline Jet Kerosene Gas Oil Fuel Oil THAILAND GDP USD/BBL AVERAGE GASOIL PRICE (AVERAGE ON DAILY BASIS) AVG. 1Q25 91.2 AVG. 2Q25 82.7 KEY FACTORS AVG. 1Q25 3.1 2025LE 1.3-2.3 (AVERAGE ON A MONTHLY BASIS) Source: www.nesdc.go.th GASOIL PRICE THB/USD AVG. 1Q25 33.9 AVG. 2Q25 33.1 (AVERAGE ON DAILY BASIS) FOREIGN EXCHANGE RATE -9.3% QoQ -17.3% YoY Gasoil (% change) Source: www.investing.com AVG. 1Q25 0.9 AVG. 2Q25 1.0 (AVERAGE ON A MONTHLY BASIS) THAILAND CORE CPI %% 1Q24 104.4 1Q24 35.6 1Q24 0.4 1Q24 1.5 2Q24 100.0 2Q24 36.7 2Q24 0.4 2Q24 2.3 1Q25 91.2 3Q24 34.8 3Q24 0.6 3Q24 3.0 3Q24 92.0 4Q24 0.8 4Q24 16 4Q24 3.334.0 Avg. 1H24 = 102.2 4Q24 88.7 Avg. 1H25 = 87.0 1Q25 3.1 1Q25 33.9 0.9 1Q25 2Q25 82.7 2Q25 33.1 2025LE 1.3-2.3 1.0 2Q25 (BOT)
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346 NORTH 627 NORTHEASTERN 280 EAST 250 WEST 532 CENTRAL 310 SOUTH 2,348 REGION DISTRIBUTION(1) TOTAL PTT STATIONS Diesel 41.6% Gasoline 20.8% LPG 12.3% Fuel oil 6.0% Aviation fuel 16.8% Lubricant 0.7% Others 1.8% PRODUCT MIX 2Q25 SALES VOLUME (2) MM LITERS Notes: (1) Thailand and Myanmar (2) Volume before elimination QoQ: Lower sales volume primarily from aviation fuel, while gasoline improved from the promotional activities YoY: Increased sales volume primarily from aviation fuel, while diesel decreased +74 +18+2 MOBILITY BUSINESS KEY DRIVER 2Q25 2,576 TOTAL DC CONNECTORS 1,285 TOTAL LOCATIONS QoQQoQ STATIONS DC CONNECTORS LOCATIONS QoQ -4.9% QoQ -0.1% YoY 17 +1.7% YTD 6,388 6,708 6,381 12,866 13,089 2Q24 1Q25 2Q25 1H24 1H25 Retail Commercial 59.2% 39.5% 41.2%40.8% 60.5% 58.8% 40.5% 59.5% 62.2% 37.8%
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Café Amazon CUPS SOLD (1) MILLION CUPS CONVENIENCE STORE (2) OUTLETS Café Amazon (1) OTHER F&B OUTLETSOUTLETS LIFESTYLE BUSINESS KEY DRIVER 2Q25 QoQQoQ QoQ QoQ QoQ: higher cups sold from seasonal factor YoY: higher cups sold from the outlets’ expansion +2.9% +4.9% YoY FRANCHISE 3,668 COCO 843 OTHER(1) 36 33 87 THAILAND 2,339 LAOS 18 +40 -7 +8 4,547 TOTAL OUTLETS 120 TOTAL OUTLETS 2,357 TOTAL OUTLETS Notes: (1) Includes outlets & cups sold in Thailand, Myanmar, Japan, Oman, Saudi Arabia and Bahrain. For Cafe Amazon in other countries will be presented in Global (2) Includes CVS in Thailand and Laos 18 +5.0% YTD 102 104 107 201 211 2Q24 1Q25 2Q25 1H24 1H25 18
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GLOBAL BUSINESS KEY DRIVER 2Q25 +5 QoQ CAMBODIA 191 PHILIPPINES 170 LAOS 59 CAMBODIA 77 420 TOTAL PTT STATIONS +6 QoQ +7 QoQ CONVENIENCE STORE Café Amazon OUTLETSOUTLETSSTATIONS 79 TOTAL OUTLETS 397 TOTAL OUTLETS CAM4ODIA 259 PHILIPPINES 7 LAOS 106 VIETNAM 25 Notes (1) Before elimination 19 LAOS 2 306 341 321 532 662 171 169 165 322 334 73 83 85 146 168 2Q24 1Q25 2Q25 1H24 1H25 Philippines Cambodia Laos 1,000 1,164 MM LITERS SALES VOLUME (1) -3.7% QoQ +16.4% YTD +3.8% YoY 571593 550 QoQ: Lower sales volume, mainly from the Philippines YoY: Higher sales volume from the Philippines and Laos YTD: Increased sales volume, mainly from the Philippines
