Interim report
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PTT Oil and Retail Business Public Company Limited Statements of financial position As at 30 June 2025 (Unit: Baht) Note 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Assets Current assets Cash and cash equivalents 46,146,541,152 47,230,976,659 39,537,104,730 39,315,082,922 Investments in short-term financial assets 32,598,737 32,421,193 - - Trade accounts receivable 2 20,265,985,754 25,888,243,441 20,902,435,706 26,822,669,061 Other current receivable 3 11,282,214,848 11,350,632,187 9,391,869,804 9,049,010,178 Short-term lending 4.3 - - 159,070,342 298,068,376 Current portion of long-term lending 4.4 - - 40,000,000 30,000,000 Inventories and supplies 32,646,765,158 31,059,563,789 29,691,032,502 28,374,035,311 Other current financial assets 45,701,771 84,759,101 44,997,636 84,759,101 Other current assets 224,941,705 385,848,499 139,688,360 266,477,451 Total current assets 110,644,749,125 116,032,444,869 99,906,199,080 104,240,102,400 Non-current assets Investments in long-term financial assets 4,712,439,838 5,095,747,505 323,809,107 539,515,641 Investments in subsidiaries 5.1 - - 25,963,520,838 25,703,520,838 Investments in joint ventures 5.2 2,459,714,457 2,472,962,859 545,400,000 545,400,000 Investments in associates 5.3 6,308,965,253 6,611,006,432 11,986,940,061 11,986,940,061 Long-term lending 4.4 126,900,000 55,350,000 2,706,900,000 2,610,350,000 Investment properties 1,268,015,413 1,142,592,828 1,044,162,711 936,812,710 Property, plant and equipment 6 46,332,580,380 47,326,875,071 43,349,014,764 44,390,461,990 Right-of-use assets 7.1 12,437,171,980 12,341,966,298 9,193,553,534 9,132,758,985 Goodwill 3,483,578,072 3,483,578,072 12,798,967,715 12,798,967,715 Other intangible assets other than goodwill 8 4,538,809,846 4,777,093,823 25,125,196,157 26,483,510,952 Deferred tax assets 6,357,292,272 6,591,255,231 - - Other non-current assets 1,766,733,372 1,561,144,558 1,363,814,071 1,209,911,492 Total non-current assets 89,792,200,883 91,459,572,677 134,401,278,958 136,338,150,384 Total assets 200,436,950,008 207,492,017,546 234,307,478,038 240,578,252,784 The accompanying notes are an integral part of the financial statements. Consolidated financial statements Separate financial statements
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PTT Oil and Retail Business Public Company Limited Statements of financial position (continued) As at 30 June 2025 (Unit: Baht) Note 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Liabilities and shareholders' equity Current liabilities Bank overdrafts and short-term borrowings from financial institutions 2,319,328,791 1,970,955,302 - - Trade accounts payable 36,662,748,240 42,413,969,929 34,226,933,289 39,165,588,440 Other current payable 4,511,427,238 7,032,029,332 3,376,808,095 5,050,521,478 Short-term borrowings 4.7 - - 113,631,280 62,323,031 Current portion of long-term borrowings 9 2,941,885,979 5,580,691,553 2,925,098,867 5,559,774,857 Current portion of lease liabilities 7.2 1,169,323,090 1,105,555,178 1,004,635,823 925,219,594 Income tax payable 785,805,227 122,911,527 715,014,915 - Short-term provision for decommissioning costs 17,139,637 26,271,917 - 4,939,265 Other current financial liabilities 53,736,592 92,734,277 53,736,592 84,556,222 Other current liabilities 2,234,526,732 2,328,137,833 2,165,584,494 2,223,005,527 Total current liabilities 50,695,921,526 60,673,256,848 44,581,443,355 53,075,928,414 Non-current liabilities Long-term borrowings 9 8,564,027,205 10,754,935,700 8,541,696,821 10,725,247,211 Lease liabilities 7.2 9,377,790,748 9,321,568,842 7,052,200,495 7,065,172,993 Deferred tax liabilities 471,679,274 197,551,824 446,428,191 171,512,329 Non-current provisions for employee benefits 2,609,518,055 2,474,462,281 2,286,204,966 2,163,236,492 Long-term provision for decommissioning costs 373,210,278 365,560,135 172,627,116 168,429,608 Deposits on LPG cylinders 13,266,154,232 13,186,814,112 13,266,154,232 13,186,814,112 Other non-current liabilities 1,652,825,991 1,556,893,212 1,467,906,127 1,385,454,766 Total non-current liabilities 36,315,205,783 37,857,786,106 33,233,217,948 34,865,867,511 Total liabilities 87,011,127,309 98,531,042,954 77,814,661,303 87,941,795,925 The accompanying notes are an integral part of the financial statements. Consolidated financial statements Separate financial statements
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PTT Oil and Retail Business Public Company Limited Statements of financial position (continued) As at 30 June 2025 (Unit: Baht) 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Shareholders' equity Share capital Registered 120,000,000,000 120,000,000,000 120,000,000,000 120,000,000,000 Issued and fully paid up 120,000,000,000 120,000,000,000 120,000,000,000 120,000,000,000 Share premium 23,496,507,923 23,496,507,923 23,496,507,923 23,496,507,923 Surplus from the change in the ownership interests in subsidiaries 26,944,535 26,944,535 - - Deficit on business combination under common control (67,991,415,889) (67,991,415,889) - - Retained earnings Appropriated - legal reserve 2,358,911,000 2,079,468,000 2,358,911,000 2,079,468,000 Unappropriated 36,683,351,913 31,913,096,998 11,612,652,281 7,863,170,178 Other components of shareholders' equity (1,211,802,587) (627,355,990) (975,254,469) (802,689,242) Equity attributable to owners of the Company 113,362,496,895 108,897,245,577 156,492,816,735 152,636,456,859 Non-controlling interests of the subsidiaries 63,325,804 63,729,015 - - Total shareholders' equity 113,425,822,699 108,960,974,592 156,492,816,735 152,636,456,859 Total liabilities and shareholders' equity 200,436,950,008 207,492,017,546 234,307,478,038 240,578,252,784 - - - - The accompanying notes are an integral part of the financial statements. (M.L. Peekthong Thongyai) Chief Executive Officer Consolidated financial statements Separate financial statements
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(Unaudited but reviewed) PTT Oil and Retail Business Public Company Limited Statement of income For the three-month period ended 30 June 2025 (Unit: Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Sales and service income 167,166,059,435 183,988,542,619 154,761,914,172 171,913,557,785 Cost of sales and services 158,943,769,675 175,361,061,664 147,663,592,423 164,641,795,241 Gross profit 8,222,289,760 8,627,480,955 7,098,321,749 7,271,762,544 Other income 462,929,111 642,697,668 1,399,984,557 1,013,819,595 Gain (loss) on foreign exchange rates (372,712,297) 92,876,347 (360,153,156) 151,253,003 Gain on derivatives 377,402,351 143,080,547 396,636,145 127,013,143 Profit before expenses 8,689,908,925 9,506,135,517 8,534,789,295 8,563,848,285 Selling and distribution expenses 4,383,378,158 4,272,229,635 5,005,953,750 4,738,109,318 Administrative expenses 1,734,061,822 1,756,569,519 920,777,071 882,342,027 Reversal of allowance for expected credit loss (299,257,168) (10,929,447) (298,941,150) (27,937,503) Operating profit 2,871,726,113 3,488,265,810 2,906,999,624 2,971,334,443 Share of profit from investments in joint ventures and associates 152,037,364 29,140,744 - - Profit before finance costs and income taxes 3,023,763,477 3,517,406,554 2,906,999,624 2,971,334,443 Finance costs 232,520,599 315,922,965 166,051,419 265,895,498 Profit before income taxes 2,791,242,878 3,201,483,589 2,740,948,205 2,705,438,945 Income tax expenses 559,740,802 665,970,914 386,410,884 449,784,361 Profit for the period 2,231,502,076 2,535,512,675 2,354,537,321 2,255,654,584 Profit (loss) attributable to Equity holders of the Company 2,231,799,516 2,536,484,024 2,354,537,321 2,255,654,584 Non-controlling interests of the subsidiaries (297,440) (971,349) 2,231,502,076 2,535,512,675 Earnings per share Basic earnings per share 0.19 0.21 0.20 0.19 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) PTT Oil and Retail Business Public Company Limited Statement of comprehensive income For the three-month period ended 30 June 2025 (Unit: Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Profit for the period 2,231,502,076 2,535,512,675 2,354,537,321 2,255,654,584 Other comprehensive income: Items to be reclassified to profit or loss in subsequent periods Exchange differences on translation of financial statements in foreign currency (384,839,427) (10,477,314) - - Share of other comprehensive income from joint ventures (17,674,490) 7,505,657 - - Items not to be reclassified to profit or loss in subsequent periods Loss on equity investments designated at fair value (37,722,842) (250,285,621) (35,706,533) (246,920,862) Income taxes related to equity investments designated at fair value 7,541,987 49,774,112 7,141,306 49,384,172 Share of other comprehensive income from joint ventures (535,799) - - - Total other comprehensive income for the period (433,230,571) (203,483,166) (28,565,227) (197,536,690) Total comprehensive income for the period 1,798,271,505 2,332,029,509 2,325,972,094 2,058,117,894 Total comprehensive income attributable to Equity holders of the Company 1,798,799,511 2,332,958,403 2,325,972,094 2,058,117,894 Non-controlling interests of the subsidiaries (528,006) (928,894) 1,798,271,505 2,332,029,509 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) PTT Oil and Retail Business Public Company Limited Statement of income For the six-month period ended 30 June 2025 (Unit: Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Sales and service income 349,587,919,628 361,922,223,673 324,029,777,277 339,443,264,309 Cost of sales and services 331,730,566,659 343,299,493,747 308,633,957,190 323,357,477,226 Gross profit 17,857,352,969 18,622,729,926 15,395,820,087 16,085,787,083 Other income 957,894,889 1,287,755,469 1,804,730,651 1,599,336,682 Gain (loss) on foreign exchange rates (449,644,244) 956,513,498 (440,255,654) 1,026,410,734 Gain (loss) on derivatives 616,118,371 (181,047,670) 643,801,173 (203,998,466) Profit before expenses 18,981,721,985 20,685,951,223 17,404,096,257 18,507,536,033 Selling and distribution expenses 8,402,469,642 8,766,106,492 9,624,169,597 9,659,198,506 Administrative expenses 2,990,614,191 3,319,531,006 1,378,423,719 1,670,921,226 Reversal of allowance for expected credit loss (759,453,366) (69,840,935) (748,843,866) (93,544,303) Operating profit 8,348,091,518 8,670,154,660 7,150,346,807 7,270,960,604 Share of profit (loss) from investments in joint ventures and associates 356,276,854 (57,241,450) - - Profit before finance costs and income taxes 8,704,368,372 8,612,913,210 7,150,346,807 7,270,960,604 Finance costs 495,810,017 656,267,409 367,508,139 535,474,581 Profit before income taxes 8,208,558,355 7,956,645,801 6,782,838,668 6,735,486,023 Income tax expenses 1,597,276,662 1,698,681,173 1,193,988,981 1,274,781,128 Profit for the period 6,611,281,693 6,257,964,628 5,588,849,687 5,460,704,895 Profit (loss) attributable to Equity holders of the Company 6,611,283,148 6,259,687,310 5,588,849,687 5,460,704,895 Non-controlling interests of the subsidiaries (1,455) (1,722,682) 6,611,281,693 6,257,964,628 Earnings per share Basic earnings per share 0.55 0.52 0.47 0.46 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) PTT Oil and Retail Business Public Company Limited Statement of comprehensive income For the six-month period ended 30 June 2025 (Unit: Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Profit for the period 6,611,281,693 6,257,964,628 5,588,849,687 5,460,704,895 Other comprehensive income: Items to be reclassified to profit or loss in subsequent periods Exchange differences on translation of financial statements in foreign currency (370,969,623) 688,929,023 - - Share of other comprehensive income from joint ventures (22,727,965) 60,968,602 - - Items not to be reclassified to profit or loss in subsequent periods Loss on equity investments designated at fair value (235,161,294) (305,673,605) (215,706,533) (269,420,862) Income taxes related to equity investments designated at fair value 43,833,707 54,646,172 43,141,306 53,884,172 Share of other comprehensive income from joint ventures (1,483,827) - - - Total other comprehensive income for the period (586,509,002) 498,870,192 (172,565,227) (215,536,690) Total comprehensive income for the period 6,024,772,691 6,756,834,820 5,416,284,460 5,245,168,205 Total comprehensive income attributable to Equity holders of the Company 6,025,175,902 6,758,365,917 5,416,284,460 5,245,168,205 Non-controlling interests of the subsidiaries (403,211) (1,531,097) 6,024,772,691 6,756,834,820 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) PTT Oil and Retail Business Public Company Limited Statement of changes in shareholders' equity For the six-month period ended 30 June 2025 (Unit: Baht) Surplus from Deficit on Exchange differences Share of other Total other Total equity Equity attributable Issued and the change in the business on translation of comprehensive Changes in components of attributable to to non-controlling Total fully paid-up ownership interests combination under Appropriated financial statements income from fair value of shareholders' owners of interests shareholders' share capital Share premium in subsidiaries common control - legal reserve Unappropriated in foreign currency joint ventures equity investments equity the Company of the subsidiaries equity Balance as at 1 January 2024 120,000,000,000 23,496,507,923 26,944,535 (67,743,916,167) 1,876,098,000 30,747,608,376 (785,584,469) (73,298,993) 1,898,490,559 1,039,607,097 109,442,849,764 64,933,457 109,507,783,221 Profit (loss) for the period - - - - - 6,259,687,310 - - - - 6,259,687,310 (1,722,682) 6,257,964,628 Other comprehensive income for the period - - - - - - 688,369,552 60,968,602 (250,659,547) 498,678,607 498,678,607 191,585 498,870,192 Dividends paid - - - - - (3,239,743,992) - - - - (3,239,743,992) - (3,239,743,992) Effect of business combination under common control - - - (247,499,722) - - - - - - (247,499,722) - (247,499,722) Transfer to legal reserve - - - - 273,036,000 (273,036,000) - - - - - - - Balance as at 30 June 2024 120,000,000,000 23,496,507,923 26,944,535 (67,991,415,889) 2,149,134,000 33,494,515,694 (97,214,917) (12,330,391) 1,647,831,012 1,538,285,704 112,713,971,967 63,402,360 112,777,374,327 Balance as at 1 January 2025 120,000,000,000 23,496,507,923 26,944,535 (67,991,415,889) 2,079,468,000 31,913,096,998 (1,104,156,401) (86,003,027) 562,803,438 (627,355,990) 108,897,245,577 63,729,015 108,960,974,592 Profit (loss) for the period - - - - - 6,611,283,148 - - - - 6,611,283,148 (1,455) 6,611,281,693 Other comprehensive income for the period - - - - - (1,483,827) (370,683,243) (22,727,965) (191,212,211) (584,623,419) (586,107,246) (401,756) (586,509,002) Dividends paid (Note 12) - - - - - (1,559,924,584) - - - - (1,559,924,584) - (1,559,924,584) Transfer to retained earnings - - - - - (176,822) - - 176,822 176,822 - - - Transfer to legal reserve - - - - 279,443,000 (279,443,000) - - - - - - - Balance as at 30 June 2025 120,000,000,000 23,496,507,923 26,944,535 (67,991,415,889) 2,358,911,000 36,683,351,913 (1,474,839,644) (108,730,992) 371,768,049 (1,211,802,587) 113,362,496,895 63,325,804 113,425,822,699 - The accompanying notes are an integral part of the financial statements. Retained earnings Consolidated financial statements Equity attributable to owners of the Company Other comprehensive income Other components of shareholders' equity