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2Q24 1Q25 2Q25 1H24 1H25 2Q25 6,333 2Q25 13,060 LIFESTYLE GLOBAL GLOBAL (BY COUNTRY) 1H25 27,554 QoQ : Increased sales from seasonal factors YoY/YTD : Higher sales for both beverage and non-beverage from outlets’ expansion F&B : 4,312 OTHER : 2,021 +7.1% QoQ +7.3% YoY QoQ/YoY: Decreased sales from a drop in global oil prices and sales volume YTD: Decreased sales from a decline in global oil prices, despite a slight increase in sales volumes QoQ/YoY: Decreased sales in all key countries, driven by the Philippines, mainly due to the lower average selling prices YTD: Decreased sales from Cambodia and Laos, driven by a decline in average selling prices 51.2% 50.3% 31.5% 31.7% 17.3% 18.0% 1H25 2Q25 PHILIPPINES CAMBODIA LAOS & OTHERS 27,554 13,060 THB MM Notes Revenue by segment calculated before elimination. Others in Global include Vietnam THB MM TOTAL REVENUE 20 -8.4% QoQ -9.1% YoY 2Q25 150,656 MOBILITY 1H25 316,291 1H25 12,244 F&B : 8,306 OTHER : 3,938 -9.9% QoQ -17.8% YoY -4.3% YTD +4.2% YTD -9.0% QoQ -10.5% YoY -4.8% YTD -3.4% YTD MOBILITY LIFESTYLE GLOBAL OTHER 182,422183,989 167,166 361,922 349,588
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Notes EBITDA by segment calculated before elimination / EBITDA Margin calculated from Sales and services income Others in Global include China and Vietnam *Exclude extra item and found&found business 2Q25 1,815 F&B : 1,504 OTHER : 311 2Q25 438 GLOBAL (BY COUNTRY) LIFESTYLE GLOBAL EBITDA MARGIN BY SEGMENT (%) GLOBAL (BY COUNTRY) 27.3/28.1* 3.3 3.0 1H25 1,028 QoQ: Higher EBITDA from higher gross profit increased in line with sales revenue YoY/YTD: Higher EBITDA from the discontinuation of underperforming businesses, and lower operating expenses 3.7 +2.7% QoQ +12.5% YoY 28.7/29.5*29.9/30.7* QoQ/YoY: Lower EBITDA, mainly from the Philippines with weaker GP/Liter and other income YTD: Higher EBITDA from Laos and Cambodia, with better GP/Liter 7.8% -11.4% 58.5% 73.3% 33.7% 38.1% PHILIPPINES CAMBODIA LAOS & OTHERS 1,028 4382Q25 1H25 THB MM EBITDA MARGIN (%) EBITDA 21 0.90 1.000.85 1.7 1.6 2.1 QoQ/YoY: Decreased gross profit per liter for both markets, mainly from aviation fuel. YTD: Decreased gross profit per liter, mainly from diesel in both markets. 2Q25 2,448 MOBILITY 1H25 6,600 1H25 3,582 F&B : 2,893 OTHER : 689 GP/LITER (THB) -25.8% QoQ -17.5% YoY +20.1% YTD 29.3/30.1*27.3 +11.7% YTD -41.0% QoQ -12.3% YoY -6.3% YTD 2.5 2.1 4.1 3.4 1.02 0.94 2Q24 1Q25 2Q25 1H24 1H25 MOBILITY LIFESTYLE GLOBAL OTHER -29.8% QoQ -6.0% YoY +0.2% YTD 6,484 4,843 4,552 2.6% 3.6% 2.7% 3.0% 3.2% 11,016 11,036
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2Q24 1Q25 2Q25 1H24 1H25 Notes Net profit margin calculated from Sales and services income. -49.0% QoQ -12.0% YoY QoQ/YoY: Weakened performance driven mainly by the Mobility business YTD: Improved performance resulted from the Lifestyle and Global business, together with effective cost management NET PROFIT THB MM NET PROFIT MARGIN (%) 22 1.7% 1.9% 1.4% 2.4% 2,537 2,232 6,260 6,611 4,380 +5.6% YTD 1.3%
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91,460 89,792 68,769 64,466 47,263 46,179 31 Dec 24 30 Jun 25 Cash Equivalents & ST Investment Other Current assets Non-Current assets 108,961 113,426 17,781 18,374 52,016 44,265 28,734 24,372 31 Dec 24 30 Jun 25 Total Borrowings Other Current Liabilities Other Non- Current Liabilities Equity RATIOS NET IBD/EQUITY (COVENANT ≤ 1.0) NET IBD/EBITDA (COVENANT ≤ 2.0) DEBT SERVICE (COVENANT ≥ 1.2) THB MM 200,437 TOTAL ASSETS 207,492 TOTAL LIABILITIES & EQUITY 31 Dec 24 -0.2 30 Jun 25 -0.2 FINANCIAL POSITION -3.4% 31 Dec 24 -1.0 30 Jun 25 -1.2 31 Dec 24 6.6 30 Jun 25 6.2 200,437 23 207,492