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(Unaudited but reviewed) PTT Oil and Retail Business Public Company Limited Statement of changes in shareholders' equity (continued) For the six-month period ended 30 June 2025 (Unit: Baht) Other components of sharehoders' Other comprehensive income Issued and Changes in Total fully paid-up Appropriated fair value of shareholders' share capital Share premium - legal reserve Unappropriated equity investments equity Balance as at 1 January 2024 120,000,000,000 23,496,507,923 1,876,098,000 10,735,861,943 (371,152,552) 155,737,315,314 Profit for the period - - - 5,460,704,895 - 5,460,704,895 Other comprehensive income for the period - - - - (215,536,690) (215,536,690) Dividends paid - - - (3,239,743,992) - (3,239,743,992) Transfer to legal reserve - - 273,036,000 (273,036,000) - - Balance as at 30 June 2024 120,000,000,000 23,496,507,923 2,149,134,000 12,683,786,846 (586,689,242) 157,742,739,527 Balance as at 1 January 2025 120,000,000,000 23,496,507,923 2,079,468,000 7,863,170,178 (802,689,242) 152,636,456,859 Profit for the period - - - 5,588,849,687 - 5,588,849,687 Other comprehensive income for the period - - - - (172,565,227) (172,565,227) Dividends paid (Note 12) - - - (1,559,924,584) - (1,559,924,584) Transfer to legal reserve - - 279,443,000 (279,443,000) - - Balance as at 30 June 2025 120,000,000,000 23,496,507,923 2,358,911,000 11,612,652,281 (975,254,469) 156,492,816,735 The accompanying notes are an integral part of the financial statements. Separate financial statements Retained earnings
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(Unaudited but reviewed) PTT Oil and Retail Business Public Company Limited Cash flow statement For the six-month period ended 30 June 2025 (Unit: Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Cash flows from operating activities Profit before tax 8,208,558,355 7,956,645,801 6,782,838,668 6,735,486,023 Adjustment of profit before income taxes to net cash provided by (used in) operating activities Depreciation and amortisation 3,790,658,047 3,558,687,573 4,293,688,801 4,078,972,427 Reversal of allowance for expected credit loss (759,453,366) (69,840,935) (748,843,866) (93,544,303) (Reversal of) reduction of inventory cost to net realisable value 194,002,795 (150,723,387) 193,964,036 (65,672,566) Loss on sales of assets 220,365,657 35,664,443 232,025,122 31,692,415 (Reversal of) impairment loss on non-financial assets 7,564,380 (2,927,375) 7,119,971 (3,693,007) Share of (profit) loss from investments in joint ventures and associates (356,276,854) 57,241,450 - - Provision for employee benefits 149,481,659 119,610,937 124,554,837 101,399,568 Unrealised (gain) loss on exchange rates (73,681,202) (387,526,501) 40,765,967 (347,794,534) (Gain) loss on measuring fair value of financial assets 184,334 (12,214,115) 8,941,835 (11,386,622) Dividend income (14,996,226) (7,784,683) (931,517,525) (552,649,330) Interest income (390,580,274) (393,019,439) (369,098,144) (381,914,550) Finance costs 495,810,017 656,267,409 367,508,139 535,474,581 Others 52,589,906 5,788,809 52,589,906 5,788,809 Profit from operating activities before changes in operating assets and liabilities 11,524,227,228 11,365,869,987 10,054,537,747 10,032,158,911 Operating assets (increase) decrease Trade accounts receivable 6,405,476,270 (781,952,359) 6,646,446,409 (874,507,775) Other current receivable 75,060,544 (2,294,695,347) (90,741,593) (2,330,839,845) Inventories and supplies (1,807,199,095) (6,614,934,603) (1,536,956,157) (5,910,114,940) Other current assets 155,688,001 258,348,982 121,570,297 145,988,159 Other assets (241,071,184) (82,903,770) (235,418,824) (20,995,068) Operating liabilities increase (decrease) Trade accounts payable (5,679,133,393) 1,204,200,808 (4,943,441,402) (1,520,625,704) Other current payable (1,888,817,669) (299,200,718) (883,595,941) (648,238,681) Other current liabilities (102,743,379) (168,286,720) (57,412,226) (200,419,732) Deposits on LPG cylinders 79,340,120 101,019,235 79,340,120 101,019,235 Other non-current liabilities 73,481,540 46,643,974 74,576,895 51,205,763 Cash flows from (used in) operating activities 8,594,308,983 2,734,109,469 9,228,905,325 (1,175,369,677) Income taxes paid (304,603,002) (1,287,881,428) (106,614,032) (1,165,546,945) Net cash flows from (used in) operating activities 8,289,705,981 1,446,228,041 9,122,291,293 (2,340,916,622) The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) PTT Oil and Retail Business Public Company Limited Cash flow statement (continued) For the six-month period ended 30 June 2025 (Unit: Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Cash flows from investing activities (Increase) decrease in investment in short-term financial assets (177,545) 550,447,607 - 500,000,000 Decrease in short-term lending - - 138,998,034 2,556,025,910 Cash proceeds from long-term lending - - 15,000,000 7,500,000 Cash payment of long-term lending (71,550,000) - (121,550,000) (2,570,000,000) Cash payment of investments in long-term financial assets (33,554,038) (52,165,974) - - Cash proceeds from disposals of investment in long-term financial asset 13,871,450 355,472 - - Cash payment of investments in subsidiaries - - (260,000,000) (1,729,183,100) Cash payment of investments in joint ventures and associates (110,000,000) (1,138,321,868) - - Cash payment of property, plant and equipment and investment properties (2,294,203,330) (3,273,807,607) (1,679,785,731) (2,756,243,898) Cash payment of right-of-use assets (54,887,188) (125,988,058) (45,437,933) (25,366,639) Cash payment of other intangible assets other than goodwill (517,134,085) (52,748,588) (501,143,222) (44,516,810) Cash proceeds from disposals of property, plant and equipment investment properties and right-of-use assets 22,065,992 8,089,360 10,923,130 2,734,196 Interests received 348,247,139 343,185,122 361,956,978 393,120,343 Dividends received 772,327,325 349,570,033 685,209,499 334,456,125 Net cash flows used in investing activities (1,924,994,280) (3,391,384,501) (1,395,829,245) (3,331,473,873) Cash flows from financing activities Increase (decrease) in bank overdrafts and short-term borrowings 385,863,953 (2,799,482,750) 51,308,248 7,177,510 Proceeds from long-term borrowings - 16,900,000 - - Cash payment of long-term borrowings (4,827,046,800) (2,555,166,800) (4,815,500,000) (2,551,000,000) Cash payment of lease liabilities (1,182,478,276) (1,163,931,687) (962,210,028) (915,565,255) Interest paid (305,187,783) (443,781,117) (213,237,037) (348,481,838) Dividends paid (1,556,145,219) (3,231,622,517) (1,556,145,219) (3,231,622,517) Net cash flows used in financing activities (7,484,994,125) (10,177,084,871) (7,495,784,036) (7,039,492,100) Effects of exchange rates difference (209,541) 37,388,027 (8,656,204) 19,065,559 Exchange differences on translation 36,056,458 268,129,438 - - Net increase (decrease) in cash and cash equivalents (1,084,435,507) (11,816,723,866) 222,021,808 (12,692,817,036) Cash and cash equivalents at beginning of period 47,230,976,659 51,436,317,974 39,315,082,922 46,379,188,068 Cash and cash equivalents at end of period 46,146,541,152 39,619,594,108 39,537,104,730 33,686,371,032 - - Supplemental cash flow information Non-cash transactions Increase in accounts payable for purchase property, plant and equipment and investment properties 643,477,686 578,686,426 209,645,457 256,050,231 Increase in accounts payable for purchase other intangible assets other than goodwill 25,773,932 13,403,020 20,988,338 10,681,750 Increase in lease liabilities 954,311,474 935,556,808 693,452,834 902,304,555 Transfer of supplies to property, plant and equipment 25,994,930 11,771,648 25,994,930 11,771,648 The accompanying notes are an integral part of the financial statements.
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PTT Oil and Retail Business Public Company Limited 2Q/25 Management Discussion & Analysis 02-1965038 pttor.com ir@pttor.com
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2 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Financial Highlights Performance 2Q/25 PTT Oil and Retail Business Public Company Limited and its subsidiaries ("OR") recorded total sales and services in the amount of THB 167,166 million, representing a decrease of THB 15,256 million (-8.4%) from the previous quarter. The Mobility business declined by 9.0%, primarily due to a reduction in the average selling price per liter in line with the downward trend of global oil prices, as well as a reduction in sales volume driven by seasonal factors . Similarly, the Global business saw a 9.9% decline, due to lower global oil prices in the Philippines and Cambodia. Meanwhile, the Lifestyle business increased by 7.1%, supported by growth in both the F&B business and other retail business. In 2Q/25, EBITDA amounted to THB 4,552 million, a decrease of THB 1,932 million ( -29.8%) compared to 1Q/25. The decrease was primarily attributed to a softening in the average gross profit per liter, particularly within the Mobility business, most notably from aviation fuel , and the Global business , primarily driven by performance in the Philippines. However, the Lifestyle business has shown improvement , supported by increased sales in the F&B business , primarily due to the continuous growth in Cafe Amazon’s sales across all quarters. Overall operating expenses rose, primarily from higher repair and maintenance costs for PTT Stations along with increased spending on advertising and promotional activities. The share of gain from investments declined, primarily due to the performance of Thai Petroleum Pipeline Co., Ltd. The appreciation of the Thai Baht against the US Dollar also led to a foreign exchange loss. This was partially offset by gains from derivatives. As a result, OR reported a net profit of THB 2,232 million in 2Q/25, a decrease of THB 2,148 million ( -49.0%) from the previous quarter. Earnings per share stood at THB 0.19. Performance 1H/25 We reported total sales and services in the amount of THB 349,588 million, a decrease of THB 12,334 million ( -3.4%) compared to the same period in 2024. This decline was primarily driven by the Mobility and Global business, which saw a 4.8% and 4.3% decrease, respectively, due to a lower average selling price per liter in line with global oil price trends. Nevertheless, overall sales volume continued to grow. The Lifestyle business posted a 4.2% increase in sales and services, supported by the expansion of the F&B business and other retail business. In 1H/25 we recorded an EBITDA of THB 11,036 million, an increase of THB 20 million (+0.2%) compared to 1H/24. This growth was primarily driven by the Lifestyle business , particularly from the F&B business, which demonstrated effective operational cost management. The Global business also increased mainly due to a higher average gross profit per liter in Laos. Conversely, the Mobility business experienced a decline due to a decrease in the overall average gross profit per liter. Overall operating expenses decreased by 9.0%, mainly from outsourcing and rental expenses. The share of gain from investment increased overall , primarily attribute to the impact of exchange rates on joint venture in Myanmar in 1H/24. In this period, the exchange rate has appreciated, resulting in a foreign exchange loss. However, there was a gain from derivative instruments. QoQ YoY YoY Total sales and services 183,989 182,422 167,166 (8.4%) (9.1%) 361,922 349,588 (3.4%) EBITDA 4,843 6,484 4,552 (29.8%) (6.0%) 11,016 11,036 0.2% Net Profit (Loss) for the periods1 2,537 4,380 2,232 (49.0%) (12.0%) 6,260 6,611 5.6% Earnings Per Share (Baht/share) 0.21 0.36 0.19 (47.2%) (9.5%) 0.52 0.55 5.8% 1Net profit of OR (the parent company) 2Q/25 Variance2Q/24 1Q/25 VarianceUnit : Million baht 1H/24 1H/25 Executive Summary
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3 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION As a result, in 1H/25, OR recorded a net profit of THB 6,611 million, an increase of THB 351 million (+5.6%) compared to the same period last year, equivalent to earnings per share of THB 0.55. Financial position as of June 30, 202 5, OR recorded total assets of THB 20 0,437 million, a decrease of THB 7,055 million from the end of 202 4. This was primarily due to a decline in trade receivables, which was in line with the decrease in sales volume and the average selling price per liter. Total liabilities amounted to THB 87,011 million, representing a decrease of THB 11,520 million, mainly due to a reduction in trade payables and the repayment of maturing loans. Shareholder’s equity stood at THB 113,426 million, an increase of THB 4,465 million, primarily driven by a net profit of THB 6,611 million for the period, offset by dividend payments of THB 1,560 million for the second half of 2024 performance.
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4 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION The Thai economy is expected to continue its recovery, primarily driven by tourism due to increased foreign tourist arrivals and higher spending per head . This supports the service sector and related manufacturing, particularly the improved consumption of durable goods. Consequently, the overall employment rate and minimum wage labor remain stable and positive. However, the export sector tends to recover; however, there are still risk factors from the global slowdown and the intensity of international conflicts, which will significantly affect the Thai economy in the latter half of the year and into 2026. Looking ahead, the outlook remains clouded by various uncertainties and challenges. These include the potential impact of government stimulus measures, the exchange rate risk of the Thai Baht against the US Dollar, and volatile global financial markets. In particular, the intensification of U.S. trade protectionism, including the potential reinstatement of U.S. tariff policies, could manifest as a deceleration i n international trade, a decrease in the value of Thai exports, and an increase in financial market volatility. All of these factors could significantly affect the stability of the Thai economy in the near future. The World economy remains on steady growth amid trade tensions and high policy uncertainty. The economy is driven mainly by the services sector, with a gradual recovery in global demand for goods. Inflationary pressures in many countries have continued to ease and are converging towards the central banks' target of around 2%. Major central banks have initiated policy rate cuts since the second quarter of 2024 and are expected to cut further in 2025. Nonetheless, geopolitical tensions remain a significant source of uncertainty, particularly the escalating trade war between the U.S. and China. The conflict could disrupt the supply chains in many countries. Oil prices have also been volatile due to continued productio n cuts by OPEC+ through the end of 202 5, counterbalanced by increased production from non -OPEC countries, especially the United States. The U.S. continues to be tempered by uncertainty surrounding the enforcement of U.S. tariff policies. The Federal Reserve has begun a series of policy rate reductions to anchor inflation w ithin its target range and support sustainable economic activity. The Chinese economy is starting to show signs of recovery amidst ongoing trade pressures from the United States. This recovery is primarily driven by strong government policy support, including fiscal stimulus measures, the issuance of special bonds, and subsidies for durable goods . However, risks in the real estate sector and domestic consumption will continue to require monitoring. Across the Asian region, aggregate economic expansion is also anticipated to proceed at a more measured pace. A key factor influencing the outlook in this quarter is the ongoing impact of U.S. trade protectionism, which presents a notable downside risk to global economic stability in the near to medium term. Economic Overview 2Q/25
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5 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION QoQ YoY YoY Total sales and services 183,989 182,422 167,166 (8.4%) (9.1%) 361,922 349,588 (3.4%) : Mobility 168,259 165,635 150,656 (9.0%) (10.5%) 332,206 316,291 (4.8%) : Lifestyle 5,902 5,911 6,333 7.1% 7.3% 11,748 12,244 4.2% : Global 15,885 14,494 13,060 (9.9%) (17.8%) 28,778 27,554 (4.3%) : Other 397 694 757 9.1% 90.7% 682 1,451 >100% Other income 480 418 355 (15.1%) (26.0%) 922 773 (16.2%) Operating expenses 4,359 3,702 4,181 12.9% (4.1%) 8,667 7,883 (9.0%) EBITDA 4,843 6,484 4,552 (29.8%) (6.0%) 11,016 11,036 0.2% : Mobility 2,792 4,152 2,448 (41.0%) (12.3%) 7,046 6,600 (6.3%) : Lifestyle 1,614 1,767 1,815 2.7% 12.5% 3,206 3,582 11.7% : Global 531 590 438 (25.8%) (17.5%) 856 1,028 20.1% : Other (47) (75) (115) (53.3%) <(100%) (19) (190) <(100%) Depreciation and amortization expenses 1,764 1,849 1,942 5.0% 10.1% 3,559 3,791 6.5% Operating profit 3,079 4,635 2,610 (43.7%) (15.2%) 7,457 7,245 (2.8%) : Mobility 1,741 3,004 1,207 (59.8%) (30.7%) 4,870 4,211 (13.5%) : Lifestyle 1,119 1,270 1,328 4.6% 18.7% 2,206 2,598 17.8% : Global 359 434 269 (38.0%) (25.1%) 520 703 35.2% : Other (93) (123) (160) (30.1%) (72.0%) (66) (283) <(100%) Share of profit (loss) from investments in joint ventures and associates 29 204 152 (25.5%) >100% (57) 356 >100% : Mobility 159 188 147 (21.8%) (7.5%) 351 335 (4.6%) : Lifestyle (29) 11 3 (72.7%) >100% (20) 14 >100% : Global (89) (13) (14) (7.7%) 84.3% (362) (27) 92.5% : Other (12) 18 15 (16.7%) >100% (26) 33 >100% Gain (loss) on derivatives 143 239 377 57.7% >100% (181) 616 >100% Gain (loss) on exchange rate 93 (77) (373) <(100%) <(100%) 957 (450) <(100%) Others 173 680 257 (62.2%) 48.6% 437 937 >100% EBIT 3,517 5,681 3,024 (46.8%) (14.0%) 8,613 8,704 1.1% Finance costs 316 263 233 (11.4%) (26.3%) 656 496 (24.4%) Tax expenses (income) 666 1,038 560 (46.1%) (15.9%) 1,699 1,597 (6.0%) Net Profit (Loss ) for the periods 1 2,537 4,380 2,232 (49.0%) (12.0%) 6,260 6,611 5.6% Earnings Per Share (Baht/share) 0.21 0.36 0.19 (47.2%) (9.5%) 0.52 0.55 5.8% 1Net profit of OR (the parent company) 1H/24 1H/25 Variance2Q/24 1Q/25 2Q/25 VarianceUnit : Million Baht OR Performance Results