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CASH FLOW Cash and cash equivalents at the beginning of period 30 Jun 2025 Operating : The primary changes in working capital involve decrease in accounts payable. 1 31 Dec 2024 46,14747,231 +8,290 -1,925 -7,485 +36 Operating Investing Financing 1,084 CASH OUTFLOW Others Investing : Investment in expanding the network (including PTT Station, EV Station PluZ, Café Amazon, etc.). Financing : Repayment of short-term, long-term loans and 2H24 dividend payment. Cash and cash equivalents at the end of period Notes Others include Unrealized gain (loss) foreign exchange rate & Currency translation differences THB MM 24
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04 BUSINESS OUTLOOK & STRATEGIC CHALLENGES
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____________________ Sources: IMF = International Monetary Fund / BOT = Bank of Thailand NESDC = Office of the National Economic and Social Development Council * Ref from IMF’s Projections as of Apr 2025 ** Ref from IMF’s Projections as of Jul 2025 *** Ref from BOT’s Projections as of Apr 2025 (1) Bank of Thailand (2) PRISM (3) IMF (4) NESDC (5) Ministry of Tourism & Sports (6) Ministry of Commerce (7) Fiscal Policy Office OUTLOOK 2025 GDP GROWTH WORLD THAILAND ECONOMIC GROWTH %YoY 2024A 2.5 (1) 2025F 1.3 – 2.3 (1) ECONOMIC GROWTH GDP FORECAST(1) 2024A 35.5 M (1) NO. OF FOREIGN TOURISTS 2025F 35.0 M (1) 2024A 0.4 (1) 2025F 0.2 – 0.5 (1) INFLATION (1) (%) SUPPORTIVE FACTORS CHALLENGES AND RISKS INTERNATIONAL TOURISM RECOVERY & RELATED SERVICE SECTORS HIGH LIVING COSTS & BUSINESS COSTS DOWNTREND WOLRD ECONOMY PROLONGED ENERGY CRISIS GEOPOLITICAL UNCERTAINTY DUBAI OIL PRICE (2) (US$ PER BARREL) 2025F $66.0 – 80.0 2023 $82.1 2024 $79.7 FX 2025F 32-34 THB/USD 2024A 2025F 2026F MONETARY AND FINANCIAL POLICY CHALLENGES IN EMDE AGGRESSIVE FISCAL MEASURES IN SEVERAL COUNTRIES POLICY CHALLENGES TRADE BARRIERS 2024A IMF 2025F IMF 2026F IMF THAILAND CAMBODIA LAO PDR VIETNAM PHILIPPINES BOT BOT IMF IMF IMF IMF IMF IMF IMF IMF BOT IMF IMF IMF IMF 26
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CONFIDENTIAL AND PROPRIETARY Challenges from Global, Thailand, and Market Geopolitical Reciprocal Tariffs Thailand’s GDP Down Trend • The market growth remains limited • Low chance of success in new investments THAILAND ’S ECONOMY FACES A LOW -GROWTH TRAJECTORY UNCERTAINTY IN WORLD ECONOMY RISING GEOPOLITICAL TENSIONS HAVE DISRUPTED TRADE AND INVESTMENT FLOWS Energy Transition PREPARE ADAPTIVE CAPABILITIES TO MANAGE ENERGY TRANSITION • Peak oil is projected to occur by 2029 • EV as a substitution strategy for oil Thailand’s GDP Growth Historical Source: World bank, BOT 2029 : Peak Oil National Oil Demand vs. New EV Car 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 10,000 15,000 20,000 25,000 30,000 35,000 2023 2024 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F 2036F 2037F 2038F 2039F 2030: 30% new EV passenger cars New EV car (MU)Demand (ML)11.17 (7.63) 7.19 (0.69) 7.51 (6.05) 2.30 1990 20251998 2009 2020 • Challenges from operational disruptions and high costs • Potential loss due to efforts to balance supply • Oil price volatility and supply chain disruption • Potential hike in oil legal reserve • Global economic slowdown • Global supply chain disruption • Chinese products are in oversupply in Thai and global markets • Decline in international trade and investment • Slowing global demand 27
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