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6 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION The Situation of Oil Prices A report from the International Energy Agency (IEA) in July 2025 showed expected global oil demand in 2025 at 103.70 million barrels per day (MMBD) or a 0.70 MMBD increase from the previous year. This was the slowest growth rate since 2009, excluding COVID -19 in 2020. The IEA also reported that oil demand in the 2 Q/25 grew only 0.55 MMBD compared to the same period last year, due to sluggish demand in developing countries. Dubai crude oil prices in 2Q/2 5 averaged US$ 66.9 per barrel, fell from 1Q/25 at US$ 76.9 per barrel , and were lower than 2Q/24 at US$ 85.3 per barrel. The decline in global crude oil price resulted from (1) Concern over the U.S. trade policy with a 10% tariff on all imported goods and the imposition of reciprocal tariffs targeting countries, including the ongoing trade war between the U.S. and China . (2) The U.S. crude oil production remained at a high level. The Energy Information Administration (EIA) reported that crude oil production is expected to average at 13.37 MMBD in 2025, representing an increase of 0.16 MMBD from the previous year. (3) OPEC+ announced a gradual easing of crude oil production cuts, with monthly increases of 0.41 MMBD from May to July 2025. Nevertheless, oil prices received some upward QoQ YoY YoY Dubai 85.3 76.9 66.9 (13.0%) (21.6%) 83.3 71.9 (13.6%) Gasoline 98.4 84.7 78.4 (7.4%) (20.3%) 98.8 81.6 (17.4%) Gasoil/Diesel 100.0 91.2 82.7 (9.3%) (17.3%) 102.2 87.0 (14.9%) Kerosene 98.5 90.1 81.2 (9.9%) (17.6%) 100.5 85.6 (14.8%) 1Q/25 2Q/252Q/24 VarianceVariance 1H/24 1H/25Unit : USD/Barrel Performance by Business Segment Seamless Mobility
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7 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION support from the conflict between Israel and Iran. The situation escalated with the involvement of the U.S., raising concerns over global oil supply disruptions. Petroleum products prices in 2Q/2 5 , the average gasoline price was US$ 78.4 per barrel, decreased from 1Q/25 at US$ 84.7 per barrel. The decline was less than that of the Dubai crude price, as gasoline prices were supported by increased travel activity during the long holidays in Southeast Asia . In addition, there was an unexpected refinery shutdown in Japan, which coincided with the main maintenance period in several Asian countries, resulting in increased gasoline imports, in line with the continued decline in commercial inventories in Singapore. However, gasoline prices were pressured by China's decline in gasoline demand due to increased new energy vehicle (NEVs) sales . Moreover, the southwest monsoon, which arrived earlier than usual, led to decreased mobility. Indonesia also plans to reduce gasoline imports from Singapore due to shifting the source to the U.S., along with its plans to develop electric vehicles and domestic bioenergy. The average diesel price was US$ 82.7 per barrel, decreas ing from 1Q/25 at US$ 91.2 per barrel. Concerns from refineries in Western countries have supported diesel prices due to power outage situations, including the refinery maintenance season in Asia, which limits the supply volume in the region. However, diesel demand in China has declined due to the recovery of LNG truck sales and trade policy uncertainty. Meanwhile, diesel demand in Indonesia remains weak due to a contraction in the manufacturing sector. The average jet fuel/kerosene price was US$ 81.2 per barrel, decreas ing from 1Q/25 at US$ 90.1 per barrel. It was supported by jet fuel demand in China and Southeast Asia, especially in Thailand and Singapore, which were supported by international tourism. However, jet fuel prices were under pressure from geopolitical tensions, causing concerns over international travel. Japan’s kerosene inventories were significantly above average due to an unusually warm winter that reduced heating demand. Fuel consumption in Thailand The Department of Energy Business reported consumption in January -May 2025 at 158.44 liters per day. The consumption rose 0.8% compared to the same period last year, the consumption of commercial aviation fuel (Jet A -1) grew by 12.3%, fuel oil increased by 6.7% and there was a 0.8% growth in gasoline consumption. Meanwhile, LPG group decreased by 2.3% and high-speed diesel at service stations fell by 1.5% Gasoline consumption averaged 31.85 million liters per day, which rose 0.8% from the same period last year . Gasohol 95 consumption rose to 19.22 million liters per day, due to a narrower price differential between Gasohol 95 and 91 from the previous year, prompting consumers to shift toward greater use of Gasohol 95. While the consumption of Gasohol 91 declined to 6.69 million liters per day , and Gasohol E20 fell to 5.15 million liters per day. Gasoline usage dropped to 0.39 million liters per day , and Gasohol E85 declined to 0.06 million liters per day. The data also indicated signs of a slowdown in overall gasoline -type fuel consumption, likely driven by the increasing adoption of electric vehicles (including BEV, HEV, and PHEV) , as well as the rising number of passengers using electric rail transport systems. Diesel consumption at service stations averaged 68.22 million liters per day, a decrease of 1.5%. This comprised mainly regular high -speed diesel, which declined to 68.20 million liters per day. This aligned with the average Shipment Index during January to April, which contracted by 1.0% from the previous year due to above -average rainfall, a slow economic recovery , and ongoing concerns over geopolitical tensions. Meanwhile, the consumption of high-speed diesel B20 decreased to 0.03 million liters per day. OR's market share 40.2% Source: Department of Energy Business, Ministry of Energy from January to May 2025 (Calculation includes all products except FO-EGAT).
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8 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION The consumption of regular diesel increased to 2.21 million liters per day. In total, diesel group consumption averaged 70.44 million liters per day. Commercial Aviation fuel (Jet A -1) consumption averaged 18.06 million liters per day , growing 12.3% and continuing its upward trend from the previous year. This growth was supported by the increasing number of domestic and international tourists and the expansion of air freight services. Liquefied petroleum gas (LPG) consumption averaged 17.60 million kg per day, a decrease of 2.3%. This was primarily driven by reduced demand from the petrochemical sector, which fell by 7.33 million kilograms per day, and the transportation sector, which declined to 2.30 million kilograms per day. However, household LPG consumption rose to 5.90 million kg per day, and the industrial sector rose to 2.07 million kg per day.
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9 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Performance of Mobility Business Segment Performance 2Q/25 vs. 1Q/25 • Revenue from sales and services decreased by THB 14,979 million (-9.0%) mainly due to a drop in average global oil prices, along with a decrease in sales volume of 327 mml (-4.9%). In the commercial market, sales volume dropped by 420 mml ( -10.1%), primarily due to aviation fuel entering the low season. Additionally, there was a decline in the sales volume of Liquefied Petroleum Gas (LPG) due to high market competition. In the retail market , sales volume increased by 93 mml ( +3.7%) from gasoline, driven by promotional activities, as well as diesel. In this quarter, two new PTT Stations were expanded. • EBITDA decreased by THB 1,704 million ( -41.0%), primarily due to a decrease of THB 0.17 in overall average gross profit per liter, followed by a decline in sales volume. In the commercial market, the decline mainly resulted from the average gross profit per liter for aviation fuel, which was affected by an M-1 pricing structure. In the retail market, gasoline’s average gross profit per liter weakened, while diesel remained relatively stable . This quarter , there was a rise in operating expenses due to repair and maintenance expenses for PTT Stations, as well as advertising and promotional expenses. As a result, the EBITDA margin dropped to 1.6%, from 2.5% in the previous quarter.
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10 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Performance 2Q/25 vs. 2Q/24 • Revenue from sales and services decreased by THB 1 7,603 million ( -10.5%) due to a drop in average selling prices per liter following the trend in global oil prices , and the overall sales volume decreased by 8 mml (-0.1%). In the commercial market, sales volume dropped by 32 mml (-0.8%), primarily driven by diesel due to higher exports for supply management and sales to Section 7 customers because of the refinery shutdown in 2Q/24. Meanwhile, aviation fuel grew from expanding sales to new customers and winning bids. In the retail market, sales volume increased by 24 mml (+0.9%), mainly from gasoline due to promotional activities. • EBITDA decreased by THB 344 million ( -12.3%) due to an overall lower average gross profit per liter by THB 0. 05, mainly in the commercial market, from the average gross profit per liter of the aviation fuel , which was affected by an M-1 pricing structure. Additionally, LPG decreased due to higher costs and fuel oil declined because of intense market competition. Conversely, asphalt experienced growth as a result of effective cost management. In the retail market, the gross profit dropped mainly from diesel, while gasoline remained relatively stable . This quarter’s operating expenses remained at a similar level . As a result, the EBITDA Margin remained relatively stable at 1.6% in 2Q/25, compared to 1.7% in 2Q/24. Performance 1H/25 vs. 1H/24 • Revenue from sales and services decreased by THB 15,915 million ( -4.8%) due to a drop in average selling prices per liter following the trend in global oil prices. However, sales volume increased slightly by 223 mml (+1.7%). Primarily from the commercial market, where volume rose by 268 mml (+3.5%), mainly in aviation fuel, driven by expanding the customer base and winning new bids. Conversely, LPG sales declined due to market competition, and diesel decreased because of reduced exports. In the retail market , sales volume dropped by 45 mml ( -0.9%) mainly due to diesel, which aligns with the overall decline in oil demand related to the slow economic recovery. Gasoline increased as a result of promotional activities. • EBITDA decreased by THB 446 million ( -6.3%) due to a lower average gross profit per liter by THB 0.06. The decrease in the commercial market was mainly in diesel due to market competition. Meanwhile, aviation fuel increased, driven by an M-1 pricing structure and higher sales volume. In the retail market, the average gross profit margin per liter for diesel and gasoline weakened due to the decline in global oil prices. This quarter’s operating expenses were slightly lower, driven by outsourcing, advertising, and promotional expenses. As a result, the EBITDA Margin remained at the same level as last year at 2.1%. As of 3 0 June 2025, OR had installed “EV Station PluZ” in 1,285 locations with 2,576 DC connectors, including 1,002 installed inside PTT stations (with 950 in operations) and 283 installed outside PTT stations (with 267 in operations). The number of FIT Auto increased by 2 outlets from the previous quarter, totaling 110 outlets.
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11 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Expansion of Lifestyle Business In 2Q/25, the Lifestyle business had a combined network of 4, 667 F&B business outlets , comprising 4,511 Cafe Amazon outlets in Thailand are classified as 2, 353 outlets located in side PTT Stations and 2, 158 outlets outside PTT Stations, or 52.2% and 47.8% , respectively, along with 36 Cafe Amazon outlets overseas and 120 outlets of other F&B, comprising Pearly Tea and Pacamara Coffee Roasters. For the Other retail business , we recorded 2,33 9 convenience stores under the 7-Eleven and Jiffy brands in Thailand and a retail health and beauty store under the brand found & found 10 outlets. Cafe Amazon, under the F&B business, recorded 107 million cups sold in 2Q/25, an increase of 3 million cups (+2.9%) compared to 1Q/25 due to seasonal factors and 5 million cups (+4.9%) compared to 2Q/24 because of outlet expansion. QoQ YoY YoY Number of outlets Cafe Amazon1 4,277 4,507 4,547 40 270 4,277 4,547 270 PEARLY TEA 97 95 87 (8) (10) 97 87 (10) Pacamara Coffee Roasters 26 32 33 1 7 26 33 7 Convenience Store2 2,253 2,331 2,339 8 86 2,253 2,339 86 Cafe Amazon total cups sold* (Million cups) 102 104 107 2.9% 4.9% 201 211 5.0% 1Includes Cafe Amazon in Thailand, Myanmar, Japan, Oman, Malaysia, Saudi Arabia and Bahrain 2Includes both Jiffy and 7-Eleven convenience stores in Thailand Description Variance 1H/24 1H/25 Variance2Q/24 1Q/25 2Q/25 All Lifestyles
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12 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Performance of Lifestyle Business Segment Performance 2Q/25 vs. 1Q/25 • Revenue from sales and services increased by THB 422 million (+7.1%). The F&B business increased by THB 318 million (+8.0%). This was primarily driven by increased sales volume due to seasonal factors and a rise in non -beverage sales . The other retail business rose by THB 104 million ( +5.4%), m ainly from higher average sales per day per store of convenience stores during the Songkran festival. • EBITDA increased by THB 48 million (+2.7%). The F&B business increased by THB 115 million (+8.3%), which aligns with the rise in gross profit , driven by higher sales revenue . At the same time, operating expenses increased, mainly from advertising, promotional, and digital-related expenses. The other retail business declined by THB 67 million ( -17.8%) due to increased expenses related to convenience stores. This caused the EBITDA margin to decrease from 29.9% in the last quarter to 28.7% this quarter. Excluding found & found business, which is in the initial stages and trial of the market (Prototype phase), the EBITDA margin for the Lifestyle business in this quarter was 29.5%. Performance 2Q/25 vs. 2Q/24 • Revenue from sales and services increased by THB 431 million (+7.3%) . The revenue from sales of the F&B business rose by THB 352 million (+8.9%) due to higher sales volumes in both beverage and non -beverage product segments, in line with the expansion of the food and beverage outlets. Other retail business’s revenue from sales increased by THB 79 million (+ 4.1%), mainly from the convenience store outlet expansion. • EBITDA rose by THB 201 million (+12.5%). Mainly driven by the F&B business , which increased by THB 391 million (+35.1%), supported by higher gross profit, partly attributable to the discontinuation of underperforming businesses. In addition, operating expenses declined, primarily due to reduced outsourcing expenses. However, other retail business’s EBITDA reduced by THB 190 million ( -38.0%) due to increased expenses related to convenience stores. Thus, the EBITDA margin improved from 27.3% in 2Q/24 to 28.7% in 2Q/25. QoQ YoY YoY Sales and Services (Million Baht) Food & Beverage 3,960 3,994 4,312 8.0% 8.9% 7,893 8,306 5.2% Other Retail Business 1,942 1,917 2,021 5.4% 4.1% 3,855 3,938 2.2% Total sales and services 5,902 5,911 6,333 7.1% 7.3% 11,748 12,244 4.2% Lifestyle EBITDA Margin (%) 27.3% 29.9% 28.7% - - 27.3% 29.3% - 1Adjusted as financial report reclassification *Including extra items from the termination of the Texas Chicken business THB 280 Million Description Variance 1H/24 1H/25 Variance2Q/24 1Q/25 2Q/25
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13 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Performance 1H/25 vs. 1H/24 • Revenue from sales and services rose by THB 496 million ( +4.2%). The F&B business increased by THB 413 million (+5.2%), mainly from the higher sales volume following the expansion of food and beverage outlets. The other retail business increased by THB 83 million (+2.2%), mainly from the continued expansion of the convenience store . However, average sales per day per store experienced a slight decline, in line with the economic slowdown. • EBITDA increased by THB 376 million (+11.7%), mainly from a THB 658 million (+29.4%) rise in the F&B business is driven by lower operating expenses from reduced outsourcing expenses and the discontinuation of underperforming businesses. The other retail business declined by THB 282 million (-29.1%), partly due to the launch of the found & found business in 2Q/24 . As a result , EBITDA margin improved from 27.3% in 1H/24 to 29.3% in 1H/25. Excluding found & found business, which is in the initial stages and trial of the market (Prototype phase), the EBITDA margin for the Lifestyle business in this quarter was 30.1%.
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14 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Overview of Global Business The International Monetary Fund (IMF) has revised Cambodia’s economic growth forecast for 2025 down to no more than 4.0%, from 5.8%. Key growth drivers include exports of garment s and non -garment products, as well as steady growth in agriculture, tourism, and the services industries. Nonetheless, the tourism sector continues to expand, albeit at a progressively slower pace. Furthermore, Cambodia’s economy remains exposed to several risks, including a high dependence on China . Additionally, the real esta te sector has significantly contracted, and household debt has risen, affecting domestic consumption. Moreover, ongoing geopolitical tensions in the country have led to a slowdown in private sector investment, further weakening economic stability. Laos, the IMF has revised down the economic growth forecast for 2025 to 2.5%, from the previous estimate of 3.5% , primarily driven by the service sector, particularly the expansion of tourism, transportation, and logistics, along with investments in the electric power and mining industries, and electricity exports, which remain a key source of national income. However, Laos continues to face significant economic challenges that constrain its growth potential. As the country is highly dependent on external economies, its fiscal and external stability is exposed to considerable risk. The situation is further exacerbated by a weakened kip, high inflation, and low foreign reserves. The Philippines , the IMF has maintained the economic growth forecast 2025 at 5.5%, driven primarily by strong domestic demand, continued investment in social services and key public infrastructure, and moderate inflation . However, risks and challenges remain, particularly from growing global uncertainty in trade and investment policies, especially following the U.S. announcement of a new set of tariffs, which may affect market conditions and investment decisions. In addition, geopolitical tensions and the impacts of climate change continue to pose significant challenges to the country’s economic outlook. Global Market
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15 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Performance of Global Business Segment Performance 2Q/25 vs. 1Q/25 • Revenue from sales and services decreased by THB 1,434 million (-9.9%) across all three key countries due to lower average selling prices per liter in line with global oil prices and a decline of 22 m ml (-3.7%) in overall sales volume, especially in the Philippines, where sales volume of aviation fuel obtained through bidding was lower. In Cambodia, a drop in sales volume was mainly from fuel oil, reflecting lower demand from power plants, whereas diesel and gasoline increased. Meanwhile, sales volume in Laos remained stable. As for Cafe Amazon, cups sold rose in Cambodia and Laos , supported by promotional activities, but declined in the Philippines due to fewer outlets. • EBITDA declined by THB 152 million (-25.8%), mainly from the Philippines, where the average gross profit per liter decreased across almost all products. Additionally, other income from PTT Group Supply Chain Collaboration decreased. In Laos, EBITDA dropped due to lower average gross profit per liter of diesel. Conversely, Cambodia saw an increase from the improvement in overall gross profit, supported by growth in the Retail business, despite a d rop in the Oil business, along with a reduction in operating expenses. As a result, the overall EBITDA margin for this quarter was 3.4%, down from 4.1% in the previous quarter. Performance 2Q/25 vs. 2Q/24 • Revenue from sales and services dropped by THB 2,825 million ( -17.8%), resulting from three main countries, driven by the downtrend of global oil prices, even though total sales volume increased by 21 mml (+3.8%). In the Philippines, sales volume rose mainly from diesel through bidding. Likewise, in Laos, growth came mainly from diesel in the retail market. However, Cambodia faced a decline in overall sales volume, primarily from fuel oil sold to power plants and diesel in the competitive commercial market, although aviation fuel and gasoline increased. Cafe Amazon, cups sold improved, especially in Cambodia and Laos, according to the outlet expansion. • EBITDA decreased by THB 93 million (-17.5%) from the Philippines caused by weaker average gross profit per liter across all products, notably diesel, as well as reduced other income from PTT Group Supply Chain Collaboration. In contrast, EBITDA in Laos increased, supported by better average gross profit per liter of both gasoline and diesel. Cambodia also saw an increase, driven by higher average gross profit per liter of QoQ YoY YoY Number of PTT Station 409 415 420 5 11 409 420 11 Oil Volume Sold (MML) Philippines 306 341 321 (5.9%) 4.9% 532 662 24.4% Cambodia 171 169 165 (2.4%) (3.5%) 322 334 3.7% Laos 73 83 85 2.4% 16.4% 146 168 15.1% Total Volume Sold 550 593 571 (3.7%) 3.8% 1,000 1,164 16.4% Cafe Amazon 1 Cafe Amazon Outlets 375 391 397 6 22 375 397 22 Cafe Amazon total cups sold (Million cups) 7.7 7.7 8.4 9.1% 9.1% 14.7 16.1 9.5% Global EBITDA Margin (%) 3.3% 4.1% 3.4% - - 3.0% 3.7% - 1Includes number of outlets / cups sold in the Philippines, Cambodia, Laos and Vietnam Description Variance 1H/24 1H/25 Variance2Q/24 1Q/25 2Q/25
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16 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION gasoline. Accordingly, the overall EBITDA margin for this quarter stood at 3.4%, close to the level in the same quarter of last year. Performance 1H/25 vs. 1H/24 • Revenue from sales and services declined by THB 1,224 million (-4.3%), mainly from Cambodia and Laos, where average selling prices per liter dropped in line with global oil prices . On the other hand, revenue in the Philippines increased, driven by higher sales volume . An uplift in overall sales volume was 164 mml (+16.4%), mainly from the Philippines , where effective cost management e nhanced competitiveness, leading to higher sales volume of diesel from bidding and aviation fuel compared to the same period last year. In Laos, an increase was mainly attributed to diesel, while in Cambodia, growth was primarily from aviation fuel and gasoline, despite a decline in diesel. In terms of Cafe Amazon, the number of cups sold increased due to a higher number of outlets in Cambodia and Laos. • EBITDA improved by THB 172 million (+20.1%), supported by stronger average gross profit per liter across all products in Laos and by higher average gross profit per liter of gasoline and aviation fuel in Cambodia. On the contrary, EBITDA in the Philippines declined, primarily due to softer average gross profit per liter of diesel, together with lower other income from the PTT Group Supply Chain Collaboration compared to the same period last year. The EBITDA margin was 3.7% in 1H/25, up from 3.0% in 1H/24.
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17 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION OR focuses on digital business operations and driving Digital Transformation by integrating technology into each business group’s operations to generate strategic value and tangible results. To guide this journey, OR has developed a Digital Roadmap incorporating global technology trends over the next 5 –10 years and OR's vision . This roadmap is the organization’s primary compass in advancing enterprise-wide digital transformation. In July 2025 , OR launched the new version of the blueplus+ application. The membership has currently reached 8.9 million accounts and continues to grow steadily. Designed to be the central hub of OR’s ecosystem, blueplus+ integrates data, services, and benefits from all OR brands, delivering a seamless and enhanced customer experience. It also enables OR to better understand its customers and tailor personalized services accordingly . The new blueplus+ features a modern, intuitive, and instantly recognizable user interface. Its core features are designed with a consumer -centric approach regarding usability and value delivery . Key features include the Cafe Amazon Rewards system, which allows members to earn points based on their tier when purchasing products or beverages at Cafe Amazon outlets, redeemable for exclusive rewards. Users can also access real-time fuel prices, locate PTT Stations, and purchase discount coupons through the app. Additionally, the blueplus+ wallet supports seamless cashless payments. OR views this enhanced version of blueplus+ as a significant milestone in implementing its digital strategy. OR Innovation
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18 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Assets As of June 30, 202 5, OR recorded total assets of THB 200,437 million, a decrease of THB 7,055 million (-3.4%) from December 31, 2024, and can be categorized as follows: Current assets decreased by THB 5,388 million (-4.6%), mainly from: • Trade receivable decreased by THB 5,622 million (-21.7%), due to lower sales volume and average selling prices per liter. • Cash and cash equivalents decreased by THB 1,084 million (-2.3%), primarily due to the prepayment of long-term loans. • Inventories, materials, and supplies increased by THB 1,587 million (+5.1%), primarily due to diesel , resulting from maintaining high inventory levels to support maintenance shutdowns of domestic refineries. Non-current assets decreased by THB 1,667 million (-1.8%), mainly from: • Property, plant, and equipment and right of use decreased by THB 899 million (-1.5%) from depreciation and amortization, and assets reclassification. • Investments decreased by THB 699 million ( -4.9%), mainly due to dividend payments from Thai Petroleum Pipeline Co., Ltd. • Deferred tax assets decreased by 234 million baht (-3.5%). Liabilities As of June 30, 202 5, OR Group recorded total liabilities of THB 87,011 million, a decrease of THB 11,520 million (-11.7%) from December 31, 2024, from the following: Current liabilities decreased by THB 9,977 million (-16.4%), mainly from: • Trade payables and other accounts payables decreased by THB 8,272 million (-16.7%) due to debt repayments, primarily trade payables and payments for equipment and goods/raw materials. • Current portion of long-term loans decreased by THB 2,639 million (-47.3%). Non-current liabilities decreased by THB 1,543 million (-4.1%), mainly from: Financial Position
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19 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION • Long-term borrowings decreased by THB 2,191 million (-20.4%) from loan prepayment. Equity As of June 30, 202 5, OR recorded a total equity of THB 113,426 million, an increase of THB 4,465 million (+4.1%) from December 31, 2024, primarily driven by a net profit of THB 6,611 million for the period, offset by dividend payments of THB 1,560 million for the second half of 2024 performance. Capital Structure as of June 30, 2025 Cash & Short term Investment 25.1% Interest Bearing Debt 13.2% Equity 61.7% OR implements effective financial management strategies to enhance efficiency and maintain a capital structure that is proportionate and comparable to industry standards. This includes managing various risks appropriately and aligning with the condition. As outlined in our financial policy, we have established thresholds for interest -bearing debt to shareholders' equity and EBITDA, which are remain below 1 and 2, respectively.
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20 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Net cash provided in operating activities amounted to THB 8,290 million, mainly from operational net income before taxes for THB 8,209 million, which was partially adjusted by non -cash items, such as depreciation and amortization, income tax expenses and financial costs totaling THB 3,316 million, also includes using in operating assets and liabilities in the amount of THB 2,930 million, primarily from a decrease in trade payable and an increase in inventories. Net cash used in investing activities amounted to THB 1,925 million, mainly from investments in land, buildings, and equipment, investment s for the expansion of PTT Station, EV Station PluZ, retail outlet, and warehouse, investments in the company's LPG cylinder and related equipment amounting to THB 2,294 million. Net cash used in financing activities amounted to THB 7,485 million, mainly from THB 4,441 million in short and long-term loan repayments. Cash Flow Statement as of June 30, 2025 Million Baht Cash and cash equivalents beginning of period Cash and cash equivalents ending of period Operating activities Investing activities Financing activities Dec 31, 2024 Jun 30, 2025 Others* *Unrealized gain (loss) foreign exchange rate & Currency translation differences Cash out 1,084
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21 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Financial Ratios’ Calculations: 1. Gross profit margin = Gross profit (loss) / Sales and service incomes x 100 2. Net profit margin = Net Profit (loss) / Sales and service incomes x 100 3. Current ratio = Current assets / Current liabilities 4. Return on equity = Net Profit (loss) / Average equity x 100 5. Return on total assets = Net Profit (loss) / Average total assets x 100 6. Net Interest-bearing debt to equity = Interest bearing debt* - (Cash and cash equivalents + Current investments) / Equity 7. Debt service coverage ratio (times) = EBITDA + Cash and cash equivalents + Current investments / Proceeds from (repayment of) bank overdrafts and short-term loans + Repayment of long-term loans + Repayment of finance lease installments + Finance costs paid) *Interest bearing debt = Bank overdraft & ST borrowings + Current portion of long-term borrowings + Long-term borrowings + Lease liabilities 1 H/24 1 H/25 Profitability Ratios 1. Gross profit margin (%) 5.1 5.1 2. Net profit margin (%) 1.7 1.9 Dec 31, 24 Jun 30, 25 Liquidity Ratios 3. Current ratio (times) 1.9 2.2 Profitability Ratios 4. Return on equity (%) 7.0 7.1 Operating Efficiency Ratios 5. Return on total assets (%) 3.6 3.8 Financial Policy Ratios 6. Net Interest bearing debt to equity (times) (0.2) (0.2) 7. Debt service coverage ratio (times) 6.6 6.2 Financial Ratios
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22 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION Thailand’s econom y is projected to grow by 2.3%, up from a previous estimate of 2.0%, reflecting stronger-than-expected performance in 1H/25. Key growth drivers include: 1) robust merchandise exports driven by accelerated outbound shipments 2) continued growth in electronics exports, aligned with tech product demand —trends that have positive effects on related manufacturing and service sectors 3) significant growth in public investment, as government disbursements normalize and 4) more substantial tourism revenue, primarily from long -haul visitors . However, challenges remain, including : 1) U.S. tax policy shifts and possible retaliation from China 2) the direction of U.S. interest rate policy 3) increased imports from tariff-affected countries resulting in increased market penetration in Thailand 4) geopolitical tensions across various regions. 5) investment relocation due to global tax measures 6) volatility among major trading partners , and 7) rising household and private sector debt. The global economy is expected to slow amid growing uncertainty from U.S. protectionist trade policies and rising geopolitical tensions. According to the International Monetary Fund (IMF), global economic growth is forecast at 3.0% based on the projection for July 2025. This outlook reflects front-loaded imports to avoid anticipated tariff hikes, in conjunction with lower -than-expected effective tariff rates as of April 2025. In addition, financial conditions have improved due to a weaker U.S. dollar and expansionary fiscal policies in several major economies. The U.S. economy is expected to expand by 1.9%, driven by a surge in imports as firms front -loaded purchases ahead of reciprocal tariffs. Inflation rose to 3.6%, up from 2.4% last quarter. Overall, the rising uncertainty around government trade policies risks future growth. The Chinese economy is expected to expand by 4.8%, supported by loose monetary policy from the People’s Bank of China (PBC) and expansionary fiscal measures introduced by the Chinese government. However, several downside risks remain, including ongoing weakness in the real estate sector and continued trade tensions with the U.S. In response to U.S. tariffs, China’s retaliatory tariffs on U.S. goods have disrupted bilateral trade and added pressure to economic growth. The trend of crude oil prices and petroleum products prices , world oil demand in 202 5, as reported by the IEA as of July 2025, projects that global oil demand in 2025 at 103.70 MMBD, up from 2024 at 0.70 MMBD. Crude oil supply is expected to grow by 2.61 MMBD from the previous year, mainly driven by non -OPEC countries, with an anticipated increase of 1.42 MMBD in production from the U.S. and Brazil. Meanwhile, OPEC's gradual easing of production cuts is expected to contribute an additional crude oil supply of 1.19 MMBD. Crude oil prices in 3Q/25 are expected to increase slightly from 2Q/2025 . This results from easing concerns over the U.S. -China trade war, as the U.S. has postponed its tariff hikes for 90 days until August 2025. Additionally, the summer season in Western countries will likely boost travel and economic activities. Moreover, U.S. crude oil production could be impacted by the hurricane season, with forecasts indicating that the severity of hurricanes will be above average. However, oil prices may face downward pressure from the p roduction increase by OPEC+. In July, OPEC+ had an intended increase of 0.55 MMBD, an upward adjustment of 0.14 MMBD compared to the previous quarter. In addition, the uncertainties about U.S. tariff hikes may weigh on the global economy. The average crude oil price in 2025 is projected to range between U S$ 66–80 per barrel. Petroleum products situation in 3Q/25. The gasoline demand in Asia is expected to grow, mainly supported by growth in India due to continuous increases in car sales and a strong economy. This growth accounts for 70% of the Asia region. This includes the demand for gasoline in Vietnam and Indonesia, which continues to grow. However, gasoline demand in China is expected to decline due to the surge in new energy vehicle sales, coupled with uncertainties related to trade and Outlook 2025
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23 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION weak consumer confidence. Diesel fuel demand growth in Asia is expected to increase in the third quarter, mainly driven by India, where interest rate cuts by the Reserve Bank of India , including g overnment infrastructure spending. Additionally, gasoil demand remains strong, particularly in Vietnam and Thailand, due to robust manufacturing growth and travel and tourism recovery. Furthermore, the commercial diesel inventories in Europe are falling to an 18-month low, which may lead to increased imports from Asia. However, diesel remains under pressure from China’s energy transition, a slowdown in the real estate sector, and weakness in the construction and industrial sectors. The jet fuel/kerosene demand in Asia is expected to increase, driven by India and Southeast Asia, with key drivers from Thailand, Singapore, and Vietnam. This growth is supported by the recovery of tourism ac tivities. Additionally, the summer season in Western countries can boost the demand for travel and tourism. However, the jet fuel supply may increase due to China's rising export trends . In addition, trade uncertainties and ongoing conflicts in the Middle East continue to pressure international travel.
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24 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION In an era where consumers increasingly prioritize social and environmental responsibility OR has strengthened our business performance by integrating sustainable development concepts or ESG (Environmental, Social, and Governance) into the strategies of our core business practices, including PTT Stations, PTT Lubricants, and cafe Amazon. The following are examples of our ESG-driven initiatives that have delivered concrete outcomes and tangible impacts: 1. PTT Station – “Eco-Friendly and Community-Focused Service Stations” PTT Station serves as a strategic consumer touchpoint that OR has leveraged this opportunity as a starting point to drive the “Thai -Det” project. This initiative promotes local community enterprises by providing dedicated retail space. The project has currently generated income for over 494 local entrepreneurs, with total revenue of more than 120 million baht in the first and second quarters of 2025, and it features more than 1,200 product offerings, including 82 environmentally friendly items. In addition, through the “Pan Suk Area” project, OR provides rent -free retail space at PTT Stations for local farmers to sell their products along with organizing the “Filling Smiles for Thai Farmers” campaign to facilitate the distribution of agricultural products during market oversupp ly crises. These initiatives create a connection between consumer needs and opportunities for communities and farmers, while delivering quality products to customers at PTT Station. All thes e initiatives aim to help strengthen the PTT Station brand, attracting more people to engage with our services and integrate PTT Station into their lifestyle. 2. PTT Lubricants – “Innovation with Environmental Consciousness” PTT Lubricants has embraced Circular Economy principles in business operations by developing packaging made with Post-Consumer Recycled (PCR) plastic. This helps reduce reliance on virgin plastic , decreasing plastic waste while maintaining the durability and strength of the lubricant containers. OR also initiated the “Save the World, Save Your Car, For the Children’s Future” project, in which used lubricant gallons are repurposed into 140 sets of desks and chairs, donated to underprivileged schools nationwide. This initiative has reduced plastic waste by up to 1,680 kilograms. Additionally, the “Wood Plastic Composite Furniture” project transforms lubricant gallons into synthetic wood furniture, which we use to decorate customer lounges in FIT Auto service centers. 3. Cafe Amazon – “Coffee That is Fair to All” Cafe Amazon focuses on sustainability and caring for people in every dimension through processes from upstream to downstream, comprising; (1) 'Fair to farmers' - by providing coffee cultivation knowledge coupled with forest restoration, transparent procurement of coffee beans at fair prices with a cumulative purchase volume of green coffee beans from Thai farmers exceeding 7,000 tons; (2) 'Fair to the underprivileged' – by offering employment opportunities to disadvanta ged groups, such as creating 'barista' careers for people with hearing impairments, the elderly, and other disadvantaged groups with limited access to the labor market, employing a total o f 397 individuals of Cafe Amazon for Chance; (3) 'Fair to the world and environment' – through the use of environmentally friendly packaging and store designs utilizing waste materials from the coffee production process; and (4) 'Fair to customers' – by delivering the best experience to customers. These initiatives reflect our commitment to growing in harmony with society without neglecting the environment and communities. This direction is aligned with our vision: “Empowering All Toward Inclusive Growth ”. Our dedication has been recognized through the “Marketeer No.1 Brand Thailand 2025” award across several business segments: PTT Station, PTT Lubricants, Cafe Amazon, EV Station PluZ, and LPG. These recognitions affirm that OR is a consumer -trusted brand and an organization that integrates sustainable d evelopment with business strength, enabling inclusive growth for all stakeholders across OR’s ecosystem, both in the short and long term. Sustainability Management
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25 SEAMLESS MOBILITY l ALL LIFESTYLE l GLOBAL MARKET l OR INNOVATION